Core Viewpoint - The stock of Xing Shuai Er has experienced fluctuations, with a year-to-date increase of 37.25% but a recent decline in the last five and twenty trading days [2][3]. Company Overview - Xing Shuai Er Electric Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on May 15, 2002, with its listing date on April 12, 2017 [2]. - The company specializes in the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminals, temperature controllers for small appliances, and small to medium-sized motors [2]. Business Performance - As of June 30, 2025, Xing Shuai Er reported a revenue of 1.132 billion yuan, representing a year-on-year growth of 8.59%, and a net profit attributable to shareholders of 122 million yuan, reflecting a growth of 31.79% [3]. - The company's main business revenue composition includes solar photovoltaic components (48.44%), refrigeration and small appliance components (34.62%), motors for food waste disposers, new energy vehicles, and clean water pumps (9.78%), and others (5.69%) [2]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 7.51% to 18,800, with an average of 18,561 circulating shares per person, an increase of 10.20% [3]. - The company has distributed a total of 225 million yuan in dividends since its A-share listing, with 96.91 million yuan distributed in the last three years [4]. Institutional Holdings - As of June 30, 2025, new institutional shareholders include Guotai Junan Eagle Growth Flexible Allocation Mixed Fund, Huafu Technology Momentum Mixed A, and Caitong Asset Management Advanced Manufacturing Mixed Fund, with holdings of 3.175 million shares, 3 million shares, and 2.4998 million shares respectively [4].

Core Viewpoint - The stock of Xing Shuai Er has shown a year-to-date increase of 33.86%, but has recently experienced a decline in the last five and twenty trading days, indicating potential volatility in its performance [2]. Company Overview - Xing Shuai Er Electric Co., Ltd. is located in Fuyang District, Hangzhou, Zhejiang Province, and was established on May 15, 2002, with its listing date on April 12, 2017 [2]. - The company specializes in the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminal blocks, temperature controllers for small appliances, and small to medium-sized motors [2]. - The revenue composition of the company includes: 48.44% from solar photovoltaic components, 34.62% from compressors and small appliance components, 9.78% from motors for food waste disposers, electric vehicles, and clean water pumps, 5.69% from other sources, and 1.47% from optical communication and sensor components [2]. Financial Performance - As of June 30, the number of shareholders for Xing Shuai Er was 18,800, a decrease of 7.51% from the previous period, with an average of 18,561 circulating shares per shareholder, an increase of 10.20% [3]. - For the first half of 2025, the company achieved a revenue of 1.132 billion yuan, representing a year-on-year growth of 8.59%, and a net profit attributable to shareholders of 122 million yuan, reflecting a year-on-year increase of 31.79% [3]. Shareholder and Dividend Information - Since its A-share listing, Xing Shuai Er has distributed a total of 225 million yuan in dividends, with 96.91 million yuan distributed over the past three years [4]. - As of June 30, 2025, the top ten circulating shareholders included several new institutional investors, such as Guotai Junan Eagle Growth Flexible Allocation Mixed Fund and Huafu Technology Momentum Mixed A Fund, indicating growing institutional interest [4].

Core Points - The stock price of Xing Shuai Er closed at 13.99 yuan on August 21, 2025, down 0.65 yuan or 4.44% from the previous trading day [1] - The company reported a revenue of 1.132 billion yuan for the first half of 2025, an increase of 8.59% year-on-year, and a net profit of 122 million yuan, up 31.79% year-on-year [1] - The business composition shows that the photovoltaic industry accounts for 48.44%, the white goods industry for 36.09%, and the motor industry for 9.78% [1] Financial Performance - The opening price on August 21 was 14.75 yuan, with a highest price of 14.75 yuan and a lowest price of 13.95 yuan [1] - The trading volume was 244,550 hands, with a total transaction amount of 346 million yuan [1] Corporate Governance - On August 21, the company announced that it and its subsidiaries had not provided guarantees to external units, and there were no overdue guarantee amounts or litigation-related guarantee amounts [1] - The company received several institutional investors for research, with participation from the board secretary and vice president, Lu Qunfeng [1] Capital Flow - On August 21, the net outflow of main funds was 64.08 million yuan, accounting for 1.31% of the circulating market value [1] - Over the past five days, the net outflow of main funds was 44.32 million yuan, representing 0.91% of the circulating market value [1]

Group 1: Report Basic Information - The research was conducted on August 21, 2025, with the research object being Xingshuaier, which belongs to the home appliance industry [16]. - Participating research institutions include Northeast Securities, Zheshang Securities, Guojin Securities, China Merchants Bank Wealth Management, CITIC Construction Investment, etc. [2] Group 2: Company Overview - Xingshuaier was listed on the Shenzhen Stock Exchange in April 2017. It is a high - tech enterprise with strong innovation and R & D capabilities, and participates in the formulation of national or industry standards [25]. - The company's main business includes R & D, production, and sales of thermal protectors, starters, and sealed terminal posts for refrigeration compressors, temperature controllers for small household appliances, various types of motors, and photovoltaic module products [25]. Group 3: Company Performance in H1 2025 - The company achieved an operating income of 1.132 billion yuan in H1 2025, a year - on - year increase of 8.59%, and a net profit attributable to shareholders of the listed company of 122 million yuan, a year - on - year increase of 31.79% [25]. - The growth in net profit was mainly due to the growth of the home appliance and photovoltaic sectors. The home appliance sector developed steadily with optimized business structure, and the photovoltaic module business in H1 2025 had full orders and saw performance growth [25][26]. Group 4: Company's Future Development Strategy - The home appliance business will continue to provide stable customers, orders, and cash flow, and has the ability for steady and continuous development [26]. - The company plans to focus on R & D of new motor products and projects, increase support for its subsidiary Zhete Motor, and focus on R & D of high - efficiency permanent magnet motors and servo motors [27]. Group 5: Company's Investment Plan - The company acquired the fund shares of Hangzhou Rongteng No. 2 Venture Capital Partnership (Limited Partnership) held by Jiaxing Rongjia Venture Capital Partnership, aiming to use resources better and expand new business communication channels through co - investment with professional institutions [27]. - The company is determined to do well in external mergers and acquisitions, and will combine internal growth with external mergers and acquisitions to expand new tracks suitable for its development [27].

Group 1: Company Overview - Hangzhou Xingshuai Electric Co., Ltd. was listed on the Shenzhen Stock Exchange in April 2017 as a high-tech enterprise with strong innovation and independent R&D capabilities [2] - The company's main business includes the R&D, production, and sales of various types of thermal protectors, starters, sealed terminal blocks, temperature controllers for small appliances, and photovoltaic components [2] Group 2: Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 1.132 billion, a year-on-year increase of 8.59% [3] - The net profit attributable to shareholders in the same period was CNY 122 million, reflecting a year-on-year growth of 31.79% [3] - The growth in net profit was primarily driven by the home appliance and photovoltaic sectors, with a robust performance in the home appliance segment and a full order book in the photovoltaic business [3] Group 3: Future Strategy - The company plans to focus on the R&D of new motor products and projects, providing technical and financial support to its subsidiary Zhejiang Special Motor [3] - There is an emphasis on developing high-efficiency permanent magnet motors and servo motors to meet market demand and seek partnerships for collaboration [3] - The company is committed to exploring new business avenues while maintaining its core business development, including potential mergers and acquisitions to expand its growth [3]

Company Performance - In the first half of 2025, the company achieved operating revenue of 1.132 billion yuan, a year-on-year increase of 8.59% [1] - The net profit attributable to shareholders reached 122 million yuan, reflecting a year-on-year growth of 31.79% [1] - The net cash flow from operating activities was 98.69 million yuan, showing a significant increase of 306.91% year-on-year [1] - Basic earnings per share stood at 0.37 yuan [1] Shareholder Composition - In the second quarter of 2025, institutional investors significantly increased their presence, with five institutions, including Guotai Junan, becoming new shareholders [1] - At the end of the first quarter, the only shareholders were two private equity funds [1] Product Segmentation - Revenue from compressors and small appliance components (refrigerators, freezers, air conditioners) was 392 million yuan, a decrease of 9.89% year-on-year [1] - Revenue from optical communication and sensor components was 16.62 million yuan, an increase of 10.95% year-on-year [1] - Revenue from motors for food waste disposers, electric vehicles, and clean water pumps was 111 million yuan, up 16.95% year-on-year [1] - Solar photovoltaic components generated revenue of 549 million yuan, reflecting a year-on-year increase of 14.74% [1] - Other businesses achieved revenue of 64.42 million yuan, a substantial increase of 222.06% year-on-year [1] Industry Context - The Chinese home appliance market saw steady growth in the first half of 2025, with retail sales reaching 453.7 billion yuan, a year-on-year increase of 9.2% [2] - The company holds a leading market share in key components for home appliances, covering major compressor manufacturers domestically and internationally [2] Electric Motor Business - The demand for electric motors is increasing due to the rise of automation in industrial sectors and smart home technologies [2] - The subsidiary, Zhejiang Special Electric Motor Co., focuses on the research, production, and sales of small and micro electric motors, serving various industries [2] Military and Certification Achievements - Zhejiang Special Electric Motor Co. has obtained qualifications for military equipment production, enhancing its competitiveness and ability to expand into military business [3] Renewable Energy Initiatives - The company is focusing on technological innovation and product upgrades in the photovoltaic sector to improve its market position [3] - The company and its subsidiaries have completed rooftop solar power stations, generating approximately 2.42 GWh of electricity in the first half of 2025 [3] - The company aims to align its renewable energy strategies with national green industry directives for long-term sustainable development [3]

