巨轮智能（002031）公告，2025年第一季度营业收入1.93亿元，同比增长21.17%。净亏损3062.47万 元，去年同期净亏损1413.74万元。 ...

Core Viewpoint - Hangyang Co., Ltd. reported a solid financial performance in Q1 2025, with total operating revenue of 3.565 billion yuan, a year-on-year increase of 7.85%, and a net profit attributable to shareholders of 226 million yuan, up 10.82% year-on-year [1] Financial Performance - The company achieved a total operating revenue of 3.565 billion yuan in Q1 2025, representing a 7.85% increase year-on-year [1] - Profit before tax reached 335 million yuan, reflecting a 13.61% year-on-year growth [1] - The net cash flow from operating activities was 424 million yuan, an increase of 46.78% compared to the same period last year [1] Shareholder Structure - Hangzhou Hangyang Holding Co., Ltd., as the largest shareholder, holds 53.33% of the shares, totaling 524,754,485 shares, with no shares pledged, marked, or frozen, indicating strong control and stability [1] Business Overview - Hangyang is a world-class supplier of air separation equipment and low-temperature petrochemical equipment, leading the gas industry in China [1] - The company has established over 60 specialized gas companies domestically and internationally, with an oxygen production capacity of 3.5 million Nm3/h, serving various industries including metallurgy, chemicals, and healthcare [1] Industry Position - Hangyang's air separation equipment business is globally recognized, with a leading market share in low-temperature petrochemical products domestically [2] - The company has a self-sufficiency rate of over 90% for key equipment, showcasing its technological capabilities [2] Strategic Initiatives - The company is focusing on the entire hydrogen energy value chain and carbon neutrality solutions, while also exploring biomass energy utilization and green chemistry [2] - Hangyang aims to innovate its business model and expand its service industry, enhancing its position as an innovative service-oriented enterprise [2] Future Outlook - The company anticipates a recovery in performance following a challenging 2024, supported by abundant gas projects and ongoing developments in coal chemical projects [3] - Hangyang plans to increase its stock holdings through a special loan from China Industrial Bank, reflecting confidence in its long-term investment value [4] - The company aims to create a world-class gas industry enterprise by focusing on market-driven strategies, innovation, quality, service, and cost management [4]

| 名称 | 持有数量(万股) | 占总股本 | 增减情 | | --- | --- | --- | --- | | | | 比例(%) | 况(万股) | | 广州智能装备产业集团有限公司 | 48636.19 | 56.56 | 不变 | | 阳光人寿保险股份有限公司-传统保险产品 | 1652.70 | 1.92 | 新进 | | 中央汇金资产管理有限责任公司 | 1628.00 | 1.89 | 不变 | | 广州维亚通用实业有限公司 | 1107.43 | 1.29 | 不变 | | 富国天惠成长混合(LOF) | 1000.00 | 1.16 | -800.00 | | 香港中央结算有限公司 | 910.86 | 1.06 | -432.90 | | 景顺长城成长之星股票A | 817.01 | 0.95 | 不变 | | 广州花都通用集团有限公司 | 668.73 | 0.78 | 不变 | | 平安基金-中国平安人寿保险股份有限公司-分红-个险分红-平安 | | | | | 人寿-平安基金权益委托投资2号单一资产管理计划 | 510.56 | 0.59 | 不变 | | 汇添富外延增长主题股票 ...

一、主要会计数据和财务指标 三、分红送配方案情况 本次公司不分配不转赠。 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2630 | -0.0419 | 727.68 | -0.0779 | | 每股净资产（元） | 3.52 | 3.34 | 5.39 | 3.33 | | 每股公积金(元) | 0.16 | 0.16 | 0 | 0.16 | | 每股未分配利润(元) | 1.96 | 1.80 | 8.89 | 1.80 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.79 | 1.64 | 9.15 | 1.33 | | 净利润(亿元) | 0.92 | -0.15 | 713.33 | -0.27 | | 净资产收益率(%) | 7.76 | -1.25 | 720.8 | -2.31 | | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | -- ...

