Emission Standards and Market Opportunities - The upcoming National 7 (国七) emission standards are expected to be the strictest environmental regulations in history, aiming for a significant reduction in pollutants and greenhouse gas emissions[3] - The National 7 standards may be released in 2027 and implemented in 2029, with significant changes for light-duty vehicles and relatively minor changes for heavy-duty vehicles[3] - The value of the exhaust after-treatment system per vehicle is projected to increase by approximately 50% compared to the National 6 (国六) standards, with catalysts, packaging, and electronic control systems accounting for over 80% of this value[4] Market Size and Growth Projections - The overall market size for exhaust after-treatment systems is expected to exceed 100 billion yuan, driven by the new standards[4] - By 2029, the market for commercial vehicles is projected to reach 610.73 thousand units, while hybrid vehicle sales are expected to grow to 721.43 thousand units[22] - The estimated market scale gain from the implementation of the National 7 standards is projected to be 1.27 billion yuan by 2029[22] Beneficiary Companies - Aikelan (艾可蓝) is positioned to benefit from the National 7 standards due to its core technologies in exhaust after-treatment products and ongoing research and development efforts[5] - Zhongzi Technology (中自科技) specializes in exhaust purification catalysts for various internal combustion engines, making it another potential beneficiary of the new standards[5] Market Performance and Trends - This week, the A-share market experienced a general decline, with small-cap indices underperforming compared to large-cap indices[6] - The total trading volume in the A-share market was 6.64 billion shares, with a total transaction value of 932.52 billion yuan, reflecting a decrease in liquidity compared to the previous week[31]

（文章来源：证券日报） 证券日报网讯 11月19日晚间，瑞鹄模具发布公告称，本公司2025年第三季度权益分派方案为：以公司 现有总股本209，321，325股为基数，向全体股东每10股派1.500000元人民币现金（含税）。股权登记 日为2025年11月26日，除权除息日（红利发放日）为2025年11月27日。 ...

证券代码：002997 证券简称：瑞鹄模具 公告编号：2025-067 瑞鹄汽车模具股份有限公司 2025年第三季度权益分派实施公告 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。 瑞鹄汽车模具股份有限公司（以下简称"公司"或"本公司"）2025 年第三季度 权益分派方案已经 2025 年 4 月 14 日召开的 2024 年年度股东大会审议通过的《关于提 请股东大会授权董事会决定 2025 年中期进行利润分配的议案》授权公司董事会决定 2025 年中期利润分配方案并实施，故本次利润分配方案无需提交股东会审议。现将权 益分派事宜公告如下： 4、本次方案披露至实施期间公司股本总额未发生变化。 二、本次实施的权益分派方案 本公司 2025 年第三季度权益分派方案为：以公司现有总股本 209,321,325 股为基 数，向全体股东每 10 股派 1.500000 元人民币现金（含税；扣税后，通过深股通持有 股份的香港市场投资者、境外机构（含 QFII、RQFII）以及持有首发前限售股的个人 和证券投资基金每 10 股派 1.350000 元；持有首发后限售股、股权激 ...

Group 1 - The report highlights a significant recovery in the private placement market in 2025, driven by favorable policies and increased market activity, leading to a pronounced profit effect [4][5][6] - The "Merger Six Guidelines" initiated a new round of relaxed policies for mergers and acquisitions, enhancing market activity and increasing the number of related private placement projects [16][18] - The implementation of the "Long-term Capital Market Entry Plan" allows various institutional investors to participate in private placements, potentially increasing investment in pricing-based private placements [17][21] Group 2 - The number and scale of new private placement proposals have significantly increased, with a 92.3% year-on-year rise in competitive private placement proposals and a 105.3% increase in financing scale from January to October 2025 [5][19] - The average fundraising amount per project has notably increased, with competitive private placements averaging 15.22 million yuan, a 69.63% year-on-year growth [6][34] - The average yield of competitive private placements reached 38.69% by October 31, 2025, marking a new high since 2020, with a substantial increase from the previous year [6][37] Group 3 - The report emphasizes the focus on high-end manufacturing and innovative sectors, with the top five industries for new private placement financing being electronics, computers, machinery, power equipment, and automobiles [28] - The report identifies key investment themes, including smart vehicles, high-end manufacturing, and outdoor products, with specific companies recommended for investment [8][52] - The report notes that the private placement market is increasingly supporting the dual innovation sector, with nearly 50% of new financing proposals coming from the Sci-Tech Innovation Board and the Growth Enterprise Market [28][32]

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 北京市竞天公诚律师事务所 关于瑞鹄汽车模具股份有限公司 2025年第三次临时股东会的法律意见书 致：瑞鹄汽车模具股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受瑞鹄汽车模具股份有限 公司（以下简称"公司"）的委托，指派本所律师列席公司于 2025 年 11 月 11 日 下午 14 时 30 分在瑞鹄汽车模具股份有限公司会议室召开的 2025 年第三次临时 股东会（以下称"本次股东会"），并依据《中华人民共和国公司法》等中国法律、 法规和相关规范性文件（以下称"中国法律法规"）及《瑞鹄汽车模具股份有限公 司章程》（以下称"公司章程"）的规定，就本次股东会的召集和召开程序、出席 会议人员资格、召集人资格、会议表决程序和表决结果等事宜（以下称"程序事 宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东会的文件， 包括但不限于公司第四届董事会第五次会议决议公告、本次股东会的通知、议案 和决议等，同时听取 ...

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]