Core Viewpoint - The stock of Xiangshan Co., Ltd. (002870) experienced a decline of 4.18% on April 3, 2025, closing at 33.73 yuan, with a trading volume of 24,700 shares and a turnover of 84.16 million yuan [1]. Trading Information Summary - On the same day, the main capital saw a net inflow of 3.77 million yuan, accounting for 4.47% of the total turnover; however, retail investors experienced a net outflow of 682,000 yuan, representing 0.81% of the total turnover [2][5]. Shareholder Changes - On April 3, 2025, Xiangshan Co. announced that its shareholder, Ningbo Joyson Electronic Corp., increased its holdings by 642,600 shares on April 2, 2025, which is 0.4865% of the company's total share capital. During this period, the stock price rose by 2.0%, closing at 35.2 yuan on April 2 [3]. Company Announcement Summary - The controlling shareholder, Ningbo Joyson Electronic Corp., completed its shareholding increase plan, which was initiated on December 16, 2024. Over the course of this plan, it acquired a total of 7,444,600 shares, representing 5.6366% of the total share capital, with a total investment of approximately 257.13 million yuan. Following this increase, its total holdings rose from 32,037,000 shares to 39,481,600 shares, increasing its ownership percentage from 24.2566% to 29.8932% [4][5].

证券代码：002870 证券简称：香山股份 公告编号：2025-018 广东香山衡器集团股份有限公司 自 2024 年 12 月 16 日至 2025 年 4 月 2 日，均胜电子通过深圳证券交易所 集中竞价和大宗交易方式累计增持公司股份 7,444,600 股，占公司总股本的 5.6366%，累计增持金额为人民币 257,134,021 元（不含手续费），均胜电子本次 增持计划已实施完毕。具体情况如下： | | | 增持时间 | | | | 增持股数 | 增持金额 | 占公司总股本 | 增持方式 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | （股） | （元） | 比例 | | | 2025 | 年 1 | | 月 | 22 | 日至 | 982,000 | 30,964,884 | 0.7435% | 集中竞价 | | 2025 | 年 2 | 月 | 10 | | 日 | | | | | | 2025 | 年 2 | | 月 | 18 | 日至 | 1,016,600 | 36,146,927 ...

证券代码：002870 证券简称：香山股份 公告编号：2025-017 广东香山衡器集团股份有限公司 关于控股股东增持比例超过1%暨增持计划的进展公告 1．基本情况 信息披露义务人 宁波均胜电子股份有限公司 住所 浙江省宁波市高新区清逸路 99 号 权益变动时间 2025 年 3 月 1 日-2025 年 4 月 1 日 股票简称 香山股份 股票代码 002870 变动类型 （可多选） 增加■ 减少□ 一致行动人 有□ 无■ 是否为第一大股东或实际控制人 是■ 否□ 2．本次权益变动情况 股份种类 增持股数 增持比例 A 股 839,000 股 0.6352% 合 计 839,000 股 0.6352% 本次权益变动方式 （可多选） 通过证券交易所的集中交易 ■ 通过证券交易所的大宗交易 □ 其他 □（请注明） 本次增持股份的资金 来源（可多选） 自有资金 ■ 银行贷款 ■ 其他金融机构借款 □ 股东投资款 □ 其他 □（请注明） 不涉及资金来源 □ 3．本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 股份性质 本次变动前持有股份 本次变动后持有股份 股数 (股) 占总股本 比例 股数 (股) ...

Core Insights - In 2024, Xiangshan Co., Ltd. (002870.SZ) achieved a revenue of 5.902 billion yuan and a net profit attributable to shareholders of 155 million yuan, showcasing a robust financial foundation and innovative strategic layout for high-quality development [1] - The company has established a global presence with R&D centers in China, Germany, and North America, and 15 production bases, enhancing its international competitiveness and providing substantial returns to investors [1] - Xiangshan Co. is focusing on the trillion-yuan market, accelerating global market penetration and ecosystem integration, particularly in smart cockpit, intelligent cleaning systems, and new energy charging and distribution sectors [1] Business Performance - Subsidiary Junsheng Qunying specializes in the design, development, manufacturing, and sales of smart cockpit components and new energy charging and distribution systems, serving as a global tier-one supplier for numerous well-known automotive brands [2] - Junsheng Qunying's air management system has ranked first in domestic market share and second globally from 2019 to 2023, and has been recognized as a national champion product [2] - The company is expanding its product range in the new energy charging and distribution system sector, responding to national calls for low-altitude economy development, and has secured production rights for Xiaopeng's flying car project [2] R&D and Strategic Initiatives - To support high-quality development, the company increased its R&D investment to 539 million yuan in 2024, a year-on-year growth of 17.75%, and has obtained over 600 authorized patents [3] - Junsheng Electronics became the controlling shareholder in 2024, enhancing strategic synergy and overall competitiveness, with plans to increase its stake in the company by 150 to 250 million yuan [3] - The company aims to drive its strategic layout in smart cockpit and new energy vehicle supply chains through the support of its controlling shareholder, while continuing to promote "Chinese manufacturing" on the global stage [3]

