Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and outlook of a company named "Xiangxin Technology" within the robotics and machinery industry, highlighting its strong stock performance since a report was issued in mid-January [1] - The broader machinery sector is experiencing significant interest, with a focus on robotics and automation technologies [1] Key Points and Arguments - **Industry Dynamics**: The robotics industry is thriving, particularly in regions like the Yangtze River Delta and the Pearl River Delta, which are crucial for the development of robotics in China [2] - **Government Support**: The Guangdong provincial government is actively promoting the robotics industry, evidenced by initiatives such as the establishment of the "Giant Intelligent Entrepreneurship Center" [2] - **Collaboration with Local Governments**: The company is collaborating with local governments in Dongguan to establish industry funds and encourage high-quality development in robotics [3] - **Supply Chain Focus**: The call emphasizes the importance of supply chain dynamics, particularly the roles of major players like Huawei, Xiaomi, and Li Auto, which are currently underappreciated by investors [4][5] - **Technological Advancements**: The company is involved in cutting-edge developments in artificial intelligence and robotics, collaborating with various partners to enhance its technological capabilities [6] Financial Performance and Projections - **Revenue Breakdown**: The company’s revenue is diversified across several sectors, with approximately 4 billion from new energy, 1 billion from traditional automotive, and 1 billion from photovoltaic systems [11] - **Growth Expectations**: The company anticipates a revenue growth of 10% to 20% in 2025, driven by strong demand from clients like Huawei and Ningde [12] - **Profitability Outlook**: The company is projected to achieve a profit of 580 million by 2025, with a market valuation of around 11 billion, indicating a favorable valuation relative to its fundamentals [14] Product Development and Innovations - **New Technologies**: The company is developing a new cooling technology for electric vehicle batteries, which is expected to reduce costs and improve thermal efficiency [12][13] - **Market Launches**: New products are expected to be showcased by mid-2024, with potential collaborations with major automotive clients like BYD and Tesla [16] - **Value Creation**: The company estimates significant value creation opportunities in both automotive and robotics sectors, with potential single-unit values ranging from 1,000 to 10,000 depending on the application [17][18] Additional Insights - **Strategic Positioning**: The company is well-positioned geographically in Dongguan, benefiting from local government initiatives and a strong manufacturing base [7] - **Collaborative Efforts**: The company is forming partnerships with academic institutions and other tech firms to enhance its product offerings and technological capabilities [8][9] - **Market Sentiment**: Despite the positive outlook, there is a recognition that the company’s progress may not be as rapid as competitors like Tesla, but it remains a strong player in the robotics space [6] This summary encapsulates the key insights from the conference call, focusing on the company's strategic positioning, financial outlook, and industry dynamics.

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Viewpoints - The company's main business is stable, focusing on precision stamping molds and metal structural components for new energy vehicles and energy storage equipment [1][2] - The company has established strong partnerships with well-known domestic and international clients, becoming a first-tier supplier for major automotive manufacturers [1] - Future plans include expanding into humanoid robots and low-altitude economic sectors, indicating a strategic shift towards new productivity [3][6] Summary by Relevant Sections Main Business - The company produces precision stamping molds and metal structural components for new energy vehicles, fuel vehicles, and energy storage equipment, with significant revenue contributions from new energy vehicle components [1][2] Financial Performance - In the first three quarters of 2024, the company reported revenue of 4.878 billion yuan, a year-on-year increase of 24.88%, with a net profit of 269 million yuan [2] - For the first half of 2024, revenue reached 3.154 billion yuan, with new energy vehicle components accounting for 1.885 billion yuan, representing 59.77% of total revenue and a year-on-year increase of 41.54% [2] Future Planning - The company aims to develop humanoid robots and low-altitude economic sectors, collaborating with research institutions to innovate in key components for humanoid robots [3][6] - The strategic focus on humanoid robots is expected to provide comprehensive solutions from molds to structural components based on customer needs [3] Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 6.861 billion yuan, 8.478 billion yuan, and 10.267 billion yuan respectively, with corresponding net profits of 462 million yuan, 501 million yuan, and 542 million yuan [7][9]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Viewpoints - The company's main business is stable, focusing on precision stamping molds and metal structural components for electric vehicles and energy storage equipment [1][2] - The company has established strong partnerships with well-known domestic and international clients, becoming a first-tier supplier for major automotive manufacturers [1] - Future plans include expanding into humanoid robots and low-altitude economic sectors, indicating a strategic shift towards new production capabilities [3][6] Summary by Relevant Sections Business Overview - The company produces precision stamping molds and metal structural components for electric vehicles, fuel vehicles, and energy storage equipment, with significant revenue contributions from electric vehicle components [1][2] - In the first three quarters of 2024, the company reported revenue of 4.878 billion yuan, a year-on-year increase of 24.88%, with net profit reaching 269 million yuan [2] Future Planning - The company aims to develop humanoid robots and low-altitude economic sectors, collaborating with research institutions to innovate in key components for humanoid robots [3][6] - The strategic focus on humanoid robots is expected to provide comprehensive solutions from molds to structural components based on customer needs [3] Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 6.861 billion yuan, 8.478 billion yuan, and 10.267 billion yuan respectively, with corresponding net profits of 462 million yuan, 501 million yuan, and 542 million yuan [7][9] - The company is expected to maintain a stable growth trajectory, with a projected PE ratio of 24.8, 22.9, and 21.1 for the years 2024, 2025, and 2026 respectively [7][9]

