Core Viewpoint - The company reported steady growth in 1H25, benefiting from the recovery in the truck industry and expansion in downstream applications [2] Financial Performance - In 1H25, revenue increased by 2.4% year-on-year to 1.94 billion yuan, and net profit attributable to shareholders rose by 5.7% to 197 million yuan [1] - In 2Q25, revenue was 949 million yuan, reflecting a quarter-on-quarter change of +0.7% and a year-on-year change of -5.7% [1] - The gross profit margin in 2Q25 was 22.9%, down 2.4 percentage points quarter-on-quarter but up 0.6 percentage points year-on-year [3] Industry Trends - The truck industry saw wholesale sales of heavy and light trucks increase by 6.9% and 6.7% respectively in 1H25, reaching 539,000 and 1,036,000 units [2] - The company’s market share for heavy engine crankshafts and diesel light engine crankshafts reached 60% and 42% respectively, benefiting from a mild recovery in the truck industry [2] - The company anticipates a 10% year-on-year increase in heavy truck sales in 2025, supported by vehicle replacement policies [2] Cost Control and Shareholder Returns - The company effectively controlled costs, with selling, R&D, management, and financial expense ratios showing improvements [3] - Operating cash flow in 2Q25 increased by 6.7% to 455 million yuan, while capital expenditures decreased by 19.7% to 122 million yuan [3] - The company announced a cash dividend of 0.50 yuan per 10 shares, resulting in a payout ratio of 29.4% [3] Strategic Acquisitions - The company plans to acquire 100% of Shandong Altai Automotive Parts Co., Ltd. for 135 million yuan to enhance its capabilities in aluminum alloy die-casting and lightweight products [4] - The acquisition is expected to strengthen the company’s position in the domestic passenger car market and improve its product and customer synergy [4] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with current stock prices corresponding to P/E ratios of 17.1 and 15.6 for those years [5] - The target price remains at 8.0 yuan, indicating a potential upside of 17.5% from the current stock price [5]

Core Viewpoint - Wuxi Xinan Technology Co., Ltd. reported a slight decline in revenue for the first half of 2025, with a focus on the automotive lightweight aluminum components market and ongoing expansion into new sectors such as power systems and energy storage [4][10][13]. Financial Performance - The company's revenue for the first half of 2025 was CNY 540.31 million, a decrease of 0.43% compared to CNY 542.64 million in the same period last year [7][20]. - The net profit attributable to shareholders was CNY 53.16 million, reflecting a growth of 0.64% year-on-year [20]. - The basic and diluted earnings per share were both CNY 0.5316, an increase of 0.68% from CNY 0.528 in the previous year [7][20]. Business Overview - The company specializes in the research, production, and sales of aluminum alloy components for automotive lightweighting, particularly turbocharger precision compressor housing [10][19]. - It has established long-term strategic partnerships with major clients such as Garrett, Cummins, and BorgWarner, supplying components widely used in leading automotive brands like Daimler, Audi, and Toyota [10][18]. Industry Context - The automotive market in China has shown robust growth, with significant increases in new energy vehicle sales and overall market demand supported by government policies [9][10]. - The company is positioned to benefit from the increasing adoption of turbocharging technology and lightweight components in vehicles, driven by stricter fuel efficiency and emissions standards [12][19]. Strategic Initiatives - The company is investing USD 68 million to establish a wholly-owned subsidiary in Thailand to expand its market presence in North America and Southeast Asia [13]. - It is also reallocating funds to develop key components for power systems and energy storage, diversifying its business beyond the automotive sector [13][20]. Competitive Position - The company holds a significant market share in the turbocharger precision compressor housing sector, benefiting from its established reputation and customer loyalty [18][19]. - It has received multiple awards for supplier excellence from major clients, indicating strong performance in quality and service [11][18].

Group 1 - Tianrun Industrial plans to acquire 100% equity of Shandong Altai for 135 million yuan, utilizing its own funds [1] - Shandong Altai specializes in high-pressure aluminum castings for major automotive manufacturers, possessing a complete production process from smelting to machining [1][2] - The acquisition aims to enhance Tianrun's capabilities in lightweight automotive components, addressing the industry's shift towards lightweight and high-precision parts [2] Group 2 - Shandong Altai reported a revenue of 593 million yuan and a net loss of 10.18 million yuan in 2024, with a negative cash flow in Q1 of this year [1][2] - The net asset valuation of Shandong Altai is assessed at 135 million yuan, with a significant increase of 118 million yuan, reflecting a 693.86% appreciation [2] - Tianrun Industrial's Q1 revenue reached 1 billion yuan, a 4% increase year-on-year, with a net profit of 98.48 million yuan, up 6.4% [3]

