公司代码：301550 公司简称：斯菱股份 浙江斯菱汽车轴承股份有限公司 2024 年度独立董事述职报告 （胡旭东） 各位股东及股东代表： 本人作为浙江斯菱汽车轴承股份有限公司（以下简称"公司"）独立董事，严格按 照《公司法》《证券法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》及其它相关法律法规和 《公司章程》《独立董事工作制度》等规章制度的要求，忠实履行独立董事职责，充 分发挥独立董事的独立性和专业性作用，维护公司利益以及全体股东合法利益。 现将本人 2024 年度履职情况汇报如下： 一、基本情况 （一）工作履历及专业背景 本人胡旭东，1959 年 10 月出生，中国国籍，无境外永久居留权，博士学历。1973 年 12 月至 1979 年 8 月，在温州市轻工机械三厂工作；1983 年 8 月至今，历任浙江理 工大学助教、讲师、副教授、教授；2013 年 1 月至 2018 年 1 月，任浙江兆丰机电股 份有限公司独立董事；2017 年 6 月至今，历任新昌浙江理工大学技术创新研究院有限 公司董事兼总经理、董事长兼总经理、董事兼总经理；2 ...

Financial Performance - The company's operating revenue for 2024 reached ¥774,328,159.54, representing a 4.91% increase compared to ¥738,122,845.09 in 2023[20]. - Net profit attributable to shareholders increased by 26.91% to ¥190,034,942.54 in 2024 from ¥149,742,021.02 in 2023[20]. - The cash flow from operating activities showed a significant increase of 77.11%, amounting to ¥215,098,650.28 in 2024 compared to ¥121,449,972.26 in 2023[20]. - The total assets of the company grew by 11.21% to ¥2,195,025,283.02 at the end of 2024, up from ¥1,973,801,490.98 at the end of 2023[20]. - The company reported a basic earnings per share of ¥1.73 for 2024, a 2.98% increase from ¥1.68 in 2023[20]. - The company's net profit after deducting non-recurring gains and losses was ¥179,868,115.69, reflecting a 22.52% increase from ¥146,808,227.41 in 2023[20]. - The weighted average return on equity decreased to 11.45% in 2024 from 18.15% in 2023, indicating a decline in profitability[20]. - The gross profit margin increased by approximately 0.45 percentage points in 2024, contributing to profit growth[77]. - The company's sales in the automotive parts manufacturing sector accounted for 98.79% of total revenue, with a year-on-year increase of 4.91%[81]. - The company's overseas sales represented 68.37% of total revenue, with a growth of 3.66% year-on-year[81]. Dividends and Capital Reserves - The company plans to distribute a cash dividend of 4 RMB per 10 shares to all shareholders, based on a total share capital of 110,000,000 shares[3]. - The company will increase capital reserves by converting 4.5 shares for every 10 shares held by shareholders[3]. - The profit distribution plan for 2023 includes a cash dividend of 4.00 RMB per 10 shares, totaling 44,000,000 RMB (including tax)[185]. - The mid-term profit distribution plan for 2024 proposes a cash dividend of 1.00 RMB per 10 shares, amounting to 11,000,000 RMB (including tax)[186]. - The cash dividend amount represents 100% of the total profit distribution amount, with a distributable profit of 432,707,857.49 yuan[187]. Risk Management and Future Outlook - The report emphasizes the importance of risk awareness regarding future plans and performance forecasts, indicating potential uncertainties[3]. - The report includes a section on management discussion and analysis, highlighting the company's future development outlook and potential risks[3]. - Future outlook indicates a projected revenue growth of 15% year-over-year, driven by new product launches and market expansion strategies[135]. - The company is focusing on improving inventory turnover rates and refining its stocking strategy to manage raw material price volatility risks[129]. - The company will closely monitor the progress of fundraising investment projects to ensure alignment with market conditions and industry trends[133]. Research and Development - The company is investing in new technologies, including harmonic reducers and actuator modules, to enhance product performance and application versatility[14]. - R&D investment has been increasing year by year, with a focus on enhancing core technology accumulation in automotive bearings and key components, aiming to break into the new energy and high-end product sectors[62]. - The company has completed the technical development and small-batch trial production of core products in the robotics components sector, with plans for large-scale production expected by 2025[62]. - The company is actively working on new product