<p><em>尽管第一季度收入增长，汽车转向系统制造商的利润却下降，这促使投资者选择离场</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/04084103/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-5-2026_94519_thebambooworks.com_-1024x589.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/04084103/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-5-2026_94519_thebambooworks.com_-1024x589.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>浙江世宝报告称，第一季度其经营现金流同比骤降超过 85%</li>
<li>该公司的主要股东在发布最新季度报告的第二天突然宣布计划将其持股减少最多 3%</li>
</ul>
<p>在同时在中国国内 A 股市场和香港上市的公司中，汽车转向系统制造商 <strong>浙江世宝股份有限公司</strong>（1057.HK；002703.SZ）因其两地上市之间的估值差距而显得格外突出。其股价 notoriously 波动且不可预测。上周发布的 <strong>第一季度财务结果</strong> 未能给投资者留下深刻印象，导致香港上市的股票下跌了 7.1%。</p>
<p>更糟糕的是，该公司在第二天突然 <strong>宣布</strong> 其控股股东浙江世宝控股集团有限公司计划将其在深圳上市公司的持股减少最多 3%，涉及出售 2470 万股，理由是其自身的流动性需求。这引发了更大规模的抛售，受挫的香港股票在该公告后又暴跌了 12.4%。</p>
<p>值得注意的是，去年底，当北京发布了 L3 级（L3）自动驾驶和智能网联汽车的初步试点名单时，投资者认为浙江世宝在政策变动中处于有利位置，推动其股价稳步上涨。今年 3 月，该公司报告称 2025 年利润增长 21%。受到这些积极因素的推动，股价一路上涨，使得最新的公告显得更加令人失望。</p>
<p>浙江世宝最新报告显示，第一季度其收入为 7.53 亿元人民币（1.1 亿美元），同比增长 4.88%。但其利润却出现逆转，下降了 14.1%，降至 4187 万元人民币。即使排除非经常性项目，其核心净利润仍下降了 13.1%，降至 3888 万元人民币。</p>
<h4><strong>收入增长但利润未增</strong></h4>
<p>该公司将尽管收入上升但利润未增长归因于其销售和研发费用的增加，因为它在探索新市场和开发新技术以保持行业领先。在这一季度，其管理费用同比上升了 12.4%，达到 3626 万元人民币。研发支出则大幅上升 39.7%，达到 5267 万元人民币，而销售费用也激增 41%，达到 1747 万元人民币。</p>
<p>“在报告期内，尽管中国汽车行业的生产和销售同比下降，但一些主要客户的销售却逆势增长，推动了公司转向系统产品销售的稳定增长，” 浙江世宝表示。</p>
<p>这一解释并未能让投资者感到安心，反而传递了两个令人担忧的信息。首先，它承认中国的汽车销售目前正在下滑。投资者必须明白，即使浙江世宝在第一季度暂时受益于某些客户的销售增长，但作为主要汽车零部件供应商，如果更广泛的宏观经济环境继续恶化，它不可避免地会受到下行趋势的影响。</p>
<p>第二个信息是，尽管在这一季度公司实现了收入增长，但其盈利能力却恶化——这意味着随着业务规模的扩大，其利润率收缩。明显的罪魁祸首是不断上升的成本拖累了其毛利率。根据第一季度的表现，该公司似乎缺乏将上涨的成本转嫁给客户的定价能力，这可能是激烈竞争的结果。</p>
<h4><strong>经营现金流骤降</strong></h4>
<p>更深入地挖掘，投资者最困惑的可能是公司净经营现金流的急剧下降。该数字在第一季度仅为 1070 万元人民币，同比下降 86%，而去年同期为 7590 万元人民币。公司对此急剧下降没有提供太多解释，仅表示 “主要是由于商品销售收入减少。”</p>
<p>这样的回应无疑会引发更多问题而非解答。管理层仅表示现金收入下降，却没有解释这一急剧下降的根本原因。是产品售价暴跌？还是公司不得不向支付账单困难的客户延长付款期限？</p>
<p>有些不合常理的是，该季度公司的应收账款实际上同比下降了近 19%，这表明它在促使客户结清债务方面取得了更大的成功。这是否意味着公司已经将一些应收账款计提为坏账？投资者可能还会想知道，现金流入的减少对公司构成了多大的风险，以及未来是否有改善的前景。在如此多未解答的问题面前，公司尚未提供更为详尽的解释。</p>
<h4><strong>未来是否还有减持？</strong></h4>
<p>控股股东决定出售股票以释放现金，这一举动加剧了本已岌岌可危的局面，只会加剧市场的担忧。公司表示，通过大宗交易或集中竞价出售的股票，买方将分别受到六个月和三个月的锁定期限制。但这些买方在锁定期结束后可以减持其持股，这可能会在那时通过向市场大量抛售股票而削弱股价。</p>
<p>公告特别澄清，在公司上市时，世宝控股及一些高管和股东承诺在三年内不出售其股份。但公司现在在深圳和香港上市已超过十年，这意味着这样的锁定期早已结束，公司似乎想强调这一点，以表明其并未违反任何先前的承诺。</p>
<p>同样重要的是，最初的承诺规定，在最初的三年后，世宝控股和公司董事长张世权有权在任何一年内减持其股份不超过 25%。此外，如果张世权未来离开公司，他在离职后仅被限制在六个月内不得出售其股份。</p>
<p>这意味着世宝控股在今年剩余时间内仍有权出售其公司持股的 22%，如果股东需要筹集更多资金，投资者将面临进一步减持的持续风险。毕竟，公司在将其原始减持决定直接归因于 “流动性资金需求” 时是相当明确的。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

