证券代码：002965 证券简称：祥鑫科技 公告编号：2025-012 祥鑫科技股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、通知债权人的原因 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 02 月 17 日召开第四届董 事会第三十三次会议和第四届监事会第三十三次会议并于 2025 年 03 月 06 日召开 2025 年第一次临时股东大会，审议通过了《关于回购注销部分激励对象已获授但尚未解除限 售的限制性股票的议案》。 公司 2021 年限制性股票激励计划首次授予限制性股票的激励对象中有 1 人因个人 原因已离职（不再具备激励资格）、在第三个解除限售期个人绩效考核中有 21 名激励对 象的综合考评结果为 B（个人层面解除限售比例为 80%）和有 7 名激励对象的综合考评 结果为 C（个人层面解除限售比例为 70%），根据《上市公司股权激励管理办法》《激励 计划》等相关规定，公司将对上述 29 名激励对象所对应的已获授但尚未解除限售的 69,900股限制性股票进行回购注销 ...

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-011 祥鑫科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开的情况 1、召开时间： （1）现场会议召开时间：2025 年 03 月 06 日 15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 03 月 06 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联 网投票系统投票的具体时间为 2025 年 03 月 06 日上午 9:15 至下午 15:00 期间的任意时间。 2、召开地点：广东省东莞市长安镇长安建安路 893 号办公楼三楼会议室。 3、召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 4、召集人：公司董事会。 二、会议出席情况 1、会议总体出席情况 出席本次股东大会现场会议和网络投票表决的股东及股东代理人（以 ...

北京市环球（深圳）律师事务所 关于 祥鑫科技股份有限公司 2025 年第一次临时股东大会 之 法律意见书 北京市环球（深圳）律师事务所 关于 祥鑫科技股份有限公司 一、本次股东大会的召集和召开程序 为召开本次股东大会，公司董事会于 2025 年 2 月 19 日在《公司章程》规定 2025 年第一次临时股东大会 之 法律意见书 GLO2025SZ（法）字第 0328 号 致：祥鑫科技股份有限公司 北京市环球（深圳）律师事务所（下称"本所"）受祥鑫科技股份有限公司 （下称"公司"或"祥鑫科技"）的委托，根据《中华人民共和国公司法》（下 称"《公司法》"）、《上市公司股东大会规则》（下称"《股东大会规则》"） 等法律、法规、规章及《祥鑫科技股份有限公司章程》（下称"《公司章程》"） 的有关规定，指派律师列席公司 2025 年第一次临时股东大会（下称"本次股东 大会"或"本次会议"），并就本次股东大会有关事宜发表法律意见。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、会议表决程序是否符合中国相关法律、法规及《公司章程》 的规定以及表决结果是否合法有效发表意见，并不对本次股 ...