Summary of Xiangxin Technology Conference Call Company Overview - Xiangxin Technology has a close partnership with Huawei, contributing approximately 10% of its revenue, primarily from automotive BU controller casings, digital energy storage, and communication server products, indicating its significant position in Huawei's supply chain [2][4] - The company is actively expanding into the robotics sector, having established a technology innovation center in collaboration with the Guangdong Academy of Sciences and plans to create a dedicated robotics subsidiary [2][4] Key Developments - Initial collaborations with UBS and KUKA for structural components have provided experience, leading to the formation of teams focused on industrial robots and key components, laying the groundwork for humanoid robot business development [2][6] - Xiangxin Technology possesses strong synergies in mold manufacturing, with in-house lathes and extensive production experience, enabling efficient mass production and collaboration with multiple robotics companies, including Huawei, GAC, and BYD [2][8] - The company anticipates revenue of 6.5 billion RMB in 2024, with segments including new energy (4 billion RMB), traditional automotive (1 billion RMB), photovoltaic inverter systems (1 billion RMB), and communication business (200 to 400 million RMB) [2][9] Technological Advancements - The company's refrigerant cooling technology offers cost-saving and efficiency advantages over traditional water cooling solutions, improving heat transfer and reducing costs by optimizing traditional direct cooling technology [2][10] - This technology is currently applied in automotive sectors and is planned for expansion into commercial energy storage and server fields, with expected orders by 2025 [2][10] Export and Financial Outlook - Xiangxin Technology has established production capacity in Mexico, supplying components to Stellantis and Renault, and has secured projects with Tesla, projecting a small profit by 2025 with an expected profit of 580 million RMB and a market value of 11 billion RMB [2][3][11] - The company is valued at less than 20 times its earnings, indicating a favorable valuation and improving fundamentals [2][11] Collaboration and Market Position - The company is progressing with its collaboration with Jimu, having sent samples and is expected to complete the project by mid-2025 [2][12] - Xiangxin Technology has successfully engaged with various automotive clients, including multiple collaborations with the automotive BU [2][12] Market Potential - In the automotive sector, the company estimates a per-vehicle value of 2,500 RMB for pure electric models and around 1,000 RMB for hybrid models, with significant contributions from battery and body components [2][13] - In the robotics sector, the per-unit value for structural components is estimated between 5,000 to 10,000 RMB, with potential for higher values depending on future negotiations [2][13]

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-010 祥鑫科技股份有限公司 关于公司 2021 年限制性股票激励计划首次授予限制性股票 3、公司对本次股权激励计划的激励对象及内幕信息知情人在本次股权激励计划公 开披露前 6 个月内（即 2021 年 03 月 16 日至 2021 年 09 月 17 日）买卖公司股票及可转 换公司债券的情况进行了自查，并于 2021 年 09 月 29 日披露了《关于公司 2021 年限制 性股票激励计划内幕信息知情人及激励对象买卖公司股票及可转换公司债券情况的自 查报告》。 第三个解除限售期解除限售股份上市流通的提示性公告 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、误导性陈述或重大遗漏。 特别提示： 1、本次符合解除限售条件的激励对象人数为 59 人；本次解除限售的限制性股票数 量为 713,100 股，占公司目前总股本的 0.3492%。 2、本次解除限售股份的上市流通日为 2025 年 02 月 25 日。 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 02 月 17 日召开第四届董事 会第三十三次会议和第四 ...

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-005 特别提示： 1、本次符合解除限售条件的激励对象人数为 59 人；本次可解除限售的限制性股票 数量为 713,100 股，占公司目前总股本的 0.3492%。 2、本次解除限售的限制性股票在办理相关解除限售手续后、上市流通前，公司将 发布相关提示性公告，敬请投资者注意。 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 02 月 17 日召开第四届董事 会第三十三次会议和第四届监事会第三十三次会议，审议通过了《关于公司 2021 年限 制性股票激励计划首次授予限制性股票第三个解除限售期解除限售条件成就的议案》。 根据《上市公司股权激励管理办法》《祥鑫科技股份有限公司 2021 年限制性股票激励计 划》（以下简称"《激励计划》"）和《祥鑫科技股份有限公司 2021 年限制性股票激励计 划实施考核管理办法》（以下简称"《考核管理办法》"）等相关规定，公司 2021 年限制 性股票激励计划（以下简称"本次股权激励计划"）首次授予限制性股票第三个解除限 售期解除限售条件已经成就。现就相关事项公告如下： 一、本次股权激励计划已履行的审批程序 ...

