证券代码：300953 证券简称：震裕科技 宁波震裕科技股份有限公司 投资者关系活动记录表 编号：2026-001 公司 2025 年前三季度实现营业收入 65.93 亿元，同比增长约 31.47%； 归母净利润 4.12 亿元，同比增长约 138.93%；扣非归母净利润 3.98 亿元， 同比增长约 153.42%。其中锂电池结构件业务前三季度营业收入同比增长 超过 45%，毛利同步回升明显。 公司 2025 年度业绩预告，预计 2025 年实现营业收入为 93 亿元～103 亿元、归母净利润 5 亿元~5.5 亿元、扣非后净利润 4.8 亿元~5.3 亿元。 二、互动环节（部分重复及类似问题已经合并）： Q：公司 2025 年业绩大幅增长的原因？2026 年是否能够延续 2025 年增 长的势头？ A：根据公司 2026 年 1 月 15 日披露的 2025 年度业绩预告，预计 2025 年 实现归母净利润 5 亿元~5.5 亿元，扣非后净利润 4.8 亿元~5.3 亿元。2025 年公司经营计划有序开展，主营业务销售收入持续增长（初步测算 2025 年度营业收入预计为 93 亿元～103 亿元），产能利 ...

Core Viewpoint - Zhenyu Technology is accelerating its layout in humanoid robots and new energy sectors by issuing convertible bonds to raise up to 1.88 billion yuan for expansion projects in lithium battery precision components and humanoid robot modules [1][2] Group 1: Fundraising and Investment Projects - The company plans to issue convertible bonds totaling no more than 1.88 billion yuan, with net proceeds intended for lithium battery precision component expansion, humanoid robot module industrialization, and motor core expansion projects [2][3] - The lithium battery precision component expansion project has a total investment of 1.038 billion yuan, with 752 million yuan from the bond proceeds, aiming for an annual production capacity of 659 million pieces [2] - The humanoid robot module project has a total investment of 567 million yuan, with 282 million yuan from the bond proceeds, targeting an annual production capacity of 210,000 sets of humanoid robot linear modules and other components [2] - The motor core expansion project has a total investment of 413 million yuan, with 282 million yuan from the bond proceeds, aiming for an annual production capacity of 2.4 million motor cores [2] Group 2: Financial Performance and Growth - Zhenyu Technology reported a net profit of 412 million yuan for the first three quarters of 2025, a year-on-year increase of approximately 138.93%, with a total revenue of 6.593 billion yuan, up about 31.47% [5][6] - The company's total assets grew from 7.807 billion yuan in 2022 to 12.03 billion yuan by September 2025, with a debt-to-asset ratio of 64.43% in the first three quarters of 2025 [4][5] - The company has maintained a strong cash flow, with a net cash flow from operating activities of 240 million yuan in the first three quarters of 2025, turning positive from a negative position [6] Group 3: Strategic Developments - Zhenyu Technology is pursuing two major investment projects in Suzhou and Ningbo, each with an investment scale exceeding 1 billion yuan, focusing on core components for new energy vehicles, low-altitude aircraft, and humanoid robots [3] - The company has signed a strategic cooperation agreement to invest no less than 1 billion yuan in Suzhou for core components of new energy vehicle drives and humanoid robots [3] - The company has also signed an investment agreement in Ningbo for the industrialization of humanoid robot modules, with a planned investment of 1 billion yuan [3] Group 4: Market Performance - Since the beginning of 2025, Zhenyu Technology's stock price has shown a volatile upward trend, closing at 142.9 yuan on December 24, 2025, representing a cumulative increase of approximately 187% from 49.84 yuan at the start of the year [7]