Summary of Xiangxin Technology Conference Call Company Overview - Xiangxin Technology has expanded from an automotive stamping parts supplier to the fields of power batteries, energy storage, and photovoltaics, establishing partnerships with leading companies such as CATL and Huawei. The automotive and power battery business accounts for approximately 80% of total revenue, while the photovoltaic and energy storage business accounts for about 20% [2][4]. Core Business Insights - The company is actively developing in the fields of robotic dexterous hands and joint assemblies, having secured orders for structural components for flying cars and battery structures, which are expected to benefit from the development of the low-altitude economy. These new businesses are anticipated to enhance the company's valuation [2][5]. - Long-term cooperation with Huawei in the energy storage and photovoltaic sectors provides Xiangxin Technology with a first-mover advantage in entering the robotics field, potentially increasing market attention and driving valuation growth [2][6]. Financial Performance - From 2020 to 2023, the company's revenue compound annual growth rate (CAGR) reached 45.8%, driven by the expansion in electric vehicles and power batteries. Revenue growth is expected to slow to around 25% in 2024, with the share of photovoltaic and energy storage business increasing to 30% [2][8]. - The company forecasts a net profit of 4.5 to 4.6 billion yuan in 2025 and 5.3 billion yuan in 2026. The current market capitalization corresponds to a PE ratio of approximately 22 times for 2025, with a target market capitalization of 13.5 billion yuan [3][24][26]. Profitability and Margin Trends - The company's gross margin has been under pressure in recent years due to rising shipping costs and raw material prices. However, with the decline in shipping costs and raw material prices, profitability is expected to stabilize and gradually recover starting in the second half of 2024 [9][10]. - Approximately 80% to 90% of the company's revenue comes from domestic sales, with only 10% from exports. The lower gross margin from domestic sales compared to exports has put pressure on overall gross margins, but overseas capacity expansion is expected to improve this situation [11][12]. Market and Competitive Landscape - The downstream revenue primarily comes from the automotive, power battery, and photovoltaic structure markets, with automotive and power battery accounting for about 80%. The market for power battery boxes is projected to exceed 40 billion yuan by 2027, with an annual growth rate of 17%-18% [13][14][15]. - The photovoltaic and energy storage structure market is expected to grow significantly, with global photovoltaic installations projected to reach 470 GW by 2024 and 500 GW by 2025, while energy storage installations are expected to grow at an even faster rate [16][17]. Competitive Advantages - Xiangxin Technology has established a competitive edge through partnerships with leading suppliers like Huawei, which has led to sustained revenue growth in the energy storage sector. The company possesses diverse material processing and connection technologies, enhancing its competitive position in the power battery box market [18][19]. Customer Base and Capacity Layout - Major customers include automotive manufacturers such as GAC and Xpeng, with GAC being the largest customer, accounting for about 20% of revenue. In the battery sector, CATL is a core customer, expected to account for about 15% of revenue in 2024 [20][21]. - The company has established a diversified capacity layout both domestically and internationally, with factories in Mexico and Thailand to meet local customer demands [22]. Potential Growth Areas - Potential growth areas include the low-altitude economy and humanoid robotics. The company has received a notification for structural components from a flying car client, valued at approximately 50 million yuan, and is exploring advanced technologies in humanoid robotics [23]. Valuation Outlook - The target market capitalization is set at 13.5 billion yuan, corresponding to a 30 times PE ratio for 2025, indicating a potential upside of over 30% compared to the current stock price [26].

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance and outlook of a company named "Xiangxin Technology" within the robotics and machinery industry, highlighting its strong stock performance since a report was issued in mid-January [1] - The broader machinery sector is experiencing significant interest, with a focus on robotics and automation technologies [1] Key Points and Arguments - **Industry Dynamics**: The robotics industry is thriving, particularly in regions like the Yangtze River Delta and the Pearl River Delta, which are crucial for the development of robotics in China [2] - **Government Support**: The Guangdong provincial government is actively promoting the robotics industry, evidenced by initiatives such as the establishment of the "Giant Intelligent Entrepreneurship Center" [2] - **Collaboration with Local Governments**: The company is collaborating with local governments in Dongguan to establish industry funds and encourage high-quality development in robotics [3] - **Supply Chain Focus**: The call emphasizes the importance of supply chain dynamics, particularly the roles of major players like Huawei, Xiaomi, and Li Auto, which are currently underappreciated by investors [4][5] - **Technological Advancements**: The company is involved in cutting-edge developments in artificial intelligence and robotics, collaborating with various partners to enhance its technological capabilities [6] Financial Performance and Projections - **Revenue Breakdown**: The company’s revenue is diversified across several sectors, with approximately 4 billion from new energy, 1 billion from traditional automotive, and 1 billion from photovoltaic systems [11] - **Growth Expectations**: The company anticipates a revenue growth of 10% to 20% in 2025, driven by strong demand from clients like Huawei and Ningde [12] - **Profitability Outlook**: The company is projected to achieve a profit of 580 million by 2025, with a market valuation of around 11 billion, indicating a favorable valuation relative to its fundamentals [14] Product Development and Innovations - **New Technologies**: The company is developing a new cooling technology for electric vehicle batteries, which is expected to reduce costs and improve thermal efficiency [12][13] - **Market Launches**: New products are expected to be showcased by mid-2024, with potential collaborations with major automotive clients like BYD and Tesla [16] - **Value Creation**: The company estimates significant value creation opportunities in both automotive and robotics sectors, with potential single-unit values ranging from 1,000 to 10,000 depending on the application [17][18] Additional Insights - **Strategic Positioning**: The company is well-positioned geographically in Dongguan, benefiting from local government initiatives and a strong manufacturing base [7] - **Collaborative Efforts**: The company is forming partnerships with academic institutions and other tech firms to enhance its product offerings and technological capabilities [8][9] - **Market Sentiment**: Despite the positive outlook, there is a recognition that the company’s progress may not be as rapid as competitors like Tesla, but it remains a strong player in the robotics space [6] This summary encapsulates the key insights from the conference call, focusing on the company's strategic positioning, financial outlook, and industry dynamics.

