登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：301539 证券简称：宏鑫科技 公告编号：2026-001 浙江宏鑫科技股份有限公司 第二届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 浙江宏鑫科技股份有限公司（以下简称"公司"）第二届董事会第十四次会议于2026年1月8日以现场结合 通讯方式召开。本次会议通知以通讯方式发出，本次会议应出席董事7人，实际出席董事7人。会议由董 事长王文志先生主持，高管列席。本次会议的召开符合《公司法》和《公司章程》的有关规定，所作决 议合法有效。 二、董事会会议审议情况 1、审议通过《关于投资新建轮毂生产项目的议案》 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）上的《关于投资新建轮毂生产项目的 公告》。 表决结果为：同意7票，反对0票，弃权0票。 表决结果为：同意7票，反对0票，弃权0票。 三、备查文件 1、第二届董事会第十四次会议决议 特此公告 浙江宏鑫科技股份有限公司 董事会 2026年1月8日 2、审议通过《关于聘任副总经理 ...

Core Viewpoint - The rise of the robotics industry is attracting significant investment from industrial capital, particularly in the automotive parts sector, with companies like Jinfei Kaida exploring opportunities in the robotics supply chain [1][2]. Group 1: Company Developments - Jinfei Kaida has expressed its long-term vision to advance in the robotics sector while maintaining its core business, planning to integrate R&D teams through its subsidiary, Zhilaong Technology [1][3]. - The establishment of Zhilaong Technology, a wholly-owned subsidiary of Jinfei Kaida, marks the company's official entry into the robotics industry, focusing on areas such as industrial robot manufacturing and sales [2]. - Jinfei Kaida has transferred four patents related to robotics to Zhilaong Technology, which will facilitate the company's strategic positioning in the emerging robotics market [2][3]. Group 2: Industry Context - The automotive parts industry is increasingly intersecting with the robotics sector, as evidenced by Jinfei Kaida's initiatives to explore this synergy despite its primary focus on aluminum alloy wheels [1]. - The parent company, Jinfei Holding Group, has been involved in the robotics field since at least 2017, indicating a long-term strategic interest in this area [3]. - Jinfei Kaida's collaboration with leading two-wheeler manufacturers and the development of magnesium-aluminum alloy wheels are part of its broader strategy to enhance its product offerings and ensure sustainable growth [3].

Core Viewpoint - Hunan's industrial enterprises are focusing on R&D innovation during the "14th Five-Year Plan" period, enhancing product service quality and optimizing production processes to achieve significant advancements in the industrial chain [7][10]. Group 1: Industrial Transformation - Hunan's industrial sector is undergoing significant transformation through technological upgrades, intelligent modifications, and green reforms, revitalizing traditional industries [8]. - The automation and intelligence in production processes have reduced the need for manual labor by over 50% in companies like Xiangtan Steel Group, enhancing product performance and market recognition [8][9]. - Xiangtan Steel has successfully developed over 100 high-end steel varieties, achieving full specification coverage and gaining recognition from major clients [9]. Group 2: Economic Impact - In 2023, Xiangtan City initiated 448 "three reforms and one expansion" projects, with completed projects generating over 37 billion yuan in new annual output value and over 1.9 billion yuan in new tax revenue [10]. - Completed projects have improved overall production efficiency by over 20% and significantly reduced pollution emissions [10]. Group 3: R&D and Innovation - Hunan's industrial and information technology department reports an average annual growth of 7% in industrial added value from 2021 to 2024, surpassing the national average [11]. - The province is fostering a high-tech manufacturing environment, with a focus on smart manufacturing and continuous R&D investment, which is crucial for future growth [14][17]. - Companies like Hunan Saidelete Satellite Technology are prioritizing R&D, with over 75% of their workforce dedicated to research, showcasing the importance of innovation in the industrial landscape [15]. Group 4: Collaboration and Future Directions - The collaboration among industry players is essential for overcoming challenges and achieving technological advancements, as seen in the efforts of companies like CRRC Zhuzhou Electric Locomotive [12][13]. - Hunan aims to enhance its industrial economy by focusing on smart, green, and integrated development, thereby creating a new growth trajectory for its industrial sector [17].