一、主要会计数据和财务指标 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 施宗梅 | 6071.01 | 22.24 | 不变 | | 王海波 | 2644.53 | 9.69 | 不变 | | 大成基金管理有限公司-社保基金1101组合 | 1522.09 | 5.57 | 不变 | | 张肃宁 | 838.39 | 3.07 | 不变 | | 中国太平洋人寿保险股份有限公司-传统保险高分红股 票管理组合 | 679.46 | 2.49 | 新进 | | 南方品质优选灵活配置混合A | 516.04 | 1.89 | 不变 | | 香港中央结算有限公司 | 418.66 | 1.53 | 新进 | | 南方优享分红灵活配置混合A | 410.01 | 1.50 | -106.18 | | 何子轩 | 398.94 | 1.46 | 1.16 | | 全国社保基金四零一组合 | 327.35 | 1.20 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 大成高鑫股票A | 7 ...

一、主要会计数据和财务指标 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 浙江日发控股集团有限公司 | 16747.96 | 23.34 | 7500.00 | | 鹏华碳中和主题混合A | 2516.93 | 3.51 | 新进 | | 杭州金投资产管理有限公司-杭州锦琦投资合伙企业 | 2243.04 | 3.13 | 不变 | | (有限合伙) | | | | | 王本善 | 1398.15 | 1.95 | -4.05 | | 吴捷 | 1093.50 | 1.52 | 不变 | | BARCLAYS BANK PLC | 283.55 | 0.40 | 新进 | | 赵誉朝 | 268.21 | 0.37 | 11.21 | | 鹏华创新成长混合A | 257.01 | 0.36 | 新进 | | 香港中央结算有限公司 | 243.29 | 0.34 | -121.24 | | 郑和军 | 236.81 | 0.33 | -0.83 | | 较上个报告期退出前十大股东有 | | | | ...

Core Viewpoint - The company experienced revenue growth in 2024, but net profit significantly declined, indicating challenges in profitability despite increased sales [1][15]. Financial Performance - Revenue for 2024 reached ¥1,032,610,976.57, a 16.91% increase from ¥883,270,113.96 in the previous year, driven by enhanced market development and optimized product structure [2]. - Net profit attributable to shareholders was ¥69,671,087.19, down 44.99% from ¥126,649,029.68, primarily due to rising costs in various areas including operating, research and development, financial, and management expenses [2]. - Operating costs increased by 18.71% to ¥779,840,887.53, reflecting the expansion of main business revenue and corresponding procurement costs [2]. - Research and development expenses rose by 30.78% to ¥38,656,851.31, highlighting the company's commitment to innovation [2]. - Financial expenses surged by 352.50% to ¥21,746,461.42, mainly due to increased loan and discount interest costs [2]. - Management expenses increased by 52.70% to ¥58,836,317.55, driven by higher service fees and personnel salaries [2]. - The company's net profit excluding non-recurring items was ¥34,920,637.27, a 68.69% decrease from ¥111,528,467.74, indicating a growing reliance on non-recurring gains [2]. Earnings Per Share - Basic earnings per share for 2024 were ¥0.79, down 53.25% from ¥1.69, reflecting the significant drop in net profit [3]. - The diluted earnings per share also showed a notable decline, indicating weakened core business profitability [3]. Expense Analysis - Sales expenses increased by 26.37% to ¥30,045,175.50, attributed to enhanced market expansion efforts and increased sales personnel compensation [4]. - Management expenses rose significantly, reflecting the complexities of managing a growing business [4]. - Financial expenses saw a dramatic increase, which could pressure future profitability [4]. - Research and development expenses were prioritized, with a focus on enhancing product competitiveness despite short-term profit impacts [4]. Cash Flow Situation - The net cash flow from operating activities was -¥14,237,523.24, a 147.07% decrease from ¥30,244,594.52, indicating slower cash recovery and potential issues with accounts receivable or inventory [5]. - The net cash flow from investing activities improved by 52.69% to -¥448,389,894.84, primarily due to increased inflows from redeeming financial products [5]. - The net cash flow from financing activities decreased by 77.39% to ¥267,566,356.73, reflecting higher outflows for debt repayment [5]. Research and Development - The company invested ¥38,656,851.31 in research and development, accounting for 3.74% of revenue, an increase from 3.35% the previous year [7]. - The number of R&D personnel grew from 111 to 149, a 34.23% increase, with a notable rise in the number of staff holding higher degrees [8].

Core Insights - The company reported a revenue of 8.78 billion yuan for 2024, representing a year-on-year increase of 8.8% [1] - The net profit attributable to shareholders was 1.02 billion yuan, up 25.5% year-on-year, while the non-recurring net profit was 1.00 billion yuan, reflecting a 24.8% increase [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.04 billion yuan, down 7.4% year-on-year and 15.7% quarter-on-quarter [2] - The net profit for Q4 2024 was 286 million yuan, showing a year-on-year increase of 26.0% and a quarter-on-quarter increase of 7.9% [2] - The gross profit margin for Q4 2024 was 31.0%, up 6.5 percentage points year-on-year and 7.1 percentage points quarter-on-quarter [2] Business Segments - The decline in revenue for Q4 2024 was primarily due to a contraction in steel sales, with steel trading revenues of 530 million yuan in H1 2024 and 100 million yuan in H2 2024 [2] - The passenger vehicle segment saw sales of 8.859 million units in Q4 2024, an increase of 12.4% year-on-year and 32.2% quarter-on-quarter [2] Market Expansion - The company holds a 40%-50% market share in the domestic new energy market for gear systems as of 2024, with significant order growth for coaxial reducers due to their technological advantages [3] - The company is accelerating the construction of its Hungary facility to meet European market demands and enhance its influence in the region [3] Future Outlook - The company is expected to achieve revenues of 10.47 billion yuan, 12.47 billion yuan, and 14.96 billion yuan for the years 2025 to 2027, with net profits of 1.24 billion yuan, 1.52 billion yuan, and 1.87 billion yuan respectively [4] - The company is positioned as a leader in precision drive systems and is expanding into intelligent drive mechanisms and robotic joints [4]

4Q24 主营业务收入同比增长19%：公司发布2024 年报，全年实现营业收入87.81 亿元，同比增长 8.76%，其中主营业务收入80.8 亿元，同比增长18.46%；归母净利润为10.24 亿元，同比增长25.42%； 扣非净利润10.01 亿元，同比增长24.64%。单四季度营业收入为20.39 亿元，同比减少7.4%，其中主营 业务收入约22.4 亿元，同比增长约19.4%；归母净利润为2.86 亿元，同比增长26.0%；扣非净利润为2.90 亿元，同比增长14.7%。单四季度主营业务收入增长而总收入减少，是由于调整了钢材贸易业务的商业 模式和收入核算方式。 毛利率全线提升，全年达到25%，仍有向上空间：公司2024 年毛利率达到25.0%，同比提升2.8pct，单 季度毛利率已连续8 个季度同比提升。2024 年，几乎全线业务毛利率都有所提升，乘用车/商用车/ 智能 执行机构/ 工程机械齿轮毛利率分别为25.7/27.9/19.0/31.9%，同比提升3.9/1.1/4.7/6.1pct。我们认为，毛 利率的提升源于产品结构高端化、规模效应增强、降本提效、原材料价格下降等多重因素。往前看，乘 用车 ...

深圳市统计局发布数据显示，2025年一季度深圳市地区生产总值为8950.49亿元，同比增长5.2%。工业 增加值同比增长4.2%，其中汽车制造业增加值增长56.3%，通用设备制造业增长28.4%，电气机械和器 材制造业增长6.8%。高技术产品产量大幅增长，民用无人机、工业机器人、3D打印设备、充电桩产品 产量分别增长48.2%、40.1%、38.0%、11.5%。(深圳市统计局) ...