<p><em>儘管第一季度收入增長，汽車轉向系統製造商的利潤卻下降，這促使投資者選擇離場</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>浙江世寶報告稱，第一季度其經營現金流同比驟降超過 85%</li>
<li>該公司的主要股東在發佈最新季度報告的第二天突然宣佈計劃將其持股減少最多 3%</li>
</ul>
<p>在同時在中國國內 A 股市場和香港上市的公司中，汽車轉向系統製造商 <strong>浙江世寶股份有限公司</strong>（1057.HK；002703.SZ）因其兩地上市之間的估值差距而顯得格外突出。其股價 notoriously 波動且不可預測。上週發佈的 <strong>第一季度財務結果</strong> 未能給投資者留下深刻印象，導致香港上市的股票下跌了 7.1%。</p>
<p>更糟糕的是，該公司在第二天突然 <strong>宣佈</strong> 其控股股東浙江世寶控股集團有限公司計劃將其在深圳上市公司的持股減少最多 3%，涉及出售 2470 萬股，理由是其自身的流動性需求。這引發了更大規模的拋售，受挫的香港股票在該公告後又暴跌了 12.4%。</p>
<p>值得注意的是，去年底，當北京發佈了 L3 級（L3）自動駕駛和智能網聯汽車的初步試點名單時，投資者認為浙江世寶在政策變動中處於有利位置，推動其股價穩步上漲。今年 3 月，該公司報告稱 2025 年利潤增長 21%。受到這些積極因素的推動，股價一路上漲，使得最新的公告顯得更加令人失望。</p>
<p>浙江世寶最新報告顯示，第一季度其收入為 7.53 億元人民幣（1.1 億美元），同比增長 4.88%。但其利潤卻出現逆轉，下降了 14.1%，降至 4187 萬元人民幣。即使排除非經常性項目，其核心淨利潤仍下降了 13.1%，降至 3888 萬元人民幣。</p>
<h4><strong>收入增長但利潤未增</strong></h4>
<p>該公司將盡管收入上升但利潤未增長歸因於其銷售和研發費用的增加，因為它在探索新市場和開發新技術以保持行業領先。在這一季度，其管理費用同比上升了 12.4%，達到 3626 萬元人民幣。研發支出則大幅上升 39.7%，達到 5267 萬元人民幣，而銷售費用也激增 41%，達到 1747 萬元人民幣。</p>
<p>“在報告期內，儘管中國汽車行業的生產和銷售同比下降，但一些主要客户的銷售卻逆勢增長，推動了公司轉向系統產品銷售的穩定增長，” 浙江世寶表示。</p>
<p>這一解釋並未能讓投資者感到安心，反而傳遞了兩個令人擔憂的信息。首先，它承認中國的汽車銷售目前正在下滑。投資者必須明白，即使浙江世寶在第一季度暫時受益於某些客户的銷售增長，但作為主要汽車零部件供應商，如果更廣泛的宏觀經濟環境繼續惡化，它不可避免地會受到下行趨勢的影響。</p>
<p>第二個信息是，儘管在這一季度公司實現了收入增長，但其盈利能力卻惡化——這意味着隨着業務規模的擴大，其利潤率收縮。明顯的罪魁禍首是不斷上升的成本拖累了其毛利率。根據第一季度的表現，該公司似乎缺乏將上漲的成本轉嫁給客户的定價能力，這可能是激烈競爭的結果。</p>
<h4><strong>經營現金流驟降</strong></h4>
<p>更深入地挖掘，投資者最困惑的可能是公司淨經營現金流的急劇下降。該數字在第一季度僅為 1070 萬元人民幣，同比下降 86%，而去年同期為 7590 萬元人民幣。公司對此急劇下降沒有提供太多解釋，僅表示 “主要是由於商品銷售收入減少。”</p>
<p>這樣的回應無疑會引發更多問題而非解答。管理層僅表示現金收入下降，卻沒有解釋這一急劇下降的根本原因。是產品售價暴跌？還是公司不得不向支付賬單困難的客户延長付款期限？</p>
<p>有些不合常理的是，該季度公司的應收賬款實際上同比下降了近 19%，這表明它在促使客户結清債務方面取得了更大的成功。這是否意味着公司已經將一些應收賬款計提為壞賬？投資者可能還會想知道，現金流入的減少對公司構成了多大的風險，以及未來是否有改善的前景。在如此多未解答的問題面前，公司尚未提供更為詳盡的解釋。</p>
<h4><strong>未來是否還有減持？</strong></h4>
<p>控股股東決定出售股票以釋放現金，這一舉動加劇了本已岌岌可危的局面，只會加劇市場的擔憂。公司表示，通過大宗交易或集中競價出售的股票，買方將分別受到六個月和三個月的鎖定期限制。但這些買方在鎖定期結束後可以減持其持股，這可能會在那時通過向市場大量拋售股票而削弱股價。</p>
