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 ...

Core Viewpoint - The stock of Xing Shuai Er has experienced a decline of 2.06% on October 21, with a current price of 13.80 CNY per share, reflecting a market capitalization of 4.964 billion CNY. The company has seen a net outflow of 7.423 million CNY in principal funds, indicating a shift in investor sentiment [1]. Company Overview - Xing Shuai Er Electric Co., Ltd. was established on May 15, 2002, and went public on April 12, 2017. The company is located in Fuyang District, Hangzhou, Zhejiang Province. Its main business includes the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminals, and temperature controllers for small appliances, as well as small and micro motor products [2]. - The revenue composition of Xing Shuai Er 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]. Stock Performance - Year-to-date, Xing Shuai Er's stock price has increased by 42.09%. In the last five trading days, the stock has risen by 1.32%, and over the past 20 days, it has increased by 7.31%. The stock has also seen a 2.00% rise over the last 60 days [2]. Financial Performance - As of June 30, 2025, Xing Shuai Er reported a total revenue of 1.132 billion CNY for the first half of the year, representing a year-on-year growth of 8.59%. The net profit attributable to shareholders was 122 million CNY, marking a significant increase of 31.79% compared to the previous year [3]. 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. The average number of circulating shares per shareholder increased by 10.20% to 18,561 shares [3]. - Since its A-share listing, Xing Shuai Er has distributed a total of 225 million CNY in dividends, with 96.9075 million CNY distributed over the last three years [4]. Institutional Holdings - As of June 30, 2025, new institutional shareholders include Guotai Junan Eagle Growth Flexible Allocation Mixed Fund, holding 3.175 million shares, and Huafu Technology Momentum Mixed A Fund, holding 3 million shares. Other new shareholders include Caitong Asset Management Advanced Manufacturing Mixed Fund and AVIC Trend Navigation Mixed Fund, holding 2.4998 million shares and 2.3616 million shares, respectively [4].

Core Viewpoint - The company Xing Shuai Er (002860.SZ) has recently obtained two utility model patents from the National Intellectual Property Administration, enhancing its intellectual property protection and competitive edge in the starter field [1] Group 1: Patent Acquisition - The company has acquired two utility model patents: one for a portable starter thermal protector installation bracket (Patent No. ZL202422667584.X) and another for a starter thermal protector with direct plug-in capacitor function (Patent No. ZL202422624100.3) [1] - The acquisition of these patents is expected to strengthen the company's intellectual property protection system [1] Group 2: Competitive Advantage - The newly obtained patents will help the company leverage its proprietary technology to maintain a leading position in the starter industry [1] - This development is anticipated to enhance the company's core competitiveness in the market [1]

股票代码：002860 股票简称：星帅尔 公告编号：2025-107 杭州星帅尔电器股份有限公司 关于公司取得专利证书的公告 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。 杭州星帅尔电器股份有限公司（以下简称"公司"）近日取得由国家知识产权局颁发的《实 用新型专利证书》，具体情况如下： | 专利类型 | 专利名称 | 专利号 | | 申请日 | | | 有效期 | | 证书号 | | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 实用新型 | 一种便携式起 动热保护器安 | ZL202422667584.X | 2024 | 年 11 | 月 | 01 日 | 10 | 年 | 第 23316950 | 号 | 星帅尔 | | | 装支架 | | | | | | | | | | | | | 一种具有直接 | | | | | | | | | | | | | 接插电容功能 | ZL202422624100.3 | 2024 | 年 10 | ...

Core Viewpoint - The stock of Xing Shuai Er has shown a significant increase in price and trading activity, indicating positive market sentiment and potential growth opportunities for investors [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 [2]. - The company specializes in the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminals, temperature controllers for small appliances, and small to medium-sized motors [2]. - The 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, electric vehicles, and clean water pumps, 5.69% from other sources, and 1.47% from optical communication and sensor components [2]. Financial Performance - For the first half of 2025, Xing Shuai Er achieved operating 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% [2]. - 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 [3]. 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 shareholder, an increase of 10.20% [2]. - Notable 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 [3]. Stock Performance - As of October 15, the stock price of Xing Shuai Er increased by 2.06% to 13.90 yuan per share, with a trading volume of 113 million yuan and a turnover rate of 2.35%, resulting in a total market capitalization of 5 billion yuan [1]. - Year-to-date, the stock has risen by 43.12%, with a 0.65% increase over the last five trading days, a 10.14% increase over the last 20 days, and a 5.30% increase over the last 60 days [1].

股票代码：002860 股票简称：星帅尔 公告编号：2025-106 杭州星帅尔电器股份有限公司 关于控股股东、实际控制人提前终止减持计划及 部分董事、高级管理人员减持股份实施完毕的公告 公司控股股东、实际控制人之一陈丽娟女士，部分董事、高级管理人员张勇先生、孙建先生、 陆游先生、孙海先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 杭州星帅尔电器股份有限公司（以下简称"公司"或"本公司"）于2025年9月8日披露了《关 于控股股东、实际控制人及部分董事、高级管理人员减持股份的预披露公告》（公告编号：2025-104）： 持有公司股份85,552,673股（占公司总股本比例23.78%，占剔除公司回购专用账户股份后总 股本比例24.29%）的控股股东、实际控制人之一陈丽娟女士计划自公告披露之日起十五个交易日 后的三个月内以集中竞价方式或大宗交易方式减持本公司股份9,000,000股（占公司总股本比例 2.50%，占剔除公司回购专用账户股份后总股本比例2.56%）； 持有公司股份700,420股（占公司总股 ...