Summary of Earnings Conference Call for Yingqu Technology Company Overview - **Company**: Yingqu Technology - **Industry**: Automotive Electronics, Health Environment, and Smart Manufacturing Key Financial Metrics - **Q3 Net Profit**: Increased by 10.46% YoY to 40.12 million yuan [2][3] - **Net Profit for First Three Quarters**: Increased by 3.52% YoY to 178 million yuan [2][3] - **Gross Margin**: Decreased by approximately 1% YoY to 25.6% due to product mix changes and higher overseas production costs [3] Business Performance - **Automotive Electronics**: Grew by 17.45% YoY, accounting for approximately 18% of total revenue [3][13] - **Health Environment**: Grew by 50% YoY, with expectations for significant growth by 2026 [3][10] - **Carving Machine**: Grew by 55% YoY, driven by increased market demand and improved production capacity [3][9] - **E-cigarette Business**: Declined by 50% YoY due to the transition from old to new models, expected to stabilize by 2026 [2][5] - **Water Cooling Business**: Customer base decreased by approximately 40%, leading to an overall decline of about 20% [2][3] Strategic Initiatives - **International Expansion**: Overseas production accounts for 30%-40% of total output, with lower profit margins compared to domestic operations [4][18] - **Smart Manufacturing Bases**: Established in Shanghai and Mexico to enhance production efficiency and cost control [10][17] - **Collaboration with Bosch**: Ongoing partnership with Bosch, with a 9% decline in Q3 revenue but a 5% increase over the first three quarters [14] Future Outlook - **E-cigarette Business**: Anticipated recovery post-model transition, with new projects expected to enhance performance [5] - **Health Environment Sector**: Expected significant growth in 2026 as production ramps up [9][10] - **Automotive Electronics**: Optimistic outlook due to rising demand for smart and electronic features in new energy vehicles [10] - **Cost Management**: Anticipated increase in total expenses in 2026, but overall expense ratio relative to revenue expected to decline [19] Challenges and Risks - **Gross Margin Pressure**: Experienced due to customer price reductions in automotive electronics [11] - **Client Strategy Adjustments**: Impacting orders in the smart control components business [12] Additional Insights - **Stock Incentive Plan**: Difficulty in meeting targets this year, with unachieved portions postponed to 2026 [7][8] - **Brain-Computer Interface Development**: Significant growth in sales of brain-computer interface products, with ongoing R&D collaborations [16] This summary encapsulates the key points from the earnings conference call, highlighting the company's performance, strategic initiatives, future outlook, and challenges faced in the current market environment.

Group 1 - The core viewpoint of the article highlights that Yingqu Technology (SZ 002925) will hold an investor meeting on November 3, 2025, where the company's president Yang Ming will participate and address investor inquiries [1] - For the first half of 2025, Yingqu Technology's revenue composition shows that the electronic manufacturing sector accounts for 95.85%, while technology research and development services make up 4.15% [1] - As of the report, Yingqu Technology has a market capitalization of 15.1 billion yuan [1] Group 2 - The article mentions a significant increase in overseas orders for a certain industry, with a surge of 246%, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about some companies selling products at a loss, warning of the potential for vicious competition extending into overseas markets [1]

Group 1: Financial Performance - The company's Q3 2025 profit growth was below expectations due to changes in product structure, higher overseas production costs, and increased R&D, sales, and share-based payment expenses [3] - The overall R&D expense ratio is expected to slightly decrease next year as revenue grows, while maintaining a high level of investment to sustain competitive advantages [1] Group 2: Automotive Electronics - The automotive electronics sector is facing intensified competition, impacting profitability; the company is enhancing its market competitiveness through technical barriers and product innovation [2] - New products like the electric flip screen have been adopted by multiple automotive clients, and the company is expanding its global footprint, particularly in North America and Europe [2] Group 3: Health Environment Business - The health environment business experienced rapid growth in Q3 2025, driven by successful mass production of key projects; the company is deepening collaborations and expanding product lines [2] - The company is optimistic about the future development of the health environment sector [2] Group 4: E-bike Products - E-bike product revenue saw a slight decline in Q3, but overall, it has shown year-on-year growth; the long-term outlook remains positive due to market trends favoring eco-friendly products [3] - The company has achieved recognition as one of the top suppliers globally, receiving the "2023/2024 Global Supplier Award" from a major client, which enhances its competitive position [4]

证券代码：002925 证券简称：盈趣科技 公告编号：2025-108 厦门盈趣科技股份有限公司 关于回购公司股份的进展公告 2024 年 10 月 19 日，公司披露了《关于调整回购股份价格上限的公告》（公 告编号：2024-082），2024 年中期权益分派方案实施后，公司回购股份价格上限 由 17.00 元/股（含）调整为 16.87 元/股（含）。 2025 年 1 月 24 日，公司披露了《关于取得金融机构股票回购贷款承诺函的 公告》（公告编号：2025-006），经董事会审议，回购资金增加自筹资金。公司 已取得中国银行股份有限公司厦门市分行的贷款承诺函，承诺贷款金额不超过人 民币 11,000 万元，贷款期限 3 年，该贷款专项用于回购公司股票。 2025 年 6 月 26 日，公司披露了《关于调整回购股份价格上限的公告》（公 告编号：2025-066），2024 年年度权益分派方案实施后，公司回购股份价格上限 由 16.87 元/股（含）调整为 16.58 元/股（含）。 2025 年 9 月 8 日，公司召开第五届董事会第二十次会议，审议通过了《关 于调整回购股份价格上限并延长实施期限的议案》 ...