<p>公告特別澄清，在公司上市時，世寶控股及一些高管和股東承諾在三年內不出售其股份。但公司現在在深圳和香港上市已超過十年，這意味着這樣的鎖定期早已結束，公司似乎想強調這一點，以表明其並未違反任何先前的承諾。</p>
<p>同樣重要的是，最初的承諾規定，在最初的三年後，世寶控股和公司董事長張世權有權在任何一年內減持其股份不超過 25%。此外，如果張世權未來離開公司，他在離職後僅被限制在六個月內不得出售其股份。</p>
<p>這意味着世寶控股在今年剩餘時間內仍有權出售其公司持股的 22%，如果股東需要籌集更多資金，投資者將面臨進一步減持的持續風險。畢竟，公司在將其原始減持決定直接歸因於 “流動性資金需求” 時是相當明確的。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

浙江世寶

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<p>浙江世寶在第一季度的經營現金流同比暴跌超過 85%，儘管收入增長了 4.88%，達到了 7.53 億元。公司的利潤下降了 14.1%，降至 4187 萬元，這歸因於銷售和研發費用的上升。在業績令人失望後，公司的主要股東宣佈計劃減持最多 3% 的股份，導致股價下跌 12.4%。投資者對公司盈利能力和現金流的下降表示擔憂，質疑其在嚴峻的汽車市場中的未來</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>儘管第一季度收入增長，汽車轉向系統製造商的利潤卻下降，這促使投資者選擇離場</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>浙江世寶報告稱，第一季度其經營現金流同比驟降超過 85%</li>
<li>該公司的主要股東在發佈最新季度報告的第二天突然宣佈計劃將其持股減少最多 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>在同時在中國國內 A 股市場和香港上市的公司中，汽車轉向系統製造商 <strong>浙江世寶股份有限公司</strong>（1057.HK；002703.SZ）因其兩地上市之間的估值差距而顯得格外突出。其股價 notoriously 波動且不可預測。上週發佈的 <strong>第一季度財務結果</strong> 未能給投資者留下深刻印象，導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，該公司在第二天突然 <strong>宣佈</strong> 其控股股東浙江世寶控股集團有限公司計劃將其在深圳上市公司的持股減少最多 3%，涉及出售 2470 萬股，理由是其自身的流動性需求。這引發了更大規模的拋售，受挫的香港股票在該公告後又暴跌了 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，當北京發佈了 L3 級（L3）自動駕駛和智能網聯汽車的初步試點名單時，投資者認為浙江世寶在政策變動中處於有利位置，推動其股價穩步上漲。今年 3 月，該公司報告稱 2025 年利潤增長 21%。受到這些積極因素的推動，股價一路上漲，使得最新的公告顯得更加令人失望。</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>浙江世寶最新報告顯示，第一季度其收入為 7.53 億元人民幣（1.1 億美元），同比增長 4.88%。但其利潤卻出現逆轉，下降了 14.1%，降至 4187 萬元人民幣。即使排除非經常性項目，其核心淨利潤仍下降了 13.1%，降至 3888 萬元人民幣。</p>
</div><h4><strong>Top-line growth without bottom-line gains</strong></h4>