浙江世宝

华夏中证汽车零部件主题ETF

国泰中证800汽车与零部件ETF

海富通中证汽车零部件主题ETF

易方达中证汽车零部件主题ETF

平安中证汽车零部件主题ETF

<p>浙江世宝在第一季度的经营现金流同比暴跌超过 85%，尽管收入增长了 4.88%，达到了 7.53 亿元。公司的利润下降了 14.1%，降至 4187 万元，这归因于销售和研发费用的上升。在业绩令人失望后，公司的主要股东宣布计划减持最多 3% 的股份，导致股价下跌 12.4%。投资者对公司盈利能力和现金流的下降表示担忧，质疑其在严峻的汽车市场中的未来</p>

<p><em>The automotive steering systems maker's profit fell despite growing revenue in the first quarter, prompting investors to vote with their feet</em></p>
<div class="lb-trans"><p><em>尽管第一季度收入增长，汽车转向系统制造商的利润却下降，这促使投资者选择离场</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/04084103/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-5-2026_94519_thebambooworks.com_-1024x589.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/04084103/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-5-2026_94519_thebambooworks.com_-1024x589.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Zhejiang Shibao reported its operating cash flow plunged by more than 85% year-over-year in the first quarter</li>
<li>The company's major shareholder abruptly announced a plan to trim its stake by up to 3% the day after the release of its latest quarterly report</li>
</ul>
<div class="lb-trans"><ul>
<li>浙江世宝报告称，第一季度其经营现金流同比骤降超过 85%</li>
<li>该公司的主要股东在发布最新季度报告的第二天突然宣布计划将其持股减少最多 3%</li>
</ul>
</div><p>Among companies that are dually traded on both China's domestic A-share market and in Hong Kong, automotive steering systems maker <strong>Zhejiang Shibao Co. Ltd.</strong> (1057.HK; 002703.SZ) stands out for a prolonged valuation gap between its pair of listings. Its share price is notoriously volatile and unpredictable. It continued that tradition with last week's release of its <strong>first-quarter financial results</strong>, which failed to impress investors, causing the Hong Kong-listed stock to sink by 7.1%.</p>
<div class="lb-trans"><p>在同时在中国国内 A 股市场和香港上市的公司中，汽车转向系统制造商 <strong>浙江世宝股份有限公司</strong>（1057.HK；002703.SZ）因其两地上市之间的估值差距而显得格外突出。其股价 notoriously 波动且不可预测。上周发布的 <strong>第一季度财务结果</strong> 未能给投资者留下深刻印象，导致香港上市的股票下跌了 7.1%。</p>
</div><p>Making matters worse, the company abruptly <strong>announced</strong> the next day that its controlling shareholder, Zhejiang Shibao Holding Group Co. Ltd., planned to reduce its holdings in the Shenzhen-listed company by up to 3%, involving the sale of 24.7 million shares, citing its own liquidity needs. That sparked an even bigger selloff, as the battered Hong Kong stock plummeted an additional 12.4% after that announcement.</p>
<div class="lb-trans"><p>更糟糕的是，该公司在第二天突然 <strong>宣布</strong> 其控股股东浙江世宝控股集团有限公司计划将其在深圳上市公司的持股减少最多 3%，涉及出售 2470 万股，理由是其自身的流动性需求。这引发了更大规模的抛售，受挫的香港股票在该公告后又暴跌了 12.4%。</p>
</div><p>It's worth noting that late last year, when Beijing published an initial pilot list for on-road operation of Level 3 (L3) autonomous and intelligent connected vehicles, investors saw Zhejiang Shibao as well positioned to take advantage of the policy move, sending its stock price on a steady climb. The good news continued this March, when the company reported its profit rose 21% in 2025. Buoyed by those positive catalysts, the stock was on a winning streak, which made the latest announcements all the more disappointing.</p>
<div class="lb-trans"><p>值得注意的是，去年底，当北京发布了 L3 级（L3）自动驾驶和智能网联汽车的初步试点名单时，投资者认为浙江世宝在政策变动中处于有利位置，推动其股价稳步上涨。今年 3 月，该公司报告称 2025 年利润增长 21%。受到这些积极因素的推动，股价一路上涨，使得最新的公告显得更加令人失望。</p>
</div><p>Zhejiang Shibao's latest report shows it posted revenue of 753 million yuan ($110 million) in the first quarter, up 4.88% year-on-year. But its profit went into reverse, falling by 14.1% to 41.87 million yuan. Even after excluding non-recurring items, its core net profit still slipped by 13.1% to 38.88 million yuan.</p>
