Core Insights - Longsheng Technology (隆盛科技) has shown steady growth in its operating performance, with significant increases in revenue and net profit for the first three quarters of 2025 [1][2] Financial Performance - For the first three quarters of 2025, Longsheng Technology achieved revenue of 1.81 billion yuan, a year-on-year increase of 10.13%, and a net profit attributable to shareholders of 210 million yuan, reflecting a growth of 36.89% [2] - In Q3 2025, the company reported a net profit of 106 million yuan, marking a remarkable year-on-year increase of 109.83%, setting a new record for quarterly profit [2] - The net cash flow from operating activities for the first three quarters of 2025 was 148 million yuan, up 15.46% year-on-year [3] Asset Growth - Longsheng Technology's total assets have grown significantly, increasing approximately 7.66 times from 462 million yuan at the end of 2017 to 4.21 billion yuan by the end of September 2025 [1][5] - The company's revenue has also seen substantial growth, rising from 150 million yuan in 2017 to 2.397 billion yuan in 2024, representing an increase of about 15 times [5] Business Expansion - The company has developed a business matrix centered on EGR systems, electric vehicle drive motor cores, and precision automotive components, while also exploring emerging fields such as aerospace precision manufacturing and humanoid robotics [1][8] - Longsheng Technology has made strategic acquisitions, including the purchase of Weiyan Precision in 2018, which has helped extend its presence in both traditional and new energy vehicle component markets [6][7] Research and Development - Longsheng Technology has consistently increased its R&D expenditures, which rose from 29.96 million yuan in 2020 to 92.86 million yuan in 2024, with a 6.45% increase to 68.34 million yuan in the first three quarters of 2025 [8] - The company holds approximately 400 valid patents and 13 software copyrights as of June 2025, reflecting its commitment to innovation [9]

Summary of Longsheng Technology Conference Call Company Overview - **Company**: Longsheng Technology - **Industry**: Automotive and Robotics Key Points Financial Performance - In Q3 2025, Longsheng Technology's revenue decreased to approximately 180 million yuan, lower than the average of 230 million yuan in Q1 and Q2, primarily due to BYD's inventory reduction affecting installation volumes [2][3][11] - EGR system revenue dropped by about 50 million yuan, but sales rebounded in September due to increased sales from Chery and Geely [2][11] - The company expects a strong performance in Q4 2025, maintaining a profit target of 300 million yuan for the year, driven by the end of inventory reduction and seasonal sales increases [4][6] Robotics Development - Longsheng Technology has made significant progress in the robotics sector, including mass production of slope reducers and plans to complete a capacity layout of 200,000 units by mid-2026 [5][8] - The company is preparing to establish a Jiangsu Province embodied intelligent robotics innovation center, expected to be approved by late November to early December [5][7] Partnerships and Production Capacity - Longsheng has deepened cooperation with Seres, producing the new M7 model with a monthly capacity of 16,000 to 20,000 units, and plans to add 2 to 3 production lines by 2026 to achieve revenue of 800 to 1 billion yuan [9][10] - The company plans to acquire 60 to 70 acres of land in Chongqing for factory expansion [9][10] EGR System and Market Conditions - EGR system prices remain stable despite cost pressures from downstream customers, with the company managing to maintain some pricing power [12] - The company reported that EGR system shipments reached nearly 400,000 units in September, an increase of about 100,000 units compared to the previous high in Q4 of the previous year [11] Cost and Tax Implications - Fixed asset depreciation has increased costs by approximately 1 to 2 million yuan per month, impacting overall expenses [14] - Recent tax policies have slightly reduced profit contributions, but the company remains focused on achieving its annual goals [15] Future Outlook - Longsheng Technology anticipates reaching a scale of 5 billion yuan by 2026, benefiting from increased penetration of new energy vehicles and expansion of semi-assembly business [4][16] - The company is developing a three-year sales forecast, expecting next year's budget to be slightly above current targets [16] Technological Innovations - The robotics products utilize advanced visual sensor technology for industrial applications, which will be a key product for the innovation center [18] - Longsheng aims to become a leading enterprise in intelligent robotics in Wuxi through the innovation center [19] Additional Insights - The company is optimistic about Q4 performance due to a rebound in orders starting from late Q3 [17] - Longsheng's strategic focus on both automotive and robotics sectors positions it well for future growth and market leadership [19]

