业绩简评 3 月 23 日，公司披露 2025 年年报，2025 年实现营收 122.2 亿元，同比+0.9%；实现归母净利润 10.8 亿元，同比+22.0%；毛 利率 22.3%，同比+0.1pct；其中 Q3 实现营收 30.4亿元，同比-7.0%， 归母净利润 2.4 亿元，同比+9.8%，毛利率 21.4%，同比+1.8pct。 经营分析 BHM 业务基本盘稳固，积极开拓新兴增长点。25 年下半年受高基 数、消费信心偏弱及房地产持续低迷等因素影响，需求明显放缓， 国内全年家电市场（不含 3C）零售规模同比-4.3%；海外受到全球 需求疲软、贸易壁垒高企等挑战，25 年我国家电出口额同比下滑 3.3%。公司建筑及家居电器电机业务 25 年实现收入 69.0 亿元， 同比-2%，，毛利率基本保持稳定。公司积极开拓产品在新兴领域 的应用，如应用于 IDC 数据中心和储能领域的温控散热风机为业 务发展开辟了新的上升通道。 汽车业务板块稳健增长，全球化布局渐显成效。①新能源汽车动 力总成：25 年乘用车新增 38 项量产定点项目，多数项目于 2025 年 10~12 月至 2026 年上半年陆续量产，25 年 ...

业绩简评 3 月 23 日，公司披露 2025 年年报，2025 年实现营收 122.2 亿元，同比+0.9%；实现归母净利润 10.8 亿元，同比+22.0%；毛 利率 22.3%，同比+0.1pct；其中 Q3 实现营收 30.4亿元，同比-7.0%， 归母净利润 2.4 亿元，同比+9.8%，毛利率 21.4%，同比+1.8pct。 经营分析 BHM 业务基本盘稳固，积极开拓新兴增长点。25 年下半年受高基 数、消费信心偏弱及房地产持续低迷等因素影响，需求明显放缓， 国内全年家电市场（不含 3C）零售规模同比-4.3%；海外受到全球 需求疲软、贸易壁垒高企等挑战，25 年我国家电出口额同比下滑 3.3%。公司建筑及家居电器电机业务 25 年实现收入 69.0 亿元， 同比-2%，，毛利率基本保持稳定。公司积极开拓产品在新兴领域 的应用，如应用于 IDC 数据中心和储能领域的温控散热风机为业 务发展开辟了新的上升通道。 汽车业务板块稳健增长，全球化布局渐显成效。①新能源汽车动 力总成：25 年乘用车新增 38 项量产定点项目，多数项目于 2025 年 10~12 月至 2026 年上半年陆续量产，25 年 ...

Group 1: Core Themes of the Exhibition - The 25th China International Investment and Trade Fair opened in Xiamen, showcasing Heilongjiang's regional characteristics and industrial vitality through four core themes: ice and snow, technology, agriculture, and China-Russia cooperation [1][12][16] - The agricultural exhibition area attracted significant attention, featuring products from Heilongjiang's fertile black soil, including rice, oil, and rare specialties, which captivated visitors [1][3][15] Group 2: Agricultural Highlights - The North China Agricultural Group's booth displayed high-quality long-grain fragrant rice and non-GMO soybean oil, emphasizing the purity of Heilongjiang's agricultural products [3][5] - The Daxing'anling region showcased organic mushrooms and wild berry products, highlighting the unpolluted environment of their production base [5][7] - Other notable products included fresh cranberries and beef products from Heihe, which drew considerable interest from attendees [7][15] Group 3: Technological Innovations - The technology exhibition featured innovative products such as a natural lighting curtain that enhances indoor lighting efficiency significantly [8][10] - The Intelligent Vision Medical Robot, designed for retinal surgeries, demonstrated high precision and real-time monitoring capabilities, attracting considerable attention [10][15] - High-end electric motors and advanced materials were also showcased, reflecting Heilongjiang's strength in technology and innovation [10][16] Group 4: China-Russia Cooperation - The China-Russia cooperation area highlighted the theme of building a new highland for northern openness, with Russian chocolates and cookies drawing visitors [12][16] - The Black River Longfei Investment Group reported over 30 potential business collaborations on the first day of the fair, exceeding expectations [12][16] Group 5: Ice and Snow Economy - The ice and snow exhibition area became a popular spot, featuring stylish down jackets and commemorative items related to the Winter Olympics, embodying the region's cultural charm [14][16] - The theme "Green Water and Green Mountains are Golden Mountains and Silver Mountains" was prominently displayed, emphasizing the economic potential of the ice and snow industry [14][16]