来源：新浪证券-红岸工作室 9月19日，星徽股份跌0.90%，成交额9724.84万元，换手率4.91%，总市值25.18亿元。 异动分析 跨境电商+家用电器+无线耳机+人民币贬值受益+消费电子概念 1、2024年4月16日互动易：公司跨境电商业务板块在售的产品包含小家电品类，产品有香薰机、咖啡 机、空气炸锅、奶泡机等，主要在海外销售。 2、根据2022年半年报，公司智能家电类产品实现销售收入 2.40 亿元，占公司电商业务收入 37.14%。 3、2019年11月18日公司在互动平台称：公司音频产品的主要品牌是TaoTronics，TWS技术现已普遍应 用于公司蓝牙耳机产品，年销售额达数千万美金 今日主力净流入524.42万，占比0.05%，行业排名8/18，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入2.88亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入524.42万-418.93万310.50万-1437.80万-5278.81万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2391.37万，占总成交额的4.55%。 技术面：筹码平均 ...

来源：新浪证券-红岸工作室 9月18日，星徽股份跌3.81%，成交额8612.68万元，换手率4.30%，总市值25.41亿元。 异动分析 跨境电商+家用电器+无线耳机+人民币贬值受益+消费电子概念 1、2024年4月16日互动易：公司跨境电商业务板块在售的产品包含小家电品类，产品有香薰机、咖啡 机、空气炸锅、奶泡机等，主要在海外销售。 2、根据2022年半年报，公司智能家电类产品实现销售收入 2.40 亿元，占公司电商业务收入 37.14%。 3、2019年11月18日公司在互动平台称：公司音频产品的主要品牌是TaoTronics，TWS技术现已普遍应 用于公司蓝牙耳机产品，年销售额达数千万美金 4、根据2024年年报，公司海外营收占比为67.99%，受益于人民币贬值。 5、广东星徽精密制造股份有限公司的主营业务是精密金属连接件的研发、生产、销售和自有品牌的智 能小家电类、电脑手机周边类、电源类、家私类等消费电子产品的研发、设计、销售。公司主要产品是 滑轨、铰链、拉篮、水槽、水龙头、智能小家电类、电脑手机周边类、电源类、家私类。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断 ...

Core Viewpoint - Starway Co., Ltd. (300464.SZ) is attempting to cover its cumulative losses of 2.693 million yuan from surplus reserves and 1.511 billion yuan from capital reserves, totaling 1.538 billion yuan, amid continuous losses over the past four and a half years, amounting to a cumulative loss of 2.33 billion yuan [2][3][9]. Financial Performance - Starway's revenue has been declining consistently since 2021, with revenues of 3.660 billion yuan, 2.351 billion yuan, 1.626 billion yuan, and 1.510 billion yuan from 2021 to 2024, reflecting year-on-year declines of 33.74%, 35.77%, 30.85%, and 7.13% respectively [5]. - The net profit for the same period has been negative, with figures of -1.524 billion yuan, -260 million yuan, -76.09 million yuan, and -460 million yuan, showing a significant increase in losses in 2021 and a slight recovery in subsequent years [5]. - As of the end of 2024, the company's cumulative undistributed profits stood at -1.133 billion yuan, with surplus reserves of 2.693 million yuan and capital reserves of 1.511 billion yuan [3]. Debt and Equity Situation - As of mid-2025, Starway's debt-to-asset ratio reached 89.93%, indicating a high level of financial leverage [12]. - The debt-to-asset ratios from the end of 2021 to the end of 2024 were 81.77%, 92.52%, 70.52%, and 89.61% respectively, showing fluctuations but a generally high level of debt [11][12]. - The company's major shareholders have pledged a significant number of shares, with a total of 132 million shares pledged, accounting for 28.74% of the total share capital [16]. Shareholder Actions - Recently, a major shareholder, Guangdong Xingye Investment Co., Ltd., transferred 32 million shares, representing 6.99% of the total share capital, to another party at a price of 4.50 yuan per share [13]. - The controlling shareholder, Xie Xiaohua, has pledged 16 million shares, which is 15.65% of his holdings and 3.49% of the total share capital [14]. Business Operations - Starway primarily engages in the research, development, manufacturing, and sales of precision hardware components such as slides and hinges, as well as smart home appliances and related products [4]. - The company reported that its core competitiveness remains unchanged despite the ongoing financial difficulties [6].

