苏奥传感（300507）2025年度报告深度解读：控股权变更、业绩波动与新能源布局成关注焦点

一、核心要点和主要看点

• 控股权变更及实际控制人变动：2025年，公司原控股股东李宏庆与中创新航签署股份转让及表决权放弃协议，10月完成股份过户，公司控股股东正式变更为中创新航，同时公司无实际控制人。这一重大变化或将影响公司未来战略方向和资源整合能力。
• 业绩表现：2025年营业收入为22.94亿元，同比增长37.43%；但归母净利润为1.20亿元，同比下降13.28%。净利润下滑主要因并表子公司博耐尔后，受大客户年降及整体毛利率低于母公司影响。此外，整体汽车行业“年降”压力及原材料、人工成本上升亦导致集团毛利率下滑。
• 新能源战略持续推进：
  • 中创新航成为控股股东后，公司与其在新能源领域实现深度协同，加速向新能源汽车零部件领域转型。
  • 安徽奥力威和奥力威新能源公司项目落地，完善区域布局和产能优化，提升供应链响应速度。
  • 加大研发投入，产品线已覆盖传统燃油、混合动力、纯电动及新兴领域，并实现多款传感器新产品商业化。
• 并购及业务协同：收购博耐尔后，双方在研发、销售和品牌等方面实现深度融合，提升汽车热管理系统整体竞争力。
• AMCB覆铜陶瓷基板项目：已向多家知名企业提供样品，部分项目进入小批量阶段，有望成为新的利润增长点。
• 股东结构及分红预案：
  • 报告期末普通股股东总数为40,997人。
  • 2025年利润分配预案：每10股派发现金红利0.6元（含税），不送红股、不转增股本。

二、对股东及投资者的重要提示（可能影响股价的敏感信息）

• 控股权变更及无实际控制人：控股权转让为重大公司治理事件，未来公司战略、资源配置及资本运作可能发生调整，短期内或引发市场情绪波动。
• 业绩增收不增利，毛利率承压：尽管营收大幅提升，但净利润下降，且集团毛利率受压，反映业务结构、成本控制及行业竞争压力的问题，需持续关注后续盈利能力修复状况。
• 新能源转型步伐加快：新能源领域的协同和新产品商业化为公司打开新成长空间，相关进展及订单落地情况将成为未来估值的核心驱动因素。
• AMCB覆铜陶瓷基板等新材料项目进展：若后续实现规模化量产及下游大客户订单，将直接提升公司业绩及估值。
• 子公司整合与协同管理：未来公司将加强对博耐尔等子公司整合管理，优化客户结构与运营效率，若整合顺利，有望改善整体毛利率和盈利能力。
• 分红方案落地：虽现金分红额度有限，但显示公司持续回馈股东意愿。

三、公司经营模式与管理亮点

• 多元化产品矩阵：涵盖传感器及配件、燃油系统附件、汽车内饰件、新能源部件，布局日趋完善。
• 以销定产、外协与自制结合：技术含量高的产品自制，附加值较低的产品外协，优化产能及成本结构。
• 供应链与采购管理：严格供应商管理制度，采用框架性采购协议，提升采购灵活性与成本控制能力。
• 质量管理体系完善：外协厂商需通过严格考评，产品全过程质量控制，保障产品交付和客户满意度。

四、主要财务指标详细披露

• 2025年末总资产：40.08亿元，同比下降2.34%；归母净资产21.53亿元，同比增长4.51%。
• 2025年经营活动现金流净额3.09亿元，同比增长64.34%。
• 基本每股收益0.15元，同比下降16.67%；加权平均净资产收益率5.67%，下降1.23个百分点。
• 分季度营收与利润均衡，第四季度净利润环比提升。

五、其他值得关注的重要事项

• 2025年11月，公司完成董事会换届，董事结构调整。
• 报告期无优先股、无存续债券，资本结构较为稳健。
• 公司未发生重大质量事故，客户满意度高。

六、投资者应关注的潜在风险

• 公司业绩虽增长但盈利能力短期承压，未来能否改善需关注行业周期、产品结构及成本控制。
• 控股权变更后管理层稳定性、战略连贯性需持续观察。
• 行业市场竞争加剧，原材料价格波动及人力成本上升仍是主要风险。

免责声明

本文内容仅为公开信息整理和分析，不构成任何投资建议。投资者需结合自身实际情况及风险偏好，谨慎决策。公司未来经营、业绩、行业环境等均可能存在不确定性，敬请注意投资风险。