Core Viewpoint - The company reported a slight increase in revenue for 2024, but net profit and adjusted net profit saw declines, indicating challenges in maintaining profitability amidst market pressures [1][2]. Financial Performance - The company achieved a total revenue of 5.902 billion yuan in 2024, a year-on-year increase of 1.97%, while the net profit attributable to shareholders was 155 million yuan, a decrease of 3.67% [1]. - The adjusted net profit was 151 million yuan, down 27.49% year-on-year, with an earnings per share (EPS) of 1.18 yuan [1]. - In Q4 2024, revenue was 1.5 billion yuan, a year-on-year decrease of 8.45%, but a quarter-on-quarter increase of 3.64% [1]. Customer and Market Dynamics - Sales declines in luxury brand clients, particularly BBA (Audi, BMW, and Mercedes-Benz), negatively impacted revenue growth, with Audi's global sales down 12%, Mercedes-Benz down 3%, and BMW down 4% [2]. - The company’s top five clients accounted for 68.34% of revenue, a decrease of 5.32 percentage points year-on-year, indicating reduced customer concentration [2]. - Revenue from automotive intelligent cockpit components, new energy vehicle parts, and other products was 4.099 billion yuan, 989 million yuan, and 769 million yuan, with year-on-year changes of -0.71%, +4.49%, and +14.34% respectively [2]. Profitability and Cost Structure - The adjusted gross margin increased by 0.17 percentage points to 24.17%, with variations across product lines [2]. - R&D expenses rose by 26.97% to 429 million yuan, reflecting significant investment in new product development, particularly in the low-altitude economy sector [3]. - The company’s sales, management, and financial expense ratios increased, indicating higher operational costs associated with new growth strategies [3]. Strategic Developments - The change in controlling shareholder to Junsheng Electronics is expected to enhance strategic collaboration and competitiveness in the intelligent cockpit product sector [3]. - Junsheng Electronics plans to increase its stake in the company by 150 million to 250 million yuan, demonstrating confidence in the company's future [3]. Future Outlook - Revenue projections for 2025 to 2027 are 6.512 billion yuan, 7.065 billion yuan, and 7.556 billion yuan, with net profits expected to reach 180 million yuan, 200 million yuan, and 219 million yuan respectively [4]. - The projected diluted EPS for the same period is 1.36 yuan, 1.51 yuan, and 1.66 yuan, with corresponding price-to-earnings ratios of 26.50, 23.82, and 21.73 [4].

Core Viewpoint - The financial performance of Xiangshan Co., Ltd. in 2024 is disappointing, with a slight increase in revenue but significant declines in net profit and non-recurring net profit, highlighting challenges in smart transformation and overseas market expansion [1][4]. Automotive Parts Business: Smart Transformation Below Expectations - The automotive parts business, primarily managed by subsidiary Junsheng Qunying, includes smart cockpit and new energy charging and distribution systems. Despite over 20 years of experience in the smart cockpit sector and recognition for its air management system, the performance in 2024 was unsatisfactory [2]. - Growth in the smart cockpit segment is sluggish, with new products like electric air outlets and smart luxury trims failing to drive overall performance due to slow market adoption [2]. - The new energy charging and distribution system faces challenges, with overseas production capacity still ramping up and not fully released, negatively impacting profitability [2]. Weighing Business: Steady Growth but Lack of Innovation - The weighing business achieved sales revenue of 769 million yuan in 2024, a year-on-year increase of 14.34%, indicating stable growth [3]. - However, the business suffers from insufficient innovation, relying heavily on existing products for market promotion and channel expansion, lacking breakthrough new products to stand out in a competitive market [3]. - The international expansion of the weighing business is relatively slow, failing to capitalize on global market growth potential [3]. Financial Performance: Declining Net Profit and Increased Cash Flow Pressure - The financial results for 2024 show a decline in both net profit and non-recurring net profit, with the latter down 27.49% year-on-year, indicating weakened profitability in core operations [4]. - Cash flow pressure is increasing, with net cash flow from operating activities at 713 million yuan, a decrease of 15.75% year-on-year. Although cash flow from financing activities increased by 956 million yuan, cash flow from investment activities was -854 million yuan, reflecting significant funding pressure for production and R&D expansion [4]. - Overall, the company faces challenges in smart transformation and international expansion, with the need to address these issues for future growth [4].

Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Views - The strategic synergy effect with the controlling shareholder, Yunsen Electronics, is expected to gradually manifest, enhancing the company's competitiveness in smart cockpit products. The change in controlling shareholder is anticipated to strengthen collaboration and strategic alignment [1]. - The company reported a revenue of 5.902 billion yuan for 2024, a year-on-year increase of 1.97%, and a net profit attributable to shareholders of 155.26 million yuan, a year-on-year decrease of 3.67% [5]. - The decline in sales from luxury brand clients has impacted revenue growth, but the increase in shipments from self-owned brand clients has mitigated this effect, resulting in a slight revenue increase for the year [5]. - The company has seen a decrease in customer concentration, with the top five clients contributing 68.34% of revenue, down 5.32 percentage points year-on-year, which is expected to reduce the impact of single-client sales fluctuations on overall revenue [5]. - The company has invested significantly in R&D, with expenses rising by 26.97% to 429 million yuan in 2024, indicating a focus on new product development, particularly in the low-altitude economy sector [5]. Financial Summary - For 2024, the company achieved a gross margin of 24.17%, reflecting a year-on-year increase of 0.17 percentage points, indicating stable profitability despite market pressures [5]. - The company forecasts revenue growth to 6.512 billion yuan in 2025, with a projected net profit of 179.73 million yuan, representing a profit growth rate of 15.76% [7][8]. - The earnings per share (EPS) is expected to increase from 1.18 yuan in 2024 to 1.36 yuan in 2025, with corresponding price-to-earnings (PE) ratios of 30.68 and 26.50, respectively [7][10].

