证券代码：603926 证券简称：铁流股份 公告编号：2025-049 铁流股份有限公司 关于第六届董事会第九次会议决议公告 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。 一、董事会会议召开情况 铁流股份有限公司（以下简称"公司"）第六届董事会第九次会议于 2025 年 12 月 10 日在公司六楼会议室以通讯方式召开，本次会议于 2025 年 12 月 4 日以短信、直接送达方式通知全体董事、高级管理人员。会议由董事长国宁先生 召集并主持，会议应出席董事 9 人，实际出席董事 9 人。本次会议的召集和召开 程序符合《公司法》和《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 （一）审议通过《关于募投项目结项并将剩余募集资金永久性补充流动资金 的议案》 内容详见公司同日在上海证券交易所网站（www.sse.com.cn）发布的公告。 表决结果：9 票同意、0 票反对、0 票弃权。 该议案已经由董事会审计委员会审议通过，尚需提交股东会审议。 （二）审议通过《关于调整公司组织架构的议案》 内容详见公司同日在上海证券交易 ...

Group 1 - The core point of the article is the establishment of Jilfu (Hangzhou) Intelligent Robot Co., Ltd. on December 8, with a registered capital of 100 million RMB [1] - The legal representative of the company is Guo Ning, indicating a structured leadership [1] - The company's business scope includes manufacturing service consumer robots, research and development of intelligent robots, and sales of both intelligent and service consumer robots [1] Group 2 - The company is wholly owned by Tieliu Co., Ltd., highlighting a strong backing from an established entity in the industry [1]

Core Viewpoint - The dry clutch friction plate industry is experiencing significant growth driven by increasing demand in the automotive market and supportive government policies, with the market size expected to reach 1.686 billion yuan in 2024, a year-on-year increase of 5.0% [1][6]. Industry Overview - Dry clutch friction plates are critical components in automotive clutches, primarily used for power transmission and disconnection, characterized by good wear resistance and thermal recession resistance [3][6]. - The industry is benefiting from government policies that promote the development of key automotive components, providing support in research and development, standard formulation, and supply chain construction [4][11]. Market Size and Growth - The market size of the dry clutch friction plate industry in China is projected to reach 1.686 billion yuan in 2024 and grow to 1.831 billion yuan by 2026 [1][6]. - The aftermarket for dry clutch friction plates is expected to grow from 1.33 billion yuan in 2021 to 1.67 billion yuan by 2026, with a compound annual growth rate of 4.7% [8]. Industry Chain - The industry chain consists of upstream raw materials such as powder metallurgy materials, asbestos-based materials, and paper-based materials, with the downstream market including both original equipment and aftermarket [5][6]. - The growth in China's vehicle ownership, from 232 million in 2018 to an expected 360 million by 2025, is driving demand for dry clutch friction plates [5][6]. Competitive Landscape - The industry faces competition from established foreign companies like Schaeffler, Valeo, and BorgWarner, which dominate the market due to their technological and financial advantages [8]. - Domestic companies such as Koma Materials and Jinqilin are emerging but face challenges in R&D investment and innovation capabilities [8][9]. Development Trends - Continuous government support for the automotive industry is expected to foster growth in the dry clutch friction plate sector [11]. - Hybrid vehicles are anticipated to become a core growth market as they retain clutch systems, contrasting with the declining demand for traditional clutches in pure electric vehicles [12]. - The industry is actively expanding into international markets, with increasing sales in regions like the Middle East and Southeast Asia, supported by e-commerce platforms [13].

证券代码：603926 证券简称：铁流股份 铁流股份有限公司 投资者关系活动记录表 编号：2025-008 投资者关系 活动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □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 （排名不分先 后） 中泰证券 时间 2025 年 12 月 4 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 接待人员 董事会秘书 周莺 证券事务代表 梅雪 投资者关系活 动主要内容介 绍 提问 1：公司机器人业务推进情况？ 回复：公司已积极布局机器人业务，并已与多家知名企业达 成了研发合作意向。此外，公司于本年 9 月与哈特研究院签署了 共建研发实验室的协议。哈特研究院在机器人环境感知、智能控 制等领域拥有扎实的学术底蕴与前沿的科研能力，不仅承接过多 项国家级重点研发计划项目，更构建了国家级博士后工作站、国 家工业机器人检验检测中心等高端科研平台。而公司作为汽车零 部件行业的领军企业，具备模具开发、冲压、机加工、热处理、 精密加工等高精密零部件全链路产业生态。此次合作将有效整合 公司自身制造优势与哈特研究院的科研优势，快 ...

证券代码：603926 证券简称：铁流股份 公告编号：2025-048 铁流股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 ● 投资者可于2025年11月20日（星期四）至11月26日（星期三）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱（mx@chinaclutch.com）进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 一、说明会类型 铁流股份有限公司（以下简称"公司"）已于2025年10月28日在上海证券交易所网站（www.sse.com.cn） 披露公司2025年第三季度报告，为便于广大投资者更全面深入地了解公司2025年第三季度经营成果和财 务状况，公司拟召开2025年第三季度业绩说明会，就投资者关心的问题进行交流。 二、说明会召开的相关信息 重要内容提示： （一）投资者可于2025年11月27日（星期四）13:00-14:00，通过互联网登录上证路演中心 （https://roadshow.sseinfo.com/ ...

