每经记者｜章光日 每经编辑｜吴永久 近期，联合精密发布了关于公司控股股东、实际控制人股份减持计划的预披露公告。而在今年上半年，公司另一位原持 股超5%以上大股东已经套现超1800万元。而在这位大股东披露减持计划前一个月，联合精密才完成股份回购计划。2024 年2月份联合精密股价最低跌至11.96元，2025年9月份最高涨至38.88元。事后来看，联合精密此次股份回购计划非常成 功，以上周五收盘价计算，公司股份回购计划的浮盈比例接近100%。 联合精密的股价为何能够反转？接下来每经资本眼专栏记者就来详细探究一番。 在两位控制人发布减持计划前两个月，联合精密的另一位大股东已经完成减持计划。根据联合精密2025年7月份发布的 关于公司持股 5%以上股东股份减持计划期限届满的公告，公司原持股5%以上股东郑梓贤于2025年4月28日通过集中竞价 交易减持89.77万股，减持价格为20.67元。据此计算，郑梓贤套现金额约为1855.55万元。 2025年9月28日晚间，联合精密发布了关于公司控股股东、实际控制人股份减持计划的预披露公告。该公告显示，由于 自身资金需要，自公告披露之日起15个交易日后的三个月内（窗口期除外） ...

Group 1 - The stock price of Zhongyuan Nepe reported at 9.18 yuan, down 0.29 yuan from the previous trading day, with a decline of 3.06% [1] - The opening price for the day was 9.48 yuan, reaching a high of 9.53 yuan and a low of 9.14 yuan, with a trading volume of 222,150 hands and a transaction amount of 206 million yuan [1] - Zhongyuan Nepe's main business is automotive parts manufacturing, with key products including cylinder sleeves, pistons, and piston rings, which are core components of engines [1] Group 2 - Zhongyuan Nepe's subsidiary, Zhongyuan Nepe (Shanghai) Electronic Technology Co., recently received a designated notification from a well-known European engineering group, becoming a supplier for its intelligent electronic control actuator products [1] - This project is expected to start mass supply in 2027, with a total sales amount of approximately 490 million yuan over a lifecycle of 9 years [1] Group 3 - On August 14, the net outflow of main funds was 25.1963 million yuan, with a cumulative net outflow of 62.6021 million yuan over the past five days [2]

Core Viewpoint - The article discusses the successful IPO application of Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange, highlighting its business focus and financial performance. Group 1: Company Overview - Nante Technology is a high-tech enterprise primarily engaged in the research, development, production, and sales of precision mechanical components, particularly in the air conditioning compressor parts sector, covering key components such as cylinders, bearings, pistons, and crankshafts [5]. - The company was established in November 2009 and has a total share capital of 111,549,986 shares before the issuance. It operates seven wholly-owned subsidiaries and has no equity investments in other companies. As of the end of 2024, the total number of employees is 2,497 [5]. Group 2: Major Shareholder and Control - Cai Heng directly holds 54,458,574 shares, accounting for 48.82% of the total share capital before issuance, and serves as the chairman of the company, making him the controlling shareholder and actual controller [6]. Group 3: Financial Performance - During the reporting period, the company's operating revenue was 833,676.05 thousand yuan, 938,343.15 thousand yuan, and 1,030,864.14 thousand yuan, with net profits attributable to the parent company being 43,960.85 thousand yuan, 82,186.64 thousand yuan, and 94,690.58 thousand yuan respectively [7]. - As of December 31, 2024, total assets amounted to 1,416,714.17 thousand yuan, with total equity of 669,284.05 thousand yuan. The asset-liability ratio was 34.19%, and the gross profit margin was 22.65% [8]. Group 4: Inquiry Issues Raised - Questions were raised regarding the authenticity of operating performance, specifically the reasons for lower gross profit margins compared to competitors and the rationale behind certain accounting practices [9]. - Concerns about the sustainability of operating performance were also highlighted, including the sales growth rates to major clients and the company's competitive advantages [9]. - The necessity and rationality of fundraising projects were questioned, particularly in relation to existing production capacity and revenue growth rates [9].

Core Viewpoint - Guangdong Yangshan United Precision Manufacturing Co., Ltd. is preparing to enter the A-share market, with significant revenue dependence on Midea Group, which contributed over 60% of its revenue from 2018 to 2020 [1][2][3] Group 1: Revenue and Profit Growth - Yangshan United's revenue has shown consistent growth, with reported revenues of 278.38 million, 343.43 million, and 451.40 million yuan for the years 2018, 2019, and 2020 respectively [2] - The net profit attributable to the company also increased significantly during the same period, with figures of 32.55 million, 63.86 million, and 84.48 million yuan [2] Group 2: Customer Concentration - The company has a high customer concentration, with sales to the top five customers accounting for 97.68%, 97.03%, and 97.15% of total revenue in 2018, 2019, and 2020 respectively [2] - Midea Group has been the largest customer, contributing sales of 186.69 million, 264.52 million, and 347.12 million yuan, representing 67.06%, 77.02%, and 76.90% of total revenue in the respective years [3] Group 3: Accounts Receivable Growth - Yangshan United's accounts receivable have increased significantly, with values of 79.19 million, 118.31 million, and 168.38 million yuan at the end of 2018, 2019, and 2020, respectively [7] - The accounts receivable accounted for 30.11%, 36.36%, and 39.28% of total revenue during the same periods [7] Group 4: Sales Model and Financial Risks - The company's sales model primarily relies on credit sales, leading to an increase in accounts receivable, which may result in cash flow difficulties if timely payments are not received [8] - The concentration of customers poses a risk; if a major customer faces financial difficulties, it could increase the likelihood of bad debts for Yangshan United [7][8]

