Core Viewpoint - The company reported significant growth in both revenue and net profit for the third quarter of 2025, indicating a positive financial performance compared to the previous year [1] Financial Performance - The company's operating revenue reached 609 million yuan, representing a year-on-year increase of 29.08% [1] - The net profit attributable to shareholders of the listed company was 55.33 million yuan, showing a year-on-year increase of 4.49% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 49.15 million yuan, reflecting a year-on-year increase of 0.86% [1]

Group 1 - Company announced a strategic move to optimize and integrate industrial resources by acquiring an additional 9.8% stake in Huangshan Fule New Energy Technology Co., Ltd., increasing its ownership from 90.2% to 100% [1] - The transfer price for the 9.8% stake was set at RMB 44.75 million [1] - As of the first half of 2025, the company's revenue composition is as follows: 48.44% from the photovoltaic industry, 36.09% from the white goods industry, 9.78% from the motor industry, and 5.69% from other industries [1] Group 2 - The company's market capitalization is currently valued at RMB 5.2 billion [2]

Company Performance - Xing Shuai reported Q3 2023 revenue of approximately 1.742 billion yuan, representing a year-on-year increase of 14.97% [1] - The net profit attributable to shareholders for the same period was about 177 million yuan, up 21.84% year-on-year [1] - Basic earnings per share reached 0.52 yuan, reflecting a year-on-year increase of 10.64% [1] Market Context - As of the report, Xing Shuai's market capitalization stands at 5.2 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's new "slow bull" trend [2]

Company Overview - Xing Shuaier (SZ 002860) announced its fifth board meeting on October 28, 2025, where the Q3 2025 report was reviewed [1] - As of the report, Xing Shuaier's market capitalization is 5.2 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Xing Shuaier is as follows: - Photovoltaic industry: 48.44% - White goods industry: 36.09% - Motor industry: 9.78% - Other industries: 5.69% [1]

股票代码：002860 股票简称：星帅尔 公告编号：2025-109 杭州星帅尔电器股份有限公司 （一）审议通过《2025年第三季度报告》 表决情况：7 票赞成，0 票反对，0 票弃权。 2025年第三季度报告中的财务信息已经董事会审计委员会审议通过。 公司《2025年第三季度报告》（公告编号：2025-110）登载于《证券时报》及巨潮资讯网 （www.cninfo.com.cn）。 （二）审议通过《关于收购控股子公司少数股东股权暨关联交易的议案》 第五届董事会第二十四次会议决议公告 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、董事会会议召开情况 杭州星帅尔电器股份有限公司（以下简称"公司"）第五届董事会第二十四次会议于2025 年10月18日以书面方式发出通知，并于2025年10月28日以现场方式召开。会议应出席董事7名， 实际出席董事7名。本次会议由董事长楼勇伟先生召集和主持，公司董事会秘书及高管列席会 议。 本次会议的召开符合《公司法》、《公司章程》及有关法律、行政法规的要求，会议合法、 有效。 二、董事会会议审议情况 经与会董事审议，会议以举手 ...

