Core Insights - The stepper motor industry in China has seen significant growth, with the market size increasing from 1.739 billion yuan in 2016 to an expected 3.89 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 10.59% [1][9] - The Chinese government is actively supporting the industry through policies aimed at technological innovation and standardization, which is expected to further boost market demand [1][9] - The global stepper motor market is projected to reach $2.411 billion by 2029, with a growth of 1.7% year-on-year in 2024 [8] Industry Overview - Stepper motors convert electrical pulse signals into corresponding angular or linear displacements, making them essential in various applications [4] - The industry has evolved from its origins in the 19th century to a critical component in modern automation and precision control systems [5][6] - The stepper motor industry is characterized by a diverse supply chain, including raw materials, manufacturing, and various application sectors such as industrial automation and consumer electronics [7] Market Dynamics - The stepper motor market in China is expanding rapidly due to the transformation of the manufacturing sector and increasing consumer demands for quality and performance [1][9] - The industrial automation sector is a key application area for stepper motors, which are used for precise control in mechanical systems [8] - The Chinese industrial automation market is projected to grow from 165.7 billion yuan in 2017 to 273.9 billion yuan by 2024, with a CAGR of 7.44% [8] Competitive Landscape - The global stepper motor market is dominated by Japanese companies, which account for over 70% of hybrid stepper motor production and 65% of permanent magnet stepper motors [9][10] - Chinese companies are increasingly competitive, with leading firms like Jiangsu Leili, Dingzhi Technology, and Mingzhi Electric making significant strides in technology and market share [12][14] - The industry is transitioning from standardized products to customized, high-performance solutions, driven by the need for deeper understanding of application scenarios [12] Future Trends - The future of stepper motors is expected to focus on high precision and dynamic response through the integration of advanced control algorithms and high-resolution encoders [17] - There is a trend towards smart motors that integrate control functions and communication capabilities, simplifying system design and enhancing performance [18] - Customization and the use of new materials will be crucial for meeting the specific demands of emerging applications in sectors like medical devices and aerospace [19]

Core Insights - On December 31, 2025, Sanxie Electric (stock code: 920100) was featured on the trading leaderboard of the Beijing Stock Exchange due to a turnover rate of 20.84% and a trading volume of 3.5628 million shares, amounting to a transaction value of 268 million yuan [1][2]. Group 1 - The trading method for Sanxie Electric was continuous bidding, with a closing price of 73.66 yuan [1]. - The top buying seat was from Dongfang Caifu Securities Co., Ltd., Lhasa East Ring Road Second Securities Business Department, with a purchase amount of approximately 6.42 million yuan [2]. - The top selling seat was an institutional account, which sold shares worth approximately 8.15 million yuan [2]. Group 2 - The total transaction amount for Sanxie Electric on that day was 268 million yuan, with a significant trading volume of 3.5628 million shares [1][2]. - Other notable buying and selling activities included China International Capital Corporation's Zhengzhou Business Inner Ring Road Securities Business Department, which bought approximately 4.79 million yuan worth of shares [2]. - The trading data was sourced from the official website of the Beijing Stock Exchange [2].

（一）基本情况 为进一步优化公司的业务结构，提高公司资产运营及使用效率，公司拟将所 持有的摩迩特电机（常州）有限公司（以下简称"摩迩特"）40%的股权以133万 元的价格转让给吴俊华，并签署《股权转让协议》。同时授权董事长或董事长指 定的授权代理人，办理相关事宜，包括但不限于办理市场主体变更登记手续、签 署相关文件等。 本次股权转让完成后，摩迩特不再是公司控股子公司，摩迩特将不再纳入公 司合并报表范围。摩迩特作为公司控股子公司期间，公司为支持其日常经营向其 提供了借款，截至2025年12月31日，借款余额为239.15万元。本次股权转让完成 后，该借款将被动形成公司对外提供财务资助的情形，其实质为公司对原控股子 公司日常经营性借款的延续，不属于相关法律法规所规定的不得提供财务资助的 情形。 本次交易对方为吴俊华，持有公司子公司摩迩特30%股权，并担任该公司执 行董事。根据《北京证券交易所股票上市规则》的规定，本次转让资产标的构成 关联交易。 东北证券股份有限公司 关于常州三协电机股份有限公司 出售资产暨关联交易的核查意见 东北证券股份有限公司（以下简称"东北证券"或"保荐机构"）作为常州三协 电机股份有限公司 ...

| 关联交易类别 | 主要交易内容 | | 原预计金额 | 累计已发 生金额 | | 新增预计发生 | | 调整后预计发生 | 上年实际发生金 | 调整后预计金额与上 年实际发生金额差异 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 金额 | | 金额 | 额 | 较大的原因（如有） | | | 购买原材料、燃料 | 采购驱动器、编码 器、技术服务、开 | | 11,800,000.00 | | - | 8,000,000.00 | | 19,800,000.00 | 8,857,659.02 | 公司经营发展需要， | | | 和动力、接受劳务 | 拓市场推广维护服 | | | | | | | | | 预计业务量增加。 | | | | 务、PM 电机等 | | | | | | | | | | | | 出售产品、商品、 | 销售电机等 | | 132,000,000.00 | | - | | - | 132,000,000.00 | 68,524,378.00 | | - ...

