证券代码：300464 证券简称：星徽股份 公告编号：2025-055 广东星徽精密制造股份有限公司 关于董事、高级管理人员减持股份预披露的公告 公司董事兼副总经理蔡文华先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 3、减持股份数量：202,500 股，占本公司总股本比例 0.0438%。若计划减持 期间公司有送股、资本公积金转增股本等股份变动事项，上述拟减持股份数量将 相应进行调整。 4、减持方式：集中竞价。 持有广东星徽精密制造股份有限公司（以下简称"公司"）股份 810,000 股 （占本公司总股本比例 0.18%）的董事兼副总经理蔡文华先生计划在本公告披露之 日起 15 个交易日后的 3 个月内以集中竞价方式减持本公司股份 202,500 股（占本 公司总股本比例 0.0438%）。 公司于近日收到蔡文华先生的《股份减持计划告知函》，现将相关情况公告如 下： 一、本次减持主体的基本情况 截至本公告披露日，拟减持股份的公司股东持股情况如下表： | 股东名称 | 有限售条件股份 | 无 ...

证券代码：300464 证券简称：星徽股份 公告编号：2025-054 广东星徽精密制造股份有限公司 关于控股股东一致行动人股份解除冻结的公告 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。 广东星徽精密制造股份有限公司（以下简称"公司"）于近日从中国证券登 记结算有限责任公司查询《证券质押及司法冻结明细表》获悉，公司控股股东一 致行动人广东星野投资有限责任公司（以下简称"星野投资"）持有的本公司 被冻结股份已全部解除冻结，具体情况如下： 二、股东股份解除冻结的原因 一、股东股份解除冻结的基本情况 | | 是否为控股 | 本次解 除冻结 | 占其所 | 占公 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | | | 司总 | | | 解除冻 | | | | 股份数 | 持股份 | | 起始日 | 解除日期 | | | 名称 | 大股东及其 | 量 | 比例 | 股本 | | | 结法院 | | | 一致行动人 | | | 比例 | | | | | | | （股） | ...

Core Viewpoint - The decline of ZEBRA, once a leading player in cross-border e-commerce, is attributed to internal conflicts, management issues, and a failure to adapt to changing market conditions, leading to significant financial losses for its parent company, Xinghui Co., Ltd [2][3][11]. Financial Performance - Xinghui Co., Ltd reported a revenue of 1.51 billion yuan for 2024, a year-on-year decrease of 7.13%, with a net profit attributable to shareholders of -460 million yuan, marking a staggering increase in losses of over 504% year-on-year [2][3]. - ZEBRA's cross-border e-commerce business saw a revenue decline of 37.32%, now accounting for only 33.54% of total revenue, indicating its role as a financial burden for Xinghui [3][11]. Historical Context - ZEBRA was acquired by Xinghui Co., Ltd in 2018 for 1.53 billion yuan, promising profit targets of 108 million yuan, 145 million yuan, and 190 million yuan for the years 2018 to 2020, which it exceeded during the initial years [4][6]. - The rapid growth of ZEBRA was halted by a significant account suspension event in 2021, resulting in the closure of 367 stores and freezing of approximately 32.23 million yuan in funds [6][11]. Management Issues - Internal conflicts between ZEBRA's founding team and Xinghui's management have led to lawsuits and a breakdown in collaboration, further exacerbating ZEBRA's decline [3][9]. - The management transition from ZEBRA's original team to Xinghui's leadership resulted in a lack of understanding of the cross-border e-commerce landscape, leading to ineffective strategies and missed opportunities [9][10]. Market Dynamics - The shift in the e-commerce landscape towards compliance and brand building has rendered ZEBRA's previous reliance on a high-volume, low-margin business model unsustainable [10][24]. - ZEBRA's failure to pivot towards a brand-focused strategy has left it vulnerable to market pressures, particularly as competitors have successfully adopted more refined operational strategies [11][24]. Legacy and Future - Despite ZEBRA's decline, former executives have launched new brands, collectively referred to as the "ZEBRA system," which continue to leverage the supply chain expertise and market knowledge gained during their time at ZEBRA [13][19]. - These new brands are focusing on niche markets and brand development, indicating a potential continuation of ZEBRA's legacy in a different form [22][24].

