浙江银轮机械股份有限公司 2025 年第三季度报告 | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-083 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 公司是否需追溯调整或重述以前年度会计数据 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 浙江银轮机械股份有限公司 一、主要财务数据 2025 年第三季度报告 （一） 主要会计数据和财务指标 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 3. 根据业务办理的实际情况，预留授予部分股票期权第三个行权期实际可行权期限 为 2025 年 10 月 29 日至 2026 年 8 月 11 日止。 4. 本次满足行权条件的股票期权采用自主行权模式。 5. 本次可行权股票期权若全部行权，公司股份仍具备上市条件。 浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日召开第九届 董事会第二十八次会议及第九届监事会第二十次会议，审议通过了《关于 2022 年股票 期权激励计划预留授予部分第三个行权期行权条件成就的议案》。根据《上市公司股权 激励管理办法》（以下简称《管理办法》）及公司《2022 年股票期权激励计划（草案）》 （以下简称《激励计划》）的相关规定，董事会认为公司 2022 年股票期权激励计划预 留授予部分股票期权第三个行权条件已经成就，符合行权条件的 44 名激励对象可行权 的股票期权数量为 336,375 股。截至本公告日，本次自主行 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the market benchmark [3][13]. Core Insights - The report highlights strong sales performance across key companies in the automotive sector, with notable increases in profitability and sales volumes for brands like BYD, Geely, and SAIC [3][4][5]. - The report emphasizes the importance of technological advancements and state-owned enterprise reforms as key drivers for investment opportunities in the automotive industry [3][4]. - The report suggests a focus on companies with strong performance metrics and growth potential, particularly in the context of electric vehicles and smart technology [3][4][5]. Summary by Relevant Sections Company Performance - BYD reported Q3 sales of 1.11 million units, with an estimated profit of approximately 8.5 billion, indicating a recovery in per-vehicle profitability to around 8,000 [3][4]. - Geely's Q3 sales showed a strong increase, particularly in mid-to-high-end models, with expected profits around 3.5 billion [3][4]. - NIO's Q3 sales reached 87,000 units, with a projected loss of about 2.5 billion, although gross margins are expected to improve [3][4]. - SAIC Group's Q3 profits are anticipated to be around 3.5 billion, supported by strong performance in both domestic and overseas markets [5]. - Other companies like Xpeng and Li Auto are also highlighted for their sales growth and strategic partnerships, which may enhance future profitability [7][8]. Investment Recommendations - The report recommends focusing on leading domestic manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in smart technology like JAC Motors and Seres [3][4]. - It also suggests monitoring state-owned enterprises like SAIC and Dongfeng for potential consolidation opportunities [3][4]. - For component manufacturers with strong growth prospects, companies like Fuyao Glass and Silver Wheel are recommended due to their robust performance and international expansion capabilities [3][4][5].

Conference Information - The 2025 iTherM Conference will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, China [2] - The theme of the conference is "Fusion · Innovation | Delivering a Little More" [2] - The event will feature over 350 exhibitors and a 20,000 m² exhibition area, focusing on thermal management across various industries [2][3] Core Themes and Activities - iTherM 2025 aims to explore the latest trends, technologies, and developments in the thermal management industry, with participation from renowned scholars, technical experts, and industry leaders [3] - The conference will include over 20 activities such as keynote speeches, roundtable discussions, case studies, and roadshows, with an expected attendance of over 2,000 participants [3] Focus Areas - The conference will emphasize intellectual property, entrepreneurial projects, and innovative technologies that can transition from laboratory to market, promoting collaboration among government, industry, academia, and investment sectors [3] - Key topics will include scientific advancements, functional materials, technology applications, and engineering solutions related to thermal management [31] Notable Participants - Various leading companies and academic institutions will participate, including Star Charging, Guangdong University of Technology, and Parker Lord, focusing on electric vehicle charging solutions, battery materials, and advanced adhesive technologies [4][6][7] - Other participants include Shanghai Jiao Tong University, Zhejiang Leapmotor, and Chery New Energy, which are engaged in research and development of thermal management systems for electric vehicles [8][9][10][11] Conference Agenda - The agenda includes registration, opening activities, parallel forums, and specialized discussions on topics such as thermal science, functional materials, and engineering solutions [29][31] - Specific sessions will cover areas like liquid cooling technology, power device thermal management, and energy storage thermal management [31] Organizing Bodies - The conference is organized by the China Productivity Promotion Center Association's New Materials Professional Committee and DT New Materials, with support from various academic and industry experts [27][28]

（编辑 任世碧） 证券日报网讯 10月17日晚间，银轮股份发布公告称，公司于2025年10月14日召开第九届董事会第二十 八次会议及第九届监事会第二十次会议，审议通过了《关于注销2022年股票期权激励计划部分股票期权 的议案》。公司本次注销股票期权数量为52，375股，涉及人数5人，均为预留部分授予激励对象。其中 包括2名激励对象因离职，已获授但未行权的股票期权50，000股；3名激励对象因个人层面绩效考核未 完全达标，已获授但未达到行权条件的股票期权2，375股。截至本公告披露日，经中国证券登记结算有 限责任公司深圳分公司审核确认，公司已完成上述股票期权的注销登记事宜。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日召开第九 届董事会第二十八次会议及第九届监事会第二十次会议，审议通过了《关于注销 2022 年股票期权激励计划部分股票期权的议案》。具体内容详见公司于 2025 年 10 月 15 日 在指定媒体披露的《关于注销 2022 年股票期权激励计划部分股票期权的公告》（公告 编号：2025-078）。 | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 关于 2022 年股票期权激励计划部分股票期权注销完成的公告 特此公告 浙江银轮机械股份有限公司 董 事 会 2025 年 10 月 17 日 公司本次注销股票期权数量为 52,375 股，涉及人数 5 人，均为预留部分授予激励对 象。其中包括 2 名激励对象因离职，已获授但未行权的股票期权 50,000 股；3 名激励对 象因个人 ...

Summary of AI Industry Conference Call Industry Overview - The AI chip demand is surging, driving the development of the industry chain, with major players like Meta and Google accelerating their ASIC chip deployments and repeatedly raising their demand forecasts for 2026, particularly with Google's V7 chip set to fully adopt liquid cooling technology [1][2] Key Points and Arguments - **Liquid Cooling Technology**: - Liquid cooling has become a standard for AI giants, with Google planning to fully adopt it by 2026 and Meta already implementing it in their self-developed chips [1][3] - Infinet is collaborating with Google to develop a universal CDU suitable for various ASIC chips, indicating a trend towards silent liquid cooling in the future [1][4] - **High-Speed Optical Modules**: - The evolution towards 1.6T optical modules is evident, with Google's V7 chip primarily utilizing this technology, benefiting leading companies like Zhongji Xuchuang and Xinyi Sheng [1][5] - The demand for CW light sources is also increasing, positively impacting companies like Yuanjie Technology [1][5] - **OCS Switches**: - Google's OCS switches are expected to achieve over 50% growth next year, benefiting manufacturers like Dekoli and Guangku Technology, as well as component suppliers like Tengjing Technology and Juguang Technology [1][6] - **Competitive Advantages**: - Infinet stands out in the global AI industry chain due to its comprehensive solutions and delivery capabilities, having secured clients like Intel, Meta, Google, and OpenAI [1][7][8] - Zhongji Xuchuang and Xinyi Sheng are recognized as leaders in the high-speed optical module sector, while Yuanjie Technology is a key supplier in the CW light source market [1][8] Additional Insights - **Market Dynamics**: - The global AI industry chain is accelerating, particularly in overseas markets, with OpenAI collaborating with major chip companies like Broadcom, AMD, and NVIDIA, creating a significant siphoning effect [2] - The domestic AI computing card market is currently facing a supply shortage, but improvements are expected in 2026, with major domestic players like Alibaba, ByteDance, and Tencent likely to increase their AI investments significantly [11] - **Emerging Technologies**: - The supernode technology is anticipated to explode in 2026, presenting opportunities across various sectors, including chips, machine manufacturing, optical modules, liquid cooling, copper connections, and server power supplies [12][13] - **AIDC Sector Outlook**: - The AIDC sector, which includes data center construction and power systems, is expected to see improved bidding progress as domestic chip supply increases in 2026, benefiting companies in cooling, power supply, and data center management [14] - **Market Volatility**: - Short-term market fluctuations due to tariff disturbances are not expected to alter the long-term growth trajectory of the AI industry, with upcoming catalysts likely to positively impact the entire industry chain [15]

Group 1 - The company Silver Wheel Co., Ltd. (SZ 002126) announced on October 14 that its 28th meeting of the 9th board of directors was held via electronic communication, where it reviewed the proposal to amend the "Board Meeting Rules" [1] - For the first half of 2025, the revenue composition of Silver Wheel Co., Ltd. was as follows: passenger vehicles accounted for 53.48%, commercial vehicles and non-road vehicles accounted for 33.84%, digital and energy thermal management accounted for 9.65%, and others accounted for 3.02% [1] - As of the report date, the market capitalization of Silver Wheel Co., Ltd. was 30.4 billion yuan [1]

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 3．2022 年 3 月 10 日起至 2022 年 3 月 19 日，公司在内部办公系统上公示了本次激 励计划拟激励对象的姓名及职务，公示期间公司监事会未收到对本次拟激励对象名单的 异议。 4．2022 年 3 月 25 日，公司 2022 年第二次临时股东大会审议通过了《关于 2022 年 股票期权激励计划（草案）及其摘要的议案》《关于 2022 年股票期权激励计划实施考 核管理办法的议案》《关于提请股东大会授权董事会办理公司 2022 年股票期权激励计 划相关事项的议案》，董事会被授权确定股票期权授予日及在公司激励对象符合条件时 向激励对象授予股票期权，并办理授予股票期权所必须的全部事宜。 1 5．2022 年 4 月 1 日，公司分别召开第八届董事会第二十次会议和第八届监事会第 十六次会议，审议通过了《关于调整 2022 年股票期权激励计划首次授予部分激励对象 名单和授予数量的议案》《关于向 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 关于2022年股票期权激励计划预留授予部分 第三个行权期行权条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1. 公司 2022 年股票期权激励计划预留授予部分股票期权第三个行权期行权条件已 成就，可行权的激励对象共计 44 人，可行权的股票期权数量为 336,375 股，占目前公司 总股本比例为 0.0399%，预留授予部分股票期权的第三次行权价格为 9.76 元/股。 2. 满足行权条件的股票期权将采用自主行权模式。 3. 本次可行权股票期权若全部行权，公司股份仍具备上市条件。 4. 本次股票期权需在相关部门办理完行权手续后方可行权，公司届时将另行发布相 关公告，敬请投资者注意。 浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日召开第九届 董事会第二十八次会议，审议通过了《关于 2022 ...