证券代码：920100 证券简称：三协电机 公告编号：2025-148 常州三协电机股份有限公司 关于新增预计 2026 年日常性关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律 责任。 一、 日常性关联交易预计情况 （一） 预计情况 2025 年 12 月 10 日公司第三届董事会第十九次会议和 2025 年 12 月 25 日公司 2025 年第三次临时股东会审议通过了《关于预计 2026 年日常性关联交易的议案》， 具体内容详见公司于 2025 年 12 月 10 日在北京证券交易所官方信息披露平台 （www.bse.cn）披露的《关于预计 2026 年日常性关联交易的公告》（公告编号：2025- 136）。 公司拟将所持有的摩迩特电机（常州）有限公司（以下简称"摩迩特"）40%的股 权以 133 万元的价格转让给吴俊华，并签署《股权转让协议》。本次交易对方为吴俊 华，持有公司子公司摩迩特 30%股权，并担任该公司执行董事。根据《北京证券交易 所股票上市规则》的规定，本次转让资产标的构成关联 ...

证券代码：920100 证券简称：三协电机 公告编号：2025-147 常州三协电机股份有限公司 出售资产暨关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、交易概况 （一）基本情况 为进一步优化公司的业务结构，提高公司资产运营及使用效率，公司拟将 所持有的摩迩特电机（常州）有限公司（以下简称"摩迩特"）40%的股权以 133 万元的价格转让给吴俊华，并签署《股权转让协议》。同时授权董事长或董事 长指定的授权代理人，办理相关事宜，包括但不限于办理市场主体变更登记手 续、签署相关文件等。 本次股权转让完成后，摩迩特不再是公司控股子公司，摩迩特将不再纳入 公司合并报表范围。摩迩特作为公司控股子公司期间，公司为支持其日常经营 向其提供了借款，截至 2025 年 12 月 31 日，借款余额为 239.15 万元。本次股 权转让完成后，该借款将被动形成公司对外提供财务资助的情形，其实质为公 司对原控股子公司日常经营性借款的延续，不属于相关法律法规所规定的不得 提供财务资助的情形。 本次交易对方 ...

证券代码：920100 证券简称：三协电机 公告编号：2025-151 常州三协电机股份有限公司 关于召开 2026 年第一次临时股东会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开基本情况 （一）股东会届次 本次会议为 2026 年第一次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 （三）会议召开的合法合规性 本次会议的召集、召开和议案审议程序符合《中华人民共和国公司法》等 法律法规和《公司章程》的有关规定。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东应选择现场投票或网络投票的其中一种方式参与表决，如 果同一表决权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2026 年 1 月 16 日 15:00。 2、网络投票起止时间：2026 年 1 月 15 日 15:00—2026 年 1 月 16 日 15:00。 登记在册的股东可通过中国证券登记结算有限责任公司（ ...

证券代码：920100 证券简称：三协电机 公告编号：2025-146 常州三协电机股份有限公司 第三届董事会第二十次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 12 月 31 日 2.会议召开地点：公司 6 楼会议室 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 本次会议召集、召开、出席人数、议事内容和表决程序等均符合《公司法》 《公司章程》及有关法律、法规的规定，所做出的的决议合法有效。 （二）会议出席情况 会议应出席董事 6 人，出席和授权出席董事 6 人。 董事王进、夏卫军、谢肖琳因个人原因以通讯方式参与表决。 具体内容详见公司 2025 年 12 月 31 日在北京证券交易所信息披露平台 （www.bse.cn）披露的公司《出售资产暨关联交易的公告》（公告编号：2025- 147）。 2.议案表决结果：同意 6 票；反对 0 票；弃权 0 票。 本议案已经公司 2025 年第四次独立董 ...

Core Viewpoint - Sanxie Electric (920100) experienced a decline of 5.07% today, with a turnover rate of 20.84% and a transaction volume of 268 million yuan, indicating significant trading activity and potential volatility in the stock [2]. Trading Activity - The stock was listed on the龙虎榜 due to its turnover rate reaching 20.84%, with institutional investors net selling 10.82 million yuan [2]. - The top five trading departments accounted for a total transaction volume of 59.38 million yuan, with a buying amount of 25.80 million yuan and a selling amount of 33.58 million yuan, resulting in a net sell of 7.78 million yuan [2]. - Among the trading departments, two institutional specialized seats were involved, with a total buying amount of 3.09 million yuan and a selling amount of 13.90 million yuan, leading to a net sell of 10.82 million yuan [2]. Historical Performance - Over the past six months, the stock has appeared on the龙虎榜 17 times, with an average price drop of 0.10% the day after being listed and an average decline of 3.84% over the following five days [2].

Market Overview - The electric motor sector experienced a decline of 0.48% on the trading day, with Sanxie Electric leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Notable gainers in the electric motor sector included: - Xingdesheng (603344) with a closing price of 37.36, up 10.01% and a trading volume of 60,100 shares, totaling 220 million yuan [1] - Runse Station (300626) closed at 15.91, up 8.67% with a trading volume of 231,100 shares, totaling 360 million yuan [1] - Xiangdian Co. (600416) closed at 15.78, up 7.49% with a trading volume of 1,024,400 shares, totaling 156.5 million yuan [1] - Major decliners included: - Sanxie Electric (920100) closed at 73.66, down 5.07% with a trading volume of 35,600 shares, totaling 268 million yuan [2] - Zhaowei Electromechanical (003021) closed at 124.18, down 3.67% with a trading volume of 88,400 shares, totaling 1.108 billion yuan [2] - Jiangsu Leili (300660) closed at 54.82, down 2.89% with a trading volume of 190,400 shares, totaling 1.051 billion yuan [2] Capital Flow - The electric motor sector saw a net outflow of 925 million yuan from institutional investors, while retail investors contributed a net inflow of 688 million yuan [2] - The capital flow for specific stocks showed: - Xiangdian Co. (600416) had a net inflow of 1.09 billion yuan from institutional investors [3] - Xingdesheng (603344) experienced a net inflow of 58.98 million yuan from institutional investors [3] - Jiadian Co. (000922) had a net inflow of 13.70 million yuan from institutional investors [3]