Core Viewpoint - The company, Xing Shuai Er (002860.SZ), specializes in the research, production, and sales of various components such as thermal protectors, starters, and sealed terminal blocks for refrigeration compressors, primarily used in household appliances like refrigerators, freezers, air conditioners, and water coolers [1] Group 1 - The company's main business includes the development, production, and sales of components for refrigeration compressors [1] - The products are mainly applied in household appliances, including refrigerators, freezers, air conditioners, and refrigeration water dispensers [1] - Currently, the company's products do not involve specific applications or technical solutions in data center water cooling units [1] Group 2 - The company indicates that it will fulfill disclosure obligations in a timely manner if there are new business expansion plans that align with its strategic goals [1]

Report Summary 1. Report Industry and Investment Rating - The industry under research is the home appliance industry. No investment rating is provided in the report [2]. 2. Core Viewpoints - The company, Xingshuaier, is a high - tech enterprise with strong innovation and R & D capabilities. It aims to combine endogenous growth with external mergers and acquisitions, expand new business channels, and seek new profit growth points [24][26]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Xingshuaier, belonging to the home appliance industry. The reception time was July 9, 2025. The company's reception staff included the board secretary, deputy general manager Lu Qunfeng, and the securities affairs representative Tian Bihua [17]. 3.2. Detailed Research Institutions - The reception object is Fangzheng Securities, a securities company, and the related staff is Zhang Lujia [20]. 3.3. Main Content Data - **Company Introduction**: Xingshuaier was listed on the Shenzhen Stock Exchange in April 2017. Its main business includes R & D, production, and sales of various products such as thermal protectors, starters, and photovoltaic components [24]. - **Military Business**: The subsidiary Zhete Motor has obtained military qualifications. Currently, sample orders for the aviation starter - generator integrated machine of large military drones are being delivered orderly, and the company is striving for bulk orders [24]. - **Investment Planning**: The company acquired the fund shares of Rongteng No. 2. It aims to use resources better and expand new business communication channels through co - investment with professional institutions. It is also determined to do well in external mergers and acquisitions [24][25][26]. - **Profit Growth Points**: The home appliance business provides stable customers and orders. The company will focus on R & D of new motor products, support Zhete Motor, and develop high - efficiency permanent magnet motors and servo motors to seek new profit growth [27].

Group 1: Company Overview - Hangzhou Xingshuai Electric Co., Ltd. was listed on the Shenzhen Stock Exchange in April 2017 as a high-tech enterprise with strong innovation and R&D capabilities [2] - The company specializes in the R&D, production, and sales of various types of thermal protectors, starters, sealing terminals for refrigeration compressors, temperature controllers for small appliances, and photovoltaic components [2] Group 2: Military Business Development - The subsidiary Zhejiang Special Motor has obtained military qualifications primarily for the production of motors and integrated motor drives, aiming to open new sales channels [3] - Current orders for large UAV aviation starter integrated machines are in the orderly delivery phase, preparing for future mass production [3] Group 3: Investment and Strategic Planning - The company has acquired fund shares in Rongteng No. 2, which focuses on strategic investments in robotics, indicating a potential entry into the robotics sector [3] - The company is committed to expanding new business avenues through mergers and acquisitions, leveraging its manufacturing management experience and stable cash flow [3] Group 4: Future Growth and Profitability - The home appliance segment continues to provide stable customers and orders, with expanding application scenarios [4] - Future focus will shift towards R&D of new motor products, with increased technical and financial support for the subsidiary Zhejiang Special Motor, targeting high-efficiency permanent magnet motors and servo motors [4]

Group 1: Company Overview - Hangzhou Xingshuai Electric Co., Ltd. was listed on the Shenzhen Stock Exchange in April 2017 as a high-tech enterprise with strong innovation and independent R&D capabilities [2] - The company specializes in the R&D, production, and sales of various types of refrigeration compressor thermal protectors, starters, sealing terminals, temperature controllers for small appliances, and electric motors [2] Group 2: R&D and Product Development - Zhejiang Special Motor has established several research and development centers and possesses a strong technical team, ensuring product development and quality [4] - The company focuses on developing high-efficiency permanent magnet motors, servo motors, and other new products to meet market demands [6] Group 3: Market Applications - The products of Zhejiang Special Motor are primarily used in industrial machinery, mining machinery, oil fields, new energy vehicles, elevators, refrigerators, air conditioners, wind power generation, electric motorcycles, and military applications [4] Group 4: Market Value Management - Market value management is viewed as a long-term process, with the company focusing on quality and value enhancement while maintaining stable operations [6] - The company plans to shift its focus towards new energy, new products, and new projects, particularly increasing support for Zhejiang Special Motor in terms of technology, finance, and human resources [6]