Core Viewpoint - Best is a leading precision parts manufacturer in China, established in 1997 and listed on the Shenzhen Stock Exchange in 2017, with a strong presence in the automotive and aerospace sectors [1] Financial Performance - In Q3 2025, Best achieved a revenue of 1.121 billion yuan, ranking 58th among 103 companies in the industry, with the top company, Weichai Power, generating 170.571 billion yuan [2] - The net profit for the same period was 236 million yuan, placing Best 22nd in the industry, while Weichai Power's net profit was 10.852 billion yuan [2] - The main business revenue composition includes automotive parts at 667 million yuan (93.11%), smart equipment and tooling at 25.138 million yuan (3.51%), and other revenues at 20.368 million yuan (2.84%) [2] Financial Ratios - As of Q3 2025, Best's debt-to-asset ratio was 14.72%, lower than the industry average of 39.06%, indicating strong solvency [3] - The gross profit margin was 34.59%, slightly down from 34.92% year-on-year but still above the industry average of 21.53%, reflecting robust profitability [3] Executive Compensation - The chairman, Cao Yuhua, received a salary of 1.08 million yuan for 2024, unchanged from 2023, while the general manager, Guo Junxin, earned 675,400 yuan, a slight decrease from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.41% to 47,700, with an average holding of 9,867 circulating A-shares, an increase of 1.43% [5] Business Highlights - Best's total revenue for the first nine months of 2025 was 1.12 billion yuan, with a net profit of 240 million yuan, showing continuous growth [6] - The company is expanding into new energy vehicle components and linear motion functional components while constructing a subsidiary in Thailand, expected to be operational by Q4 2025 [6] - The completion of the Anhui Best facility has begun to release production capacity, contributing to revenue growth in the new energy vehicle parts segment [6]

01 事件概述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年度实现营收 13.57 亿元，同比 +1.03% ；归母净利润 2.89 亿元，同比 +9.58% ；扣非归母净利润 2.63 亿元，同比 +8.11% ； 2 ） 2024Q4 营收 3.15 亿元，同比 -6.43% ，环比 -8.74% ；归母净利润 0.64 亿元，同比 +19.37% ，环比 -21.16% ；扣非归母净利润 0.54 亿元，同比 -25.53% ，环比 -27.42% ； 3 ） 2025Q1 营收 3.50 亿元，同比 +1.89% ，环比 +11.06% ；归母净利润 0.69 亿元，同比 +0.23% ，环比 +8.55% ；扣非归母 净利润 0.65 亿元，同比 -1.87% ，环比 +21.22% 。 02 分析判断 ► 2024 年业绩稳步增长 25Q1 营收 & 盈利加速向上 1 ）收入端： 受益于我国持续向好的经济运行环境以及行业革命与产业转型的大趋势，公司充分把握发展机遇，营收实现稳步增长。 2024 年度实现营收 13.57 亿元，同比 +1.03% ，其中汽车零部 ...