金固股份成立于1996年6月24日，于2010年10月21日在深圳证券交易所上市，注册地和办公地均为浙江省 杭州市。该公司是国内领先的汽车钢制车轮制造企业，具有技术和规模优势。 金固股份主营业务为汽车车轮的研发、生产、销售，所属申万行业为汽车-汽车零部件-轮胎轮毂，所属概 念板块有数字货币、汽车金融、长安汽车概念、核聚变、超导概念、核电。 经营业绩：营收行业第14，净利润第15 图：金固股份营收及增速 图：金固股份净利润及增速 资产负债率高于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度金固股份资产负债率为54.94%，高于行业平均的49.47%，且去年同期为 47.13%。从盈利能力看，2025年三季度公司毛利率为14.31%，低于行业平均的16.40%，不过去年同期仅为 8.25%。 董事长孙锋峰薪酬167.54万元，同比减少16.57万元 金固股份控股股东和实际控制人均为孙金国、孙锋峰。董事长兼总经理孙锋峰，1981年2月生，中国国 籍，无境外永久居留权，大学本科学历，毕业于哈尔滨工业大学，是阿里巴巴湖畔大学二期学员。他曾任 杭州市青年企业家协会会长，获多项荣誉。2003年加入公司，历任多 ...

金固股份在互动平台回复投资者提问时表示，公司研发的阿凡达铌微合金目前已在车轮行业大规模量产 应用。公司阿凡达低碳车轮业务稳定增长，产品供不应求，公司正积极整合资源加快产能建设。与此同 时，公司依托阿凡达铌微合金材料的跨行业适配性，通过自研、联合开发、股权合作等方式对多种新材 料进行布局，公司正在推进包括阿凡达铌微合金等材料在具身智能机器人等新兴领域的应用落地。 ...

Core Viewpoint - The automotive parts industry in A-shares is experiencing positive growth, with over 60% of the 129 listed companies reporting a year-on-year increase in net profit for the first three quarters of 2025, driven by the recovery of the global automotive market and the rise of new energy vehicles [1] Group 1: Industry Performance - 73 listed companies in the automotive parts sector achieved both revenue and net profit growth in the first three quarters of this year, with some companies like Wuhu Fushai Technology and Chengdu Xiling Power Technology reporting net profit growth exceeding 100% [1] - The demand for new energy vehicles is a key factor driving the positive performance of automotive parts companies, with Jiangsu Bojun Industrial Technology reporting steady growth in main business revenue due to increased orders in the new energy vehicle sector [2] - In September, new energy vehicle production and sales reached 1.617 million and 1.604 million units, respectively, marking year-on-year increases of 23.7% and 24.6% [2] Group 2: Technological Transformation - The intelligent transformation of the industry is contributing to new growth, with Zhejiang Shibao reporting a 35.44% year-on-year increase in revenue, benefiting from trends in electrification, intelligence, and globalization [3] Group 3: Expansion into Robotics - Automotive parts companies are increasingly focusing on emerging fields such as robotics, with Ningbo Fangzheng Automotive Mould signing a strategic cooperation agreement to develop deep-sea robot components [4] - Zhejiang Rongtai Electric Equipment has made significant investments in humanoid robotics, acquiring stakes in companies to establish a foundation in precision transmission and intelligent equipment [4] - Jin Guo Co. is exploring the application of its "Avatar Ni Microalloy Material" in emerging fields like embodied intelligent robots, with plans for mass production by the end of the year [4] Group 4: Industry Synergies - The production of automotive parts and robotics shares technological similarities, allowing for rapid technology transfer during product development [5] - The established supply chain management capabilities and customer resources of automotive parts companies provide a natural advantage for entering the robotics sector [6] - Expanding into robotics can reduce reliance on the automotive industry, mitigate cyclical risks, and enhance long-term growth potential [6]

Core Viewpoint - The automotive parts industry in A-shares is experiencing positive growth, driven by the recovery of the global automotive market and the increasing popularity of new energy vehicles, with over 60% of listed companies reporting a year-on-year increase in net profit for the first three quarters of 2025 [1] Group 1: Industry Performance - As of the latest reports, 129 listed companies in the automotive parts sector have disclosed their Q3 results, with 80 companies showing a year-on-year increase in net profit [1] - Companies such as Zhejiang Jingu Co., Ltd. and Fuyao Glass Industry Group Co., Ltd. reported both revenue and net profit growth in the first three quarters of this year, with 8 companies achieving a net profit growth rate exceeding 100% [1] - The demand for new energy vehicles is a key factor driving the positive performance of automotive parts companies, with significant increases in orders and revenue reported by companies like Jiangsu Bojun Industrial Technology Co., Ltd. [2] Group 2: Technological Transformation - The industry's shift towards intelligent transformation is contributing to new growth, as seen in Zhejiang Shibao Co., Ltd., which reported a 35.44% year-on-year increase in revenue, benefiting from trends in electrification and globalization [3] Group 3: Expansion into Robotics - Automotive parts companies are increasingly focusing on emerging fields such as robotics, with several companies entering strategic partnerships to develop robotic components for various applications [4] - Zhejiang Rongtai Electric Equipment Co., Ltd. has made significant investments in humanoid robotics, acquiring stakes in companies to enhance its capabilities in precision transmission and intelligent equipment [4] - The move into robotics is seen as a way to reduce dependence on the automotive sector and mitigate industry cycle risks, while also providing opportunities for growth and transformation [5]