厦门盈趣科技股份有限公司 关于公司控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门盈趣科技股份有限公司（以下简称"公司"）近日接到控股股东深圳万 利达电子工业有限公司（以下简称"万利达工业"）通知，获悉万利达工业所持 有本公司的部分股份办理了质押业务，具体事项如下： 一、控股股东股份质押的基本情况 证券代码：002925 证券简称：盈趣科技 公告编号：2025-107 | 股东 | | 是否为控股 股东或第一 | 本次质押 | 占其 所持 | 占总 股本 | 是否 为限 | 是否 为补 | 质押 | 质押 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 大股东及其 | 数量（股） | 股份 | 比例 | 售股 | 充质 | 起始日 | 到期日 | | 用途 | | | | 一致行动人 | | 比例 | | | 押 | | | | | | 万利达 工业 | 是 | | 10,432,000 ...

Group 1 - The core viewpoint of the article is that Huazhong Securities has given a "Buy" rating to Yingqu Technology (002925.SZ) based on its recent financial performance and strategic initiatives [1] Group 2 - The company reported a revenue of 2.882 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.51% [1] - The net profit attributable to shareholders for the same period was 178 million yuan, showing a year-on-year increase of 3.52% [1] - In the third quarter of 2025, the company achieved a revenue of 1.062 billion yuan, which is a 10.2% increase compared to the same quarter last year [1] - The net profit attributable to shareholders for the third quarter was 40 million yuan, reflecting a year-on-year growth of 10.46% [1] Group 3 - The company has seen a reduction in foreign exchange losses and a decrease in financial expense ratio, which positively impacts its financial health [1] - Yingqu Technology plans to issue shares to specific investors to support the expansion of its manufacturing bases in Malaysia and Mexico [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in performance for Q3 2025, with a year-on-year revenue increase of 13.51% to 28.82 billion yuan and a net profit increase of 3.52% to 1.78 billion yuan for the first three quarters of 2025. In Q3 alone, revenue reached 10.62 billion yuan, up 10.2% year-on-year, and net profit was 0.40 billion yuan, up 10.46% year-on-year [3][4] - The company plans to issue shares to specific investors to fund the expansion of its manufacturing bases in Malaysia and Mexico, as well as projects for health environment product expansion and R&D center upgrades. This move aims to enhance global operational capabilities, optimize product structure, deepen technological layout, and improve capital structure [4] - The company is expected to see continued growth in its electronic cigarette business and is actively exploring new product lines, with projected revenues of 40.68 billion yuan, 48.82 billion yuan, and 55.96 billion yuan for 2025-2027, representing year-on-year growth rates of 13.9%, 20%, and 14.6% respectively [5] Financial Summary - For Q3 2025, the company's gross margin was 25.75%, a decrease of 0.88 percentage points year-on-year, while the net profit margin was 3.78%, an increase of 0.01 percentage points year-on-year. The financial expense ratio decreased due to reduced exchange losses [4] - The company's projected financial indicators for 2025-2027 include revenues of 40.68 billion yuan, 48.82 billion yuan, and 55.96 billion yuan, with net profits of 2.96 billion yuan, 4.36 billion yuan, and 5.37 billion yuan respectively. The earnings per share (EPS) are expected to be 0.38 yuan, 0.56 yuan, and 0.69 yuan, with corresponding price-to-earnings (P/E) ratios of 52, 35.33, and 28.64 [5][8]

Core Insights - The company reported a revenue of 1,061,835,184.56 yuan for the third quarter of 2025, representing a year-on-year growth of 10.20% [2] - The net profit attributable to shareholders of the listed company was 40,118,380.46 yuan, showing a year-on-year increase of 10.46% [2] Financial Performance - Revenue for Q3 2025: 1,061.84 million yuan, up 10.20% year-on-year [2] - Net profit for Q3 2025: 40.12 million yuan, up 10.46% year-on-year [2]

Core Viewpoint - Yingqu Technology (002925.SZ) reported a revenue of 2.882 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 13.51% [1] - The net profit attributable to shareholders of the listed company reached 178 million yuan, up 3.52% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 168 million yuan, marking a year-on-year increase of 16.43% [1] - Basic earnings per share stood at 0.24 yuan [1] Financial Performance - Revenue for the first three quarters: 2.882 billion yuan, up 13.51% year-on-year [1] - Net profit attributable to shareholders: 178 million yuan, up 3.52% year-on-year [1] - Net profit after deducting non-recurring gains and losses: 168 million yuan, up 16.43% year-on-year [1] - Basic earnings per share: 0.24 yuan [1]

Core Insights - The company reported a third-quarter revenue of 1.062 billion yuan, representing a year-on-year growth of 10.20% [1] - The net profit attributable to shareholders for the third quarter was 40.1184 million yuan, showing a year-on-year increase of 10.46% [1] - For the first three quarters, the company achieved a total revenue of 2.882 billion yuan, with a year-on-year growth of 13.51% [1] - The net profit attributable to shareholders for the first three quarters was 178 million yuan, reflecting a year-on-year increase of 3.52% [1]