Core Viewpoint - Ningbo Xusheng Group Co., Ltd. reported a solid financial performance for 2024, with a focus on lightweight aluminum alloy technology and expansion into emerging sectors such as energy storage and humanoid robotics [2][3]. Financial Performance - In 2024, the company achieved a total revenue of 4.409 billion RMB and a net profit attributable to shareholders of 416 million RMB [2]. - The company plans to distribute a cash dividend of 3.80 RMB per 10 shares, totaling 355 million RMB [2]. - For Q1 2025, the company reported revenue of 1.046 billion RMB and a net profit of approximately 95.64 million RMB [4]. Business Development - The company has secured approximately 1.9 billion RMB in orders from mainstream electric vehicle platforms in North America and has concentrated on key projects with major domestic new energy manufacturers [2]. - In 2024, revenue from energy storage projects reached about 234 million RMB, representing over a 200% year-on-year growth [3]. - The company is actively developing key products for humanoid robotics, including joint shells and torso components, and has established partnerships with several domestic and international clients [3]. Strategic Expansion - Xusheng Group has established a triangular production network in "China + North America + Southeast Asia," enhancing its dual-track strategy of "technology going global" and "local coexistence" [4]. - The company is focusing on magnesium alloy products, having successfully developed a semi-solid injection molded motor housing and initiated cooperation on magnesium alloy electric drive housing projects with foreign clients [3].

Core Viewpoint - Xinan Technology (301170) reported a total operating revenue of 1.066 billion yuan in 2024, representing a year-on-year growth of 5.45%, and a net profit attributable to shareholders of 110 million yuan, up 17.77% year-on-year, indicating strong performance in the automotive lightweight sector despite a slight decline in gross profit [1] Business Expansion and Market Position - Xinan Technology has established long-term partnerships with renowned turbocharger manufacturers such as Garrett, Cummins, and Ishikawajima, solidifying its position in the precision compressor housing market [4] - The company’s sales of precision compressor housings reached 8.8726 million units in 2024, marking an 8.04% increase year-on-year, further strengthening its market position [4] - Xinan is actively expanding into the new energy vehicle components market, developing new products like motor housings and transmission housings to align with industry trends towards lightweight and environmentally friendly solutions [4] - The company invested 68 million USD to establish a wholly-owned subsidiary in Thailand, aiming to penetrate the North American and Southeast Asian markets, with mass production expected to start in early 2026 [4] R&D Investment and Technical Advantages - In 2024, Xinan Technology's R&D investment reached 48.7962 million yuan, with a portfolio of 205 patents, including 13 invention patents and 192 utility model patents [5] - The company has obtained IATF16949 quality management system certification, ensuring that its product quality meets international standards [5] - Xinan was recognized as a "National Specialized and Innovative Small Giant" and a "Specialized and Innovative SME in Jiangsu Province," highlighting its strengths in technological innovation and core competitiveness [5] - The company is leveraging its technical advantages in aluminum alloy casting and precision machining to enter the power system market, collaborating with Siemens to develop aluminum alloy housings for power system control equipment, with sales expected in the next couple of years [5] Financial Performance and Distribution Plan - Xinan Technology achieved a net profit of 92.4804 million yuan after deducting non-recurring gains and losses, reflecting a year-on-year growth of 3.09% [6] - The net cash flow from operating activities was 22.4973 million yuan, up 47.13% year-on-year, indicating strong cash generation capabilities [6] - The company announced a dividend distribution plan for 2024, proposing a cash dividend of 3 yuan per 10 shares (including tax), with a total payout of 30 million yuan, representing 27.34% of net profit [6] - Xinan continues to maintain a steady growth trajectory in 2024 through technological innovation, market expansion, and global layout, reinforcing its leading position in the automotive lightweight sector [6]

证券代码：301170 证券简称：锡南科技 公告编号：2025-007 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 北京德皓国际会计师事务所(特殊普通合伙)对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由北京大华国际会计师事务所(特殊普通合 伙)变更为北京德皓国际会计师事务所(特殊普通合伙)。本次变更仅为名称变更，不涉及主体资格变更， 不属于更换或重新聘任会计师事务所事项。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以100,000,000股为基数，向全体股东每10股派发现金红 利3元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ...

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 无锡锡南科技股份有限公司 Wuxi Xinan Technology Co., Ltd. （无锡市滨湖区旭天智慧园 10-501） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 无锡锡南科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引 ...

无锡锡南科技股份有限公司 Wuxi Xinan Technology Co., Ltd. （无锡市滨湖区旭天智慧园 10-501） 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 无锡锡南科技股份有限公司 首次公开发行股票并在创业板上市招股意向书 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引 ...

无锡锡南科技股份有限公司 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 Wuxi Xinan Technology Co., Ltd. （无锡市滨湖区旭天智慧园 10-501） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者 应当以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 无锡锡南科技股份有限公司 首次公开发行股票并在创业板上市招股说明书（注册稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈 ...

无锡锡南科技股份有限公司 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 Wuxi Xinan Technology Co., Ltd. （无锡市滨湖区旭天智慧园 10-501） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者 应当以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 无锡锡南科技股份有限公司 首次公开发行股票并在创业板上市招股说明书（注册稿） 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈 ...