| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-070 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于公司"提质增效重回报"专项行动方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为深入贯彻落实国务院《关于进一步提高上市公司质量的意见》要求，积极 响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 贯彻"以投资者为本"的发展理念，切实保障和维护投资者合法权益，推进无锡 市振华汽车部件股份有限公司（以下简称"公司"）高质量发展和投资价值提升， 公司结合实际经营情况及发展战略，制定了《无锡市振华汽车部件股份有限公司 "提质增效重回报"专项行动方案》（以下简称"本方案"）。本方案已经公司 第三届董事会第十七次会议审议通过，方案内容如下： 一、聚焦主营夯实核心竞争力，提高经营质量 公司持续深耕于汽车零部件领域，主营业务板块为冲压零部件业务、分拼总 成加工业务、模具和选择性精密电镀加 ...

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-069 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 第三届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 无锡市振华汽车部件股份有限公司（以下简称"公司"）第三届董事会第十 七次会议于 2025 年 12 月 22 日通过专人的方式发出通知，于 2025 年 12 月 26 日上午 10 时以现场和通讯相结合的方式召开。本次会议由董事长钱金祥主持， 会议应参会董事 8 名，实际参会董事 8 名，符合《公司法》及《公司章程》的有 关规定，会议合法、有效。经董事认真审议，通过以下决议： 一、审议通过《关于"提质增效重回报"专项行动方案的议案》 董事会同意公司根据实际情况编写的《"提质增效重回报"专项行动方案》。 具体内容详见同日上海证券交易所网站（http://www.sse.com.cn）及指定媒 体披露的《关于公司"提质增效重回报"专 ...

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-068 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于"锡振转债"开始转股的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （一）发行规模：52,000.00 万元； （二）票面金额：100 元/张； （三）票面利率：第一年 0.20%、第二年 0.40%、第三年 0.80%、第四年 1.50%、 第五年 1.90%、第六年 2.30%； 一、可转债发行上市概况 根据中国证券监督管理委员会《关于同意无锡市振华汽车部件股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕995号）， 无锡市振华汽车部件股份有限公司（以下简称"公司"或"本公司"）于2025 年6月18日向不特定对象发行面值总额52,000.00万元可转换公司债券，期限6年， 每张面值为人民币100元，发行数量520.00万张，募集资金总额为人民币52 ...

（文章来源：证券日报） 证券日报网讯无锡振华11月24日在互动平台回答投资者提问时表示，公司最近一期定期报告披露股东人 数为14，211户。 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [8]. Core Insights - The report emphasizes that intelligence will be a key theme in the market for 2026, with investment opportunities extending beyond smart driving to areas like Robotaxi. A data closed loop is identified as the core starting point for achieving full-stack self-research, which differs fundamentally from mere data collection [1][3]. - The establishment of a data closed loop is crucial for filtering effective information from massive data, enabling machines to understand data, feedback to correct models, and perform OTA updates for secondary verification. This requires not only data ownership but also the ability to identify data gaps and utilize data to enhance models [1][3]. - The report suggests that the scale of the data closed loop team (e.g., whether it reaches a hundred members) and related investments should be key indicators for assessing a company's commitment and capability for self-research [1][3]. Summary by Sections Data Closed Loop - The report highlights that when algorithm models are truly driven by PB-level data, it will create a competitive barrier that is difficult to replicate. Even if competitors acquire model architectures or poach key personnel, lacking a substantial underlying data accumulation will hinder their ability to replicate similar algorithm capabilities in the short term [2][4]. - Building a solid data closed loop is expected to provide companies with a certainty of competitive advantage for six months to a year. Companies like Xiaopeng, Li Auto, and Huawei are noted to have established a leading advantage in the smart driving sector, with a high degree of technical moat [2][4]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies that represent the trend of intelligence like Huawei's HarmonyOS. Attention is also drawn to companies like JAC Motors and Seres, with specific recommendations for Li Auto, Kobot, Desay SV, and Jingwei Hengrun [2]. - For state-owned enterprise integration, the report suggests monitoring SAIC Motor, Dongfeng Motor Group, and Changan Automobile. Additionally, it highlights component companies with strong performance growth and capabilities for overseas expansion, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [2].

Group 1 - On November 5, a total of 6 companies had their restricted shares unlocked, with a total unlock volume of 2.5094 million shares, amounting to a market value of approximately 92.0634 million yuan based on the latest closing price [1] - The companies with the highest unlock volumes were Airo Energy, Small Commodity City, and Wuxi Zhenhua, with unlock shares of 708,300, 698,700, and 539,000 respectively [1] - In terms of unlock market value, Airo Energy, Small Commodity City, and Wuxi Zhenhua also led, with market values of 52.837 million yuan, 12.1923 million yuan, and 11.9281 million yuan respectively [1] Group 2 - Regarding the proportion of unlock shares to total share capital, Airo Energy, Wuxi Zhenhua, and Meiansen had the highest unlock ratios, at 0.44%, 0.15%, and 0.11% respectively [1]

