致：香港交易及結算所有限公司 公司名稱: Johnson Electric Holdings Limited 德昌電機控股有限公司* 呈交日期: 2025年12月1日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00179 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,760,000,000 | HKD | | 0.05 HKD | | 88,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,760,000,000 | HKD | | 0.05 HKD | ...

JOHNSON ELECTRIC HOLDINGS LIMITED 德 昌 電 機 控 股 有 限 公 司* (Incorporated in Bermuda with limited liability) （在百慕達註冊成立之有限公司） （Stock Code 股份代號：179） NOTIFICATION LETTER 通 知 信 函 Should you have any queries in relation to this letter, please call the telephone hotline of the Hong Kong Share Registrar at (852) 2862 8688 during business hours from 9:00 a.m. to 6:00 p.m. Monday to Friday, excluding Hong Kong public holidays or send an email to johnsonelectric.ecom@computershare.com.hk. Yours faithfully, For and on beha ...

(Incorporated in Bermuda with limited liability) （在百慕達註冊成立之有限公司） （Stock Code 股份代號：179） JOHNSON ELECTRIC HOLDINGS LIMITED 德 昌 電 機 控 股 有 限 公 司* NOTIFICATION LETTER 通 知 信 函 Dear Registered Shareholders, Johnson Electric Holdings Limited ("Company") — Notice of Publication of Interim Report 2025/26 ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.johnsonelectric.com and the HKEXnews website at www. ...

同心同德 共創未來 *僅供識別 中期業績報告2025/26 德昌電機控股有限公司 （在百慕達註冊成立之有限公司） 香港新界沙田香港科學園 科技大道東12號6樓 電話：(852) 2663 6688 傳真：(852) 2897 2054 www.johnsonelectric.com JE 2026_IR_Cover.indd 所有頁面 20/10/2025 上午10:49 004888 目錄 Johnson Electric Holdings Limited 德昌電機控股有限公司* （在百慕達註冊成立之有限公司） 股份代號：179 | | | 2 致股東函件 6 管理層討論及分析 23 企業管治 25 權益披露 29 購買、出售或贖回上巿證券 30 根據上巿規則第13.21條披露 30 中期股息及暫停過戶登記 31 簡明綜合中期財務報表 80 公司及股東資料 同心同德 共創未來 Johnson Electric Holdings Limited 德昌電機控股有限公司* （在百慕達註冊成立之有限公司） 股份代號：179 *僅供識別 中期業績報告2025/26 2025/26中期業績報告 1 摘要 關於封面 德昌 ...

东方证券认为，近期机器人板块调整幅度较大，预计主要系由于特斯拉推迟Optimus V3发布及量产计划 使得市场担心人形机器人整体量产进度及规模将不及预期。该行认为，特斯拉、Figure、小鹏等国内外 机器人公司仍在进行技术迭代、持续推进机器人量产落地进程，宇树科技等多家公司加快推进IPO， 2026年人形机器人将进入从0到1的规模化量产阶段，预计后续机器人板块仍将迎来催化，建议调整后继 续关注机器人产业链公司。 消息面上，招商证券表示，国内机器人厂家在全球人形机器人竞争格局中的地位日益凸显。在政策层 面，工信部印发通知重点布局人形机器人应用，国家对人形机器人产业的支持力度达到了新的高度；在 应用方面，截至2025年11月国内机器人头部企业累计订单超24亿，订单已破2万台。特斯拉进度屡次推 迟，将2025年第四季度量产目标从5000台下调至2000-3000台，而国内订单逐渐放量，人形机器人量产 确定性逐渐向国内厂家转移。建议关注国产链相关标的。 智通财经APP获悉，部分机器人概念股活跃，截至发稿，极智嘉-W(02590)涨5.09%，报24.34港元；三 花智控(02050)涨4.13%，报33.78港元；德 ...

