Core Viewpoint - Xiangxin Technology (002965) has confirmed that Xiaopeng is an important strategic customer, indicating a strong partnership and ongoing collaboration in multiple business areas [1] Company Summary - Xiangxin Technology is currently deepening its cooperation with Xiaopeng based on a solid foundation of collaboration [1]

Core Viewpoint - The rapid growth of the new energy vehicle (NEV) market is driving the demand for aluminum alloy components in the automotive industry, leading to significant market expansion in China's aluminum alloy automotive parts sector, projected to reach 697.84 billion yuan in 2024, a year-on-year increase of 22.46% [1][8]. Market Overview - Aluminum alloy automotive parts are defined as components made from aluminum-based alloys, which are processed through various methods to achieve lightweight, high strength, corrosion resistance, and recyclability, contributing to vehicle weight reduction and energy efficiency [2]. - The application of aluminum alloy parts spans the entire vehicle, categorized into powertrain, chassis, body, electronic systems, and decorative components [2]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive parts industry, including initiatives aimed at enhancing manufacturing reliability and promoting high-quality development in the NEV sector [2]. Industry Chain - The aluminum alloy automotive parts industry consists of upstream suppliers of aluminum materials and production equipment, midstream manufacturers of aluminum parts, and downstream automotive manufacturers and aftermarket services [4]. Market Growth - China's automotive market has seen substantial growth, with production and sales reaching 21.05 million and 21.12 million vehicles respectively from January to August 2025, marking a year-on-year increase of 12.7% and 12.6% [6]. Competitive Landscape - The aluminum alloy automotive parts market in China is characterized by a large number of companies, leading to a fragmented market structure. Key players include He Sheng Co., Ltd., Xusheng Group, and Wan Feng Ao Wei, among others [9][10]. - In 2024, Lichung Group led the industry with a revenue of 27.25 billion yuan, followed by Top Group and Minshi Group with revenues of 26.6 billion yuan and 23.15 billion yuan respectively [10]. Company Analysis - Lichung Group specializes in lightweight aluminum alloy products and has a complete industrial chain, with 54.5% of its revenue coming from casting aluminum alloys [11]. - Wan Feng Ao Wei focuses on lightweight metal components, achieving 80.81% of its revenue from automotive lightweight parts, totaling 6.056 billion yuan in the first half of 2025 [11]. Development Trends - The industry is expected to adopt smart factory and digital twin technologies, enhancing production efficiency and quality control. The use of recycled aluminum is anticipated to rise, aligning with sustainability goals and reducing production costs [12].

Core Viewpoint - Xiangxin Technology (002965.SZ) is actively engaging in business opportunities related to the supply of CNC sheet metal parts and precision metal structures for Super Fusion Digital Technology Co., Ltd, with applications in 5G base stations, IDC cabinets, and data centers [1] Group 1 - The company supplies products that are essential for the infrastructure of data centers and computing power centers [1] - There is an increasing demand for the company's offerings as downstream customers expand their data center layouts nationwide [1] - The company is proactively advancing collaborations on related projects to capitalize on these opportunities [1]

Group 1 - The company, Xiangxin Technology (002965.SZ), clarified on the investor interaction platform that it does not hold any equity in Leju (Shenzhen) Robotics Technology Co., Ltd. [1]

Core Viewpoint - Xiangxin Technology, established in 2004 and listed in 2019, specializes in precision stamping molds and metal structural components, focusing on the new energy vehicle sector and holding multiple patents in this field [1] Group 1: Business Performance - In Q3 2025, Xiangxin Technology reported revenue of 5.667 billion, ranking fifth among 55 companies in the industry [2] - The company's main business segments include precision stamping molds and metal structural components for new energy vehicles (1.937 billion, 54.24%), fuel vehicles (618 million, 17.30%), energy storage (586 million, 16.41%), and communication equipment (365 million, 10.21%) [2] - The net profit for the same period was 162 million, placing it sixteenth in the industry [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 50.83%, higher than the industry average of 40.56% [3] - The gross profit margin was 12.14%, below the industry average of 21.56% [3] Group 3: Executive Compensation - The chairman, Chen Rong, received a salary of 1.815 million, unchanged from the previous year [4] - The general manager, Xie Xiangwa, also received a salary of 1.791 million, consistent with the prior year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 8.22% to 44,900 [5] - The average number of shares held per shareholder decreased by 7.59% to 4,437.61 [5] Group 5: Business Highlights and Future Outlook - In H1 2025, revenue from the new energy vehicle segment grew by 2.78%, while the communication equipment segment saw a significant increase of 145.99% [6] - The company is expanding into liquid cooling, robotics, and low-altitude economy sectors [6] - EPS forecasts for 2025-2027 are 1.38, 1.85, and 2.37, with corresponding P/E ratios of 29, 22, and 17 [6]