Event Overview - The company released its Q3 2025 report, showing revenue of 1.81 billion yuan for the first three quarters, a year-on-year increase of 10.13%. The net profit attributable to shareholders was 210 million yuan, up 36.89% year-on-year, while the non-recurring profit was 130 million yuan, down 13.53% year-on-year. In Q3 2025, revenue was 586 million yuan, a year-on-year increase of 0.48% but a quarter-on-quarter decrease of 5.28%. The net profit attributable to shareholders was 106 million yuan, up 109.83% year-on-year and 129.13% quarter-on-quarter, while the non-recurring profit was 30 million yuan, down 45.11% year-on-year and 32.51% quarter-on-quarter [2]. Revenue and Profit Analysis - Revenue remained stable with Q3 2025 revenue at 586 million yuan, showing a year-on-year increase of 0.48% and a quarter-on-quarter decrease of 5.28% [3] - The net profit attributable to shareholders for Q3 2025 was 106 million yuan, reflecting a significant year-on-year increase of 109.83% and a quarter-on-quarter increase of 129.13%. The non-recurring profit was 30 million yuan, down 45.11% year-on-year and 32.51% quarter-on-quarter. The gross margin for Q3 2025 was 15.23%, a decrease of 2.68 percentage points year-on-year and 2.78 percentage points quarter-on-quarter [3] - The increase in net profit and net profit margin year-on-year was primarily driven by non-recurring gains, with fair value changes contributing 87 million yuan [3] Strategic Collaborations - The company is collaborating closely with Nidec to develop a new blueprint for the new energy and humanoid robot industries, focusing on "technology empowerment + capacity collaboration + market resonance." This partnership aims to analyze technological iteration trends and global market demand changes in key components of new energy vehicles [4] - In the field of humanoid robot harmonic reducers, the company and Nidec have engaged in in-depth discussions on technology development, capacity expansion, and processing business collaboration, aiming for further cooperation to meet growth demands in humanoid, collaborative, and industrial robots [4] Investment in Technology - In July 2025, the company made a strategic investment in Shenzhen Diedong Technology Co., Ltd., which has a core team from prestigious universities. Diedong Technology has developed the world's first high-performance visual tactile sensor using MEMS technology. This collaboration is expected to create a synergistic effect between hardware and perception, enhancing applications in robotic end-effectors and dexterous hands [5] Financial Projections - The company maintains a solid position as a leader in EGR, forming a three-dimensional driving pattern of "traditional business + new energy business + international layout." Revenue projections for 2025-2027 are 3.23 billion, 4.08 billion, and 5.07 billion yuan, with net profits of 303 million, 381 million, and 529 million yuan respectively. The expected EPS for these years is 1.33, 1.67, and 2.32 yuan, corresponding to PE ratios of 40, 32, and 23 times based on the closing price of 53.66 yuan per share on October 20, 2025 [6][8]

Core Points - The company announced the cancellation of certain restricted stock incentives that were granted but not vested as part of its 2023 incentive plan [1] - In 2024, the company achieved a revenue of 2.397 billion yuan, representing a growth of 108.77% compared to 2022 [1] - The net profit attributable to shareholders for 2024 was 224.36 million yuan, with a growth of 208.07% when excluding the impact of share-based payment expenses [1] - The company met 50% of the performance assessment targets for the first vesting period of the restricted stock incentive plan [1] Summary by Categories Company Performance - The company reported a revenue of 2.397 billion yuan for 2024, which is an increase of 108.77% from 2022 [1] - The net profit attributable to shareholders was 224.36 million yuan, showing a significant increase of 208.07% after adjusting for share-based payment expenses [1] Incentive Plan - The company held a board meeting on October 21, 2025, where it approved the proposal to cancel 48.66 million shares of restricted stock for 101 incentive recipients and 6.0375 million shares for 16 recipients due to non-vesting [1] - The cancellation was based on the company's performance, which met only 50% of the required targets for the vesting of the restricted stock [1]

Core Points - Longsheng Technology announced an adjustment to the grant price of its 2023 restricted stock incentive plan to 11.08 yuan per share [2] Summary by Category Company Announcement - The company will hold its fifth board meeting on October 21, 2025, to review the adjustment of the grant price for the restricted stock incentive plan [2] - The adjustment is in accordance with the provisions of the revised draft of the 2023 restricted stock incentive plan, which states that the grant price must be adjusted in the event of capital reserve conversion to share capital, stock dividends, stock splits, rights issues, or reverse stock splits [2]

Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - The company achieved a year-on-year increase of 109.83% in net profit attributable to shareholders in Q3 2025, driven by revenue growth and increased investment income [3][5] - The company reported a total revenue of 1.81 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.13% [3][5] - The Q3 revenue was 586 million yuan, with a slight year-on-year increase of 0.48%, influenced by sales fluctuations among key customers and product upgrades in the new energy sector [5][6] - The company is actively expanding its humanoid robot business and has successfully engaged with overseas Tier 1 suppliers [6][8] Financial Performance Summary - For Q3 2025, the company reported a net profit of 106 million yuan, a significant increase of 109.83% year-on-year, attributed to revenue growth and investment income [3][5] - The gross profit margin for Q3 2025 decreased by 2.67 percentage points to 15.23%, likely due to increased depreciation from the new energy motor semi-assembly production line [5][6] - The operating cash flow turned positive in Q3 2025, with a net inflow of 118 million yuan compared to a net outflow of 1 million yuan in the same period last year [5][6] Revenue and Profit Forecast - Revenue is projected to grow to 3.35 billion yuan in 2025, with a year-on-year growth rate of 39.7% [7][8] - The net profit attributable to shareholders is expected to reach 327 million yuan in 2025, reflecting a growth rate of 45.8% [7][8] - The company’s price-to-earnings (P/E) ratio is forecasted to be 37.4 in 2025, decreasing to 25.3 by 2027 [7][8]

