Core Viewpoint - Zhu Cheng Technology (301280) announced the divorce of its controlling shareholders, Zhang Jianchun and Shi Lefen, along with the arrangement for the division of assets, which includes the transfer of 8.7675 million shares valued at approximately 381 million yuan [1][4]. Shareholding Structure - Before the equity change, Zhang Jianchun and Shi Lefen were among the controlling shareholders of the company. After the transfer, Zhang Jianchun will hold 17.535 million shares (12.82% of total shares), while Shi Lefen will also hold 17.535 million shares (12.82%) [4][5]. - Zhang Jiandao will hold 26.145 million shares (19.11%), and Shi Shile will hold 23.1 million shares (16.89%) [4][5]. Company Performance - In Q1 2025, Zhu Cheng Technology reported revenue of 448 million yuan, a year-on-year increase of 24.51%, and a net profit of 53.9242 million yuan, up 12.49% [6]. - For the year 2024, the company achieved revenue of 1.603 billion yuan, representing a 31.77% increase, and a net profit of 186 million yuan, up 26.38% [7]. Market Activity - As of May 8, the stock price of Zhu Cheng Technology was 43.49 yuan, with a market capitalization of 5.949 billion yuan. The stock experienced a 4.04% increase on that day [1][7].

Group 1 - The company, Zhucheng Technology (301280.SZ), announced on May 8 that its controlling shareholders, Zhang Jianchun and Shi Lefen, have mutually agreed to divorce and made arrangements for the division of marital property, which includes the transfer of 8.7675 million shares to Shi Lefen [1] - Following this equity change, the controlling shareholders remain Zhang Jianchun, Shi Lefen, Zhang Jiandao, and Shi Shile, indicating that the control of the company has not changed [1] - As of May 8, the stock price of Zhucheng Technology was reported at 43.49 yuan per share, with a total market capitalization of 5.949 billion yuan [2] Group 2 - Zhang Jianchun serves as the chairman and general manager of Zhucheng Technology, with a pre-tax salary of 933,600 yuan for 2024, while Shi Lefen is a board member with a pre-tax salary of 463,900 yuan for the same year [2] - Zhucheng Technology, established in 1994, is a service provider for the full supply chain system solutions in the connector industry, focusing on providing wiring harness connector solutions for the global home appliance and automotive manufacturing sectors [2] - In 2024, Zhucheng Technology reported an operating revenue of 1.603 billion yuan, representing a year-on-year growth of 31.77%, and a net profit attributable to shareholders of 186 million yuan, reflecting a year-on-year increase of 26.38% [2]

Core Viewpoint - The announcement indicates that the controlling shareholder and actual controller of Zhucheng Technology, Zhang Jianchun and Shi Lefen, have mutually agreed to dissolve their marriage and have made arrangements for the division of marital property, which includes the transfer of shares [1] Summary by Relevant Categories Shareholder Changes - Zhang Jianchun plans to transfer 8.7675 million shares of the company directly held by him to Shi Lefen as part of the property division [1] Control Structure - Following this equity change, the controlling shareholders and actual controllers of the company will still include Zhang Jianchun, Shi Lefen, Zhang Jiandao, and Shi Shile, indicating that the control of the company remains unchanged [1]

证券代码：301280 证券简称：珠城科技 公告编号：2025-031 浙江珠城科技股份有限公司 关于控股股东、实际控制人权益变动的提示性公告 股东张建春先生、施乐芬女士保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示 1、浙江珠城科技股份有限公司（以下简称"公司"）控股股东、实际控制 人为张建春先生、施乐芬女士、张建道先生、施士乐先生（以下合称"控股股东、 实际控制人"）。本次权益变动为公司控股股东、实际控制人中张建春先生、施 乐芬女士解除婚姻关系进行财产分割所致，属于非交易过户行为，不触及要约收 购。本次权益变动中，上述控股股东、实际控制人所持公司股份未发生变动。 2、公司控股股东、实际控制人已签署了《一致行动协议》。本次权益变动 后，张建春先生、施乐芬女士、张建道先生、施士乐先生之间的一致行动关系及 其合计持有的公司表决权股份不会发生变动，不会导致公司控股股东、实际控制 人发生变化，不涉及公司控制权变更，不会对公司的经营管理构成重大影响； 3、本次权益变动后，股份过出方张建春先生及股份过入 ...