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Viewpoints - The company's main business is stable, focusing on precision stamping molds and metal structural components for new energy vehicles and energy storage equipment [1][2] - The company has established strong partnerships with well-known domestic and international clients, becoming a first-tier supplier for major automotive manufacturers [1] - Future plans include expanding into humanoid robots and low-altitude economic sectors, indicating a strategic shift towards new productivity [3][6] Summary by Relevant Sections Main Business - The company produces precision stamping molds and metal structural components for new energy vehicles, fuel vehicles, and energy storage equipment, with significant revenue contributions from new energy vehicle components [1][2] Financial Performance - In the first three quarters of 2024, the company reported revenue of 4.878 billion yuan, a year-on-year increase of 24.88%, with a net profit of 269 million yuan [2] - For the first half of 2024, revenue reached 3.154 billion yuan, with new energy vehicle components accounting for 1.885 billion yuan, representing 59.77% of total revenue and a year-on-year increase of 41.54% [2] Future Planning - The company aims to develop humanoid robots and low-altitude economic sectors, collaborating with research institutions to innovate in key components for humanoid robots [3][6] - The strategic focus on humanoid robots is expected to provide comprehensive solutions from molds to structural components based on customer needs [3] Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 6.861 billion yuan, 8.478 billion yuan, and 10.267 billion yuan respectively, with corresponding net profits of 462 million yuan, 501 million yuan, and 542 million yuan [7][9]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Viewpoints - The company's main business is stable, focusing on precision stamping molds and metal structural components for electric vehicles and energy storage equipment [1][2] - The company has established strong partnerships with well-known domestic and international clients, becoming a first-tier supplier for major automotive manufacturers [1] - Future plans include expanding into humanoid robots and low-altitude economic sectors, indicating a strategic shift towards new production capabilities [3][6] Summary by Relevant Sections Business Overview - The company produces precision stamping molds and metal structural components for electric vehicles, fuel vehicles, and energy storage equipment, with significant revenue contributions from electric vehicle components [1][2] - In the first three quarters of 2024, the company reported revenue of 4.878 billion yuan, a year-on-year increase of 24.88%, with net profit reaching 269 million yuan [2] Future Planning - The company aims to develop humanoid robots and low-altitude economic sectors, collaborating with research institutions to innovate in key components for humanoid robots [3][6] - The strategic focus on humanoid robots is expected to provide comprehensive solutions from molds to structural components based on customer needs [3] Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 6.861 billion yuan, 8.478 billion yuan, and 10.267 billion yuan respectively, with corresponding net profits of 462 million yuan, 501 million yuan, and 542 million yuan [7][9] - The company is expected to maintain a stable growth trajectory, with a projected PE ratio of 24.8, 22.9, and 21.1 for the years 2024, 2025, and 2026 respectively [7][9]

