经济观察网雅葆轩(870357)最新股价为23.21元，近5日跌0.13%，近20日跌6.30%。成交金额941.60万 元，换手率0.91%。市盈率(TTM)28.70倍，市净率4.62倍，总市值约18.59亿元。同期大盘指数小幅波 动，该公司股价近期表现相对平稳。 财报分析 雅葆轩2025年业绩快报显示营收实现大幅增长，增幅超50%。公司此前2025年三季报已披露营收同比增 长55.90%至4.19亿元，净利润增长36.59%至4872万元，主要受益于汽车电子订单量快速增加及工业控制 业务合作深化。2025年上半年，汽车电子业务营收同比增长194.96%，工业控制业务增长111.72%，成 为核心增长引擎。 以上内容基于公开资料整理，不构成投资建议。 近期事件 北交所披露2025年业绩快报情况，雅葆轩营收增幅超过50%，位列北交所已披露公司中增长显著的企业 之一。这一事件反映了公司2025年业务扩张的积极势头。 ...

（文章来源：证券日报） 证券日报网讯 2月5日，雅葆轩发布公告称，本次保荐代表人的变更不影响国元证券对公司的持续督导 工作。变更后，国元证券负责公司持续督导工作的保荐代表人为樊俊臣先生、汤雨城先生。 ...

Core Viewpoint - The company reported significant growth in both revenue and net profit for the year 2025, indicating strong operational performance and financial health [1] Financial Performance - The company’s operating revenue for 2025 is projected to be 598 million yuan, representing a year-on-year increase of 58.73% [1] - The net profit attributable to shareholders is expected to reach 64.75 million yuan, reflecting a year-on-year growth of 34.16% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated at 61.66 million yuan, which is a 47.06% increase compared to the previous year [1] - The basic earnings per share (EPS) is forecasted to be 0.81 yuan per share, marking a 35.00% increase from the same period last year [1]

Core Viewpoint - Recently, Tongling Yabo Xuan Electronics Co., Ltd. was established with a registered capital of 30 million RMB, focusing on various aspects of integrated circuit manufacturing and sales [1] Company Summary - The legal representative of Tongling Yabo Xuan Electronics Co., Ltd. is Hu Xiaotian [1] - The registered capital of the company is 30 million RMB [1] Business Scope - The company operates in general projects including integrated circuit manufacturing, sales, and design [1] - It also engages in the manufacturing, wholesale, and retail of electronic components [1] - Additional activities include the manufacturing, sales, and research and development of electronic special materials [1] - The company is involved in import and export activities, as well as technology import and export [1] - It can operate independently in legal and regulatory projects that are not prohibited or restricted [1]

Core Insights - The company, Yabo Xuan, is experiencing rapid growth in its performance, with a saturated production capacity and plans to release new capacity ahead of schedule [4][5][6] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 419 million yuan, a year-on-year increase of 55.9%, and a net profit attributable to shareholders of 48.72 million yuan, up 36.59% [5] - The third quarter alone saw operating revenue of 169 million yuan, representing an 86.75% year-on-year increase and a 10.38% quarter-on-quarter increase [5] - The significant growth in performance is attributed to the rapid increase in automotive electronics orders and deepened cooperation in the industrial control sector [5][6] Production Capacity and Expansion - The company has been operating at full capacity and is constructing a new factory that is more than twice the size of the old one, with over 100 million yuan invested in construction [5][6] - The new factory is expected to be operational by the end of this year, which will enhance manufacturing capabilities and allow for a shift from standardized production to customized services [6] Research and Development - The company has consistently increased its R&D expenses for seven consecutive years, with a year-on-year growth of over 35% in the latest quarter [6] - Yabo Xuan holds a total of 54 patents, including 15 invention patents and 39 utility model patents, with 16 new patents added this year [6] Market Position and Strategic Development - The company has successfully entered the supply chains of leading automotive manufacturers and deepened collaborations in the industrial control sector following its listing [10] - Since its listing, Yabo Xuan has maintained a high dividend payout ratio exceeding 70%, significantly above the industry average [10] - The company plans to continue optimizing its dividend strategy while ensuring capacity expansion and R&D investment [10]

Core Viewpoint - The company, Wuhu Yabo Xuan Electronic Technology Co., Ltd. (referred to as "Yabo Xuan"), has reported impressive financial results for the first three quarters of the year, indicating strong growth potential driven by robust market demand and increased R&D investment [1][3]. Financial Performance - For the first three quarters, Yabo Xuan achieved revenue of 419 million yuan, a year-on-year increase of 55.9%, and a net profit attributable to shareholders of 48.72 million yuan, up 36.59% year-on-year [1]. - In Q3 alone, the company reported revenue of 169 million yuan, representing an 86.75% year-on-year growth and a 10.38% quarter-on-quarter increase; net profit attributable to shareholders was 19.45 million yuan, up 72.42% year-on-year and 13.05% quarter-on-quarter [1]. Market Demand and Business Focus - Yabo Xuan specializes in electronic product R&D, production, and sales, primarily providing PCBA (Printed Circuit Board Assembly) services, with significant applications in consumer electronics, industrial control, and automotive electronics [3]. - The automotive electronics sector is a key growth area for Yabo Xuan, with revenue from this segment reaching 91.58 million yuan in the first half of the year, a remarkable year-on-year increase of 194.96% [3]. Industry Trends - The consumer electronics industry is recovering, driven by rapid advancements in AI technology, which is expected to boost demand for high-value PCB products [4]. - The emergence of AI glasses as a new force in the smart wearable device sector presents a market opportunity that Yabo Xuan is actively pursuing [4]. R&D and Capacity Expansion - Yabo Xuan has increased its R&D investment, with expenses reaching 11.92 million yuan in the first three quarters, a 35.98% year-on-year increase [5]. - The company is accelerating capacity expansion to meet market demand, with construction projects valued at 103 million yuan, a 107.5% increase from the beginning of the year [5]. Future Outlook - The company is expected to see continued growth in net profit, with projections of 64 million yuan, 80 million yuan, and 94 million yuan for the years 2025 to 2027, respectively [6].

Company Performance - In the first three quarters of 2025, the company achieved operating revenue of 419 million yuan, a year-on-year increase of 55.90% [1] - The net profit attributable to shareholders was 48.72 million yuan, up 36.59% year-on-year, while the net profit after deducting non-recurring gains and losses was 48.02 million yuan, reflecting a growth of 61.00% [1] - For Q3 alone, the company reported an operating revenue of 169 million yuan, representing an 86.75% year-on-year increase and a 10.38% quarter-on-quarter increase [1] Industry Trends - The electronic manufacturing services industry is experiencing rapid growth, particularly in the demand for medium to large batch PCBA, driven by the development of downstream brand manufacturers [2] - There is a continuous increase in market demand for high-performance, miniaturized, and intelligent PCBA across various sectors, including consumer electronics, automotive electronics, and industrial control [2] - The company has established a business model focused on medium to large batch PCBA manufacturing services, positioning itself advantageously in the market [2] Market Recognition - The company is recognized as a national-level specialized and innovative "little giant" enterprise, reflecting its growth potential and R&D investment [3] - The North Exchange's "specialized and innovative index" has been launched, with expectations for related index funds to be approved soon, which will inject more capital and vitality into such enterprises, enhancing their valuations [3]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong growth performance [2][3] - The operating cash flow turned negative, which raises concerns about cash generation despite the profit growth [2][3] Financial Performance Summary - As of September 30, 2025, total assets reached 635,790,315.14 CNY, a 17.03% increase from the end of the previous year [2] - Net assets attributable to shareholders increased by 2.3% to 386,181,103.50 CNY [2] - The consolidated asset-liability ratio stood at 39.26%, while the parent company's ratio was 39.1% [2] - For the first nine months of 2025, the company achieved operating revenue of 418,910,533.91 CNY, a year-on-year growth of 55.9% [3] - Net profit attributable to shareholders was 48,718,752.34 CNY, up 36.59% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 48,019,175.37 CNY, reflecting a 61% increase [3] - The net cash flow from operating activities was -47,022,024.42 CNY, a significant decline from the previous year's positive cash flow [3] - Basic earnings per share increased by 35.56% to 0.61 CNY [3] Quarterly Performance Summary - In Q3 2025 (July-September), the company reported operating revenue of 168,880,105.10 CNY, an 86.75% increase compared to the same period last year [3] - Net profit attributable to shareholders for Q3 was 19,448,007.49 CNY, a 72.42% increase year-on-year [3] - The net profit after deducting non-recurring gains and losses for Q3 was 19,206,014.10 CNY, showing a remarkable growth of 107.16% [3] - The net cash flow from operating activities for Q3 was 1,217,371.56 CNY, down 90.79% from the previous year [3] - Basic earnings per share for Q3 rose by 71.43% to 0.24 CNY [3] Shareholder Information - As of the reporting period, the total number of ordinary shareholders was 5,240 [4] - The total share capital was 80,080,000 shares, with 44,514,600 shares (55.59%) being unrestricted and 35,565,400 shares (44.41%) being restricted [4]

Core Insights - Three companies reported their Q3 2025 results on October 14, with all showing year-on-year growth in both net profit and operating revenue [1] Company Performance Summary - **雅葆轩 (Yabo Xuan)** - Earnings per share: 0.6100 CNY - Net profit: 48,718,800 CNY - Net profit growth: 36.59% - Operating revenue: 418,910,500 CNY - Operating revenue growth: 55.90% [1] - **中宠股份 (Zhongchong Co., Ltd.)** - Earnings per share: 1.1135 CNY - Net profit: 333,308,100 CNY - Net profit growth: 18.21% - Operating revenue: 3,859,906,200 CNY - Operating revenue growth: 21.05% [1] - **英维克 (Inveke)** - Earnings per share: 0.4100 CNY - Net profit: 39,906,970 CNY - Net profit growth: 13.13% - Operating revenue: 402,603,080 CNY - Operating revenue growth: 40.19% [1]

Core Viewpoint - Wuhu Yabo Xuan Electronic Technology Co., Ltd. (Yabo Xuan) reported strong financial performance for the first three quarters, driven by growth in automotive electronics and smart consumer electronics sectors [2] Group 1: Financial Performance - The company achieved operating revenue of 419 million yuan, representing a year-on-year increase of 55.90% [2] - Net profit attributable to shareholders was 48.72 million yuan, up 36.59% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 48.02 million yuan, reflecting a 61.00% year-on-year growth [2] Group 2: Business Segments - The automotive electronics segment saw significant growth, with revenue reaching 91.58 million yuan in the first half of the year, a year-on-year increase of 194.96% [2] - The company is benefiting from the increasing penetration of the new energy vehicle market, leading to a sustained increase in automotive electronics orders [2] - The smart glasses sector is expected to contribute to business growth, with the company collaborating with Vision Technology Co., Ltd. to enter the AR glasses industry [2] Group 3: Industry Insights - The PCBA (Printed Circuit Board Assembly) market is experiencing rapid growth, particularly in consumer electronics and automotive electronics, with a rising demand for high-performance, miniaturized circuit boards [3] - Yabo Xuan's advantages in scale, efficiency, and cost control in PCBA manufacturing enable it to quickly meet market demands [3] - The company is expanding its production capacity by acquiring land for new facilities, which is expected to quickly align with customer orders and meet market demand [3]