| 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 转债 | | 宁波旭升集团股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 15 日 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 704 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 572,937,764 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 60.1319 | 截至本次股东大会股权登记日，公司总股本为 953,313,156 股，其中回购专用 证券账户中有股份 512,900 股，回购专用账户中的股份不享有股东大会表决权， ...

Core Viewpoint - The legal opinion confirms that the 2024 annual general meeting of Ningbo Xusheng Group Co., Ltd. was convened and conducted in compliance with relevant laws and regulations, ensuring the legitimacy of the meeting and the validity of the resolutions passed [1][18]. Group 1: Meeting Procedures - The legal opinion states that the convening procedures for the annual general meeting adhered to the requirements of the Company Law, Securities Law, and relevant regulations [5][7]. - The meeting was announced through the specified media, detailing the time, location, and agenda, which was consistent with the notice provided to shareholders [6][11]. Group 2: Attendance and Voting - A total of 704 shareholders and their proxies attended the meeting, representing 60.1319% of the voting shares [8]. - The meeting utilized a combination of on-site and online voting methods, with specific time frames for each voting method clearly outlined [10][12]. Group 3: Voting Results - The resolutions passed at the meeting received overwhelming support, with the majority of votes in favor, such as 571,682,574 shares (99.7809%) for one of the resolutions [11][17]. - The voting results for minority investors were also reported separately, showing significant approval rates [13][15]. Group 4: Legal Compliance - The legal opinion concludes that all aspects of the meeting, including the qualifications of attendees and the voting process, complied with the Company Law, Securities Law, and the company's articles of association [18].

上海国瓴律师事务所 关于 宁波旭升集团股份有限公司 2024 年年度股东大会见证的 法律意见 上海国瓴律師事務所 SHANGHAI GUOLING LAW FIRM 上海市徐汇区衡山路 598 号 电话：021-33883626 传真：021-34127367 网址：www.guolinglaw.com 关于宁波旭升集团股份有限公司 2024 年年度股东大会见证的法律意见 上海国瓴律师事务所 2024 年年度股东大会见证的 法律意见 国瓴 2025009-1 号 致：宁波旭升集团股份有限公司 上海国瓴律师事务所（以下简称"本所"）受宁波旭升集团股份有限公司（以 下简称"公司"）委托，指派阮芳洋律师和许玲玉律师（以下合称"本所律师"） 出席公司 2024 年年度股东大会（以下简称"本次股东大会"），对本次股东大 会召开的合法性进行见证并出具本法律意见。 本所律师依据本法律意见出具日前已经发生或存在的事实和《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和规范性文件及《宁波旭升集团股份有限 ...

Core Viewpoint - Jiangshun Technology (stock code: 001400) reported stable growth in Q1 2025, with significant improvements in cash flow and a solid performance in its core business areas [1][2] Financial Performance - The company achieved an operating revenue of 274 million yuan, remaining stable compared to the same period last year [1] - Net profit attributable to shareholders reached 33.5 million yuan, marking a year-on-year increase of 5.97% [1] - Net cash flow from operating activities was 26.4 million yuan, showing a substantial year-on-year growth of 273.2% [1] Client Resources - Jiangshun Technology has established long-term partnerships with leading domestic companies such as Xusheng Group, Haomei New Materials, and Dongliang Aluminum, as well as international manufacturers like WISPECO [1] - Key clients in the precision mechanical components sector include CRRC Corporation and Bombardier Group, which are leaders in the rail transportation and equipment manufacturing industries [1] Business Layout - The company operates in three main business segments: aluminum profile extrusion molds and accessories, aluminum profile extrusion supporting equipment, and precision mechanical components [2] - Jiangshun Technology has become a leading enterprise in the domestic aluminum profile extrusion mold and supporting equipment industry over the past 20 years [2] - The products are widely used in various fields, including transportation, automotive lightweighting, aerospace, and architectural decoration [2] Market Opportunities - The demand for aluminum profiles in the consumer electronics sector is expected to grow, particularly for structural and aesthetic components in laptops and smartphones, driven by the 5G replacement wave [2] - New projects are progressing as planned, with production expected to commence in the second half of 2025, further solidifying the company's industry position [2] Strategic Focus - Jiangshun Technology aims to deepen its core business while actively expanding its precision mechanical components segment, providing customized, one-stop solutions for clients [2] - The company is focused on enhancing operational efficiency and improving investor communication to promote the integration of industrial and financial capital, thereby safeguarding shareholder interests [2]

