森赫电梯股份有限公司2025年年度报告摘要深度解读

要点概述

• 主营业务：电梯、自动扶梯和自动人行道的研发、制造、销售及后市场服务（包括安装调试、维修保养、配件销售、更新改造等）。公司已形成9个系列24种型号的垂直电梯产品、2个系列6种型号的自动扶梯和自动人行道产品，致力于成为优质的电梯系统解决方案服务商。
• 2025年业绩：公司2025年度实现营业收入55,602.41万元，同比下降22.38%；归属于上市公司股东的净利润7,494.49万元，同比下降22.61%；加权平均净资产收益率8.99%，同比下降2.54个百分点。主要受房地产市场深度调整及国内新增需求阶段性承压影响。
• 分红方案：以266,786,667股为基数，每10股派发现金红利2元（含税），不送红股、不以资本公积金转增股本。
• 股权结构：实际控制人李东流先生直接及间接合计持有超50%股份，股权高度集中。前十大股东中无国有资本、外资持股占比较低。
• 财务状况：总资产同比下降8.11%，归属于上市公司股东的净资产同比下降9.72%。经营活动产生的现金流量净额同比下降10.63%。
• 核心战略及未来展望：公司聚焦智慧工厂、智能制造、绿色低碳发展，持续加大研发投入，强化国内外营销网络，尤其重视存量市场、旧楼加装电梯、“一带一路”海外市场拓展。2026年计划通过国内分支机构完善、海外合作深化、产品创新升级等多维措施提升核心竞争力。
• 技术创新与人才建设：2025年获得多项实用新型专利，持续加强技能人才梯队建设，获评“浙江省有突出贡献中青年专家”等荣誉。
• 社会责任与公益：持续投入慈善事业，获评“慈善突出贡献单位”，累计捐赠金额超过50万元。
• 政策驱动与行业机遇：政府工作报告提出城市更新、老旧小区改造、新基建等政策利好，为公司在电梯更新、加装、智能改造等领域带来广阔市场空间。

对股东的重要提示及敏感信息

• 业绩下滑风险：公司2025年收入和净利润同比均有较大幅度下降，主要受行业整体下行、房地产市场低迷影响，短期内业绩波动较大，或影响公司估值与股价表现。
• 股权高度集中：实际控制人持股比例高达45.37%，加上其通过控股公司间接控制，超过50%，公司治理存在一定集中度风险。
• 分红稳定：尽管业绩下滑，公司依然维持较为稳定的现金分红，显示管理层对股东回报的重视，对投资者信心有一定支撑。
• 海外市场扩张：公司加大“一带一路”沿线国家市场拓展，2025年参与尼日利亚、俄罗斯等国际电梯展，已取得实质性进展。新兴市场突破有望成为业绩新增长点，若实现持续突破将对公司估值形成正面影响。
• 政策利好驱动：政府对既有建筑加装电梯、城市更新等政策持续加码，存量市场需求释放。公司已将相关领域列为重点发展方向，政策落地进度值得密切关注。
• 研发与创新能力强化：多项专利落地与投用，有助于强化公司技术壁垒和行业竞争力，长期利好公司市场地位。
• 2026年经营计划：公司将持续加大国内外市场开拓与渠道建设，聚焦智能化、绿色化、标准化转型，提升内部管理效率，确保高质量可持续发展。

详细解读

一、业务与产品布局

森赫电梯主营业务覆盖电梯、自动扶梯、自动人行道全产业链，产品线丰富，涵盖乘客电梯、载货电梯、观光电梯、病床电梯、家用电梯、杂物电梯、消防电梯、防爆货梯等多种细分产品，满足住宅、商业、医疗、工业等多元场景需求。自动扶梯和人行道产品广泛应用于商业综合体、机场、医院、轨道交通等领域。公司不断加大新产品和新技术研发，强化产品性能与安全，提升产品附加值和市场竞争力。

二、经营模式与盈利结构

公司以“设计-采购-制造-销售-安装-维保-配件销售-更新改造”一体化模式服务客户，实现电梯全生命周期价值。盈利以电梯整机制造销售为主，后市场服务（安装调试、维保、配件更换）为辅。未来将持续提升后市场业务比重，顺应行业由增量转向存量的趋势，实现高质量持续盈利。采购方面坚持优选供应商、成本控制与品质保障，生产侧依托ERP与MES系统实现高效协同，营销侧强化直销与经销并举模式，境内直销+经销并重，境外以经销为主，稳定渠道网络。

三、经营业绩与财务健康度

• 2025年营业收入55,602.41万元，同比下降22.38%；归母净利润7,494.49万元，同比下降22.61%；扣非净利润6,568.82万元，同比下降26.85%。
• 总资产12.65亿元，较上年末下降8.11%；归母净资产7.85亿元，下降9.72%。
• 经营活动现金流净额9,656.63万元，同比下降10.63%。
• 基本每股收益0.28元，较去年下降22.22%。
• 加权平均净资产收益率8.99%，较去年下降2.54个百分点。
• 分季度来看，业绩波动较为平稳，未出现单季大幅波动。

