按《收购协议》约定，本次交易对价全部采用现金支付并分为两个阶段。《收购协议》生效后即进入第 一阶段，收购方向转让方合计支付交易对价的67%，转让方将标的资产过户至收购方名下，2025年至 2027年的业绩承诺期间为第二阶段。业绩承诺方承诺2025年度、2026年度及2027年度标的公司实现的合 并报表归属于母公司股东的净利润分别不低于1.75亿元、2.00亿元及2.25亿元，三年净利润累积不低于 6.00亿元。 领益智造成立于2006年，在精密功能件产品的市场份额及出货量已连续多年稳居全球消费电子市场领先 地位，并进一步渗透至新能源汽车、AI服务器、人形机器人等新兴市场。公司与北美、欧洲的头部整 车厂品牌合作深厚。除了结构件产品，公司正积极拓展汽车散热模组、车内软包产品、充电产品和车载 充电机等。公司已切入车用刹车系统一线品牌客户体系，并布局车内电子元器件，如无线快充和自研快 充线圈，适配品牌方充电协议，可满足多设备充电需求。 基于AI终端硬件累积的精密制造和研发设计能力，领益智造建立了独特的竞争优势。2024年公司汽车 及低空经济业务实现收入21.17亿元，同比增长52.90%。 本次收购的浙江向隆与领益智 ...

Core Viewpoint - The acquisition of a 96.15% stake in Zhejiang Xianglong for 2.404 billion yuan marks a significant step for Lingyi Zhizao in enhancing its Tier 1 position in the automotive industry, further solidifying its "vehicle-machine symbiosis" strategy [1][2]. Financial Performance - Zhejiang Xianglong is projected to achieve a revenue of 1.994 billion yuan and a net profit of 127 million yuan in 2024, with the first half of 2025 showing a revenue of 969 million yuan and a net profit of 92 million yuan [2]. - The seller guarantees that the net profit for Zhejiang Xianglong will not be less than 175 million yuan, 200 million yuan, and 225 million yuan for the years 2025 to 2027, totaling a minimum of 600 million yuan over three years [2]. Strategic Importance - This acquisition is a crucial move for Lingyi Zhizao to deepen its automotive industry layout, following previous acquisitions that have built a product matrix including power battery structural components and automotive precision structural components [2]. - The company aims to transition from Tier 2 to Tier 1 by leveraging Zhejiang Xianglong's customer resources and industry experience, aligning with the trends of electrification and intelligentization in the automotive sector [3]. Technological Synergy - Lingyi Zhizao has developed core technologies in humanoid robotics, such as servo motors and reducers, which can be reused in automotive and robotics components, creating a unique "vehicle-machine symbiosis" effect [3]. - The acquisition is expected to enrich the company's revenue structure and enhance its sustainable operational capabilities, laying the groundwork for hardware applications in AI terminals and humanoid robots [3].

Core Viewpoint - The company, Lingyi Zhizao, has achieved record performance in Q3 2025, reflecting the success of its transformation into an AI terminal hardware manufacturing platform [1][2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 37.59 billion yuan, a year-on-year increase of 19.25% [1]. - The net profit attributable to shareholders reached 1.94 billion yuan, a significant year-on-year growth of 37.66% [1]. - Operating cash flow saw a substantial increase of 60.19%, totaling 2.30 billion yuan [1]. - In Q3 alone, revenue was 13.97 billion yuan, up 12.91% year-on-year, marking the fifth consecutive quarter of revenue exceeding 10 billion yuan [1]. - The net profit attributable to shareholders for Q3 was 1.01 billion yuan, a year-on-year increase of 39.28% [1]. Business Strategy and Growth Areas - The company has strategically focused on the AI terminal hardware sector, developing a product matrix that includes battery structural components, thermal management solutions, and fast-charging products [2]. - In the humanoid robot sector, the company has secured large-scale orders and established strategic partnerships with leading industry players [2]. - The AI glasses segment is projected to generate revenue of 4.04 billion yuan in 2024, with successful international applications enhancing the company's market position [2]. - In the foldable screen market, the company provides comprehensive solutions to top global clients, achieving breakthroughs in ultra-thin materials [2]. - The server segment has seen the company become a core supplier for AMD, leveraging proprietary technologies to meet high-performance demands [3]. Future Outlook - The company aims to deepen its core capabilities in the AI terminal hardware supply chain and expand into emerging markets, striving to become a global leader in this sector [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high revenue and profit in Q3 2025, with revenue of 37.59 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.941 billion yuan, up 37.66% year-on-year [1] - The growth is driven by innovations in AI hardware, particularly in cooling, battery, and fast-charging technologies, with significant potential in robotics, AI glasses, foldable screens, and servers [1][2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 375.90 billion yuan and a net profit of 19.41 billion yuan, with a gross margin of 16.61% and a net margin of 5.23% [1] - In Q3 2025 alone, revenue reached 139.65 billion yuan, marking a 12.91% year-on-year increase and a 15.12% quarter-on-quarter increase, while net profit was 10.12 billion yuan, up 39.28% year-on-year and 177.37% quarter-on-quarter [1] Business Segments - The company is expanding its AI terminal hardware offerings, focusing on battery, thermal management, and fast-charging solutions, which are expected to drive new growth [9] - The automotive business is transitioning from Tier 2 to Tier 1, with a recent acquisition aimed at enhancing its position in the electric vehicle market [3] - The company is also making strides in humanoid robots, AI glasses, foldable devices, and server power supply solutions, positioning itself well in these emerging markets [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are 510 billion yuan, 610 billion yuan, and 728 billion yuan, respectively, with expected year-on-year growth rates of 15.5%, 19.6%, and 19.2% [9] - Net profit is projected to reach 2.4 billion yuan, 3.5 billion yuan, and 4.4 billion yuan for the same years, with growth rates of 37.3%, 45.5%, and 26.8% [9]