developments, including low-torque, high-speed single-row tapered roller bearings to meet the demands of new energy vehicles[90]. - The company has established a dedicated research team for robotic joint components, completing the first production line for harmonic reducers[75]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings in the automotive bearing sector[15]. - The company aims to enhance its core competitiveness through continuous technological innovation and capacity optimization[34]. - The company aims to strengthen its marketing network and expand its global aftermarket customer base while enhancing cooperation with OEM customers to establish international brand recognition[121]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence, with a focus on complementary businesses[135]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by the end of 2024[169]. Production and Capacity - The company has a production capacity of 6.29 million sets of high-end automotive bearings annually, with a new project expected to add 6.29 million sets of annual capacity, including 1.2 million third-generation hub units and 600,000 intelligent heavy truck hub units[32]. - The Thailand factory has completed its second-phase investment, enhancing production capacity and achieving a continuous increase in equipment utilization[33]. - The company has implemented the first production line of its robotic components intelligent technology transformation project, with plans for a second line to further expand its business layout[34]. - The company is currently in the construction phase for the "High-end Automotive Bearing Intelligent Construction Project" with an annual production capacity of 6.29 million sets[112]. - The company expects to achieve an annual production capacity of 6.29 million sets of bearings and hub units after the completion of the fundraising project, which will support the demand for high-end intelligent products[123]. Governance and Compliance - The company maintains a complete governance structure including a shareholders' meeting, board of directors, and supervisory board, with independent operational management departments[151]. - The company has established independent personnel management systems, ensuring that senior management does not hold positions in the controlling shareholder's other enterprises[149]. - The company is committed to adhering to legal and regulatory requirements in its board operations[174]. - The board's composition and meeting procedures comply with relevant laws and regulations, ensuring efficient governance[174]. - The company has maintained effective internal control over financial reporting, with no significant deficiencies identified as of December 31, 2024[195]. Employee Management and Welfare - The total number of employees at the end of the reporting period was 1,181, with 943 in the parent company and 238 in major subsidiaries[179]. - The company has established a comprehensive training plan to enhance employee skills and professional capabilities[183]. - Employee welfare is prioritized, with comprehensive benefits including social insurance, housing fund contributions, and additional medical insurance[200]. - The professional composition includes 936 production personnel, 35 sales personnel, 127 technical personnel, 15 financial personnel, and 68 administrative personnel[179]. - The company has implemented a competitive salary policy aligned with job value and performance assessment mechanisms[182].

关于部分首次公开发行前已发行股份上市流通的提示性公告 证券代码：301550 证券简称：斯菱股份 公告编号：2025-001 浙江斯菱汽车轴承股份有限公司 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。 特别提示： 1、本次解除限售的股份为浙江斯菱汽车轴承股份有限公司（以下简称"公司"或 "斯菱股份"）部分首次公开发行前已发行的股份； 2、本次解除限售股东户数共计8户，解除限售股份的数量为13,358,300股，占公司 总股本的12.1439%，原限售期为自公司首次公开发行股票并在深圳证券交易所（以下 简称"深交所"）上市之日起12个月，根据股东在《首次公开发行股票并在创业板上市 招股说明书》《首次公开发行股票并在创业板上市之上市公告书》作出的承诺，锁定 期自动延长6个月，即最终锁定期为自公司首次公开发行股票并在深交所上市之日起18 个月； 3、本次解除限售的股份上市流通日期为2025年3月17日（星期一）； 4、本次解除股份限售的股东请勿在解限期间办理转托管、质押式回购等会导致托 管单元发生变更的业务，否则可能导致相应股东解除限售失败。 一、公司首次公开发行 ...

财通证券股份有限公司 关于浙江斯菱汽车轴承股份有限公司 一、公司首次公开发行股票情况和上市后股本变化情况 根据中国证券监督管理委员会出具的《关于同意浙江斯菱汽车轴承股份有限 公司首次公开发行股票注册的批复》（证监许可〔2023〕1251 号），并经深圳证 券交易所同意，公司首次公开发行人民币普通股（A 股）27,500,000 股，并于 2023 年 9 月 15 日在深圳证券交易所创业板上市。公司首次公开发行前总股本 82,500,000 股，首次公开发行股票完成后，公司总股本为 110,000,000 股，其中 有限售条件流通股票的数量为 83,918,111 股，占公开发行后公司总股本的比例为 76.29%；无限售条件流通股票的数量为 26,081,889 股，占公开发行后公司总股本 的比例为 23.71%。 公司首次公开发行网下配售限售股股份数量为 1,418,111 股，占公司总股本 比例为 1.2892%。该部分限售股已于 2024 年 3 月 15 日上市流通。 公司部分首次公开发行前已发行股份数量为 27,431,700 股，占公司总股本比 例为 24.9379%。该部分限售股已于 2024 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Viewpoints - The company is a leader in the automotive bearing market, focusing on the aftermarket and has a strong presence in overseas markets, particularly in North America and Europe [8][16]. - The company has a robust product matrix with over 6,000 product models, catering to both traditional and new energy vehicles, which positions it well for future growth [8][36]. - The company is expanding into the robotics components sector, which is expected to become a significant growth driver, with projections indicating potential revenue from harmonic reducers could exceed 2 billion yuan by 2030 [8][36]. Summary by Sections 1. Overseas Aftermarket Leader, Specializing in Bearing Manufacturing - The company has been dedicated to automotive bearing manufacturing since its establishment in 2004, focusing on the overseas aftermarket and has built a strong reputation among major global clients [16][19]. - The company has seen steady revenue growth, with a CAGR of 25% from 2018 to 2023, and net profit growth at a CAGR of 35% during the same period [23][24]. 2. Vast Aftermarket Potential, Highlighting Opportunities in Main Bearings - The global aftermarket is valued at approximately $408.49 billion in 2022, with expectations to grow to $527.25 billion by 2030, driven by increasing vehicle age and demand for replacement parts [37][40]. - The North American aftermarket is dominated by independent aftermarket (IAM) players, with significant market share held by major chains [47][52]. 3. Steady Progress in Overseas Markets, Expanding High-End Bearings - The company has improved its customer structure and expanded its overseas business, with foreign revenue accounting for 69% of total revenue in 2023 [31][32]. - The company has invested in a full industrial chain factory in Thailand, enhancing its global production capacity [31][32]. 4. Entering the Robotics Industry, Cultivating a Second Growth Curve - The company is establishing a robotics components division, focusing on harmonic reducers, with an investment of 117 million yuan planned for production line development [8][36]. - The global humanoid robot market is expected to see significant growth, providing a substantial revenue opportunity for the company [8][36]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.81 billion yuan, 2.21 billion yuan, and 2.57 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 78, 64, and 55 [8][36].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company is a leader in the automotive bearing market, focusing on the aftermarket and has a strong presence in overseas markets, particularly in North America and Europe [8][16]. - The company has a robust product matrix with over 6,000 models, catering to both traditional and new energy vehicles, which positions it well for future growth [8][36]. - The company is expanding into the robotics components sector, which is expected to become a significant growth driver, with projections indicating potential revenue exceeding 2 billion yuan by 2030 [8][36]. Summary by Sections 1. Overseas Aftermarket Leader, Specializing in Bearing Manufacturing - The company has been dedicated to automotive bearing R&D, manufacturing, and sales since its establishment in 2004, focusing on the overseas aftermarket [16]. - The company has seen its revenue grow from 240 million yuan in 2018 to 738 million yuan in 2023, with a CAGR of 25% [23][24]. 2. Vast Aftermarket Potential, Highlighting Opportunities in Main Bearings - The global aftermarket is valued at approximately 408.49 billion USD in 2022, with expectations for growth to 527.25 billion USD by 2030 [37]. - North America holds the largest share of the aftermarket, accounting for about 31.9% of the total market [37]. 3. Steady Progress in Overseas Markets, Expanding High-End Bearings - The company has increased its overseas revenue share from 41% in 2018 to 69% in 2023, driven by strategic acquisitions and market expansion [31][36]. - The company has optimized its customer structure, enhancing its presence in the North American aftermarket [36]. 4. Entering the Robotics Supply Chain, Cultivating a Second Growth Curve - The company plans to establish a robotics components division in 2024, focusing on the development of harmonic reducers and other core components [8][36]. - The global humanoid robot market is expected to exceed 1 million units by 2027, presenting significant growth opportunities for the company [8][36]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.81 billion yuan, 2.21 billion yuan, and 2.57 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 78, 64, and 55 [8][36].