Core Viewpoint - The investment by Zhongfu Industrial in the aluminum alloy wheel project highlights the growing demand for lightweight materials in the electric vehicle market, despite the financial challenges faced by its subsidiary [1][2][5]. Investment Details - Zhongfu Industrial's wholly-owned subsidiary, Guangyuan Linfeng Aluminum Materials, plans to invest CNY 259 million to construct a project for producing 3 million aluminum wheels [1][3]. - The project will be executed in two phases: the first phase involves producing 2 million wheels with an investment of CNY 94.6 million, while the second phase will produce 1 million wheels with an investment of CNY 47.4 million [3]. - Upon full production, the project is expected to generate an annual sales revenue of CNY 1.182 billion (approximately CNY 1.046 billion excluding tax) and a profit of CNY 30.46 million [3]. Financial Performance - Zhongfu Industrial reported a 63.25% increase in net profit for the first three quarters of 2025, driven by improved profitability in its electrolytic aluminum business [2][6]. - Despite the profit increase, the company's cash flow from operating activities significantly declined by 59.69% to CNY 314 million, raising concerns about cash flow management amid large capital expenditures [6][7]. Market Context - The aluminum alloy wheel market is characterized by high order concentration and intense price competition, posing risks to the new investment project [2][6]. - The project aligns with Zhongfu Industrial's strategy to enhance its competitive edge in the aluminum wheel sector by leveraging its existing industrial synergies [4]. Subsidiary Challenges - Guangyuan Linfeng Aluminum Materials has faced continuous losses, with a net loss of CNY 9.67 million reported for 2024 and further losses in 2025 [5]. - The reliance on self-raised funds for the CNY 259 million investment raises concerns about the subsidiary's financial sustainability and ability to manage its cash flow effectively [5][6].

Core Viewpoint - The increasing penetration of electric vehicles is driving demand for aluminum alloy wheels, prompting companies to invest in production capacity, as exemplified by Zhongfu Industrial's recent announcement of a 259 million yuan investment in a new project for producing 3 million wheels [2][3]. Investment Details - Zhongfu Industrial's wholly-owned subsidiary, Guangyuan Linfeng Aluminum Materials, plans to invest 259 million yuan in the "Aluminum-based New Materials Green Intelligent Manufacturing 3 Million Wheel Collaborative Upgrade Project" located in Guangyuan Economic and Technological Development Zone, Sichuan Province [3]. - The total investment includes 142 million yuan for new construction and 117 million yuan for working capital, all funded through self-raised capital [3]. - The project will be executed in two phases: the first phase involves producing 2 million wheels with a construction period of 14 months, while the second phase will produce 1 million wheels over 12 months [3]. Financial Projections - Upon reaching full production, the project is expected to generate an additional annual sales revenue of 1.182 billion yuan (approximately 1.046 billion yuan excluding tax) and a total profit of 30.46 million yuan [4]. - The internal rate of return after tax is projected at 10.8%, with a payback period of about 10 years [4]. - The investment is seen as a strategic move to enhance the company's competitive edge in the aluminum alloy wheel market by leveraging industry synergies [4]. Company Performance - Zhongfu Industrial reported a significant increase in net profit by 63.25% year-on-year for the first three quarters of 2025, reaching 1.187 billion yuan, primarily driven by improved profitability in the electrolytic aluminum business [6]. - However, the company's net cash flow from operating activities decreased by 59.69% to 314 million yuan, raising concerns about cash flow management amid substantial capital expenditures [6]. Industry Context - The aluminum alloy wheel market is characterized by high order concentration and intense price competition, which poses risks to the new investment project [5]. - The company has established a "green hydropower aluminum" industrial layout in Guangyuan, utilizing sustainable energy sources to reduce carbon emissions [4].