Core Viewpoint - The rapid growth of the robotics and drone market is driving an increase in battery demand, prompting related companies to accelerate their production expansion [2] Group 1: Company Expansion and Projects - Zhenyu Technology plans to raise up to 1.88 billion yuan for three expansion projects, including precision structural components for lithium batteries, humanoid robot precision modules, and motor core projects [2] - The company aims to leverage its advantages for independent research and development, focusing on precision processing parts and motor components required for humanoid robots [2][3] - Zhenyu Technology will advance projects in Suzhou and Ningbo, covering areas such as new energy vehicles, drones, and humanoid robots [2] Group 2: Production Capacity and Partnerships - The expansion will establish an annual production capacity of 659 million precision structural components for lithium batteries [3] - Zhenyu Technology has become an important partner of CATL, indicating strong market performance and stock price growth [3] - The company supplies critical components to major new energy vehicle manufacturers, including BYD, Xiaomi, and Volvo, with its lithium battery structural components becoming the largest revenue source, accounting for approximately 60% of last year's revenue [5] Group 3: Technological Advancements - Zhenyu Technology focuses on high-precision molds for motor cores, which are crucial for motor efficiency, noise, lifespan, and energy consumption [3] - The company has made advancements in lightweight battery shell technology, achieving a thickness control of 0.3 to 0.4 mm and tensile strength exceeding 120 MPa, with no domestic competitors in this area [7] Group 4: Financial Performance - The company experienced fluctuations in performance due to the cyclical nature of the new energy sector, with profits declining in 2022 and 2023, expected to recover in 2024 [6] - The third-quarter report for this year shows strong growth, with revenue of approximately 2.55 billion yuan, a year-on-year increase of about 35.3%, and net profit of around 200 million yuan, a significant increase of about 393% [7]

Core Viewpoint - The company, Zhenyu Technology, plans to issue convertible bonds to raise up to 1.88 billion yuan for various projects, including lithium battery components and humanoid robot modules [1] Group 1: Fundraising and Project Allocation - The company intends to raise a total of 1.88 billion yuan through the issuance of convertible bonds [1] - The funds will be allocated to four main areas: 752 million yuan for lithium battery precision structural components expansion, 282 million yuan each for the first phase of humanoid robot precision module and component industrialization, and motor core expansion projects, and 564 million yuan for working capital [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 5.752 billion yuan, 6.019 billion yuan, and 7.129 billion yuan respectively, with revenue of 6.593 billion yuan recorded from January to September 2025 [1] - Net profit for the same periods is expected to be 104 million yuan, 43 million yuan, and 254 million yuan, with a net profit of 411 million yuan for the first nine months of 2025 [1] Group 3: Asset and Funding History - As of September 2025, the company's total assets amount to 12.035 billion yuan, with a debt-to-asset ratio of 64.43% [1] - The company has raised a total of approximately 2.571 billion yuan through various funding methods, including an initial public offering and specific stock issuances [1] - The initial public offering raised 596 million yuan, with 566 million yuan actually invested; the specific stock issuance raised 792 million yuan, fully utilized for working capital and bank loan repayment; and the 2023 convertible bonds raised 1.183 billion yuan, with 909 million yuan already invested by September 2025, with some project uses adjusted for the construction of electric motor core production lines for new energy vehicles [1]

Core Viewpoint - The company, Zhenyu Technology, plans to raise up to 1.88 billion yuan through a convertible bond issuance to fund expansion projects in lithium battery precision components, humanoid robot modules, and motor core production, as well as to supplement working capital [1] Group 1: Investment Projects - Zhenyu Technology's subsidiary, Suzhou Fanster, signed a strategic cooperation agreement to invest no less than 1 billion yuan in projects related to core components for new energy vehicle drives, low-altitude aircraft drives, and humanoid robot drives [1] - Another subsidiary, Ningbo Martin, plans to invest 1 billion yuan in the industrialization of humanoid robot precision modules and components [1] - The investment amounts mentioned are estimates and may differ from actual execution, indicating potential uncertainties in future market conditions [1] Group 2: Industry Trends and Risks - The low-altitude aircraft and humanoid robot industries align with future development trends, but they will experience a lengthy growth cycle requiring significant initial investments in technology, processes, equipment, and team building [2] - The company reported that its revenue for the first three quarters of 2025 was approximately 6.6 billion yuan, with a small proportion coming from robot-related businesses, indicating that the revenue structure may not change significantly in the short term [2] Group 3: Company Performance - For the first three quarters of 2025, Zhenyu Technology achieved revenue of 6.593 billion yuan, a year-on-year increase of about 31.47%, and a net profit of 412 million yuan, up approximately 138.93% [4] - The lithium battery structural components business saw revenue growth exceeding 45% year-on-year, with a notable recovery in gross profit [4] - The company expects continued rapid growth in the lithium battery structural components business due to strong demand from downstream energy storage batteries [4]

