从华翔股份十大流通股东角度 10月9日，华翔股份涨5.15%，截至发稿，报17.56元/股，成交1.64亿元，换手率1.90%，总市值94.68亿 元。 资料显示，山西华翔集团股份有限公司位于山西省临汾市洪洞县甘亭镇华林村，成立日期2008年12月29 日，上市日期2020年9月17日，公司主营业务涉及各类定制化金属零部件的研发、生产和销售业务。主 营业务收入构成为：精密件78.91%，工程机械件12.43%，其他4.96%，其他(补充)2.32%，生铁及可再生 资源1.37%。 责任编辑：小浪快报 数据显示，兴证全球基金旗下1只基金位居华翔股份十大流通股东。兴全合远两年持有混合A （011338）二季度减持12.24万股，持有股数328.44万股，占流通股的比例为0.65%。根据测算，今日浮 盈赚取约282.46万元。 截至发稿，吴钊华累计任职时间1年184天，现任基金资产总规模18.52亿元，任职期间最佳基金回报 57.08%， 任职期间最差基金回报55.69%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的 ...

Company Overview - Huaxiang Co., Ltd. is located in Hongtong County, Linfen City, Shanxi Province, and was established on December 29, 2008. The company was listed on September 17, 2020. Its main business involves the research, production, and sales of various customized metal components [2] - The revenue composition of Huaxiang Co., Ltd. includes precision parts (78.91%), engineering machinery parts (12.43%), and others (4.96%) [2] Stock Performance - As of September 12, Huaxiang's stock price decreased by 2.00%, trading at 17.14 CNY per share, with a total market capitalization of 9.241 billion CNY [1] - Year-to-date, Huaxiang's stock price has increased by 38.42%, but it has seen a decline of 5.09% over the last five trading days and a decrease of 2.34% over the last 20 days [2] Financial Performance - For the first half of 2025, Huaxiang Co., Ltd. achieved a revenue of 1.976 billion CNY, representing a year-on-year growth of 2.38%. The net profit attributable to shareholders was 290 million CNY, showing a year-on-year increase of 25.66% [2] - The company has distributed a total of 599 million CNY in dividends since its A-share listing, with 426 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of Huaxiang's shareholders was 13,800, an increase of 0.61% from the previous period. The average circulating shares per person were 36,628, which is an increase of 15.01% [2] - Notable changes in institutional holdings include a decrease in shares held by the seventh largest shareholder, while the tenth largest shareholder increased their holdings [3]

Summary of Conference Call for New Coordinates Company Overview - New Coordinates has achieved its highest quarterly revenue ever in the first half of 2025, with Q2 revenue exceeding 200 million yuan, showing significant year-on-year and quarter-on-quarter growth [3][22] - The company’s net profit reached a record high of 77 million yuan, with a healthy gross margin maintained [3] Industry and Market Dynamics - The overseas revenue of New Coordinates has surpassed domestic revenue for the first time, accounting for over 51% of total revenue, primarily due to the efforts of overseas subsidiaries since 2022 [2][3] - The commercial vehicle and commercial engine business segments have increased in proportion, indicating an optimization of the company’s business structure [2] Customer Structure and Market Share - BYD still accounts for over 10% of New Coordinates' revenue, although this has slightly decreased; Volkswagen accounts for approximately 40%-50% globally, with foreign markets making up two-thirds of this [2][4] - The commercial vehicle segment has seen nearly 20% growth, with revenue exceeding 70 million yuan, mainly driven by overseas markets and clients such as MAN and Caterpillar [4][10] - The Mexican subsidiary has shown significant revenue growth, enhancing profitability through scale effects and automation improvements [16] Product Development and R&D - New Coordinates established a dedicated subsidiary for four-cylinder engine research and development with a registered capital of 500 million yuan, aiming to enter small-scale production in the second half of the year [6][30] - The company has made progress in developing new products, particularly in the valve train and precision components, with the "other" category (mainly high-pressure pumps and parts) showing rapid growth [8][9] Future Outlook and Seasonal Factors - The company anticipates a slight slowdown in performance in Q3 and Q4 due to seasonal factors, with new projects from Chery, Great Wall, and others expected to gradually contribute to growth [7][22] - The heat management system's stainless steel component business is expected to ramp up in the second half of the year [7] Financial Performance and Growth Projections - The revenue growth rate for the first half of 2025 was around 20%, with expectations for the full year to be around 10% [22][24] - Traditional business is projected to maintain approximately 10% growth in the coming years, supported by ongoing projects and customer orders [24] Strategic Initiatives and Competitive Position - New Coordinates is focusing on high-performance alloy steel materials instead of traditional carbon steel to meet the automotive industry's stringent quality requirements [21] - The company has secured a project with Rolls-Royce, enhancing its brand effect and potential for high-end customer orders [26][27] Challenges and Risks - The company faces challenges in maintaining growth due to potential slowdowns in key clients like BYD and seasonal impacts on performance [22][23] - The commercial vehicle market remains a significant growth area, but the company’s market share in this segment is still relatively low compared to passenger vehicles [12][13] Conclusion - New Coordinates is positioned for growth with a strong focus on overseas markets and new product development, although it must navigate seasonal fluctuations and competitive pressures in the automotive industry [2][7][12]

