Core Viewpoint - The financial performance of Xingrui Technology (002937) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 870 million yuan, a decrease of 13.27% year-on-year [1]. - Net profit attributable to shareholders was 83.16 million yuan, down 43.67% year-on-year [1]. - The gross profit margin was 24.42%, reflecting a decrease of 13.12% year-on-year, while the net profit margin fell to 9.5%, down 35.28% year-on-year [1]. - The total of selling, administrative, and financial expenses reached 76.63 million yuan, accounting for 8.8% of revenue, an increase of 34.59% year-on-year [1]. - Earnings per share decreased to 0.28 yuan, down 42.86% year-on-year, while operating cash flow per share increased to 0.56 yuan, up 44.74% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 12.6% due to dividend payments and the purchase of structured deposits [3]. - Accounts receivable decreased by 5.9% as the company improved credit management and tracking of receivables [3]. - Fixed assets decreased by 4.27% due to increased depreciation [3]. - Construction in progress increased by 225.82% due to new projects in Suzhou and Thailand [3]. - The company experienced a 116% increase in financial expenses due to higher interest expenses and exchange rate fluctuations [4]. Investment and Market Position - The company's return on invested capital (ROIC) was 11.92%, indicating average capital returns, while the historical median ROIC since listing is 16.03% [5]. - Analysts expect the company's performance for 2025 to be around 245 million yuan, with an average earnings per share forecast of 0.82 yuan [6]. Fund Holdings - Notable funds holding Xingrui Technology include NuAn Flexible Allocation Mixed Fund, which increased its holdings, and Guangda Anyang One-Year Holding Period Mixed Fund, which entered the top ten holdings [7].

Summary of Xingrui Technology Conference Call Company Overview - **Company**: Xingrui Technology - **Period**: First half of 2025 - **Revenue**: 867 million CNY - **Gross Margin**: 24.42% - **Total Assets**: 2.513 billion CNY - **Net Assets**: 1.598 billion CNY - **Revenue Change**: Year-on-year decline, but a 7% quarter-on-quarter increase in Q2 indicates signs of stabilization [2][3] Key Business Segments Automotive Electronics - **Revenue**: 455 million CNY, accounting for 52.32% of total revenue - **Year-on-Year Decline**: 21.7% due to strategic adjustments by major client Panasonic - **New Orders**: Significant progress in laser radar and millimeter-wave radar precision components, with new IGBT component orders exceeding 100 million CNY - **Future Growth**: Expected continued growth in the second half of the year and next year, with new clients like Hitachi and Weichuang [4][10][11] Intelligent Terminal Business - **Revenue**: 229 million CNY, accounting for 26.26% of total revenue - **Growth**: Significant year-on-year increase, driven by AR technology development and demand for connectors, network devices, and computing equipment - **Key Clients**: Includes Amazon, with expectations for continued growth in the second half of the year [4][14] Consumer Electronics - **Revenue**: 70.02 million CNY, approximately 8% of total revenue - **Growth**: Rapid growth noted, with a focus on transitioning to automotive electronics and intelligent terminals [5][15] Strategic Partnerships - **Collaboration with Green Cloud Map**: Signed a strategic cooperation framework in July 2025 to enhance capabilities in liquid cooling components for data centers, aiming to improve competitiveness in thermal management [6][8] Production Capacity and Expansion - **Current Layout**: Completed production bases in Dongguan, Cixi, Suzhou, and Thailand, with ongoing projects in Vietnam and Indonesia - **Future Plans**: Expansion projects in Suzhou for new energy vehicle components and construction of the Thailand factory are underway, laying a solid foundation for growth in the next two years [7][17] AI Computing Strategy - **Focus Area**: Emphasis on AR computing, with expectations for significant growth in AI computing capabilities in 2026 and 2027 - **Partnerships**: Collaborating with Green Cloud Map on liquid cooling server products, with established application cases in the industry [8][21] Financial Performance and Outlook - **Q1 and Q2 Performance**: Despite a decline in overall revenue, there are signs of recovery with a 7% increase in Q2 - **Future Expectations**: Confidence in recovery driven by new orders in automotive electronics and AI computing, with expectations for significant contributions in 2026 [19][20][22] Challenges and Risks - **Impact of Major Clients**: The influence of BMW on performance is significant, with efforts to recover through partnerships with major clients and new customer development [23][24] Conclusion - **Overall Outlook**: The company is positioned for growth in multiple segments, particularly in automotive electronics and intelligent terminals, with strategic partnerships and production capacity expansions supporting future performance [25][26]

Group 1 - The core point of the news is that Xingrui Technology (002937) has seen a significant increase in financing activities, with a net financing purchase of 443.69 million yuan on August 26, 2025, and a total financing balance of 1.56 billion yuan [1][2][3] - Over the past three trading days, the company has recorded a cumulative net purchase of 807.17 million yuan, indicating a strong buying interest from investors [1][2] - In the last 20 trading days, there have been 13 days with net financing purchases, reflecting a sustained positive sentiment towards the stock [1] Group 2 - The financing balance increased by 2.93% on August 26, 2025, compared to the previous day, indicating a growing bullish sentiment in the market [2][3] - The financing balance on August 25 was 1.51 billion yuan, which was a 1.17% increase from the previous day, showing a consistent upward trend in financing activities [2][3] - The financing balance on August 22 was 1.50 billion yuan, with a net purchase of 188.44 million yuan, further supporting the trend of increasing investor interest [2][3]

