北京商报讯（记者 马换换 王蔓蕾）10月12日晚间，横店东磁（002056）发布2025年前三季度业绩预告 显示，公司预计前三季度实现归属净利润约为13.9亿—15.3亿元，同比增长50.1%—65.2%。 对于业绩变动原因，横店东磁表示，磁材产业方面，公司在家电和汽车领域市占率持续提升。同时，公 司横向拓展和纵向延伸布局的多个磁材新品，在新能源汽车的车载充电机OBC、充电桩充电模块、热 管理系统，AI服务器用PSU电源、二次模块电源、芯片电感等领域出货高速增长；并通过组织变革和数 智化推进，进一步提升了运营效率和盈利能力。 光伏产业方面，强化差异化战略，通过持续的研发投入、技改投资和工艺优化，适时推出超高功率产 品，进一步提升了产品力；因地制宜布局产能和营销网络，使得海内外优质市场的出货量同比有较好提 升；同时，通过前瞻性的供应链布局，有效管理了成本的波动。锂电产业方面，持续保障了产品的品质 稳定；聚焦小动力多领域应用市场，在高稼动率下，保持了较好的市场拓展。 ...

光伏产业：强化差异化战略，通过持续的研发投入、技改投资和工艺优化，适时推出超高功率产品，进 一步提升了产品力;因地制宜布局产能和营销网络，使得海内外优质市场的出货量同比有较好提升;同 时，通过前瞻性的供应链布局，有效管理了成本的波动。 锂电产业：通过标准化和精细化管理，持续保障了产品的品质稳定;聚焦小动力多领域应用市场，在高 稼动率下，保持了较好的市场拓展。 智通财经APP讯，横店东磁(002056.SZ)发布公告，公司预计2025年前三季度归属于上市公司股东的净利 润为13.9亿元至15.3亿元，同比增长50.1%至65.2%。 磁材产业：龙头地位稳固，在家电和汽车领域市占率持续提升。同时，公司横向拓展和纵向延伸布局的 多个磁材新品，在新能源汽车的车载充电机OBC、充电桩充电模块、热管理系统，AI服务器用PSU电 源、二次模块电源、芯片电感等领域出货高速增长;并通过组织变革和数智化推进，进一步提升了运营 效率和盈利能力。 ...

格隆汇10月12日丨横店东磁(002056.SZ)公告，2025年前三季度业绩预告，预计归属于上市公司股东的 净利润为13.90亿元-15.30亿元，比上年同期增长50.1%-65.2%。业绩变动原因： 磁材产业：龙头地位稳固，在家电和汽车领域市占率持续提升。同时，公司横向拓展和纵向延伸布局的 多个磁材新品，在新能源汽车的车载充电机OBC、充电桩充电模块、热管理系统，AI服务器用PSU电 源、二次模块电源、芯片电感等领域出货高速增长；并通过组织变革和数智化推进，进一步提升了运营 效率和盈利能力。 光伏产业：强化差异化战略，通过持续的研发投入、技改投资和工艺优化，适时推出超高功率产品，进 一步提升了产品力；因地制宜布局产能和营销网络，使得海内外优质市场的出货量同比有较好提升；同 时，通过前瞻性的供应链布局，有效管理了成本的波动。 锂电产业：通过标准化和精细化管理，持续保障了产品的品质稳定；聚焦小动力多领域应用市场，在高 稼动率下，保持了较好的市场拓展。综上，公司2025年1-9月的经营业绩较去年同期实现了较大幅度的 增长。 ...

2024年山东省消费市场展现蓬勃生机，全年16市社会消费品零售总额榜单揭晓。青岛以6584.5亿元蝉联榜首，国际消费中心城市建设成效显著；省会济南凭 借5213.2亿元稳居第二，区域性消费枢纽地位持续巩固；烟台以3757.51亿元保持季军位置，海洋经济特色消费模式凸显新优势。省内形成胶东经济圈、省会 经济圈竞相发展的双核驱动格局，临沂、淄博、枣庄等城市则在产业转型中跑出消费升级加速度。 其他城市同样呈现特色化发展态势：潍坊预制菜产业带动食品消费升级，济宁文化旅游业激活消费新场景，菏泽"中国牡丹之都"品牌推动花卉经济产业链延 伸。全省消费市场呈现多点开花格局，17.8万家限额以上商贸企业构筑起坚实的市场基础，61个省级智慧商圈、167条省级特色商业街形成消费升级主阵 地，充分彰显山东作为经济大省的内需动能和商业活力。 值得关注的是，枣庄以1196.91亿元超越聊城的1085.28亿元，成为资源型城市转型典范。依托锂电新能源产业集群优势，高新区集聚47家产业链企业，形成 从材料研发到终端产品的完整消费链条。台儿庄古城夜游经济品牌效应显现，全年举办非遗展演、国潮市集等主题活动160余场，带动运河文化消费带强势 崛起 ...

