Group 1: Company Overview - The company is a high-tech enterprise specializing in the research, development, manufacturing, and sales of relays and transformers, ranking among the top in China's electronic components industry [2] - The product range includes six major categories: general power relays, magnetic latching relays, automotive relays, new energy relays, photovoltaic relays, and signal relays, along with inductors and transformers [2] Group 2: Financial Performance - In the first half of 2025, the company achieved total revenue of ¥1,152,421,830.47, an increase of 8.48% year-on-year [3] - The net profit attributable to shareholders was ¥42,885,668.81, reflecting a growth of 5.64% compared to the same period last year [3] - The growth was driven by expanding market demand and increased overseas business [3] Group 3: Strategic Plans - Future strategies include strengthening core products such as general power relays and magnetic latching relays while developing new profit centers in signal relays and inductors [3] - The "42+" strategy focuses on four core businesses and deepening engagement in inductors and signal relays, with plans for acquisitions to enhance the ecosystem [3] - The company aims to enhance smart manufacturing through automation and digital upgrades, replicating successful experiences across the group [3] Group 4: International Expansion - As of mid-2025, overseas revenue reached ¥323,585,040, accounting for 28.08% of total revenue [4] - The company plans to increase its overseas market share by focusing on high-margin products like general power relays and transformers [4] - Future international efforts will target regions such as South America and Southeast Asia, emphasizing high-reliability and customized products [4]

Group 1 - The core viewpoint of the news is that Sanyou Lianzhong Group has demonstrated strong performance in the relay and transformer manufacturing sector, with significant revenue and profit growth in the first half of the year [1] - The company achieved operating revenue of 1,165,363,335.35 yuan, an increase of 8.48% compared to the same period last year, and a net profit attributable to shareholders of 42,885,668.81 yuan, up 5.64% year-on-year [1] - The growth in performance is attributed to the expansion of market demand, which has driven the growth of existing business and increased profit margins from overseas business [1] Group 2 - In the field of new energy vehicles, the company has established a capacity management system characterized by "forward-looking layout, flexible capacity, and agile response," enhancing the production capacity of high-voltage direct current relays and photovoltaic relays [2] - The capacity utilization rate of core business units, such as the second and sixth divisions, remains above 95%, while the first and third divisions have reserved flexible capacity [2] - The company is actively promoting new customer verification for high-voltage direct current relays, which are being applied on a large scale in key areas such as new energy vehicles and charging piles [2] Group 3 - The company plans to focus on lightweight, energy-saving, intelligent, low-cost, and compact high-load products in its new product development direction, extending its product line around relays and transformers [2] - In the field of computing power supply equipment, the company's product technology has comprehensively covered various application scenarios and established long-term stable partnerships with several mainstream equipment manufacturers [2] - The company will continue to invest in research and development to enhance product performance and reliability, keeping pace with the development trends of the computing power industry [2]

Group 1: Company Overview - The company is a high-tech enterprise specializing in the research, development, manufacturing, and sales of relays and transformers, ranking among the top in China's electronic components industry [2] - The product range includes six major categories: general power relays, magnetic latching relays, automotive relays, new energy relays, photovoltaic relays, and signal relays, along with inductors and transformers [2] Group 2: Financial Performance - In the first half of 2025, the company achieved total revenue of ¥1,152,421,830.47, an increase of 8.48% year-on-year [3] - The net profit attributable to shareholders was ¥42,885,668.81, reflecting a growth of 5.64% compared to the previous year [3] - Growth factors include expanding market demand and increased overseas business contributing to profit margins [3] Group 3: Product Application and Market Strategy - The company has established a capacity management system for the new energy sector, focusing on high-pressure direct current relays and photovoltaic relays, with a strong capacity utilization rate [3] - The company is actively expanding its product lines in the new energy vehicle sector, with high-performance products like high-pressure direct current relays already integrated into mainstream electric vehicle production chains [4] - Future product development will emphasize lightweight, energy-saving, intelligent, low-cost, and compact high-load designs [4] Group 4: Capacity Utilization and Production Strategy - Core business units maintain a capacity utilization rate above 95%, ensuring timely delivery of key market orders [3] - The company plans to optimize production capacity in phases, focusing on efficiency improvements and regional expansion to meet overseas demand [3] Group 5: Emerging Markets and Innovations - The company is exploring applications of its relays in emerging fields such as computing power supply equipment, with ongoing collaborations with major manufacturers [4] - Future plans include continuous investment in research and development to enhance product performance and reliability in line with industry trends [4]

