铁流股份有限公司2025 年半年度报告 公司代码：603926 公司简称：铁流股份 铁流股份有限公司 铁流股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人国宁、主管会计工作负责人赵慧君及会计机构负责人（会计主管人员）周英敏声明：保证 半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告期涉及未来计划、发展战略等前瞻性陈述，同时附有相应的警示性陈述，该等陈述不构成公司 对投资者的实质承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述存在的风险因素，敬请查 ...

Core Viewpoint - The company is focused on maintaining its leading position in the automotive clutch transmission system sector while actively pursuing opportunities in the new energy vehicle (NEV) components market and enhancing its technological capabilities [1][2][3] Group 1: Production Process and Technology - The company's automotive clutches consist of a cover assembly, driven plate, and release bearing, with a fully controlled production process ensuring product reliability and stability [1] - The company utilizes advanced manufacturing technologies, including a 5200-ton precision digital stamping line and Japanese heat treatment techniques, to enhance product performance [1] - The hollow motor shafts for NEVs are produced through a series of high-precision processes, achieving a precision control of 2 to 5 micrometers [1] Group 2: Mergers and Acquisitions - The company has completed three acquisitions since its listing, including the purchase of Geiger in 2018, which enhanced its precision manufacturing capabilities [1][2] - The acquisition of Hubei Sanhuan in 2019 resulted in exceeding performance commitments, achieving 174.42% of the promised net profit [1][2] - The company also acquired Yuntong Sifang and Guolian Auto Parts in 2021, expanding its capabilities in the automotive aftermarket [2] Group 3: Financial Health - The company exhibits a "three low" characteristic: low asset-liability ratio, low goodwill, and low pledge rate of major shareholders [2] - The company maintains a healthy cash flow with minimal interest-bearing debt and low overall goodwill, reducing impairment risks [2] - The absence of stock pledges by major shareholders indicates a stable equity structure [2] Group 4: Future Development Plans - The company aims to strengthen its R&D efforts in core transmission components suitable for various vehicle types, including AT, CVT, DCT, and NEVs [3] - The company plans to enhance its NEV components business by integrating industry resources and adopting advanced manufacturing techniques [3] - The company seeks to improve its smart automotive service levels by developing a comprehensive service ecosystem for the commercial vehicle aftermarket [3] - The company is pursuing a global strategy to leverage its overseas manufacturing capabilities and expand its market presence in Europe and America [3]

Core Viewpoint - The company, Tieliu Co., Ltd. (铁流股份), is actively expanding its business in the high-precision components sector for new energy vehicles, leveraging advanced technologies and partnerships to enhance its market position and operational efficiency [1][3]. Group 1: Business Overview - Tieliu Co., Ltd. operates in three main business segments, with automotive transmission system manufacturing being a core area. The company has achieved significant technological breakthroughs in traditional fuel vehicle markets, including heavy-duty trucks and hydrogen fuel trucks [1]. - The company has established Geiger New Energy, which has begun production on a project to manufacture 600,000 sets of electric motor shafts and other core components for new energy vehicles, securing orders from major clients like Ideal Auto, Leap Motor, and Volkswagen [1][3]. Group 2: Technological Advancements - Geiger, the company's German subsidiary, boasts over 20 years of experience in designing and operating high-precision automated production lines, equipped with over 160 CNC machining centers, enabling the development of 2-3 new automated production lines annually [2]. - The company has introduced innovative processing methods, such as hollow forging, to enhance efficiency and reduce material consumption in the production of high-speed motor shafts [3]. Group 3: Financial Performance - For the year 2024, Tieliu Co., Ltd. is projected to achieve an operating revenue of 2.4 billion yuan, representing a year-on-year growth of 9.12%. The net profit is expected to reach 103 million yuan, with a growth of 4.90%, and the net profit after deducting non-recurring items is forecasted at 88.93 million yuan, reflecting a 17.08% increase [1]. Group 4: Strategic Development - The company is focused on expanding its industrial layout while strengthening its core business. It is actively seeking partnerships in emerging industries with technological synergies to explore new application scenarios and fields [4].