公司报告 | 半年报点评 横店东磁（002056） 证券研究报告 光伏差异化布局开花结果，出货、业绩双高增 事件：公司 25H1 实现营业收入 119.36 亿元，同比增长 24.75%；实现归母 净利润 10.20 亿元，同比增长 58.94%。25Q2 单季度实现营业收入 67.13 亿 元，同比增长 25.87%；实现归母净利润 5.62 亿元，同比增长 94.80%。 光伏：深化差异化战略，出货量大幅增长。25H1 公司光伏业务实现营业收 入 80.54 亿元，同比增长 36.58%。光伏产品出货 13.4GW，同比增长超 65%。 光伏业务毛利率 16.70%，同比提升 5.29pct。光伏产业稳步推进深度国际 化，海外产能凭借差异化布局， 叠加自身产品的技术和品质优势实现了满 产释放；持续强化差异化竞争策略，海内外优质市场的出货量持续提升， 并积极参与提供下游应用的解决方案；各生产基地通过严控制造成本、突 破产量极限、提升电池量产转换效率和组件平均功率等措施，进一步提升 了产品的竞争力。 磁材器件：收入稳步增长，出货结构优化。2025H1 磁材器件业务实现营 业收入 23.71 亿元，同比增长 8 ...

实物资产：脆弱的供给与恢复的需求 本周（2025 年 9 月 1 日至 2025 年 9 月 5 日，下同）大宗商品铜的供给端发生重大扰动，全球第二大铜矿印尼 Grasberg 铜矿遭遇不可抗力停产（2024 年铜矿产量越占全球的 3.5%），引发了铜价快速上涨。在关税政策驱动下美国锁定了大 量铜库存的背景下，总量上看似短期过剩的供需格局下结构上其实已经非常紧张，本次 Grasberg 铜矿停产可能导致 2025 年 Q4 及 2026 年供给侧进一步的收缩，这为将来制造业需求修复时的价格弹性埋下伏笔。从另一视角来看，当前 全球金属铜市场的震动同样也是贸易格局重塑与供给约束下全球实物资产供应链脆弱性的缩影，也是以大宗商品为代 表的实物资产中长期价值重估的来源。而短期需求侧，美国 2025 年 9 月标普全球 PMI、8 月地产销售、耐用品订单表 现均超预期，PCE 符合预期，这意味着对于资源品而言影响供需的数据都相对健康，约束"降息"的数据又都在放松。 当然也需要关注，受美国"抢出口"热度退坡影响，欧洲主要国家 9 月制造业 PMI 则出现边际下滑，未来财政政策的 具体落地路径是重要观测。值得一提的是，部分前 ...

Group 1 - The current market is in an adjustment phase with a divergence breakthrough, indicating that the recent rebound has ended and a pullback is expected [1] - Historical trends suggest that after a significant upward movement, personal accounts often experience profit withdrawal, leading to a situation where new highs are rarely achieved before further declines occur [1] - Behavioral psychology concepts such as recency effect, loss aversion, availability heuristic, and confirmation bias play a role in market movements [1] Group 2 - Group psychology will ultimately reflect in momentum indicators, with signs of top divergence indicating an increase in retreating and cashing out funds [2] - To effectively track trends, it is essential to learn to identify changes in momentum and understand the overall market psychology [2] - Leading stocks, such as those in the computing power sector, are seen as consolidating and not showing signs of fatigue, suggesting that the market trend is not over [2] Group 3 - New categories that are rising against the trend, such as energy storage and lithium batteries, should be closely monitored [3] Group 4 - The market maintains a multi-mainline structure, reducing the need for excessive concern about overall market movements, allowing individual stock strategies to diverge from broader market trends [5]

