Core Viewpoint - Qin'an Co., Ltd. announced a restructuring plan to acquire 99% equity of Yigao Optoelectronics, aiming to enhance its product matrix and create a dual business model for growth [4][6]. Group 1: Acquisition Details - The acquisition will be conducted through a combination of issuing shares and cash payments to 12 parties, including individuals and companies [4]. - The specific transaction price is yet to be determined, but it is expected not to constitute a major asset restructuring [4]. - Yigao Optoelectronics is projected to contribute nearly 40% to Qin'an's net profit in 2024, indicating a significant performance enhancement from the acquisition [4]. Group 2: Financial Performance of Yigao Optoelectronics - Yigao Optoelectronics reported revenues of 105 million yuan in 2023, 254 million yuan in 2024, and 78.92 million yuan in the first five months of 2025 [7]. - The net profits for the same periods were 29.92 million yuan, 67.10 million yuan, and 19.49 million yuan, respectively [7]. Group 3: Strategic Implications - The acquisition is expected to broaden Qin'an's product offerings, allowing it to provide a more comprehensive range of products to downstream customers, thereby increasing customer loyalty [6]. - The integration of automotive components and vacuum coating products aims to establish a dual-driven business model, creating a "second growth curve" for the company [6]. - The transaction is anticipated to enhance the asset scale, operating income, and net profit levels of Qin'an [6]. Group 4: Historical Performance of Qin'an Co., Ltd. - Since its listing in May 2017, Qin'an's revenue has fluctuated, with 2024 revenue projected at 1.6 billion yuan, up from 1.223 billion yuan in 2017 [10]. - The company's net profit has shown minimal growth, increasing from 180 million yuan in 2017 to an estimated 200 million yuan in 2024, with several years experiencing declines and losses [10]. Group 5: Market Position - As of June 27, prior to the suspension, Qin'an's market capitalization was 7.231 billion yuan, with shares set to resume trading on July 11 [10].

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Yigao Optoelectronics, aiming to enhance its product matrix and create a dual business model for growth [2][8][9]. Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments to 12 transaction parties [5]. - The specific transaction price is yet to be determined, but it is not expected to constitute a major asset restructuring [5]. - Yigao Optoelectronics is projected to contribute nearly 40% to Qin'an's net profit in 2024, indicating a significant performance enhancement from the acquisition [5]. Group 2: Financial Performance of Yigao Optoelectronics - Yigao Optoelectronics reported revenues of 105 million yuan in 2023, 254 million yuan in 2024, and 78.92 million yuan in the first five months of 2025 [9]. - The net profits for the same periods were 29.92 million yuan, 67.10 million yuan, and 19.49 million yuan respectively [9]. - The company's total assets increased from 3.19 billion yuan in 2023 to 5.23 billion yuan by May 31, 2025 [10]. Group 3: Qin'an Co., Ltd. Performance Overview - Since its listing in May 2017, Qin'an's revenue has fluctuated, with 2024 revenue projected at 1.6 billion yuan compared to 1.22 billion yuan in 2017 [12]. - The company's net profit has shown minimal growth, from 180 million yuan in 2017 to an estimated 200 million yuan in 2024, with several years of decline and losses in between [12]. - As of June 27, 2023, Qin'an's market capitalization was 7.231 billion yuan [14].

