鑫磊压缩机股份有限公司 2025 年第三季度报告 证券代码：301317 证券简称：鑫磊股份 公告编号：2025-051 鑫磊压缩机股份有限公司 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、监事会及董事、监事、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 （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 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 242,430,009.33 | 53.77% | 582,743,272.11 | -11.72% | | 归属于上市 ...

Investment Rating - The report does not explicitly state an investment rating for the magnetic levitation compressor industry. Core Insights - The magnetic levitation compressor industry is experiencing significant growth driven by the "dual carbon" goals and increasing global energy efficiency standards. Its advantages, such as high energy efficiency, oil-free operation, and low maintenance costs, are becoming more prominent in high-end applications like data centers, biopharmaceuticals, and food processing. Domestic companies in China, represented by Hanbell Precise Machinery, Maglev Technology, and Xinlei Co., are making strides in core technology development, achieving a level of performance comparable to international standards, thus accelerating the process of domestic substitution [2][5][31]. Summary by Sections Industry Overview - The magnetic levitation compressor is a new type of compressor that utilizes magnetic levitation technology for contactless rotor operation [6]. Performance Characteristics - Compared to traditional compressors, magnetic levitation compressors offer significant performance advantages, including high energy efficiency (COP of 7-11.2), reduced noise levels (below 75dB), and lower maintenance costs. They can achieve energy savings of over 30% compared to traditional compressors and have a design lifespan of over 20 years [12][15]. Market Dynamics - The market for magnetic levitation compressors in China is expected to grow from CNY 6.3 billion in 2024 to CNY 21.81 billion by 2030, with a compound annual growth rate (CAGR) of 23.0%. This growth is driven by the "East Data West Computing" project and the explosion of AI computing power, which increases the demand for high-density cabinets [5][47]. Competitive Landscape - The competitive landscape of the magnetic levitation compressor market in China is concentrated, with international players like Danfoss holding nearly 50% market share. However, domestic manufacturers are rapidly gaining ground, with Danfoss's market share expected to decrease to around 50% by 2025 due to the rise of local competitors [5][31][36]. Application Areas - Data centers are the core application area for magnetic levitation compressors, accounting for 50% of the downstream market. Other significant applications include pharmaceuticals and food processing, which together represent another 25% of the market. The unique features of magnetic levitation compressors, such as energy efficiency and maintenance-free operation, make them suitable for these sectors [37][42][43].

Company Overview - Xinglei Co., Ltd. is located in Wenling City, Taizhou, Zhejiang Province, established on December 31, 2006, and listed on January 19, 2023. The company specializes in the research, production, and sales of energy-saving and efficient air compressors and blowers [1]. Stock Performance - As of October 20, Xinglei's stock price increased by 2.04%, reaching 31.48 CNY per share, with a total market capitalization of 4.948 billion CNY. The stock has risen by 63.04% year-to-date but has seen declines of 3.35% over the last five trading days, 7.35% over the last twenty days, and 6.22% over the last sixty days [1]. Financial Performance - For the first half of 2025, Xinglei reported operating revenue of 340 million CNY, a decrease of 32.27% year-on-year. However, the net profit attributable to shareholders increased significantly by 904.10% to 389 million CNY [2]. Shareholder Information - As of June 30, the number of shareholders for Xinglei reached 15,600, an increase of 164.84% compared to the previous period. The average number of circulating shares per shareholder decreased by 62.24% to 2,870 shares [2]. Revenue Composition - The revenue composition of Xinglei includes: screw compressors (35.53%), piston compressors (19.30%), HVAC equipment (19.02%), centrifugal blowers (14.29%), and other segments (9.02%), with contract energy management contributing 2.03% and other sources at 0.81% [1]. Dividend Information - Since its A-share listing, Xinglei has distributed a total of 184 million CNY in dividends [3].

Core Viewpoint - The A-share semiconductor sector experienced a strong opening on October 20, with several companies showing significant gains, indicating positive market sentiment in this industry [2] Company Performance - Silan Microelectronics reached its price limit, indicating a strong demand and investor confidence [2] - Yuanjie Technology saw an increase of over 8%, reflecting positive market reactions [2] - Other companies such as Baiwei Storage and Changguang Huaxin also experienced upward movement, contributing to the overall positive trend in the semiconductor sector [2]

证券日报网讯鑫磊股份10月13日在互动平台回答投资者提问时表示，公司土地收购款和补偿款共计 56142.61万元（详细内容见公司于2023年5月11日披露的《关于签署土地收购协议的公告》，公告编 号：2023-035）。公司于今年3月收到温岭工业园区管委会出具的《腾空验收意见》，确认公司已按要 求搬迁完毕，符合腾空验收标准，予以验收通过，根据《企业会计准则第6号--无形资产》及《企业会 计准则第4号--固定资产》的规定，相关政府部门完成验收程序后，该土地收购款项将转入资产处置收 益科目核算（详细内容见公司于2025年3月28日披露的《关于土地收购事项的进展公告》，公告编号： 2025-009），该土地补偿款已一次性确认至公司2025年第一季度报告及2025年半年度报告中。 （文章来源：证券日报） ...

