Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, indicating short-term pressure on performance, primarily due to a decrease in sales from joint venture clients in the cleaning system business [2][3]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 203 million yuan, a year-on-year decrease of 16.04% and a quarter-on-quarter decrease of 21.44% [2][3]. - The net profit attributable to the parent company was 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter, resulting in a net profit margin of 20.61%, which is a decline of 6.21 percentage points year-on-year [2][3]. - The comprehensive gross margin for Q1 2025 was 32.22%, down 4.57 percentage points year-on-year, attributed mainly to price reductions for clients [3]. Competitive Advantages - The company possesses core competencies in technology research and development, cost control, customer coverage, product expansion, and capacity layout [4]. - In technology R&D, the company has leading advantages in product development, testing, mold design, and the integration of fully automated production lines [4]. - Cost control is enhanced through a platform strategy and vertical integration of the supply chain, along with intelligent automated production [4]. - The company has established deep partnerships with major automotive manufacturers such as BMW, Geely, and North American electric vehicle clients, as well as international Tier 1 suppliers [4]. - The micro-motor technology serves as a platform technology with strong extensibility, allowing the company to diversify its application scenarios and product range [4]. - Ongoing construction of factories in Thailand and the United States is expected to improve global customer support efficiency and expand overseas market share [4]. Future Financial Projections - The company maintains forecasts for net profit attributable to the parent company at 251 million yuan, 303 million yuan, and 366 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.14 yuan, 3.79 yuan, and 4.57 yuan [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 24.75x, 20.48x, and 16.97x respectively [6].

证券代码：300969 证券简称：恒帅股份 公告编号：2025-034 宁波恒帅股份有限公司 2025 年第一次临时股东大会决议公告 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 记载、误导性陈述或重大遗漏。 其中，中小投资者出席情况如下：通过现场和网络投票的股东 106 人，代表 公司有表决权的股份数为 868,666 股，占公司有表决权股份总数的 1.0858%。 公司全体董事、全体监事出席了本次股东大会，公司部分高级管理人员列席 了本次股东大会。上海国瓴律师事务所委派阮芳洋、许玲玉律师见证了本次会议 并出具了法律意见书。本次会议的召集、召开和表决程序符合法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 二、议案审议和表决情况 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 宁波恒帅股份有限公司（以下简称"公司"）2025 年第一次临时股东大会采 取现场投票、网络投票相结合的方式召开，现场会议于 2025 年 5 月 6 日下午 15:00 在浙江省宁波市江北区通宁路 399 号公司会议室召 ...

上海国瓴律师事务所 关于 宁波恒帅股份有限公司 2025 年第一次临时股东大会的 法律意见 上海国瓴律師事務所 SHANGHAIGUOLINGLAWFIRM 上海市徐汇区衡山路 598 号 电话：021-33883626 传真：021-34127367 网址：www.guolinglaw.com 2025 年第一次临时股东大会见证的法律意见 上海国瓴律师事务所 关于 宁波恒帅股份有限公司 2025 年第一次临时股东大会见证的 法律意见 国瓴 2025002-6 号 致：宁波恒帅股份有限公司 2025 年第一次临时股东大会见证的法律意见 1.本次股东大会的召集程序； 2.本次股东大会的召开程序； 3.出席本次股东大会人员及会议召集人资格； 4.本次股东大会的表决方式、表决程序及表决结果； 上海国瓴律师事务所（以下简称"本所"）受宁波恒帅股份有限公司（以下 简称"公司"）委托，指派阮芳洋律师、许玲玉律师（以下合称"本所律师"） 出席公司 2025 年第一次临时股东大会（以下简称"本次股东大会"），对本次 股东大会召开的合法性进行见证并出具本法律意见。 本所律师依据本法律意见出具日前已经发生或存在的事实和《中华人民 ...

