Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company achieved record high revenue and profit in Q3 2025, with revenue reaching 1.372 billion yuan, a year-on-year increase of 37.23%, and a net profit of 128 million yuan, up 142.81% year-on-year [5][9]. - The company is focusing on enhancing its technological capabilities and expanding its intelligent product offerings, with R&D expenses increasing by 7.72% year-on-year to 239 million yuan in the first three quarters of 2025 [6][9]. - The establishment of an overseas factory in Morocco marks a significant step in the company's global expansion strategy, expected to enhance supply chain resilience and support European and African markets [7][8]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 3.973 billion yuan, a 32.24% increase year-on-year, and a net profit of 328 million yuan, reflecting a 109.12% increase [3][5]. - The gross margin for Q3 2025 was 21.35%, up 2.69 percentage points year-on-year, while the net margin was 9.32%, an increase of 4.05 percentage points year-on-year [5]. - The company expects revenue to grow to 5.535 billion yuan in 2025, with net profit projected at 400 million yuan, indicating a strong growth trajectory [10][11]. Market Position and Strategy - The company has successfully entered the procurement systems of major international automotive manufacturers, including Volkswagen and General Motors, while also expanding its domestic partnerships [7][8]. - The report highlights the company's strategic focus on the intelligent chassis core technology, which positions it well to benefit from the ongoing trend of automotive intelligence [9]. - The company has a robust patent portfolio with 757 valid patents, including 149 invention patents, showcasing its commitment to innovation in automotive electronics [6].

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first three quarters of 2025, indicating strong operational performance and financial health [1] Financial Performance - The company achieved operating revenue of 3.973 billion yuan, representing a year-on-year increase of 32.24% [1] - The net profit attributable to shareholders reached 328 million yuan, reflecting a year-on-year growth of 109.12% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 290 million yuan, showing a year-on-year increase of 108.40% [1]

证券代码：002284 证券简称：亚太股份 公告编号：2025-063 浙江亚太机电股份有限公司 关于调整 2025 年度日常关联交易预计金额的公告 本公司及董事会全体成员保证公告内容真实、准确、完整， 并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 浙江亚太机电股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开 的第九届董事会第四次会议，以 6 票同意，0 票反对，0 票弃权的表决结果审议 通过了《关于调整 2025 年度日常关联交易预计金额的议案》。根据《深圳证券交 易所股票上市规则》的有关规定，关联董事黄伟中先生、黄伟潮先生、黄超杰先 生在董事会审议该项议案时回避表决，非关联董事表决通过了该议案。现将具体 情况公告如下： 1 内 容 详 见 公 司 2025 年 7 月 27 日 刊 登 于 《 证 券 时 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）的《关于调整 2025 年度日常关联交易预计金额的公 告》（公告编号：2025-037）。 根据公司实际运行情况及生产经营需要，公司拟调整与关联方北京亚太汽车 底盘系统有限公司（含其子公 ...

证券代码：002284 证券简称：亚太股份 公告编号：2025-064 浙江亚太机电股份有限公司 关于召开 2025 年第三次临时股东会的通知 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。 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 7、出席对象： （1）于 2025 年 11 月 06 日（星期四）下午收市时在中国证券登记结算有限责任公司 深圳分公司登记在册的本公司全体普通股股东均有权出席本次股东会，并可以书面形式委 托代理人出席会议和参加表决，该股东代理人不必是本公司股东（授权委托书式样附后）。 （2）本公司董事和高级管理人员。 （3）本公司聘请的见证律师等相关人员。 8、会议地点：浙江省杭州市萧山区蜀山街道亚太路 1399 号，浙江亚太机电股份有限 公司会议室。 二、会议审议事项 ...

