关于近期不实传闻的澄清说明 近日，市场上出现涉及本公司的不实传闻，相关内容对市场认知造成干扰。 本公司特此郑重说明： 目前公司核心业务推进有序，按计划正常开展，不存在影响公司正常经营 与发展的异常情况。 本公司长期深耕高端消费电子与智能终端领域，具备多品类零部件的垂直整合能力、成熟的产品 工程与量产经验，以及覆盖多区域的全球化产能布局，能够为不同类型客户提供稳定、灵活且高 品质的制造与供应支持。相关能力与布局亦已获得产业链长期验证。 来源：立讯精密微信公众号 1月3日， "果链龙头"企业 立讯精密（002475）官方公众号发布澄清说明。立讯精密表示， 近日，市 场上出现涉及公司的不实传闻，相关内容对市场认知造成干扰。 公司特此郑重说明： 目前公司核心业 务推进有序，按计划正常开展，不存在影响公司正常经营与发展的异常情况。 立讯精密强调，公司将持续专注主业，以稳健经营和长期价值创造回馈客户、投资者及社会各 界。同时，对于任何捏造事实、散布谣言、恶意损害公司声誉的行为，公司将依法保留追究相关 法律责任的权利。 以下为全文： 本公司将持续专注主业，以稳健经营和长期价值创造回馈客户、投资者及社会各界。 同时，对于任何 ...

立讯精密(002475)最新澄清。 立讯精密强调，公司将持续专注主业，以稳健经营和长期价值创造回馈客户、投资者及社会各界。同时，对于任何捏造事实、散布谣言、恶意损害公司声 誉的行为，公司将依法保留追究相关法律责任的权利。 在通讯算力领域,公司布局电连接、光连 接、热管理和电源管理四大产品线,以技术 为导向,应用一代、开发一代、预研一代, 结合强大的可落地性解决方案,目前与全球 头部客户业务合作如预期进展。 汽车板块业务聚焦线束、连接器等核心零 件,并向智能座舱/辅助自动驾驶、智能底 盘及动力系统等系统级产品拓展,近期完成 对德国莱尼的并购,进一步深化全球化产能 布局,推进与全球品牌车企的合作,进军全 球汽车零部件前十的行列。 本公司将持续专注主业,以稳健经营和长期 价值创造回馈客户、投资者及社会各界。 1月3日，"果链龙头"企业立讯精密(002475)官方公众号发布澄清说明。立讯精密表示，近日，市场上出现涉及公司的不实传闻，相关内容对市场认知造成 干扰。公司特此郑重说明：目前公司核心业务推进有序，按计划正常开展，不存在影响公司正常经营与发展的异常情况。 同时,对于任何捏造事实、散布谣言、恶意 损害本公司声誉的 ...

Core Viewpoint - The article discusses the financial performance and operational details of Beijing Weitongli Electric Co., Ltd. and Shenzhen Peicheng Electronic Technology Co., Ltd., highlighting their revenue, net profit, and challenges faced in the market. Group 1: Beijing Weitongli Electric Co., Ltd. - The company specializes in hard connections, flexible connections, contact components, laminated busbars, CCS series electric connection products, and synchronous decomposers [4] - In 2024, the company reported a revenue of 239,037.80 million yuan and a net profit of 27,080.17 million yuan, showing significant growth from previous years [6] - The company has a total of 2,956 employees and operates with a controlling shareholder, Huang Haoyun, who holds 68.33% of the voting rights [5][4] - The company’s revenue for the past four years was 143,677.53 million yuan, 169,868.62 million yuan, 239,037.80 million yuan, and 140,972.99 million yuan, with net profits of 11,331.88 million yuan, 17,896.88 million yuan, 27,080.17 million yuan, and 14,297.21 million yuan respectively [6] Group 2: Shenzhen Peicheng Electronic Technology Co., Ltd. - The company focuses on the independent research, production, and sales of third-party battery power control systems (BMS, PCS) and provides component application solutions [11] - In 2024, the company achieved a revenue of 73,288.51 million yuan and a net profit of 9,229.64 million yuan, with a year-on-year decline of 4.02% in revenue and 20.13% in net profit [14] - The company has a controlling shareholder, Yan Xiaohan, who holds 77.01% of the shares [12] - The company’s revenue for the past three years was 8.5023 billion yuan, 7.6359 billion yuan, and 7.3289 billion yuan, with net profits of 1.0077 billion yuan, 1.1555 billion yuan, and 0.9230 billion yuan respectively [14] - The company plans to raise 500 million yuan through an IPO, with funds allocated for capacity enhancement projects and research center construction [23][24]

