证券代码：301550 证券简称：斯菱股份 浙江斯菱汽车轴承股份有限公司 投资者关系活动记录表 编号：2025-008 投资者关系活动类别 ☑特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 西南证券邰桂龙、西南证券杨云杰、天风证券张童童、 天风证券赵慧妍、财通证券孙瀚栋、财通证券邢重阳、 财通证券李渤、财通证券陈康菲、国泰海通证券孙炫浩、 万家基金任峥、万家基金谢理达、万家基金王宝娟、 万 家基金贺嘉仪、汇添富基金樊勇、长江养老黄学军、长 江养老蔡晗炀、长江养老邱长伟、浦泓资产李聪、博时 基金代云飞、沣谊投资邵喆阳 时间 2025 年 6 月 18 日-6 月 19 日 地点 公司会议室 形式 现场交流 上市公司接待人员姓名 董事长姜岭、董事会秘书安娜、证券事务代表蔡航丽 投资者关系主要内容介绍 风险提示： 本次调研涉及公司未来发展展望、销售目标等均不 构成本公司的实质承诺，投资者及相关人士等均应对此 保持足够的风险认识。 1、主业方面，公司在进口替代方面的优势有哪些？ 答：产品制造的差异化是公司的核心优势资源,经过 ...

6月18日，晋西车轴（600495）股份有限公司（以下简称"晋西车轴"）2024年度股东大会在山西太原召 开，公司董事长吴振国率公司高管出席会议。本次股东大会按既定议程顺利进行，会后晋西车轴发布的 决议公告显示，本次年度股东大会各项议案均审议通过。 晋西车轴是中国兵器工业集团有限公司旗下上市公司，主要从事车轴、铁路车辆、轮对、摇枕侧架、转 向架等产品的生产销售及自营进出口业务，并在精密锻造、非标制造和铸造产品等方面具备较强的技术 和装备实力。公司所处的轨道交通装备细分领域，面临市场需求总体不足导致竞争激烈的挑战，在成本 控制和定价机制方面承受较大压力。 "2024年，公司在巩固轨道交通装备核心主业的同时，战略性培育防务装备、智慧消防等新兴业务增长 极，在技术储备、市场布局、产业协同等领域实现突破性进展。"吴振国在股东大会上介绍公司年度经 营情况时表示。晋西车轴2024年年报显示，晋西车轴全年实现营业收入13.14亿元，同比增长2.4%；净 利润2307.58万元，同比增长13.39%，在行业下行周期中实现了逆势增长。 多年来，在推进多产业协同发展的同时，晋西车轴始终注重投资者回报。记者梳理发现，自上市以来， ...

Core Points - The company, Jinxi Axle Co., Ltd., is established as a joint-stock company in accordance with the Company Law of the People's Republic of China and other relevant regulations [3][4] - The registered capital of the company is RMB 1,208,190,886 [5] - The company aims to become a leading enterprise in high-end equipment manufacturing by focusing on key products, market orientation, and technological innovation [6] Company Structure - The company was founded by several entities, including Jinxi Machinery Factory and American Aimo International Co., Ltd., and is registered with the Shanxi Provincial Market Supervision Administration [3] - The company has a total of 1,208,190,886 shares, all of which are ordinary shares [9] - The company’s shares are issued in accordance with principles of openness, fairness, and justice, ensuring equal rights for all shareholders [7] Share Issuance and Capital Increase - The company issued 40,000,000 ordinary shares to the public in 2004, which were listed on the Shanghai Stock Exchange [3] - The company has conducted several capital increases through the conversion of capital reserves into share capital, including a significant increase in 2014 where 536,973,727 shares were issued [8][9] Governance and Management - The chairman of the board represents the company in executing its affairs and is the legal representative [5] - The company has established a party organization in accordance with the Communist Party of China’s regulations, ensuring the integration of party activities within the company [6] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and supervise the company's operations [14] - The company’s shareholders are prohibited from withdrawing their capital except as provided by law [18] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [22] - The company must provide adequate notice of meetings and ensure that all shareholders can participate, including through online voting [27] Decision-Making Process - Ordinary resolutions require a simple majority, while special resolutions require at least two-thirds of the votes cast [79][81] - The company’s board of directors is responsible for reporting to shareholders on its activities and financial performance during the annual meeting [73]

