Research Brief | Shuanglin Co., Ltd. Accepts Online Investor Survey, Non-Recurring Net Profit Up 36.63%, New Energy Business Accounts for Over 40%

On March 30, Shuanglin Shares (stock code: 300100) held its 2025年度 online performance briefing. The company’s management engaged in in-depth communication with online investors regarding issues that investors are concerned about, including market value management, business structure, financial performance, overseas expansion, and progress in emerging businesses. This performance briefing was attended online on the Value Online platform (www.ir-online.cn) by the company’s Chairman and General Manager Wu Jianbin, Chief Financial Officer Wu Huaying, Secretary to the Board Zhu Liming, and independent director Jin Ming, and was held from 15:00 to 17:00 on the same day.

Basic Information on Investor Activities

This investor relationship activity category is a performance briefing. The participating entities are the investors who participate online in the company’s 2025年度 online performance briefing. The listed company’s reception personnel include Chairman and General Manager Wu Jianbin, Chief Financial Officer Wu Huaying, Secretary to the Board Zhu Liming, and independent director Jin Ming.

Analysis of Core Performance and Business Structure

Financial data shows that in 2025, Shuanglin Shares achieved year-over-year growth of 11.67% in operating revenue, and year-over-year growth of 36.63% in net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses. Regarding the discrepancy between the net profit growth rate (1.25%) and the growth rate of net profit after deducting non-recurring items, the company explained that it was mainly because in 2024 it received a performance compensation payment of 166 million yuan that was recorded in non-recurring gains and losses, while there was no such item in 2025.

In terms of business structure, the company’s new energy vehicle-related businesses performed strongly. In 2025, the operating revenue proportion of this segment reached 41.84% of total revenue. The robot components business currently accounts for a very small share. The company said that related details can be referred to in the “Management Discussion and Analysis” section of the 2025 annual report.

Overseas Expansion and Progress in Emerging Businesses

For overseas business, the company’s Thailand base construction has continued to advance. Currently, the Thailand plant has laid out five high-end wheel hub bearing production lines. The company’s entire range of products has obtained U.S. Customs rules of origin certification and an e-Ruling certification letter, and has also obtained ISO9001/14001/45001 and IATF16949 system certificates. The new Huotong (Thailand) plant began formal mass production in January 2025. A third-generation fully automatic OEM production line supporting a leading domestic new energy vehicle company’s Thailand plant achieved small-batch rollout in June 2025. The Thailand electric drive plant’s three production lines will meet mass production conditions by the end of December 2025, and are expected to start small-batch production in March 2026.

In the low-altitude economy sector, the company has deployed 30KW to 250KW series flight-vehicle electric drive products. Among them, the integrated 230KW electric propulsion system has been completed for delivery, and the 100KW products are planned for delivery in the first quarter of 2026. The company is currently conducting deep cooperation with industry-leading customers.

Cost Control and Future Growth Strategy

To address fluctuations in raw material prices, the company stabilizes its gross margin through measures including supply chain optimization (signing long-term agreements with major suppliers), application of financial instruments (not excluding the use of hedging and risk management), inventory management (“just-in-time procurement + safety stock”), and product structure optimization (increasing the proportion of technology-intensive products and developing integrated module component parts), among others.

Looking ahead to 2026, the company will focus on the main track of new energy vehicles and step up efforts in emerging fields such as humanoid robotics and the low-altitude economy: first, deepen its automobile main business, optimize its business structure, accelerate Thailand base construction, and expand into the Southeast Asian market; second, promote large-scale mass production of humanoid robot roller screws and connect with top customers by leveraging the existing 100k sets of production capacity; third, accelerate the industrialization of new technologies such as angle modules and 240-ton-class mining trucks; fourth, advance cost reduction and efficiency improvement along with digital transformation, implement procurement cost-reduction targets, and improve unmanned production efficiency.

Responses to Other Hot-Button Questions

Regarding the price pressure on vehicle manufacturers, the company said it has responded by strengthening procurement management, leveraging economies of scale, and improving the technical content of products (such as HDM unit sales volume exceeding 30 million units, and new products like electric headrest actuators that have received designated supplier certifications). The company stated that the growth in net profit after deducting non-recurring items in 2025 reflects its ability to withstand risks.

For the Hong Kong stock IPO, the company said it has already received a filing notice from the China Securities Regulatory Commission. It re-submitted its A1 application to the Hong Kong Stock Exchange on March 26. Next steps still require obtaining approvals from relevant Hong Kong institutions, and there is uncertainty.

The company emphasized that the stock price in the secondary market is affected by multiple factors. It will promote high-quality development by focusing on its main business, developing new product technologies, and improving operating efficiency, thereby creating long-term value for shareholders. This event did not involve any major information not disclosed to the public.

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