Core Viewpoint - Xiangshan Co., Ltd. is a leading company in the domestic weighing industry, known for high-quality products and innovative technology, with a significant market share both domestically and internationally [1] Group 1: Business Overview - Established on June 22, 1999, and listed on May 15, 2017, Xiangshan Co., Ltd. is headquartered in Zhongshan, Guangdong Province [1] - The company focuses on the research, production, and sales of mid-to-high-end household and commercial weighing instruments, health and sports information measurement products, and automotive parts [1] Group 2: Financial Performance - For Q3 2025, Xiangshan Co., Ltd. reported revenue of 4.47 billion yuan, ranking 10th among 36 companies in the industry, with the industry leader, Yunsen Electronics, generating 45.84 billion yuan [2] - The net profit for the same period was 138 million yuan, placing the company 14th in the industry, while Yunsen Electronics reported a net profit of 1.36 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 67.84%, higher than the previous year's 66.97% and above the industry average of 44.11% [3] - The gross profit margin for Q3 2025 was 23.15%, slightly down from 23.52% year-on-year but still above the industry average of 19.46% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 9.44% to 13,100, while the average number of circulating A-shares held per account increased by 10.42% to 9,870.01 [5] - Notable shareholders include Fu Guo Optimized Enhanced Bond C, which became the fourth-largest circulating shareholder, increasing its holdings by 825,000 shares [5] Group 5: Strategic Outlook - According to Zheshang Securities, Xiangshan Co., Ltd. is facing short-term performance pressure but is actively positioning itself in the low-altitude economy [6] - The automotive parts business is expected to generate 5.09 billion yuan in revenue for 2024, accounting for 86.2% of total revenue, while the weighing instrument business is projected to contribute 770 million yuan [6] - The company anticipates a compound annual growth rate (CAGR) of 15% in net profit from 2025 to 2027, with projected net profits of 160 million, 200 million, and 240 million yuan respectively [6]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Guangdong Xiangshan Weighing Instrument Group Co., Ltd. (Xiangshan Co.) for the third quarter of 2025, showcasing a modest revenue growth and a significant increase in net profit, alongside advancements in its automotive components and weighing instrument businesses [1][2]. Financial Performance - In the first three quarters of 2025, Xiangshan Co. achieved a revenue of 4.47 billion yuan, representing a year-on-year growth of 1.54% [1]. - The net profit attributable to shareholders for the same period was 90.54 million yuan, with the third quarter net profit reaching 37.56 million yuan, reflecting a quarter-on-quarter increase of 23.79% [1]. Business Segments - Xiangshan Co. operates in two main sectors: automotive components and weighing instruments. The automotive components segment focuses on smart cockpit parts and new energy charging and distribution systems, leveraging advanced manufacturing technologies [1]. - The weighing instruments segment includes a variety of products such as health scales, fat scales, baby scales, kitchen scales, electronic cash registers, and spring scales [1]. Market Dynamics - The automotive components business has seen a recovery in the domestic market, benefiting from a rebound in the passenger vehicle industry, with September production and sales surpassing 3 million units [2]. - The overseas subsidiaries are working on cost reduction and efficiency improvements while expanding their customer base, which is expected to enhance profitability [2]. Strategic Initiatives - Xiangshan Co. is focusing on the charging and distribution business as a key strategy to counter cyclical challenges, with products aligned with national policies and standards [2]. - The company has achieved CE and UL certifications for its products, enabling entry into the European and American markets, and is also venturing into the eVTOL charging sector [2]. Research and Development - In the first three quarters of 2025, Xiangshan Co. invested 325 million yuan in R&D, marking a year-on-year increase of 21.42% [3]. - The company aims to continue increasing R&D investments to explore new business growth points beyond the automotive and low-altitude economy sectors [3]. Financial Strategy - Xiangshan Co. is advancing a non-public offering to its controlling shareholder, aimed at consolidating control and optimizing its financial structure [3]. - The funds raised will enhance cash reserves, reduce the debt-to-asset ratio, and support capacity expansion, R&D investments, and global expansion efforts [3].

Core Viewpoint - Xiangshan Co., Ltd. has experienced a decline in stock price recently, with a year-to-date increase of 19.87% and a notable drop of 8.09% over the past five trading days [1] Financial Performance - As of September 30, 2025, Xiangshan Co., Ltd. reported a revenue of 4.47 billion yuan, reflecting a year-on-year growth of 1.54%. However, the net profit attributable to shareholders decreased by 27.71% to 90.54 million yuan [2] - The company has distributed a total of 128 million yuan in dividends since its A-share listing, with 46.23 million yuan distributed over the past three years [3] Shareholder Information - The number of shareholders as of September 30, 2025, is 13,100, a decrease of 9.44% from the previous period. The average number of circulating shares per person increased by 10.42% to 9,870 shares [2] - Among the top ten circulating shareholders, the fourth largest is the Fuguo Optimized Enhanced Bond C fund, holding 2.92 million shares, an increase of 825,000 shares from the previous period. The eighth largest is the Fuguo Jiuli Stable Allocation Mixed A fund, which is a new shareholder holding 1.10 million shares [3] Business Overview - Xiangshan Co., Ltd. specializes in the research, production, and sales of mid-to-high-end household and commercial weighing instruments, health and sports measurement products, and automotive components. The revenue composition includes 66.31% from automotive smart cockpit components, 18.47% from new energy vehicle parts and charging services, 14.53% from weighing instruments, and 0.69% from other sources [1]

