本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 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"）于 2025 年 4 月 11 日 召开第四届董事会第三十次会议，于 2025 年 4 月 28 日召开 2025 年第一次临时 股东大会分别审议通过了《关于回购公司股份方案的议案》，同意公司使用自筹 资金以集中竞价交易方式回购公司部分发行的人民币普通股（A 股）股份，用于 股权激励或员工持股计划或法律法规允许的其他激励类型。公司拟用于回购的资 金总额不低于人民币 6,000 万元（含），且不超过人民币 12,000 万元（含），回 购股份实施期限为自公司股东大会审议通过回购股份方案之日起 12 个月内。具 体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 根据公司《关于回购公司股份方案的公告》，若公司在回购实施期间内，实 施资本公积转增股本、派发股票或现金红利、股票拆细、缩股及其他等除权除息 事项，自股价除权除息之日起，按照中国证监会及深圳证券交易所的相关规定相 应调整回购股份价格上限。因公司实施 2024 年年度权 ...

Group 1 - The core viewpoint of the news is that a well-known private equity firm, Chongyang Investment, recently conducted research on a listed company, Xingrui Technology, revealing its financial performance and business focus areas [1]. Group 2 - Xingrui Technology achieved operating revenue of 870 million, with a net profit of 83.16 million and a net cash flow from operating activities of 167 million during the reporting period [1]. - The gross profit margin for the company was 24.42% [1]. - The automotive electronics business generated revenue of 455 million, accounting for 52.32% of total revenue, which represents a year-on-year decline of 21.70% due to challenges in traditional automotive electronics and delivery issues with Panasonic clients [1]. - The smart terminal business reported revenue of 229 million, making up 26.26% of total revenue, with a year-on-year growth of 6.34%, focusing on long-term partnerships with major clients [1]. - The server business has added multiple designated projects and established a strategic cooperation agreement with Green Cloud Map for the development and production of liquid-cooled server products [1]. - Revenue from the consumer electronics business was 7.0054 million, representing 8.04% of total revenue, with a year-on-year increase of 14.25%, primarily applied in office automation equipment and traditional TV tuners, although it will not be a strategic focus moving forward [1]. - The company has established a well-organized layout of six production bases both domestically and internationally, with ongoing construction of a production base in Thailand and completion of the expansion project for new energy vehicle components in Suzhou [1]. - The company is focusing on areas such as robotics and computing servers, leveraging its core processes and manufacturing capabilities for business extension and expansion [1].

Group 1 - The company, Xingrui Technology, announced on August 28 that it is focusing on extending and expanding its core processes and manufacturing capabilities across different industry application scenarios [1] - The current key areas of focus for the company include robotics and computing servers [1] - The company will disclose any substantial progress in these areas in a timely manner [1]

Financial Performance - The company achieved a total revenue of 870 million CNY, with a net profit attributable to shareholders of 83.16 million CNY, and a net cash flow from operating activities of 167 million CNY, resulting in a gross profit margin of 24.42% [3] - As of June 30, 2025, total assets amounted to 2.534 billion CNY, and net assets attributable to shareholders were 1.598 billion CNY [3] - In Q2 2025, revenue reached 450 million CNY, with a net profit of 42.98 million CNY, both showing a quarter-on-quarter growth of 7% [3] Automotive Electronics Business - The automotive electronics segment generated revenue of 455 million CNY, accounting for 52.32% of total revenue, but experienced a year-on-year decline of 21.70% due to delivery setbacks from traditional automotive electronics and Panasonic clients [3] - The company is actively responding to challenges, with new clients like Nidec and Hitachi Astemo beginning to ramp up production [3] Smart Terminal Business - The smart terminal segment reported revenue of 229 million CNY, representing 26.26% of total revenue, with a year-on-year growth of 6.34% [3] - Products in this category are primarily used in smart set-top boxes, network gateways, and smart meters, with ongoing collaborations with major clients [3] Server Business Developments - The server business has secured multiple new clients, expanding into personal supercomputer server components and power supply structures [4] - A strategic cooperation agreement was signed with Green Cloud Map for liquid cooling server products, focusing on production and technology development [4] Consumer Electronics Business - Revenue from consumer electronics reached 70.03 million CNY, making up 8.04% of total revenue, with a year-on-year growth of 14.25% [4] - The focus in this area remains on extending existing products rather than pursuing new strategic initiatives [4] Production Capacity and Expansion - The company has established six production bases globally, with the Thailand facility having its groundbreaking ceremony on March 9, 2025, and the Suzhou expansion project reaching its topping-off ceremony on April 9, 2025 [4] - Efforts are ongoing to enhance local management in Vietnam and Indonesia to ensure sustainable growth over the next two years [4] Future Business Focus - The company aims to leverage its core manufacturing capabilities to expand into various sectors, particularly in robotics and computing servers [4]

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 ...