Company and Industry Summary Company:珠城科技 (Zhu Cheng Technology, Stock Code: 301280) Key Financial Performance - **2024 Revenue**: 16.0 billion yuan, up 31.8% year-on-year [1] - **Q1 2025 Revenue**: 4.5 billion yuan, up 24.5% year-on-year [1] - **Net Profit for 2024**: 1.86 billion yuan, up 26.4% year-on-year [1] - **Q1 2025 Net Profit**: 0.54 billion yuan, up 12.5% year-on-year [1] - **Deducted Non-Recurring Net Profit for 2024**: 1.75 billion yuan, up 25.8% year-on-year [1] - **Q1 2025 Deducted Non-Recurring Net Profit**: 0.51 billion yuan, up 8.8% year-on-year [1] Profitability Metrics - **2024 Gross Margin**: 24.97%, down 0.73 percentage points year-on-year [2] - **2024 Net Margin**: 12.30%, down 0.92 percentage points year-on-year [2] - **Q1 2025 Gross Margin**: 24.45%, down 2.04 percentage points year-on-year and down 1.36 percentage points quarter-on-quarter [2] - **Q1 2025 Net Margin**: 12.91%, down 1.31 percentage points year-on-year and up 1.40 percentage points quarter-on-quarter [2] Growth Drivers - Growth primarily driven by the increase in home appliance connectors [1] - Future benefits expected from the rise in domestic production rates of home appliance connectors, as well as the expansion in robot and automotive connector markets [1] Strategic Initiatives - Strengthening the automotive and robot connector segments to create a second growth curve [2] - Acquired 20% stake in Wuxi Deweijia to accelerate entry into the automotive connector market [2] - Collaborations established with major players: - Partnership with UBTECH for product samples [2] - Supplier code obtained from KUKA Robotics for small batch supply [2] - Formation of a specialized team to deepen existing customer collaborations and enhance customized product development [2] Future Projections - Projected EPS for 2025-2027: 2.52 yuan, 3.22 yuan, and 4.36 yuan respectively [2] - Target price raised to 75 yuan based on a 30x PE ratio for 2025 [2]

Group 1: Financial Performance - The company achieved a revenue of 448 million CNY in Q1 2025, representing a year-on-year growth of 24.51% [2] - The net profit attributable to shareholders was 53.92 million CNY, with a year-on-year increase of 12.49% [2] Group 2: Automotive Connector Business - The company has entered the supply chain of several automotive manufacturers, including BYD, Chery, and SAIC [2] - The focus is on overcoming certification, technical, and management barriers in the domestic new energy vehicle market [2] Group 3: Mergers and Acquisitions - The company acquired Wuxi Deweijia, which specializes in high-frequency and high-speed connectors for automotive applications [3] - Current ownership of Deweijia is 20%, with potential plans to increase the stake in the future [3] Group 4: Industrial Robotics Expansion - The establishment of Foshan Zhucheng Intelligent Technology Co., Ltd. aims to develop connectors for industrial robots [3] - The company has begun small-scale supply to KUKA Robotics and is in the sample testing phase for products related to delivery robots [3]

Core Insights - The company reported steady growth in operating performance, with a slight decline in profitability in Q1 2025, achieving revenue of 448 million yuan, a year-on-year increase of 24.51%, and a net profit attributable to shareholders of 54 million yuan, up 12.49% year-on-year [1] Group 1: Business Performance - In Q1 2025, the company's gross profit margin was 24.45%, a decrease of 2.04 percentage points year-on-year, while the net profit margin was 12.91%, down 1.31 percentage points year-on-year but up 1.4 percentage points quarter-on-quarter [1] Group 2: Industry Position and Strategy - The company's home appliance connector business accounted for 96.64% of revenue in 2024, focusing on major clients such as Midea, Haier, Gree, and Xiaomi, benefiting from a 19.5% year-on-year increase in China's home air conditioner production [2] - The company is actively seizing opportunities for domestic substitution in high-end connectors, with a 33.23% year-on-year increase in connector sales in 2024, and has filed 19 new patents in Q1 2025 to enhance product quality and manufacturing capabilities [2] Group 3: Expansion and New Ventures - The acquisition of a 20% stake in Deweijia in February 2024 positions the company to accelerate its automotive high-frequency and high-speed connector business, driven by increasing demand for advanced in-car entertainment and smart driving systems [2] - A new subsidiary, Foshan Zhucheng Intelligent Technology Co., has been established to develop connectors for industrial robots, with initial supply agreements in place with companies like UBTECH and KUKA [3] - The company plans to focus on humanoid robots, smart vehicles, and industrial AI, aiming to cultivate new business areas through mergers and acquisitions over the next 3-5 years, driving growth alongside its core home appliance connector business [3] Group 4: Financial Projections - The company is expected to achieve revenues of 2.041 billion yuan, 2.726 billion yuan, and 3.259 billion yuan from 2025 to 2027, with net profits attributable to shareholders projected at 231 million yuan, 282 million yuan, and 352 million yuan respectively, indicating a robust growth outlook [4]