Core Viewpoint - Shenzhou High-Speed Railway has been unable to recover an investment of 1.6 billion yuan made four years ago, highlighting significant financial and operational challenges faced by the company [2][4]. Financial Performance - The company has reported continuous losses for five consecutive years from 2020 to 2024, totaling over 4.5 billion yuan [11][12]. - In the first quarter of this year, the company recorded a revenue of 223 million yuan, a year-on-year increase of 23.62%, but still incurred a net loss of 43 million yuan, although this represented a 12.33% reduction in losses compared to the previous year [13]. - As of the end of the first quarter, the company's debt-to-asset ratio reached 69.31%, marking a historical high, with interest-bearing liabilities amounting to approximately 3.891 billion yuan [13]. Legal Issues - Shenzhou High-Speed Railway is embroiled in multiple legal disputes, with 36 ongoing lawsuits as of the end of 2024 [7]. - The company has faced challenges in recovering its investment in Yuhang Company, which has been stalled due to the latter's financial difficulties and refusal to comply with arbitration rulings [4][5]. Investment Background - In December 2019, Shenzhou High-Speed Railway invested 1.6 billion yuan in Yuhang Company to acquire a 13.25% stake, aimed at supporting the operation of a major railway project [3]. - The investment was contingent on the successful execution of the project, which has since faced significant operational setbacks, leading to a deterioration in Yuhang Company's financial health [4]. Asset Impairment - The company has recognized asset impairment losses of 1.426 billion yuan related to the Yuhang project [6]. - Cumulative asset and credit impairment losses over the past five years have totaled 3.591 billion yuan, contributing to the ongoing financial strain [12]. Business Strategy - Shenzhou High-Speed Railway has expanded rapidly through acquisitions, increasing its total assets from 3.589 billion yuan in 2015 to 12.828 billion yuan by the end of 2020 [10]. - Despite having a comprehensive industry chain and competitive advantages in the market, the company has struggled with the repercussions of aggressive expansion and significant impairment losses [11].

雷迪克公司 2024 年前后装业务占比为 35%和 65%，预计 2025-2026 年将趋于平衡。公司是少数能同步发展前后装业务并获得主机厂定点的 企业，前装业务扩张迅速，后装业务利润率较高，营收增长率约为 30%-40%。 腾展精密科技专注于光电面板和半导体领域的精密模组对位纠偏业务， 国内市场排名前三，主要产品为精密纠偏对位平台和微型滚珠丝杆，客 户包括大族激光、联得装备等，2025 年上半年营收同比增长超 30%， 预计全年增长 30%。 腾展精密科技由台资背景团队在深圳设立，已实现自主研发、生产和销 售，客户涵盖自动化、光电面板及半导体设备产业。公司在小型滚珠丝 杆领域占据一席之地，并拓展至微小型及行星滚珠丝杆市场。 腾展精密科技现有员工约 100 人，精益平台业务占比约 2/3，滚珠丝杆 占比约 1/3。2025 年两业务均预计增长，雷迪克公司介入后将提升滚珠 丝杆及行星滚珠丝杠产能，下半年及 2026 年预计显著增长。 雷迪克 20250612 摘要 Q&A 今年（2025 年）誊展精密的营收情况如何？主要客户有哪些？ 雷迪克公司的基本情况和发展方向是什么？ 雷迪克公司成立于 2002 年，主要 ...

Summary of Allison Transmission's Analyst and Investor Call Company and Industry - **Company**: Allison Transmission - **Acquisition Target**: Dana Incorporated's off highway business - **Industry**: Powertrain and industrial solutions for commercial duty applications Core Points and Arguments 1. **Strategic Alignment**: The acquisition aligns with Allison's strategic priorities to expand its emerging market footprint, enhance core technologies, and deliver strong financial results, positioning Allison as a global provider in on highway, off highway, and defense markets [6][10][13] 2. **Transaction Details**: The purchase price is $2.7 billion, financed with new debt and cash on hand, representing a 6.8 times multiple on 2024 adjusted EBITDA of approximately $400 million. Including identified annual run rate synergies of around $120 million, the transaction value represents a 5.2 times multiple on 2024's adjusted EBITDA [7][8] 3. **Financial Impact**: The acquisition is expected to increase Allison's revenue significantly, nearly doubling net sales to approximately $6 billion, and increasing adjusted EBITDA by 40% to $1.7 billion, while maintaining industry-leading adjusted EBITDA margins [14][15] 4. **Operational Synergies**: Identified annual run rate synergies are expected to be achieved primarily from operations, procurement, R&D, and SG&A by year four [7][8] 5. **Global Presence**: Dana's off highway business operates in over 25 countries, generating $2.8 billion in revenue for 2024, with over 70% of revenue from outside North America, enhancing Allison's global footprint [10][11] 6. **Product Portfolio Expansion**: The acquisition will expand Allison's product offerings to include axles, gears, and hybrid drivetrain systems, leveraging shared competencies in software, controls, and system integration [11][12] 7. **Sustainability Focus**: The acquisition positions Allison as a leader in the transition to more sustainable solutions across various end markets [12][13] 8. **Cash Flow and Capital Allocation**: Allison's robust cash flow allows for continued dividend payments and share repurchase programs while focusing on deleveraging to a target below two times leverage [26][28] Additional Important Content 1. **Market Share and Competitive Position**: Dana's off highway business is recognized as a significant player in its market, and the combination with Allison is expected to enhance market reach and execution capabilities [18] 2. **Revenue Synergies**: While initial synergies are cost-focused, there is potential for revenue synergies through expanded market access and product offerings, particularly in international markets [39] 3. **Integration Efforts**: The integration of Dana's business is expected to proceed smoothly, with the team being experienced in M&A and integration processes [32] 4. **Future Growth Opportunities**: The acquisition opens up new growth opportunities in adjacent markets, particularly in construction, agriculture, and industrial applications [44][49] This summary encapsulates the key points discussed during the call, highlighting the strategic rationale behind the acquisition and its anticipated impact on Allison Transmission's growth and market position.

长江商报消息 ●长江商报记者 张璐 又一汽车零配件企业进军机器人领域。 6月10日，雷迪克（300652.SZ）公告，公司拟以现金购买深圳市精展传动科技有限公司等共同持有的誊 展精密科技（深圳）有限公司（下称"誊展精密"）部分股权并向誊展精密增资，共计取得誊展精密51% 股权，整体对价1.04亿元。 公司表示，通过整合誊展精密的微型丝杠、行星滚柱丝杠、精密直线模组滑台等产品，雷迪克将快速切 入具身智能领域，其中微型丝杠技术将重点应用于机器人灵巧手等关键部件，实现产业链的深度协同。 长江商报记者注意到，雷迪克通过持续科技创新，构筑技术护城河，2020年—2024年其研发费用累计超 1.34亿元。截至2024年年末，公司被授权各项专利合计131项。 标的公司评估增值率达247% 6月10日，雷迪克公告，公司拟以现金方式收购誊展精密部分股权并以现金方式向标的公司增资共计取 得标的公司51%股权，并签署相关股权收购协议。 此次交易中，誊展精密的股东向公司转让誊展精密合计25.7557%股权，转让价格为3477万元。同时， 公司向标的公司增资6955万元，以认缴其新增注册资本314万元，整体交易对价为1.04亿元。交易 ...

Core Viewpoint - The steel industry is entering a "stock optimization" phase characterized by high production, high costs, high exports, low demand, low prices, and low efficiency, with the stainless steel sector facing particularly severe challenges [2] Group 1: Company Performance - In 2024, the company achieved operating revenue of 100.379 billion yuan, with a net profit attributable to shareholders of -0.981 billion yuan, reducing losses by nearly 0.1 billion yuan compared to the previous year [2] - In the first quarter of 2025, the company reported operating revenue of 23.31 billion yuan and a net profit attributable to shareholders of 0.188 billion yuan [2] - The company is actively promoting lean operations and optimizing production line roles, shutting down outdated production lines, and advancing intensive and flexible production [2][3] Group 2: Strategic Initiatives - The company is integrating its steelmaking plants to enhance operational efficiency and reduce costs, establishing a unified steelmaking plant with four functional rooms and four workshops [3] - A marketing structure optimization plan has been developed to strengthen the marketing system and enhance value creation capabilities [3] Group 3: Innovation and Development - The company is committed to innovation-driven development, focusing on key national projects and addressing critical material supply challenges [4] - Recent achievements include the global launch of several innovative materials, such as 1300 MPa level warm-formed wheel steel and ultra-pure ferritic stainless steel for heat exchangers [4] - The company aims to strengthen its marketing efforts to better understand market demands and provide products that meet customer needs, thereby enhancing profitability and shareholder value [5]

研究早观点 2025 年 5 月 22 日 星期四 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,387.57 | 0.21 | | 深证成指 | | 10,294.22 | 0.44 | | 沪深 | 300 | 3,916.38 | 0.47 | | 中小板指 | | 6,439.31 | 0.50 | | 创业板指 | | 2,065.39 | 0.83 | | 科创 50 | | 995.49 | -0.22 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】化学原料：新材料周报（250512-0516）-华为折叠 PC 及 苹果折叠手机推出在即，折叠设备材料有望高速发展 【行业评论】非银行金融：行业周报（20250512-20250518）：-并购重组办 法修订，提升科技企业服务力度 【山证通信】炬光科技（688167.SH）：并购短期影响利润，看好转型阵痛 期后的盈利能力回升 ...

万达轴承(股票代码:920002)是通用设备制造业的轴承生产企业,专注于叉车轴承及回转支承的研发、生 产和销售,是全国首批专精特新"小巨人"企业和国家级制造业单项冠军企业,2024年5月30日,公司在北交 所成功上市,成为北交所启用920独立证券代码后的首只上市新股。 4月24日晚间,万达轴承披露了2024年年度报告,报告期内,公司实现营业收入为 345,703,896.54 元,同比增 长 0.64%;公司净利润 57,572,252.72 元,同比增幅达16.30%。利润增速显著高于营收,凸显经营效率优化。 同时,万达轴承一季度报显示,一季度公司实现营业收入88,372,985.62元,同比增长3.31%;实现归属于上市 公司股东的净利润 18,530,864.04元,同比增长29.95%。 在国内市场,万达轴承与安徽合力、杭叉集团等头部主机厂建立深度战略合作关系,产品配套覆盖全国32 个省市自治区,市场占有率国内第一、全球第二,持续保持行业领先地位。国际业务方面,万达轴承已形成 全球化供应链体系,产品出口至欧美、亚太等三十多个国家和地区,并长期为全球工业车辆 20 强企业提供 配套服务。 在轴承行业整体 ...