Core Viewpoint - The event "Capital 'X' Gravity, Innovation High Ground - Wuxi's First Investor Reception Day for Listed Companies" was successfully held, highlighting the progress and future plans of Wuxi Zhenhua [1] Company Summary - Wuxi Zhenhua's General Manager Qian Ben stated that the construction progress in Langfang is steadily advancing, aligning with the product planning [1] - The company is expanding its production base in Langfang, Hebei, to enhance the capacity for automotive stamping and welding components [1] - This expansion is expected to help the company seize regional development opportunities and strengthen collaboration with upstream and downstream industry players, thereby sharing growth opportunities within the industry [1] - The initiative aims to further consolidate and enhance the company's competitive position in the industry [1]

| 证券代码：605319 | 证券简称：无锡振华 | 公告编号：2025-067 | | --- | --- | --- | | 证券代码：111022 | 证券简称：锡振转债 | | 无锡市振华汽车部件股份有限公司 关于 2025 无锡上市公司投资者集体接待日活动暨第三季度 业绩说明会的参加情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 无锡市振华汽车部件股份有限公司（以下简称"公司"）已于 2025 年 11 月 4 日 15:30-17:00 通过"全景路演"（http://rs.p5w.net），以网络互动形式参加了"2025 无锡上市公司投资者集体接待日"活动暨第三季度业绩说明会，现将活动情况公 告如下： 一、说明会召开情况 本次业绩说明会中投资者提出的问题及回复整理情况如下： 1、钱总，无锡振华的效益好，预期好，稳扎稳打，我们很看好公司的发展。 但是最近一个月公司股价调整差不多 20%，公司有没有做市值管理方面的工 作？谢谢。 答：尊敬的投资者，您好！股价波动受影响因素较多，公司业绩表现是其中 一个。 ...

Group 1 - A total of 87 stocks were newly covered by institutions this week, with 14 stocks receiving target prices [1] - Naxin Micro was rated "Accumulate" by Guoyuan Securities with a target price of 207 CNY, while its latest closing price was 172.06 CNY [1] - Tengjing Technology received a "Buy" rating from Guojin Securities with a target price of 146.9 CNY, compared to its latest closing price of 109.63 CNY [1] Group 2 - Other notable stocks include Kingsoft Office, Desay SV, Dazhu CNC, and Northern Rare Earth, which were also mentioned in the report [1] - The report includes a detailed table of stocks with their respective institutions, research dates, latest ratings, target prices, and latest closing prices [2] - For instance, Kexin New Source was rated "Buy" by Guotai Junan Securities with a target price of 66.86 CNY, while its latest closing price was 42.73 CNY [2]

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with revenue and net profit showing significant year-on-year growth, driven by robust sales from traditional clients and new partnerships [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.996 billion yuan, a year-on-year increase of 15.4% [1] - The net profit attributable to shareholders reached 318 million yuan, reflecting a year-on-year growth of 27.2% [1] - In Q3 2025, revenue was 709 million yuan, up 15.7% year-on-year and 3.2% quarter-on-quarter [1] - The net profit for Q3 was 117 million yuan, showing a year-on-year increase of 27.2% and a quarter-on-quarter increase of 9.7% [1] Customer Performance - Sales from traditional clients, particularly the SAIC group, showed strong growth, with SAIC passenger vehicles and SAIC General Motors achieving sales of 228,300 and 135,600 units, respectively, representing year-on-year increases of 55.9% and 156.4% [1] - New energy vehicle sales from Li Auto declined significantly, with L6/L7 models seeing a nearly 50% year-on-year drop, while Tesla's sales in China showed a quarter-on-quarter recovery [1] - Xiaomi continued its strong growth trajectory, with Q3 sales reaching 108,800 units, a year-on-year increase of 173.4% and a quarter-on-quarter increase of 32.6% [1] Margin and Cost Analysis - The company's gross margin for Q3 was 27.4%, an increase of 1.7 percentage points year-on-year, although it decreased by 2.5 percentage points quarter-on-quarter [2] - The expense ratio for Q3 was 8.1%, a slight increase of 0.3 percentage points year-on-year and 0.6 percentage points quarter-on-quarter [2] - The net profit margin for Q3 was 16.5%, up 1.5 percentage points year-on-year and 1.0 percentage point quarter-on-quarter [2] Business Expansion - The company’s subsidiary, Wuxi Kaixiang, is focusing on precision plating and is currently the only qualified supplier for a major client in China, with plans to expand into power semiconductor components [2] - The precision plating business achieved a gross margin of 77.4% in the first half of 2025, indicating potential for significant future growth [3] Future Projections - The company is projected to achieve revenues of 2.99 billion, 4.00 billion, and 4.58 billion yuan for 2025 to 2027, with year-on-year growth rates of 18.0%, 32.9%, and 15.4% respectively [3] - Net profit forecasts for the same period are 480 million, 610 million, and 710 million yuan, with year-on-year growth rates of 28.1%, 26.1%, and 15.9% respectively [3]