Market Overview - As of July 14, the Shanghai Composite Index closed at 3519.65 points, up by 9.47 points, a rise of 0.27% [1] - The Shenzhen Component Index closed at 10684.52 points, down by 11.58 points, a decrease of 0.11% [1] - The ChiNext Index closed at 2197.07 points, down by 10.03 points, a decline of 0.45% [1] Stock Performance - A total of 79 A-shares had a turnover rate exceeding 20%, with two stocks, Xinling Electric and C Tongyu, having turnover rates above 50%, indicating significant trading activity [1] - The top-performing stock by turnover rate was Xinling Electric (301388) with a turnover rate of 70.84% and a price increase of 19.99%, closing at 42.13 yuan [1] - C Tongyu (301630) had a turnover rate of 54.09% but experienced a price drop of 12.50%, closing at 177.66 yuan [1] Notable Stocks - Other notable stocks with high turnover rates include: - Zhongke Magnetic (301141) with a turnover rate of 45.77% and a price decrease of 5.10%, closing at 70.85 yuan [1] - Yihau New Materials (301176) with a turnover rate of 42.23% and a price increase of 8.05%, closing at 37.30 yuan [1] - Hengbao Co. (002104) with a turnover rate of 40.85% and a price decrease of 7.58%, closing at 22.20 yuan [1] Additional Insights - The trading activity reflects a mixed sentiment in the market, with some stocks experiencing significant gains while others faced declines [1][2][3]

[Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company projects a significant net loss for H1 2025, with attributable net profit expected to be a loss of RMB 223.5 million to RMB 333 million 2025 Semi-Annual Performance Forecast | Item | Current Period (Jan 1 - Jun 30, 2025) | Prior Year Same Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: RMB 223.5 million - RMB 333 million | Loss: RMB 23.3922 million | | Year-over-Year Change | Loss Increase: 855.45% - 1323.55% | - | | **Net Profit After Non-Recurring Items** | Loss: RMB 232 million - RMB 346 million | Loss: RMB 23.9824 million | | Year-over-Year Change | Loss Increase: 867.38% - 1342.73% | - | | **Basic Earnings Per Share** | Loss: RMB 0.298/share - RMB 0.444/share | Loss: RMB 0.029/share | - This performance forecast is a preliminary estimate by the company's finance department and has not been audited by an accounting firm[4](index=4&type=chunk) [Analysis of Core Reasons for Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) The substantial loss is primarily due to Airwork's reduced aircraft leasing and syndicate takeover leading to impairment, coupled with expanded losses and bankruptcy proceedings at Italy MCM [Subsidiary Airwork Operating Loss](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change-1) Airwork's aircraft leasing business significantly contracted due to global economic and geopolitical factors, leading to reduced revenue and profit, with asset sales also falling short of expectations - Airwork's aircraft leasing business significantly contracted, leading to a notable decline in both revenue and profit[5](index=5&type=chunk) - Sales of aircraft and related assets did not meet set targets[5](index=5&type=chunk) [Subsidiary Airwork Asset Impairment Provision](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change-2) Effective July 2, 2025, a banking syndicate formally took over Airwork, changing its de facto control and prompting the company to make further asset impairment provisions based on collateral - Effective July 2, 2025, a banking syndicate formally took over Airwork, resulting in a change of the company's de facto control[5](index=5&type=chunk)[6](index=6&type=chunk) - The company made corresponding asset impairment provisions for relevant assets based on the collateral scope of the syndicate loan agreement[6](index=6&type=chunk) [Subsidiary Italy MCM Operating Loss and Liquidity Crisis](index=2&type=section&id=III.%20Explanation%20of%20Performance%20Change-3) Italian subsidiary MCM's losses expanded due to a sluggish European economy, rising costs, and poor market development, leading to a liquidity crisis and the initiation of bankruptcy protection procedures - Affected by geopolitical factors, a sluggish European economy, and rising costs, Italy MCM's losses expanded year-over-year in the current period[6](index=6&type=chunk) - Due to the loss of external financing capability, MCM is facing a liquidity crisis, and its board has resolved to initiate bankruptcy protection procedures[7](index=7&type=chunk) [Significant Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning%20and%20Other%20Related%20Explanations) The company faces significant uncertainties regarding Italy MCM's bankruptcy outcome and the potential unrecoverability of investments and claims in Airwork following its syndicate takeover and asset disposal - Italy MCM's bankruptcy reorganization application has not yet been submitted, and its acceptance, ruling, and execution outcomes remain uncertain[8](index=8&type=chunk) - Following Airwork's takeover, all its collateralized assets will be forcibly disposed of, potentially leading to the unrecoverability of the listed company's investments and claims[8](index=8&type=chunk) - The company reiterates that this performance forecast is preliminary and unaudited, advising investors to exercise caution in their decisions[8](index=8&type=chunk)