上市公司目前进入分红实施季。证券时报·数据宝统计，以股权登记日为基准，今日6家公司分配方案将 要实施。 统计显示，2024年度推出分配方案的公司合计有3669家。在监管层大力提倡现金分红的背景下，上市公 司现金分红更加积极，2024年度分配方案中含有现金分红的有3664家，累计派现金额1.64万亿元。2024 年度分配方案中含送转股的有346家。 | 证券代码 | 证券简称 | 每10股派现（元） | 每10股送转（股） | 最新收盘价（元） | 近5日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 301004 | 嘉益股份 | 30.000 | 4.000 | 101.53 | 5.18 | | 002600 | 领益智造 | 0.200 | - | 7.98 | 2.57 | | 603682 | 锦和商管 | 2.200 | - | 5.51 | -1.43 | | 300969 | 恒帅股份 | 4.000 | 4.000 | 77.65 | -1.48 | | 300693 | 盛弘股份 | 5.000 | - | 29.69 | -2.08 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company is experiencing short-term pressure on its performance in Q1 2025, with revenue and net profit declining year-on-year. However, the long-term growth potential as a leader in micro-motors remains promising [1][3][9] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 203 million yuan, a year-on-year decrease of 16.04% and a quarter-on-quarter decrease of 21.44% [8] - The net profit attributable to the parent company for Q1 2025 was 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [8] - The gross margin for Q1 2025 was 32.22%, a decline of 4.57 percentage points year-on-year [8] - The company forecasts total revenue of 1,139.54 million yuan for 2025, with a year-on-year growth of 18.42% [1][10] Competitive Advantages - The company possesses core competencies in technology research and development, cost control, customer coverage, product expansion, and capacity layout [3] - It has a leading technological advantage in product development, automated production lines, and a platform strategy for cost control [3] - The company has established deep partnerships with major automotive manufacturers, enhancing its customer base [3] Capacity Expansion - The company is actively advancing the construction of factories in Thailand and the United States, which will improve its efficiency in serving global customers and expand its overseas market share [3]

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电（301362）2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示，2023年，全球LED防爆照明市场销售额达到 了49亿元，并预测在2028年将达到79亿元，期间的复合年增长率（CAGR）约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用，这些领域对于安全照明有着 极高的要求。 来源：证券之星 更多：https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐：2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR（恒州博智）的统计及预测，2 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 203 million yuan in Q1 2025, a year-on-year decrease of 16.04% and a quarter-on-quarter decrease of 21.44%. The net profit attributable to the parent company was 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [1] - The slowdown in growth for early 2024 and 2025 is primarily due to the contraction in joint venture fluid business revenues, with traditional segments facing growth pressure amid intensified cost competition in the automotive industry [2] - The company's proactive sensing cleaning system has shown promising market potential, especially in the high-level autonomous driving sector, with expectations for increased penetration rates in the future [2] - The actual controller of the company has voluntarily committed to not reducing their shareholding for six months, reflecting confidence in the company's long-term development [3] Financial Projections - The company is expected to achieve revenues of 1.074 billion yuan, 1.239 billion yuan, and 1.408 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 235 million yuan, 267 million yuan, and 307 million yuan for the same years [4][6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.94 yuan, 3.33 yuan, and 3.84 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.27, 23.15, and 20.10 [4][6]

