证券代码：603166 证券简称：福达股份 公告编号：2025-047 桂林福达股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、本次说明会召开情况 桂林福达股份有限公司（以下简称"公司"）于 2025 年 08 月 25 日 10:00-11:00 在上海证券交易所"上证路演中心"以"网络文字互动"方式召开了 2025 年半年度业绩说 明会。公司董事、总经理王长顺先生，董事、副总经理、财务总监张海涛先生，副总经 理、董事会秘书范帆先生，独立董事秦联先生，独立董事李万峰先生，独立董事蒋红芸 女士参加了本次业绩说明会，就投资者普遍关心的问题在信息披露允许的范围内进行了 回答。 二、投资者提出的问题及公司的回复情况 长吗？还是说就保持在当前的这个位置？还是后面会有回调？ 答复：尊敬的投资者您好，公司上半年业绩增长的主要原因：一是在新能源汽车市 场保持增长势头的大背景下，公司乘用车曲轴，特别是混合动力曲轴市场需求量增加， 使得公司新能源曲轴业务收入较同期有所增长 ...

Summary of Fuda Co., Ltd. Conference Call Company Overview - **Company**: Fuda Co., Ltd. - **Industry**: Manufacturing, specifically focusing on crankshafts and precision forgings Key Points and Arguments 1. **Revenue Structure**: In the first half of 2025, crankshafts accounted for approximately 70% of revenue, precision forgings for 10%, and other businesses for 20% [2][5][4] 2. **Second Quarter Performance**: Revenue in Q2 was 467 million yuan, a slight decrease of 0.85% from Q1, primarily due to the normalization of production capacity and losses in the electric drive gear business [4][5] 3. **Profit Growth**: The company reported a net profit of 146 million yuan in H1 2025, a year-on-year increase of 98.77%, with a significant Q2 net profit growth of 24% due to a one-time equity transfer gain [4][5] 4. **Production Capacity Expansion**: The company is gradually releasing capacity from six crankshaft production lines in its super factory, with significant increases in market share among major clients [2][6] 5. **Client Diversification Strategy**: Fuda is diversifying its client base to mitigate risks associated with single model cycles, successfully increasing market share with existing clients [2][7] 6. **Cost Control Advantages**: The integration of forging blanks and crankshaft machining provides significant cost control advantages, allowing the company to leverage scale effects and price competition to increase market share [2][8] 7. **New Product Development**: The company is accelerating small-batch production of a new cycloidal reducer, which is lightweight and impact-resistant, suitable for humanoid robots [2][10] 8. **Longban's Capacity and Product Layout**: Longban has completed capacity verification and is focusing on small-batch production lines to meet customer testing needs, with a strong reserve of grinding machines [10][12] 9. **Future Growth Outlook**: Fuda expects significantly better performance in the second half of 2025, with optimistic annual projections based on strategic initiatives in capacity expansion and customer acquisition [3][15][16] 10. **International Market Expansion**: The company is actively expanding its overseas market presence, targeting new clients and establishing sales platforms in Europe to leverage cost advantages [18] Additional Important Content 1. **Electric Drive Business**: The company is working to improve its electric drive business and reduce losses while expanding its overseas customer base [3][17] 2. **Collaboration with Longban**: Fuda is deepening its collaboration with Longban, focusing on new product layouts and production capabilities [12][25] 3. **Technological Advancements**: The company is researching advanced technologies such as axial flux and slant wave magnetic field technologies to enhance product competitiveness [22][23] 4. **Future Product Line Expansion**: Fuda plans to expand its product lines in the future, particularly in the robotics sector, while ensuring strong advantages in existing components [19][20] 5. **Investor Engagement**: The company plans to showcase new products to investors after completing the verification of Longban's work [24]