Group 1 - The last trading week of 2025 is scheduled from December 29 to 31, with no new IPOs planned during this period [1] - Three companies are set to present their IPOs this week: Weitongli on the Shenzhen Main Board, and Peicheng Technology and Guantai Vacuum on the Beijing Stock Exchange [2] - Weitongli focuses on high-performance electrical connection products and aims to raise 1.594 billion yuan for various projects, including the construction of production bases and a research center [2] Group 2 - Guantai Vacuum specializes in vacuum equipment and has a strong presence in the rare earth permanent magnet industry, with its main products including vacuum sintering furnaces and vacuum coating machines [3] - Peicheng Technology operates in the lithium battery new energy sector, providing third-party battery power control systems and related component solutions [3]

Group 1: IPO Overview - Three companies are scheduled for IPO review from December 29 to December 31, aiming to raise a total of 2.262 billion yuan [1][2] - The companies include Guangtai Vacuum, Miao Manli, and Feiyu Technology, with respective fundraising amounts of 168.15 million yuan, 1.59374 billion yuan, and 500 million yuan [2][3] Group 2: Guangtai Vacuum - Guangtai Vacuum specializes in the research, manufacturing, and sales of vacuum equipment, focusing on high-tech applications in the rare earth permanent magnet industry [3][4] - The company plans to issue up to 17 million shares, with a target market value of no less than 200 million yuan and a net profit requirement of at least 15 million yuan over the last two years [4][3] - The total investment for its projects is 168.15 million yuan, which includes the expansion of vacuum melting furnaces and the establishment of a research and product display center [7] Group 3: Miao Manli - Miao Manli is engaged in the manufacturing of electrical machinery and equipment, with a recent net profit of 27.1 million yuan [10][11] - The company plans to issue up to 62.33 million shares, with a requirement for cumulative net profits of at least 200 million yuan over the last three years [10][11] Group 4: Feiyu Technology - Feiyu Technology focuses on the lithium battery new energy sector, providing battery management systems and related components [13][14] - The company aims to issue up to 17.5 million shares, with similar financial requirements as Guangtai Vacuum [14][15] - The total investment for its projects is 500.98 million yuan, which includes capacity enhancement for battery and power control systems [16]

Core Viewpoint - The company emphasizes its commitment to long-term operational philosophy, focusing on three main business areas: "electrical connections," "smart electrical lighting," and "new energy" [1] Group 1: Business Strategy - The company aims to drive product innovation and channel transformation while practicing ESG principles to enhance brand image and value [1] - A long-term incentive and benefit-sharing mechanism is being actively constructed to align interests with stakeholders [1] Group 2: Financial Performance - In the profit distribution plan for 2024, the company has increased the cash dividend ratio to strengthen investor returns [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue and net profit have shown a decline in the first three quarters of 2025, with revenue down by 3.22% to 12.198 billion RMB and net profit down by 8.72% to 2.979 billion RMB [1] - The external operating environment has put short-term pressure on revenue, but there are positive expectations for overseas market expansion [2] - The gross margin has been under pressure, with a decrease of 1.0 percentage points year-on-year to 42.1% for the first three quarters of 2025 [3] - The company is expected to gradually recover its performance through new growth drivers, including the expansion of its renewable energy business and international market penetration [3] Summary by Sections Performance Review - For Q1-Q3 2025, the company achieved revenue of 12.198 billion RMB, a decrease of 3.22%, and a net profit of 2.979 billion RMB, down 8.72% [1] - In Q3 2025 alone, revenue was 4.030 billion RMB, with a net profit of 919 million RMB, reflecting declines of 4.44% and 10.29% respectively [1] Operational Analysis - The company's traditional business is facing growth challenges due to external pressures, while the renewable energy sector is showing promising growth [2] - The domestic market is undergoing adjustments, but new business developments are helping to mitigate external impacts [2] - The overseas market is expected to provide significant opportunities, particularly for products like power strips and charging stations [2] Margin and Cost Management - The gross margin for Q1-Q3 2025 decreased to 42.1%, with Q3 margin at 41.7%, attributed to changes in product mix [3] - Sales expenses have been effectively controlled, with a reduction in marketing and advertising costs contributing to a lower sales expense ratio [3] Profit Forecast and Valuation - EPS forecasts for 2025-2027 are 2.18, 2.32, and 2.48 RMB respectively, with corresponding PE ratios of 20.08, 18.83, and 17.65 [4]