Core Insights - The company demonstrates resilience in a challenging global luxury car market, achieving steady revenue growth and showcasing potential through strategic optimization and forward-looking business layout [1] Group 1: Financial Performance - In the first three quarters of the year, the company reported a cumulative revenue of 4.47 billion yuan, reflecting a year-on-year growth of 1.54% [1] - Although net profit faced pressure year-on-year, core business showed improvement on a quarter-on-quarter basis, with breakthroughs in new sectors [1] Group 2: Automotive Components Business - The automotive components segment has shown significant quarter-on-quarter improvement, leveraging domestic market growth to offset overseas sales challenges [2] - In September, domestic vehicle production and sales exceeded 3 million units, marking a historical peak for the same period, which positively impacted related revenues [2] - The subsidiary, Junsheng Qunying, secured a project with BYD for charging piles, achieving a 100% vehicle-to-pile matching rate, enhancing its position in the new energy supply chain [2] Group 3: New Energy Charging and Distribution Business - The charging and distribution business is a key strategy for the company to counter cyclical challenges, with strong domestic performance and initial success in overseas markets [3] - The company has developed differentiated competitive advantages in charging piles, adhering to high automotive standards and offering smart features [3] - The company has completed CE and UL certifications for its products, with plans to launch 11kW/22kW products in the European market and enter the eVTOL charging sector by the end of the year [3] Group 4: Future Development and Capital Structure - The company is pursuing a non-public issuance of shares to the controlling shareholder, which aims to strengthen control and optimize financial structure [4] - The raised funds will enhance cash reserves, reduce debt ratios, and support capacity expansion, R&D investment, and global layout in the automotive sector [4] - The company plans to leverage the technological expertise and resources of its controlling shareholder, Junsheng Electronics, to enhance its competitive edge in the automotive supply chain [4] - Research and development expenses reached 325 million yuan in the first three quarters of 2025, marking a year-on-year increase of 21.42%, with self-developed actuators achieving mass production [4]

Core Insights - The company reported a revenue of 1,532,145,394.98 yuan for the third quarter of 2025, representing a year-on-year increase of 5.84% [1] - The net profit attributable to shareholders of the listed company was 37,558,418.93 yuan, showing a year-on-year decrease of 18.01% [1] Financial Performance - Revenue for Q3 2025: 1,532,145,394.98 yuan, up 5.84% year-on-year [1] - Net profit for Q3 2025: 37,558,418.93 yuan, down 18.01% year-on-year [1]

广东香山衡器集团股份有限公司 简式权益变动报告书 上市公司名称：广东香山衡器集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：香山股份 股票代码：002870 信息披露义务人姓名：赵玉昆 住所：广东省中山市东区********** 通讯地址：广东省中山市东区起湾道东侧白沙湾工业园区 股权变动性质：减少（集中交易和大宗交易减持） 签署日期：2025年10月 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第15号 ——权益变动报告书》及相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、本报告书已全面披露信息披露义务人在广东香山衡器集团股份有限公司中拥 有权益的股份变动情况。 四、截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减少其在广东香山衡器集团股份有限公司中拥有权益的股份。 第二节 信息披露义务人介绍 一、信息披露义务人基本情况 赵玉昆：男，1954年出生，中国国籍，拥有澳大利亚及澳门永久居留权，现 ...

证券代码：002870 证券简称：香山股份 公告编号：2025-073 广东香山衡器集团股份有限公司 关于股东权益变动的提示性公告 股东赵玉昆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。 特别提示： 一、本次权益变动基本情况 广东香山衡器集团股份有限公司（以下简称"上市公司"或"公司"）于近 日收到公司股东赵玉昆先生出具的《简式权益变动报告书》，获悉其通过证券交 易所的集中交易和大宗交易方式分别减持公司股份 2,448,700 股、2,640,000 股， 占公司总股本的比例为 3.85%。本次权益变动后，赵玉昆先生持有公司股份 19,811,300 股，占公司总股本的 15.00%。 二、本次权益变动前后持股变化情况 本次权益变动之前，信息披露义务人赵玉昆先生持有公司股份 24,900,000 股，占公司总股本的比例为 18.85%；本次权益变动之后，信息披露义务人赵玉 昆先生持有公司股份 19,811,300 股，占公司总股本的比例为 15.00%（占当前剔 除公司回购专户后的总股本比例为 15.23 ...

香山股份10月28日公告，2025年第三季度实现营业收入15.32亿元，同比增长5.84%；归属于上市公司股 东的净利润3755.84万元，同比下降18.01%；基本每股收益0.29元。前三季度实现营业收入44.7亿元，同 比增长1.54%；归属于上市公司股东的净利润9053.68万元，同比下降27.71%；基本每股收益0.69元。 （文章来源：智通财经） ...

一、召开会议的基本情况 证券代码：002870 证券简称：香山股份 公告编号：2025-072 广东香山衡器集团股份有限公司 关于召开2025年第二次临时股东会的提示性公告 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、误导性陈述或者重大遗漏。 广东香山衡器集团股份有限公司（以下简称"公司"）于2025年10月17日 召开了第七届董事会第8次会议，决议于2025年11月3日召开公司2025年第二次 临时股东会，公司已于2025年10月18日在《证券时报》《证券日报》《上海证券 报》《中国证券报》及巨潮资讯网（www.cninfo.com.cn）披露了《关于召开2025 年第二次临时股东会的通知》，现将本次股东会的有关事项提示公告如下： （一）股东会届次：2025 年第二次临时股东会 （二）股东会的召集人：董事会 （三）本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《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、行政法规、部门规章、规范性文件及《公司章程》的有关 规定。 （四）会议时间： 1、现场会议时间：2025 ...

香山股份(002870.SZ)发布2025年三季度报告，该公司前三季度营业收入为44.7亿元，同比增长1.54%。 归属于上市公司股东的净利润为9053.68万元，同比减少27.71%。归属于上市公司股东的扣除非经常性 损益的净利润为8687.57万元，同比减少27.66%。基本每股收益为0.69元。 ...