Core Viewpoint - Xiangxin Technology emphasizes its commitment to technological innovation and diverse solutions to meet strict industry standards and customer demands in terms of structural safety, durability, and cost-effectiveness [1] Group 1 - The main raw materials for the company are metals such as steel and aluminum [1] - The company aims to provide innovative solutions through technological advancements [1] - The focus is on ensuring products meet rigorous industry standards and broad customer needs [1]

Core Insights - The Chinese liquid cooling server market is experiencing rapid growth, reaching a market size of $2.37 billion, a 67% increase compared to 2023 [1] - The compound annual growth rate (CAGR) for the Chinese liquid cooling server market is projected to be 46.8% from 2024 to 2029, with an expected market size of $16.2 billion by 2029 [1] - Liquid cooling technology is advancing rapidly due to high power density and cooling requirements, with cold plate and immersion cooling being the mainstream solutions [1] Company Insights - The company possesses thermal management system products and is proficient in liquid cooling technology, enabling it to provide tailored cooling solutions based on customer needs [1] - The company's liquid cooling modules and structural components are applicable for cooling in computing servers, such as GPU cooling [1] - The company has already supplied relevant products to leading market clients and is continuously exploring market opportunities related to liquid cooling products [1]

Group 1 - The stock price of Xiangxin Technology on August 27 was 43.58 yuan, down 1.87 yuan or 4.11% from the previous trading day, with a trading volume of 227,016 hands and a transaction amount of 1.009 billion yuan [1] - The company reported a revenue of 3.572 billion yuan for the first half of 2025, representing a year-on-year growth of 13.25%, while the net profit attributable to shareholders was 112 million yuan, a decrease of 36.37% year-on-year [1] - The computer, communication, and other electronic equipment manufacturing segment achieved a revenue of 202 million yuan, with a significant year-on-year increase of 490.75% [1] Group 2 - The company is actively expanding into humanoid robots and liquid cooling industries, having completed the development of two generations of dexterous hands and achieved application on production lines [1] - On August 27, the company received multiple institutional investors for research discussions regarding its business development [1] - The net outflow of main funds on August 27 was 109.2497 million yuan, accounting for 1.26% of the circulating market value, with a total net outflow of 622.0166 million yuan over the past five days, representing 7.16% of the circulating market value [1]

Core Viewpoint - The company reported its 2025 H1 financial results, showing a revenue increase but a significant decline in net profit compared to the previous year [1][2]. Financial Performance - In Q2 2025, the company achieved revenue of 1.936 billion yuan, representing a year-on-year increase of 22.30% [1]. - The net profit attributable to shareholders was 27 million yuan, reflecting a year-on-year decrease of 52.17% [1]. - The automotive business showed steady growth, with revenue from new energy vehicles at 1.937 billion yuan (54.24% of total revenue), up 2.78% year-on-year, and fuel vehicles at 618 million yuan (17.30% of total revenue), up 15.11% year-on-year [2]. - The energy storage equipment business generated revenue of 586 million yuan (16.41% of total revenue), with a year-on-year growth of 9.40% [2]. Profitability and Margins - The gross margins for the three main business segments were reported as follows: new energy vehicles at 10.53% (down 4.39 percentage points), fuel vehicles at 10.01% (down 0.75 percentage points), and energy storage equipment at 16.83% (up 3.55 percentage points) [2]. - In Q2 2025, the net profit was 28 million yuan, down 50.23% year-on-year and 67.55% quarter-on-quarter, with a net profit margin of 1.46% [3]. Research and Development - The company is increasing its R&D investment, with R&D expenses in Q2 2025 amounting to 100 million yuan, a year-on-year increase of 12.32% and a quarter-on-quarter increase of 57.95% [3]. - The R&D expense ratio was 5.16%, showing a slight decrease year-on-year [3]. Future Outlook - The company forecasts revenues of 8.002 billion yuan, 9.668 billion yuan, and 11.635 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 460 million yuan, 625 million yuan, and 780 million yuan [3]. - Earnings per share (EPS) are projected to be 1.73 yuan, 2.36 yuan, and 2.94 yuan for the same years, with price-to-earnings (PE) ratios of 26, 19, and 15 [3].

Core Viewpoint - Xiangxin Technology (002965) reported a revenue of 3.572 billion yuan for the first half of 2025, marking a year-on-year increase of 13.25%, with a net profit attributable to shareholders of 112 million yuan, driven by the ramp-up of designated projects and expanded sales scale [1] Business Performance - The automotive manufacturing, computer, communication, and other electronic equipment manufacturing, and metal products sectors all experienced growth in the first half of the year, with the computer, communication, and other electronic equipment manufacturing segment achieving a revenue of 202 million yuan, a staggering year-on-year increase of 490.75% [1] - The company has also been actively developing emerging businesses such as humanoid robots and liquid cooling, further expanding its future growth potential [1] Humanoid Robot Development - Xiangxin Technology is collaborating with the Guangdong Academy of Sciences and SanDu (Foshan) Intelligent Technology Co., Ltd. to focus on the research and application of components for humanoid robots in industrial scenarios [2] - The first generation of the dexterous hand, LH-H01 series, has transitioned from concept to industrial application, while the second generation, LH-L02 series, features significant technological improvements, including greater stability in grip strength, reduced size, and lower manufacturing costs [2] - The second generation dexterous hand is prepared for mass production with an annual capacity of 30,000 units, and its value is expected to exceed 30% of the humanoid robot's overall functionality, indicating a vast market potential [2] Liquid Cooling Technology - Xiangxin Technology has established a presence in the liquid cooling sector, having released a new refrigerant direct cooling technology by the end of 2024 [3] - This technology has broad applications in cooling systems for electric vehicle power batteries, motor control systems, energy storage batteries, computing servers, and low-altitude unmanned aerial vehicles, showcasing significant development potential [3]