Group 1 - Pinggao Electric reported a 6.98% increase in revenue to 8.436 billion yuan and a 14.62% increase in net profit to 982 million yuan for the first three quarters of 2025 [1] - Wanchen Group achieved a 77.37% increase in revenue to 36.562 billion yuan and a staggering 917.04% increase in net profit to 855 million yuan for the first three quarters of 2025 [2] - Xintian's revenue decreased by 10.42% to 481 million yuan, with a net profit decline of 35.19% to 91.9 million yuan for the first three quarters of 2025 [3] Group 2 - Chuangye Heima reported a revenue drop of 35.68% to 102 million yuan and a net loss of 24.93 million yuan for the first three quarters of 2025 [4] - Huaxin New Materials saw a 16.11% increase in revenue to 265 million yuan and an 18.56% increase in net profit to 40.81 million yuan for the first three quarters of 2025 [5] - Meihua Medical's revenue increased by 3.28% to 1.194 billion yuan, but net profit fell by 19.25% to 208 million yuan for the first three quarters of 2025 [6] Group 3 - Silica Technology reported a 24.30% increase in revenue to 2.651 billion yuan and a 44.63% increase in net profit to 229 million yuan for the first three quarters of 2025 [7] - Anada experienced a revenue decline of 6.03% to 1.31 billion yuan and a net loss of 46.37 million yuan for the first three quarters of 2025 [8] - StarNet Ruijie achieved a 19.20% increase in revenue to 14.168 billion yuan and a 31.06% increase in net profit to 344 million yuan for the first three quarters of 2025 [9] Group 4 - New Link Electronics reported a revenue decrease of 0.37% to 550 million yuan but a significant net profit increase of 421.43% to 535 million yuan for the first three quarters of 2025 [10] - Tianyin Electromechanical's revenue fell by 22.75% to 581 million yuan, with a net profit decline of 56.10% to 24.27 million yuan for the first three quarters of 2025 [11] - Hengtong Co. reported a revenue decrease of 39.29% to 1.05 billion yuan, but a net profit increase of 78.33% to 176 million yuan for the first three quarters of 2025 [12] Group 5 - Xigao Institute achieved a 15.05% revenue increase to 651 million yuan and a 21.28% net profit increase to 198 million yuan for the first three quarters of 2025 [13] - Good Housewife reported a revenue decrease of 0.91% to 1.059 billion yuan and a net profit decline of 24.79% to 143 million yuan for the first three quarters of 2025 [14] - China Pharmaceutical's subsidiary received approval for Vitamin B6 injection, indicating a positive development in its product pipeline [20] Group 6 - Xi Zhong Technology received approval for the issuance of convertible bonds, indicating potential for future capital raising [22] - Chengda Bio signed a strategic cooperation agreement with the Chinese Academy of Microbiology, focusing on infectious disease prevention [25] - Fuyuan Pharmaceutical received a drug registration certificate for Dydrogesterone tablets, enhancing its product offerings [26] Group 7 - Zhehai Deman received 8.1202 million yuan in land acquisition compensation, indicating a successful resolution of land-related issues [27] - Zhongjin Irradiation announced the resignation of its deputy general manager, indicating potential changes in management [29] - Hendi Pharmaceutical received a drug registration certificate for Febuxostat tablets, expanding its product portfolio [30] Group 8 - David Medical's subsidiary received a medical device registration certificate for a surgical stapler, enhancing its product offerings [32] - Liaoning Energy announced plans for a share reduction by a major shareholder, indicating potential changes in ownership structure [34] - Fengyuan Co. signed a framework agreement for the supply of lithium iron phosphate, indicating growth in its supply chain [35] Group 9 - Shengda Resources announced the resumption of construction at a mining site, indicating recovery from previous operational disruptions [37] - Shiyuan Co. reported a revenue increase of 5.45% to 18.087 billion yuan, but a net profit decline of 6.81% to 867 million yuan for the first three quarters of 2025 [39] - Feilida reported a revenue decrease of 6.81% to 4.659 billion yuan, but a net profit increase of 49.1% to 33.19 million yuan for the first three quarters of 2025 [40] Group 10 - Changyuan Donggu reported a revenue increase of 29.75% to 1.648 billion yuan and a net profit increase of 76.71% to 274 million yuan for the first three quarters of 2025 [41] - Liyuanheng reported a net profit of 47.49 million yuan for the first three quarters of 2025, indicating stable performance [42] - Fangyuan Co. reported a net loss of 121 million yuan for the first three quarters of 2025, indicating challenges in its operations [43] Group 11 - China Mobile reported a revenue increase of 0.4% to 794.7 billion yuan and a net profit increase of 4% to 115.4 billion yuan for the first three quarters of 2025 [44] - Huangshanghuang reported a revenue decrease of 5.08% to 1.379 billion yuan but a net profit increase of 28.59% to 101 million yuan for the first three quarters of 2025 [46] - Youcai Resources announced plans to invest approximately 150 million yuan in a new materials production base project [47] Group 12 - Huawei Technology announced plans to invest up to 20 million euros in two German subsidiaries [49] - China Shipbuilding projected a net profit increase of 144.42% to 170.85% for the first three quarters of 2025, indicating strong performance [51] - Aeston's subsidiary plans to transfer a 48% stake in a company for 245 million yuan, indicating strategic divestment [52] Group 13 - Jinxinno plans to raise up to 292 million yuan through a private placement, indicating potential for expansion [53] - China Power Construction reported a 5.04% increase in new contract amounts to 904.527 billion yuan for the first three quarters of 2025 [54] - Helitai reported a net profit increase of 101.45% to 17.81 million yuan for the first three quarters of 2025 [55] Group 14 - Xuefeng Technology reported a revenue decrease of 8.28% to 4.183 billion yuan and a net profit decline of 34.6% to 394 million yuan for the first three quarters of 2025 [57] - Juzhi Technology reported a revenue increase of 21.40% to 615 million yuan and a net profit increase of 33.78% to 82.47 million yuan for the first three quarters of 2025 [59] - Jinxi Axle reported a revenue decrease of 0.11% to 872 million yuan but a net profit increase of 268.03% to 22.11 million yuan for the first three quarters of 2025 [60] Group 15 - Longsheng Technology reported a revenue increase of 10.13% to 1.810 billion yuan and a net profit increase of 36.89% to 210 million yuan for the first three quarters of 2025 [62] - Shannon Chip Creation announced plans for a share reduction by a major shareholder, indicating potential changes in ownership structure [63]