Summary of Key Points from the Conference Call Industry and Company Overview - The focus is on the robotics sector and specifically on 德昌电机控股 (Deka Motor Holdings), a leading global micro-motor company [1][13] - The robotics sector is expected to see a new market trend from Q4 2025 to Q1 2026, driven by small batch orders and the release of Tesla's third-generation humanoid robot [1][3] Core Insights and Arguments - **Technological Advancements**: Tesla's third-generation humanoid robot will feature significant technological upgrades, including: - Gearbox changes from harmonic to cycloidal gearboxes [4] - Motor upgrades from frameless torque motors to axial flux motors and harmonic field motors [6] - Increased degrees of freedom in hand design from 11 to 22 [6] - **Investment Recommendations**: Key companies to watch include: - **拓普集团 (Top Group)**: Estimated market value of approximately 100 billion, with significant rebound potential [7] - **浙江荣泰 (Zhejiang Rongtai)**: A stable supplier in the T-chain with high positioning [7] - **双环传动 (Shuanghuan Transmission)**: Collaborating with Tesla on gearbox development, benefiting from the rise in electrification [7][8] - **Market Dynamics**: The automotive and robotics sectors are experiencing volatility due to policy uncertainties and capital rotation pressures, but the long-term outlook for embodied intelligence remains positive [3] Financial Performance and Projections - **德昌电机控股 Financials**: - Revenue for FY 2025 is projected at $3.65 billion, a 4.5% decrease year-on-year, while net profit is expected to rise by 14.2% to $260 million [14] - The company has a balanced revenue distribution across regions: Asia (40%), Americas (32%), and Europe/Middle East/Africa (30.7%) [14] - FY 2026 profit forecast is $270 million, with a PE ratio of 14.4, indicating a potential 50% upside [2][14] Emerging Business Opportunities - **Robotics and Liquid Cooling**: The company is expanding into humanoid robots and liquid cooling systems, which are expected to provide new growth avenues [13][24] - **Market Potential**: The global humanoid robot joint assembly market is projected to reach approximately $20 billion by 2028 [21] Competitive Positioning - **Micro-Motor Market Share**: 德昌电机控股 holds an 18% market share in the global passenger vehicle micro-motor market, being the only Chinese company among the top five manufacturers [20] - **Technological Edge**: The company leverages vertical integration and a global production layout to maintain competitive advantages in cost and technology [20][22] Future Outlook - **Automotive Sector**: The automotive business, which constitutes 85% of revenue, is expected to face challenges in 2026 but is projected to recover by 2027 [25][16] - **Commercial Sector**: The commercial business is anticipated to stabilize, with slight revenue growth expected in FY 2026 [26] - **Emerging Business Contributions**: Robotics and liquid cooling are expected to start contributing to revenue from FY 2027 [27] Valuation and Investment Rating - The company is rated as a strong buy with a target price of HKD 43.6, reflecting a nearly 50% upside based on a 20x PE ratio for FY 2026 [28]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating which companies saw the largest increases and decreases in ownership percentages among investors [1][2]. Summary by Category Increase in Holdings - Maanshan Iron & Steel Co., Ltd. (00323) saw the largest increase in ownership percentage, rising by 0.90% to a total of 16.56% [2]. - Guofu Hydrogen Energy (02582) and XPeng Inc. (09868) both increased by 0.70%, with their latest holdings at 15.15% and 19.48% respectively [2]. - Over the last five trading days, Guofu Hydrogen Energy (02582) experienced the most significant increase of 7.57%, bringing its total to 15.15% [3]. - Other notable increases include Giant Star Legend (06683) with a 4.97% rise to 17.88% and InnoCare Pharma Limited (09606) with a 3.28% increase to 27.68% [3]. Decrease in Holdings - Shandong Molong Petroleum Machinery Co., Ltd. (00568) had the largest decrease in ownership, dropping by 1.61% to 58.05% [2]. - Beijing Jingcheng Machinery Electric Company Limited (00187) and Qiu Tai Technology (01478) also saw significant decreases of 0.95% and 0.76%, with their latest holdings at 50.50% and 8.73% respectively [2]. - In the last five trading days, the largest decrease was observed in Hang Seng China Enterprises Index (02828), which fell by 5.47% to 2.63% [3]. - Other companies with notable decreases include the Tracker Fund of Hong Kong (02800) and ZTE Corporation (00763), which decreased by 2.06% and 1.70% respectively [3].

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Investment Highlights - The company is a leading player in the automotive micro-motor sector with a global market presence for over 60 years, focusing on micro-motors and controllers [1] - Revenue breakdown shows automotive and industrial segments contributing approximately 85% and 15% respectively, with automotive being the main growth driver [1] - The global automotive micro-motor market is projected to reach 119.6 billion yuan in 2025, reflecting a year-on-year growth of 6.7% [1] Expansion into New Fields - The company is increasing its focus on humanoid robots and liquid cooling technologies, aiming to create new growth points [2] - In the robotics sector, the company leverages its traditional motor business advantages and has established a joint venture with Shanghai Electric to enhance its business channel capabilities [2] - The liquid cooling segment has introduced CDU pumps and server liquid cooling pumps, showcasing significant performance advantages and potential for acquiring more international client orders [2] Financial Projections and Valuation - Earnings per share (EPS) are projected to be $0.28 and $0.30 for FY26 and FY27 respectively, with a compound annual growth rate (CAGR) of 5.0% from FY25 to FY27 [2] - The current stock price corresponds to FY26 and FY27 price-to-earnings (P/E) ratios of 14.4x and 13.3x, with a target price of 43.6 HKD indicating a potential upside of 40.2% [2]

Core Viewpoint - CICC initiates coverage on DCH Holdings (00179) with an "outperform" rating and a target price of HKD 43.6, reflecting projected P/E ratios of 20x and 18.9x for the fiscal years 2026 and 2027 respectively [1] Group 1: Company Overview - DCH Holdings is recognized as a global leader in micro-motors, with a strong presence in the automotive micro-motor sector and extensive global market coverage [1] - The company is expanding into humanoid robotics and liquid cooling sectors, aiming to create new growth opportunities [1] Group 2: Market Trends - The micro-motor market is expected to continue expanding due to the trend of electrification in the automotive industry, which solidifies the company's competitive advantages [1]