<div class="lb-trans"><p>浙江世宝最新报告显示，第一季度其收入为 7.53 亿元人民币（1.1 亿美元），同比增长 4.88%。但其利润却出现逆转，下降了 14.1%，降至 4187 万元人民币。即使排除非经常性项目，其核心净利润仍下降了 13.1%，降至 3888 万元人民币。</p>
</div><h4><strong>Top-line growth without bottom-line gains</strong></h4>
<div class="lb-trans"><h4><strong>收入增长但利润未增</strong></h4>
</div><p>The company attributed the lack of profit growth despite rising revenue to increases in its selling and R&amp;D expenses as it explores new markets and develops new technologies to stay ahead in its field. During the quarter, its administrative expenses rose by 12.4% year-on-year to 36.26 million yuan. R&amp;D spending rose by an even larger 39.7% to 52.67 million yuan, while selling expenses also surged by 41% to 17.47 million yuan.</p>
<div class="lb-trans"><p>该公司将尽管收入上升但利润未增长归因于其销售和研发费用的增加，因为它在探索新市场和开发新技术以保持行业领先。在这一季度，其管理费用同比上升了 12.4%，达到 3626 万元人民币。研发支出则大幅上升 39.7%，达到 5267 万元人民币，而销售费用也激增 41%，达到 1747 万元人民币。</p>
</div><p>&#34;During the reporting period, while China's automotive industry experienced a year-on-year decline in production and sales, sales of some of the company's major customers bucked the trend, driving steady growth in the company's steering system product sales,&#34; Zhejiang Shibao said.</p>
<div class="lb-trans"><p>“在报告期内，尽管中国汽车行业的生产和销售同比下降，但一些主要客户的销售却逆势增长，推动了公司转向系统产品销售的稳定增长，” 浙江世宝表示。</p>
</div><p>That explanation did little to reassure investors, sending two worrisome messages instead. First, it acknowledged that auto sales in China are currently sliding. Investors must understand that even if Zhejiang Shibao temporarily benefited from rising sales among certain clients in the first quarter, its status as a major auto parts supplier means it will inevitably get caught up in the downward trend if the broader macroeconomic environment continues to deteriorate.</p>
<div class="lb-trans"><p>这一解释并未能让投资者感到安心，反而传递了两个令人担忧的信息。首先，它承认中国的汽车销售目前正在下滑。投资者必须明白，即使浙江世宝在第一季度暂时受益于某些客户的销售增长，但作为主要汽车零部件供应商，如果更广泛的宏观经济环境继续恶化，它不可避免地会受到下行趋势的影响。</p>
</div><p>The second message is that despite its top-line growth during the quarter, the company's profitability worsened — meaning its margins contracted as the business scaled up. A clear culprit is rising costs that are dragging down its gross margin. Judging from its first-quarter performance, the company appears to lack the pricing power to pass elevated costs on to its customers, probably the result of fierce competition.</p>
<div class="lb-trans"><p>第二个信息是，尽管在这一季度公司实现了收入增长，但其盈利能力却恶化——这意味着随着业务规模的扩大，其利润率收缩。明显的罪魁祸首是不断上升的成本拖累了其毛利率。根据第一季度的表现，该公司似乎缺乏将上涨的成本转嫁给客户的定价能力，这可能是激烈竞争的结果。</p>
</div><h4><strong>Operating cash flow nosedives</strong></h4>
<div class="lb-trans"><h4><strong>经营现金流骤降</strong></h4>
</div><p>Digging deeper, what may have baffled investors the most is a steep drop in the company's net operating cash flow. That figure stood at just 10.7 million yuan in the first quarter, down 86% from the 75.9 million yuan it logged a year earlier. The company didn't provide much explanation for the steep drop, saying it was &#34;mainly due to a decrease in cash received from the sale of goods.&#34;</p>
<div class="lb-trans"><p>更深入地挖掘，投资者最困惑的可能是公司净经营现金流的急剧下降。该数字在第一季度仅为 1070 万元人民币，同比下降 86%，而去年同期为 7590 万元人民币。公司对此急剧下降没有提供太多解释，仅表示 “主要是由于商品销售收入减少。”</p>
</div><p>Such a response is bound to raise more questions than it answers. Management merely stated that cash receipts dropped without explaining the root causes behind this steep decline. Did its product selling prices plummet? Or did the company have to grant extensions to customers who were having difficulty paying their bills?</p>
