Group 1: Hydrogen Energy Industry Insights - AEM hydrogen production is a significant trend in the hydrogen energy sector, with high potential for future development; the core of AEM hydrogen production lies in the AEM membrane, which has gained industry-wide recognition[2] - Polychemical currently has a market capitalization of 2.4 billion yuan[2] - Zhongyuan Neipei is a key player in the hydrogen energy industry chain in Henan Province, actively transitioning to hydrogen fuel cell components and recently signing a strategic cooperation agreement with Sunshine New Energy[2] Group 2: Market Context and Risks - The global warming crisis is accelerating, necessitating a reduction in carbon dioxide emissions; hydrogen energy is positioned as a crucial tool for industrial decarbonization and will likely become a major winner in carbon neutrality over the coming decades[5] - The hydrogen energy industry chain includes upstream hydrogen production, midstream storage and transportation, and downstream applications, with nearly 100 listed companies in the A-share market involved in hydrogen energy[5] - Risks include potential underperformance of industrial policies and technological breakthroughs not meeting expectations[3]

Performance Forecast - The company expects a net profit of 218 million to 249 million yuan for the current reporting period, representing a year-on-year growth of 23.21% to 40.73% compared to 176.94 million yuan in the same period last year [1] - The profit attributable to shareholders is projected to be 214 million to 245 million yuan, with a year-on-year growth of 34.72% to 54.23% compared to 158.85 million yuan in the previous year [1] - Basic earnings per share are estimated to be between 0.37 yuan and 0.42 yuan, up from 0.30 yuan per share in the previous year [1] Reasons for Performance Change - The company has actively seized market opportunities and expanded market share despite the complex domestic and international economic environment [1] - Significant growth in the production and sales of core products such as cylinder liners, pistons, brake drums, and electronic control actuators has been achieved compared to the previous year [1] - Continuous optimization of resource allocation, cost reduction, and control of period expenses have further enhanced profitability, leading to stable growth in operating profit [1]

[Current Period Performance Forecast](index=1&type=section&id=Current%20Period%20Performance%20Forecast) The company forecasts a significant year-on-year increase in its 2025 first-half performance, with net profit attributable to shareholders projected to grow by 23.21% to 40.73% 2025 Half-Year Performance Forecast | Project | Current Reporting Period (Estimated) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 218 million - 249 million yuan | Profit: 176.9363 million yuan | | Year-on-Year Growth | 23.21% — 40.73% | - | | **Net Profit After Non-Recurring Items** | Profit: 214 million - 245 million yuan | Profit: 158.8521 million yuan | | Year-on-Year Growth | 34.72% — 54.23% | - | | **Basic Earnings Per Share** | 0.37 yuan/share – 0.42 yuan/share | 0.30 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=Communication%20with%20Accounting%20Firm) The company explicitly states that the performance forecast data has not been pre-audited by a certified public accountant - This performance forecast has not been pre-audited by a certified public accountant[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=Explanation%20of%20Performance%20Change) The company attributes its performance growth to significant increases in core product sales and continuous optimization of internal management - Core product sales volume growth: During the reporting period, the production and sales volumes of the company's core products, such as cylinder liners, pistons, brake drums, and electronic actuators, all achieved **significant year-on-year growth**[5](index=5&type=chunk) - Cost and expense control: The company continuously optimized resource allocation, promoted cost reduction and efficiency improvement, and optimized the control of period expenses, thereby enhancing profitability[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) The company advises investors that this performance forecast is a preliminary estimate, with final financial data to be disclosed in the 2025 half-year report - This performance forecast is a preliminary estimate by the company's financial department, and the specific financial data will be subject to the company's 2025 half-year report[6](index=6&type=chunk) - Investors are reminded to make cautious decisions and be aware of investment risks[6](index=6&type=chunk)

Group 1 - The company Zhongyuan Neipei (002448) announced an expected net profit for the first half of 2025 ranging from 218 million to 249 million yuan, representing a growth of 23.21% to 40.73% compared to the same period last year, which was 177 million yuan [1]

证券代码：002448 证券简称：中原内配 公告编号：2025-029 中原内配集团股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 中原内配集团股份有限公司（以下简称"公司"）2024 年年度权益分派方案 已获 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通过，现将权益分派事 宜公告如下： 一、 股东大会审议通过分配方案等情况 1、公司 2024 年度利润分配方案已于 2025 年 5 月 16 日召开的 2024 年度股 东大会审议通过，详见公司 2025 年 5 月 17 日在指定信息披露媒体《证券时报》 《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn）发布的相关决议公告。 公司 2024 年年度权益分派方案为：以 2024 年末公司总股本 588,409,646 股 为基数，向全体股东每 10 股派发现金红利 1.3 元（含税），不送红股，不以公积 金转增股本，本次合计分配现金 76,493,253.98 元。如董事会及股东大会审议通 过公司 2024 年年度 ...