Core Viewpoint - The company aims to focus on energy-saving demands in the air compressor market and enhance its product efficiency through core technology, specifically "magnetic levitation centrifugal" technology, while expanding its market presence both domestically and internationally [1] Group 1 - The company will adhere to its mission of "making green fluid technology accessible to everyone" and its vision of "becoming a leader in the fluid technology industry" by 2026 [1] - The company plans to enhance brand influence and create value for investors, customers, and employees through continuous market expansion in the HVAC business and related products [1] - The company will improve internal operational efficiency by managing accounts receivable and inventory effectively [1]

Core Viewpoint - The recent increase in accounts receivable and inventory for Xinlei Co., Ltd. is attributed to changes in the sales model and expansion of production capacity to meet market demand [1] Group 1: Accounts Receivable - The growth in accounts receivable over the past three years is primarily due to a shift in the sales model for the company's HVAC products [1] - Some customers are government departments, which has resulted in slower payment compared to normal sales contracts [1] Group 2: Inventory - The increase in inventory is mainly due to the commissioning of new factories and production lines [1] - The company has expanded production capacity to meet market demand, leading to higher levels of raw material and finished goods inventory [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Xinlei Co., indicating a significant increase in financing activities and a notable change in shareholder structure [1][2] Group 2 - As of October 10, Xinlei Co. experienced a stock price increase of 0.83% with a trading volume of 94.86 million yuan, and a net financing purchase of 5.08 million yuan [1] - The total financing and securities balance for Xinlei Co. reached 113 million yuan, accounting for 7.38% of its market capitalization, indicating a high level of financing activity compared to the past year [1] - The company has not engaged in any short selling activities on October 10, with a short selling balance of 0, placing it in the 90th percentile of the past year [1] Group 3 - As of June 30, the number of shareholders for Xinlei Co. increased by 164.84% to 15,600, while the average number of circulating shares per shareholder decreased by 62.24% to 2,870 shares [2] - For the first half of 2025, Xinlei Co. reported a revenue of 340 million yuan, a year-on-year decrease of 32.27%, while the net profit attributable to shareholders increased by 904.10% to 389 million yuan [2] Group 4 - Xinlei Co. has distributed a total of 184 million yuan in dividends since its A-share listing [3]

Group 1: Trade Relations and Tariffs - The U.S. announced a 100% tariff on Chinese exports related to rare earths and key software, prompting a response from China's Ministry of Commerce, which emphasized that high tariffs are not the correct approach for bilateral relations [1] - China reiterated its unwillingness to engage in a trade war but stated it would take necessary measures to protect its legitimate rights if the U.S. persists in its actions [1] Group 2: Shipping and Port Fees - The Ministry of Transport of China announced that starting from October 14, 2025, special port fees will be charged for U.S.-owned or operated vessels, including those with significant U.S. ownership [2] Group 3: Market Regulation and Antitrust - Qualcomm is under investigation by China's State Administration for Market Regulation for allegedly violating the Anti-Monopoly Law, particularly concerning its acquisition of Autotalks without proper notification [3] - The investigation follows Qualcomm's failure to comply with notification requirements after being advised to do so, leading to a formal inquiry into its business practices [3] Group 4: Industry Responses to U.S. Measures - China's Ministry of Commerce announced countermeasures against U.S. restrictions on the shipbuilding industry, framing these actions as necessary for maintaining fair competition in international shipping and shipbuilding markets [4] Group 5: Infrastructure and Technology Development - The Ministry of Industry and Information Technology, along with six other departments, issued a plan to enhance new information infrastructure and promote the integration of computing power with industry applications from 2025 to 2028 [5] Group 6: Financial Adjustments in the Market - The margin financing and securities lending rates for SMIC and Beken Technology have been adjusted back to 70% and 50%, respectively, after previously being set to zero due to high static P/E ratios [6] - Wentech Technology announced that its control over Anshi Semiconductor is temporarily limited due to a ministerial order from the Dutch government, affecting operational efficiency but not economic rights [7] Group 7: Shareholder Actions - China Unicom plans to reduce its shareholding by up to 1.20% through various trading methods, aiming to optimize its capital structure while maintaining a positive outlook on the company's future [8] - CATL has repurchased 15.99 million shares for a total of RMB 4.386 billion, representing 0.3629% of its total A-share capital [9] Group 8: Commodity Pricing - Northern Rare Earth announced that the trading price for rare earth concentrate for Q4 2025 will be adjusted to RMB 26,205 per ton, reflecting a 37.13% increase from the previous quarter [10]

Core Viewpoint - The semiconductor sector is experiencing a significant adjustment, leading to notable declines in stock prices for several companies [1] Company Performance - Hua Hong Semiconductor saw a drop of over 7% in its stock price [1] - SMIC (Semiconductor Manufacturing International Corporation) experienced a decline of more than 4% [1] - Other companies such as Bawen Storage, Demingli, Jinghe Integration, and Chipone also faced declines exceeding 5% [1]