东吴证券股份有限公司 关于南京腾亚精工科技股份有限公司 | 保荐机构名称：东吴证券股份有限公司 | 被保荐公司简称：腾亚精工 | | --- | --- | | 保荐代表人姓名：卞睿 | 联系电话：0512-62938515 | | 保荐代表人姓名：高志豪 | 联系电话：0512-62938515 | 一、 保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止 关联方占用公司资源的制度、募集资金管理制度、内控制 | 是 | | 度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 募集资金专户已于本报告期外 | | | 全部注销 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 募集资金项目已于本报告期外 | | ...

9月5日，南京腾亚精工科技股份有限公司接待了银河基金、招商证券、华西证券、中信证券、新华基金 等5家机构的特定对象调研及现场参观。公司副董事长李梦，董事、副总经理、董事会秘书、财务总监 高隘参与接待。 本次投资者关系活动主要分为现场参观和调研问答两个环节。在现场参观环节，公司简单介绍基本情况 后，带领机构人员参观了展厅、办公区域及生产车间，以了解公司产能情况。 在调研问答环节，机构关注了公司2025年上半年经营业绩等问题。公司方面透露，2025年上半年，公司 聚焦主营业务，深入开拓市场并强化内部管理，整体经营质量持续优化。上半年实现营业收入29,482.96 万元，同比增长1.37%；归属于上市公司股东的净利润97.02万元，同比增长110.30%。公司表示，以品 质为竞争前提、人才为管理核心、效益为经营目标，通过新品研发、工艺改善、市场拓展等举措，保障 了持续稳定发展，整体经营态势稳步向好。 关于产能，公司目前拥有江宁、博望、海门三大厂区，具备压铸、注塑、模具开发等多项制造能力，产 能充足。除上述问题外，其余交流内容已在之前发布的投资者关系活动记录表中披露，本次不再重复披 露。 声明：市场有风险，投资需谨慎 ...

Group 1: Company Overview - Nanjing Tengya Precision Technology Co., Ltd. conducted an investor relations activity on September 5, 2025, from 9:30 to 11:30 AM [1][2] - The event included a site visit to the company's exhibition hall, office area, and production workshop to understand production capacity [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 294.83 million, representing a year-on-year growth of 1.37% [2][3] - The net profit attributable to shareholders was CNY 970,200, showing a significant increase of 110.30% year-on-year [2][3] Group 3: Operational Strategy - The company focused on its core business, market expansion, internal management enhancement, and product quality to optimize overall operational quality [3] - Key strategies included new product development, process improvement, cost reduction, and standardized management to ensure stable growth [3] Group 4: Production Capacity - The company operates three major factories located in Jiangning, Bowang, and Haimen, with capabilities in die-casting, injection molding, mold development, stamping, surface treatment, brushless motors, battery packs, and electronic assembly [3] - The production capacity is sufficient to meet current demands, including contract manufacturing for robotics companies [3]

