| | | 立中四通轻合金集团股份有限公司 第五届董事会第三十二次会议决议公告 保荐机构中原证券股份有限公司对该事项发表了明确的核查意见，具体内容 详见同日刊登在中国证监会指定的创业板信息披露网站上的相关公告。 表决结果：同意票数为 7 票，反对票数为 0 票，弃权票数为 0 票。 特此公告。 一、审议《关于调整公司第五届董事会部分专门委员会委员的议案》 鉴于公司董事会成员调整，为保证董事会专门委员会正常有序开展工作，公 司于 2025 年 10 月 30 日召开第五届董事会第三十二次会议，审议通过了《关于 调整公司第五届董事会部分专门委员会委员的议案》，同意调整第五届董事会审 计委员会及第五届董事会战略委员会部分成员，任期自本次董事会审议通过之日 起至第五届董事会任期届满之日止。具体调整情况如下： | 专门委员会名称 | 调整前成员 | 调整后成员 | | --- | --- | --- | | 审计委员会 | 唐炫、张建行、臧立国 | 唐炫、张建行、孙杰武 | | 战略委员会 | 臧永兴、臧立国、张建行 | 臧永兴、臧永建、张建行 | 表决结果：同意票数为 7 票，反对票数为 0 票，弃权票数为 0 票。 ...

中原证券股份有限公司 关于 立中四通轻合金集团股份有限公司 使用部分暂时闲置募集资金进行现金管理 之 核查意见 保荐机构 签署日期：二零二五年十月 中原证券股份有限公司（以下简称"中原证券"、"保荐机构"）作为立中 四通轻合金集团股份有限公司（以下简称"立中集团"或"公司"）2023 年向 不特定对象发行可转换公司债券并上市的保荐机构，根据《中华人民共和国公司 法》《中华人民共和国证券法》《证券发行上市保荐业务管理办法》《上市公司 募集资金监管规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规的有关 规定和要求，对立中集团使用部分暂时闲置募集资金进行现金管理事项进行了核 查，核查情况及核查意见如下： 一、本次募集资金的基本情况 根据中国证监会于 2023 年 7 月 4 日出具的《关于同意立中四通轻合金集团 股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕 1460 号），立中集团向不特定对象发行 89,980.00 万元可转换为公司 A 股股票的 可转换公司债券，每张面值为人民币 100 元，共计 89 ...

Core Viewpoint - The company reported a strong performance in Q3 2025, with revenue reaching 8.478 billion yuan, marking a year-on-year increase of 23.69% and a quarter-on-quarter increase of 16.77% [1] Financial Performance - Revenue reached a record high in Q3 2025, driven by favorable exchange rate gains and outpacing automotive sales and aluminum price growth [2] - Gross margin stood at 9.3%, slightly down by 0.1 percentage points year-on-year and 0.3 percentage points quarter-on-quarter, primarily due to the ramp-up of the Mexican factory and rising aluminum prices [2] - Net profit margin was 2.6%, up by 1.0 percentage points year-on-year but down by 0.7 percentage points quarter-on-quarter [2] - The company maintained its net profit forecasts for 2025 and 2026 at 860 million yuan and 1.111 billion yuan, respectively, with a current stock price corresponding to P/E ratios of 18.1x and 14.0x for 2025 and 2026 [4] Business Development - The wheel business is entering a harvest phase, with the Mexican factory's second phase ramping up production and expected to turn profitable [2] - Plans to establish a third aluminum alloy wheel factory in Thailand and continue expanding production capacity in Mexico are underway, which may help mitigate tariff risks and enhance global competitiveness [2] - The company made significant progress in its robotics business through a strategic partnership with Weijing Intelligent, providing aluminum-magnesium alloy materials and lightweight components [3] - New materials are being developed for various applications, including automotive thermal management, aerospace, and semiconductor manufacturing [3] Valuation and Target Price - The target price has been raised by 47.6% to 31 yuan, reflecting an upward adjustment in valuation due to new business developments, with corresponding P/E ratios of 23.0x and 17.8x for 2025 and 2026 [4]

Core Viewpoint - Lichong Group's stock has shown significant growth this year, with a 55.79% increase, reflecting strong performance in the automotive lightweight materials sector [1][2]. Financial Performance - For the period from January to September 2025, Lichong Group achieved a revenue of 22.921 billion yuan, representing a year-on-year growth of 18.34% [2]. - The net profit attributable to shareholders for the same period was 625 million yuan, marking a year-on-year increase of 26.77% [2]. Stock Market Activity - As of October 29, Lichong Group's stock price was 24.87 yuan per share, with a market capitalization of 15.904 billion yuan [1]. - The stock experienced a trading volume of 261 million yuan, with a turnover rate of 1.92% [1]. - Over the past five trading days, the stock price increased by 10.14%, and over the last 20 days, it rose by 5.83% [1]. Shareholder Information - As of October 10, the number of shareholders for Lichong Group increased to 33,400, a rise of 12.31% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 10.96% to 16,688 shares [2]. Dividend Distribution - Since its A-share listing, Lichong Group has distributed a total of 730 million yuan in dividends, with 339 million yuan distributed over the last three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 14.4197 million shares, an increase of 10.8443 million shares from the previous period [3].

Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of 2,292,114,000 CNY, representing an 18.34% increase year-on-year [1] - The net profit attributable to shareholders for the same period was 62,543,000 CNY, a growth of 26.77% compared to the previous year [1] - Excluding the impact of accounting estimate changes, the net profit increased by 74.65% to 35,811,000 CNY [1] - In Q3 2025, the company reported a revenue of 84,778,000 CNY, up 23.69% year-on-year, and a net profit of 22,414,000 CNY, which is a remarkable 101.82% increase [1] Production and Expansion - The company initiated a project in Monterrey, Mexico, to produce 3.6 million ultra-lightweight aluminum alloy wheels, with the first phase of 1.8 million wheels completed in 2024 [2] - The second phase of 1.8 million wheels has begun initial production, and a planned capacity of 500,000 forged aluminum wheels is currently in trial production [2] - The Mexican factory benefits from the USMCA agreement, allowing for "zero tariff" exports to the U.S., enhancing global production flexibility and regional supply capabilities [2] Robotics Sector Development - The company is advancing its lightweight aluminum alloy materials and components for humanoid robots, collaborating with domestic and international brands [3] - A strategic cooperation agreement was signed with Weijing Intelligent to enhance the supply of materials and components for humanoid robots, including assembly and testing services [4][5] - The partnership aims to leverage both companies' strengths in technology and production to improve product efficiency and quality in the robotics field [5] Aerospace Industry Engagement - The company is actively expanding into the commercial aerospace sector, with several materials already applied in aviation and aerospace [6] - Developed aluminum-based rare earth intermediate alloys are used in manufacturing key aircraft and aerospace components [6] - New materials such as silicon-aluminum alloys and 3D printed aluminum alloys are being explored for various aerospace applications [6] New Energy Battery Materials - The company is focusing on the production and sales of lithium hexafluorophosphate for new energy batteries, seeking strategic partnerships [6] - Recent advancements include obtaining a patent for lithium sulfide, a key material for solid-state battery electrolytes, laying the groundwork for future developments in this area [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Insights - The company reported a revenue of 22.9 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 630 million yuan, up 27% year-on-year [2]. - The third quarter performance exceeded expectations, with revenue reaching a historical high of 8.48 billion yuan, a 24% increase quarter-on-quarter and 17% year-on-year [8]. - The company has made significant progress in new fields, including robotics and drones, with successful validations of its heat-resistant materials in various applications [8]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024A is 27.25 billion yuan, increasing to 39.03 billion yuan by 2027E, with a compound annual growth rate (CAGR) of 7.2% from 2025E to 2027E [4]. - **Net Profit Forecasts**: Expected net profit attributable to shareholders is forecasted to grow from 707 million yuan in 2024A to 1.071 billion yuan in 2027E, with a CAGR of 11.1% [4]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 1.11 yuan in 2024A to 1.67 yuan in 2027E [4]. - **Valuation Metrics**: The company is expected to trade at a price-to-earnings (PE) ratio of 22 times in 2026, with a target price set at 33.2 yuan based on comparable company valuations [4][8]. Market Position and Competitive Advantage - The company has successfully launched its heat-resistant materials in the market, achieving recognition from leading new energy vehicle manufacturers and establishing partnerships to enhance its product offerings [8]. - The strategic collaboration with Weijing Intelligent aims to accelerate the production of humanoid robots, showcasing the company's commitment to innovation and market expansion [8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved Q3 revenue of 8.478 billion RMB, representing a year-over-year increase of 23.69% and a quarter-over-quarter increase of 16.77%. The net profit attributable to shareholders was 224 million RMB, up 101.82% year-over-year but down 6.35% quarter-over-quarter. For the first three quarters of 2025, the company reported revenue of 22.921 billion RMB, a year-over-year increase of 18.34%, and a net profit of 625 million RMB, up 26.77% year-over-year [1] - The company is expected to benefit from the broad application of its main products in emerging fields and the continuous contribution from overseas projects [1] Financial Performance - The gross margin for Q3 was 9.32%, showing a slight decrease of 0.29 percentage points quarter-over-quarter and 0.10 percentage points year-over-year. The total expense ratio for Q3 was 6.63%, up 0.42 percentage points quarter-over-quarter but down 1.48 percentage points year-over-year. Financial expenses turned positive to 30.159 million RMB in Q3 from a negative 34.7995 million RMB in Q2 [2] - The company maintains excellent expense control, with stable sales, R&D, and management expense ratios of 1.12%, 3.26%, and 1.90% respectively [2] Project Developments - The company successfully launched its project in Mexico, securing a designated project for aluminum alloy wheels from a luxury car manufacturer, amounting to approximately 5.8 billion RMB. The second phase of the Mexico project, with an annual production capacity of 3.6 million ultra-lightweight aluminum alloy wheels, has begun initial production [3] - The company has also initiated production of lithium hexafluorophosphate and fluorinated salts in its new energy materials project and has obtained a patent for the preparation of lithium sulfide. Additionally, a strategic cooperation agreement with Beijing Weijing Intelligent has been signed to extend the company's business into the humanoid robot industry [3] Profit Forecast and Valuation - The report maintains profit forecasts, expecting net profits attributable to shareholders to be 800 million RMB, 1.069 billion RMB, and 1.34 billion RMB for 2025-2027, with corresponding EPS of 1.25, 1.67, and 2.10 RMB. The average PE ratio for comparable companies in 2026 is projected to be 22.4 times, and the company is assigned a PE of 17 times for 2026, leading to a target price of 28.39 RMB [4][10]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 8.48 billion yuan, a year-on-year growth of 23.69% [2][3] - The net profit attributable to shareholders was 224 million yuan, showing a substantial increase of 101.82% compared to the same period last year [2][3] - The company's earnings per share (EPS) also saw a notable rise, with basic EPS at 0.35 yuan, up 105.88% year-on-year [2][3] Financial Performance - For the year-to-date period, the company achieved a total revenue of 22.92 billion yuan, reflecting an 18.34% increase year-on-year [2][3] - The net profit attributable to shareholders for the year-to-date period was 6.25 billion yuan, which is a 26.77% increase compared to the previous year [2][3] - The net profit after excluding non-recurring items for the year-to-date period was 5.60 billion yuan, up 28.63% year-on-year [2][3] Earnings Quality - The company demonstrated improved earnings quality, with the net profit margin increasing significantly [2][3] - The diluted EPS for the year-to-date period was 0.95 yuan, reflecting a 25.00% increase year-on-year [2][3] - The weighted average return on equity (ROE) was 8.22%, an increase of 1.07 percentage points compared to the previous year [2][3] Asset and Equity Growth - As of September 30, 2025, the company's total assets reached 23.42 billion yuan, a 9.32% increase from the end of the previous year [4] - The equity attributable to shareholders was 7.89 billion yuan, which is an 8.85% increase from the end of the previous year [4] - The company's asset structure remains robust, indicating a continuous enhancement of financial strength [4] Cash Flow Improvement - The net cash flow from operating activities for the year-to-date period improved significantly to -2.17 billion yuan, a 73.06% improvement from -8.06 billion yuan in the previous year [4] - This improvement is attributed to a smaller increase in receivables compared to the previous year [4]