Financial Performance - In the first half of 2025, the company achieved revenue of 3.572 billion CNY, a year-on-year increase of 13.25% [2] - Revenue from new energy vehicle molds and structural parts reached 1.937 billion CNY; revenue from fuel vehicle precision stamping molds and metal structural parts was 618 million CNY; revenue from communication equipment and other precision stamping molds and metal structural parts was 365 million CNY, up 145.99% [2] - The net profit attributable to shareholders was 112 million CNY, a year-on-year decline of 36.37% [2] - Operating cash flow net amount increased by 117.28% year-on-year, indicating enhanced operational quality [2] Business Growth Drivers - Growth driven by the continuous increase in automotive structural parts orders, strong overseas demand for energy storage business, and rapid rise of the domestic computing power market [2] - The company is expanding its global capacity, with a production base in Mexico already in large-scale production and a factory in Thailand set to launch soon [3] Challenges and Strategic Investments - The decline in net profit margin is attributed to industry-wide cost pressures, new projects still ramping up, and increased R&D expenses by 17.70% for future growth areas [4] - The company is actively investing in new business areas such as computing power servers and humanoid robots, which may impact short-term profits but are expected to drive long-term growth [4] Market Outlook - The company anticipates that the new energy vehicle sector will face a slowdown in growth due to market saturation and price wars, while fuel vehicle business remains resilient [6][7] - Future profit growth is expected to come from consolidating automotive and energy storage business while embracing emerging fields like computing power servers and humanoid robots [8] Product Development and Collaborations - The second-generation dexterous hand product has been developed with advanced features and is prepared for mass production with an annual capacity of 30,000 units [9] - The company has invested in Nuwa Robotics, acquiring a 1.25% stake, to enhance collaboration in the robotics sector [10] Customer Engagement and Market Strategy - The company is focusing on expanding its customer base and enhancing international competitiveness while optimizing product structure and operational efficiency [11] - It is actively engaging with major clients in the computing power server market, providing tailored cooling solutions [10] Conclusion - Overall, the company is navigating short-term profit pressures while laying a solid foundation for sustainable growth through strategic investments and global expansion efforts [3][4]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or convert capital reserves into share capital during the reporting period [1][3] - The company’s controlling shareholder and actual controller did not change during the reporting period [3] - The company plans to distribute cash dividends of RMB 5.35 per 10 shares, totaling RMB 109,214,224.83, and to increase share capital by 61,241,621 shares, resulting in a new total share capital of 265,380,359 shares [3]

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2025 年期初占 | 2025 年 1-6 月占用累计 | 2025 年 1-6 月占用资 | 2025 年 1-6 月偿还 | 2025 年 6 月末占 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 用资金余额 | 发生金额（不含利息） | 金的利息（如有） | 累计发生金额 | 用资金余额 | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前控股股东、实际控制人及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 其他关联方及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 总计 | | | | | | | | | | | ...

祥鑫科技股份有限公司 关于 2025 年半年度募集资金存放与使用情况的专项报告 按照中国证监会发布的《上市公司募集资金监管规则》和深圳证券交易所颁 布的《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》 等有关规定，本公司将 2025 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额和资金到位情况 1、2020 年公开发行可转换公司债券 经中国证券监督管理委员会证监许可［2020］2620 号《关于核准祥鑫科技 股份有限公司公开发行可转换公司债券的批复》核准，公司本次发行面值总额为 人民币 647,005,400.00 元的可转换公司债券，债券期限为 6 年。本次公开发行可 转换公司债券每张面值为人民币 100 元，发行数量为 6,470,054 张，面值总额为 人民币 647,005,400.00 元。经审验，截至 2020 年 12 月 7 日止，公司本次发行可 转换公司债券募集资金总额为人民币 647,005,400.00 元，扣除发行费用不含税金 额人民币 10,689,532.57 元，实际募集资金净额为人民币 636,315,867 ...

祥鑫科技股份有限公司 2025 年半年度财务报告（未经审计） 祥鑫科技股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 08 月 26 日 祥鑫科技股份有限公司 2025 年半年度财务报告（未经审计） 合并资产负债表 2025 年 6 月 30 日 | 编制单位：祥鑫科技股份有限公司 | | | 单位：人民币元 | | --- | --- | --- | --- | | 资 产 | 注释 | 2025 年 06 月 30 日 2024 | 年 12 月 31 日 | | 流动资产： | | | | | 货币资金 | 五、1 | 967,608,345.30 | 945,281,772.80 | | 结算备付金 | | | | | 拆出资金 | | | | | 交易性金融资产 | 五、2 | 556,212,965.79 | 702,799,631.53 | | 衍生金融资产 | | | | | 应收票据 | 五、3 | 184,048,025.57 | 207,882,076.10 | | 应收账款 | 五、4 | 1,973,221,289.85 | 1,668,162,425.36 | ...