Core Viewpoint - The company is positioned in the "big transportation" sector, focusing on dual-engine development strategy, aiming to become a global leader in automotive lightweight components and general aviation manufacturing [17][19]. Financial Performance - In Q3 2025, the company achieved a net profit of 229 million yuan, a year-on-year increase of 38% [8]. - For the first three quarters of 2025, the company reported revenue of 11.416 billion yuan, a year-on-year increase of 0.40%, and a net profit of 729 million yuan, up 29.38% year-on-year [2][8]. - The company's Q3 2025 revenue was 3.922 billion yuan, down 1.93% year-on-year and 0.14% quarter-on-quarter [2][8]. - The gross profit margin for Q3 2025 was 15.3%, a decrease of 0.4 percentage points year-on-year and 3.5 percentage points quarter-on-quarter [3][9]. Business Segments Automotive Lightweight Components - The automotive lightweight components segment generated revenue of 9.385 billion yuan in the first three quarters of 2025, a slight increase of 0.02% year-on-year [19]. - The company is enhancing customer structure and focusing on the development of aluminum and magnesium alloy lightweight applications, aiming to improve production efficiency and reduce costs [19][22]. - The company is also working on the localization of magnesium alloy large die-casting applications to meet the rising demand for lightweight materials in the automotive sector [19][22]. General Aviation and eVTOL - The general aviation manufacturing segment achieved revenue of 2.031 billion yuan in the first three quarters of 2025, a year-on-year increase of 2.20% [20]. - The company is focusing on an innovative manufacturing model that integrates R&D, technology transfer, manufacturing, and after-sales service [20][26]. - The acquisition of Volocopter's core assets in March 2025 is aimed at establishing a business ecosystem for urban air mobility solutions [20][25]. - The company is actively developing new aircraft models, including eVTOL and drones, to capture opportunities in the emerging low-altitude economy [20][25]. Market Trends - The company is strategically positioned to leverage the growth of the low-altitude economy and the increasing demand for electric aircraft and eVTOL solutions [20][25]. - The automotive lightweight sector is expected to benefit from the transition to electric vehicles, with the company enhancing its collaboration with key new energy customers [21][22].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3]. Core Insights - The company has achieved a net profit of 229 million yuan in Q3 2025, representing a year-on-year growth of 38%. For the first three quarters of 2025, the company reported a revenue of 11.416 billion yuan, up 0.40% year-on-year, and a net profit attributable to shareholders of 729 million yuan, up 29.38% year-on-year [1][9]. - The automotive lightweight components business continues to optimize customer structure and enhance R&D efforts in aluminum and magnesium alloy applications. The company is also expanding its collaboration with key new energy customers [2][25]. - The general aviation aircraft manufacturing business is focused on innovation, with a strong order book and ongoing development of new aircraft models, including eVTOL and drones. The acquisition of Volocopter's core assets aims to create a commercial ecosystem for urban air mobility solutions [2][26]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.922 billion yuan, down 1.93% year-on-year, and a net profit of 229 million yuan, up 38.14% year-on-year. The gross margin for Q3 was 15.3%, a decrease of 0.4 percentage points year-on-year, while the net margin improved by 1.3 percentage points to 6.6% [1][18]. - For the first three quarters of 2025, the automotive lightweight components revenue was 9.385 billion yuan, a slight increase of 0.02% year-on-year, while the general aviation aircraft revenue was 2.031 billion yuan, up 2.20% year-on-year [9][26]. Business Segments - The automotive lightweight components segment focuses on aluminum and magnesium alloys, with ongoing efforts to enhance production efficiency and optimize product structure for new energy vehicles [25][29]. - The general aviation segment is expanding its market presence with a robust order book and continuous innovation in aircraft manufacturing, including the development of eVTOL and other new aircraft models [2][26]. Future Outlook - The company maintains its revenue forecasts for 2025-2027 at 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan, respectively, with net profits projected at 1.001 billion yuan, 1.201 billion yuan, and 1.405 billion yuan [3][35].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3][35] Core Insights - The company reported a net profit of 229 million yuan in Q3 2025, representing a year-on-year growth of 38%. For the first three quarters of 2025, the company achieved a revenue of 11.416 billion yuan, up 0.40% year-on-year, and a net profit attributable to shareholders of 729 million yuan, up 29.38% year-on-year [1][9] - The company focuses on lightweight automotive components and general aviation aircraft manufacturing, positioning itself as a leader in the low-altitude economy through its eVTOL and other aviation innovations [2][25][28] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.922 billion yuan, down 1.93% year-on-year and 0.14% quarter-on-quarter. The net profit for the same quarter was 229 million yuan, up 38.14% year-on-year and 1.35% quarter-on-quarter [1][9] - The gross margin for Q3 2025 was 15.3%, a decrease of 0.4 percentage points year-on-year and 3.5 percentage points quarter-on-quarter. The net margin improved by 1.3 percentage points year-on-year to 6.6% [1][18] Business Segments - The automotive lightweight components segment generated revenue of 9.385 billion yuan in the first three quarters of 2025, a slight increase of 0.02% year-on-year. The general aviation aircraft manufacturing segment achieved revenue of 2.031 billion yuan, up 2.20% year-on-year [1][26] - The company is enhancing its customer structure and focusing on the development of aluminum and magnesium alloy lightweight applications, while also expanding its collaboration with core new energy customers [2][25] Future Outlook - The company maintains its revenue forecasts for 2025-2027 at 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan, respectively, with net profits projected at 1.001 billion yuan, 1.201 billion yuan, and 1.405 billion yuan [3][35] - The company is actively pursuing opportunities in the low-altitude economy, particularly through the development of eVTOL aircraft and expanding its market presence in urban air mobility solutions [2][28]

Group 1 - The company is an important supplier of aluminum alloy wheel products for Seres [1] - The company's aluminum and magnesium alloy components have high strength and significant weight reduction effects [1]

Core Viewpoint - Wan Feng Aowei (002085.SZ) is a key supplier of aluminum alloy wheel products for Seres, highlighting the company's role in the automotive supply chain [1] Group 1 - The company specializes in high-strength aluminum and magnesium alloy components, which significantly reduce weight [1]