公司业绩下滑主要受房地产市场深度调整、行业需求阶段性承压影响。随着国家加大对老旧小区改造、电梯加装、城市更新等政策支持，未来增长动力有望重拾。

四、股本结构与主要股东

• 实际控制人李东流先生直接及间接合计持股超50%，股权高度集中，控制权稳固，外部股东影响力有限。
• 前十大股东中，浙江米高投资、湖州尚得投资均为李东流控制企业，其他机构及个人股东持股比例有限。
• 外资持股占比低（高盛、摩根士丹利合计1.34%），暂无国有资本入股。
• 截至2025年末，公司普通股股东总数9,637人。

五、核心战略与2026年规划

• “智慧工厂”战略持续推进，聚焦智能制造、绿色低碳转型。
• 国内市场：完善省会及重点城市分支机构，强化招投标能力，提升服务响应速度，布局城市展厅新型营销模式。
• 国际市场：响应“一带一路”倡议，深化俄罗斯、中亚、非洲、东南亚等市场布局，提升品牌影响力，积极参与国际展会，推动海外重大项目落地。
• 产品升级：聚焦旧梯更新、加装市场，持续优化产品设计、提升可靠性和耐用性。
• 内部管理优化：推动标准化、数字化、智能化管理，提升材料利用率、缩短交付周期、降低成本、提升效益。
• 人才队伍建设：加强技能型人才培养，推行“技能大师工作室”，提升员工归属感与创新动力。
• 社会责任：继续深耕公益慈善，提升企业社会形象与品牌美誉度。

六、技术创新与知识产权

• 2025年度获得“一种复绕轮固定结构”“一种安装缓冲器的机械缓冲墩”“UCMP测试及旁路保护装置”“大载货货梯补偿链导向装置”等多项专利。
• 研发成果有效提升产品性能和安全性，强化公司技术壁垒与行业领先地位。

七、政策与行业环境

• 《2026年政府工作报告》提出高质量推进城市更新、稳步实施老旧小区改造，电梯加装及更新改造迎来政策红利。
• 公司积极跟进政策导向，聚焦老旧小区、城市更新、智能维保等细分市场，为后续增长打开广阔空间。

投资者须知与风险提示

• 公司2025年业绩出现较大幅度下滑，未来能否实现业绩回升需密切关注宏观经济、房地产市场及政策落地情况。
• 实际控制人股权高度集中，可能引发治理结构风险。
• 新市场与新业务拓展成效存在不确定性，国际市场波动、汇率变化等因素亦需关注。
• 公司持续保持分红政策，有望稳定投资者信心。
• 政策红利释放下，公司能否把握住行业机会、实现业绩反转，将成为未来股价波动的重要变量。

免责声明：本文仅为基于森赫电梯股份有限公司2025年年度报告摘要的深度解读，不构成任何投资建议。投资者应结合自身风险承受能力，谨慎决策。公司经营状况、行业环境及政策变化均可能对企业未来业绩及股价表现产生重大影响，敬请投资者注意相关风险。

English Version

In-depth Review of Sicher Elevator Co., Ltd. 2025 Annual Report Summary

Key Highlights

• Main Business: Specializes in R&D, manufacturing, and sales of elevators, escalators, and moving walkways, as well as aftermarket services (installation, maintenance, spare parts, upgrades). The company offers 9 series with 24 vertical elevator models and 2 series with 6 escalator/moving walkway models, aiming to be a premium elevator system solutions provider.
• 2025 Performance: Revenue was RMB 556.02 million, down 22.38% YoY. Net profit attributable to shareholders was RMB 74.94 million, down 22.61% YoY. Weighted average ROE was 8.99%, down 2.54 pct points, mainly due to real estate market downturn and temporary pressure in new demand.
• Dividend Plan: Based on 266,786,667 shares, a cash dividend of RMB 2 (tax-included) per 10 shares will be distributed, with no stock dividend or capital reserve transfer.
• Shareholding Structure: Actual controller Mr. Li Dongliu holds over 50% shares directly and indirectly—highly concentrated ownership. No state capital, low foreign shareholding among top 10 shareholders.
• Financial Status: Total assets down 8.11% YoY; net assets attributable to shareholders down 9.72%. Net cash from operating activities down 10.63%.
• Core Strategy & Outlook: Focus on smart factory, intelligent manufacturing, green low-carbon development, increased R&D, stronger domestic and international networks, and emphasis on the retrofit and overseas markets (especially the Belt and Road Initiative). 2026 plan includes strengthening domestic branches, deepening international cooperation, and product innovation.
• Tech Innovation & Talent: Multiple new utility patents obtained; continued investment in skilled workforce, with recent provincial-level expert awards.
• CSR & Charity: Ongoing charity projects, recognized as “Outstanding Charity Contributor”, with total donations exceeding RMB 500,000.
• Policy & Industry Drivers: Government policy on urban renewal, old community renovation, and new infrastructure is supportive, expanding the addressable market for elevator retrofits and upgrades.

Important and Price-sensitive Information for Shareholders

• Earnings Decline Risk: Both revenue and net profit declined significantly in 2025, mainly due to industry downturn and weak real estate. Short-term performance volatility may impact valuation and share price.
• Highly Concentrated Ownership: Actual controller directly and indirectly holds over 50% equity, resulting in governance concentration risk.
• Stable Dividend: Despite the drop in earnings, the company maintains a steady cash dividend, showing management’s commitment to shareholder returns and potentially supporting investor confidence.
• International Expansion: Enhanced efforts in Belt and Road markets, with tangible progress in Nigeria, Russia, etc. If these new markets continue to deliver, they could provide new growth engines and upside for valuation.
• Policy Tailwinds: Government support for elevator retrofits and urban renewal is clear. The company’s strategic focus on these areas could offer significant growth opportunities if policy execution accelerates.
• R&D and Innovation: New patents and technology upgrades solidify the company’s technical moat and long-term competitiveness.
• 2026 Plan: Continued network expansion, intelligent/green transformation, management efficiency improvement, and high-quality development.

Detailed Analysis

1. Business and Product Layout

Sicher covers the full elevator product chain—passenger, freight, sightseeing, medical, home, dumbwaiters, fire, explosion-proof, and more—serving residential, commercial, healthcare, and industrial scenarios. Escalators and walkways are deployed in malls, airports, hospitals, and transit hubs. The company is increasing R&D on new products and technologies to enhance safety, performance, and market competitiveness.

2. Business Model and Profit Structure

The company’s “design-procurement-manufacture-sales-installation-maintenance-spare parts-upgrade” integrated model covers the full elevator life cycle. Main profits come from equipment sales, with aftermarket services as a supplement. There’s a clear trend toward expanding the aftermarket business as the industry shifts from incremental to stock-based growth. Procurement emphasizes quality and cost control; production leverages ERP/MES for efficiency; and the sales model combines direct and distributor channels domestically (distributor-led overseas).

3. Financial Health and Performance

• 2025 revenue: RMB 556.02 million, down 22.38% YoY; net profit: RMB 74.94 million, down 22.61% YoY; non-recurring net profit down 26.85%.
• Total assets: RMB 1.27 billion, down 8.11%; net assets: RMB 785 million, down 9.72%.
• Operating cash flow: RMB 96.57 million, down 10.63%.
• Basic EPS: RMB 0.28, down 22.22%.
• ROE: 8.99%, down 2.54 pct points.
• Quarterly performance is relatively stable without large swings.

The main reason for the decline is the downturn in real estate and industry demand. With increased government support for renovation and retrofit, future growth may recover.

4. Share Capital and Major Shareholders

• Controller Li Dongliu holds over 50% combined; highly concentrated ownership and stable control, limited external influence.
• Top 10 shareholders dominated by Li’s entities, with minor holdings by other institutions and individuals.
• Foreign ownership low (Goldman Sachs, Morgan Stanley total 1.34%), no state capital.
• 9,637 ordinary shareholders at end-2025.

5. Core Strategy and 2026 Plan

• “Smart Factory” strategy continues, focusing on intelligent manufacturing and green transformation.
• Domestic: Strengthen presence in provincial/strategic cities, improve bidding, expand city showrooms.
• International: Pursue Belt and Road markets (Russia, Central Asia, Africa, SE Asia), participate in international expos, deliver major overseas projects.
• Product: Focus on retrofit/upgrade, optimize design for reliability and durability.
• Management: Push standardization, digitization, and efficiency; improve material utilization, reduce lead time, cut costs.
• Talent: Invest in skilled workforce, promote “master studio” model, enhance employee engagement and innovation.
• CSR: Continue charity work to boost social image and brand reputation.

6. Technology and IP

• 2025: Multiple patents on critical elevator technologies—improving product performance and safety, consolidating technical leadership.

7. Policy and Industry Environment

• Government’s 2026 report prioritizes urban renewal and old community retrofits, giving the elevator sector strong policy support.
• The company’s focus on these areas may yield significant growth opportunities as policy implementation accelerates.

Investor Notice and Risk Warning

• 2025 earnings dropped sharply; future performance recovery depends on macro, real estate, and policy execution.
• Ownership concentration poses governance risk.
• New business and international expansion carry uncertainties (market, FX, etc.).
• Consistent dividend may help investor confidence.
• The key variable for share price will be the company’s ability to seize industry opportunities and reverse earnings trends.

Disclaimer: This article is an in-depth review based on the 2025 annual report summary of Sicher Elevator Co., Ltd. It does not constitute investment advice. Investors should make prudent decisions based on their own risk tolerance. The company’s operations, industry environment, and policy changes may significantly affect future performance and share price. Please pay close attention to related risks.

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