Core Viewpoint - Lichong Group's stock has shown significant growth this year, with a 53.60% increase, reflecting strong performance in the automotive lightweight materials sector [1][2]. Financial Performance - For the period from January to September 2025, Lichong Group achieved a revenue of 22.92 billion yuan, representing a year-on-year growth of 18.34% [2]. - The net profit attributable to shareholders for the same period was 625 million yuan, marking a year-on-year increase of 26.77% [2]. Stock Market Activity - As of October 28, Lichong Group's stock price was 24.52 yuan per share, with a market capitalization of 15.68 billion yuan [1]. - The stock experienced a trading volume of 158 million yuan and a turnover rate of 1.17% [1]. - The stock has seen a net outflow of 4.46 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of October 10, the number of shareholders increased to 33,400, a rise of 12.31%, while the average circulating shares per person decreased by 10.96% to 16,688 shares [2]. - The total cash dividends distributed by Lichong Group since its A-share listing amount to 730 million yuan, with 339 million yuan distributed in the last three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 14.42 million shares, an increase of 10.84 million shares from the previous period [3].

Group 1 - The core point of the article is that Lichong Group (SZ 300428) held its 30th meeting of the fifth board on October 24, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, Lichong Group's revenue composition is 100% from industrial activities [1] - As of the report date, Lichong Group has a market capitalization of 15.4 billion yuan [1]