Financial Performance - The company's revenue for Q1 2025 reached ¥448,392,925.89, representing a 24.51% increase compared to ¥360,131,996.65 in the same period last year[5] - Net profit attributable to shareholders was ¥53,924,241.97, up 12.49% from ¥47,935,462.11 year-on-year[5] - Basic earnings per share increased to ¥0.56, reflecting a growth of 14.29% from ¥0.49[5] - Net profit for the current period was ¥57,886,894.62, representing a 13.1% increase from ¥51,210,930.64 in the previous period[21] Cash Flow - The net cash flow from operating activities was -¥75,126,125.25, a decrease of 47.62% compared to -¥50,889,853.36 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥75,126,125.25, worsening from a net outflow of ¥50,889,853.36 in the previous period[24] - Cash flow from investing activities resulted in a net outflow of ¥334,360,279.48, compared to a net inflow of ¥110,136,810.96 in the prior period[24] - Cash flow from financing activities generated a net inflow of ¥67,718,683.33, an increase from ¥19,460,858.81 in the previous period[24] - The ending balance of cash and cash equivalents decreased to ¥187,892,921.79 from ¥1,031,787,580.01 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,699,372,796.47, a 1.92% increase from ¥2,648,599,856.40 at the end of the previous year[5] - The company's current assets decreased to CNY 1,997,392,449.30 from CNY 2,043,094,935.82[16] - The company's cash and cash equivalents decreased to CNY 392,035,533.68 from CNY 637,192,148.02[16] - The company's accounts receivable increased to CNY 776,217,382.06 from CNY 680,233,475.93[16] - The company's total liabilities decreased to CNY 782,205,029.68 from CNY 796,301,538.62[19] - The company's equity attributable to shareholders increased to CNY 1,868,403,039.23 from CNY 1,807,496,242.87[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 10,539[10] - The top three shareholders hold significant stakes: Zhang Jianchun (19.23%, 18,787,500 shares), Zhang Jiandao (19.11%, 18,675,000 shares), and Shi Shile (16.89%, 16,500,000 shares)[10] - The largest shareholder, Zhang Jianchun, has no pledged or frozen shares[10] - The total number of shares held by the top ten shareholders is 71,118,750 shares, with all being subject to lock-up agreements until specified dates[12] - The company has no preferred shareholders or changes in preferred shareholder status during the reporting period[12] - The total number of shares with limited sales conditions at the end of the period is 71,033,400 shares[13] - The top ten shareholders have not participated in any margin financing or securities lending activities during the reporting period[12] - The company plans to release the lock-up on certain shares on specified future dates, with the earliest being June 26, 2026[12] - The company has not disclosed any other related party relationships among shareholders beyond those identified[10] Investment and Patents - Investment income rose dramatically by 943.42% to ¥976,345.10, compared to a loss of -¥115,759.80 in the previous year[9] - The company added a total of 19 new patents during the reporting period, including 1 invention patent, 13 utility model patents, and 5 design patents[14] - The company registered a capital increase of CNY 50 million for its subsidiary Foshan Zhucheng Technology Co., Ltd. on January 10, 2025[14] - The company registered a capital increase of CNY 4 million for its subsidiary Foshan Zhucheng Smart Technology Co., Ltd. on January 10, 2025[17] - The company completed the registration of a 20% equity stake in its associate company, Deweijia Automotive Electronics Systems (Wuxi) Co., Ltd. on March 26, 2025[17] Operating Costs - Total operating costs amounted to ¥380,273,181.71, up 28.8% from ¥294,938,440.12 in the prior period[20] - The company experienced a decrease in asset impairment losses, reporting ¥2,334,979.74 compared to ¥4,815,731.99 in the previous period[20]

珠城科技（301280）公告，2025年第一季度营收为4.48亿元，同比增长24.51%；净利润为5392.42万 元，同比增长12.49%。 ...

证券代码：301280 证券简称：珠城科技 公告编号：2025-029 浙江珠城科技股份有限公司 2024 年年度权益分派实施公告 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。 浙江珠城科技股份有限公司（以下简称"公司"）2024 年年度权益分派方 案已获 2025 年 4 月 18 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、股东大会审议通过的利润分配及资本公积金转增股本方案情况 1、公司 2024 年年度股东大会审议通过的 2024 年度利润分配方案为：拟以 2024 年 12 月 31 日的总股本 97,700,100 股减去公司回购专用证券账户股份 213,954 股后的 97,486,146 股为基数向全体股东按每 10 股派发现金红利 12 元 （含税），预计分配股利 116,983,375.20 元(最终实际现金分红总金额将根据实 施权益分派股权登记日总股本（扣除回购专用账户中已回购股份）后确定），同 时以资本公积向全体股东每 10 股转增 4 股，预计转增后总股本为 136,480,604 股(最终转增股数以 ...