Core Viewpoint - The company has achieved significant growth in revenue and profit through technological innovation and strategic positioning in the automotive industry's intelligent transformation phase, showcasing its forward-looking vision as an industry benchmark [1] Group 1: Financial Performance - The company reported a total revenue of 5.902 billion yuan and a net profit attributable to shareholders of 155 million yuan for the year 2024 [1] Group 2: Innovation in Smart Cockpit - The company focuses on the intelligent development of smart cockpit products, accelerating the launch of innovative features such as electric air outlets and smart luxury trim, which have been successfully integrated into core models of global mainstream clients [2] - The introduction of "optical-electrical integration" technology in smart luxury trim products has redefined the interaction between vehicles and users, marking a significant achievement in the company's technological capabilities [2] Group 3: Low-altitude Economy and New Energy - The company is expanding its product range in the new energy charging and distribution system, extending its reach into the low-altitude economy by securing key projects in flying cars [3] - Continuous innovation in new energy charging products and strengthening self-research capabilities for core components are part of the company's strategy to respond to national initiatives in low-altitude economic development [3] Group 4: Future Innovation and Development - In 2025, the company plans to focus on innovation and research in key areas such as intelligent driving and robotics, reinforcing its technological advantages in smart cockpit trim, electric air outlets, and new energy charging and distribution [4] - The company encourages its teams to explore and innovate around existing products and technologies, aiming to expand the application scenarios of smart luxury trim and intelligent cleaning systems [4] Group 5: Collaborative Ecosystem - The company emphasizes ecological cooperation to enhance collaborative innovation with upstream and downstream partners, especially after becoming a subsidiary of Junsheng Electronics [5] - The collaboration has significantly strengthened the company's capabilities in technology research and market expansion, facilitating its entry into overseas markets and supporting domestic clients in global layouts [5] - The company aims to embrace the artificial intelligence era with an open approach, positioning itself as a leader in industry transformation by exploring emerging fields such as robotics and low-altitude economy [5]

广东香山衡器集团股份有限公司 2024 年，本人对独立性情况进行了自查，并向公司董事会提交了自查报告，确 认已满足适用的各项监管规定中对于出任公司独立董事所应具备的独立性要求，不 存在影响独立性的情况。 2024 年度独立董事述职报告 本人（郭志明）作为广东香山衡器集团股份有限公司（以下简称"公司"）的独 立董事，严格按照《中华人民共和国公司法》（以下简称《公司法》）、《上市公司独 立董事管理办法》《上市公司治理准则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规、规范性文件的规定以及《公司章程》《独 立董事工作细则》等相关要求，认真履行职责，充分发挥独立董事的独立与监督作 用，维护公司整体利益，维护全体股东，尤其是中小股东的合法权益。具体履职情 况如下： 一、独立董事的基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人郭志明，1959 年出生，中国国籍，无境外永久居留权，本科。历任均胜投 资集团有限公司副总裁，均胜电子股份有限公司监事长，均胜普瑞工业自动化及机 器人有限公司董事长、德国普瑞集团监事、宁波市智能制造协会执行会长（法人代 表）。现任宁波市人力资源经理人 ...

二、董事会日常工作情况 1、加强公司规范化治理情况 广东香山衡器集团股份有限公司 2024 年度董事会工作报告 2024年，广东香山衡器集团股份有限公司（以下简称"公司"）董事会按照《公司章 程》规定的工作职权范围和股东大会授权，依法履行职责，主要做了如下几方面的工作： 一、2024年公司总体经营情况 2024年，公司业务保持平稳发展，实现营业收入59.02亿元，较上年同期增长1.97%； 实现归属于上市公司股东的净利润1.55亿元，同比下降3.67%；实现归属于上市公司股东 扣除非经常性损益的净利润1.51亿元，同比下降27.49%。 净利润出现下降的主要原因：一是公司进一步加大了前瞻方向的研发投入，以豪华科 技为导向，聚焦核心领域，在智能化、电动化、集成化等产品上快速迭代，保持市场竞争 优势；二是公司海外新建产能仍处在量产爬坡期，产能未能完全释放，对海外子公司盈利 能力产生了负面影响，随着海外团队积极开拓新市场，扩大产品销售范围，提升产能利用 率，海外盈利能力将逐步改善。 2024年度，公司根据《中华人民共和国公司法》（以下简称《公司法》）、《深圳证 券交易所股票上市规则》和《公司章程》等有关规定，不断健 ...