证券代码：002284 证券简称：亚太股份 公告编号：2025-061 浙江亚太机电股份有限公司 第九届董事会第四次会议决议公告 一、会议以 9 票同意，0 票反对，0 票弃权，审议通过了《2025 年第三季度 报告》。 《 2025 年 第 三季 度 报 告 》 详 见公 司 指 定信 息 披 露网 站 巨 潮资 讯 网 （www.cninfo.com.cn）及公司指定信息披露媒体《证券日报》。 本议案已经公司董事会审计委员会 2025 年度第八次会议审议通过。 浙江亚太机电股份有限公司（以下简称"公司"）第九届董事会第四次会 议于 2025 年 10 月 27 日以通讯形式召开。公司于 2025 年 10 月 24 日以电子邮件 或书面形式通知了全体董事，出席本次会议的董事应为 9 人，实到 9 人，其中独 立董事 3 名。本次会议的出席人数、召集召开程序、议事内容符合《公司法》和 《公司章程》的相关规定。出席本次会议的董事表决通过了如下议案： 《关于召开 2025 年第三次临时股东会的通知》详见公司指定信息披露 网站巨潮资讯网（www.cninfo.com.cn）及公司指定信息披露媒体《证券日 报》。 ...

Group 1 - The core viewpoint of the article highlights the significant growth in revenue and net profit for the company in the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue reached 1.372 billion yuan, representing a year-on-year increase of 37.23% [1] - The net profit for the third quarter was 128 million yuan, showing a remarkable year-on-year growth of 142.81% [1] - For the first three quarters, the total revenue amounted to 3.973 billion yuan, which is a year-on-year increase of 32.24% [1] - The net profit for the first three quarters was 328 million yuan, reflecting a year-on-year growth of 109.12% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥1,371,782,932.57, representing a 37.23% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥127,830,134.34, a significant increase of 142.81% year-over-year[5] - The net profit after deducting non-recurring gains and losses was ¥107,510,273.17, up 128.33% from the previous year[5] - Total operating revenue for the third quarter reached CNY 3,973,426,543.35, an increase of 32.3% compared to CNY 3,004,679,930.26 in the same period last year[20] - Net profit for the period was CNY 328,907,138.09, representing a 109.1% increase from CNY 157,224,988.20 in the previous year[21] - Total comprehensive income for the period reached ¥323,768,429.23, a significant increase from ¥154,696,393.16 in the previous period[22] - Basic and diluted earnings per share both improved to ¥0.4444, compared to ¥0.2125 in the prior period[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥8,003,048,792.55, reflecting a 14.20% increase from the end of the previous year[5] - The company's total assets increased to CNY 8,003,048,792.55, up from CNY 7,008,008,354.91, reflecting a growth of 14.2%[19] - Current liabilities rose to CNY 4,628,103,101.24, compared to CNY 3,938,242,714.08, marking an increase of 17.5%[19] - The company's cash and cash equivalents were not explicitly detailed, but total current assets increased to CNY 6,068,377,760.70, up from CNY 5,052,973,375.47, a growth of 20%[19] Cash Flow - Cash flow from operating activities for the year-to-date was ¥606,594,834.27, showing a decrease of 4.45% compared to the previous year[5] - Net cash flow from operating activities was ¥606,594,834.27, slightly down from ¥634,856,694.39 year-over-year[23] - Cash inflow from operating activities totaled ¥3,803,184,146.56, up from ¥3,160,184,655.95 in the previous year[23] - Cash outflow for operating activities increased to ¥3,196,589,312.29 from ¥2,525,327,961.56[23] - Net cash flow from investing activities was negative at -¥32,277,034.26, a decline from a positive ¥110,604,321.29 in the previous period[24] - Cash inflow from financing activities decreased to ¥2,473,006,549.36 from ¥2,613,797,919.02[24] - Net cash flow from financing activities was ¥72,519,771.08, down from ¥234,127,603.58 year-over-year[24] - The ending balance of cash and cash equivalents was ¥1,600,779,023.14, compared to ¥2,427,953,546.94 at the end of the previous period[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 49,886[13] - The largest shareholder, Asia Pacific Electromechanical Group, holds 37.41% of shares, totaling 276,492,517 shares[13] - Huang Laixing and Huang Weizhong, significant shareholders, hold 5.34% and 1.25% of shares respectively, indicating a family control structure[14] - The top 10 shareholders collectively hold significant stakes, with the top three alone accounting for over 44% of total shares[13] - The company has not reported any changes in the participation of top shareholders in margin trading activities[14] - There are no preferred shareholders or related party transactions reported in the current period[15] Investments and Expenses - Investment income surged by 722.63% year-over-year, primarily due to increased returns from financial investments[11] - Research and development expenses for the quarter were CNY 239,475,702.05, slightly up from CNY 222,305,606.57, indicating a focus on innovation[21] - The company reported an investment income of CNY 21,963,318.80, a significant recovery from a loss of CNY 3,527,527.24 in the previous year[21] - The company experienced a 44.39% increase in business taxes and additional charges, attributed to rising value-added tax[11] - The net cash flow from investment activities decreased by 129.18% year-over-year, mainly due to increased fixed asset investments[11] Other Financial Metrics - The weighted average return on net assets was 4.30%, an increase of 2.43 percentage points compared to the same period last year[5] - Total operating costs amounted to CNY 3,664,185,626.17, up 27.7% from CNY 2,869,578,416.27 year-on-year[21] - The company's other comprehensive income showed a loss of CNY 5,138,708.86, compared to a loss of CNY 2,528,595.04 in the previous year, indicating challenges in this area[21] - The company has completed the transfer of a 10% stake in Jilin Yatai Longshan Automobile Chassis Co., Ltd. for 495,000 RMB, resulting in no remaining equity in the subsidiary[15] - The company plans to reduce the registered capital of its wholly-owned subsidiary, Guangde Yatai, by 100 million RMB, decreasing it from 700 million RMB to 600 million RMB[16] Audit Status - The third quarter financial report was not audited[25]