Group 1 - Ningbo Huaxiang's subsidiary signed a contract for the production of robot joints, which will enhance its competitive advantage in smart robot components [1] - The contract will not significantly impact the company's current financial performance, but will positively affect future results starting from January 2026 [1] Group 2 - Jiufeng Energy's special fuel and gas supply project for the Hainan commercial space launch site is nearing completion, with products already validated through multiple rocket launches [2] - The company is advancing its Phase II expansion plan with an estimated total investment of approximately 300 million yuan [2] Group 3 - Zhenyu Technology plans to invest at least 1 billion yuan in projects related to core components for humanoid robots and other advanced technologies [3] - The company has signed strategic cooperation agreements for these investments, indicating a strong commitment to expanding its technological capabilities [3] Group 4 - Haibo Shichuang's subsidiary plans to invest 2 billion yuan in a smart green energy storage factory project, aimed at enhancing R&D and manufacturing capabilities [2] - The project is expected to positively impact the company's financial status and long-term sustainability [2] Group 5 - Various companies are involved in significant equity transfers and acquisitions, including ST Jinglan's acquisition of a 51% stake in a South African company and Jianlong Micro-Nano's 200 million yuan acquisition of a 40% stake in Hanxing Energy [5] - Other notable transactions include China Power Construction signing a contract for a Turkish gas booster station project worth approximately 6.626 billion yuan [5]

Core Viewpoint - Zhenyu Technology (300953.SZ) has announced a plan to issue convertible bonds to unspecified investors, aiming to raise a total of no more than 1.88 billion yuan, which will be allocated to various projects and working capital [1] Group 1: Fundraising Details - The total amount to be raised from the issuance of convertible bonds is capped at 1.88 billion yuan, including the principal [1] - The net proceeds from the fundraising, after deducting issuance costs, will be invested in specific projects [1] Group 2: Investment Projects - The funds will be allocated to the expansion of precision structural components for lithium batteries [1] - The first phase of industrialization for humanoid robot precision modules and components will receive investment [1] - The first phase of the expansion project for motor iron cores will also be funded [1] - Additional funds will be used to supplement working capital [1]

Core Viewpoint - The company, Zhenyu Technology, plans to issue convertible bonds to raise a total of up to 1.88 billion yuan, which will be allocated to various projects and working capital [1] Group 1: Fundraising Details - The total amount to be raised from the issuance of convertible bonds is not more than 1.88 billion yuan, including the principal [1] - The net proceeds after deducting issuance costs are intended for investment in specific projects [1] Group 2: Investment Projects - The funds will be used for the expansion of precision structural components for lithium batteries [1] - The first phase of industrialization for humanoid robot precision modules and components will also be funded [1] - The first phase of the expansion project for motor iron cores is included in the investment plan [1] - Additional funds will be allocated to supplement working capital [1]

Group 1 - The company, Zhenyu Technology, announced on December 23 that it plans to issue convertible bonds to raise no more than 1.88 billion yuan [1] - The funds will be allocated for the expansion of precision structural components for lithium batteries, the industrialization of humanoid robot precision modules and components (Phase I), and the expansion of motor iron core production (Phase I) [1] - Additionally, the raised funds will be used to supplement working capital [1]

Core Viewpoint - The company plans to issue convertible bonds to raise up to 1.88 billion yuan for various expansion projects and working capital [1] Group 1 - The total amount to be raised through the issuance of convertible bonds is not to exceed 1.88 billion yuan [1] - The funds will be allocated to the expansion of precision structural components for lithium batteries [1] - The funds will also support the industrialization of precision modules and components for humanoid robots (Phase 1) [1] - Additionally, the funds will be used for the expansion of motor iron core production (Phase 1) [1] - The remaining funds will be utilized to supplement working capital [1]