东莞证券股份有限公司 关于广东星徽精密制造股份有限公司 持续督导定期现场核查报告 | 保荐机构名称：东莞证券股份有限公司 被保荐公司简称：星徽股份 | | | --- | --- | | 保荐代表人姓名：孙守恒 联系电话：0769-22119285 | | | 保荐代表人姓名：孔令一 联系电话：0769-22119285 | | | 现场检查人员姓名：孙守恒、孙永发 | | | 现场检查对应期间：2024 年 7-12 月 | | | 现场检查时间：2025 年 4 月 25 日 | | | 一、现场检查事项 | 现场检查意见 | | （一）公司治理 | 是 否 不适用 | | 现场检查手段： | | | 1） 查看公司公开信息披露文件； | | | 2） 查阅并复制公司相关三会文件； | | | 3） 查阅公司章程及各项公司治理制度等的具体内容及执行情况； | | | 4） 访谈公司管理层，了解公司治理相关情况。 | | | 1.公司章程和公司治理制度是否完备、合规 | 是 | | 2.公司章程和三会规则是否得到有效执行 | 是 | | 3.三会会议记录是否完整，时间、地点、出席人员及会议内容 | 是 | ...

东莞证券股份有限公司 关于广东星徽精密制造股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：东莞证券股份有限公司 | 被保荐公司简称：星徽股份 | | --- | --- | | 保荐代表人姓名：孙守恒 | 联系电话：0769-22119285 | | 保荐代表人姓名：孔令一 | 联系电话：0769-22119285 | 一、保荐工作概述 | 项目 | | 工作内容 | | | --- | --- | --- | --- | | 1、公司信息披露审阅情况 | - | | | | （1）是否及时审阅公司信息披露文件 | 是 | | | | （2）未及时审阅公司信息披露文件的次 | 0 次 | | | | 数 | | | | | 2、督导公司建立健全并有效执行规章制度 | - | | | | 的情况 | | | | | （1）是否督导公司建立健全规章制度（包 括但不限于防止关联方占用公司资源的制 | | | | | 度、募集资金管理制度、内控制度、内部 | 是 | | | | 审计制度、关联交易制度） | | | | | （2）公司是否有效执行相关规章制度 | 是 | | | | 3、募集资金监督情况 ...

Group 1: Cost Control Measures - The company implements strict procurement management systems to reduce costs in raw material procurement through centralized purchasing and supplier tier management [2] - In production, the company adopts an "order-based production as the main, stock-based production as the auxiliary" model, utilizing ERP systems for efficient and flexible production [3] - Automation and digital transformation initiatives are in place to enhance production efficiency and reduce defect rates [3] Group 2: E-commerce Business Strategy - The e-commerce business experienced a revenue decline in 2024, prompting a strategic adjustment focused on "focusing on categories and optimizing structure" [4] - The company plans to divest inefficient assets and streamline subsidiaries to promote healthy business development [4] - Future efforts will concentrate on core product categories and multi-market strategies to enhance competitiveness [4] Group 3: R&D Investment - In 2024, the company invested 46.44 million yuan in R&D, representing a growth of over 30% compared to 2023 [4] - R&D efforts are primarily directed towards enhancing product capabilities and increasing automation in production [4] - The company will continue to focus on innovation driven by market and customer needs [4] Group 4: Customer Concentration - In 2024, the top five customers accounted for 32.20% of the company's total sales, indicating no reliance on a single customer [5] - The company aims to optimize customer structure through technological innovation and enhance risk control [5] Group 5: Financial Performance - The company reported operating revenue of 1,509.82 million yuan, a decrease of 7.13% year-on-year [5] - The net profit attributable to shareholders was a loss of 459.82 million yuan, with the loss increasing compared to the previous year [5] - Major reasons for the loss include goodwill impairment losses of 273.88 million yuan and litigation-related provisions of 123.18 million yuan [5]

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0061 | 0.0099 | -161.62 | 0.0122 | | 每股净资产（元） | 0.28 | 1.21 | -76.86 | 0.47 | | 每股公积金(元) | 3.29 | 3.35 | -1.79 | 3.23 | | 每股未分配利润(元) | -3.97 | -2.91 | -36.43 | -3.50 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3.35 | 3.66 | -8.47 | 4.67 | | 净利润(亿元) | -0.03 | 0.05 | -160 | 0.05 | | 净资产收益率(%) | -2.20 | 0.82 | -368.29 | 3.07 | | 名称 持有数量(万股) | | 占总股本比例(%) | ...