Core Viewpoint - The company, Kingood Co., Ltd. (002488.SZ), showcased its proprietary Avata niobium micro-alloy material during an investor meeting, highlighting its performance advantages and industrialization progress in emerging fields such as electric vehicles and embodied intelligent robots [1][3]. Group 1: Core Technology Advantages - The Avata niobium micro-alloy material exhibits significant advantages, including high strength, good toughness, low cost, and reduced carbon emissions. After processing, the material can achieve a maximum strength of 2000 MPa, which is approximately twice that of titanium alloys and five times that of aluminum alloys. Its density is only 1.7 times that of titanium and 2.9 times that of aluminum, making it suitable for replacing traditional metals like aluminum, titanium, and ordinary steel [3]. - The material has already achieved large-scale production in the automotive wheel sector, gaining orders from several new energy vehicle manufacturers due to its superior balance, deformation resistance, durability, and cost-effectiveness, which are driving the company's performance growth [3]. Group 2: Market Applications and Emerging Field Layout - In the electric vehicle sector, the company is responding to the increasing demand for lightweight and low-energy consumption products. The Avata low-carbon wheel products have opened up market opportunities, and the company is accelerating capacity construction to meet order demands, aiming to maintain its first-mover and scale advantages [4]. - The company is expanding its application boundaries by leveraging the cross-industry adaptability of its materials. It is focusing on the core needs of emerging industries, such as embodied intelligent robots, for lightweight, high-performance, and low-cost materials, promoting the application of Avata niobium micro-alloy materials in these fields [4]. Group 3: Capacity and Market Expansion Planning - In response to inquiries about new material industry planning, the company has established "Hangzhou Kingood Embodied Intelligent Technology Co., Ltd." and formed a dedicated team to advance the industrialization of Avata niobium micro-alloy materials in the field of embodied intelligent robots [5]. - Regarding overseas expansion plans, the company stated it would adjust its capacity layout based on market demand and existing orders, aiming to enhance its domestic market share while actively exploring international markets to meet the growing order demands [5].

编号：20251028 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 □其他 活动参与人员 东吴证券：许牧 财通基金：吴帆 时间 2025年10月28日（15:30-17:30） 地点 公司 形式 一对多交流 交流内容及具体问答 记录 一、金固股份基本情况 公司是一家以汽车车轮的研发、生产、销售为主营业 务的高新技术企业，入选浙江省"专精特新"企业名单。 公司高度重视科技创新和产品研发，具有以研发和客户需 求为导向，进行科技成果产业化的丰富经验，已经形成了 完善的综合研究、开发体系。 公司研发的革命性的新材料阿凡达铌微合金具有强 度高、韧性好、成本低、碳排放量低的优点，在阿凡达工 艺处理前，铌微合金强度比普通钢材略高，低于钛合金材 料，易于加工成形；铌微合金材料加工成形后，经阿凡达 工艺处理，产品的强度最高能达 2000MPa，为钛合金的 2 倍左右，铝合金材料的 5 倍左右，密度为钛合金的1.7 倍左右，铝合金材料的 2.9 倍左右，可以替代铝合金、 钛合金、普钢、高强钢等金属材料，能够有效实现减重、 降本、降碳的效果，具有广泛的应用场景 ...

据悉，金固股份革命性材料阿凡达铌微合金具有独特的优势，经阿凡达工艺处理后，产品强度最高可达 2000MPa，约为钛合金的2倍、铝合金的5倍，能够有效实现减重、降本、降碳的效果，不仅可替代传统 钢轮，也逐渐挤占铝合金车轮市场。 同时，为缓解毛利较高的阿凡达低碳车轮产能紧张局面，并持续优化毛利较低的传统业务结构，金固股 份将部分传统车轮生产线改造为阿凡达低碳车轮专用产线。随着新建生产基地的落成以及改造产线的陆 续投产，新增产能逐步释放，阿凡达低碳车轮业务产销量持续增长，推动公司三季度产品结构的不断改 善。 10月24日晚，金固股份（002488）(002488.SZ)发布了2025年三季度报告，2025年前三季度，金固股份 实现营业收入30.86亿元，同比增长6.91%；归母净利润0.42亿元，同比增长29.77%；扣非净利润0.35亿 元，同比增长39.13%。2025年以来，公司不断加码新产品研发投入，研发费用同比增长136.79%。 金固股份表示，公司营业收入与净利润继续保持增长态势，主要得益于核心业务板块的强劲表现。此 外，因2024年子公司杭州金固阿凡达低碳车轮有限公司引入战略投资人开展少数股权融资11 ...