Group 1 - The company has announced its 2024 annual profit distribution plan, which was approved at the shareholders' meeting on May 16, 2025 [1][2] - The distribution plan involves a cash dividend of 1.3 RMB per 10 shares (before tax), totaling approximately 76.49 million RMB, based on a total share capital of 588,409,646 shares [1][2] - The cash dividend will be adjusted if there are changes in the company's share capital before the implementation of the plan [1] Group 2 - The equity distribution plan is consistent with the proposal reviewed at the 2024 annual shareholders' meeting [2] - The record date for the equity distribution is set for June 26, 2025, and the ex-dividend date is June 27, 2025 [2][3] - The distribution will be directly credited to shareholders' accounts through their securities companies or other custodians [3]

Group 1 - The company has elected Mr. Xue Yahui as the chairman of the board and legal representative, replacing Mr. Xue Delong [1] - The change in legal representative is documented in the updated business license, which reflects the new registration details [1] - The company is engaged in various activities including automotive parts research and development, manufacturing, and sales, as well as new energy technology research [1] Group 2 - The company was established on December 29, 1996, with a registered capital of 58,849,646 yuan [1] - The business license is issued by the Jiaozuo Market Supervision Administration [1] - The company operates in multiple sectors including metal materials manufacturing and sales, and technology services [1]

证券代码：002448 证券简称：中原内配 公告编号：2025-028 | 变更事项 | 原登记内容 | 变更后登记内容 | | --- | --- | --- | | 法定代表人 | 薛德龙 | 薛亚辉 | 二、变更后营业执照基本情况 | 项目 | 内容 | | --- | --- | | 统一社会信用代码 | 91410800719183135K | | 企业名称 | 中原内配集团股份有限公司 | | 类型 | 股份有限公司（上市、自然人投资或控股） | | 法定代表人 | 薛亚辉 | | 成立日期 | 1996 年 12 月 29 日 | | 注册资本 | 伍亿捌仟捌佰肆拾万玖仟陆佰肆拾陆圆整 | | 登记机关 | 焦作市市场监督管理局 | | --- | --- | | 住所 | 河南省孟州市产业集聚区淮河大道 69 号 | | 经营范围 | 一般项目：汽车零部件研发；汽车零部件及配件制造；汽车零 配件零售；新兴能源技术研发；电池零配件生产；电池零配件 | | | 销售；模具制造；锻件及粉末冶金制品制造；锻件及粉末冶金 | | | 制品销售；金属材料制造；金属材料销售；有色金属合金制造； | | | ...

Group 1 - The company is currently constructing machining and casting production lines at its Thailand factory, with cylinder sleeve products expected to start production in the third quarter [2] - To accelerate its overseas business strategy, the company increased its investment in the Thailand subsidiary by 41 million Thai Baht, raising the total investment from no more than 210 million RMB to no more than 350 million RMB [2] - After the capital increase, the design plan for the Thailand factory will include 4 casting production lines and 18 cylinder sleeve machining lines, with an annual design capacity of 7 million cylinder sleeves [2] Group 2 - The company's core products are divided into four main segments: key internal combustion engine components (cylinder sleeves, pistons, piston rings, and bearing shells), automotive electronic turbocharger control actuators, composite brake drums for braking systems, and hydrogen fuel cell engines and their core components [2] - The company maintains stable gross margins through high-end research platforms, lean cost control, major customer development capabilities, and efficient team management [2] - The subsidiary Hengjiu Braking's second phase project for bi-metal brake drums is expected to complete machining line debugging and commence production by late June this year, increasing annual production capacity to 1.4 million units [2] Group 3 - The company recently signed a strategic cooperation agreement with Sunshine New Energy to collaborate in hydrogen equipment manufacturing, hydrogen production and refueling facility construction, and hydrogen vehicle applications, focusing on hydrogen infrastructure and scenario implementation in Henan Province [3] - The company is also exploring cooperation opportunities in the humanoid robot sector, aligning with industry trends and business needs [3]

Product Structure - The company's main product layout is divided into four major segments: core components for internal combustion engines (cylinder sleeves, pistons, piston rings, and bearings), electronic components in the automotive sector (turbocharger electronic actuators), composite brake drums in the braking system, and hydrogen fuel cell engines and core components in the hydrogen energy sector [2][3]. Thailand Factory Investment - In March 2025, the company increased its investment in the Thailand factory by 410 million Thai Baht, raising the total investment from no more than 210 million RMB to no more than 350 million RMB. The factory's design now includes four casting production lines and 18 cylinder sleeve processing lines, with an annual design capacity of 7 million cylinder sleeves. Production is expected to commence in the third quarter [2][3]. Gross Margin Stability - The company's stable gross margin is attributed to several factors: 1. A highly experienced R&D team and a comprehensive high-end scientific research innovation platform that enhances product competitiveness. 2. Cost control through lean production and increased automation, improving input-output ratios. 3. A strong marketing team and effective guidelines that have led to a stable increase in major clients. 4. Enhanced organizational coordination and talent development that drive steady business progress [3]. Brake Drum Production Capacity - The second phase of the brake drum project is expected to complete machinery adjustments by the end of this month, with an overall annual production capacity of 1.4 million units. The subsidiary has been operating at full capacity due to strong market demand, and the new production line will help meet the increasing market needs [3]. Robotics Sector Interest - The company is considering opportunities in the humanoid robotics sector while continuing to focus on the automotive parts industry. It aims to explore collaborations in upstream and downstream sectors to identify new application areas [3]. Hydrogen Energy Cooperation - A strategic cooperation agreement with Sunshine New Energy includes collaboration in hydrogen equipment manufacturing and application scenarios. The partnership aims to leverage both companies' strengths in hydrogen energy investment and manufacturing, focusing on projects like hydrogen stations and green hydrogen production [4].