Core Viewpoint - The company, Ningbo Xingrui Electronic Technology Co., Ltd., has announced its 2025 semi-annual profit distribution plan, proposing a cash dividend of 1.00 yuan per 10 shares, with no bonus shares or capital reserve conversion [14][15]. Company Overview - The company held its 34th meeting of the fourth board of directors on August 26, 2025, where the semi-annual report and profit distribution plan were approved [9][10]. - The company reported a net profit attributable to shareholders of 83,159,617.79 yuan for the first half of 2025, with the parent company achieving a net profit of 41,636,116.41 yuan [14]. Profit Distribution Plan - The profit distribution plan is based on the lower of the consolidated or parent company distributable profits, amounting to 411,403,063.13 yuan [14]. - The total cash dividend amount is calculated based on the adjusted total share capital after accounting for repurchased shares, resulting in a cash dividend of approximately 29,772,777.90 yuan [15]. Share Repurchase - As of July 31, 2025, the company has repurchased 50,000 shares as part of its share repurchase program approved by the board [7]. Upcoming Shareholder Meeting - A third extraordinary general meeting of shareholders is scheduled for September 18, 2025, to review the profit distribution plan and other matters [11][19].

Group 1 - The core viewpoint of the article is that Xingrui Technology (002937.SZ) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Group 2 - The company achieved an operating income of 870 million yuan, representing a year-on-year decrease of 13.27% [1] - The net profit attributable to shareholders of the listed company was 83.16 million yuan, down 43.67% year-on-year [1]

宁波兴瑞电子科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：宁波兴瑞电子科技股份有限公司 单位：人民币万元 非经营性资金 占用 资金占用方名称 占用方与上市公 司的关联关系 上市公司核算的 会计科目 2025 年期初 占用资金余 额 2025 年 1-6 月占用累计 发生金额 （不含利息） 2025 年 1-6 月 占用资金的利 息 （如有） 2025 年 1-6 月 偿还累计发生 金额 2025 年 6 月 末占用资金 余额 占用形成 原因 占用性质 控股股东、实际 控制人及其附 属企业 - - - - - - - - - 非经营性占 用 - - - - - - - - - 非经营性占 用 小 计 - - - - - - - - - - 前控股股东、实 际控制人及其 附属企业 - - - - - - - - - 非经营性占 用 - - - - - - - - - 非经营性占 用 小 计 - - - - - - - - - - 其他关联方及 其附属企业 - - - - - - - - - 非经营性占 用 - - - - - - - - - 非经营性占 用 | | | ...

宁波兴瑞电子科技股份有限公司 2025 年半年度财务报告 宁波兴瑞电子科技股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：宁波兴瑞电子科技股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 769,319,485.96 | 880,238,534.57 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 60,000,000.00 | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 379,923,792.78 | 403,740,014.96 | | 应收款项融资 | 22,054,640.70 | 13,136,417.72 | | 预付款项 | 4,408,891.27 | 3,293,622.28 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保 ...

| 证券代码：002937 | 证券简称：兴瑞科技 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：127090 | 债券简称：兴瑞转债 | | 宁波兴瑞电子科技股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据中国证券监督管理委员会《上市公司募集资金监管规则》（证监会公告 〔2025〕10 号）和深圳证券交易所印发的《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（2025 年修订）》（深证上〔2025〕480 号）的规定，将本公司 2025 年半年度募集资金存放与使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意宁波兴瑞电子科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1429 号）， 本公司由主承销商中国国际金融股份有限公司采用向贵公司原股东优先配售，原 股东优先配售后余额部分（含原股东放弃优先配售部分）通过网上向社会 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 宁波兴瑞电子科技股份有限公司（以下简称"公司"或"本公司"）于 2025 年 8 月 26 日召开第四届董事会第三十四次会议，审议通过了《关于召开 2025 年第三次临时股东会的议案》，决定于 2025 年 9 月 18 日召开公司 2025 年第三 次临时股东会。现将具体事项通知如下： | 证券代码：002937 | 证券简称：兴瑞科技 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：127090 | 债券简称：兴瑞转债 | | 宁波兴瑞电子科技股份有限公司 关于召开 2025 年第三次临时股东会通知的公告 一、召开会议的基本情况 1、股东会届次：本次会议为公司 2025 年第三次临时股东会。 2、股东会的召集人：本次股东会召集人为董事会。 3、会议召开的合法、合规性：本次股东会的召集、召开符合有关法律行政 法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： 现场会议召开时间：2025 年 9 月 18 日（星期四）下午 14:30。 网络投票时间 ...

| 证券代码：002937 | 证券简称：兴瑞科技 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：127090 | 债券简称：兴瑞转债 | | 宁波兴瑞电子科技股份有限公司 第四届董事会第三十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 宁波兴瑞电子科技股份有限公司（以下简称"公司"）第四届董事会第三十 四次会议通知于 2025 年 8 月 15 日以电子邮件等方式向公司全体董事发出。会议 于 2025 年 8 月 26 日以电子邮件方式召开。本次会议应出席董事 11 名，实际出 席董事 11 名。本次会议的召集、召开及表决程序符合有关法律、行政法规、部 门规章、规范性文件及《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于<2025 年半年度报告及其摘要>的议案》 具体内容详见公司于 2025 年 8 月 27 日刊登在指定信息披露媒体《证券时报》 《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《2025 年半年度报告摘 要》（公告编号： ...