Summary of Xiangxin Technology Conference Call Company Overview - Xiangxin Technology has a close partnership with Huawei, contributing approximately 10% of its revenue, primarily from automotive BU controller casings, digital energy storage, and communication server products, indicating its significant position in Huawei's supply chain [2][4] - The company is actively expanding into the robotics sector, having established a technology innovation center in collaboration with the Guangdong Academy of Sciences and plans to create a dedicated robotics subsidiary [2][4] Key Developments - Initial collaborations with UBS and KUKA for structural components have provided experience, leading to the formation of teams focused on industrial robots and key components, laying the groundwork for humanoid robot business development [2][6] - Xiangxin Technology possesses strong synergies in mold manufacturing, with in-house lathes and extensive production experience, enabling efficient mass production and collaboration with multiple robotics companies, including Huawei, GAC, and BYD [2][8] - The company anticipates revenue of 6.5 billion RMB in 2024, with segments including new energy (4 billion RMB), traditional automotive (1 billion RMB), photovoltaic inverter systems (1 billion RMB), and communication business (200 to 400 million RMB) [2][9] Technological Advancements - The company's refrigerant cooling technology offers cost-saving and efficiency advantages over traditional water cooling solutions, improving heat transfer and reducing costs by optimizing traditional direct cooling technology [2][10] - This technology is currently applied in automotive sectors and is planned for expansion into commercial energy storage and server fields, with expected orders by 2025 [2][10] Export and Financial Outlook - Xiangxin Technology has established production capacity in Mexico, supplying components to Stellantis and Renault, and has secured projects with Tesla, projecting a small profit by 2025 with an expected profit of 580 million RMB and a market value of 11 billion RMB [2][3][11] - The company is valued at less than 20 times its earnings, indicating a favorable valuation and improving fundamentals [2][11] Collaboration and Market Position - The company is progressing with its collaboration with Jimu, having sent samples and is expected to complete the project by mid-2025 [2][12] - Xiangxin Technology has successfully engaged with various automotive clients, including multiple collaborations with the automotive BU [2][12] Market Potential - In the automotive sector, the company estimates a per-vehicle value of 2,500 RMB for pure electric models and around 1,000 RMB for hybrid models, with significant contributions from battery and body components [2][13] - In the robotics sector, the per-unit value for structural components is estimated between 5,000 to 10,000 RMB, with potential for higher values depending on future negotiations [2][13]

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-010 祥鑫科技股份有限公司 关于公司 2021 年限制性股票激励计划首次授予限制性股票 3、公司对本次股权激励计划的激励对象及内幕信息知情人在本次股权激励计划公 开披露前 6 个月内（即 2021 年 03 月 16 日至 2021 年 09 月 17 日）买卖公司股票及可转 换公司债券的情况进行了自查，并于 2021 年 09 月 29 日披露了《关于公司 2021 年限制 性股票激励计划内幕信息知情人及激励对象买卖公司股票及可转换公司债券情况的自 查报告》。 第三个解除限售期解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次符合解除限售条件的激励对象人数为 59 人；本次解除限售的限制性股票数 量为 713,100 股，占公司目前总股本的 0.3492%。 2、本次解除限售股份的上市流通日为 2025 年 02 月 25 日。 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 02 月 17 日召开第四届董事 会第三十三次会议和第四 ...

证券代码：002965 证券简称：祥鑫科技 公告编号：2025-005 特别提示： 1、本次符合解除限售条件的激励对象人数为 59 人；本次可解除限售的限制性股票 数量为 713,100 股，占公司目前总股本的 0.3492%。 2、本次解除限售的限制性股票在办理相关解除限售手续后、上市流通前，公司将 发布相关提示性公告，敬请投资者注意。 祥鑫科技股份有限公司（以下简称"公司"）于 2025 年 02 月 17 日召开第四届董事 会第三十三次会议和第四届监事会第三十三次会议，审议通过了《关于公司 2021 年限 制性股票激励计划首次授予限制性股票第三个解除限售期解除限售条件成就的议案》。 根据《上市公司股权激励管理办法》《祥鑫科技股份有限公司 2021 年限制性股票激励计 划》（以下简称"《激励计划》"）和《祥鑫科技股份有限公司 2021 年限制性股票激励计 划实施考核管理办法》（以下简称"《考核管理办法》"）等相关规定，公司 2021 年限制 性股票激励计划（以下简称"本次股权激励计划"）首次授予限制性股票第三个解除限 售期解除限售条件已经成就。现就相关事项公告如下： 一、本次股权激励计划已履行的审批程序 ...