证券代码：301459 证券简称：丰茂股份 公告编号：2025-069 浙江丰茂科技股份有限公司 第二届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 浙江丰茂科技股份有限公司（以下简称"公司"）第二届董事会第十八次会议 于 2025 年 11 月 3 日（星期一）在公司会议室以现场表决方式召开。会议通知已 于 2025 年 10 月 28 日通过短信及专人送达的方式送达各位董事。本次会议由董 事长蒋春雷先生主持。本次会议应出席董事 9 人，实际出席董事 9 人，公司高管 列席本次会议。会议召开符合有关法律、法规、规章和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于调整部分募投项目投资额及内部投资结构的议案》 同意公司调整"智能底盘热控系统生产基地（一期）项目"投资额及内部投资 结构。本次除该募投项目调整投资额及内部投资结构外，未改变募投项目总建设 内容、实施主体及实施方式，亦不存在募集资金用途变更的其他情形，不构成募 投项目变更。 具体内容详见公司于同日在巨潮资讯网（http://www ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight year-on-year revenue increase of 0.6% for the first three quarters of 2025, totaling 674 million yuan, while the net profit attributable to shareholders decreased by 27.7% to 85 million yuan [4] - The third quarter of 2025 saw a revenue of 242 million yuan, reflecting a year-on-year increase of 4.5% and a quarter-on-quarter increase of 2.3%, but the net profit dropped by 31.1% year-on-year and 23.0% quarter-on-quarter [4] - The company is facing short-term profit pressure due to geopolitical uncertainties affecting high-margin overseas business, leading to a downward revision of profit forecasts for 2025-2027 [4] - The company is actively expanding into emerging sectors such as robotics, drones, and air suspension, which are expected to improve profitability in the long term [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 1.083 billion yuan, with a year-on-year growth of 14.2%, and a net profit of 133 million yuan, reflecting a year-on-year decline of 17.6% [7] - The gross margin is expected to be 26.7% in 2025, down from 29.8% in 2023, while the net margin is projected to be 12.3% [7] - The price-to-earnings ratio (P/E) for 2025 is estimated at 34.2 times, decreasing to 19.3 times by 2027 [7] Emerging Business Developments - The company has invested in a subsidiary of Jianghuai Automobile, focusing on the liquid cooling pipeline sector, which is anticipated to enhance market integration and expand into high-growth areas such as automotive and data centers [5] - The company is experiencing increased sales, management, and R&D expense ratios due to business expansion, which is exerting short-term pressure on operations [6]

证券代码：301459 证券简称：丰茂股份 公告编号：2025-068 浙江丰茂科技股份有限公司 关于竞得土地使用权暨对外投资进展的公告 2、地块范围：东至规划蔡家堰路，南至规划白鹤路及防护绿地，西至兰周 线，北至规划工业用地； 3、出让面积：33,033 平方米； 4、交易价格：人民币 5,094.00 万元； 5、竞得人：浙江丰茂科技股份有限公司 6、土地使用权年限：50 年； 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。 浙江丰茂科技股份有限公司（以下简称 "公司"）于 2025 年 7 月 18 日召开 第二届董事会第十四次会议，并于 2025 年 8 月 6 日召开 2025 年第二次临时股东 大会，审议通过了《关于对外投资建设智能底盘热控系统生产基地项目暨拟签订 落户意向协议书的议案》，同意公司使用不超过 15 亿元人民币投资建设智能底 盘热控系统生产基地项目，并提请股东大会授权公司管理层根据项目的实际情况 办理本次投资具体事宜（包括但不限于签署项目相关协议、办理项目开工、施工 及竣工手续等）。具体内容详见公司于 2025 年 7 月 22 日在 ...

Core Viewpoint - Fengmao Co., Ltd. (301459) reported that as of October 20, 2025, the total number of shareholders, including margin accounts, was 7,836 [1] Company Summary - The company has a total of 7,836 shareholders as of the specified date [1]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved total revenue of 674 million RMB, a year-on-year increase of 0.58% [3] - The net profit attributable to shareholders was 84.94 million RMB, a year-on-year decrease of 27.74% [3] - The company faced challenges due to geopolitical conflicts affecting overseas market demand and increased costs from strategic capacity expansion and R&D projects [3] Group 2: Strategic Developments - The company is investing up to 260 million RMB in its Thailand production base, which will be built in phases to enhance international market share [3] - A strategic partnership was established with Jianghuai Automobile, involving equity acquisition in a subsidiary to expand into the liquid cooling market [3][4] - The collaboration aims to leverage both companies' resources to address the growing demand for thermal management systems in electric vehicles and data centers [4] Group 3: Market Opportunities - The partnership with Jianghuai is expected to enhance the company's position in the high-end passenger vehicle supply chain and create new business opportunities in emerging markets [4] - The integration of technology and market resources from both companies aims to establish a leading position in liquid cooling solutions for automotive, energy storage, and data center applications [4]

Core Viewpoint - Zhejiang Fengmao Technology Co., Ltd. reported steady revenue growth in Q3 2025, achieving total revenue of 674 million yuan, a year-on-year increase of 0.58%, with Q3 revenue at 242 million yuan, up 4.46% year-on-year, demonstrating resilience in a complex global economic environment [1] Group 1: Business Performance - The company is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the R&D, production, and sales of precision rubber components, primarily in the automotive sector, while expanding into various industrial fields [1] - Strategic new businesses are showing rapid growth, with significant sales increases from collaboration with Michelin, which has become a key driver of revenue growth [1] Group 2: New Business Ventures - Fengmao has established a dedicated robotics division to engage with various robotic applications, including humanoid, household, and underwater robots, successfully supplying transmission systems to the industrial robotics sector [2] - The company has entered a strategic partnership with Jianghuai Automobile, acquiring equity in a subsidiary to leverage complementary technologies in fluid pipeline solutions, enhancing capabilities in high-strength lightweight materials [2][3] Group 3: Market Expansion and Global Strategy - The collaboration with Jianghuai is expected to deepen ties and establish a foundation for high-end passenger vehicle components, creating a vertical synergy from R&D to application [3] - Fengmao's Thailand production base is on track to commence operations in the second half of 2025, aimed at Southeast Asia and the European and American markets, utilizing localized supply and automated production to reduce costs [3] Group 4: Industry Trends and Future Outlook - The national "14th Five-Year Plan" highlights high-end CNC machine tools and basic manufacturing equipment as key areas, benefiting the precision rubber components industry [4] - Fengmao is transitioning from a traditional rubber component manufacturer to a system solution provider, capitalizing on technological advancements and strategic foresight to navigate the global industrial chain restructuring and smart manufacturing trends [4]

Market Overview - The rubber sector increased by 2.0% on October 27, with Kexin Innovation leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Performers in Rubber Sector - Kexin Innovation (300731) closed at 46.43, up 8.79%, with a trading volume of 180,400 shares and a turnover of 831 million [1] - Zhen'an Technology (300767) closed at 22.32, up 8.56%, with a trading volume of 215,100 shares and a turnover of 470 million [1] - Tongcheng New Materials (603650) closed at 43.40, up 4.28%, with a trading volume of 377,800 shares and a turnover of 1.691 billion [1] Underperformers in Rubber Sector - KQ Co., Ltd. (920665) closed at 13.31, down 1.63%, with a trading volume of 13,200 shares and a turnover of 17.496 million [2] - Yanggu Huatai (300121) closed at 15.94, down 1.48%, with a trading volume of 284,100 shares and a turnover of 46 million [2] - Sanwei Equipment (920834) closed at 15.62, down 1.33%, with a trading volume of 26,600 shares and a turnover of 41.6175 million [2] Capital Flow Analysis - The rubber sector experienced a net outflow of 4.703 million from main funds, while speculative funds saw a net inflow of 9.5428 million, and retail investors had a net outflow of 4.8398 million [2][3] - Kexin Innovation had a main fund net inflow of 16.7754 million, while retail investors had a net inflow of 2.36898 million [3] - Zhen'an Technology saw a main fund net inflow of 7.9603 million, but speculative funds had a net outflow of 28.3319 million [3]

Group 1 - The company reported a total revenue of 674 million yuan for the first three quarters of 2025, representing a year-on-year increase of 0.58% [1] - The net profit attributable to the parent company was 84.94 million yuan, showing a year-on-year decline of 27.74% [1] - The company is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the research and industrialization of precision rubber components [1] Group 2 - The main products include components for transmission systems, fluid pipeline systems, sealing systems, and air suspension systems, primarily used in the automotive sector [1] - The company serves both the original equipment manufacturer (OEM) market and the aftermarket, with applications extending to industrial machinery, home appliances, agricultural machinery, and rail transit [1] - The upstream industry primarily consists of suppliers of raw materials such as rubber materials, rubber additives, cords/yarns, textiles, and other auxiliary materials [1]

Group 1 - The core point of the article is that Fengmao Co., Ltd. held its 17th meeting of the second board on October 24, 2025, to review the proposal for the company's Q3 2025 report [1] - For the year 2024, the revenue composition of Fengmao Co., Ltd. is as follows: after-sales service accounts for 46.37%, complete vehicle matching accounts for 40.56%, industrial machinery accounts for 9.35%, other main businesses account for 3.2%, and home appliances and bathroom products account for 0.52% [1] - As of the report date, Fengmao Co., Ltd. has a market capitalization of 4.3 billion yuan [1] Group 2 - A notable event mentioned is a well-known brand's acquisition of 2,000 shares for 170 million yuan, despite the target company's registered capital being only 10,000 Hong Kong dollars and it not yet being operational, raising questions about the necessity of the acquisition [1]

Core Viewpoint - Fengmao Co., Ltd. reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 674 million yuan, representing a year-on-year growth of 0.58% [1] - The net profit attributable to shareholders of the listed company was 84.94 million yuan, showing a year-on-year decrease of 27.74% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 65.89 million yuan, down 36.81% year-on-year [1] - Basic earnings per share stood at 0.82 yuan [1]