北交所公司 半年报披露季迎调研热 机构聚焦创新与成长主线 2025年半年报披露期间，北交所上市公司迎来机构调研热潮。据不完全统计，8月以来，已有明阳科 技、富士达、创远信科、林泰新材、慧为智能、华密新材等超过20家公司发布了投资者关系活动记录 表。 调研内容聚焦企业业绩增长动力、新产品布局、产能扩张及海外市场拓展等核心议题。多家公司明确表 示，将继续加大研发投入，积极拓展新能源、半导体和海外市场等高潜力赛道，显示出强烈的发展意 愿。 从调研机构来看，华源证券、开源证券、易方达基金、南方基金、Tiger Pacific Capital、金长川资本等 各类机构广泛参与，反映出机构投资者对北交所优质企业的认可度持续增强。 林泰新材所在的湿式纸基摩擦材料领域，全球仅有6家企业可实现量产。作为国内唯一供应商，该公司 表示，"短期内国内市场难以出现具备竞争力的新进入者"，主要因行业认证周期长、产品验证需2至3 年、客户绑定紧密等高壁垒特征。其电子控制防滑差速器（ELSD）已获两家头部企业项目定点，预计 2026年开始应用。 卓兆点胶在非果链市场实现突破。该公司表示，"在Meta AI眼镜领域主要供应点胶阀与点胶设备，已获 ...

Core Viewpoint - The emergence of Jiangxi Hongda Self-lubricating Bearing Co., Ltd. has transformed the landscape of self-lubricating bearings in China, allowing the country to shift from a follower to a leader in the global market [1]. Group 1: Company Overview - Jiangxi Hongda specializes in self-lubricating bearings, which are crucial components in machinery, providing support and reducing friction [3]. - The company was founded in 2005 by Qiao Kui Jie, who recognized the potential of self-lubricating bearings in various industries, including engineering machinery and automotive [3][4]. - Initially, the company faced challenges due to a lack of experience and knowledge in self-lubricating technology, but it has since developed a strong reputation for quality and innovation [4][6]. Group 2: Technological Advancements - The company has developed a unique melting process that enhances the performance of self-lubricating bearings, relying on high-purity copper as a primary material [4][5]. - Jiangxi Hongda's breakthrough product, the "steel-backed copper-based sintered bearing," addresses the challenges faced by high-speed stamping molds, providing a solution for lubrication under extreme conditions [9][10]. - The innovative bearing design allows for effective lubrication even at high temperatures, maintaining a low friction coefficient of below 0.025, which is significantly better than industry standards [9][10]. Group 3: Market Position and Recognition - Jiangxi Hongda has become a key supplier for international companies such as FIBRO and MISUMI, marking its entry into the global market [6][11]. - The company has expanded its product offerings to nearly 30,000 types, serving various sectors including engineering machinery and automotive molds [14]. - The global bearing market is projected to grow from $120.98 billion in 2023 to $226.6 billion by 2030, with Jiangxi Hongda positioned to capitalize on this growth [13]. Group 4: Educational Contributions - Qiao Kui Jie also serves as an external expert at Jiangxi University of Science and Technology, emphasizing the importance of nurturing the next generation of industry professionals [14]. - The company’s commitment to education reflects its belief in the importance of passing on knowledge and expertise to future leaders in the bearing industry [14].

每经AI快讯，有投资者在投资者互动平台提问：公司产品可以应用于工业机器人、人形机器人吗？如 果可以，请问有订单交付吗？如果没有，未来会计划切入吗？ （文章来源：每日经济新闻） 双飞集团（300817.SZ）8月20日在投资者互动平台表示，目前我公司产品尚未应用于人形机器人上，但 在工业机器人领域，我们的自润滑轴承主要应用于机械手关节部位。我们未来也会积极寻求与人形机器 人客户的合作机会，公司会持续关注行业动态，努力拓展业务边界。 ...