Group 1 - A total of 135 listed companies were investigated by institutions this week, with Xin Qiang Lian receiving the most attention from 189 participating institutions [1] - Nine companies, including Duo Fluor and Bai Ya Co., received over 100 institutional investigations [1] - Nine companies, including Fu Jie Environmental Protection and Si Yuan Electric, were investigated twice by institutions [1] Group 2 - Institutions continue to focus on sectors such as industrial machinery and electronic components [1]

Core Viewpoint - The company has revised its full-year performance forecast for 2025 to a net profit of 410 million yuan, indicating strong growth potential and a positive outlook for the company's stock rating, which is set at "Buy" [1] Group 1: Financial Performance - The company expects a significant increase in net profit attributable to shareholders for the first three quarters of 2025, projected between 310 million to 340 million yuan, representing a year-on-year increase of 97% to 113% [2] - The estimated net profit for the single third quarter of 2025 is projected to be between 110 million to 130 million yuan, showing a year-on-year increase of 108% to 153% and a quarter-on-quarter increase of 10% to 33% [2] - Earnings per share (EPS) estimates for 2025 to 2027 have been raised to 0.56, 0.71, and 0.97 yuan respectively, with a target price adjustment to 15.05 yuan based on a 27x PE ratio for 2025 [2] Group 2: Market Opportunities - The company has received multiple domestic approvals for its Electric Parking Brake (EPB) products, benefiting from the domestic substitution process, while also gaining new growth momentum from overseas markets [3] - A new contract has been secured with an overseas client for the supply of front calipers and drum brakes, with a project lifecycle of 7 years and total expected sales of approximately 800 million yuan, set to begin mass production in 2027 [3] - The company is preparing its production capacity in Morocco, indicating expansion into international markets [3]

Core Viewpoint - The rapid development of the electric vehicle (EV) market has positively impacted the sales of supporting products from the company, with a growing correlation between the company's sales and the production and sales of downstream EV manufacturers [1] Group 1: Company Performance - The company reported an increasing proportion of sales from products supporting electric vehicles over recent years [1] - The company's ability to provide products is largely dependent on the models developed by vehicle manufacturers, with most manufacturers currently focusing on electric vehicle development [1] Group 2: Product Offerings - The company offers a range of products and technologies for electric vehicles, including basic braking systems, automotive electronics, electronic braking systems, and hub motors [1] - The company aims to secure more clients and projects in the growing electric vehicle market [1]