<div class="lb-trans"><h4><strong>收入增長但利潤未增</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>該公司將盡管收入上升但利潤未增長歸因於其銷售和研發費用的增加，因為它在探索新市場和開發新技術以保持行業領先。在這一季度，其管理費用同比上升了 12.4%，達到 3626 萬元人民幣。研發支出則大幅上升 39.7%，達到 5267 萬元人民幣，而銷售費用也激增 41%，達到 1747 萬元人民幣。</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>“在報告期內，儘管中國汽車行業的生產和銷售同比下降，但一些主要客户的銷售卻逆勢增長，推動了公司轉向系統產品銷售的穩定增長，” 浙江世寶表示。</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>這一解釋並未能讓投資者感到安心，反而傳遞了兩個令人擔憂的信息。首先，它承認中國的汽車銷售目前正在下滑。投資者必須明白，即使浙江世寶在第一季度暫時受益於某些客户的銷售增長，但作為主要汽車零部件供應商，如果更廣泛的宏觀經濟環境繼續惡化，它不可避免地會受到下行趨勢的影響。</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>第二個信息是，儘管在這一季度公司實現了收入增長，但其盈利能力卻惡化——這意味着隨着業務規模的擴大，其利潤率收縮。明顯的罪魁禍首是不斷上升的成本拖累了其毛利率。根據第一季度的表現，該公司似乎缺乏將上漲的成本轉嫁給客户的定價能力，這可能是激烈競爭的結果。</p>
</div><h4><strong>Operating cash flow nosedives</strong></h4>
<div class="lb-trans"><h4><strong>經營現金流驟降</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，投資者最困惑的可能是公司淨經營現金流的急劇下降。該數字在第一季度僅為 1070 萬元人民幣，同比下降 86%，而去年同期為 7590 萬元人民幣。公司對此急劇下降沒有提供太多解釋，僅表示 “主要是由於商品銷售收入減少。”</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>這樣的回應無疑會引發更多問題而非解答。管理層僅表示現金收入下降，卻沒有解釋這一急劇下降的根本原因。是產品售價暴跌？還是公司不得不向支付賬單困難的客户延長付款期限？</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，該季度公司的應收賬款實際上同比下降了近 19%，這表明它在促使客户結清債務方面取得了更大的成功。這是否意味着公司已經將一些應收賬款計提為壞賬？投資者可能還會想知道，現金流入的減少對公司構成了多大的風險，以及未來是否有改善的前景。在如此多未解答的問題面前，公司尚未提供更為詳盡的解釋。</p>
</div><h4><strong>More stake-trimming ahead?</strong></h4>
<div class="lb-trans"><h4><strong>未來是否還有減持？</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>控股股東決定出售股票以釋放現金，這一舉動加劇了本已岌岌可危的局面，只會加劇市場的擔憂。公司表示，通過大宗交易或集中競價出售的股票，買方將分別受到六個月和三個月的鎖定期限制。但這些買方在鎖定期結束後可以減持其持股，這可能會在那時通過向市場大量拋售股票而削弱股價。</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>公告特別澄清，在公司上市時，世寶控股及一些高管和股東承諾在三年內不出售其股份。但公司現在在深圳和香港上市已超過十年，這意味着這樣的鎖定期早已結束，公司似乎想強調這一點，以表明其並未違反任何先前的承諾。</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>同樣重要的是，最初的承諾規定，在最初的三年後，世寶控股和公司董事長張世權有權在任何一年內減持其股份不超過 25%。此外，如果張世權未來離開公司，他在離職後僅被限制在六個月內不得出售其股份。</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>這意味着世寶控股在今年剩餘時間內仍有權出售其公司持股的 22%，如果股東需要籌集更多資金，投資者將面臨進一步減持的持續風險。畢竟，公司在將其原始減持決定直接歸因於 “流動性資金需求” 時是相當明確的。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
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現金流驟降，最大股東減持股份：浙江世寶究竟發生了什麼？