宁波恒帅股份有限公司 2025 年第三季度报告 证券代码：300969 证券简称：恒帅股份 债券代码：123256 债券简称：恒帅转债 宁波恒帅股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 宁波恒帅股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益 项目的情况说明 2 宁波恒帅股份有限公司 2025 年第三季度报告 □适用 不适用 公司不存在将《公开发行证 ...

Market Overview - The automotive parts sector increased by 0.82% on October 29, with Sanxiang Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Automotive Parts Sector - Sanxiang Technology (code: 920195) closed at 24.97, with a significant increase of 29.98% and a trading volume of 143,100 shares, amounting to a transaction value of 325 million yuan [1] - Kete Co., Ltd. (code: 920978) saw a rise of 12.23%, closing at 41.30 with a trading volume of 68,900 shares [1] - Lintai New Materials (code: 920106) increased by 12.20%, closing at 96.01 with a trading volume of 19,200 shares [1] - Other notable gainers include Jianbang Technology (10.42%), Mingke Precision Technology (9.99%), and Shanzi Gaoke (9.97%) [1] Top Losers in Automotive Parts Sector - Taixiang Co., Ltd. (code: 301192) experienced the largest decline, down 11.04% to 37.30 with a trading volume of 59,600 shares [2] - Changrun Co., Ltd. (code: 603201) fell by 9.36%, closing at 17.44 with a trading volume of 82,600 shares [2] - Qingdao Double Star (code: 6650000) decreased by 8.62%, closing at 7.00 with a trading volume of 2,072,900 shares [2] Capital Flow Analysis - The automotive parts sector saw a net inflow of 1.331 billion yuan from institutional investors, while retail investors experienced a net outflow of 429 million yuan [2] - The main capital inflow was concentrated in stocks like Shanzi Gaoke, which had a net inflow of 195.5 million yuan from institutional investors [3] - Other stocks with significant institutional inflows include Junsheng Electronics (40.8 million yuan) and Top Group (26.9 million yuan) [3]

Core Insights - The automotive parts sector experienced a rise of 1.54% on October 24, with Meili Technology leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Automotive Parts Sector Performance - Meili Technology (300611) closed at 35.18, with a significant increase of 10.77% and a trading volume of 304,900 shares [1] - Other notable gainers included: - Qingdao Double Star (000599) at 6.33, up 10.09% with a volume of 515,800 shares [1] - Xinquan Co. (603179) at 73.59, up 10.00% with a volume of 264,900 shares [1] - Shenglong Co. (603178) at 22.88, up 10.00% with a volume of 291,800 shares [1] - Aerospace Science and Technology (000901) at 18.62, up 9.98% with a volume of 322,600 shares [1] Fund Flow Analysis - The automotive parts sector saw a net inflow of 1.289 billion yuan from main funds, while retail investors experienced a net outflow of 109 million yuan [2] - The sector's overall trading activity indicates a strong interest from institutional investors despite some outflows from retail investors [2]

Group 1 - The core point of the news is that Hengshuai Co., Ltd. experienced a 5.07% drop in stock price, closing at 107.28 CNY per share, with a total market capitalization of 12.015 billion CNY [1] - Hengshuai Co., Ltd. is based in Ningbo, Zhejiang Province, and was established on February 21, 2001, with its IPO on April 12, 2021. The company specializes in the research, production, and sales of automotive motors and cleaning system products based on fluid technology [1] - The revenue composition of Hengshuai Co., Ltd. includes cleaning products at 46.88%, motor products at 44.88%, other products at 7.14%, and additional revenue at 1.10% [1] Group 2 - From the perspective of fund holdings, one fund under Huatai-PB has a significant position in Hengshuai Co., Ltd., with the Zhongzheng 2000 fund holding 132,100 shares, representing 0.45% of the fund's net value, making it the largest holding [2] - The Zhongzheng 2000 fund was established on September 6, 2023, with a latest scale of 1.984 billion CNY. It has achieved a year-to-date return of 27.85%, ranking 1711 out of 4218 in its category, and a one-year return of 33.95%, ranking 1191 out of 3875 [2]