Financial Performance - Revenue for Q3 2025 reached ¥609,132,314.01, an increase of 29.08% year-over-year[5] - Net profit attributable to shareholders was ¥55,327,821.62, up 4.49% compared to the same period last year[5] - Total operating revenue for the current period reached ¥1,741,531,291.49, an increase of 14.93% compared to ¥1,514,773,368.51 in the previous period[19] - Net profit for the current period was ¥179,343,681.28, representing a 20.77% increase from ¥148,496,392.48 in the previous period[20] - Total comprehensive income amounted to ¥179,343,681.28, an increase from ¥148,496,392.48 in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,641,233,607.32, reflecting a 2.86% increase from the end of the previous year[5] - The company's total assets increased to ¥3,641,233,607.32, compared to ¥3,539,901,873.00 in the previous period, reflecting a growth of 2.87%[17] - Total liabilities decreased to ¥1,327,243,479.94 from ¥1,674,915,745.97, indicating a reduction of 20.73%[17] - Shareholder equity increased by 24.48% year-over-year, amounting to ¥2,271,237,842.69[5] - The equity attributable to shareholders of the parent company rose to ¥2,271,237,842.69, up from ¥1,824,569,447.66, marking a growth of 24.59%[17] Cash Flow - Operating cash flow net amount increased by 1,438.07% year-to-date, totaling ¥79,218,176.69[5] - Cash inflow from operating activities was ¥1,430,325,338.64, down from ¥1,603,489,134.82 in the previous period[24] - Net cash flow from operating activities improved to ¥79,218,176.69 from a negative ¥5,920,315.35 in the previous period[24] - Cash inflow from investment activities totaled ¥2,911,656,644.25, significantly higher than ¥895,436,053.03 in the previous period[24] - Cash flow from financing activities resulted in a net outflow of ¥206,607,047.82, compared to a net inflow of ¥73,204,147.58 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,704[10] - The largest shareholder, Chen Lijuan, holds 23.78% of the shares, totaling 85,552,673 shares[10] - The top ten shareholders include both individual and institutional investors, with the second-largest shareholder holding 10.81%[10] - The company has a repurchase account holding 7,567,400 shares among the top ten shareholders[10] - The company has not reported any changes in the number of preferred shareholders or their holdings[12] Expenses and Income - Investment income rose by 322.96% year-over-year, attributed to increased financial management income[9] - The company reported a 57.02% decrease in financial expenses compared to the same period last year, mainly due to reduced convertible bond interest[9] - Total operating costs amounted to ¥1,556,639,332.22, up 13.14% from ¥1,375,917,663.38 in the prior period[19] - Research and development expenses for the current period were ¥47,087,056.33, slightly higher than ¥44,661,382.46 in the previous period[20] Receivables and Inventory - The company experienced a significant increase in receivables financing, up 601.72% since the beginning of the year, due to the receipt of bank acceptance bills[9] - Accounts receivable increased to ¥821,769,304.76 from ¥739,104,178.74, reflecting a growth of about 11.1%[15] - Inventory levels rose to ¥364,667,018.60 from ¥342,744,280.99, indicating an increase of approximately 6.4%[15] - The total amount of accounts receivable financing increased significantly to ¥196,171,636.17 from ¥27,955,992.42, marking a substantial rise[15] Cash Management - The company has a cash balance of ¥493,835,629.81, down from ¥589,098,301.40 at the beginning of the period, representing a decrease of approximately 16.2%[15] - The ending cash and cash equivalents balance was ¥359,770,365.51, slightly up from ¥335,808,891.43 in the previous period[24] - The company received ¥20,270,101.59 in tax refunds, compared to ¥5,807,616.06 in the previous period[23] - The company reported a significant increase in cash received from investment recoveries, totaling ¥2,901,860,000.00, compared to ¥890,120,589.04 in the previous period[24] Future Outlook - The company plans to expand its market presence and invest in new technologies to drive future growth[17]

一、关联交易概述 1、根据杭州星帅尔电器股份有限公司（以下简称"公司"或"星帅尔"）整体战略布局， 为进一步优化整合产业资源，提升公司管理效率和综合竞争力，公司与王春霞、黄山亘乐源企 业管理合伙企业（有限合伙）（以下简称"亘乐源"）签订了《股权转让协议》，公司拟受让王 春霞、亘乐源持有的控股子公司黄山富乐新能源科技有限公司（以下简称"富乐新能源"）490.00 万元出资额，占富乐新能源注册资本的 9.80%，经各方协商确定富乐新能源 9.80%股权的转让 价格为人民币 4,475 万元。（以下简称"本次收购"或"本次交易"） 本次交易前，公司持有富乐新能源 90.20%的股权，本次交易完成后，公司将持有富乐新 能源 100.00%的股权。 2、鉴于富乐新能源是公司重要子公司，王春霞、亘乐源持有富乐新能源少数股权，依据 谨慎性原则，本次交易按照关联交易履行审议及披露程序。 3、2025 年 10 月 28 日，公司召开第五届董事会第二十四次会议，审议通过了《关于收购 控股子公司少数股东股权暨关联交易的议案》，本次关联交易事项在提交董事会审议前已经独 立董事专门会议审议并一致通过。 股票代码：002860 股票简 ...

