股票代码：300580 股票简称：贝斯特 公告编号：2025-024 无锡贝斯特精机股份有限公司 2025 年半年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、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股东会及董事会审议通过 2025 年半年度权益分派方案等情况 1、无锡贝斯特精机股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日 召开的 2024 年度股东会审议通过了《关于提请股东会授权董事会办理 2025 年中 期现金分红相关事宜的议案》。公司董事会于 2025 年 8 月 14 日召开第四届董事 会第十六次会议，审议通过了《关于公司 2025 年中期现金分红方案的议案》， 具体分配方案为：以总股本 500,543,865 股为基数，向全体股东每 10 股派发现金 红利人民币 0.30 元（含税）；不进行资本公积金转增股本,不送红股。若公司总 股本由于可转债转股、股份回购、股权激励行权、再融资新增股份上市等原因发 生变动的，公司将按照"每股派发现金分红比例、送红股比例、资本公积金转增 股本比例固定不变"的原则，即保持每 10 股派发现金红利 0.30 元（ ...

Group 1 - The company Best (300580.SZ) has confirmed through its subsidiary Yuhua Precision Machinery that it is actively involved in the linear motion components sector, which includes products such as high-precision ball screw assemblies, high-precision linear guideways, planetary roller screws, micro screws, and linear actuators [2] - The company is targeting high-end equipment manufacturing, automation, humanoid robotics, and intelligent connected vehicles as key growth areas for its product offerings [2]

Group 1 - The company Best (300580) announced on September 18 that its wholly-owned subsidiary Yuhua Precision Machinery is fully laying out the linear motion components sector [1] - The product offerings include high-precision ball screw assemblies, high-precision linear guide assemblies, planetary roller screw assemblies, micro screws, and linear actuators [1] - The company aims to vigorously expand into mid-to-high-end equipment manufacturing, automation, humanoid robotics, and intelligent connected vehicles industries [1]

Core Viewpoint - Best's stock price has shown significant growth this year, with a year-to-date increase of 38.97% and a recent upward trend in the last 5, 20, and 60 trading days [1] Company Overview - Best is located in Wuxi, Jiangsu Province, China, and was established on April 16, 1997, with its stock listed on January 11, 2017 [1] - The company specializes in the research, production, and sales of precision components and intelligent equipment, with its main business revenue composition being 93.11% from automotive parts, 3.51% from intelligent equipment, 2.84% from other income, and 0.54% from other components [1] Financial Performance - As of June 30, 2025, Best achieved an operating income of 716 million yuan, representing a year-on-year growth of 2.73%, and a net profit attributable to shareholders of 148 million yuan, with a year-on-year increase of 3.30% [2] - Since its A-share listing, Best has distributed a total of 440 million yuan in dividends, with 233 million yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 48,400, a rise of 6.13%, while the average circulating shares per person decreased by 5.77% to 9,728 shares [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 4.6024 million shares, a decrease of 3.6178 million shares from the previous period [3]

Core Viewpoint - Best's stock price has shown significant growth this year, with a 30.03% increase, indicating strong market performance and investor interest [1][2]. Company Overview - Best, officially known as Wuxi Best Precision Machinery Co., Ltd., is located in Wuxi, Jiangsu Province, and was established on April 16, 1997. It was listed on January 11, 2017 [1]. - The company's main business involves the research, development, production, and sales of precision components and intelligent equipment, with automotive parts accounting for 93.11% of its revenue [1]. Financial Performance - For the first half of 2025, Best reported a revenue of 716 million yuan, representing a year-on-year growth of 2.73%, and a net profit attributable to shareholders of 148 million yuan, up 3.30% year-on-year [2]. - Since its A-share listing, Best has distributed a total of 440 million yuan in dividends, with 233 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Best had 48,400 shareholders, an increase of 6.13% from the previous period, with an average of 9,728 circulating shares per shareholder, down 5.77% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 4.6024 million shares, a decrease of 3.6178 million shares from the previous period [3].

Group 1 - Best's stock price increased by 5.59% to 28.54 CNY per share, with a trading volume of 765 million CNY and a turnover rate of 5.95%, resulting in a total market capitalization of 14.286 billion CNY [1] - Best is primarily engaged in the research, production, and sales of precision components and intelligent equipment, with automotive parts accounting for 93.11% of its main business revenue [1] - The company was established on April 16, 1997, and went public on January 11, 2017, located in Wuxi, Jiangsu Province [1] Group 2 - The fund "Zhaoshang Fengying Active Allocation Mixed A" holds 656,100 shares of Best, representing 1.82% of the fund's net value, making it the sixth-largest holding [2] - The fund has achieved a year-to-date return of 25.06% and a one-year return of 50.85%, ranking 3336 out of 8184 and 2452 out of 7971 in its category, respectively [2] - The fund was established on July 29, 2020, with a current size of 687 million CNY [2] Group 3 - The fund manager, Wen Zhongyang, has a tenure of 5 years and 107 days, with a total fund size of 1.226 billion CNY and a best return of 52.15% during his tenure [3] - Co-manager Guo Rui has 13 years and 58 days of experience, managing a fund size of 3.34 billion CNY, with a best return of 123.59% during his tenure [3]