Performance Forecast - The company expects a net profit of 218 million to 249 million yuan for the current reporting period, representing a year-on-year growth of 23.21% to 40.73% compared to 176.94 million yuan in the same period last year [1] - The profit attributable to shareholders is projected to be 214 million to 245 million yuan, with a year-on-year growth of 34.72% to 54.23% compared to 158.85 million yuan in the previous year [1] - Basic earnings per share are estimated to be between 0.37 yuan and 0.42 yuan, up from 0.30 yuan per share in the previous year [1] Reasons for Performance Change - The company has actively seized market opportunities and expanded market share despite the complex domestic and international economic environment [1] - Significant growth in the production and sales of core products such as cylinder liners, pistons, brake drums, and electronic control actuators has been achieved compared to the previous year [1] - Continuous optimization of resource allocation, cost reduction, and control of period expenses have further enhanced profitability, leading to stable growth in operating profit [1]

Group 1 - The ocean economy is a significant driver of GDP growth, with the national marine production value expected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the GDP, and contributing 11.5% to economic growth [1][8] - The government has highlighted "deep-sea technology" in its reports, indicating its importance alongside commercial aerospace and low-altitude economy, suggesting a rapid development potential in deep-sea equipment and exploration [1][8] - The deep-sea technology sector is identified as a key pillar for building a maritime power, encompassing three main areas: deep-sea materials, deep-sea equipment manufacturing, and deep-sea digital applications [3][17] Group 2 - Various provinces and cities are accelerating the development of marine economy, with policies focusing on high-end, intelligent, and green development, and establishing multi-level industrial systems [2][13] - Shanghai's marine industry development plan (2025-2035) proposes a "3+5+X" industrial system, while Guangdong's regulations emphasize support for eight emerging marine industry clusters [2][14] - The deep-sea materials sector is crucial for deep-sea technology, involving structural and buoyancy materials necessary for the development of marine resources, with a focus on high-performance steel, alloy materials, and composite materials [3][21] Group 3 - The deep-sea equipment sector is essential for supporting deep-sea development, facing challenges from complex underwater environments, with significant growth in China's shipbuilding industry, which saw a 13.8% increase in completed shipbuilding volume in 2024 [4][26] - The deep-sea digitalization and intelligence sector is a vital direction for deep-sea technology development, aiming to create a "digital ocean" that enhances marine decision-making and governance through advanced information technologies [5][17] - The report suggests focusing on marine engineering equipment manufacturing, marine equipment components, and marine observation instruments as key areas for investment [4][26]

Core Viewpoint - The overall price index of Linyi Mall has shown a slight decline this week, indicating mixed trends across various product categories with some experiencing price increases while others face declines [1]. Price Index Summary - The total weekly price index for Linyi Mall is 102.94 points, down 0.03 points or 0.03% from the previous week [1]. - Among 14 categories, 4 categories saw price increases, 6 remained stable, and 4 experienced declines [1]. Price Increases - **Automotive Parts and Accessories**: The weekly price index rose to 93.90 points, up 0.09 points. Key drivers include a rebound in engine parts prices and increased demand for truck parts, leading to higher market transaction prices [1]. - **Home Appliances and Audio-Visual Equipment**: The index increased to 103.22 points, up 0.04 points. Notable price increases were observed in air conditioning units, fans, and small kitchen appliances due to seasonal demand [2]. - **Daily Necessities**: The index reached 102.85 points, up 0.01 points. Increased demand for skincare and beauty products contributed to price rises, while some items like bags and toys saw slight price reductions due to e-commerce promotions [3]. Price Decreases - **Board Materials**: The index fell to 97.46 points, down 0.13 points. The market remains weak with reduced demand, leading to price declines in various board products [4]. - **Steel Products**: The index decreased to 98.61 points, down 0.10 points. The overall trading volume is low, and prices are under pressure due to weak demand [5]. - **Clothing and Accessories**: The index dropped to 105.11 points, down 0.03 points. Prices for belts and shoes decreased significantly, while other clothing categories remained stable [6].