Core Viewpoint - The company is currently not applying its products to humanoid robots but is actively seeking collaboration opportunities in this area while focusing on its existing industrial robot applications [1] Group 1: Company Strategy - The company’s self-lubricating bearings are primarily used in the joints of industrial robot arms [1] - The company plans to continuously monitor industry trends and expand its business boundaries [1] Group 2: Future Outlook - The company expresses a commitment to actively pursue partnerships with humanoid robot clients in the future [1]

双飞集团8月20日在互动平台表示，目前公司产品尚未应用于人形机器人上，但在工业机器人领域，公 司的自润滑轴承主要应用于机械手关节部位。未来也会积极寻求与人形机器人客户的合作机会，公司会 持续关注行业动态，努力拓展业务边界。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's business landscape is expected to continue expanding under the "specialization in main business + technological extension" strategy, with a year-on-year revenue growth of 31% in H1 2025 [5][8] - The company achieved a revenue of 167 million yuan in H1 2025, with a net profit attributable to shareholders of 31.88 million yuan [8] - The growth in revenue is driven by increased customer demand and improved production and sales volume, particularly in the context of the new energy vehicle market [8] Financial Performance - Revenue projections for the company are as follows: 2023: 258 million yuan, 2024: 304 million yuan, 2025E: 371 million yuan, 2026E: 449 million yuan, 2027E: 549 million yuan, with respective year-on-year growth rates of 24.31%, 18.04%, 21.76%, 21.18%, and 22.20% [7] - The net profit attributable to shareholders is projected to be 67 million yuan in 2023, 79 million yuan in 2024, 97 million yuan in 2025E, 119 million yuan in 2026E, and 146 million yuan in 2027E, with year-on-year growth rates of 30.59%, 18.93%, 22.41%, 22.65%, and 22.94% respectively [7] - The company’s earnings per share (EPS) are expected to increase from 0.50 yuan in 2023 to 1.09 yuan in 2027 [7] Business Strategy - The company focuses on two main strategies: deepening its core business by promoting automotive seat assembly components and expanding into new fields using its existing technologies [8] - The company plans to leverage its expertise in powder metallurgy and metal injection molding to explore new markets such as commercial vehicles, engineering machinery, and electric tools [8] - The company’s R&D expenses reached 11.16 million yuan in H1 2025, reflecting an 88% year-on-year increase, indicating a strong commitment to innovation and product development [8]

证券研究报告·北交所公司点评报告·汽车零部件 明阳科技（837663） 2025 中报点评：营收端稳步增长 31%，客户 年降与生产成本增加致利润率下滑 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 257.81 | 304.32 | 400.45 | 482.76 | 592.32 | | 同比 | 24.31 | 18.04 | 31.59 | 20.55 | 22.69 | | 归母净利润（百万元） | 66.53 | 79.13 | 87.00 | 105.74 | 129.90 | | 同比 | 30.59 | 18.93 | 9.95 | 21.55 | 22.84 | | EPS-最新摊薄（元/股） | 0.50 | 0.59 | 0.65 | 0.79 | 0.97 | | P/E（现价&最新摊薄） | 49.53 | 41.65 | 37.88 | 31.17 | 25.37 | [Table ...