| 证券代码：300969 | 证券简称：恒帅股份 | 公告编号：2025-093 | | --- | --- | --- | | 债券代码：123256 | 债券简称：恒帅转债 | | 宁波恒帅股份有限公司 关于使用部分闲置募集资金进行现金管理 到期赎回的进展公告 为进一步提高募集资金使用效率，公司于 2025 年 6 月 6 日召开第二届董事 会第二十五次会议、第二届监事会第二十二次会议，于 2025 年 6 月 23 日召开 2025 年第二次临时股东大会，审议通过了《关于增加使用部分闲置募集资金进行 现金管理的议案》，同意公司在确保不影响募集资金投资项目建设和公司正常运 营的情况下，增加使用不超过人民币 20,000 万元的闲置募集资金进行现金管理， 本次增加后，使用闲置募集资金进行现金管理的额度由不超过人民币 12,000 万 元调整为不超过人民币 32,000 万元。期限自股东大会审议通过之日起至 2026 年 4 月 1 日止。在上述额度及有效期内，资金可循环滚动使用。 一、使用部分闲置募集资金购买现金管理产品到期赎回的情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记 ...

Key Points - The People's Bank of China will announce the latest 1-year and 5-year LPR values on October 20 [1][19] - The National Bureau of Statistics will release macroeconomic data for the third quarter and September on the same day [2][17] - A video call took place between Chinese and U.S. economic leaders, discussing important issues in bilateral economic relations and agreeing to hold new trade consultations soon [4] - The central government has allocated 500 billion yuan to local governments to strengthen fiscal capacity and support economic recovery [4] - The Ministry of Finance announced a VAT policy adjustment for offshore wind power, effective from November 1, 2025, to December 31, 2027, allowing a 50% VAT refund [5] - The Shanghai Stock Exchange reported improved market resilience during the 14th Five-Year Plan, with a 15.9% annualized volatility and an average dividend yield of nearly 2.5% [7] - The Shanghai Stock Exchange aims to enhance the quality of listed companies and attract long-term capital, aligning with national strategies [8] - UBS Wealth Management upgraded its global stock rating to "attractive," citing stronger-than-expected economic growth and easing tariff pressures [9] - A report indicated that the user base for generative AI in China reached 515 million by June 2025, doubling in six months [11] - The domestic market for battery recycling is expected to exceed 100 billion yuan by 2030, with a projected recycling volume of over 300,000 tons in 2024 [12] - Gold prices have significantly declined, with analysts suggesting a greater likelihood of further decreases in the future [13] - Cambricon reported a 2386.38% year-on-year revenue growth for the first three quarters of 2025, driven by market expansion and AI application support [14] - This week, 54 stocks will be unlocked, with a total market value of 71.709 billion yuan, including significant unlocks from Huibo Yuntong and Hengshuai [16] - Citic Securities expects short-term market disturbances from U.S.-China relations to be limited, while Huatai Securities suggests a shift towards defensive sectors [21][22]

Summary of Key Points Core Viewpoint - A total of 522 stocks reported their latest shareholder numbers as of October 10, with 235 stocks showing a decline in shareholder count compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][4]. Group 1: Shareholder Count Changes - The stock with the largest decline in shareholder count is Maoshuo Power, which saw a decrease of 19.82% to 30,000 shareholders, alongside a cumulative drop of 12.73% in its stock price since the concentration of shares began [4][5]. - ST Meichen reported a decrease of 18.26% in shareholder count to 58,149, with a cumulative decline of 3.10% in stock price during the same period [4][5]. - Six stocks experienced a decline of over 10% in shareholder count, including Hengshuai Co. and Donghua Technology, with respective declines of 11.32% and 10.83% [4][5]. Group 2: Performance of Concentrated Stocks - Among the concentrated stocks, 27% outperformed the Shanghai Composite Index, despite an average decline of 2.93% since September 21, while the index itself rose by 0.51% [2]. - The top performers since the concentration began include Jingquanhua, which increased by 55.48%, and Haima Automobile, which rose by 17.35% [3][4]. Group 3: Industry Insights - The concentrated stocks are primarily found in the machinery, electronics, and basic chemical industries, with 33, 27, and 20 stocks respectively [4]. - The latest performance data indicates that the average decline for concentrated stocks since October 1 is 3.50%, with notable gains in specific sectors [4].