Growth - Ecovacs reported a net profit of 438 million yuan in Q3, a year-on-year increase of 7160.87% [1] - Shuo Bei De achieved a net profit of 17.18 million yuan in Q3, up 3052.98% year-on-year [1] - Guoxuan High-Tech's net profit reached 2.167 billion yuan in Q3, marking a 1434.42% increase year-on-year [1] - Tian'ao Electronics reported a net profit of 6.91 million yuan in Q3, up 1329.08% year-on-year [1] - Jincai Hulin's net profit for Q3 was 24.71 million yuan, an increase of 1368.35% year-on-year [1] - Sichuan Changhong reported a net profit of 507 million yuan in Q3, a year-on-year increase of 690.83% [1] - Dongfang Caifu achieved a net profit of 3.53 billion yuan in Q3, up 77.74% year-on-year [1] - Wanhua Chemical's net profit for Q3 was 3.035 billion yuan, a 3.96% increase year-on-year [1] - Zhendong Pharmaceutical reported a net profit of 12.43 million yuan in Q3, up 31.34% year-on-year [1] - Salt Lake Co. achieved a net profit of 1.988 billion yuan in Q3, marking a 113.97% increase year-on-year [1] - Jinchun Co. reported a net profit of 58.43 million yuan in Q3, up 436.14% year-on-year [1] - Chifeng Gold's net profit reached 951 million yuan in Q3, a year-on-year increase of 140.98% [1] - Dahua Technology reported a net profit of 1.06 billion yuan in Q3, up 44.12% year-on-year [1] - GoerTek achieved a net profit of 1.171 billion yuan in Q3, a 4.51% increase year-on-year [1] - Chipone Microelectronics reported a net profit of 87.34 million yuan in Q3, up 162.18% year-on-year [1] - CITIC Securities achieved a net profit of 9.44 billion yuan in Q3, marking a 51.54% increase year-on-year [1] - Luoyang Molybdenum's net profit reached 5.608 billion yuan in Q3, up 96.4% year-on-year [1] - Changan Automobile reported a net profit of 764 million yuan in Q3, a 2.13% increase year-on-year [1] - Kingood Co. achieved a net profit of 11.74 million yuan in Q3, up 1.65% year-on-year [1] - Shengxin Lithium Energy reported a net profit of 88.72 million yuan in Q3, recovering from a loss of 275 million yuan in the same period last year [1] Decline and Loss - Huace Film and TV reported a net profit of 57.61 million yuan in Q3, a year-on-year decline of 39.38% [1] - Jing Sheng Machinery reported a net profit of 262 million yuan in Q3, down 69.65% year-on-year [1] - Yuanzhu Co. achieved a net profit of 130 million yuan in Q3, a decline of 41.09% year-on-year [1] - Yongji Co. reported a net profit of 42.17 million yuan in Q3, down 15.53% year-on-year [1] - Tongwei Co. reported a net loss of 315 million yuan in Q3 [1]

Core Viewpoint - Jingu Co., Ltd. (002488) reported its Q3 2025 financial results, showing modest growth in revenue and net profit, driven by increased production capacity and sales in its low-carbon wheel business [1] Financial Performance - Q3 2025 revenue reached 963 million yuan, a year-on-year increase of 0.61% [1] - Q3 2025 net profit was 11.7357 million yuan, reflecting a year-on-year growth of 1.65% [1] - For the first three quarters of 2025, total revenue amounted to 3.086 billion yuan, up 6.91% year-on-year [1] - Net profit for the first three quarters was 42.0073 million yuan, marking a significant year-on-year increase of 29.77% [1] Business Development - The growth in production capacity is attributed to the completion of new production bases and the gradual launch of upgraded production lines [1] - The sales volume of the Avatar low-carbon wheel business has been consistently increasing during the reporting period [1]

Group 1 - The core point of the article is that Jingu Co., Ltd. held its 13th meeting of the 6th board of directors on October 24, 2025, to discuss amendments to the company's articles of association [1] - For the first half of 2025, Jingu Co., Ltd.'s revenue composition was as follows: automotive parts manufacturing accounted for 65.51%, steel trading accounted for 27.18%, and other businesses accounted for 7.31% [1] - As of the report date, Jingu Co., Ltd. has a market capitalization of 10 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have generated $80 billion in overseas licensing this year, highlighting the hot secondary market in biomedicine [1] - A dialogue with Lu Gang, a partner at Chuangdong Investment, indicates that while the secondary market is thriving, the primary market is facing challenges in fundraising [1]