Core Viewpoint - Xidian New Energy, a leading company in the electric connection field, is set to be listed on the Shanghai Stock Exchange on January 11, 2024, with a strong focus on products for new energy vehicles and electrochemical energy storage [1] Group 1: Business Performance - In Q3 2025, Xidian New Energy achieved a revenue of 2.094 billion yuan, ranking 11th among 29 companies in the industry, below the industry average of 5.616 billion yuan but above the median of 1.443 billion yuan [2] - The net profit for the same period was 211 million yuan, ranking 8th in the industry, exceeding the average of 446 million yuan and the median of 74.2 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 41.04%, lower than the industry average of 50.78%, up from 34.38% in the same period last year [3] - The gross profit margin for the same period was 16.63%, below the industry average of 22.99%, down from 17.67% year-on-year [3] Group 3: Management and Shareholder Information - The chairman and general manager, Sheng Jianhua, received a salary of 1.0563 million yuan in 2024, an increase of 89,400 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 6.16% to 10,700, with an average holding of 4,912.54 shares, a decrease of 5.80% [5] Group 4: Market Outlook - According to CICC, the company's Q3 performance was slightly below market expectations, but profitability improved quarter-on-quarter, with strong growth in battery connection and new energy vehicle businesses, while energy storage demand showed a temporary decline [5] - According to招商证券, the management team is professional and efficient, with strong competitive advantages in self-manufactured equipment and significant potential in overseas energy storage demand [6]

Core Viewpoint - The collaboration between Zhejiang Mobile and Bull Group has led to the establishment of a smart factory that exemplifies the transformation of the home appliance industry through advanced technologies such as 5G and AI, achieving significant efficiency and productivity improvements. Group 1: Smart Factory Features - The smart factory covers over 300,000 square meters and utilizes an "industrial neural network" for automated production processes, achieving a unit production per hour (UPPH) that is seven times the industry average [1][8] - The factory has implemented a fully automated production line that produces one electrical connection product every two seconds, significantly enhancing production efficiency [8] - The integration of AI technology allows for real-time monitoring and identification of safety hazards, reducing safety incidents by 80% and improving hazard elimination rates by over 90% [9] Group 2: Technological Infrastructure - The factory operates on a 5G private network with a stability rate of 99.99%, ensuring seamless data transmission and operational continuity [4][6] - The deployment of over 1,100 terminals and edge computing nodes supports cross-regional production coordination, enhancing the overall manufacturing process [4][6] - The use of passive IoT technology allows for real-time tracking and management of tools, reducing management costs by over 2 million yuan annually [6] Group 3: Industry Impact and Recognition - Bull Group's smart factory has been recognized as a benchmark for intelligent transformation in the home appliance sector, being selected for the Ministry of Industry and Information Technology's list of exemplary smart factory projects for 2025 [1][10] - The collaboration has resulted in a replicable model for the discrete manufacturing industry, focusing on technology reuse, quantifiable benefits, and scalable transformation solutions [10][11] - The initiative has attracted interest from nearly 100 manufacturing enterprises, showcasing the potential for widespread adoption of smart manufacturing practices [10]

Core Insights - 百利电气 reported a revenue of 1.03 billion yuan in the first half of 2025, representing a year-on-year growth of 13.69%, with a net profit of 56.91 million yuan [1] - The company focuses on enhancing product competitiveness and expanding into high-end markets, particularly in green energy equipment technology [1] - 百利电气 maintains a strong market position in the power system industry, particularly in high-end user segments, and has seen significant order growth [1][2] Group 1: Business Performance - The company achieved a revenue of 1.03 billion yuan in H1 2025, marking a 13.69% increase compared to the previous year [1] - Net profit for the same period was reported at 56.91 million yuan [1] Group 2: Product Development and Market Strategy - 百利电气 is enhancing its product lines in power transmission and distribution equipment, cables, and pumps, focusing on R&D and market expansion [1] - The company has successfully increased sales of large current terminal products for wind power, demonstrating a significant growth in this segment [1][2] - In the cable product sector, 百利电气 is expanding its customer base and enhancing brand recognition through strategic partnerships and tailored solutions [2] Group 3: International Expansion and Technological Advancements - The company has made strides in the overseas market for pump products, successfully delivering over a hundred screw pump units to international clients [2] - 百利电气 is actively pursuing opportunities in the power electronics market, collaborating with state-owned enterprises and completing projects in various countries [2] - The company showcased its products at major international exhibitions, enhancing its brand presence and promoting its technological capabilities [3]