据悉，浙江向隆是一家以专业研发、制造、销售汽车等速驱动轴、传动轴为主的汽车零部件厂商，客户 广泛覆盖国内外知名新能源及燃油车整车厂商，以及全球全地形车头部品牌。公司实施本次交易旨在加 速深化在汽车产业领域的布局，完善在汽车领域的产品矩阵，进一步丰富收入结构，实现产业的升级优 化，并为迎合汽车电动化、智能化发展趋势及探索AI终端硬件的扩大应用提供基础。 领益智造（002600）(002600.SZ)公告，公司全资子公司领益科技(深圳)有限公司("领益科技")将以24.04 亿元的价格现金收购Venture Equities Management、宁波嘉隆、杭州协邦、宁波隆俊持有的浙江向隆机 械有限公司("浙江向隆")合计96.15%股权。本次交易完成后，领益科技持有浙江向隆96.15%的股权，浙 江向隆将纳入公司合并报表范围。 ...

杰富瑞：将广东领益智造评级下调至持有。 ...

智通财经APP讯，领益智造(002600.SZ)发布2025年三季度报告，该公司前三季度营业收入为375.9亿 元，同比增长19.25%。归属于上市公司股东的净利润为19.41亿元，同比增长37.66%。归属于上市公司 股东的扣除非经常性损益的净利润为15.03亿元，同比增长26.67%。基本每股收益为0.28元。 ...

据悉，浙江向隆是一家以专业研发、制造、销售汽车等速驱动轴、传动轴为主的汽车零部件厂商，客户 广泛覆盖国内外知名新能源及燃油车整车厂商，以及全球全地形车头部品牌。公司实施本次交易旨在加 速深化在汽车产业领域的布局，完善在汽车领域的产品矩阵，进一步丰富收入结构，实现产业的升级优 化，并为迎合汽车电动化、智能化发展趋势及探索AI终端硬件的扩大应用提供基础。 智通财经APP讯，领益智造(002600.SZ)公告，公司全资子公司领益科技(深圳)有限公司("领益科技")将 以24.04亿元的价格现金收购Venture Equities Management、宁波嘉隆、杭州协邦、宁波隆俊持有的浙江 向隆机械有限公司("浙江向隆")合计96.15%股权。本次交易完成后，领益科技持有浙江向隆96.15%的股 权，浙江向隆将纳入公司合并报表范围。 ...

10月29日晚间，精密制造龙头领益智造发布公告称，拟斥资24.04亿元收购深耕汽车零部件领域的浙江 向隆96.15%股权，以加速汽车产业布局并迎合行业电动化、智能化趋势。 同日发布的三季报显示，领益智造前三季营收、净利分别同比增长19.25%、37.66%。此外，近期公司 机器人业务与多家头部企业深度合作并获规模化订单，多业务协同发力助推公司稳健发展。 Wind数据显示，10月29日，领益智造股价上涨2.15%，最新市值为1183亿元。今年以来，领益智造股价 累计涨幅达102.87%。 现金收购补强汽车版图 根据收购公告，领益智造全资子公司领益科技将向Venture Equities Management等四家交易对手方收购 浙江向隆股权，交易完成后，浙江向隆将纳入公司合并报表范围。 来源：公司公告 在机器人赛道，领益智造近期动作频频。公司在互动平台透露，已与强脑科技、智元机器人等头部企业 建立深度合作，覆盖硬件制造、场景开发、AI大模型构建等全链条，并于近期获得行业头部客户百余 台整机组装订单，助力客户实现规模化生产突破。 作为深耕汽车零部件领域的专业厂商，浙江向隆客户覆盖多家新能源及燃油车整车厂商，其在机 ...

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]