Group 1: Strategy and Market Outlook - The report suggests a strong allocation towards precious metals, particularly gold, and recommends overweighting Hong Kong stocks benefiting from potential Federal Reserve rate cuts, while maintaining positions in A-shares with a balanced focus on resources and technology growth [1][10] - The report highlights the acceleration of de-dollarization and challenges to the independence of the Federal Reserve, which may lead to increased demand for gold as a safe asset [8][9] Group 2: Motorcycle Industry Insights - The domestic large-displacement motorcycle penetration rate is continuously increasing, with significant growth potential for Chinese motorcycle manufacturers in the global market, particularly in large-displacement segments [2][12] - The report indicates that from 2020 to 2024, the sales of large-displacement motorcycles in China are expected to grow from approximately 140,000 units to 400,000 units, with a CAGR of 30% [13] - Exports are becoming a crucial growth driver for Chinese motorcycle manufacturers, with the export volume of motorcycles expected to increase significantly, particularly in the large-displacement category [14][15] Group 3: Company-Specific Analysis - Tengya Precision (301125.SZ) is expected to achieve a net profit of 44 million, 149 million, and 231 million yuan from 2025 to 2027, with corresponding PE ratios of 64.2, 18.9, and 12.2, indicating strong growth potential [5][22] - Zhongke Shuguang (603019.SH) is projected to have a net profit of 2.712 billion, 3.355 billion, and 3.762 billion yuan from 2025 to 2027, with a year-on-year growth of 41.9%, 23.7%, and 12.2% respectively [6][24] - The report emphasizes the robust growth of the AI and smart inspection business for Zeyu Intelligent (301179.SZ), with expected net profits of 222 million, 266 million, and 322 million yuan from 2025 to 2027 [37][39] Group 4: Investment Recommendations - Key recommendations include focusing on leading motorcycle manufacturers such as Chunfeng Power, Longxin General, and Qianjiang Motorcycle, which are expected to benefit from the growing global demand for large-displacement motorcycles [3][16] - The report suggests maintaining a "buy" rating for Tengya Precision, Zhongke Shuguang, and Zeyu Intelligent based on their growth prospects and market positioning [22][24][39]

Group 1 - The core viewpoint of the articles highlights the continuous revenue growth of Tengya Precision Engineering, with a projected revenue of 610 million yuan in 2024, representing a year-on-year increase of 31.1% [1] - The company achieved a net profit attributable to shareholders of 10 million yuan in 2024, showing a significant year-on-year growth of 118.1% [1] - The gross profit margin for the company was 24.27% in 2024, reflecting a decline of 1.04 percentage points compared to the previous year [1] Group 2 - The traditional business segments of power tools and building hardware are performing well, with the global pneumatic tools market expected to reach 18.1 billion USD by 2030 and the global electric tools market projected to reach 54.09 billion USD by 2029 [1] - The building hardware market is also promising, with an expected global market size of 73.97 billion USD by 2032, indicating a strong growth potential for the company's building hardware business [1] - The company has strong technical capabilities and a well-developed marketing network, which positions it well for steady growth in the power tools segment [1] Group 3 - The courtyard robot market presents significant growth opportunities, with the global lawn mower robot market expected to reach 16.5 billion USD by 2035, growing at a CAGR of 17.8% from 2024 to 2035 [2] - The company reported sales of 11.08 million yuan for related products from January to May 2025, a remarkable increase of 914% compared to the total sales for 2024 [2] - The investment outlook suggests that the company is likely to achieve steady growth in the power tools sector through new products and international expansion, while also increasing its market share in the building hardware sector [2]

证券日报网讯腾亚精工9月2日在互动平台回答投资者提问时表示，截至2025年8月29日，公司股东人数 为8658户。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the news is that Tengya Precision Engineering Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in financing and a positive trend in revenue and profit growth [1][2]. Group 2 - On September 1, Tengya Precision's stock price fell by 1.01%, with a trading volume of 145 million yuan. The financing buy-in amount for that day was 45.01 million yuan, while the financing repayment was 9.9964 million yuan, resulting in a net financing buy-in of 35.0177 million yuan. The total financing and securities balance reached 113 million yuan [1]. - The financing balance of Tengya Precision is currently 113 million yuan, accounting for 4.06% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - On the same day, there were no shares repaid in securities lending, with 100 shares sold, amounting to 1,966 yuan at the closing price. The securities lending balance also reached 1,966 yuan, exceeding the 90th percentile level over the past year [1]. Group 3 - As of August 29, the number of shareholders of Tengya Precision was 8,658, a decrease of 0.52% from the previous period. The average circulating shares per person increased by 0.52% to 13,554 shares [2]. - For the first half of 2025, Tengya Precision achieved an operating income of 295 million yuan, representing a year-on-year growth of 1.37%. The net profit attributable to the parent company was 970,200 yuan, showing a significant year-on-year increase of 110.30% [2]. - Since its A-share listing, Tengya Precision has distributed a total of 145 million yuan in dividends [2]. - As of June 30, 2025, Citic Prudential Multi-Strategy Mixed Fund (LOF) A has exited the list of the top ten circulating shareholders of Tengya Precision [2].