Core Viewpoint - Qin'an Co., Ltd. is planning to acquire 99% of Anhui Yigao Optoelectronics Technology Co., Ltd. through a combination of share issuance and cash payment, aiming to expand into the automotive intelligence sector amid declining traditional business performance [1][4]. Group 1: Company Overview - Qin'an Co., Ltd. was established in 1995 and went public in May 2017, primarily engaged in manufacturing core components for automotive engines, including cylinder blocks, cylinder heads, crankshafts, and transmission parts [2]. - The company has a prestigious client base, including major automotive manufacturers such as Changan Ford, Changan Automobile, China FAW, Jiangling Motors, Geely, and Li Auto [2]. Group 2: Financial Performance - In 2024, Qin'an Co. experienced a decline in both revenue and net profit, with revenue of 1.6 billion yuan, down 8.04% year-on-year, and net profit of 173 million yuan, down 33.7%, marking the first dual decline since 2018 [2]. - The first quarter of 2025 continued the downward trend, with revenue of 297 million yuan, down 28.59% year-on-year, and net profit of 32.79 million yuan, down 32.73% [3]. - The company attributes its struggles to intensified industry competition, rising commodity prices, and increased share-based payment expenses, with raw material costs for aluminum and copper rising by 4.87% and 11.29% respectively, adding 5.7584 million yuan to procurement costs [3]. Group 3: Strategic Acquisition - Qin'an Co. is shifting focus to the automotive intelligence sector, aiming to seize opportunities in automotive electrification and intelligence [4]. - Anhui Yigao Optoelectronics, established in August 2020, specializes in the R&D and production of touch screens, conductive glass, and vacuum coating products, which could complement Qin'an's existing customer resources [4]. - The acquisition is seen as a strategic move to enhance product offerings in response to the growing demand for in-car display screens [4]. Group 4: Market Reaction - Following the announcement of the acquisition, Qin'an's stock price experienced significant movement, reaching a high of 16.48 yuan per share on June 27, with a single-day increase of 7.85%, marking a seven-year high [4]. - However, questions arise regarding the rationale behind acquiring 99% instead of 100% of Yigao and the potential for business synergy between an automotive component manufacturer and an optoelectronics company [5].

近日，中原内配在接受机构调研时表示，目前，泰国工厂的机加工和铸造产线正在建设，预计气缸套产品三季度开始投产。后续公司将根据业务拓展需要， 在泰国工厂建设其他产品的生产线。 此外，公司近期与阳光新能源签署战略合作协议，计划在氢能装备制造、制氢加氢设施建设、氢能车辆应用等领域展开深度合作，重点推进河南省内氢能基 建与场景落地。关于人形机器人领域，公司表示将关注行业趋势，结合业务需求探索合作机会。 2025年3月，公司为加速推进海外业务的战略布局，向泰国公司增资41,000万泰铢，泰国工厂总投资额由不超过人民币2.1亿元增加至不超过人民币3.5亿元。 增资后，泰国工厂的设计规划调整为建设铸造生产线4条、气缸套加工生产线18条，气缸套年设计产能700万只。 （校对/黄仁贵） 公司核心产品分为四大板块：内燃机关键零部件（气缸套、活塞、活塞环、轴瓦）、汽车电子涡轮增压器电控执行器、制动系统复合制动鼓，以及氢燃料电 池发动机及其核心零部件。在毛利率稳定性方面，公司依托高端科研平台、精益化成本控制、大客户开发能力及高效团队管理实现稳健经营。 子公司恒久制动的双金属制动鼓二期项目预计于今年6月下旬完成机加工产线调试并投产。项目 ...

编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他（线上交流） 参与单位名称 信达证券 徐国铨 太平基金 王寓捷 平安养老 陈良源 中信保诚基金 王优草 前海联合基金 张志成 时间 2025 年 6 月 6 日 地点 郑州市德威广场 上市公司接待人 员姓名 财务总监兼董事会秘书李培、证券事务代表朱会珍、证券部闫辉 投资者关系活动 主要内容介绍 1、公司目前的主要产品结构是怎样的？ 回答：公司及下属子公司主要产品布局目前分为四大板块， 一是内燃机的核心关键零部件气缸套、活塞、活塞环、轴瓦；二 是汽车电子领域的涡轮增压器的电控执行器；三是制动系统零部 件的复合制动鼓；四是氢能领域的氢燃料电池发动机及其核心零 部件。 2、公司泰国建厂的最新进展情况如何？ 回答：2025 年 3 月，公司为加速推进海外业务的战略布局， 向泰国公司增资 41,000 万泰铢，泰国工厂总投资额由不超过人 民币 2.1 亿元增加至不超过人民币 3.5 亿元。增资后，泰国工厂 的设计规划调整为建设铸造生产线 4 条、气缸套加工生产线 18 | 条 ...

