业绩简评 8 月 25 日，公司发布 2025 半年度报告，1H25 实现营收 205.1 亿元，同比+26.7%，归母净利润 29.7 亿元，同比+40.1%，扣非归 母净利润 26.7 亿元，同比+29.1%，毛利率 30.2%，同比-1.5pct， 经营性现金流 30.2 亿元，同比+65%； Q2 实现营收 115.3 亿元，同比+19.0%，归母净利润 16.5 亿元， 同比+25.9%，扣非归母净利润 14.4 亿元，同比+12.8%%，毛利率 29.6%，同比-0.2pct，Q2 业绩略超预期。 经营分析 通用自动化：行业需求好转，公司营销&解决方案竞争力持续提升。 设备更新&数字化转型政策带动自动化行业需求复苏，25H1 OEM 市场规模同比+2%。公司持续加强营销网络部署及本土化服务， 25H1 整体自动化业务实现营收 88 亿元，同比+17%，毛利率 44.5%， 同比+0.7pct，伺服/低压变频器/小型 PLC/工业机器人市场份额 32%/22%/7%/8%,看好公司定制化解决方案优势持续提升市占率。 新能源汽车：维持高速增长，规模优势持续扩大。25H1 国内新能 源汽车销量 694 ...

业内人士认为，随着国家继续实施更加积极有为的宏观政策，提振消费、提高投资效益和全方位扩大国 内需求，统筹推进新型城镇化和乡村全面振兴，预计2025年下半年国内宏观经济将继续回升向好，动力 新科发动机、新能源业务有望持续增长。 （编辑 张文玲 郭之宸） 从细分板块来看，2025年上半年动力新科8.62万台发动机中业外市场销售4.36万台，同比增长32%，创 十年来新高；工程机械配套市场销量增长39%，船机电站配套市场（含数据中心配套市场）销量增长 48.8%，上半年出口业务新建十八家海外服务网络，为下半年进一步开拓国际市场奠定了坚实的基础。 在新能源业务方面，动力新科项目有序发展，初步建立以业内配套为本、持续突破业外配套的市场拓展 策略，电池PACK、电驱桥合计销售5760套，同比增长86.6%，并积极开拓公交、轻卡、换电市场配套 业务。 本报讯 （记者张文湘）8月25日晚间，上海新动力汽车科技股份有限公司（以下简称"动力新科"）发布 2025年半年度报告。公司2025年上半年归属于上市公司股东的净利润为-3.01亿元，同比大幅减亏。 2025年上半年，动力新科加强市场开拓、产品技术研发、降本增效等工作。子公司 ...

Core Viewpoint - New Aluminum Era (301613) reported significant growth in shipment volume and revenue in the first half of the year, indicating its leading position in the new energy vehicle (NEV) components sector and entering a new growth cycle [1][2]. Group 1: Financial Performance - The company's revenue increased by 68.82% year-on-year to 1.544 billion yuan, while net profit attributable to shareholders rose by 37.33% to 140 million yuan [1]. - Battery box sales reached 3.35 million units, showing a significant year-on-year increase and a steady improvement in market share within the niche segment [1]. Group 2: Customer Base and Revenue Structure - Revenue contribution from major client BYD (002594) has decreased, while new orders from other automakers like Geely and Leap Motor have strengthened the revenue base [1]. Group 3: Technological Advancements - The company has established three technological barriers through FSW welding technology, digital extrusion control processes, and high-performance aluminum alloy materials, enabling it to cover all generational battery technology routes [1]. - New Aluminum Era has successfully entered the supply chains of leading companies such as BYD, CATL (300750), and Zhongchu Innovation, and is actively involved in the electrification processes of commercial vehicles [1]. Group 4: Global Expansion and R&D Investment - The company is accelerating its global capacity layout, with construction of new production bases in Fuling and Nanchuan, leading to over 55% growth in construction projects and over 20% growth in fixed assets [2]. - R&D investment reached 40.817 million yuan, a year-on-year increase of 53.37%, with a total of 155 patents held, including 23 invention patents [2]. - The strong R&D capability allows the company to participate in joint development with downstream NEV manufacturers, quickly responding to customer needs [2]. Group 5: Market Position and Future Outlook - The company aims to continuously track industry trends and technological innovations to support sustained business growth through high-quality products and services [2].

公告显示，作为国内领先的新能源汽车电池盒箱体制造商，新铝时代持续深耕核心技术。公司凭借在高 性能铝合金材料、数字化挤压控制及FSW焊接技术领域的领先优势，能够与客户同步开发高集成化电 池盒箱体及超薄电芯外壳等关键部件。产品覆盖CTM、CTP、CTB等多代电池技术路线，满足轻卡、重 卡、矿卡等全场景需求。量产钎焊水冷板液冷集成、直冷集成等、型材水冷板直冷集成在内的多种先进 电池盒箱体产品，技术壁垒进一步巩固。公司供应的电池盒箱体产品因零质量召回记录，获下游客户高 度认可。 今年上半年，公司生产电池盒箱体约56.60万套，销量55.49万套，截至报告期末，公司已为超过188款车 型供应电池盒箱体，累计销量突破335万套。据中汽协数据，2024年公司电池盒箱体市占率约6.32%， 稳居行业前列。大规模产能与高效交付能力，进一步增强了公司的市场竞争地位。 本报讯 （记者冯雨瑶）8月18日晚间，重庆新铝时代科技股份有限公司（以下简称"新铝时代"）披露 2025年半年度业绩报告，公司上半年实现营业收入15.44亿元，同比增长68.82%；归属于上市公司股东 的净利润1.40亿元，同比增长37.33%。营业收入主要系电池盒 ...