每经AI快讯，隆盛科技10月21日晚间发布公告称，公司第五届第十一次董事会会议于2025年10月21日 在公司会议室以现场及通讯会议的方式召开。会议审议了《关于调整2023年限制性股票激励计划授予价 格的议案》等文件。 每经头条（nbdtoutiao）——展望"十五五"|专访贺铿：必须改变以往将资金过度集中于房屋建设和基础 设施建设的倾向，更加突出民生领域投入 （记者 张明双） ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-056 2、2023 年 9 月 27 日至 2023 年 10 月 7 日，公司对本激励计划首次授予激励对象 的姓名与职务在公司内部进行了公示。在公示期内，公司监事会未接到与本激励计划 拟激励对象有关的任何异议。同时，公司于 2023 年 10 月 9 日披露了《监事会关于公 司 2023 年限制性股票激励计划激励对象名单的公示情况说明及核查意见》。 3、2023 年 10 月 16 日，公司 2023 年第一次临时股东大会审议并通过了《关于公 司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制 性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理股 无锡隆盛科技股份有限公司 关于作废 2023 年限制性股票激励计划部分已授予但尚未归属的 限制性股票的公告 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。 无锡隆盛科技股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日召开第 五届董事会第十一次会议，审议通过了《关于作废 2 ...

证券代码：300680 证券简称：隆盛科技 公告编号：2025-052 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。 一、董事会会议召开情况 2025 年 10 月 21 日，无锡隆盛科技股份有限公司（以下简称"公司"）第五届董 事会第十一次会议在公司会议室以现场及通讯会议的方式召开，会议通知于 2025 年 10 月 17 日以书面通知等方式向各位董事发出。本次会议应出席董事八名，实际出席 董事八名。会议由董事长倪铭先生召集并主持，公司高级管理人员列席了会议。 无锡隆盛科技股份有限公司 第五届董事会第十一次会议决议公告 本次会议的召集、召开符合《中华人民共和国公司法》及有关法律、法规、规章、 规范性文件及《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事审议，以投票表决方式通过了以下议案： 1、审议通过《关于 2023 年限制性股票激励计划首次授予部分第二个归属期及预 留授予部分第一个归属期符合归属条件的议案》 根据公司《上市公司股权激励管理办法》《2023 年限制性股票激励计划（草案修 订稿）》《2023 年限制性股票激励计划实施考核管理办法》 ...