Core Viewpoint - Guangdong Yangshan United Precision Manufacturing Co., Ltd. (hereinafter referred to as "United Precision") reported a growth trend in key indicators such as operating revenue and net profit for the year 2024, while significant fluctuations in cash flows from investment and financing activities warrant attention [1] Financial Performance Analysis - United Precision's operating revenue for 2024 reached 751,479,988.15 yuan, an increase of 13.82% compared to 2023's 660,235,783.98 yuan [2] - The revenue from the general equipment manufacturing sector accounted for 99.98% of total revenue, amounting to 751,357,002.47 yuan, with a year-on-year growth of 13.85% [2] - Notably, casting revenue surged by 54.15% to 156,199,347.13 yuan, while precision parts revenue grew by 8.23% to 570,150,474.09 yuan, indicating a positive trend in core business areas and initial success in product structure optimization [2] Profitability Improvement - The net profit attributable to shareholders was 71,460,542.00 yuan, reflecting a year-on-year increase of 15.52% [3] - The net profit excluding non-recurring gains and losses was 73,257,876.25 yuan, up 23.29%, indicating enhanced profitability in core operations [3] - Basic earnings per share rose to 0.66 yuan, a 15.79% increase, demonstrating improved value creation for shareholders [3] Cost Control and R&D Investment - Sales expenses for 2024 totaled 7,878,927.94 yuan, an increase of 18.67%, likely due to business expansion and marketing activities [4] - Management expenses rose to 39,258,764.33 yuan, up 9.70%, but the growth rate remains manageable, suggesting improved management efficiency [4] - Financial expenses decreased by 25.78% to 2,043,110.88 yuan, attributed to optimized financing structure and reduced interest expenses [4] - R&D expenses amounted to 26,274,031.16 yuan, a slight increase of 1.54%, with R&D investment accounting for 3.50% of operating revenue, indicating ongoing commitment to innovation [4] Cash Flow Fluctuations - The net cash flow from operating activities was 115,325,045.66 yuan, a 4.03% increase, with cash received from sales and services rising by 8.87% to 711,816,151.75 yuan [5] - Cash outflow from investment activities totaled 154,393,361.18 yuan, a significant increase of 224.06%, primarily due to new fixed asset investments and structured deposits [5] - Cash inflow from financing activities reached 163,316,187.41 yuan, up 196.22%, mainly due to increased bank borrowings, with net cash flow from financing activities increasing by 134.77% to 31,538,618.79 yuan [5]

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, driven by core business expansion and optimization of business structure [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.4 billion, a year-on-year increase of 31.2%, and a net profit attributable to shareholders of 220 million, up 52.8% year-on-year [1]. - For Q4 2024, revenue reached 750 million, with a year-on-year increase of 17.8% and a quarter-on-quarter increase of 29.4%. Net profit for the same period was 70 million, reflecting a year-on-year increase of 42.2% and a quarter-on-quarter increase of 40.7% [1]. - The overall gross profit margin for 2024 was 18.0%, with an adjusted margin of approximately 18.6%, up 0.8 percentage points year-on-year [2]. Business Segments - The EGR and injection system segment generated revenue of 730 million, a year-on-year increase of 29.9%. The new energy products segment contributed 1.03 billion, up 29.2%, while the precision parts segment saw revenue of 540 million, a 12.4% increase [1]. - The EGR segment benefited from increased sales of hybrid models from key clients like BYD and Chery, with sales volume reaching 1.355 million units, contributing 320 million in revenue [1]. - The new energy business has established partnerships with leading clients such as Tesla and Seres, with plans to expand into the assembly sector [1]. Strategic Initiatives - The company is accelerating its diversification strategy, focusing on the robotics sector, including humanoid robots and low-altitude aircraft [3]. - A new subsidiary, Longsheng Weirui, was established to enhance capabilities in the robotics field, with plans for an acquisition of Weihan Intelligent to strengthen the transmission segment [3]. - The company anticipates significant growth potential in the automotive precision processing technology that can be applied to robotic joint components [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 3.11 billion, 3.61 billion, and 4.09 billion, with net profits expected to reach 290 million, 360 million, and 430 million respectively [3].