Group 1: Company Insights - BGI Genomics faces challenges such as declining demand, operational complexity, and high prices in the genetic testing industry, but is enhancing efficiency through automation and AI, while expanding into reproductive health and cancer prevention [1] - Nanshan Zhishang reported a 12.84% year-on-year increase in net profit for Q1, driven by new materials business, particularly ultra-high molecular weight polyethylene fibers [2] - Jizhi Co. saw a 54.89% increase in revenue year-on-year in Q1, benefiting from stable growth in balancing machine sales and automation line revenue [3] - Huangma Technology's export sales grew over 30% in Q1 2025, with improved gross margins due to increased production and lower raw material costs [4] - Proya Cosmetics aims to become the first beauty company in China to exceed 10 billion in revenue by 2024, focusing on expanding its product matrix and enhancing online and offline channels [5] - Daotong Technology is advancing its "embrace AI" strategy, significantly enhancing its digital repair and energy products, with a 60% growth in its TPMS series [6] - Lianchuang Optoelectronics experienced significant revenue growth in Q1 2025, with a focus on optimizing asset quality in the backlight source industry [7] - Hengshuai Co. reported a 16.04% decline in revenue for Q1 2025, facing challenges in traditional cleaning and motor businesses, but is expanding its ADAS cleaning system business [8] - Weifeng Electronics achieved a 9.77% revenue growth in 2024, despite a decline in net profit due to reduced non-operating income and increased expenses [9] - Perfect World continues to enhance its gaming portfolio with successful updates and expansions, including the launch of new titles and esports initiatives [11] - Xiangsheng Medical invested 80 million in R&D in 2024, focusing on AI technology in ultrasound products and maintaining a strong dividend policy [12] - Jiuhua Tourism reported a 30.13% revenue increase in Q1 2025, driven by a rise in tourist visits and ongoing infrastructure projects [13] - Jingzhida's semiconductor business line saw a revenue share increase to over 70% in Q1 2025, with ongoing efforts to localize core components [14] - Teruid's management outlined plans for international expansion and the development of a virtual power plant platform to enhance service offerings [15] Group 2: Industry Trends - The genetic testing industry is experiencing increased competition and cost pressures, prompting companies to innovate and optimize operations [1] - The new materials sector is becoming a key growth driver, particularly in high-performance fibers used in various applications [2] - Automation and AI are reshaping traditional manufacturing and service sectors, enhancing efficiency and product offerings [3][6] - The beauty and cosmetics industry is focusing on market expansion and product diversification to capture a larger share of the global market [5] - The gaming industry is evolving with continuous updates and new releases, indicating a strong demand for innovative gaming experiences [11] - The tourism sector is recovering with increased visitor numbers, highlighting the importance of infrastructure development and service enhancement [13]

Financial Performance - The company's Q1 2025 revenue was 202.83 million yuan, a decrease of 16.04% from 241.59 million yuan in Q1 2024 [3] - Net profit attributable to shareholders was 41.80 million yuan, down 35.48% from 64.79 million yuan in the previous year [3] - The gross margin for Q1 2025 was 32.22%, showing a decline from 36.79% in Q1 2024 and 32.5% in Q4 2024 [3] Business Challenges - The traditional cleaning business segment continues to face pressure, with no signs of relief in Q1 2025 [3] - The electric motor business also experienced a short-term decline due to overdue accounts from some clients, leading to a temporary halt in supply to those clients [3] Strategic Initiatives - The company is focused on risk management of accounts receivable, maintaining a cautious approach in project and client selection [4] - Plans to expand the customer base and maintain stable relationships with emerging clients to enhance market share [4] Production and Growth Prospects - The Thai factory is progressing well with equipment debugging and is entering a ramp-up production phase [5] - The factory is expected to provide new growth momentum due to sufficient order demand and low initial depreciation burden [5] Technology Development - The company has secured mass production projects for the ADAS active perception cleaning system with clients like Waymo and Meituan, targeting an annual capacity of 250,000 sets [6] - Development of harmonic magnetic field motor technology is underway, with successful applications in logistics systems and positive feedback from clients in humanoid robotics [6] Market Impact - Direct sales to the U.S. market accounted for only 2.7% of total business in 2024, minimizing the impact of U.S. tariffs [7] - The company plans to optimize production capacity and strategies in response to external environmental changes [7]

数据四舍五入，查看更多财务数据>> 本次公司不分配不转赠。 二、前10名无限售条件股东持股情况 三、分红送配方案情况 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） | 0.5200 | 0.8100 | -35.8 | 0.5100 | | 每股净资产（元） | 16.56 | 14.49 | 14.29 | 11.94 | | 每股公积金(元) | 6.18 | 6.18 | 0 | 6.18 | | 每股未分配利润(元) | 8.80 | 6.82 | 29.03 | 4.24 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.03 | 2.42 | -16.12 | 1.83 | | 净利润(亿元) | 0.42 | 0.65 | -35.38 | 0.41 | | 净资产收益率(%) | 3.21 | 5.74 | -44.08 | 4.37 | 前十大流通股东累计持有： 42 ...