Group 1: Company Overview and Market Position - Zhejiang Siling Automotive Bearing Co., Ltd. focuses on deepening and expanding its presence in the European and American markets, with stable order performance in Europe and successful acquisition of the Certificate of Origin from U.S. Customs for its Thailand factory, enhancing supply chain stability in North America [2][3] - The company aims to maintain its current market share while actively seeking incremental opportunities in the European and American markets [2] Group 2: Product Applications and Development - The company's main product, the hub bearing unit, is suitable for both traditional fuel vehicles and new energy vehicles, with product structure variations based on load requirements [2] - Research and development efforts have yielded high-speed, lightweight, and long-life bearing products that meet the demands of new energy vehicles, with plans to penetrate the main engine and aftermarket of the new energy vehicle sector [2] Group 3: Robotics Division and Future Prospects - The company established a robotics components division in April 2024, focusing on the research and manufacturing of robotic components, particularly harmonic reducers for various robotic applications [2][3] - The core equipment for harmonic reducers is expected to be in place by the end of 2024, with plans to invest in a second production line in H1 2025 to meet future market demand [3] - The robotics industry is viewed as a core area of future intelligent manufacturing, with significant development potential, although the current stage is still in the investment phase with limited short-term revenue and profit contributions [3] Group 4: Risk Considerations - The company emphasizes the need for investors to maintain awareness of risks associated with the emerging robotics sector, including uncertainties in technology and market demand [2][3] - Continuous investment in research and development and production optimization is planned to address these uncertainties and enhance product quality [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is positioned as a leader in the automotive bearing aftermarket, with a strong growth outlook driven by the increasing demand for replacement parts due to rising vehicle age and the growth of the new energy vehicle market [2][40]. - The company is also entering the humanoid robot core component market, which is expected to see significant growth, with 2025 projected as a year of mass production [2][48]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the automotive bearing sector for over 20 years, focusing on aftermarket and OEM markets, with 2023 revenue reaching 740 million yuan, primarily from brake system bearings [12][18]. - The company has a stable and concentrated shareholding structure, with the top three shareholders holding over 51% of the shares, indicating strong management confidence [16]. 2. Traditional Business - The global bearing market is dominated by eight major international players, with a market share of 75%, while domestic companies primarily focus on mid-to-low-end products [34][35]. - The domestic bearing market is expected to grow significantly, with projections indicating a market size exceeding 300 billion yuan by 2024, driven by the increasing number of vehicles and their average age [38][40]. 3. Emerging Business - The humanoid robot industry is on the verge of explosive growth, with significant advancements in technology and production capabilities expected by 2025 [47][48]. - The company is developing three core components for humanoid robots: harmonic reducers, actuator modules, and rolling ball screws, which are anticipated to benefit from the industry's growth [49][54]. 4. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 812 million, 974 million, and 1.214 billion yuan, respectively, with corresponding growth rates of 10%, 20%, and 25% [3][60]. - The company's net profit is expected to grow at a CAGR of 23% from 2024 to 2026, with P/E ratios decreasing from 72 to 46 over the same period [3][60].

Group 1: Production and Manufacturing - The company has developed a flexible production line suitable for "small batch, multiple varieties, and quick response," enhancing equipment utilization and reducing production cycles [1] - Future plans include strengthening flexible manufacturing capabilities through automation and intelligent upgrades [1] Group 2: Customer Base - The company's bearing products primarily target the automotive aftermarket and original equipment manufacturers (OEMs), with aftermarket customers mainly being independent brand merchants and large chain terminals [2] Group 3: Overseas Expansion - In April 2024, the third phase of investment in the Thailand factory will commence, aimed at increasing production capacity and enhancing competitiveness for overseas customer orders [2] Group 4: Robotics Component Business - The company leverages its precision component manufacturing advantages for the robotics parts business, sharing some R&D technologies and production equipment [2] - The robotics parts business is still in its early stages, with no mass supply to the market yet [2]

Group 1: Company Overview - The company, Zhejiang Siling Automotive Bearing Co., Ltd., focuses on the research, manufacturing, and sales of various bearing products, including hub bearings and clutch components, targeting global markets such as Southeast Asia, Europe, and North America [2]. Group 2: Financial Impact and Risk Management - Fluctuations in the USD exchange rate can have short-term impacts on the company's business; the company plans to adjust its business model and take measures to mitigate risks associated with exchange rate volatility [2]. Group 3: Market Expansion and Client Base - The company has received U.S. customs recognition for its products, enhancing its competitiveness and market share in North America, with plans to secure new client projects and expand export business [2]. - The primary customer base for the company's bearing products includes the automotive aftermarket and original equipment manufacturers (OEMs), with established relationships with major clients such as Foton, Chery, FAW-Volkswagen, and SAIC Maxus [2]. Group 4: Product Development - The company is currently focused on the research and mass production of harmonic reducers, which are applicable in various robotic applications; the core equipment for this product line is expected to be operational by the end of 2024, with initial small-scale production to follow [2].