证券代码：603926 证券简称：铁流股份 公告编号：2025-048 铁流股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 一、说明会类型 铁流股份有限公司（以下简称"公司"）已于 2025 年 10 月 28 日在上海证券 交易所网站（www.sse.com.cn）披露公司 2025 年第三季度报告，为便于广大投 资者更全面深入地了解公司 2025 年第三季度经营成果和财务状况，公司拟召开 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 二、说明会召开的相关信息 （一）会议召开时间：2025 年 11 月 27 日（星期四）13:00-14:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 1 会议召开时间：2025 年 11 月 27 日（星期四）13:00-14:0 ...

Group 1 - The report highlights a significant recovery in the private placement market in 2025, driven by favorable policies and increased market activity, leading to a pronounced profit effect [4][5][6] - The "Merger Six Guidelines" initiated a new round of relaxed policies for mergers and acquisitions, enhancing market activity and increasing the number of related private placement projects [16][18] - The implementation of the "Long-term Capital Market Entry Plan" allows various institutional investors to participate in private placements, potentially increasing investment in pricing-based private placements [17][21] Group 2 - The number and scale of new private placement proposals have significantly increased, with a 92.3% year-on-year rise in competitive private placement proposals and a 105.3% increase in financing scale from January to October 2025 [5][19] - The average fundraising amount per project has notably increased, with competitive private placements averaging 15.22 million yuan, a 69.63% year-on-year growth [6][34] - The average yield of competitive private placements reached 38.69% by October 31, 2025, marking a new high since 2020, with a substantial increase from the previous year [6][37] Group 3 - The report emphasizes the focus on high-end manufacturing and innovative sectors, with the top five industries for new private placement financing being electronics, computers, machinery, power equipment, and automobiles [28] - The report identifies key investment themes, including smart vehicles, high-end manufacturing, and outdoor products, with specific companies recommended for investment [8][52] - The report notes that the private placement market is increasingly supporting the dual innovation sector, with nearly 50% of new financing proposals coming from the Sci-Tech Innovation Board and the Growth Enterprise Market [28][32]

证券代码：603926 证券简称：铁流股份 铁流股份有限公司 投资者关系活动记录表 编号：2025-007 提问 3：公司汽车传动系统制造板块经营情况如何？ 回复：公司汽车离合器传动系统制造板块 2025 年前三季度净 利润贡献稳中有升，为公司提供稳定现金流支撑。目前，该行业 集中度较低，公司将持续开拓市场，以优质的产品品质，实现市 占率的不断提升。 提问 4：公司对商用车全车件智慧服务板块有什么规划？ 回复：一是推进数字化升级，依托中配平台的汽车零部件大 数据资源，为中小企业赋能，帮助其减少库存、提升效率；同时 拓展线上交易撮合功能，服务注册用户，并试点保险公司定损场 景，探索大数据的商业化路径； 二是优化供应链与产品线，通过整合供应链资源，丰富产品 线来满足不同客户的需求，增强盈利能力；同时，和大型企业建 立了良好合作关系，为京东、德邦等物流公司提供一站式解决方 案，提升市场覆盖能力； | | ☑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） ...

Group 1 - The core viewpoint of the article highlights that Tieliu Co., Ltd. (SH 603926) will be participating in an investor research event on November 5-6, 2025, with representatives from the company addressing investor inquiries [1] - For the year 2024, Tieliu's revenue composition is as follows: 61.21% from automotive parts manufacturing, 36.3% from automotive parts trading, and 2.49% from other businesses [1] - As of the report, Tieliu's market capitalization stands at 3.8 billion yuan [1]

Core Viewpoint - Tieliu Co., Ltd. is a leading player in the automotive clutch manufacturing sector, with a focus on precision manufacturing and smart services, but it faces challenges in revenue and profitability compared to industry peers [1][2]. Group 1: Company Overview - Tieliu Co., Ltd. was established on November 26, 2009, and listed on the Shanghai Stock Exchange on May 10, 2017, with its headquarters in Hangzhou, Zhejiang Province [1]. - The company specializes in the research, production, and sales of automotive clutches and is recognized for its significant market share and production capacity in China [1]. Group 2: Financial Performance - In Q3 2025, Tieliu Co., Ltd. reported revenue of 1.767 billion yuan, ranking 38th among 103 companies in the industry, significantly lower than the top competitors Weichai Power (170.571 billion yuan) and Top Group (20.928 billion yuan) [2]. - The net profit for the same period was 72.0946 million yuan, placing it 62nd in the industry, again far behind Weichai Power (10.852 billion yuan) and Top Group (1.969 billion yuan) [2]. Group 3: Financial Ratios - As of Q3 2025, Tieliu Co., Ltd. had a debt-to-asset ratio of 43.14%, which is higher than the industry average of 39.06% and an increase from 42.15% in the previous year [3]. - The gross profit margin was reported at 16.37%, down from 17.90% year-on-year and below the industry average of 21.53% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.62% to 10,800, while the average number of circulating A-shares held per shareholder increased by 3.28% to 21,300 [5]. Group 5: Future Outlook - Tieliu Co., Ltd. is expected to see net profits of 129 million yuan, 164 million yuan, and 208 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share (EPS) of 0.55, 0.70, and 0.88 yuan [5]. - The company is focusing on leveraging its acquisition of German Geiger to enhance its capabilities in high-precision components, particularly in the electric vehicle sector, and aims to continue expanding through strategic acquisitions [5].