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-006 祥鑫科技股份有限公司 关于回购注销部分激励对象已获授但尚未解除限售的 限制性股票的公告 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。 特别提示： 本次涉及回购注销 2021 年限制性股票激励计划的激励对象人数为 29 人,将回购注 销的限制性股票数量为 69,900 股，占公司目前总股本的 0.0342%。 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 02 月 17 日召开第四届董事 会第三十三次会议和第四届监事会第三十三次会议，审议通过了《关于回购注销部分激 励对象已获授但尚未解除限售的限制性股票的议案》。公司 2021 年限制性股票激励计划 （以下简称"本次股权激励计划"）首次授予限制性股票的激励对象中有 1 人因个人原 因已离职（不再具备激励资格）、在第三个解除限售期个人绩效考核中有 21 名激励对象 的综合考评结果为 B（个人层面解除限售比例为 80%）和有 7 名激励对象的综合考评结 果为 C（个人层面解除限售比例为 70%），上述 29 名激励对象所对应的不能解 ...

北京市环球（深圳）律师事务所 关于 北京市环球（深圳）律师事务所 关于祥鑫科技股份有限公司 2021 年限制性股票激励计划首次授予限制性股票 第三个解除限售期解除限售条件成就及回购注销部分限制性股票相关事项 之 法律意见书 GLO2021SZ（法）字第 09140-9 号 祥鑫科技股份有限公司 致：祥鑫科技股份有限公司 2021 年限制性股票激励计划首次授予限制性股票 北京市环球（深圳）律师事务所（以下简称"本所"或"环球"）受祥鑫科 技股份有限公司（以下简称"祥鑫科技"或"公司"）的委托，担任公司 2021 年 限制性股票激励计划（以下简称"本次激励计划"或"本计划"）的专项法律顾 问。本所律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 （以下简称"中国证监会"）发布的《上市公司股权激励管理办法》（以下简称 "《管理办法》"）等有关法律、法规、规范性文件和《祥鑫科技股份有限公司 章程》（以下简称"《公司章程》"）、《祥鑫科技股份有限公司 2021 年限制 性股票激励计划（草案）》（以下简称"《激励计划》"）《祥鑫科技股 ...

祥鑫科技股份有限公司 章程 二〇二五年二月 | | | | 第一章 总则 | 2 | | --- | --- | | 第二章 经营宗旨和范围 | 3 | | 第三章 股份 | 3 | | 第一节 股份发行 | 3 | | 第二节 股份增减和回购 | 4 | | 第三节 股份转让 | 5 | | 第四章 股东和股东大会 | 6 | | 第一节 股东 | 6 | | 第二节 股东大会的一般规定 | 8 | | 第三节 股东大会的召集 | 11 | | 第四节 股东大会的提案与通知 | 13 | | 第五节 股东大会的召开 | 14 | | 第六节 股东大会的表决和决议 | 18 | | 第五章 董事会 | 22 | | 第一节 董事 | 22 | | 第二节 董事会 | 25 | | 第六章 总经理及其他高级管理人员 | 32 | | 第七章 监事会 | 34 | | 第一节 监事 | 34 | | 第二节 监事会 | 35 | | 第八章 财务会计制度、利润分配和审计 | 36 | | 第一节 财务会计制度、利润分配 | 36 | | 第二节 内部审计 | 41 | | 第三节 会计师事务所的聘任 | 41 | ...

祥鑫科技股份有限公司（以下简称"公司"）于 2024 年 02 月 27 日召开第四届董事 会第二十三次会议和第四届监事会第二十三次会议，审议通过了《关于使用部分闲置募 集资金暂时补充流动资金的议案》，同意公司在确保募集资金投资项目建设需求和募集 资金使用计划正常进行的前提下，使用部分闲置募集资金不超过人民币 4 亿元暂时补充 流动资金，使用期限自董事会审议通过之日起不超过 12 个月，到期前归还至募集资金 专用账户。具体内容详见公司于 2024 年 02 月 28 日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于使用部分闲置募集资金暂时补充流动资金的公告》（公告编号：2024-012）。 根据上述决议，截至本公告披露之日，公司实际使用闲置募集资金暂时补充流动资 金的金额为 21,537.13 万元。公司在使用部分闲置募集资金暂时补充流动资金期间，对 资金进行了合理的安排与使用，提高了资金使用效率。 证券代码：002965 证券简称：祥鑫科技 公告编号：2025-009 祥鑫科技股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 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 ...