Financial Performance - The company's revenue for Q1 2025 was CNY 334,709,745.15, a decrease of 8.65% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY -2,841,810.14, representing a decline of 161.13% year-over-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased to CNY 5,182,964.87, a growth of 366.19% compared to the previous year[5]. - The company reported a total comprehensive income loss of ¥662,737.40, compared to a gain of ¥3,792,869.50 in the previous period[24]. - Net profit for the period was a loss of ¥2.67 million, compared to a profit of ¥5.06 million in the previous period, representing a significant decline[23]. - Operating profit increased to ¥8.40 million from ¥5.62 million, an increase of approximately 49.5% year-over-year[23]. Cash Flow - The net cash flow from operating activities was CNY -11,745,114.76, a decrease of 223.91% from the same period last year[5]. - Cash flow from operating activities showed a net outflow of ¥11.75 million, compared to a net inflow of ¥9.48 million in the previous period[25]. - Cash flow from investing activities resulted in a net outflow of ¥6.51 million, compared to a net inflow of ¥7.31 million in the previous period[26]. - Cash flow from financing activities generated a net inflow of ¥76.61 million, compared to a net outflow of ¥29.94 million in the previous period[26]. - The company’s cash and cash equivalents at the end of the period increased to ¥137.06 million from ¥68.57 million, a significant increase[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,485,112,684.99, an increase of 3.93% from the end of the previous year[5]. - Total current assets increased from CNY 863,426,344.54 to CNY 926,329,857.69, reflecting a growth of approximately 7.3%[17]. - Cash and cash equivalents rose from CNY 197,234,163.96 to CNY 278,224,458.73, an increase of about 40.9%[17]. - Accounts receivable decreased from CNY 310,256,963.44 to CNY 295,787,124.65, a decline of approximately 4.7%[17]. - Inventory decreased from CNY 205,242,589.96 to CNY 194,238,247.45, a reduction of about 5.4%[17]. - Total liabilities increased from CNY 1,280,425,435.85 to CNY 1,337,279,861.34, representing a growth of approximately 4.4%[19]. - Short-term borrowings rose significantly from CNY 219,935,256.25 to CNY 325,638,147.45, an increase of about 48%[18]. - Total equity decreased slightly from CNY 148,495,561.05 to CNY 147,832,823.65, a decline of approximately 0.4%[19]. - The company reported a total asset increase from CNY 1,428,920,996.90 to CNY 1,485,112,684.99, reflecting a growth of about 3.9%[19]. - The company’s long-term investments decreased from CNY 3,347,728.57 to CNY 3,237,939.15, a decline of approximately 3.3%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,109[11]. - Major shareholders include Xie Xiaohua with a 22.12% stake and Guangdong Xingye Investment with a 17.34% stake, both of which have pledged a significant portion of their shares[11]. - The company has a commitment to unlock shares for certain shareholders on February 19, 2025, totaling 33,904,748 shares[15]. Business Strategy - The company streamlined its cross-border e-commerce business by focusing on core products, which improved profitability despite the decline in overall revenue[9]. - The company reported a significant increase in non-operating losses, primarily due to increased provisions for pending litigation and a decrease in non-operating income[9]. Return Metrics - The weighted average return on equity was -2.20%, down from 0.82% in the same period last year[5]. - Basic and diluted earnings per share were both reported at -0.0061, compared to 0.0099 in the previous period[24].

A股互联网电商板块下挫，跨境通跌超5%，三态股份、*ST有树跌超3%，星徽股份、青木科技、壹网 壹创跌幅居前。 ...

4月22日，《华夏时报》记者致电采访星徽股份证券部，工作人员表示与泽宝技术诉讼案件目前还在审 理过程中。而对于公司跨境电商业务发展状况等其他问题，其表示不方便回应。 星徽股份陷入亏损泥沼，源自公司2018年收购深圳市泽宝创新技术有限公司（下称"泽宝技术"）转型跨 境电商后，在2021年突然遭遇泽宝技术大量亚马逊账号被封杀，此后又被海外多国追缴税款并收取罚 金，从而连续多年拖累公司业绩。星徽股份也因此陷入与泽宝技术的法律纠纷，至今案件仍在审理中。 对于2024年亏损，星徽股份方面称，主要原因一是对泽宝技术计提商誉减值2.74亿元；二是与泽宝技术 原股东等相关诉讼计提预计负债1.23亿元。 跨界收购阴霾未散 星徽股份的亏损，要从公司一起跨界收购行动说起。 2018年，主营五金制品的星徽股份看中跨境电商的高增长潜力，宣布以15.3亿元跨界收购深圳跨境大卖 泽宝技术。彼时的泽宝技术正处于高速发展期，是全球电商巨头亚马逊平台最大中国商户，主要业务是 通过亚马逊向海外消费者销售蓝牙音频、小家电等产品。2017年，泽宝技术营业收入为17.43亿元，是 星徽股份当年营收的三倍不止。 签署收购协议的同时，星徽股份还和泽宝技术原 ...