Market Overview - The home appliance parts sector increased by 0.3% compared to the previous trading day, with Xing Shuai Er leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers in Home Appliance Parts Sector - Xing Shuai Er (002860) closed at 14.39, up 5.96% with a trading volume of 247,100 shares and a transaction value of 352 million yuan [1] - Tian Yin Ji Dian (300342) closed at 18.39, up 5.15% with a trading volume of 378,900 shares and a transaction value of 684 million yuan [1] - Dun An Environment (002011) closed at 14.05, up 3.77% with a trading volume of 467,400 shares and a transaction value of 657 million yuan [1] Market Capital Flow - The home appliance parts sector experienced a net outflow of 1.062 billion yuan from institutional investors, while retail investors saw a net inflow of 789 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Spring Light Technology (603657) had a net inflow of 55.859 million yuan from institutional investors, but saw outflows from both retail and speculative investors [3] - Tian Yin Ji Dian (300342) experienced a net inflow of 29.717 million yuan from institutional investors, with outflows from speculative investors [3] - Xing Shuai Er (002860) had a net inflow of 11.011 million yuan from institutional investors, but also faced outflows from speculative and retail investors [3]

Core Viewpoint - The stock of Xing Shuai Er has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 38.39%, indicating volatility in its market performance [1][2]. Company Overview - Xing Shuai Er Electric Co., Ltd. is located in Fuyang District, Hangzhou, Zhejiang Province, and was established on May 15, 2002, with its listing date on April 12, 2017. The company specializes in the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminal blocks, temperature controllers for small appliances, and small to medium-sized motors [2]. - The main business revenue composition includes: 48.44% from solar photovoltaic components, 34.62% from compressors and small appliance components, 9.78% from motors for food waste disposers, new energy vehicles, and clean water pumps, 5.69% from other sources, and 1.47% from optical communication and sensor components [2]. Financial Performance - As of June 30, 2025, Xing Shuai Er reported a revenue of 1.132 billion yuan, representing a year-on-year growth of 8.59%, and a net profit attributable to shareholders of 122 million yuan, reflecting a year-on-year increase of 31.79% [3]. - The company has distributed a total of 225 million yuan in dividends since its A-share listing, with 96.91 million yuan distributed over the past three years [4]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xing Shuai Er was 18,800, a decrease of 7.51% from the previous period, with an average of 18,561 circulating shares per person, an increase of 10.20% [3]. - New institutional shareholders include Guotai Junan Eagle Growth Flexible Allocation Mixed Fund, Huafu Technology Momentum Mixed A, and Caitong Asset Management Advanced Manufacturing Mixed Fund, among others [4].

股票代码：002860 股票简称：星帅尔 公告编号：2025-108 杭州星帅尔电器股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、担保情况概述 二、被担保人基本情况 1、公司名称：黄山富乐新能源科技有限公司 2、公司类型：其他有限责任公司 3、公司住所：安徽省黄山高新技术产业开发区霞塘路 2 号 3 号厂房 4、法定代表人：楼勇伟 5、注册资本：5,000 万元 6、成立日期：2017 年 03 月 29 日 1、本次担保基本情况 因生产经营需要，杭州星帅尔电器股份有限公司（以下简称"公司"或"星帅尔"）的子 公司黄山富乐新能源科技有限公司（以下简称"富乐新能源"）向中信银行股份有限公司杭州 富阳支行（以下简称"中信银行"）申请不超过 1.5 亿元人民币综合授信额度，公司为富乐新 能源申请综合授信额度相关事项提供最高额保证担保。公司近日与中信银行签订了《最高额保 证合同》，为子公司富乐新能源与银行发生的授信业务提供保证担保。 2、本次担保额度的审议情况 公司于 2025 年 4 月 7 日召开第五届董事会第 ...