Core Viewpoint - The company expects a significant net profit loss for the first half of 2025, with projections indicating a loss between 222.3 million to 333.3 million yuan, representing a year-on-year increase of 855.45% to 1323.55% [1] Financial Summary - The anticipated net profit loss attributable to shareholders is projected to be between 222.3 million to 333.3 million yuan for the period from January 1, 2025, to June 30, 2025 [1] - The loss after excluding non-recurring gains and losses is expected to be between 232 million to 346 million yuan, reflecting a year-on-year increase of 867.38% to 1342.73% [1] - The basic earnings per share are projected to be a loss of 0.298 yuan to 0.444 yuan [1]

Market Overview - The Shanghai Composite Index rose by 0.48% on July 10, with 18 out of 28 sectors experiencing gains, led by real estate and petrochemicals, which increased by 3.19% and 1.54% respectively [1] - Conversely, the automotive and media sectors saw declines of 0.62% and 0.54% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 13.025 billion yuan, with 10 sectors seeing net inflows [1] - The non-bank financial sector had the highest net inflow, amounting to 3.470 billion yuan, while the real estate sector followed with a net inflow of 2.228 billion yuan [1] Mechanical Equipment Sector Performance - The mechanical equipment sector experienced a slight decline of 0.05%, with a total net capital outflow of 2.771 billion yuan [2] - Out of 531 stocks in this sector, 219 stocks rose, while 294 stocks fell, with 3 stocks hitting the daily limit up [2] - The top three stocks with net inflows were: - Houp Co., Ltd. (厚普股份) with a net inflow of 154 million yuan and a rise of 15.72% - Beijing Capital Co., Ltd. (京城股份) with a net inflow of 136 million yuan and a rise of 6.37% - Robotec Co., Ltd. (罗博特科) with a net inflow of 97 million yuan and a rise of 4.09% [2] Mechanical Equipment Sector Outflow - The top three stocks with significant net outflows were: - Giant Lifting (巨力索具) with a net outflow of 350.79 million yuan and a decline of 6.09% - Dafeng Industrial (大丰实业) with a net outflow of 181.79 million yuan and a rise of 3.59% - Rifa Precision Machinery (日发精机) with a net outflow of 179.38 million yuan and a decline of 3.91% [3]

Group 1 - The humanoid robot concept stocks are experiencing significant fluctuations, with companies like Nippon Denso (日发精机) hitting the daily limit up [1] - Feirongda (飞荣达) and Zhaowei Electromechanical (兆威机电) have seen their stock prices increase by over 7% [1] - Other companies such as Huqin Technology (华勤技术), Shiyun Circuit (世运电路), and Noli Co., Ltd. (诺力股份) are also witnessing upward trends in their stock prices [1] Group 2 - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest [1]

Core Viewpoint - The company, Rifa Precision Machinery (日发精机), is facing significant challenges due to the receivership of its subsidiary Airwork, which has defaulted on loans and has five Boeing aircraft detained in Russia, impacting its financial performance and future prospects [1][2][3]. Group 1: Company Financial Situation - As of July 2, 2023, Airwork has been placed under receivership due to a loan default, with the outstanding principal balance of the loan amounting to approximately 63.2 million yuan (8.83 million USD) [1]. - The company reported cumulative losses of 3.108 billion yuan (approximately 450 million USD) from 2022 to 2024, with net losses of 1.530 billion yuan, 903 million yuan, and 675 million yuan for the respective years [6]. - The subsidiary, Italian MCM, has also been in a state of continuous loss, contributing to the overall financial difficulties of Rifa Precision Machinery [6][7]. Group 2: Impact of Airwork's Situation - Airwork has five Boeing 757 aircraft detained in Russia, which has led to significant asset impairment provisions totaling 741 million yuan (approximately 104 million USD) [3]. - The company attempted to negotiate with Russian clients for the return of the aircraft but has faced challenges due to international sanctions following the Russia-Ukraine conflict [3]. - Airwork has initiated legal proceedings against its insurance providers to seek compensation for the detained aircraft, indicating a proactive approach to mitigate financial losses [4]. Group 3: Business Operations and Strategy - Rifa Precision Machinery has expanded its overseas operations significantly, with foreign revenue reaching 1.416 billion yuan (approximately 200 million USD) by the end of 2024, accounting for 78.47% of total revenue [5]. - The company has diversified its business through acquisitions, including the purchase of Italian MCM, which has provided access to advanced manufacturing technologies and high-profile clients [5]. - Despite the growth in overseas revenue, the company has experienced stagnation since 2019, with foreign income fluctuating between 1.4 billion yuan and 1.6 billion yuan [6].