Group 1 - Best's stock price increased by 5.59% to 28.54 CNY per share, with a trading volume of 764 million CNY and a turnover rate of 5.94%, resulting in a total market capitalization of 14.286 billion CNY [1] - Best specializes in the research, production, and sales of precision components and intelligent equipment, with its main business revenue composition being 93.11% from automotive parts, 3.51% from intelligent equipment and tooling, 2.84% from other income, and 0.54% from other components [1] Group 2 - E Fund's ETF, the E Fund National Robot Industry ETF (159530), entered the top ten circulating shareholders of Best, holding 1.1667 million shares, which is 0.25% of the circulating shares, with an estimated floating profit of approximately 1.7617 million CNY [2] - The E Fund National Robot Industry ETF (159530) has a current scale of 1.654 billion CNY and has achieved a year-to-date return of 32.11%, ranking 1276 out of 4222 in its category, and an annual return of 82.93%, ranking 702 out of 3781 [2] Group 3 - The fund managers of the E Fund National Robot Industry ETF are Li Shujian and Li Xu, with total fund assets of 4.497 billion CNY and 7.796 billion CNY respectively [3] - Li Shujian has a tenure of 1 year and 360 days with a best fund return of 102.11% and a worst return of 3.09%, while Li Xu has a tenure of 2 years and 282 days with a best return of 125.43% and a worst return of 10.98% [3]

Core Viewpoint - The company, Best (贝斯特), has shown significant growth in its financial performance, particularly in net profit and contract liabilities, indicating strong demand for its products and a solid growth logic behind its financials [3][9]. Financial Performance - As of Q2 2025, the company reported a net profit of 148 million yuan, representing a 33% increase year-on-year [3]. - Inventory reached 286 million yuan, up 4.23% from the previous year, while contract liabilities increased by 41% to 16.86 million yuan, indicating a robust order intake [3][9]. Growth Logic - The substantial increase in contract liabilities suggests that customers are eager to secure the company's products, reflecting strong market demand [3][5]. - The growth in inventory is a proactive measure to ensure timely delivery of products, driven by the high volume of customer orders [6][8]. - The increase in net profit is attributed to higher sales from increased orders and improved production efficiency, rather than financial engineering [8][9]. Future Outlook - The company is expected to continue experiencing profit growth due to a backlog of orders and its involvement in emerging sectors such as humanoid robots and hydrogen fuel cells, which are anticipated to attract more significant orders in the future [9][10].

Investment Rating - The report assigns an "Overweight" rating to the mechanical manufacturing industry [6]. Core Insights - The report highlights the rapid development opportunities for agricultural robots driven by AI, as outlined in the State Council's recent policy [6]. - The commencement of the Jinhuo Technology project for high-end machine tools and automation production lines marks a significant step towards domestic high-end machine tool production [6]. - Collaboration between General Technology and Siemens in the machine tool sector is expected to enhance technological synergies and regional resource sharing [6]. Summary by Sections Market Performance - From August 25 to August 29, the mechanical equipment index increased by 1.15%, underperforming compared to the CSI 300 index, which rose by 2.23% [9]. - Year-to-date, the mechanical equipment index has gained 33.69%, outperforming the CSI 300 index's 17.70% increase [11]. Key Developments - The State Council's policy on "AI+" aims to accelerate the digital transformation of agriculture, promoting the development of smart agricultural machinery, including robots [6]. - The Jinhuo Technology project, with an annual production capacity of 3,000 high-end machine tools, is set to establish a precision machine tool manufacturing base in Fuyang Economic and Technological Development Zone [6]. - The collaboration between General Technology and Siemens focuses on core needs in machine tools and servo automation, aiming for high-quality development in the Asia-Pacific region [6]. Sub-industry Data - In July 2025, the production of industrial robots reached 63,740 units, marking a 24% year-on-year increase [45]. - The output of metal cutting machine tools in July 2025 was 71,000 units [43]. Company Recommendations - For humanoid robots, recommended companies include Hengli Hydraulic, Best, Changsheng Bearing, Zhaowei Electric, Mingzhi Electric, Top Group, Jiechang Drive, Mannester, and Shuanghuan Transmission [6]. - In the engineering machinery sector, recommended companies are Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion [6]. - For the export chain, recommended companies include Honghua Digital Technology, Juxing Technology, Jack Shares, and Taotao Vehicle [6].

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].