风险提示：股市有风险，投资需谨慎。 飞沃科技主营业务为高强度紧固件研发制造，产品主要应用于风电领域，同时拓展至航空航天、石油装 备等高端装备领域。公司是国家级专精特新"小巨人"企业，上半年实现营收11.65亿元，同比增长 81.42%，扣非净利润2960万元实现扭亏为盈。 公司表示风电业务订单充裕，下半年交付产能饱和。非风电业务排产较去年同期上升，航空紧固件产品 已进入国内头部企业供应链。6月与德国Heggemann公司签署战略合作协议布局航空紧固件业务。8月公 司公告已回购11.24万股用于员工股权激励计划。 飞沃科技最新股价为38.43元，较前一交易日上涨0.95%。盘中最高触及39.14元，最低38.01元，成交 2.28亿元。公司总市值28.88亿元，市盈率45.79倍。 ...

Business Overview - The company reported a total revenue of 1.165 billion yuan for the first half of 2025, representing a year-on-year increase of 81.42%. The net profit attributable to shareholders reached 31.54 million yuan, up 164.56% year-on-year, while the net profit excluding non-recurring items was 29.60 million yuan, an increase of 156.93% year-on-year [2] - In Q2 alone, the company achieved a revenue of 719 million yuan, a year-on-year increase of 77.76%, with a net profit of 34.20 million yuan, up 241.45% year-on-year, and a net profit excluding non-recurring items of 32.22 million yuan, an increase of 230.91% year-on-year [2] Profitability - The company's profitability has significantly improved, with a gross margin of 14.66%, reflecting a year-on-year increase of 114.91%. The net profit margin stood at 2.11%, up 124.95% year-on-year [3] Costs and Expenses - Total operating expenses (selling, administrative, and financial expenses) amounted to 81.10 million yuan, accounting for 6.96% of revenue, a decrease of 21.31% year-on-year. Administrative expenses increased by 37.87% mainly due to increased depreciation from new factory leases in Vietnam, while financial expenses rose by 82.73% due to higher interest expenses [4] Assets and Liabilities - As of the end of the reporting period, the company had cash and cash equivalents of 464 million yuan, an increase of 61.90% year-on-year. Accounts receivable reached 1.279 billion yuan, up 69.52% year-on-year, and interest-bearing liabilities were 1.172 billion yuan, an increase of 52.89% year-on-year. The interest-bearing debt ratio was 28%, indicating potential risks in debt repayment due to negative operating cash flow over the past three years [5] Cash Flow - The net cash flow from operating activities was -1.96 yuan per share, a decrease of 64.42% year-on-year, primarily due to customer payments being made through notes and digital receivables. The net cash flow from investing activities saw a significant change of -488.0%, mainly due to increased cash outflows for long-term asset acquisitions. The net cash flow from financing activities increased by 349.61%, primarily due to increased bank loans and cash inflows from financing activities [6] Industry Background and Development Prospects - During the reporting period, the company focused on clean energy and high-end equipment manufacturing, particularly benefiting from the wind power sector, which experienced strong growth driven by policy guidance and market demand. The newly installed wind power capacity in the country reached 51.39 GW, a substantial year-on-year increase of 98.88%. As a specialized manufacturer of high-strength fasteners, the company capitalized on the rapid development of the wind power industry, resulting in significant performance growth [7] Summary - The company's mid-2025 report indicates substantial growth in revenue and profit, primarily driven by the rapid development of the wind power industry. However, there is a need for further optimization in cash flow and debt management, particularly regarding accounts receivable and interest-bearing liabilities. Moving forward, the company should focus on the rationality of capital expenditure projects and improving cash flow to ensure sustainable development [8]

Group 1: Investor Relations Activities - The company held an earnings briefing on May 20, 2025, via the "Investor Relations Interactive Platform" [3] - Participants included the chairman, general manager, and board secretary, who addressed investor inquiries [3][4] Group 2: Financial Health and Strategy - The company's asset-liability ratio is 16.54%, indicating strong financial health [5] - Plans for strategic investments and cautious expansion are in place to create long-term shareholder value [5] - The company reported a 29.01% year-on-year decline in net profit for 2024, but a 36.23% increase in Q1 2025 [6] Group 3: Research and Development - Collaborations with Shanghai University and Hangzhou Dianzi University focus on high-strength fasteners and non-destructive testing [4] - The company aims to innovate and upgrade production lines to meet high-end market demands [4] Group 4: Market Expansion and Product Development - The company is expanding into aerospace and rail transit sectors through office setups and equipment upgrades [7] - A 50% investment in Zhejiang Hannover New Materials Co., Ltd. aims to enhance business layout and customer resources [8][9] - The company plans to balance overseas market expansion with profitability by optimizing product structure and targeting high-margin products [12] Group 5: Competitive Positioning - The company is positioned in the mid-to-high-end fastener market and aims to increase market share through technology and global expansion [12] - Revenue is projected to grow by 10.02% year-on-year in 2024, with a focus on aerospace and rail transit sectors [12]

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 446 million CNY, a significant increase of 87.63% compared to 238 million CNY in Q1 2024 [2] - The net profit attributable to the parent company was -2.63 million CNY, a reduction in loss of 24.75 million CNY from -27.38 million CNY in the same period last year [2] - For the full year 2024, total revenue was 1.795 billion CNY, a year-on-year growth of 9.21%, while the net profit was -157 million CNY, a decrease of 379.70% [4] Group 2: Market and Industry Outlook - The wind power industry is expected to continue growing due to strong policy support and market demand, with China's dual carbon goals (peak carbon by 2030 and carbon neutrality by 2060) driving this growth [3] - The company is expanding into non-wind sectors such as aerospace, oil equipment, and gas turbines, which are identified as strategic emerging industries with long-term growth potential [4] Group 3: Strategic Initiatives - The company plans to enhance its global strategy through partnerships in Europe and the Middle East, focusing on technology licensing, joint ventures, and equity investments [2] - The company aims to reduce reliance on a single industry by diversifying its product offerings and expanding into high-end sectors, thereby ensuring stable long-term growth [4] Group 4: Investor Relations and Confidence - The management emphasizes a commitment to long-term development and shareholder interests, aiming to improve operational quality and enhance investment value [5] - The company is closely monitoring raw material prices and adjusting procurement strategies to mitigate cost fluctuations while maintaining product quality [6]

股票简称：飞沃科技 股票代码：301232 湖南飞沃新能源科技股份有限公司 Finework（HuNan）New Energy Technology Co.,Ltd. （常德市桃源县陬市镇观音桥村二组（大华工业园内）） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（联席主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 联席主承销商 （新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室） 二零二三年六月 特别提示 湖南飞沃新能源科技股份有限公司（以下简称"飞沃科技"、"本公司"或"发 行人"、"公司"）股票将于 2023 年 6 月 15 日在深圳证券交易所创业板上市，该 市场具有较高的投资风险。创业板公司具有业绩不稳定、经营风险高、退市风险 大等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风 险及本公司所披露的风险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票 ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 湖南飞沃新能源科技股份有限公司 （常德市桃源县陬市镇观音桥村二组（大华工业园内）） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者 保荐机构（主承销商） I 租 1 （中国（上海）自由贸易试验区浦明路 8 号） 应当以正式公告的招股说明书作为投资决定的依据。 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价 ...