证券代码：301125 证券简称：腾亚精工 公告编号：2025-068 南京腾亚精工科技股份有限公司 关于为控股子公司提供担保的进展公告 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。 法定代表人：王龙 成立日期：2023 年 5 月 16 日 一、担保情况概述 南京腾亚精工科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日 召开第三届董事会第三次会议，审议通过了《关于为控股子公司提供担保的议案》， 同意公司拟为控股子公司江苏腾亚工具有限公司（以下简称"腾亚工具"）向江 苏银行股份有限公司南通分行不超过人民币 1,000 万元的综合授信额度申请提供 担保。具体内容详见公司于 2025 年 8 月 27 日在巨潮资讯网（www.cninfo.com.cn） 上披露的《关于为控股子公司提供担保的公告》（公告编号：2025-066）。 二、担保进展情况 近日，公司与江苏银行股份有限公司南通分行签署了《最高额保证合同》， 为腾亚工具向江苏银行股份有限公司南通分行申请不超过人民币 1,000 万元的综 合授信额度提供连带责任保证担保。 本次担保前，公 ...

Group 1 - The core viewpoint of the news is that Tengya Precision Engineering experienced a decline in stock price and significant changes in financing activities on August 28, with a net financing outflow of 440.41 million yuan [1] - On August 28, Tengya Precision Engineering's stock fell by 2.87%, with a trading volume of 149 million yuan [1] - The financing balance of Tengya Precision Engineering reached 77.71 million yuan, accounting for 2.79% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of August 20, the number of shareholders of Tengya Precision Engineering was 8,703, a slight decrease of 0.19% from the previous period [2] - For the first half of 2025, Tengya Precision Engineering reported a revenue of 295 million yuan, a year-on-year increase of 1.37%, and a net profit attributable to shareholders of 970,200 yuan, which represents a significant growth of 110.30% [2] - Since its A-share listing, Tengya Precision Engineering has distributed a total of 145 million yuan in dividends [2]

Core Viewpoint - Tengya Precision Engineering (301125) reported a revenue of 295 million yuan for the first half of 2025, reflecting a year-on-year increase of 1.37%, while the net profit attributable to shareholders reached 970,200 yuan, up 110.3% year-on-year [1] Financial Performance - The company's gross profit margin improved to 25.02%, an increase of 12.56% year-on-year, and the net profit margin rose by 71.93% to -1.5% [1] - Total sales, management, and financial expenses amounted to 50.81 million yuan, accounting for 17.23% of revenue, which is a year-on-year increase of 3.88% [1] - Earnings per share increased by 110.38% to 0.01 yuan, while operating cash flow per share rose by 107.91% to 0.02 yuan [1] Cash Flow and Debt Analysis - The net cash flow from operating activities increased by 107.91%, attributed to higher cash receipts from sales and reduced tax payments [4] - The company experienced a 32.76% decrease in cash and cash equivalents due to reduced collections and increased fixed asset investments [2] - Short-term borrowings increased by 56.15% to supplement working capital [3] Business Model and Market Position - The company's performance is primarily driven by research and marketing efforts, necessitating a thorough examination of the underlying factors [5] - The historical return on invested capital (ROIC) was 0.25%, indicating a weak capital return, while the median ROIC since listing has been 21.03% [4] Fund Holdings - The largest fund holding Tengya Precision Engineering is Qianhai Kaiyuan Quantitative Preferred A, with 44,800 shares newly entering the top ten holdings [7] - Other funds that have recently increased their holdings include Minsheng Jianyin and Huaxia Stable Growth [7] Analyst Expectations - Analysts project the company's performance for 2025 to reach 47 million yuan, with an average earnings per share estimate of 0.33 yuan [6]