Core Viewpoint - The recent financial report of Sanyou Lianzhong (300932) shows a year-on-year increase in total revenue and net profit, indicating stable growth despite challenges in cash flow and accounts receivable management [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 1.152 billion yuan, an increase of 8.48% compared to 2024 [1]. - Net profit attributable to shareholders was 42.89 million yuan, up 5.64% year-on-year [1]. - The gross profit margin decreased to 18.32%, down 4.31% from the previous year, while the net profit margin increased to 3.83%, up 1.51% [1]. - The company’s accounts receivable accounted for 1197.49% of the net profit, indicating a significant amount of outstanding payments [1][2]. Business Model and Strategy - The company relies on R&D, marketing, and capital expenditure for performance, necessitating careful evaluation of capital projects [2]. - Future growth will focus on enhancing core business areas, expanding into international markets, and leveraging opportunities in emerging sectors like new energy and smart grids [3][4]. Product Development and Market Position - The company has established a comprehensive service system for relay products, including various types of relays and transformers, and aims to strengthen its position in the general power relay and new energy relay markets [3][4]. - In the new energy sector, the company has implemented a capacity management system to enhance production efficiency and responsiveness to market demands [4][5]. Competitive Landscape - The global electromagnetic relay market is projected to grow at an average rate of 8.6% from 2023 to 2028, with significant opportunities in both traditional and emerging sectors [5]. - The company plans to enhance profitability through smart manufacturing and a focus on high-margin products, while also addressing competition through technological advancements and supply chain integration [5][6]. Future Outlook - The company aims to optimize its product lines by focusing on lightweight, energy-efficient, and intelligent designs, while also expanding into new markets such as low-altitude economy and robotics [6][7]. - Strategic initiatives will include enhancing customer communication and expanding the product range to meet diverse market needs [7].

Group 1 - The company has not distributed cash dividends or bonus shares during the reporting period [3] - The company has not changed its controlling shareholder or actual controller during the reporting period [5] - The company has no preferred shareholders during the reporting period [6] Group 2 - The company held its third supervisory board meeting on August 26, 2025, with all supervisors present [9] - The supervisory board approved the half-year report and its summary, confirming that the report reflects the company's actual situation accurately [10][42] - The supervisory board also approved the special report on the storage and use of raised funds, confirming compliance with relevant regulations [12][45] Group 3 - The company raised a total of 777.735 million yuan from its initial public offering, with a net amount of 704.7817 million yuan after deducting fees [19][20] - As of June 30, 2025, the balance of raised funds was 8.1275 million yuan, with no idle funds used for cash management during the reporting period [20][24] - The company has established two special accounts for raised funds, which have been properly managed and monitored [21][22] Group 4 - The company has recognized an asset impairment provision totaling approximately 9.3347 million yuan for the first half of 2025 [27][30] - The impairment provision is intended to ensure a fair representation of the company's financial status and asset values [31][32] - The supervisory board and audit committee have both agreed that the impairment provision is compliant with relevant accounting standards and does not harm the interests of the company or its minority shareholders [32][33]

Fundraising Overview - The company raised a total of RMB 77,773.50 million by issuing 31.5 million shares at RMB 24.69 per share, with a net amount of RMB 70,478.17 million after deducting various fees [2][3] - As of June 30, 2025, the remaining balance of the raised funds was RMB 812.75 million [3] Fund Management and Usage - The company established a management system for the raised funds, ensuring they are stored in dedicated bank accounts and managed according to relevant laws and regulations [4][5] - Two fundraising accounts have been fully utilized and subsequently closed as of June 30, 2025 [7] Fund Usage Details - The company used part of the raised funds to permanently supplement working capital, amounting to RMB 27.50 million [8] - No idle funds were used for cash management during the reporting period [8] Asset Impairment Provision - The company approved an asset impairment provision totaling RMB 9,334,662.68 for the first half of 2025, reflecting a cautious approach to financial reporting [18][19] - This provision will reduce the company's profit for the reporting period but will not affect cash flow [18] Board and Supervisory Committee Resolutions - The board and supervisory committee unanimously approved the half-year report and the asset impairment provision, confirming compliance with relevant regulations [36][50]

Group 1 - The stock price of Sanyou Lianzhong closed at 12.11 yuan on August 27, 2025, down by 0.31 yuan, a decrease of 2.50% from the previous trading day [1] - The trading volume on that day was 60,891 hands, with a transaction amount of 0.75 billion yuan [1] - Sanyou Lianzhong specializes in the manufacturing of power grid equipment, focusing on the research, production, and sales of relays and related products, which are widely used in home appliances, automotive electronics, and industrial control [1] Group 2 - For the first half of the year, Sanyou Lianzhong achieved a net profit attributable to shareholders of 42.89 million yuan, representing a year-on-year growth of 5.64% [1] - On August 27, the net inflow of main funds was 3.08 million yuan, accounting for 0.11% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 1.16 million yuan, representing 0.04% of the circulating market value [1]

CONTENTS | About this report | 1 | | --- | --- | | Scope of the report | 1 | | Preparation guidelines | 1 | | for the report | | | Interpretations | 1 | | ESG report index | 110 | | GRI content index | 114 | Sustainability Report 2024 01 02 03 04 05 Getting to Know Sanyou Moving Towards a Sustainable Future Together www.sanyourelay.com | Chairman's Statement | | --- | | Company Overview | | Development History | | Company Culture | Sustainable Management Leading Sanyou to Steady Progress | Strategic Leaders ...

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证券代码：300932 证券简称：三友联众 公告编号：2025-038 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。 三友联众集团股份有限公司（以下简称"公司"）于2025年8月26日召开公司 第三届董事会第十四次会议、第三届监事会第十三次会议，会议审议通过了《关 于<2025年半年度报告>及其摘要的议案》。 公司《2025年半年度报告》及其摘要已于2025年8月28日在中国证券监督管 理委员会指定创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn）上披 露，敬请投资者注意查阅。 三友联众集团股份有限公司 关于 2025 年半年度报告披露的提示性公告 特此公告。 三友联众集团股份有限公司董事会 2025 年 8 月 28 日 ...