Core Viewpoint - New Aluminum Era (301613) reported strong financial performance for the first half of 2025, with significant revenue and profit growth, indicating robust business expansion and competitive advantages in the electric vehicle battery box manufacturing sector [1][2] Financial Performance - The company achieved a revenue of 1.544 billion yuan, representing a year-on-year increase of 68.82% [1] - The net profit attributable to shareholders reached 140 million yuan, up 37.33% year-on-year [1] - The non-recurring net profit also stood at 140 million yuan, reflecting a growth of 38.79% [1] - Basic earnings per share were reported at 0.97 yuan [1] Market Position and Client Diversification - The company has reduced its reliance on a single major client by actively expanding its customer base, establishing stable partnerships with leading firms such as BYD, CATL, and others [2] - As of the reporting period, the company has supplied battery boxes for over 188 vehicle models, with cumulative sales exceeding 3.35 million units [2] - The market share for the company's battery boxes is projected to be approximately 6.32% in 2024, maintaining a strong position in the industry [2] Technological Advancements and Patents - New Aluminum Era has accumulated 155 patents, including 23 invention patents, with an additional 10 invention patents currently under application [2] - The patents cover key production processes and product designs for battery boxes and cell shells in the electric vehicle power battery system [2] - The continuous accumulation of patent technology has effectively built a technological barrier, ensuring the company's leading position in a competitive market [2]

Group 1: Company Overview - Yikou Precision Manufacturing (Jiangsu) Co., Ltd. is a key supplier for major electric vehicle manufacturers such as Xiaomi and BYD, providing essential components for smart vehicles [1] - The company is a wholly-owned subsidiary of Shoujie Co., Ltd. and has rapidly developed in the Jiangsu region, with projected revenue growth from 153 million yuan in 2024 to 210 million yuan in 2025 [1] - Yikou Precision is establishing a factory in Mexico to enhance service to global customers and improve the international competitiveness of Chinese high-end plastic components [1] Group 2: Industry Development - The Jiangsu Economic Development Zone is home to over 40 electric vehicle component companies, forming a robust industrial system focused on lithium batteries and automotive parts manufacturing [2] - The zone's new energy industry has become a significant driver of high-quality development, with 20 new energy enterprises achieving a total output value of 17.04 billion yuan in 2024, accounting for 12.6% of the total industrial output [3] - The region is implementing the "Industrial Climbing" project, focusing on high-end, intelligent, green, service-oriented, international, and brand-oriented development to elevate the new energy industry [3]

Core Insights - The company reported a revenue of 700 million yuan for the first half of 2025, representing a year-on-year growth of 27.72%, and a net profit attributable to shareholders of 83 million yuan, up 13.39% from the previous year [2] Group 1: Electric Tools Business - The main revenue source for the company is the electric tools sector, which generated 650 million yuan, reflecting a year-on-year increase of 28.84% [3] - The global electric tools industry is experiencing a recovery, with increased procurement from downstream customers and improved operational efficiency in overseas production bases [3] - The company is enhancing customer service and expanding its new product offerings, which has led to a greater market share among downstream clients [3] Group 2: Global Expansion - The company has established subsidiaries in countries such as Vietnam, Mexico, and the United States to broaden its international production and sales network [3] - The company has formed long-term partnerships with well-known brands and manufacturers, being recognized multiple times as an excellent supplier by clients [3] Group 3: Technological Innovation and New Energy Business - The company is leveraging its core technologies in electronic circuit design, mechatronics, and precision manufacturing to capitalize on trends in electric vehicles, smart technology, and connectivity [5] - The establishment of an automotive electronics R&D department in 2021 has focused on applications in electric vehicle technology, including battery management and intelligent control systems [5] - The company has launched several new products in the new energy sector, including charging guns and electronic water pumps, which are integral to electric vehicle thermal management systems [5][6] Group 4: Market Development in New Energy Charging - The company has developed products that meet North American market standards, including AC charging guns and liquid-cooled charging systems [6] - Significant progress has been made in establishing partnerships with leading companies in the North American charging and electric vehicle sectors [6] - The expansion into new business areas such as drones and liquid-cooled servers is aimed at broadening the application range of the company's products [6]

