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。 证券代码：002997 证券简称：瑞鹄模具 公告编号：2025-066 瑞鹄汽车模具股份有限公司 2025年第三次临时股东会决议公告 特别提示： 1.本次股东会无否决提案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 3.本公告中的百分比均保留四位小数，若各分项数值之和、合计数值存在尾 差，均为四舍五入原因造成。 一、会议召开和出席情况 1.会议召集人：瑞鹄汽车模具股份有限公司（以下简称"公司"）董事会； 2.会议主持人：公司董事长柴震先生； 3.现场会议召开时间：2025年11月11日（星期二）14:30； 4.现场会议召开地点：瑞鹄汽车模具股份有限公司会议室； 5.网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为2025年11月 11日的交易时间，即9:15-9:25，9:30—11:30和13:00—15:00； （2）通过深圳证券交易所互联网投票系统进行网络投票的开始时间为2025 年11月11日上午9:15，结束时间为2025年11月11日下午15:00。 6.召开方 ...

Core Viewpoint - In Q3 2025, the company achieved a revenue growth of 56% year-on-year, driven by increased customer sales and new business production [2][3]. Revenue and Profitability - The company reported a revenue of 942 million yuan in Q3 2025, representing a year-on-year increase of 55.7%, and a net profit attributable to shareholders of 128 million yuan, up 41% year-on-year [3][8]. - The company's revenue growth outpaced the industry average by 44.7 percentage points, attributed to rapid growth in downstream customer sales and the ramp-up of new business [3][9]. - The gross profit margin for Q3 2025 was 25.99%, an increase of 1.45 percentage points year-on-year, while the net profit margin was 13.59%, a decrease of 1.45 percentage points year-on-year [12]. Business Expansion and Investment - The company is adjusting its convertible bond fundraising projects to accelerate the investment in mold and robotics-related projects, including the "Intelligent Robot System Integration and Intelligent Manufacturing System Overall Solution Project" [4][19]. - The company is focusing on the growing demand for mobile collaborative robots and automated guided vehicles (AGV/AMR) due to the increasing complexity of internal manufacturing processes [19]. Market Development - The company is actively supporting domestic leading brands in deepening overseas localization development, which is expected to benefit from the acceleration of domestic brands "going global" [5][23]. - The lightweight components business saw a revenue of 730 million yuan in 2024, a year-on-year increase of 154%, with ongoing growth expected as new energy vehicle models begin mass production [6][26]. Competitive Landscape - The company is positioned as a one-stop supplier capable of providing a complete range of high-end automotive body manufacturing equipment, intelligent manufacturing technology, and lightweight component supply [21][23]. - The competitive landscape is intensifying, with risks associated with rising raw material prices and increased competition in the industry [7].

Summary of 瑞鹄模具 Conference Call Company Overview - **Company**: 瑞鹄模具 - **Industry**: Automotive Parts and Equipment Manufacturing Key Financial Metrics - **Q3 Revenue**: 730 million RMB, up 72% YoY [2][3] - **Gross Margin**: 25.8%, up 1.5 percentage points YoY [2][3] - **Net Profit**: 355 million RMB, up 40.5% YoY [2][3] - **Operating Cash Flow**: 306 million RMB, showing improvement YoY [2][3] Business Segments Automotive Parts - **Aluminum Die Casting Revenue**: Approximately 400 million RMB [2][5] - **Welding Parts Revenue**: Approximately 320 million RMB [2][5] - **Production Capacity**: - Die casting capacity: 450,000 to 500,000 units/year [5] - Structural parts capacity: 200,000 to 250,000 units/year [5] - Welding parts Phase I has been launched, Phase II expected to produce 60 million units/year [2][5] - **Key Clients**: Focus on Chery, with ongoing development of BYD and others [5] Industrial Robots - **Sales Volume**: 800 units in the first three quarters, expected to reach 1,100-1,300 units for the year [2][6] - **Revenue from Robots**: 85 million RMB in the first three quarters, projected 120-130 million RMB for the year [2][6] - **Future Plans**: Establish a smart equipment company focusing on industrial robots and standardized products [2][7] Profitability Insights - **Welding Parts Gross Margin**: Approximately 10% [6] - **Integrated Die Casting Gross Margin**: Approximately 9% [6] - **Overall Gross Margin**: Approximately 9.5% [6] - **Future Margin Expectations**: Anticipated improvement in margins as Phase II of welding parts ramps up [6] Market Outlook - **Q4 Expectations**: Parts business expected to reach capacity saturation with growth rates of 50%-70% [4][9] - **2026 Projections**: Equipment business expected to grow by double digits, parts business by 20%-30% [4][9] - **Order Backlog**: Total orders amounting to 4.57 billion RMB, an increase from Q2 [4][11] Strategic Initiatives - **Capital Expenditure Plans**: Focus on increasing capacity for integrated die casting and welding parts [17][18] - **Future Strategic Focus**: Emphasis on equipment business, additive manufacturing, micro-robots, and smart equipment [19] - **Cost Control Measures**: Plans to enhance self-manufacturing rates and collaborate with universities for intelligent design [12][20] Competitive Advantages - **High Self-Manufacturing Rate**: Contributes to maintaining gross margins [12] - **Quality of Orders**: Focus on high-quality order acquisition [12] Export and International Business - **Export Proportion**: Overseas orders account for approximately 37%-40% of total orders [14] New Product Development - **New Models**: Windcloud A9L and EHV, with EHV expected to start small batch supply by December [10][11] Conclusion 瑞鹄模具 demonstrates strong growth in revenue and profitability, with a strategic focus on expanding production capacity and enhancing product offerings in both automotive parts and industrial robotics. The company is well-positioned to capitalize on market opportunities while maintaining a focus on cost control and quality.