Group 1: Company Overview - Jiangshun Technology specializes in aluminum profile extrusion molds and precision mechanical components, becoming a leading enterprise in the domestic market after over 20 years of industry experience [12][17]. - The company has 9 subsidiaries, focusing on customized production based on client needs [7][18]. Group 2: Market Position and Competition - The aluminum profile extrusion mold industry is characterized by a low concentration of firms, primarily consisting of small to medium-sized enterprises [4][17]. - The company has established long-term partnerships with notable clients in various sectors, including automotive lightweighting and aerospace [14][18]. Group 3: Financial Performance - In Q1 2025, the company reported a revenue of CNY 274.13 million, showing a slight increase of 5.97% in net profit compared to the previous year [16]. - The precision mechanical components segment achieved a revenue of CNY 158 million in 2024, reflecting a year-on-year growth of 18.67% [15]. Group 4: Product and Technology Advantages - The company has developed core technologies, including multi-outlet mold manufacturing and rapid extrusion mold technology, enhancing its competitive edge [3][7]. - Jiangshun Technology's products are widely used in various applications, including transportation, renewable energy, and consumer electronics [12][17]. Group 5: Future Growth and Strategy - The company aims to enhance its market competitiveness by focusing on synchronized R&D and production capabilities to meet evolving customer demands [6][10]. - Plans for overseas expansion include establishing subsidiaries in Singapore to strengthen production and service capabilities [8][10]. Group 6: Investor Relations and Shareholder Value - The company is committed to a stable profit distribution policy, considering shareholder interests while ensuring sustainable development [9][10]. - Jiangshun Technology emphasizes the importance of maintaining a stable market value through strategic management and operational efficiency [17][18].

Investment Rating - The report maintains a positive outlook on the automotive sector, emphasizing three main themes: AI robotics, AI intelligence, and favorable market conditions [3]. Core Insights - In the first week of May, the total number of compulsory insurance for passenger cars was 416,000 units, reflecting a week-on-week decrease of 5.9% but a month-on-month increase of 26.5% [2][49]. - The SW automotive index increased by 0.5%, with the best-performing segments being motorcycles and others (+2.7%) and automotive parts (+2.4%) [2]. - The report highlights significant developments, including the launch of the 2025 model of Li Auto's L series, which features upgrades in intelligence and battery technology, while maintaining the same official guide price [2][3]. Weekly Market Review - The automotive sector ranked 14th in A-shares and 7th in Hong Kong stocks this week [7][10]. - The SW motorcycle and other segments performed the best within the automotive sector this week [15]. - The report indicates that the automotive parts sector's valuation has risen, while the valuations for SW automotive, passenger vehicles, and commercial vehicles have decreased [33]. Industry Trends - The report anticipates a strong demand for passenger vehicles throughout the year, driven by new scrappage and replacement policies, projecting a retail sales forecast of 23.83 million units in 2025, a year-on-year increase of 4.7% [50]. - The penetration rate of new energy vehicles reached 48.4%, with 201,000 units sold in the first week of May, marking a week-on-week decrease of 13.9% [49]. - The report predicts that the competition in intelligent driving among automakers will intensify in 2025, with L3 automation expected to penetrate 28% of new energy vehicles [53]. Company-Specific Developments - Geely Automobile plans to acquire all issued shares of Zeekr, indicating a strategic move to enhance its market position [2][3]. - The report notes that Wenchan's subsidiary has secured a new client for a three-in-one motor shell, with expected production starting in the second half of 2025 and projected sales of 200-250 million yuan over five years [2][3]. - The report also highlights the performance of covered stocks, with Geely Automobile, Zhongding, and Li Auto showing significant gains this week [24].

Macro Strategy - The report highlights that China's consumption rate is only 37.2%, significantly lower than the average of 53.8% across 38 countries, indicating a need to improve the income of the middle and low-income groups to boost consumption [1][16][17] - It is noted that the low consumption rate is primarily due to a low consumption propensity, with China's consumption propensity at 62% compared to the average of 92.3% for the 38 countries [1][16] - The report suggests that increasing the tax burden on high-income earners and redistributing the revenue to lower-income groups could potentially increase total consumption by 1.6 trillion yuan, raising the consumption rate by 1.3 percentage points [1][17] Macro Commentary - The Federal Reserve maintained its interest rate at the May FOMC meeting, expressing concerns about economic uncertainty and stagflation risks, which complicates the decision-making process regarding interest rate cuts [2][18] - The commentary indicates that the market's expectation of three interest rate cuts this year may be overly optimistic, with potential upward pressure on U.S. Treasury yields [2][18] Industry Insights - The report on the AI and automotive industry emphasizes the growing opportunities for leading third-party autonomous driving suppliers, driven by the demand for equal access to intelligent driving technology and performance validation [6] - It is projected that leading autonomous driving suppliers could capture about 50% of the market share in new car sales, particularly benefiting second and third-tier automakers [6] - The report also discusses the competitive landscape for domestic chip manufacturers, noting that they have made significant progress in performance and production validation, positioning themselves to compete with established players like NVIDIA [6] Real Estate Industry - The real estate sector is expected to stabilize gradually due to the introduction of incremental policies and a reduction in housing loan interest rates, with a focus on quality developers in core cities [9] - Recommendations include developers like China Resources Land and Yuexiu Property, as well as property management companies such as China Resources Vientiane Life and Greentown Service [9] Construction Materials Industry - The report indicates that public fund holdings in the residential industry chain remain low, with a slight increase in construction and building materials allocations [8] - The concentration of holdings in the construction materials sector has increased, with 27% of stocks in this sector held by public funds [8]

【事项】 以铣代磨、以车代磨有望打开空间。磨削效率较低，部分加工量由高效铣、车替代后，生产效率有望提 升，是适配批量化的工艺，此外还有冷锻等高效率工艺。经充分验证后，新工艺有望逐步落地。 【配置建议】 切铣磨设备需求量有望迎来增长，建议关注【浙海德曼】、【华辰装备】、【日发精机】、【宇环数 控】等； 冷锻工艺有望提高效率，建议关注【新坐标】等； 刀具是消耗品，建议关注【恒锋工具】、【沃尔德】。 25 年1 月，特斯拉在业绩交流会上表示25 年将制造约1 万部人形机器人，26 年推出2.0 版本，目标是加 快生产速度。 2025 年3 月，Figure AI 宣布筹建BotQ 人形机器人工厂，该工厂的首条生产线预计每年将生产12000 台 人形机器人。 【评论】 本体厂扩产、行业1-10、供应链跟进。特斯拉和Figure 的计划表示，人形机器人已进入1-10 阶段，产能 先行。供应链也进入扩产节奏：1）拓普集团24 年已启动150 亩的机器人产业基地项目；2）三花智控计 划总投资不低于50 亿元，用于建设先途智能变频控制器、机器人机电执行器和域控制器，此前也宣布 与绿的谐波战略合作在墨西哥建厂；3）新剑传动于2 ...

Group 1 - The trend of lightweighting is crucial for humanoid robots, enhancing aspects such as endurance, performance, and lifespan, with significant industry acceleration expected due to policy and capital support [1] - Major robot manufacturers like Tesla, UBTECH, and Yushun are adopting weight reduction and lightweighting strategies in their iterations, with Tesla's Optimus Gen2 reducing weight by 10 kg and increasing walking speed by 30% compared to Gen1 [1] - Lightweight materials such as magnesium alloys, PEEK, and carbon fiber are being widely applied in various components of humanoid robots, including body shells, joints, gears, and motors [1] Group 2 - Magnesium alloys are highlighted for their excellent properties, including a density one-third that of aluminum alloys and superior damping and noise reduction capabilities, making them suitable for lightweight applications [1] - The price ratio of magnesium to aluminum has remained low, enhancing the cost-effectiveness of magnesium alloys, with a notable example being the ER4-550-MI industrial robot, which achieved an 11% weight reduction and a 10% decrease in power consumption while improving performance by 5% [1] - PEEK is recognized as a high-performance engineering plastic with applications in harmonic reducers, offering excellent thermal resistance, mechanical strength, and chemical stability, with a projected market growth rate exceeding 10% annually [2] - Domestic companies are pushing for local alternatives in the PEEK market, with firms like Zhongyan Co., Pengfulong, and Water Co. making strides against established international players [2] Group 3 - Investment recommendations suggest focusing on companies benefiting from the lightweighting trend in humanoid robots, with specific mentions of magnesium alloy producers like Xingyuan Zhuomei, Xusheng Group, and Rongtai Co., as well as PEEK manufacturers such as Xinhang New Materials, Zhongxin Fluorine Materials, and Watte Co. [2]

Core Viewpoint - The company is facing short-term performance pressure due to demand fluctuations and cost-cutting requests from clients, but it is expected to enhance profitability through new project launches and capacity utilization improvements in the future [2][10][24]. Financial Performance - In 2024, the company is projected to achieve revenue of 4.41 billion yuan, a year-on-year decrease of 8.8%, with a net profit of 420 million yuan, down 41.7% year-on-year [2][10]. - For Q1 2025, the company reported revenue of 1.05 billion yuan, a decline of 8.1% year-on-year and 7.8% quarter-on-quarter, with a net profit of 100 million yuan, down 39.2% year-on-year [2][10]. - The gross margin for Q1 2025 was 20.8%, a decrease of 3.0 percentage points year-on-year but an increase of 3.2 percentage points quarter-on-quarter [4][10]. Business Expansion and Strategy - The company is expanding its product categories and client base while enhancing production capacity and refining processes, marking the beginning of a new global expansion phase [5][6]. - The company has mastered three major aluminum alloy processes: die-casting, forging, and extrusion, and is expanding into the energy storage sector, with expected revenue of approximately 230 million yuan from energy storage projects in 2024 [6][22]. - The company is leveraging its global automotive client base to build a comprehensive customer resource system [6]. New Business Development - The company is focusing on humanoid robotics, utilizing its expertise in aluminum alloy precision processing to develop key components such as joint shells and torso structures, with several projects secured from domestic and international clients [8][22]. - The construction of a production base in Mexico is progressing, with plans for a Thailand base to support global customer outreach, focusing on aluminum-magnesium alloy components for new energy vehicles and humanoid robots [20][21]. Operational Efficiency - The company aims to enhance internal operational management and cost efficiency through technology and process innovations, including centralized procurement and strategic partnerships with suppliers [19][21]. - The company is implementing a "zero inventory" management model to optimize inventory turnover rates [19].