Core Viewpoint - Airwork has undergone a change in control due to the appointment of a receiver by the syndicate, following a failure to reach an agreement on the extension of loan terms, leading to a potential asset seizure or forced sale [1][2]. Group 1: Company Situation - On July 2, the syndicate took control of Airwork, and the company is now under receivership, with its board's rights revoked [1]. - Airwork's outstanding syndicate loan principal is approximately $88.31 million, due by June 30, 2025, and was previously extended to July 31, 2026 [1]. - The company has faced significant revenue declines due to geopolitical conflicts, with aircraft leased to Russian clients being detained, impacting its ability to repay loans [2]. Group 2: Risk Mitigation Efforts - Airwork is pursuing insurance claims and potential aircraft sales to mitigate risks associated with its financial situation [2]. - The company has indicated that it will strategically divest weaker business segments to manage overall operational risks [3]. Group 3: Future Outlook - The company has fully recognized goodwill impairment related to Airwork in 2022 and asset impairment in 2024, suggesting that risks associated with Airwork have been largely addressed [3]. - Future strategic focus will be on high-end equipment manufacturing and providing integrated solutions for digital factories across various sectors, including aerospace and new energy vehicles [3].

证券代码：002520 证券简称：日发精机 编号：2025-042 浙江日发精密机械股份有限公司 关于子公司被银团接管的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 浙江日发精密机械股份有限公司（以下简称"公司"）下属子公司 Airwork 公 司于 2019 年 4 月以其全部现有及未来（即 2019 年 4 月及以后）持有的资产作为 抵押范围签订银团贷款合同。截至 2025 年 6 月 30 日，该笔银团贷款应偿还本金 余额为 8,831.27 万美元，折合人民币约 6.32 亿元。 经 Airwork 公司董事会、管理层与银团持续协商，积极维护股东利益， Airwork 公司与银团就贷款展期协议条款达成一致意见，并已于 2025 年 4 月 29 日签署贷款展期协议，贷款续期至 2026 年 7 月 31 日。 现因公司与银团就聘任财务顾问出售业务/资产用于归还贷款事宜未能达成 一致，于 2025 年 7 月 2 日收到银团通知，上述展期协议终止，且依据前次展期 协议个别条款，Airwork 公司构成违约，自 2025 年 7 月 2 日起，银团对 ...

Core Viewpoint - Airwork, a subsidiary of the company, has defaulted on a syndicated loan agreement due to failure to reach an extension agreement with the syndicate, resulting in a change of control [1] Group 1 - As of June 30, 2025, the outstanding principal balance of the syndicated loan is approximately $88.31 million, equivalent to about 632 million RMB [1] - The syndicate has appointed Calibre Partners as the Receiver for Airwork, indicating that the company is now under Receivership [1] - The board of directors' powers have been revoked, signifying a significant governance change within Airwork [1] Group 2 - The company intends to actively communicate with relevant parties to resolve the issues and protect the interests of the company and all shareholders [1]

Group 1: Company Overview and Market Position - Zhejiang Rifa Precision Machinery Co., Ltd. aims to become a benchmark enterprise in the intelligent manufacturing sector, focusing on key market segments and scaling core businesses [3] - The company has achieved a leading position in the domestic bearing manufacturing equipment market, with a significant market share and recognition as a key supplier to internationally renowned companies [3][4] Group 2: Product Development and Innovations - The company has made progress in the development of CNC thread grinding machines, which are essential for industries such as new energy vehicles and humanoid robots [4] - CNC grinding equipment for screw rods and nuts has been delivered to several clients, although large-scale production is still pending due to the early stage of some downstream industries [4] Group 3: Future Strategic Directions - The company plans to focus on high-end equipment manufacturing as its primary business, aiming to develop more niche markets in the coming years [5] - Key areas of focus for the current year include enhancing product details, optimizing process validation, and improving machine quality to boost market competitiveness and brand influence [5]