<div class="lb-trans"><p>这样的回应无疑会引发更多问题而非解答。管理层仅表示现金收入下降，却没有解释这一急剧下降的根本原因。是产品售价暴跌？还是公司不得不向支付账单困难的客户延长付款期限？</p>
</div><p>Somewhat unintuitively, the company's accounts receivable for the period actually fell by nearly 19% year-on-year during the quarter, indicating it was having more success getting its customers to settle their obligations. Does that mean the company has written off some receivables as bad debt? Investors may also wonder how much risk the dwindling cash inflow poses to the company, and if there is any prospect of improvement moving forward. In the face of so many unanswered questions, the company has yet to provide a more thorough explanation.</p>
<div class="lb-trans"><p>有些不合常理的是，该季度公司的应收账款实际上同比下降了近 19%，这表明它在促使客户结清债务方面取得了更大的成功。这是否意味着公司已经将一些应收账款计提为坏账？投资者可能还会想知道，现金流入的减少对公司构成了多大的风险，以及未来是否有改善的前景。在如此多未解答的问题面前，公司尚未提供更为详尽的解释。</p>
</div><h4><strong>More stake-trimming ahead?</strong></h4>
<div class="lb-trans"><h4><strong>未来是否还有减持？</strong></h4>
</div><p>Exacerbating its already touch-and-go situation is the controlling shareholder's decision to offload stock to free up cash, a move that has only fanned market worries. The company said shares sold through block trading or centralized competitive bidding will be subject to lock-up periods of six months and three months, respectively, for the buyers. But those buyers can trim their holdings once the lockups expire, which could undermine the stock when that happens by flooding the market with shares.</p>
<div class="lb-trans"><p>控股股东决定出售股票以释放现金，这一举动加剧了本已岌岌可危的局面，只会加剧市场的担忧。公司表示，通过大宗交易或集中竞价出售的股票，买方将分别受到六个月和三个月的锁定期限制。但这些买方在锁定期结束后可以减持其持股，这可能会在那时通过向市场大量抛售股票而削弱股价。</p>
</div><p>The announcement made a point of clarifying that upon the company's listings, Shibao Holding and some of top managers and stakeholders committed not to sell their shares within three years. But the company has now been listed for more than a decade in both Shenzhen and Hong Kong, meaning such lockups ended long ago, which the company seems to want to emphasize to show its not breaching any previous commitments.</p>
<div class="lb-trans"><p>公告特别澄清，在公司上市时，世宝控股及一些高管和股东承诺在三年内不出售其股份。但公司现在在深圳和香港上市已超过十年，这意味着这样的锁定期早已结束，公司似乎想强调这一点，以表明其并未违反任何先前的承诺。</p>
</div><p>It's also crucial to note that the original commitment stipulated that, after the initial three years, Shibao Holding and company Chairman Zhang Shiquan would retain the right to reduce their stakes by no more than 25% in any given year. Additionally, if Zhang Shiquan leaves the company in the future, he is only restricted from selling his shares for six months after his departure.</p>
<div class="lb-trans"><p>同样重要的是，最初的承诺规定，在最初的三年后，世宝控股和公司董事长张世权有权在任何一年内减持其股份不超过 25%。此外，如果张世权未来离开公司，他在离职后仅被限制在六个月内不得出售其股份。</p>
</div><p>That means Shibao Holding still has the right to offload up to another 22% of its company holdings during the rest of this year, leaving investors exposed to the ongoing risk of further sell-downs if the stakeholder needs to raise more funds. After all, it was quite direct in attributing its original sell-down decision to the &#34;need (for) funds for liquidity.&#34;</p>
<div class="lb-trans"><p>这意味着世宝控股在今年剩余时间内仍有权出售其公司持股的 22%，如果股东需要筹集更多资金，投资者将面临进一步减持的持续风险。毕竟，公司在将其原始减持决定直接归因于 “流动性资金需求” 时是相当明确的。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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现金流骤降，最大股东减持股份：浙江世宝究竟发生了什么？