Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year decline in revenue and net profit for the first half of 2025, attributed to fluctuations in overseas demand due to international geopolitical conflicts [3][4] - Despite challenges in overseas markets, domestic business showed stable growth, particularly in the transmission system segment, with a significant increase in revenue from Michelin products [4] - The company is expanding its production capacity and hiring management personnel to support long-term growth, which may lead to short-term cost pressures [5] Financial Summary - For the first half of 2025, the company achieved revenue of 432 million yuan, down 1.5% year-on-year, and a net profit of 60 million yuan, down 26.3% year-on-year [3] - The projected net profits for 2025-2027 are revised to 170 million, 210 million, and 261 million yuan respectively, with corresponding P/E ratios of 22.2, 18.0, and 14.4 times [3][6] - The company’s domestic transmission system revenue for the first half of 2025 was 170 million yuan, reflecting a year-on-year growth of 19.4% [4] - Michelin product revenue reached 54.54 million yuan in the first half of 2025, marking a year-on-year increase of 218% [4] - The company’s total revenue is projected to grow from 802 million yuan in 2023 to 1.634 billion yuan in 2027, with a compound annual growth rate of approximately 22.9% [6][8]

证券代码：301459 证券简称：丰茂股份 公告编号：2025-063 浙江丰茂科技股份有限公司 关于签订募集资金三方监管协议的公告 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、募集资金的情况概述 经中国证券监督管理委员会《关于同意浙江丰茂科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2023〕1453 号）文同意注册，并经深圳证 券交易所同意，浙江丰茂科技股份有限公司（以下简称"公司"）向社会公开发行 人民币普通股（A 股）2,000.00 万股，发行价格为 31.90 元/股，本次发行募集资 金总额为 63,800.00 万元，扣除发行费用后募集资金净额为 56,381.70 万元。上述 募集资金到位情况已经立信会计师事务所（特殊普通合伙）进行了验证，并于 2023 年 12 月 8 日出具了"信会师报字[2023]第 ZF11347 号"《验资报告》。公司 已将上述募集资金存放于募集资金专项账户，并与保荐机构、存放募集资金的商 业银行签署了《募集资金三方监管协议》。 二、本次募集资金监管协议的签订情况和募集资金专户的开立情况 公司已于 ...

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： 证券代码：301459 证券简称：丰茂股份 公告编号：2025-062 浙江丰茂科技股份有限公司 关于举办 2025 年半年度业绩交流会的公告 浙江丰茂科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日在巨 潮资讯网上披露了《2025 年半年度报告》及《2025 年半年度报告摘要》。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 9 月 4 日（星期四）15:00-16:00 在"价值在线"（www.ir-online.cn）举 办公司 2025 年半年度业绩交流会，与投资者进行沟通和交流，广泛听取投资者 的意见和建议。 一、说明会召开的时间、地点和方式 会议召开方式：网络互动方式 二、参加人员 董事长蒋春雷，总经理王军成，董事会秘书吴勋苗，财务总监孙婷婷，独立 董事宋岩。 三、投资者参加方式 投 资 者 可 于 2025 年 9 月 4 日 （ 星 期 四 ） 15:00-16:00 通 过 网 址 https://eseb.cn/ ...

Group 1 - The core point of the article highlights the recent stock performance of Fengmao Co., which closed at 45.75 yuan on August 27, down 5.24% from the previous trading day, with a trading volume of 39,026 hands and a transaction amount of 182 million yuan [1] - Fengmao Co. specializes in the research and production of precision rubber components, primarily serving the automotive industry, and is recognized as a national-level "little giant" enterprise with technological advantages in the rubber products sector [1] - The company's latest semi-annual report indicates that for the first half of 2025, it achieved an operating income of 432 million yuan and a net profit of 60.49 million yuan, with the "Michelin" brand products showing significant growth, generating revenue of 54.54 million yuan, a year-on-year increase of 218.01% [1] Group 2 - On August 27, the main capital outflow for Fengmao Co. was 22.49 million yuan, with a cumulative net outflow of 24.43 million yuan over the past five days [2]

Group 1 - The company reported a revenue of 432 million yuan and a net profit attributable to shareholders of 60.49 million yuan for the first half of 2025 [2] - Domestic revenue from the transmission system reached 170 million yuan, representing a year-on-year growth of 19.44% [2] - The company successfully expanded into international markets, exporting products to Europe, Southeast Asia, South America, and the Middle East, leveraging Michelin's brand influence [2] Group 2 - Revenue from "Michelin" products amounted to 54.54 million yuan, showing a significant year-on-year increase of 218.01% [2] - To enhance production capacity and market competitiveness, the company invested in the construction of two new production bases located in Cixi and Shandong [2] - The company specializes in the research and industrialization of precision rubber components, with products primarily used in the automotive sector and various industrial applications [3] Group 3 - The core products of the company, particularly transmission system components, have high performance requirements and significant technical challenges, creating high market entry barriers [3] - The company has developed multiple core technologies through years of experience, focusing on design, material modification, and process optimization [3] - Continuous technological research and development have enabled the company to gradually replace imports and compete internationally [3]