Group 1 - Fuda Co., Ltd. has experienced a continuous decline in stock price for six consecutive trading days, with a cumulative drop of -6.08% [1] - Founded in 1995, Fuda Co., Ltd. is a national high-tech enterprise focused on high-end manufacturing, primarily engaged in the research, production, and sales of engine crankshafts, precision forgings, new energy electric drive gears, automotive clutches, spiral bevel gears, and high-strength bolts [1] - Qianhai Kaiyuan Jiaxin Mixed A Fund has entered the top ten shareholders of Fuda Co., Ltd. in the second quarter of this year, marking a new investment [1] Group 2 - The year-to-date return of Qianhai Kaiyuan Jiaxin Mixed A Fund is 47.23%, ranking 29th among 1845 similar funds [2] - The fund manager, Wu Guoqing, has a background in economics and management from Tsinghua University and has held various positions in fund management since joining Qianhai Kaiyuan Fund Management Co., Ltd. in 2015 [3][4] - Wu Guoqing has managed multiple funds, including the Qianhai Kaiyuan Dingshui Bond Fund and the Qianhai Kaiyuan Core Resource Flexible Allocation Mixed Fund, demonstrating extensive experience in fund management [4]

Core Viewpoint - Fuda Co., Ltd. is investing in the new energy and robotics sectors, focusing on the development of precision gear systems for electric vehicles and robotic joint components [1][2][3] Group 1: Investment and Business Expansion - Fuda Co., Ltd. plans to invest in a new energy vehicle electric drive system precision gear project and a robotic joint component project in Pinghu Economic and Technological Development Zone, covering approximately 132 acres [2] - The company has established stable customer relationships in the new energy vehicle sector and has begun to expand into humanoid robotics [1][2] - To fund these initiatives, Fuda Co., Ltd. is selling a stake in a joint venture for 96 million yuan, with the first phase of transferring 25% of the equity already completed, bringing in 48 million yuan [1][3] Group 2: Financial Performance - In the first quarter of 2025, Fuda Co., Ltd. reported a 46.97% year-on-year increase in revenue to 471 million yuan, with net profit doubling to 65.1 million yuan [5] - The company's stock price has doubled in 2025, with a peak increase of over 157% during the year, reaching a high of 18.7 yuan per share [5] - For the year 2024, Fuda Co., Ltd. achieved a revenue of 1.648 billion yuan, a year-on-year growth of 21.83%, and a net profit of 185 million yuan, up 78.96% [5] Group 3: Market Position and Product Development - Fuda Co., Ltd. is a leading supplier of hybrid crankshafts for major automotive manufacturers, including BYD, Geely, and Great Wall [4] - The company has been actively expanding its presence in the new energy vehicle sector, achieving significant growth in its precision gear business [4][5] - The ongoing projects in the robotics field are expected to solidify the company's technological and product positioning, paving the way for commercial and scalable production [3]

Macro Strategy - The report highlights that China's consumption rate is only 37.2%, significantly lower than the average of 53.8% across 38 countries, indicating a need to improve the income of the middle and low-income groups to boost consumption [1][16][17] - It is noted that the low consumption rate is primarily due to a low consumption propensity, with China's consumption propensity at 62% compared to the average of 92.3% for the 38 countries [1][16] - The report suggests that increasing the tax burden on high-income earners and redistributing the revenue to lower-income groups could potentially increase total consumption by 1.6 trillion yuan, raising the consumption rate by 1.3 percentage points [1][17] Macro Commentary - The Federal Reserve maintained its interest rate at the May FOMC meeting, expressing concerns about economic uncertainty and stagflation risks, which complicates the decision-making process regarding interest rate cuts [2][18] - The commentary indicates that the market's expectation of three interest rate cuts this year may be overly optimistic, with potential upward pressure on U.S. Treasury yields [2][18] Industry Insights - The report on the AI and automotive industry emphasizes the growing opportunities for leading third-party autonomous driving suppliers, driven by the demand for equal access to intelligent driving technology and performance validation [6] - It is projected that leading autonomous driving suppliers could capture about 50% of the market share in new car sales, particularly benefiting second and third-tier automakers [6] - The report also discusses the competitive landscape for domestic chip manufacturers, noting that they have made significant progress in performance and production validation, positioning themselves to compete with established players like NVIDIA [6] Real Estate Industry - The real estate sector is expected to stabilize gradually due to the introduction of incremental policies and a reduction in housing loan interest rates, with a focus on quality developers in core cities [9] - Recommendations include developers like China Resources Land and Yuexiu Property, as well as property management companies such as China Resources Vientiane Life and Greentown Service [9] Construction Materials Industry - The report indicates that public fund holdings in the residential industry chain remain low, with a slight increase in construction and building materials allocations [8] - The concentration of holdings in the construction materials sector has increased, with 27% of stocks in this sector held by public funds [8]

Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]