中原内配（002448）6月3日晚间公告，为响应"双碳"目标，公司于2025年5月30日与阳光新能源开发股 份有限公司(下称"阳光新能源")签署了《战略合作协议》(下称"合作协议")，围绕能源结构转型，实现 优势互补、合作共赢。 据披露，阳光新能源是上市公司阳光电源（300274）的控股子公司。该公司成立于2014年，经营范围包 括光伏新能源电站设备的生产、制造与设计；新能源发电系统及工程的研发、设计、开发、投资、建 设、运营及服务等。 而中原内配是全球气缸套龙头企业，气缸套产品被认定为制造业单项冠军。该公司致力于打造内燃机摩 擦副零部件模块化供货模式，持续引领行业发展。在保持内燃机核心零部件市场占有率的基础上，中原 内配在汽车电子和汽车制动系统领域也建立了较强的竞争优势，双金属复合制动鼓产品在鼓式制动器领 域已处于行业前列。 近年来中原内配积极布局氢能及燃料电池系统相关领域，已构建"氢燃料电池发动机、双极板、空压 机、加湿器、氢气循环泵"五大氢能产业格局，坚持了"汽车发动机及车身零部件"和"氢能源动力系统及 零部件"双线并行的发展路线。 在氢能装备产业合作方面，双方一直致力打造新能源氢能装备制造体系，阳光新 ...

机器人大讲堂获悉，拧紧机器人研发商「 SLABOR顶配机器人」近日成功完成种子轮融资。 该轮融资由梅花 创投独家投资，融资金额总计达数千万元，将主要用于 SLABOR顶配机器人技术迭代、产品系列完善及渠道 市场拓展。 据机器人大讲堂了解， SLABOR顶配机器人（全称：深圳市顶配自动化技术有限公司） 成立于 2016年，是 一家扎根于螺丝锁附工艺、集机器人研发与应用于一体的高新技术企业和专精特新企业。专注于智能螺丝拧紧 机器人研发与制造，致力于通过持续创新与高效服务为工业制造企业提供高度集成化、高性价比的自动化解决 方案，助力行业智能化升级。 在核心团队方面， SLABOR顶配机器人拥有一支来自名企及日系研发队伍的专业研发团队，研发人员与应用 技术支持人员占比60%。同时，其研发团队在螺丝锁附场景中深耕多年，已在全自动螺丝锁付与螺丝拧紧工 艺中拥有从控制、应用到工具的全栈技术产权。 在产品研发与业务拓展方面， SLABOR顶配机器人面向中大规模的工业制造企业，以人机协作为方向、以机 器换人为己任，基于团队沉淀多年的机器人控制技术、本体设计制造技术，深耕各类工业制造场景和工艺，研 发出气缸吹料式螺丝拧紧机器人、 ...