Core Insights - The overall price index of Linyi Mall decreased to 102.97 points, down by 0.31 points or 0.31% compared to the previous week [1] Price Index Summary - **Hardware and Electrical Materials**: The price index rose to 119.65 points, increasing by 0.03 points. The rise was driven by slight price increases in electric tools due to manufacturer price adjustments, while hand tools and electrical instruments remained stable [1] - **Clothing and Accessories**: The price index reached 105.14 points, up by 0.01 points. The increase was notable in accessories like belts and running shoes, while clothing prices remained stable overall, with children's and underwear prices slightly rising [2] - **Lighting**: The price index increased to 104.33 points, up by 0.01 points. Prices for home and commercial lighting rose, while outdoor lighting prices decreased due to seasonal demand fluctuations [3] - **Steel**: The price index fell to 98.71 points, down by 1.95 points. The decline was attributed to reduced downstream demand and lower upstream raw material prices, leading to a significant drop in various steel categories [4] - **Automotive Parts and Accessories**: The price index decreased to 93.81 points, down by 0.11 points. The market for automotive parts remained weak, with continuous price reductions due to low demand [5] - **Board Materials**: The price index slightly declined to 97.59 points, down by 0.07 points. The ongoing downturn in the real estate market has weakened demand for board materials, prompting manufacturers to lower prices to alleviate operational pressures [6]

Product Structure - The company's main product layout is divided into four major segments: core components for internal combustion engines (cylinder sleeves, pistons, piston rings, and bearings), electronic components in the automotive sector (turbocharger electronic actuators), composite brake drums in the braking system, and hydrogen fuel cell engines and core components in the hydrogen energy sector [2][3]. Thailand Factory Investment - In March 2025, the company increased its investment in the Thailand factory by 410 million Thai Baht, raising the total investment from no more than 210 million RMB to no more than 350 million RMB. The factory's design now includes four casting production lines and 18 cylinder sleeve processing lines, with an annual design capacity of 7 million cylinder sleeves. Production is expected to commence in the third quarter [2][3]. Gross Margin Stability - The company's stable gross margin is attributed to several factors: 1. A highly experienced R&D team and a comprehensive high-end scientific research innovation platform that enhances product competitiveness. 2. Cost control through lean production and increased automation, improving input-output ratios. 3. A strong marketing team and effective guidelines that have led to a stable increase in major clients. 4. Enhanced organizational coordination and talent development that drive steady business progress [3]. Brake Drum Production Capacity - The second phase of the brake drum project is expected to complete machinery adjustments by the end of this month, with an overall annual production capacity of 1.4 million units. The subsidiary has been operating at full capacity due to strong market demand, and the new production line will help meet the increasing market needs [3]. Robotics Sector Interest - The company is considering opportunities in the humanoid robotics sector while continuing to focus on the automotive parts industry. It aims to explore collaborations in upstream and downstream sectors to identify new application areas [3]. Hydrogen Energy Cooperation - A strategic cooperation agreement with Sunshine New Energy includes collaboration in hydrogen equipment manufacturing and application scenarios. The partnership aims to leverage both companies' strengths in hydrogen energy investment and manufacturing, focusing on projects like hydrogen stations and green hydrogen production [4].

Group 1: Core Insights - Shandong's foreign trade enterprises are leveraging technological breakthroughs, differentiated competition, and diversified market layouts to maintain competitiveness in overseas markets while activating domestic sales potential through e-commerce platforms and policy support [1][2][5] - Companies like Shandong Zhenting Precision Piston Co., Ltd. are leading in the small piston industry with self-developed products that outperform competitors by 15% to 23% in key performance indicators, projecting an export revenue of 170 million yuan in 2024, a 12% increase year-on-year [1] - Shandong Changlin Machinery Group Co., Ltd. is focusing on differentiated products for both domestic and international markets, with 80% of its excavators expected to be exported in 2024 [1] Group 2: Domestic Market Expansion - Companies such as Yanggu Xinhui Cable Co., Ltd. are shifting focus to domestic markets, utilizing e-commerce and trade shows to establish connections with large domestic enterprises, with production capacity currently at 10,000 meters per day [2] - The implementation of the "Overseas Hundred Exhibitions Market Development Plan" in Yanggu County has led to a significant increase in enterprises with import and export achievements, with 16 new companies added in 2024 [2] Group 3: E-commerce and Innovation - Hongtai Paper and Plastic Products Co., Ltd. is exploring domestic sales through e-commerce platforms, successfully launching products on JD.com and alleviating inventory pressure [3] - Shandong Xingdi New Materials Co., Ltd. is providing one-stop customized services for high-end domestic market demands while also attracting international traffic through online promotion, achieving a balance between domestic and foreign sales [3] Group 4: Policy Support and Market Synergy - The "2025 Shandong Province Foreign Trade Quality Products Shopping Season" initiative aims to support foreign trade enterprises in expanding domestic sales channels, thereby stabilizing production and operations [4] - The continuous release of policy benefits and the improvement of industrial ecosystems are enabling Shandong's foreign trade enterprises to navigate the complexities of the global economy with confidence [5]