English Version:

Suoao Sensor (300507) 2025 Annual Report In-Depth: Control Transfer, Profit Volatility, and Accelerating New Energy Strategy

Key Highlights & Major Developments

• Change of Controlling Shareholder & No Actual Controller: In 2025, the original controlling shareholder Li Hongqing signed an equity transfer and voting rights waiver agreement with CALB (China Aviation Lithium Battery – Zhongchuangxin Hang). The share transfer was completed in October, making CALB the new controlling shareholder, and the company now has no actual controller. This significant change could affect future strategy and capital operations.
• Financial Performance: 2025 revenue reached RMB 2.29 billion, up 37.43% YoY; net profit attributable to shareholders was RMB 119.57 million, down 13.28% YoY. The decline in net profit despite revenue growth was mainly due to the full-year consolidation of BONAIRE (acquired Q4 2024), whose lower gross margin and customer pricing pressure dragged on group profitability. The auto industry’s general “annual price decrease” trend and rising raw material/labor costs also weighed on margins.
• Accelerating New Energy Strategy:
  • With CALB as a controlling shareholder, deep collaboration in new energy sector is on the agenda, speeding up the company’s pivot toward NEV components.
  • Key projects in Anhui and the new energy subsidiary have been launched, optimizing regional production and boosting supply chain efficiency.
  • R&D spending increased, with product lines now covering ICE, hybrid, BEV, and emerging applications; several new sensor products have entered commercialization.
• M&A and Synergies: Post-acquisition of BONAIRE, the two achieved synergy in R&D, sales, and branding, strengthening competitiveness in automotive thermal management systems.
• AMB Copper-Clad Ceramic Substrate Project: Product samples delivered to major clients; some projects have entered small-batch production and could become a new profit engine.
• Shareholder Structure & Dividend Plan:
  • Number of ordinary shareholders at period-end: 40,997.
  • 2025 dividend plan: RMB 0.06 cash per 10 shares (before tax), with no bonus shares or capital increase.

Shareholder/Investor Must-Knows (Potentially Price Sensitive)

• Change of Control & No Actual Controller: This is a major event that could trigger market volatility and affect future strategic direction and resource allocation.
• Revenue Up, Profit Down, Margin Pressure: Despite strong revenue growth, profit declined and group margins compressed—reflecting competitive intensity, client pricing pressure, and cost challenges. The market will watch for signs of profit recovery.
• New Energy Push: Collaboration with CALB and new product launches in the NEV sector open up new growth potential; real-world order wins and scale-up will be key to rerating.
• AMB Substrate Project: If small-batch production leads to large orders, this could drive a new profit cycle.
• Subsidiary Integration: Further integration and management of BONAIRE and others are planned to optimize customer structure and operational efficiency, which could improve margins if successful.
• Dividend Plan: Modest payout, but demonstrates ongoing shareholder return policy.

Business Model & Management Highlights

• Diversified Product Matrix: Covers sensors, fuel system accessories, interior parts, and new energy components.
• Sales-Driven Production, In-House & Outsourcing Mix: High-tech products are self-produced, low-tech are outsourced, optimizing capacity and cost.
• Supply Chain & Procurement: Strict supplier management; framework procurement contracts enhance flexibility and cost control.
• Strong Quality Controls: Only strictly vetted suppliers are used; company supervises the entire process for outsourced products.

Detailed Financial Metrics

• Total assets at end-2025: RMB 4.01 billion (-2.34% YoY); net assets attributable to shareholders: RMB 2.15 billion (+4.51%).
• Net cash from operating activities: RMB 308.86 million (+64.34% YoY).
• Basic EPS: RMB 0.15 (-16.67%); ROE: 5.67% (-1.23pp).
• Quarterly profit was balanced, with Q4 seeing a sequential uptick.

Other Important Matters

• Board of directors election and structure adjustment in November 2025.
• No preferred shares or outstanding bonds; capital structure remains stable.
• No major quality incidents; high customer satisfaction.

Risks for Investors

• Despite top-line growth, short-term profit pressure persists; watch for recovery in profitability amid industry cycles and cost pressures.
• Post-control change, management stability and strategic continuity need monitoring.
• Intense industry competition and volatility in raw material/labor costs remain key risks.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should combine this analysis with their own risk appetite and consult professional advisors if needed. Future business, industry, and financial results are subject to uncertainty. Please be aware of investment risks.

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