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing a decline in revenue and profit, with a significant portion of its business benefiting from cross-border e-commerce and the depreciation of the RMB [2][3][7]. Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors and smart home appliances, with a focus on products such as slides, hinges, and small household appliances [7]. - The company's main revenue sources include slides (55.24%), smart home appliances (15.69%), and hinges (7.71%) [7]. - As of June 30, the company had 27,100 shareholders, an increase of 8% from the previous period, with an average of 13,104 circulating shares per person, a decrease of 7.4% [7]. Financial Performance - For the first half of 2025, the company reported revenue of 726 million yuan, a year-on-year decrease of 9.38%, and a net profit attributable to shareholders of -10.14 million yuan, a decline of 208.43% [7]. - The company's overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [3]. Market Activity - On August 29, the company's stock price fell by 2.24%, with a trading volume of 67.03 million yuan and a turnover rate of 3.31%, resulting in a total market capitalization of 2.596 billion yuan [1]. - The stock has seen a net outflow of 3.05 million yuan from major investors today, with a continuous reduction in holdings over the past two days [4][5]. Product and Business Segments - The company's cross-border e-commerce segment includes small household appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2]. - The audio product brand, TaoTronics, has achieved annual sales of tens of millions of USD, with TWS technology widely applied in Bluetooth earphones [3].

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing a decline in stock performance and revenue, while benefiting from its cross-border e-commerce business and the depreciation of the RMB [1][2][3]. Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors and smart home appliances, with a focus on products such as slides, hinges, and small household appliances [7]. - The company was established on November 11, 1994, and went public on June 10, 2015 [7]. - As of March 31, the company had 25,100 shareholders, a decrease of 13.57% from the previous period, with an average of 14,152 circulating shares per shareholder, an increase of 27.50% [7]. Financial Performance - For the first quarter of 2025, the company reported revenue of 335 million yuan, a year-on-year decrease of 8.65%, and a net profit attributable to shareholders of -2.84 million yuan, a year-on-year decrease of 161.13% [7]. - Cumulative cash dividends since the company's A-share listing amount to 71.16 million yuan, with no dividends distributed in the past three years [8]. Business Segments - The company's revenue composition includes: slides (55.24%), smart home appliances (15.69%), hinges (7.71%), power supplies (7.54%), computer and mobile peripherals (3.54%), furniture (3.07%), and other categories [7]. - The cross-border e-commerce segment includes small appliances such as aroma machines, coffee machines, air fryers, and milk frothers, primarily sold overseas [2][3]. Market Dynamics - The company's overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [3]. - The main brand for audio products is TaoTronics, with annual sales reaching tens of millions of USD [3]. Technical Analysis - The average trading cost of the stock is 5.68 yuan, with the current stock price fluctuating between resistance at 6.31 yuan and support at 5.69 yuan, indicating potential for range trading [6]. Capital Flow - The stock experienced a net outflow of 5.96 million yuan today, with a total net outflow of 23.90 million yuan over the past three days, indicating a lack of strong capital support [4][5].

Core Viewpoint - The company, Guangdong Xinghui Precision Manufacturing Co., Ltd., is experiencing a decline in stock performance and revenue, while benefiting from its cross-border e-commerce business and the depreciation of the RMB [1][2][3]. Company Overview - Guangdong Xinghui Precision Manufacturing Co., Ltd. specializes in the research, production, and sales of precision metal connectors and smart home appliances, with a significant portion of its revenue coming from cross-border e-commerce [5][7]. - The company's main products include slides (55.24% of revenue), smart home appliances (15.69%), hinges (7.71%), and power supplies (7.54%) [7]. Financial Performance - For the first quarter of 2025, the company reported a revenue of 335 million yuan, a year-on-year decrease of 8.65%, and a net profit attributable to shareholders of -2.84 million yuan, a year-on-year decrease of 161.13% [7]. - The company's overseas revenue accounted for 67.99% of total revenue, benefiting from the depreciation of the RMB [2][3]. Market Activity - On August 14, the company's stock price fell by 2.98%, with a trading volume of 75.25 million yuan and a turnover rate of 3.79%, resulting in a total market capitalization of 2.532 billion yuan [1]. - The stock has seen a net outflow of 1.1575 million yuan from major investors, indicating a reduction in holdings over the past two days [4][5]. Technical Analysis - The average trading cost of the stock is 5.55 yuan, with the current price approaching a resistance level of 5.57 yuan, suggesting potential for a price correction if this level is not surpassed [6].