证券代码：603926 证券简称：铁流股份 公告编号：2025-047 铁流股份有限公司 关于为全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对外担保总额（万元） | 26,802.40 | | 对外担保总额占上市公司最近一期经审计净资产的比例（%） | 15.92 | | 其他风险提示（如有） | 无 | 一、担保情况概述 （一）担保的基本情况 2024 年 4 月 25 日，铁流股份有限公司（以下简称"公司"）与招商银行股 份有限公司黄石分行（以下简称"招商银行"）签订《最高额不可撤销担保书》， 为全资子公司湖北三环离合器有限公司（以下简称"湖北三环"）与招商银行签 署的《授信协议》提供最高不超过 2,000 万元的连带责任担保。鉴于该授信期限 已到期，2025 年 10 月 20 日，公司与招商银行重新签订《最高额不可撤销担保 书》，为全资子公司湖北三环与招商银行签署 ...

Core Viewpoint - The company, Tieliu Co., Ltd. (603926), has signed a new irrevocable guarantee agreement with China Merchants Bank Huangshi Branch, providing a guarantee of up to 20 million yuan for its wholly-owned subsidiary, Hubei Sanhuan Clutch Co., Ltd. [1] Group 1 - The guarantee is intended to support the daily operational needs of the subsidiary [1] - The total amount of external guarantees provided by the company and its controlled subsidiaries is 26,802.40 million yuan, which accounts for 15.92% of the most recent audited net assets [1] - There are no overdue guarantees as of the announcement date, indicating a controlled risk environment [1] Group 2 - The guarantee does not require additional review as it falls within the authorized scope previously approved by the company [1] - The company has confirmed that this guarantee aligns with its overall interests [1]

Summary of Iron Flow Co., Ltd. Conference Call Company Overview - Iron Flow Co., Ltd. has acquired German company Geiger to gain high-precision processing technology, focusing on the production of core components for new energy vehicles, such as motor shafts, and has secured orders from major clients like Ideal, Leading, and Volkswagen [2][5] Core Business and Market Position - The company's core business includes automotive transmission systems, high-precision components, and smart services for commercial vehicles. It holds a leading position in clutch production, covering over 90% of the commercial and passenger vehicle market [4] - The annual production project of 600,000 motor shafts has partially commenced, with a strong production capacity supported by over 160 CNC machining tools [2][5] Financial Performance and Projections - The company is expected to achieve net profits attributable to shareholders of 129 million yuan, 164 million yuan, and 208 million yuan for the years 2025, 2026, and 2027, respectively [2][7] - Iron Flow Co., Ltd. maintains a stable gross profit margin of 15%-20% [3][8] Strategic Acquisitions and Expansion - The company has a history of strategic acquisitions, including the purchase of Hubei Sanhuan in 2019 and Guangdong Yuntong Sifang in 2021, which have facilitated business expansion [2][4] - The company has ample cash reserves and a successful track record in mergers and acquisitions, enhancing its capability for integration and expansion [7] Synergies with Robotics Industry - Iron Flow Co., Ltd. has accumulated extensive experience in high-precision processing, with manufacturing processes that align with key components in the robotics industry, such as hollow economic shafts and screw rods [6] - The design and manufacturing processes of the company's clutches and reducers also share similarities, providing a solid foundation for entering the robotics sector [6] Management and Ownership Structure - The actual controller of Iron Flow Co., Ltd. is Zhang Zhiling, who holds 18.7% of shares through Hangzhou Dedai Industrial and directly holds 5.4% [8] - The management team possesses rich manufacturing experience, ensuring stable development and continuous strategic acquisitions [3][8]

Core Viewpoint - The company announced the cancellation of its supervisory board and the revision of related proposals during the first extraordinary shareholders' meeting scheduled for August 22, 2025 [1] Group 1 - The company has completed the industrial and commercial change registration and has obtained a new business license issued by the Zhejiang Provincial Market Supervision Administration [1]

关于完成工商变更登记并换发营业执照的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603926 证券简称：铁流股份 公告编号：2025-046 铁流股份有限公司 特此公告。 铁流股份有限公司董事会 2025 年 10 月 1 日 1 铁流股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开 2025 年 第一次临时股东会，审议通过了《关于取消监事会并修订<公司章程>的议案》。 近日，公司完成工商变更登记，现已取得浙江省市场监督管理局换发的《营 业执照》，相关登记信息如下： | 名称 | 铁流股份有限公司 | | --- | --- | | 统一社会信用代码 | 91330100697072273U | | 类型 | 其他股份有限公司（上市） | | 住所 | 浙江省杭州市临平区临平街道兴国路 398 号 | | 法定代表人 | 国宁 | | 注册资本 | 贰亿叁仟肆佰柒拾壹万陆仟陆佰壹拾壹元 | | 成立日期 | 2009 年 11 月 26 日 | | 经营范围 | 一般项目：汽车零部件及 ...

Group 1 - On September 24, a total of 26 companies were investigated by institutions, with 18 companies being surveyed by funds, indicating a strong interest in these firms [1] - Among the companies surveyed, Mintai Aluminum (601677) received the most attention, with 12 funds participating in the investigation, followed by Antai Technology (000969) and Dongsheng Technology (300073), each with 9 funds [1] - The surveyed companies are distributed across various sectors, with the most represented industries being electric equipment, automotive, and non-ferrous metals, each having three companies listed [1] Group 2 - In terms of market performance, 7 out of the surveyed stocks increased in value over the past five days, with Jin Tai Yang (300606) leading with a rise of 12.67%, followed by New Coordinates (603040) at 10.47% and Honghua Digital Science (9.68%) [2] - Conversely, 11 stocks experienced declines, with Yun Aluminum (000807) dropping by 7.46%, followed by Jingjin Electric and Shuangjie Electric (300444) with declines of 6.91% and 3.66% respectively [2] - Notably, Dongsheng Technology saw a net inflow of funds amounting to 291 million yuan over the past five days, indicating strong institutional interest [2]

Group 1 - The core viewpoint of the article highlights that Tieliu Co., Ltd. (SH 603926) has engaged in investor research activities, indicating a proactive approach to investor relations [1] - Tieliu's revenue composition for the year 2024 is detailed, with automotive parts manufacturing accounting for 61.21%, automotive parts trading for 36.3%, and other businesses for 2.49% [1] - As of the report, Tieliu's market capitalization stands at 4.4 billion yuan [1] Group 2 - The article mentions that Tieliu Co., Ltd. will participate in investor research on specific dates in September 2025, showcasing its commitment to transparency and communication with investors [1] - The involvement of the company's board secretary, Zhou Ying, in addressing investor inquiries reflects the company's engagement strategy [1]

编号：2025-006 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | ☑现场参观 □一对一沟通 □其他（电话会议） | | 参与单位名称 | 东北证券、华创证券、中信建投、建信基金、国泰基金、合丰资 | | （排名不分先 | 本、黑皇资产 | | 后） | | | 时间 | 2025 年 9 月 19 日、9 月 22 日、9 月 24 日 | | 地点 | 浙江省杭州市临平区临平街道兴国路 398 号 | | 上市公司 | 董事会秘书 周莺 | | 接待人员 | 证券事务代表 梅雪 | | | 一、介绍公司业务基本情况 | | | 铁流股份是一家集智能制造及智慧服务为一体的全球性公 | | | 司，主要业务分为三大板块。 | | | 1、汽车传动系统制造板块，核心产品为汽车离合器，旗下拥 | | | 有"铁流""德萨""慈田""WESTLAKE"等多项品牌。公司离 | | | 合器产品型号齐全，可适配 90%以上的商用车、客车、工程机械、 | | | 大中型农用机械及乘用车等车型 ...

Key Insights - The motorcycle export maintained a high growth rate with 1.566 million units exported in August 2025, representing a year-on-year increase of 26% [3][4] - The export of motorcycles with displacement over 250cc saw a significant increase of 43% year-on-year, with 71,000 units exported in August 2025 [3][5] - Africa and Latin America are the primary export regions, with Africa exporting 541,000 units and experiencing a year-on-year growth of 56.2% [4][5] Motorcycle Industry Report - In the first eight months of 2025, the total sales of motorcycles reached 11.23 million units, a year-on-year increase of 17% [40] - The domestic sales of motorcycles decreased by 2% to 2.99 million units, while exports increased by 22% to 8.24 million units [40] - The sales of electric motorcycles surged by 860% to 194,000 units in the first eight months of 2025 [41] Energy Storage Sector - The demand for energy storage has exceeded expectations, with significant growth in overseas contracts, totaling 189 agreements and over 19.6GW/208.09GWh signed by Chinese companies [11] - The introduction of a capacity pricing mechanism in various provinces is expected to enhance the economic viability of energy storage projects [12] AI and Robotics Industry - Figure AI completed a Series C funding round, raising over $1 billion and achieving a post-money valuation of $39 billion, indicating strong investor confidence in the human-robotics sector [19][20] - The release of new AI components by Junsheng Electronics aims to address challenges in the robotics industry, enhancing computational power and reducing costs [21] Financial Performance of Companies - Xizi Clean Energy reported a revenue of 2.79 billion yuan in H1 2025, a decrease of 6.5% year-on-year, but a significant improvement in net profit margin was observed in Q2 2025 [32][33] - Yiwan Yichuang achieved a revenue of 533 million yuan in H1 2025, with a net profit increase of 5.8% year-on-year, driven by improved operational efficiency and AI integration [34][35] Investment Recommendations - The motorcycle industry is recommended for investment due to its sustained growth and export potential, particularly in the African and Asian markets [6][46] - Companies in the energy storage sector, such as Ningde Times and BYD, are highlighted for their strong order volumes and market positioning [12] - The AI and robotics sector is poised for significant growth, with a focus on companies that are developing core components and technologies for human-like robots [30]

Core Viewpoint - Zhejiang Kema Material Co., Ltd. has transitioned its IPO application status to "submitted for registration," indicating progress in its public offering process [1] Company Overview - Kema Material specializes in the research, production, and sales of dry friction plates and wet paper-based friction plates, holding the second-largest market share in the domestic dry friction plate sector [2][3] - The company has established long-term partnerships with major domestic clutch manufacturers and supplies products to well-known automotive brands [2][3] Market Position and Growth - The export value of "clutch and its parts" from China is projected to grow from 75.69 billion in 2022 to 91.76 billion in 2024, reflecting increasing overseas demand [2] - Kema Material's dry friction plates are expected to see a global market expansion from approximately 120 billion to 130 billion over the next three years [9] Financial Performance - The company's revenue for 2022, 2023, and 2024 is reported at 202.16 million, 198.96 million, and 249.03 million respectively, with net profits increasing from 41.65 million to 71.03 million [5] - The gross margin for the main business has improved from 34.87% in 2022 to 47.24% in 2024, indicating strong profitability and cost control [5] Research and Development - Kema Material has a strong focus on R&D, with stable investments in research expenses, which were 13.68 million, 13.06 million, and 13.72 million from 2022 to 2024 [5] - The company holds 78 national patents, including 12 invention patents, showcasing its commitment to innovation [4] International Expansion - Kema Material is actively pursuing international markets and has established good relationships with global automotive parts giants like Eaton and ZF [9] - The company aims to enhance its product competitiveness and expand its sales scale in global niche markets [9] New Business Development - The company is venturing into torque dampers, which are applicable in both traditional and new energy hybrid vehicles, with sales revenue for these products growing significantly from 0.12 million in 2022 to 723.58 million in 2024 [11] - Kema Material's upcoming fundraising projects include upgrading its production capabilities for environmentally friendly clutch friction materials [11]