Core Viewpoint - Fengmao Co., Ltd. (301459.SZ) reported a decline in institutional ownership in its semi-annual report for 2025, with a total of 6 institutional investors holding 65.88 million shares, representing 63.28% of the total share capital, a decrease of 2.53 percentage points from the previous quarter [1] Institutional Ownership - As of August 26, 2025, institutional investors collectively held 63.28% of Fengmao's total shares, amounting to 65.88 million shares [1] - The institutional investors include notable entities such as Ningbo Fengmao Investment Holding Co., Ltd., Ningbo Sukang Enterprise Management Partnership, Shanghai Yunran Investment Management Co., Ltd., Goldman Sachs International, Morgan Stanley & Co. International PLC, and Nanhua CSI Hangzhou Bay Area ETF [1] - The institutional ownership percentage decreased by 2.53 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund disclosed its holdings in this period, namely the Nanhua CSI Hangzhou Bay Area ETF [1] - Nine public funds were not disclosed in this period compared to the previous quarter, including Huaan Economic Prosperity Leading Mixed A, Huaan Hong Kong and Shanghai Deep External Growth Flexible Allocation Mixed A, Dongfanghong JD Big Data Mixed A, Dongfanghong Zhihua Three-Year Holding Mixed A, and Dongfanghong New Power Mixed A [1]

Core Viewpoint - The company, Zhejiang Fengmao Technology Co., Ltd., has disclosed its 2025 semi-annual report, highlighting its operational performance and financial status, while ensuring compliance with relevant regulations and accurate information disclosure [10][18]. Company Basic Information - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5][6]. - The company does not have any preferred shareholders or related shareholding situations [7]. Financial Data and Indicators - The company raised a total of RMB 638 million through the issuance of 20 million shares at a price of RMB 31.90 per share, with a net amount of RMB 563.82 million after deducting issuance costs [18]. - As of June 30, 2025, the company has a remaining balance of RMB 227.04 million in its special account for raised funds, which includes RMB 71 million in structured deposits and RMB 60 million in financial products [28]. Fund Management and Usage - The company has established a management system for raised funds, ensuring compliance with laws and regulations, and has signed tripartite supervision agreements with banks and sponsors [21]. - The company has not used idle raised funds for temporary working capital or engaged in cash management during the reporting period [26]. - The company has approved the use of RMB 12.99 million of raised funds to replace self-raised funds for investment projects and RMB 9.37 million for issuance costs [24]. Changes in Fund Investment Projects - The company has made adjustments to the use of raised funds, reallocating funds from the "Tension Wheel Expansion Project" to the "Intelligent Chassis Thermal Control System Production Base (Phase I)" project due to the termination of the "Jiaxing Auto Parts Production Base Project" [30][31]. Disclosure of Fund Usage - The company has ensured that all disclosures regarding the usage of raised funds are timely, accurate, and complete, with no violations in fund management [31].

Financial Performance - The company's main revenue for the first half of 2025 was 432 million yuan, a year-on-year decrease of 1.47% [1] - The net profit attributable to shareholders was 60.49 million yuan, down 26.31% year-on-year [1] - The net profit after deducting non-recurring items was 48.09 million yuan, a decline of 33.66% year-on-year [1] - In Q2 2025, the company's single-quarter main revenue was 237 million yuan, a decrease of 2.73% year-on-year [1] - The single-quarter net profit attributable to shareholders in Q2 was 31.77 million yuan, down 30.5% year-on-year [1] - The single-quarter net profit after deducting non-recurring items in Q2 was 23.18 million yuan, a decline of 45.71% year-on-year [1] Financial Ratios - The company's debt ratio stood at 31.69% [1] - Investment income was 5.01 million yuan, while financial expenses were -4.12 million yuan [1] - The gross profit margin was 27.75%, reflecting a year-on-year decrease of 11.89% [8] Earnings Per Share - Earnings per share were 0.58 yuan, a decrease of 43.68% year-on-year [8] - The operating cash flow per share was -0.01 yuan, a decline of 113.59% year-on-year [8] - The net asset value per share was 11.73 yuan, down 15.90% year-on-year [8]

格隆汇8月26日丨丰茂股份(301459.SZ)公布2025年半年度报告，上半年公司实现营业收入4.32亿元，同 比下降1.47%；归属于上市公司股东的净利润6049.12万元，同比下降26.31%；归属于上市公司股东的扣 除非经常性损益的净利润4809.35万元，同比下降33.66%；基本每股收益0.58元。 ...

公司负责人（法定代表人）： 蒋春雷 主管会计工作负责人：孙婷婷 会计机构负责人：章亚苗 浙江丰茂科技股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 | | | | | | 2025 年半年度 | 2025 年半年 | | 年 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占用方与上市公司的 | 上市公司核算 | 2025年期初占 | 占用累计发生 | 度占用资金 | 2025年半年度 | 半年度 | 占用形成 | | | 非经营性资金占用 | 资金占用方名称 | 关联关系 | 的会计科目 | 用资金余额 | 金额（不含利 | 的利息(如 | 偿还累计发生 | 期末占 | 原因 | 占用性质 | | | | | | | 息） | 有) | 金额 | 用资金 | | | | | | | | | | | | 余额 | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | ...