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 ...

关于 2025 年第一季度报告披露的提示性公告 证券代码：300969 证券简称：恒帅股份 公告编号：2025-031 宁波恒帅股份有限公司 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。 宁波恒帅股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开第二 届董事会第二十三次会议，审议通过了公司《关于 2025 年第一季度报告的议案》。 为使投资者全面了解公司 2025 年第一季度的财务状况及具体经营情况，公 司 《 2025 年 第 一 季 度 报告》 将 于 2025 年 4 月 29 日在巨潮资讯网 （http://www.cninfo.com.cn）披露，敬请投资者注意查阅。 特此公告。 宁波恒帅股份有限公司董事会 2025 年 4 月 29 日 ...

证券代码：300969 证券简称：恒帅股份 公告编号：2025-033 宁波恒帅股份有限公司 第二届监事会第二十次会议决议公告 本公司及监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。 一、监事会会议召开情况 宁波恒帅股份有限公司（以下简称"公司"）第二届监事会第二十次会议于 2025 年 4 月 28 日在公司会议室以现场方式召开，会议通知于 2025 年 4 月 23 日 以书面的方式发出。本次会议由监事会主席邬赛红女士召集并主持，会议应到监 事 3 人，实到监事 3 人。本次会议召集和召开程序及参会人员符合《公司法》及 《公司章程》的规定，表决所形成决议合法、有效。公司董事会秘书列席了会议。 二、监事会会议审议情况 出席会议的监事认真审议了下述议案，并以记名投票表决的方式审议通过如 下议案： 1、审议通过了《关于 2025 年第一季度报告的议案》 经审核，监事会认为董事会编制和审核公司《2025 年第一季度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司 2025 年第一季度经营的实际情况，不存在任何虚假记载、误导性陈述或 ...

证券代码：300969 证券简称：恒帅股份 公告编号：2025-032 宁波恒帅股份有限公司 第二届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 本项议案已经公司董事会审计委员会审议通过。 表决结果：5 票同意，0 票反对，0 票弃权。 三、备查文件 1、宁波恒帅股份有限公司第二届董事会第二十三次会议决议； 2、宁波恒帅股份有限公司第二届董事会审计委员会第二十二次会议决议。 特此公告。 宁波恒帅股份有限公司（以下简称"公司"）第二届董事会第二十三次会议于 2025 年 4 月 28 日在公司会议室以现场的方式召开。会议通知于 2025 年 4 月 23 日 以书面与电话相结合的方式发出。本次会议由公司董事长许宁宁先生召集并主持， 会议应到董事 5 名，实到董事 5 名，本次会议召集和召开程序及参会人员符合《公 司法》及《公司章程》的规定，表决所形成决议合法、有效。公司监事、高级管理 人员列席了会议。 二、董事会会议审议情况 出席会议的董事认真审议了下述议案，并以记名投票表决的方式审议通过如下 议案： 1、 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥202,832,135.57, a decrease of 16.04% compared to ¥241,589,293.91 in the same period last year[5] - Net profit attributable to shareholders was ¥41,800,780.50, down 35.48% from ¥64,788,926.45 year-on-year[5] - Basic and diluted earnings per share were both ¥0.52, reflecting a decline of 35.80% compared to ¥0.81 in the same period last year[5] - Total operating revenue decreased to ¥202,832,135.57 from ¥241,589,293.91, representing a decline of approximately 16% year-over-year[23] - Net profit decreased to ¥41,800,780.50 from ¥64,788,926.45, reflecting a decline of approximately 35% year-over-year[24] - Basic and diluted earnings per share decreased to ¥0.52 from ¥0.81, a drop of about 36% year-over-year[25] Cash Flow - The net cash flow from operating activities decreased by 23.79% to ¥49,707,245.67 from ¥65,224,579.58 in the previous year[5] - Cash inflow from operating activities totaled $269,451,998.98, down from $292,319,430.13, a decrease of about 7.8%[26] - Cash outflow from operating activities was $219,744,753.31, compared to $227,094,850.55, reflecting a reduction of approximately 3.2%[26] - The net cash flow from investing activities was -$42,046,377.10, an improvement from -$49,670,035.77[27] - Cash inflow from investing activities increased significantly to $135,173,023.67 from $5,000.00[27] - Cash outflow from investing activities rose to $177,219,400.77 from $49,675,035.77, indicating a substantial increase[27] - The net cash flow from financing activities was negative at -¥425,266.20, primarily due to increased rental payments[10] - The net cash flow from financing activities was -$425,266.20, with no cash inflow reported[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,574,317,294.72, a slight decrease of 0.09% from ¥1,575,683,629.51 at the end of the previous year[5] - Total liabilities decreased to ¥249,628,901.64 from ¥292,668,435.97, a reduction of approximately 15% year-over-year[20] - Total equity increased to ¥1,324,688,393.08 from ¥1,283,015,193.54, an increase of about 3% year-over-year[20] - The company reported a total current asset balance of ¥1,051,230,891.20 as of March 31, 2025, slightly down from ¥1,052,384,580.35 at the beginning of the period, indicating a decrease of approximately 0.11%[17] - Cash and cash equivalents increased to ¥343,911,262.18 from ¥336,883,272.58, reflecting a growth of about 0.38%[17] - The company's trading financial assets rose to ¥357,269,009.23 from ¥325,021,045.67, marking an increase of approximately 9.9%[18] - Accounts receivable decreased to ¥209,475,854.77 from ¥249,015,282.26, representing a decline of about 16%[18] - Inventory slightly decreased to ¥110,552,884.47 from ¥111,411,723.26, a reduction of approximately 0.77%[18] - The company’s fixed assets decreased to ¥360,625,406.67 from ¥365,858,459.27, a decline of about 1.3%[18] - The company’s intangible assets decreased slightly to ¥84,601,985.33 from ¥85,580,456.17, indicating a reduction of approximately 1.15%[18] - The company’s non-current financial assets remained stable at ¥4,878,488.26[18] Shareholder Information - The top shareholder, Ningbo Hengshuai Investment Management Co., Ltd., holds 53.59% of the shares, totaling 42,868,113 shares[11] - The company has a total of 58,314,080 shares under lock-up agreements, with major shareholders voluntarily extending the lock-up period until October 21, 2025[14] Regulatory and Development Activities - The company received approval from the China Securities Regulatory Commission for issuing convertible bonds to unspecified investors in February 2025[15] - Research and development expenses increased to ¥7,441,651.89 from ¥6,858,817.51, an increase of approximately 8.5% year-over-year[23] Other Financial Metrics - The company's weighted average return on equity was 3.21%, down from 5.74% in the previous year[5] - Deferred income tax liabilities increased to ¥19,062,434.64 from ¥16,543,778.41, an increase of about 9% year-over-year[20] - The impact of exchange rate changes on cash and cash equivalents was -$207,612.77, compared to -$1,883,490.22 in the previous period[27] - The ending balance of cash and cash equivalents increased to $343,911,262.18 from $317,431,800.91, marking a rise of approximately 8.3%[27] - Cash inflow from sales of goods and services was $262,502,773.50, down from $284,045,507.66, a decrease of about 7.6%[26]

证券代码：300969 证券简称：恒帅股份 公告编号：2025-030 宁波恒帅股份有限公司 关于 2024 年度利润分配实施的公告 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。 宁波恒帅股份有限公司（以下简称"公司"）2024 年年度权益分派方案已 获 2025 年 4 月 23 日召开的 2024 年年度股东大会审议通过，现将权益分派事宜 公告如下： 一、公司 2024 年度利润分配的基本情况 1、宁波恒帅股份有限公司于 2025 年 4 月 23 日召开 2024 年年度股东大会， 审议通过了《关于 2024 年度利润分配预案的议案》，同意公司以总股本 80,000,000 股为基数，向全体股东每 10 股派发现金股利人民币 4.0 元（含税）， 合计派发现金股利 32,000,000.00 元；不送红股；同时以资本公积金转增股本方 式向全体股东每 10 股转增 4 股，共计转增 32,000,000 股，转增后公司总股本将 增加至 112,000,000 股（具体以中国证券登记结算有限责任公司深圳分公司登记 为准）。剩余未分配利润结转以后年度。 公司 ...

上海国瓴律师事务所 法律意见 上海国瓴律師事務所 关于 宁波恒帅股份有限公司 2024 年年度股东大会见证的 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 2024 年年度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 2024 年年度股东大会见证的 法律意见 国瓴 2025002-5 号 致：宁波恒帅股份有限公司 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，指派许玲玉律师、陶琳律师（以下合称"本所律师"）出 席公司 2024 年年度股东大会（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《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和规范性文件及《宁波恒帅股份有限公司章程》（以下简称"《公 ...