重要内容提示： 1、投资种类：投资安全性高、流动性好的银行及其他金融机构理财产品； 证券代码：301325 证券简称：曼恩斯特 公告编号：2025-061 深圳市曼恩斯特科技股份有限公司 关于使用闲置自有资金进行委托理财的公告 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。 2、投资金额：拟使用额度不超过人民币 80,000 万元； 3、特别风险提示：深圳市曼恩斯特科技股份有限公司（以下简称"公司" 或"曼恩斯特"）投资产品均需经过严格评估，但金融市场受宏观经济影响，不 排除该项投资受到市场波动的影响；公司将根据经济形势以及金融市场的变化适 时适量地介入投资相关产品，同时相关投资可能受到市场波动的影响，因此短期 投资的收益不可预测；存在相关工作人员的操作和监控风险。敬请投资者注意投 资风险。 公司于 2025 年 10 月 28 日召开第二届董事会第十四次会议，审议通过了《关 于使用闲置自有资金进行委托理财的议案》，同意在确保资金安全、操作合法合 规、正常生产经营不受影响的前提下，公司及其子公司使用不超过人民币 80,000 万元闲置自有资金购买安全性高、流动 ...

证券日报网讯10月27日晚间，曼恩斯特（301325）发布公告称，截至2025年10月24日，公司第二期回购 股份数量已达到总股本的1%，本次回购资金总额已经达到回购方案中的回购资金总额下限，且未超过 回购资金总额上限，公司第二期回购股份事项已实施完毕。公司通过深圳证券交易所股票交易系统以集 中竞价交易方式回购公司股份1，799，100股，占目前公司总股本143，892，660股的1.25%。 ...

证券代码：301325 证券简称：曼恩斯特 公告编号：2025-056 深圳市曼恩斯特科技股份有限公司 关于第二期回购股份比例达到 1% 暨回购实施完成的公告 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。 深圳市曼恩斯特科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第二届董事会第六次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自筹资金及公司自有资金以集中竞价交易方式回购公司人民 币普通股（A 股），回购股份的资金总额上限为人民币 20,000 万元（含本数）， 回购下限为人民币 10,000 万元（含本数）。本次回购股份用于员工持股计划或 股 权 激 励 。 具 体 内 容 详 见 公 司 于 2024 年 10 月 29 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于第二期回购公司股份方案的公告》（公告编 号：2024-065）、《回购报告书》（公告编号：2024-066）。 公司于 2024 年 11 月 30 日召开第二届董事会第七次会议，审议通过了《关 于调整第二期回购公 ...

Core Insights - The company has established a multi-layered product matrix centered on centralized energy storage, with industrial, commercial, and residential energy storage products as its main offerings [1] - The company has accumulated several core technologies in battery lifecycle value assessment, BMS management technology, and intelligent power station operation and maintenance [1] - The company currently has a relatively sufficient order backlog, and with the ongoing development of the industry and orderly delivery of orders, the profitability of the energy storage business is expected to improve in the future [1]

Core Viewpoint - The lithium battery industry chain has shown signs of recovery this year, but the company faced pressure on its performance in the first half due to significant upfront investments in new businesses and the lack of scale effects [1] Company Performance - The company anticipates improvement in gross margin levels as new orders are gradually scheduled for production and delivery, leading to a steady increase in capacity utilization [1] - The company is committed to enhancing the quality of production and operations to increase intrinsic value and provide better returns to investors [1]

Core Viewpoint - Mannester (301325.SZ) reported significant growth in revenue for the first half of 2025, but faced substantial losses in net profit compared to the previous year [1][2]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 560 million yuan, representing a year-on-year increase of 59.93% [1][2]. - The net profit attributable to shareholders was -23.51 million yuan, a decline of 132.66% from 72 million yuan in the same period last year [1][2]. - The net profit after deducting non-recurring gains and losses was -33.97 million yuan, down 165.04% from 52 million yuan year-on-year [1][2]. - The net cash flow from operating activities was -234 million yuan, an improvement of 45.90% compared to -432 million yuan in the previous year [1][2]. Historical Performance Comparison - In 2024, the company reported operating revenue of 1.70 billion yuan, a year-on-year increase of 113.70% [3]. - The net profit attributable to shareholders for 2024 was 30.70 million yuan, a decrease of 91.01% from 341 million yuan in 2023 [3]. - The net profit after deducting non-recurring gains and losses for 2024 was -7.23 million yuan, compared to 312 million yuan in the previous year, marking a decline of 102.31% [3]. - The net cash flow from operating activities in 2024 was -109 million yuan, worsening by 39.08% from -79 million yuan in 2023 [3]. Stock Market Activity - Mannester was listed on the Shenzhen Stock Exchange's ChiNext board on May 12, 2023, with an initial public offering of 30 million shares at a price of 76.80 yuan per share [3]. - The stock is currently trading below its initial offering price, indicating a state of underperformance in the market [3]. Fundraising and Use of Proceeds - The company raised a total of 2.30 billion yuan from its initial public offering, with a net amount of 2.11 billion yuan after expenses [4]. - The funds are intended for projects related to coating technology industrialization, including a headquarters base and a research center, as well as for working capital [4]. Dividend Distribution - For the 2023 fiscal year, the company announced a dividend distribution plan, proposing a cash dividend of 5.00 yuan per 10 shares and a capital reserve conversion of 2 additional shares for every 10 shares held [4].

Summary of Conference Call on U.S.-China Trade Tariffs Impact on Chinese Consumer Export Companies Industry Overview - The conference call discusses the impact of recent U.S. tariff policies on Chinese consumer export companies, particularly in the context of the ongoing U.S.-China trade tensions [1][2][3]. Key Companies and Their Strategies 1. 小商品城 (Small Commodity City) - Exports to the U.S. account for only 2% of its total, making it less affected by tariffs [1][3]. - Acts as a strategic asset in U.S.-China trade relations, leveraging a market procurement model and providing scalable services [3]. 2. 安克创新 (Anker Innovations) - Approximately 45% of exports are directed to the U.S. [5]. - Over 50% of production capacity has been relocated to Southeast Asia, expected to reach over 70% by year-end [5]. - Anticipates only a single-digit percentage impact on profit margins even if a 100% tariff is imposed, with potential price increases to mitigate effects [5]. 3. 名创优品 (Miniso) - Increased local sourcing in the U.S. to 30%-40% and raised prices on non-local products to offset tariff costs [6]. - Achieved growth in the North American market, with quarterly GMV accounting for about 10% of global sales [6]. - High gross margins (60%-70%) allow for effective cost transfer [6]. 4. 绿联科技 (Ugreen) - U.S. revenue comprises about 15%-20% of total sales, with 70%-80% of North American orders sourced from Southeast Asia [7]. - Maintains sufficient inventory to meet year-end demand, resulting in limited impact from tariffs [7]. 5. 智欧科技 (Zhiou Technology) - U.S. market revenue accounts for approximately 34% [8]. - Has transferred 70%-80% of production capacity to Southeast Asia and plans further increases [8]. - May seek local sourcing alternatives or cease related operations if tariffs are fully implemented [8]. General Industry Insights - The overall impact of U.S. tariffs on Chinese consumer export companies is considered limited, as many have already optimized their supply chains and relocated production [2][9]. - Companies like 赛维时代 (Saiwei Times) and 恒林股份 (Henglin) have also moved significant portions of their manufacturing to Southeast Asia [9]. Competitive Advantages - Chinese cross-border e-commerce companies possess advantages in brand building, product quality, and global market positioning [10]. - These companies are not solely reliant on Chinese manufacturing, enhancing their resilience against trade tensions [10]. Investment Outlook - Investors are encouraged to maintain confidence in the consumer export sector, as market panic may present opportunities to acquire shares in strong brands like Anker, Ugreen, and Miniso [11][12]. - The long-term potential of the consumer export sector remains significant, driven by brand value and global strategies rather than just production costs [12]. Conclusion on U.S. Policy Impact - The Trump administration's policies introduce short-term uncertainties but are manageable for leading companies that have adapted their strategies [13]. - The core competitiveness of these companies lies in their brand value and operational capabilities, allowing them to sustain growth despite policy fluctuations [13].

Core Viewpoint - Yushu Technology is actively preparing for its IPO on the Sci-Tech Innovation Board, with plans to submit application materials between October and December 2025, marking a significant milestone for the company and the broader robotics industry in China [3][4]. Company Overview - Yushu Technology, established in August 2016 and headquartered in Hangzhou, specializes in high-performance quadruped robots, humanoid robots, and dexterous robotic arms, positioning itself as a globally recognized civil robotics enterprise [5]. Product Line - The company offers a range of products including: - Consumer-grade quadruped robots (Go1, Go2, A1) designed for home companionship and education [6]. - Industrial-grade quadruped robots (B1, B2) suitable for inspections and emergency rescue [6]. - General-purpose humanoid robots (H1, G1) aimed at developers for further customization [6]. - Derivative consumer products like the PUMP fitness pump [6]. Supply Chain and Partnerships - Yushu Technology has established deep collaborations with various suppliers, including: - Zhongdali De, a key supplier of precision reducers and motors, holding a 10% stake in Yushu Technology [10]. - Changsheng Bearings, providing self-lubricating bearings for humanoid robots [11][13]. - Best, a supplier of high-precision components for both Yushu Technology and Tesla robots [14][16]. - Other notable suppliers include Jiangsu Leili, providing brushless motors and gearboxes [39], and Jinfa Technology, supplying high-performance materials [29][31]. Market Context - The robotics industry is witnessing significant growth, with 75 listed companies reporting a total revenue of 582.1 billion and a profit of 30.1 billion in the first half of 2025, indicating a competitive landscape between traditional giants and AI newcomers [60].

Core Viewpoint - The article discusses the recent adjustments in the margin financing and securities lending rates for various high-valuation technology stocks, highlighting the volatility in the market and the implications for investors [1][2]. Group 1: Margin Financing Adjustments - On October 10, 2023, Shenwan Hongyuan Securities announced adjustments to the margin financing and securities lending rates, effective from October 13, 2023 [3]. - Several stocks, including XianDao Intelligent, Nanji Guang, and Zhongxin International, saw their margin financing rates adjusted from 0% to rates ranging from 30% to 70% [1][4]. - Notably, Zhongxin International and Haiguang Information's rates were increased to 70%, while Huaxin Yongdao's rate was set at 30% [4][5]. Group 2: Impact of High Valuation - A number of stocks, including Zhongxin International and Baiwei Storage, had their financing rates set to 0% due to their static price-to-earnings (P/E) ratios exceeding 300, indicating a significant valuation concern [7][9]. - As of September 30, 2023, nine stocks, including Zhongxin International and Luqiao Information, were reported to have P/E ratios above 300, with Luqiao Information reaching a staggering 947 [7][9]. - Following the market adjustments on October 10, some stocks fell below the 300 P/E threshold, with Haiguang Information at 290.68 and Zhongxin International at 246.747 [10]. Group 3: Investor Implications - The adjustments in margin financing rates will directly reduce the leverage available to investors using these stocks as collateral, potentially leading to a need for additional margin or debt reduction [8]. - Investors holding significant amounts of these stocks may face pressure due to changes in their available margin balance [8].

Core Viewpoint - A total of 9 A-share stocks have had their financing and securities lending collateral ratios adjusted to zero due to high static price-to-earnings (PE) ratios, indicating a significant tightening in leverage for these stocks [1][5]. Financing and Securities Lending Adjustments - The financing and securities lending collateral ratio for Zhongxin International (688981.SH) was adjusted from 0.7 to 0, and for Baiwei Storage (688525.SH) from 0.5 to 0 [1]. - Other stocks affected include Ruisheng Intelligent (688215.SH), Manster (301325.SZ), Yongding Co. (600105.SH), and others, with their collateral ratios also set to zero by multiple brokerages [1][4]. Static PE Ratios - The static PE ratios for the affected stocks are notably high, with several exceeding 300, which is the threshold for collateral ratio adjustments to zero [4][5]. - For instance, Yongding Co. had a static PE ratio of 302.5663, while Zhongxin International had a ratio of 303.0659 [4]. Market Impact - The adjustment of collateral ratios to zero means that these stocks can no longer be used as collateral for margin trading, potentially impacting trading strategies for investors [6]. - Despite the adjustments, existing positions for investors are not immediately affected, but new positions cannot be opened until the collateral ratios are revised [6]. Market Activity - The margin trading market remains active, with a balance consistently above 2.2 trillion yuan since September, indicating strong investor interest [6][7]. - Recent trading activity has shown a preference for sectors such as non-ferrous metals and home appliances, while sectors like electronics and pharmaceuticals have seen net selling [7].