Core Viewpoint - A total of 474 stocks reported their latest shareholder numbers as of October 10, with 220 stocks showing a decline compared to the previous period, indicating a trend of decreasing shareholder engagement in certain companies [1][3]. Group 1: Shareholder Changes - Among the 474 companies, 220 reported a decrease in shareholder numbers, with five companies experiencing a decline of over 10% [3]. - ST Meichen had the largest drop in shareholder numbers, decreasing by 18.26% to 58,149 shareholders, while Hengshuai Co. saw a decline of 11.32% to 8,956 shareholders [3][4]. - The average decline in shareholder numbers for the latest concentrated stock group was 1.24% since October 1 [3]. Group 2: Stock Performance - The concentrated stocks monitored from September 30 showed an average decline of 0.87% since September 21, underperforming the Shanghai Composite Index, which rose by 2.52% during the same period [2]. - Among the stocks with a decline in shareholder numbers, Jingquanhua had the highest increase in stock price, rising by 67.47% since September 21 [2][3]. - The top-performing stocks since the concentration period include Jingquanhua, Haima Automobile, and Yiyi Co., with respective increases of 40.96%, 22.68%, and 14.71% [3]. Group 3: Industry Insights - The concentrated stocks are primarily from the machinery, electronics, and computer industries, with 32, 26, and 19 stocks respectively [3]. - The performance of concentrated stocks indicates a mixed outlook across different sectors, with some companies experiencing significant gains despite overall declines in shareholder numbers [2][3].

Summary of Key Points Core Viewpoint - The recent data indicates a significant decline in the number of shareholders for many companies, with 190 out of 417 companies reporting a decrease in shareholder count as of October 10, compared to the previous period [1][4]. Group 1: Shareholder Count Changes - A total of 417 companies disclosed their shareholder counts as of October 10, with 190 showing a decrease compared to September 30 [4]. - The company with the largest decline in shareholder count is Hengshuai Co., with a decrease of 11.32% to 8,956 shareholders [4]. - Donghua Technology reported a 10.83% drop in shareholder count, bringing the total to 38,700 [4]. Group 2: Stock Performance - Among the stocks with a decline in shareholder count, Jingquanhua saw the highest increase in stock price, rising by 52.23% since September 21 [3]. - The average performance of concentrated stocks since October 1 has been a decline of 0.31%, with 29% of these stocks outperforming the Shanghai Composite Index [2][4]. Group 3: Industry Insights - The industries with the most concentrated stocks include machinery, electronics, and computers, with 26, 24, and 16 stocks respectively [4]. - The latest concentrated stocks include Hengshuai Co. (automotive), Donghua Technology (construction decoration), and Huazi Technology (power equipment), all showing varying degrees of stock performance [5].

Core Insights - The launch of the first batch of green liquid fuel industrialization pilot projects by the National Energy Administration marks a significant acceleration in the industrialization of green liquid fuels, defining 2025 as the "substantial industrialization year" for China's green liquid fuel development [2][4]. Group 1: Policy and Project Overview - The National Energy Administration announced nine pilot projects focusing on green methanol, green ammonia, and cellulose ethanol, including significant projects like the coupling of wind power and biomass to produce methanol in Jilin and the production of 50,000 tons of green methanol in Inner Mongolia [2][4]. - The projects require simultaneous technological breakthroughs and market validation, with a completion deadline set for the end of 2026, ensuring a closed-loop system from production to application [2][4]. Group 2: Future Industry Landscape - The future green fuel industry is envisioned as a comprehensive ecosystem driven by green electricity, utilizing green hydrogen as a bridge, and integrating biomass resources to serve transportation, shipping, and green chemicals [3]. - Key technological pathways include the synthesis of green methanol from green hydrogen and captured CO2, and the production of biodiesel from various biomass materials, which will play a crucial role in decarbonizing shipping [3]. Group 3: Investment Recommendations - The shift in investment logic for the green liquid fuel industry will transition from "theme speculation" to "performance-driven," with the concentration of projects expected to generate substantial orders and revenue for related listed companies [4][5]. - Recommended areas for investment include full industry chain integrators, core equipment manufacturers, key materials and components suppliers, and fuel production and operation enterprises, with specific companies highlighted for their critical roles in the industry [5].