Core Insights - The report highlights the profitability pressure faced by the North Exchange in Q2 2025, primarily due to overseas disturbances and high fixed asset growth, with a forecasted turning point in the second half of the year [3][8]. - The technology manufacturing sector is leading the growth, driven by a combination of cyclical recovery and AI industry trends, while consumer sectors show a mixed performance [3][8]. - The report suggests three strategies to identify high-growth opportunities: selecting companies with sustained revenue growth, those with upward revisions in profit forecasts, and those with high contract liabilities and advance payments [3][8]. Summary by Sections Profitability Analysis - As of Q2 2025, the North Exchange reported a revenue growth rate of +4.9% and a net profit growth rate of -16.6%, indicating significant profitability challenges [8]. - The decline in net profit is attributed to a sharp drop in export growth to the U.S., with over 50% of companies experiencing negative net profit growth [8]. - Fixed asset growth reached a historical high of +30.2%, contributing to the pressure on profitability, with a gross margin of 22.4% [8]. Industry Structure - The technology manufacturing sector is experiencing high growth, with key industries such as computing, telecommunications, and electrical equipment showing positive trends [8]. - The report notes a structural recovery in midstream manufacturing, particularly in traditional robotics and engineering machinery, alongside emerging industries [8]. - Consumer sectors are experiencing a mixed recovery, with agriculture and forestry showing potential for improvement [8]. Investment Strategies - The report recommends identifying companies with consistent upward trends in revenue and net profit growth over the past four quarters, highlighting specific companies like Kaiter and Fujida [3][8]. - It also suggests focusing on companies with upward revisions in profit forecasts, such as Shuguang Shuchuang and Naconoer, which have seen significant increases in expected net profit growth [3][8]. - Companies with high contract liabilities and advance payments, like Kangnong Agriculture and Kun工科技, are also highlighted as potential investment opportunities [3][8].

Group 1 - The core viewpoint of the article emphasizes the company's commitment to high-quality development and enhancing shareholder returns through strategic initiatives and governance improvements [22][25][30] Group 2 - Company Overview: Noblelift Intelligent Equipment Co., Ltd. focuses on internal logistics and aims to be a leader in this industry, developing two main business segments: intelligent manufacturing equipment and smart logistics systems [23][24] - Financial Data: The company has distributed over 1.1 billion RMB in cash dividends since its listing in 2015, with a recent dividend plan of 8.97 RMB per 10 shares, representing 50% of the net profit attributable to shareholders [25][26] Group 3 - Important Matters: The company has not experienced significant changes in its operational situation during the reporting period, and there are no major events expected to impact its operations in the future [3][4] - Board Meeting: The eighth board of directors held its 23rd meeting on August 28, 2025, where several resolutions were passed, including the approval of the 2025 semi-annual report and a plan for enhancing quality and efficiency [5][6][8] Group 4 - Shareholder Communication: The company emphasizes transparent communication with investors, including hosting performance briefings and maintaining various channels for investor interaction [28][29] - Governance Structure: The company has established a modern governance structure to ensure clear responsibilities and compliance with regulations, enhancing the protection of shareholder interests [30][31] Group 5 - New Initiatives: The company plans to provide a guarantee of 85 million RMB for its subsidiaries to support their business development, which is expected to enhance operational stability [42][43][56] - Appointment of Key Personnel: The company appointed Cheng Jiang as the vice president and board secretary, effective immediately, to strengthen its management team [59][60]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 11.936 billion yuan for H1 2025, representing a year-on-year growth of 24.75%. The net profit attributable to shareholders was 1.02 billion yuan, up 58.94% year-on-year. In Q2 2025, revenue reached 6.713 billion yuan, with a year-on-year increase of 25.87% and a quarter-on-quarter increase of 28.55%. The net profit for Q2 was 562 million yuan, reflecting a year-on-year growth of 94.8% and a quarter-on-quarter growth of 22.69% [2][5]. Financial Performance - In H1 2025, the photovoltaic business shipped 13.4 GW, a year-on-year increase of over 65%, with a gross margin of 16.70%, up 5.29 percentage points. This was driven by full production and sales of overseas battery capacity, strict cost control, and continuous development of differentiated new products. The battery production efficiency improved to 26.85%, and R&D efficiency reached 27.25% [10]. - The magnetic materials business shipped 107,300 tons in H1 2025, with a gross margin of 27.71%, an increase of 1.22 percentage points year-on-year. The company has solidified its leading position in the market and is actively expanding into new products [10]. - The lithium battery business shipped over 300 million units in H1 2025, a year-on-year increase of 12.25%, with a gross margin of 12.90%, up 2.06 percentage points. The company maintained industry-leading utilization rates and launched several high-capacity new products [10]. Future Outlook - The company is expected to achieve a net profit attributable to shareholders of 2 billion yuan in 2025, corresponding to a price-to-earnings ratio of approximately 14 times. The company will continue to focus on differentiated products and market entry while enhancing product power through technological upgrades and process optimization [10].