Investment Rating - The report gives a "Buy" rating for the company, indicating a strong expectation for stock performance exceeding the market index by more than 15% in the next six months [1]. Core Insights - The company, Xiangxin Technology, is deeply engaged in the precision stamping molds and metal structural components sector, with a focus on new energy vehicles and emerging industries, which are expected to drive growth [5][21]. - The company has established a strong market presence in the automotive mold and metal structural component industry, with over 50% of its revenue coming from automotive-related products [5][30]. - The report highlights the company's strategic expansion into new fields such as low-altitude economy and robotics, which are anticipated to create new growth curves and expand future development space [5][21][49]. Summary by Sections 1. Deepening in Molds and Metal Structural Components - Xiangxin Technology was founded in 2004 and has developed advanced manufacturing technologies for precision stamping molds and metal components, serving various sectors including automotive and energy storage [13]. - The company has a significant revenue contribution from its automotive molds and metal components, with new energy vehicle revenue reaching 1.937 billion yuan in the first half of 2025, a year-on-year increase of 2.78% [5][30]. - The company is accelerating its layout in emerging fields such as liquid cooling and robotics, which are expected to enhance its growth trajectory [21][24]. 2. Resonance of Traditional and Emerging Businesses - The new energy vehicle industry has shown a compound annual growth rate of 76.92% from 2000 to 2004, indicating sustained high demand [5]. - The company has established production bases in multiple regions, including Mexico and Thailand, to meet domestic and international market demands [5][48]. - The low-altitude economy is projected to grow significantly, with the market size expected to reach approximately 670.25 billion yuan in 2024, growing by 32.47% year-on-year [54]. 3. Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 1.38 yuan, 1.85 yuan, and 2.37 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 29x, 22x, and 17x [5][67]. - The report emphasizes the company's strong competitive position in the new energy vehicle sector, supported by deep collaborations with major clients [65].

Core Insights - Xiangxin Technology Co., Ltd. reported a record high revenue of 5.667 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 16.16%, while net profit attributable to shareholders decreased to 159 million yuan [1][2] Revenue Growth Drivers - The revenue growth is attributed to the synergy of three core business segments, showcasing strong market resilience [1] - In the electric vehicle sector, the company has strengthened partnerships with major automakers, including GAC Group, Geely, BYD, and XPeng, leveraging its advanced precision stamping mold technology [1] - In the power battery sector, Xiangxin has established comprehensive collaborations with top ten domestic battery manufacturers, which has supported significant business growth [1] Emerging Business Segments - In the photovoltaic and energy storage sectors, Xiangxin has begun mass production of energy storage systems in collaboration with Paneco Group, highlighting its competitive advantages in safety, longevity, and intelligence [2] - The company has formed long-term global strategic partnerships with KDHAR in Australia and SANSO Electric in Japan to develop a "photovoltaic + energy storage + computing power center" project, aiming to enhance overseas green computing power markets [2] Robotics Development - The humanoid robot business has made significant progress, transitioning from technology development to customer delivery, with the completion of two generations of dexterous hands [2][3] - The second-generation dexterous hand features a lightweight design and high precision, making it suitable for various industrial applications [2] Strategic Investments and Innovations - Xiangxin has strategically invested in Hengqu Motor to complete the critical link in the power system, forming a comprehensive technology chain [3] - The company has established a joint innovation center with the Guangdong Academy of Sciences, contributing to the development of a self-controlled humanoid robot industry ecosystem [3] AI Cooling Solutions - In September 2023, Xiangxin launched a liquid cooling solution for AI computing power, which includes CPU/GPU liquid cooling modules and self-sealing quick-connect fittings [4] - The liquid cooling module features a micro-channel design that significantly increases heat exchange area and efficiency, compatible with major AI chips [4]

Core Insights - The company reported a revenue of 5.667 billion yuan for the first three quarters of 2025, marking a year-on-year growth of 16.16%, achieving a historical high in revenue; however, net profit attributable to shareholders decreased to 159 million yuan [1] - The company's core business segments demonstrated strong market resilience, particularly in the new energy sector, with significant collaborations with leading automotive manufacturers and battery producers [2] Business Performance - The revenue growth in the third quarter was driven by the synergy of three core business segments, including precision stamping molds for the automotive industry, which strengthened partnerships with major car manufacturers such as GAC Group, Geely, BYD, and XPeng [2] - In the power battery sector, the company has established comprehensive cooperation with top ten domestic battery manufacturers, contributing to significant business growth [2] - The company achieved a milestone in the photovoltaic and energy storage sector by launching a joint energy storage system with PANECO, emphasizing safety, longevity, and intelligence [2] Strategic Partnerships - The company announced a long-term global strategic partnership with KDH AR from Australia and SANSO Electric from Japan, focusing on a demonstration project integrating photovoltaic, energy storage, and computing power [3] New Business Development - The humanoid robot business has made significant progress, completing the development of two generations of dexterous hands, which are now being industrially applied [4] - The second-generation dexterous hand features a lightweight design and high precision, meeting the demands of various industrial applications [4] - The company has also invested in key components of the power system and established a comprehensive ecosystem for humanoid robots [4] AI Cooling Solutions - The company launched a liquid cooling solution for AI computing power, which includes CPU/GPU liquid cooling modules and other innovative components [5] - The liquid cooling module features a microchannel design that significantly increases heat exchange area and efficiency, compatible with major AI chips [6]

Core Viewpoint - The company, Xiangxin Technology, emphasizes the accuracy and completeness of its quarterly financial report, ensuring no false records or misleading statements are present [2][3]. Financial Data Summary - The third-quarter financial report has not been audited [3][6]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the current reporting period [3]. Shareholder Information - The report includes details on the total number of common shareholders and the top ten shareholders' holdings [4][5]. - There are no changes in the share lending situation of major shareholders compared to the previous period [5]. Other Important Matters - The company confirms that the financial report is prepared under the supervision of its legal representative and accounting heads [3][6].

Core Viewpoint - Xiangxin Technology (002965.SZ) reported a year-on-year increase in revenue for the first three quarters, but a significant decline in net profit [1] Financial Performance - The company's operating revenue for the first three quarters reached 5.667 billion yuan, representing a year-on-year growth of 16.16% [1] - The net profit attributable to shareholders of the listed company was 159 million yuan, showing a year-on-year decrease of 41.09% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 146 million yuan, reflecting a year-on-year decline of 43.91% [1]