Summary of Huami New Materials Conference Call Company Overview - **Company**: Huami New Materials - **Industry**: Rubber and Plastic Materials Key Points Financial Performance - **Revenue**: In the first half of 2025, revenue was 203 million yuan, a year-on-year increase of 6% [3] - **Net Profit**: Net profit was 17 million yuan, a decline of approximately 19% year-on-year [3] - **Operating Costs**: Increased due to hiring more R&D and sales personnel, establishing new branches, and rising short-term bank loans [3] Product Segmentation - **Revenue Composition**: Rubber materials account for about 70% of revenue, while rubber-plastic products account for about 30% [2] - **Growth in Rubber-Plastic Products**: Rubber-plastic products grew by 23% year-on-year, primarily driven by the automotive sector [2][13] Gross Margin Analysis - **Gross Margin**: Rubber-plastic products maintain a gross margin of 45%-50%, while rubber materials have a stable margin around 25% [4] - **Margin Fluctuations**: The decline in gross margin is attributed to changes in revenue composition from different downstream sectors [12] Production Capacity and Development - **Special Engineering Plastics**: 12 production lines established with an expected annual capacity of 35,000 tons, currently underutilized [8][26] - **Military and Aerospace Materials**: Achievements in high-end special rubber and plastic materials, breaking foreign technology monopolies [9] R&D and Innovation - **Patents and Standards**: The company holds 65 patents and has participated in the revision of 10 national standards [6] - **Material Development**: Over 2,400 formulations developed, with a strong R&D team supporting innovation [11] Market and Customer Base - **Key Clients**: Major clients include Great Wall Motors, FAW, China CRRC, and SANY Heavy Industry, with applications in automotive, high-speed rail, and engineering machinery [2][7] - **New Client Development**: Ongoing product development with BYD and Chery, with expectations for mass production in the near future [14] Future Outlook - **Performance Expectations**: Anticipated improvement in performance in the second half of the year, with cost pressures from raw material prices [18] - **New Product Launches**: Focus on self-lubricating bearings and high-end silicone projects, with expectations for gradual volume increase [20][22] - **Special Rubber New Materials Project**: Delayed until mid-2027, but construction is now on track [25] Strategic Focus - **Current Priorities**: Emphasis on R&D for new projects and the construction of special rubber new materials [27] - **Expected Turning Point**: Significant performance changes expected in the second half of next year or early the following year [27]

Core Viewpoint - The stock price of Changsheng Bearing (300718.SZ) surged due to the human-shaped robot concept, leading to a significant share transfer plan by shareholders to meet personal funding needs [2][3]. Group 1: Share Transfer Details - Changsheng Bearing announced a plan to transfer 7,885,500 shares, representing 2.65% of its total share capital, at a price of 61.82 CNY per share, which is nearly 40% lower than the closing price of 102 CNY per share [2][3]. - The transferring shareholders include Jiaxing Baisheng Investment Management Partnership and Lu Xiaolin, with Baisheng Investment holding 6,014,250 shares (2.02% of total shares) and Lu Xiaolin holding 1,871,250 shares (0.63% of total shares) [3][4]. - The share transfer was fully subscribed within a day, with 16 institutional investors identified as the initial recipients [4]. Group 2: Market Reaction and Stock Performance - Following the announcement of the share transfer, Changsheng Bearing's stock price increased by 0.78% to 102.80 CNY per share [2]. - The decision not to proceed with a previously announced share reduction plan in July 2023 proved beneficial, as the stock price surged by 481.4% from December 24, 2024, to February 20, 2025, and by 757.8% from September 24, 2024, to February 28, 2025 [6]. Group 3: Company Overview and Financial Performance - Changsheng Bearing specializes in the research, production, and sales of self-lubricating bearings, with its main products including metal-plastic polymer self-lubricating bearings and bimetal boundary lubricating bearings [6][8]. - In 2024, the company reported total revenue of 1.137 billion CNY, a year-on-year increase of 2.89%, while net profit decreased by 5.43% to 229 million CNY [8]. - The company is actively developing products for the robotics sector, focusing on self-lubricating bearings for robotic joints, which are currently in the sample delivery stage [7].

Core Viewpoint - Changsheng Bearing announced a share reduction plan by major shareholders due to personal funding needs, involving a total of 7.8855 million shares, accounting for 2.65% of the company's total equity [1][2] Group 1: Share Reduction Details - The share transfer will be conducted through an inquiry method, with a price limit set at no less than 70% of the average trading price over the previous 20 trading days [2] - Previous reduction plans were announced in July 2023 but were not executed, with the stock price at that time around 20 yuan [2] - The stock price has significantly increased to 102.00 yuan by August 2025, marking a rise of over 190% within the year [2] Group 2: Company Performance and Market Position - Changsheng Bearing specializes in self-lubricating bearings and has seen a significant stock price increase after a long period of stagnation, with a 447.03% increase over a short period in late 2024 [4][5] - The company has recently entered the robotics market, identifying self-lubricating bearings as essential components for robotic joints, although this segment currently contributes less than 1% to total revenue [5] - Revenue figures for the years 2022 to 2024 show fluctuations, with revenues of 1.071 billion, 1.105 billion, and 1.137 billion yuan, respectively, indicating a declining growth trend [5]