Core Insights - The article highlights the transformation of Fengtai County's economy from a coal-dominated structure to a diversified energy landscape, focusing on new energy and high-tech industries [2][3][4] Group 1: Economic Transformation - Fengtai County is shifting from a coal-based economy to a new energy framework, with significant investments in solar and new energy sectors [2][3] - The county's coal and electricity industry generated an output value of 12.11 billion yuan and produced 1.68 million tons of coal in the first half of the year [2] - The county's technological transformation investments, high-tech industry added value, and strategic emerging industry output value grew by 48.6%, 26.2%, and 12.5% respectively in the first half of the year [1] Group 2: New Energy Initiatives - The Guosheng (Fengtai) Heterojunction Carbon Neutrality Industrial Park has been launched, with a total investment of nearly 10.6 billion yuan, covering various fields including high-efficiency batteries and components [2][3] - The combined annual output value of the projects from Zhonghuan and Guosheng is expected to reach 56 billion yuan, with an additional value of 8.18 billion yuan [3] Group 3: Electric Vehicle Industry Growth - Fengtai County plans to establish a core component industry cluster for electric vehicles, aiming for an output value of over 1.2 billion yuan by 2025 [4][5] - The county has seen a 40.4% increase in revenue from electric vehicle enterprises, reaching 462 million yuan in the first half of the year [5][6] Group 4: New Materials Sector Development - The county is focusing on developing a new materials industry, with 35 regulated enterprises generating an output value of 520 million yuan from January to July [7][8] - Several projects in the new materials sector have been signed, with total investments amounting to 8.1 billion yuan [8]

Core Viewpoint - Local state-owned enterprises (SOEs) are actively acquiring listed companies this year, driven by industrial integration and resource allocation efficiency improvements [1][2]. Group 1: Recent Acquisitions - Shanghai State-owned Assets under Shanghai Biomedicine M&A Fund plans to invest 1.851 billion yuan to acquire a controlling stake in Kanghua Biotech and aims to become a strategic shareholder in Weikang Medical through agreement transfer [2][4]. - Hubei's Changjiang Industrial Investment Group acquired Kailong Co. and later added Taiji Co. to its portfolio [2]. - Anhui's Ma'anshan State-owned Assets invested in Landai Technology in July [2]. Group 2: Strategic Motivations - Three main motivations for local SOEs acquiring listed companies include: 1. Conducting high-quality mergers and acquisitions as part of deepening state-owned enterprise reforms [2][6]. 2. Using listed companies as a new lever for precise investment attraction [6]. 3. Promoting industry integration and upgrading to create leading enterprises in key sectors [2][6]. Group 3: Industry Trends - The trend of local SOEs controlling listed companies is gaining momentum across various regions, including Hubei, Anhui, Zhejiang, and Guangdong, as a means for industrial upgrading and fiscal transformation [7][10]. - The "M&A Six Guidelines" policy is enhancing the activity level of mergers and acquisitions [7]. - Local SOEs are increasingly viewing listed companies as platforms for capital operations and industry integration, rather than solely as investment tools [10]. Group 4: Future Outlook - The next wave of acquisition hotspots is expected to focus on sectors such as new energy, high-end equipment manufacturing, new materials, and biomedicine, which align with local industrial integration needs [10]. - Examples include Anhui Huangshan's acquisition of Guangyang Co. to promote electric vehicle component production and Wuxi's acquisition of Honghui New Materials for local industry integration [10].

Core Viewpoint - The actual controller of the company, Yu Ping, plans to reduce his shareholding due to personal funding needs, which may impact the company's stock performance and investor sentiment [1][2]. Shareholding Structure - Yu Ping directly holds 828,418 shares, accounting for 0.1404% of the total share capital. The controlling shareholder, Heze Beixiang New Energy Technology Co., Ltd., holds 69,677,522 shares (11.8053%). Other shareholders include Sai You Li Ze Investment Management Center (1.5911%) and BestE-Drive L.P. (2.6367%). In total, Yu Ping controls 95,459,607 shares, representing 16.1735% of the company [1]. Share Reduction Plan - Yu Ping intends to reduce his holdings by up to 207,105 shares (0.0351% of total share capital) through centralized bidding or block trading. The reduction will occur within three months after the announcement, with specific limits on the number of shares that can be sold within any 90-day period [2]. Recent Shareholder Activity - Shanghai Licheng Saixin Investment Management Center and its acting party, Shanghai Lichi Investment Management Center, have reduced their holdings from 32,715,512 shares to 29,511,083 shares, dropping their stake from 5.54% to 4.9999% between August 4 and August 11, 2025. They realized approximately 26.47 million yuan from this transaction [3]. IPO and Financial Performance - The company went public on October 27, 2021, with an issue price of 13.78 yuan per share, raising a total of 2.033 billion yuan. The net proceeds were 1.855 billion yuan, which was 145 million yuan less than planned. The funds were intended for various projects, including R&D and operational capital [4][5]. - For the fiscal year 2024, the company reported total revenue of 1.305 billion yuan, a year-on-year increase of 50.64%. However, it recorded a net loss of 436 million yuan, marking the fourth consecutive year of losses since its IPO [5].