Financial Data and Key Metrics Changes - Consolidated net sales increased by 6.4% year over year to $241.7 million, with organic revenue growth exceeding 8% when excluding currency and acquisitions [9] - Adjusted EBITDA rose by 13.5% to $39.7 million, with a margin improvement of 100 basis points to 16.4% [10] - Adjusted earnings per share increased to $0.46, representing a 24.3% growth year over year [10] - Consolidated operating profit increased by over 50% compared to Q1 2024, reflecting strong revenue growth and expanded operating margin [9] Business Line Data and Key Metrics Changes - Aerospace business achieved record sales of nearly $90 million, with organic growth of 27.8% [4][17] - Packaging segment experienced organic growth of 3.3%, with solid growth in dispensing products, although operating profit conversion rates were slightly lower due to proactive material procurement costs [12][14] - Specialty Products segment sales decreased by $7.9 million, primarily due to the divestiture of AeroEngine and lower cylinder demand [19] Market Data and Key Metrics Changes - The Aerospace and defense market showed continued momentum, contributing to the record sales in the Aerospace segment [5][18] - The Packaging group faced challenges from elevated customer inventory levels and geopolitical tariff dynamics, impacting demand in the closure product line [13][14] Company Strategy and Development Direction - The company is focused on navigating geopolitical challenges and is prepared to relocate production to mitigate tariff impacts [16] - A new larger facility in Vietnam has been launched to serve as a manufacturing hub for Asia and other regions [15] - The acquisition of GMT Aerospace is expected to enhance the company's positioning in the aerospace market, particularly with Airbus [39] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the long-term growth outlook, despite current uncertainties related to tariffs and geopolitical factors [22][43] - The company is monitoring order intake rates closely, particularly in the Specialty Products segment, which is beginning to show signs of recovery [20] - Management reaffirmed the 2025 outlook, indicating that uncertainties in trade strategy could impact future guidance [21][42] Other Important Information - The company successfully refinanced its senior secured revolving credit facility, extending its maturity to February 2030 [10] - Free cash flow improved by $14.8 million compared to Q1 2024, attributed to strong operational performance and disciplined working capital management [11] Q&A Session Summary Question: Any change to the segment guidance provided last quarter? - Management indicated no changes to segment guidance at this point due to uncertainty in the environment [28] Question: How to think about other investments or potential headwinds relative to packaging? - Management stated that they do not foresee additional abnormal expenses beyond those incurred in Q1 and are focused on procurement strategies to mitigate exposure [30] Question: Aerospace organic growth was solid; how to think about the cadence of growth moving forward? - Management acknowledged the expectation of modest operating leverage gains but emphasized a conservative approach due to uncertainty [34][35] Question: How will the acquisition of GMT Aerospace impact capacity and pricing? - Management expressed excitement about the acquisition and its potential to improve positioning, while also acknowledging the competitive dynamics in the aerospace market [39] Question: Are there any signs of pre-buying activity among customers due to tariffs? - Management noted some signs of pre-buying in certain product lines but did not observe significant abnormal inventory levels across the board [51] Question: How is the company thinking about organic pricing relative to volumes? - Management indicated that if tariffs persist, there may be an impact on the year-end guidance, with more clarity expected after Q2 [56]

TriMas (TRS) Q1 2025 Earnings Call April 29, 2025 10:00 AM ET Company Participants Sherry Lauderback - VP, Investor Relations & CommunicationsThomas Amato - President & Chief Executive OfficerTeresa Finley - CFOHamed Khorsand - Principal Conference Call Participants Ken Newman - VP & Equity Research Analyst Operator Ladies and gentlemen, greetings, and welcome to the TriMas Corporation First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brie ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 95,018.32 million RMB, a year-on-year increase of 13.77% [2] - The net profit attributable to the parent company was 11,097.51 million RMB, reflecting a year-on-year growth of 24.85% [2] - The company expects to maintain a high growth trend throughout 2025 [2] Group 2: Response to Tariffs - The company plans to maintain its market share in the U.S. despite tariff impacts by engaging with clients and negotiating [2] - Establishing a bonded warehouse in the U.S. is part of the strategy to mitigate tariff effects [2] - The company aims to leverage its production base in Thailand to shift export capacity and reduce geopolitical risks [2] Group 3: Product Competitiveness - The company’s subsidiary, Hengjiu Brakes, holds a unique domestic patent for dual-metal composite brake drums [3] - The dual-metal composite brake drums are lighter, enhancing fuel efficiency and addressing the automotive industry's lightweight demands [3] - Key competitors in the dual-metal brake drum sector include Shanxi Tangrong Machinery Manufacturing Co., Ltd. and Jiaxing Sitong Wheel Co., Ltd., with high entry barriers due to technology and manufacturing processes [3] Group 4: Overseas Expansion - The company is investing up to 350 million RMB in a production base in Thailand, which will include 4 casting production lines and 18 processing production lines [3] - The annual production capacity for cylinder sleeves at the Thailand facility is projected to reach 7 million units [3] - The construction of the Thailand factory is progressing, with completion of infrastructure expected by the end of April 2025 and production lines operational by mid-2025 [3]