Group 1 - The report highlights that the wealth management market in China has seen a significant increase in scale, reaching a new high despite valuation rectification pressures, with a third-quarter increase of 1.46 trillion yuan, which is 620 billion yuan more than the same period last year [5] - The report indicates that the financial institutions' deposit growth has slowed down, with a total increase of 4.76 trillion yuan in deposits in the third quarter, which is a decrease of 400 billion yuan year-on-year [5] - The wealth management and bond fund scales have shown a year-on-year decrease in the second half of the year, while deposits have started to recover [5] Group 2 - The report discusses the growth potential of the pool cleaning robot industry, which has a current market size of 2.5 billion USD and is expected to grow to 4.21 billion USD by 2029, with a CAGR of 11.1% from 2024 to 2029 [6] - The company is positioned as a leading player in the pool cleaning robot market, holding a 9.2% market share and ranking third globally, with the top five manufacturers accounting for approximately 74.9% of the market [6] - The report emphasizes the company's competitive advantages, including strong R&D capabilities, comprehensive product offerings, and a robust multi-channel sales strategy [6] Group 3 - The report notes that the company has experienced a slowdown in revenue growth, with a 2025 year-to-date revenue of 1.76 billion yuan, reflecting an 18.7% increase year-on-year, while net profit has decreased by 29% [11] - The company is expected to face continued pressure on profitability due to significant investments in new product molds [11] - The report projects net profits for the company to be 121 million yuan, 145 million yuan, and 171 million yuan for 2025, 2026, and 2027, respectively, indicating a decline in 2025 followed by growth in subsequent years [11] Group 4 - The report indicates that the company has achieved a significant increase in revenue and net profit, with a third-quarter revenue of 19.68 billion yuan, representing a 129.19% year-on-year growth [31] - The new game "杖剑传说" has contributed significantly to the company's revenue growth, with total revenue from this game reaching 11.66 billion yuan in the first three quarters of 2025 [31] - The report highlights the company's strong performance in overseas markets, with a 59.46% year-on-year increase in overseas revenue [33]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated robust revenue growth, with a 51% year-on-year increase in revenue to 2.6 billion yuan for the first three quarters of 2025, and a 41% increase in net profit to 360 million yuan [1] - The company is strategically positioning itself in the robotics sector by establishing a wholly-owned subsidiary focused on industrial and intelligent robotics, aiming to create new growth momentum [3] - The company benefits from a strong order backlog, with 4.38 billion yuan in orders for automotive manufacturing equipment as of mid-2025, reflecting a 13.59% increase from the end of the previous year [1][3] Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 25.8%, up 1.6 percentage points year-on-year, and a net profit margin of 15.6%, down 0.9 percentage points year-on-year [2] - The company’s revenue for Q3 2025 reached 940 million yuan, representing a 56% year-on-year increase and a 3% quarter-on-quarter increase [1] - The company’s light-weight component business has entered mass production, with five models of aluminum alloy integrated die-casting body structure parts and six models of aluminum precision forming castings now in production [2] Profit Forecast - The company is expected to achieve net profits of 480 million yuan, 590 million yuan, and 710 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 17, 14, and 12 times [3]

Event Overview - The company released its Q3 2025 report, showing a revenue of 2.604 billion yuan for the first three quarters, a year-on-year increase of 50.90% [2] - The net profit attributable to shareholders reached 355 million yuan, up 40.53% year-on-year, while the net profit excluding non-recurring items was 342 million yuan, an increase of 48.65% [2] Q3 Performance Highlights - Q3 2025 revenue was 942 million yuan, reflecting a year-on-year growth of 55.72% and a quarter-on-quarter increase of 2.93% [3] - The company achieved a net profit of 128 million yuan in Q3, up 40.90% year-on-year but down 1.19% quarter-on-quarter [3] - The gross margin for Q3 was 25.99%, with a slight year-on-year increase of 1.45 percentage points and a quarter-on-quarter decrease of 0.36 percentage points [3] Business Development - The company established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., to accelerate its robotics layout, responding to local government policies promoting humanoid robots [4] - The automotive manufacturing equipment business continues to see growth in new orders, with an order backlog of 4.38 billion yuan as of H1 2025, a 13.59% increase from the end of the previous year [5] Future Projections - Revenue projections for 2025-2027 are estimated at 3.55 billion, 4.26 billion, and 5.12 billion yuan, respectively, with net profits of 480 million, 580 million, and 680 million yuan [6] - The company expects to benefit from the ramp-up of production capacity in its lightweight components business, which has entered mass production [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [4][7]. Core Views - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 942 million yuan (up 55.72% year-on-year) and net profit at 128 million yuan (up 40.90% year-on-year) [1]. - The establishment of a new subsidiary aims to produce 3,000 mobile composite robots annually, marking a strategic shift from automotive molds to system integration and overall solutions, enhancing customer loyalty and profitability [2]. - An investment of over 267 million yuan is planned to improve the integration of mold manufacturing processes, which is expected to enhance production efficiency and quality [3]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 3.26 billion yuan, 4.52 billion yuan, and 5.69 billion yuan respectively, with corresponding net profits of 458.53 million yuan, 589.40 million yuan, and 726.99 million yuan [4][6]. - The earnings per share (EPS) are expected to be 2.19 yuan in 2025, 2.82 yuan in 2026, and 3.47 yuan in 2027, with price-to-earnings (P/E) ratios of 17.42, 13.56, and 10.99 respectively [4][6].

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company continues to show strong performance with Q3 revenue reaching 942 million RMB, a year-over-year increase of 55.72% and a quarter-over-quarter increase of 2.93%. The net profit attributable to shareholders for Q3 was 128 million RMB, up 40.90% year-over-year but down 1.19% quarter-over-quarter [1][2] - The company is actively expanding its production capacity through the issuance of convertible bonds and is also making significant investments in the robotics sector, which is expected to support future growth [1][3] - The company has a solid order backlog of 4.38 billion RMB in its automotive manufacturing equipment business, which is expected to ensure sustained revenue growth [2] Summary by Sections Q3 Performance - Q3 revenue was 942 million RMB, with a year-over-year growth of 55.72% and a quarter-over-quarter growth of 2.93%. The net profit attributable to shareholders was 128 million RMB, reflecting a year-over-year increase of 40.90% [1][2] Financial Metrics - For the first three quarters of 2025, the company achieved a revenue of 2.604 billion RMB, a year-over-year increase of 50.90%, and a net profit of 355 million RMB, up 40.53% year-over-year [1][2] - The gross margin for Q3 was 26%, an increase of 1.45 percentage points year-over-year, while the net profit margin was 13.59%, a decrease of 1.42 percentage points year-over-year [2] Investment and Expansion - The company plans to raise 750 million RMB through convertible bonds to fund various projects, including the upgrade of precision mold manufacturing and the development of intelligent robotics systems [3][4] - The company is establishing a new subsidiary to produce 3,000 intelligent mobile robots annually, aligning with regional industrial development plans [4] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 440 million RMB, 550 million RMB, and 670 million RMB, respectively, with a compound annual growth rate of 24.07% [5] - The target price for the company's stock is set at 52.20 RMB, based on a price-to-earnings ratio of 20 times for 2026 [5]

Core Viewpoint - 瑞鹄模具 has significantly improved its operating performance due to ample orders on hand, achieving record-high profits in the first three quarters of 2025 [1][4]. Financial Performance - In the first three quarters of 2025, 瑞鹄模具 reported revenue of 2.604 billion yuan, a year-on-year increase of 50.90% [1][4]. - The net profit attributable to shareholders reached 355 million yuan, up 40.53% year-on-year [1][4]. - The net cash flow from operating activities was 306 million yuan, showing a remarkable increase of 569.77% [4]. Dividend Distribution - The company announced a cash dividend of 1.50 yuan (including tax) for every 10 shares, totaling 31.3982 million yuan for this profit distribution [1][5]. - 瑞鹄模具 has consistently distributed dividends for five consecutive years, amounting to a total of 254 million yuan from 2020 to 2024 [5]. Capital Raising and Investment Plans - 瑞鹄模具 plans to issue convertible bonds to raise approximately 750 million yuan, down from an initial target of 880 million yuan [2]. - The raised funds will be allocated to projects including the upgrade and expansion of precision mold manufacturing for mid-to-high-end passenger vehicles, and the development of intelligent manufacturing solutions [2][3]. - Specific projects include: - A total investment of 186 million yuan for the upgrade of precision molds, aiming for an annual production capacity of 180 sets [2]. - An investment of 267 million yuan for key materials in intelligent additive manufacturing, targeting an annual output of 36,000 tons of iron-based and 3,000 tons of steel-based components [2]. - An investment of 183 million yuan for the development of intelligent mobile robots, with a target of producing 3,000 units annually [3]. Research and Development - 瑞鹄模具 has maintained a strong focus on R&D, with expenses increasing by 23.62% year-on-year in the first three quarters of 2025, totaling 108 million yuan [4][5]. - The company has consistently invested in R&D, with expenditures growing from 79.56 million yuan in 2022 to 108 million yuan in 2025 [5].

Core Viewpoint - The company reported strong financial performance for Q1-Q3 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [3][10]. Financial Performance - For Q1-Q3 2025, the company's revenue reached 2.604 billion yuan, up 50.90% year-on-year; net profit attributable to shareholders was 355 million yuan, up 40.53% year-on-year; and net profit excluding non-recurring items was 342 million yuan, up 48.65% year-on-year [3]. - In Q3 2025, revenue was 942 million yuan, reflecting a year-on-year increase of 55.72% and a quarter-on-quarter increase of 2.93%; net profit attributable to shareholders was 128 million yuan, with a year-on-year increase of 40.90% but a quarter-on-quarter decrease of 1.19% [3]. Profitability Analysis - The net profit margin for Q1-Q3 2025 was 13.63%, a decrease of 1.01 percentage points year-on-year; the gross profit margin was 25.83%, an increase of 1.55 percentage points year-on-year [4]. - In Q3 2025, the net profit margin was 13.59%, with a year-on-year increase of 1.43 percentage points and a quarter-on-quarter decrease of 0.57 percentage points; the gross profit margin was 25.99%, with a year-on-year increase of 1.45 percentage points [4]. Expense Ratio - The expense ratio for Q3 2025 was 9.04%, a decrease of 1.86 percentage points year-on-year and an increase of 0.79 percentage points quarter-on-quarter; the sales, management, financial, and R&D expense ratios decreased year-on-year by 0.25, 1.72, and 0.71 percentage points, respectively, while the financial expense ratio increased by 0.81 percentage points [5]. Fundraising and Investment Plans - The company revised its convertible bond fundraising amount to 750 million yuan from the previous plan of 880 million yuan, with specific projects outlined for investment [6][7]. - The revised projects include an investment of 186 million yuan for a smart manufacturing upgrade project and 267 million yuan for a key materials project, with a full production capacity of 36,000 tons for iron-based and 3,000 tons for steel-based components [7]. Profit Distribution - The company plans to distribute a cash dividend of 1.50 yuan (including tax) for every 10 shares, totaling 31.4 million yuan [9]. Profit Forecast and Investment Rating - The company maintains profit forecasts for 2025-2027, estimating net profits of 450 million yuan, 570 million yuan, and 713 million yuan, respectively, with corresponding price-to-earnings ratios of 18x, 14x, and 11x, and maintains a "buy" rating [10].