盛弘股份2025年年度报告详解——投资者必读要点

一、核心亮点与经营业绩

• 营业收入稳健增长：2025年公司实现营业收入34.63亿元，同比增长14.05%，显示出公司在多个细分市场持续扩张能力。
• 净利润创新高：归属于上市公司股东净利润为4.76亿元，同比增长10.99%，扣非净利润4.65亿元，同比增长11.56%，经营质量提升显著。
• 经营现金流大幅改善：经营活动产生的现金流量净额为7.01亿元，同比激增92.77%，表明公司资金回流效率显著增强，财务状况稳健。
• 利润分配预案积极：拟每10股派发5元现金红利，按总股本扣除回购后计算，显示公司具备良好分红能力，对股东回报有力。
• 主要业务线均有突破：工业配套电源、储能、新能源汽车充换电及电池化成检测设备等多元业务齐头并进。

二、重点业务板块进展及前景

1. 工业配套电源业务

• 2025年实现销售收入7.10亿元，同比增长17.78%。
• 受AI与智算中心扩建、高端制造业政策红利及海外制造业回流等多重利好，行业需求持续释放。
• 产品覆盖有源滤波器（APF）、静止无功发生器（SVG）、三相不平衡调节装置（SPC）、动态电压调节器（AVC）、低压线路调压器（LVR）、UPS、高压SVG等，广泛应用于30多个行业。

2. 新能源汽车充换电服务业务

• 实现销售收入14.96亿元，同比增长23.04%。
• 行业政策推动与下游充换电运营商投资升温，重型卡车电动化等场景扩展带来需求高增。
• 产品涵盖直流桩、交流桩、一体式/分体式充电机，以及各类型换电柜，功率段覆盖15kW~2.5MW，技术先进。

3. 新能源电能变换设备业务

• 涵盖模块化储能变流器、直流变换器、集中式储能变流器、升压系统等，支持新能源发电配储、工商业削峰填谷、微电网和应急备电等应用。
• 产品实现电池与电网高效双向能量流动，对新型电力系统建设具关键支撑作用。

4. 电池化成与检测设备业务

• 产品覆盖电池材料测试、消费/动力/储能电芯测试、高性能测试、模组&PACK测试、储能舱测试等，适用于锂电、铅酸、钠电、固态电池全流程。
• 服务电池研发、中试、制造及回收利用全链条，推动上下游客户智能化转型。

三、财务与股东结构

• 资产持续扩张：2025年底总资产41.67亿元，同比增长13.52%；归属股东净资产21.68亿元，同比增长19.27%。
• 股东结构稳健：第一大股东方兴持股17.60%；前十大股东中机构投资者占比提升，显示市场认可度增强。
• 每股收益提升：基本每股收益1.5286元，同比增长10.42%。
• 加权净资产收益率24.15%，虽同比略降但依旧保持高位。

四、影响股价的重要事项

• 分红预案具有积极信号：高比例现金分红将提升投资者回报，增强市场信心。
• 充换电、储能等新兴业务高速增长：新能源与智能制造行业景气度高，公司前景被持续看好。
• 经营现金流大幅改善及资金充裕：资金状况极大改善，为后续扩张和研发投入打下坚实基础。
• 募投项目结项并将节余资金补充流动资金：优化资金结构，提升公司灵活性，有利于公司未来战略布局。

五、风险提示

• 公司行业受政策和下游投资周期影响较大，需关注政策调整、行业景气波动等风险。
• 竞争加剧可能影响产品毛利率和市场份额。

六、投资者应重点关注

• 现金分红方案、主营收入与净利润持续增长、现金流大幅提升、募投项目节余资金补充流动资金、充换电与储能等新业务扩张。
• 以上事项均可能对公司股价产生积极影响，建议投资者持续关注公司后续公告与业务进展。

免责声明：本内容仅用于信息披露和投资参考，不构成具体投资建议。投资有风险，决策需谨慎。

English Version

Sinexcel 2025 Annual Report Detailed Interpretation – Key Investor Insights

1. Key Highlights & Operating Performance

• Robust Revenue Growth: 2025 operating income reached RMB 3.463 billion, up 14.05% YoY, reflecting strong expansion across core markets.
• New Profit High: Net profit attributable to shareholders was RMB 476 million, up 10.99% YoY; net profit ex-non-recurring was RMB 465 million, up 11.56%, indicating improved quality.
• Significant Cash Flow Improvement: Net operating cash flow reached RMB 701 million, up 92.77% YoY, demonstrating robust financial health and cash efficiency.
• Active Dividend Plan: Proposed cash dividend of RMB 5.00 per 10 shares (pre-tax), based on the outstanding share count after buybacks—a strong sign of shareholder return capability.
• Progress Across Multiple Business Lines: Industrial power supply, energy storage, NEV charging/swapping, and battery formation/testing all advanced in parallel.

2. Key Business Segments & Outlook

1) Industrial Supporting Power Supply

• 2025 sales: RMB 710 million, up 17.78% YoY.
• Driven by AI, smart computing center expansion, high-end manufacturing policy benefits, and overseas supply chain shifts, demand continues to rise.
• Product range: APF, SVG, SPC, AVC, LVR, UPS, high-voltage SVG, serving 30+ industries.

2) NEV Charging & Swapping Services

• Sales: RMB 1.496 billion, up 23.04% YoY.
• Industry policies and downstream operator investment heat up, with expanding electrification scenarios, especially for heavy-duty vehicles.
• Comprehensive product lineup: DC/AC piles, integrated/split chargers, and various swapping cabinets, covering 15kW–2.5MW.

3) New Energy Power Conversion Equipment

• Includes modular energy storage inverters, DC converters, centralized inverters, step-up systems for flexible applications in power stations, C&I, microgrids, and backup power.
• Key role in ensuring efficient bi-directional energy flow and supporting new power systems.

4) Battery Formation & Testing Equipment

• Product range covers material/cell/module testing systems for lithium, lead-acid, sodium, solid-state batteries—serving R&D, pilot, production, and recycling.
• Empowers clients across the industry chain with intelligent, safe, reliable testing solutions.

3. Financials & Shareholder Structure

• Expanding Asset Base: Total assets RMB 4.167 billion (+13.52%); shareholders’ equity RMB 2.168 billion (+19.27%).
• Stable Shareholder Structure: Main shareholder Fang Xing holds 17.60%; top ten shareholders include rising institutional ownership.
• EPS Growth: Basic EPS RMB 1.5286 (+10.42%).
• High ROE: 24.15%, slightly lower YoY but still at a strong level.

4. Price-Sensitive Matters

• Dividend Plan: High cash dividend, likely to boost market confidence and enhance shareholder returns.
• High-Growth in New Businesses: Energy storage, NEV charging, and other emerging segments continue to expand rapidly—market outlook remains positive.
• Substantial Cash Flow Improvement: Stronger cash position supports future expansion and R&D.
• Idle IPO Proceeds Reallocated: Completion of fundraising projects with surplus funds permanently added to working capital, improving financial flexibility.

5. Risk Reminders

• Company performance is subject to policy and downstream investment cycles—investors should monitor policy adjustments and industry fluctuations.
• Intensified competition may impact profit margins and market share.

6. What Investors Must Watch

• Dividend plan, sustained growth in core metrics, strong cash flow, reallocation of fundraising surpluses, and expansion in new energy/charging/storage segments are all price-sensitive highlights.
• Investors are advised to track ongoing company announcements and business progress closely.

Disclaimer: This report is for information and reference only and does not constitute specific investment advice. Investments carry risks; please make decisions prudently.

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