证券代码：600114 股票简称：东睦股份 编号：2025-076 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 1 证券代码：600114 股票简称：东睦股份 编号：2025-076 董事会薪酬与考核委员会关于公司 2025 年限 制性股票激励计划激励对象名单的公示情况 说明及核查意见 本公司董事会及全体董事保证本公告内容不存在任何虚假记 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责任。 东睦新材料集团股份有限公司（以下简称"公司"）于2025年8月4日 召开第八届董事会第十八次会议，审议通过了《关于<东睦新材料集团股 份有限公司2025年限制性股票激励计划（草案）>及其摘要的议案》等相 关议案，具体内容详见公司于2025年8月5日在上海证券交易所网站 （www.sse.com.cn）披露的相关信息。 根据《上市公司股权激励管理办法》（以下简称《管理办法》）的相 关规定，公司对2025年限制性股票激励计划（以下简称"本次激励计 划"）拟激励对象的姓名和职务在公司内部进行了公示，公司董事会薪酬 与考核委员会结合公示情况对激 ...

根据《中华人民共和国公司法》(以下简称《公司法》)、《中华人 民共和国证券法》(以下简称《证券法》)、《上市公司股权激励管理办 法》（以下简称《管理办法》）等法律法规、规范性文件以及《东睦新 材料集团股份有限公司章程》（以下简称《公司章程》）的相关规定， 结合东睦新材料集团股份有限公司（以下简称"公司"）对2025年限制 性股票激励计划激励对象名单的公示情况及核查结果，公司董事会薪 酬与考核委员会发表核查意见如下： 一、列入公司2025年限制性股票激励计划的激励对象具备《公司 法》、《证券法》、《管理办法》等有关法律法规及规范性文件及《公司 章程》规定的任职资格。 东睦新材料集团股份有限公司董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划激励对象名单的 公示情况说明及核查意见 二、本次激励计划的激励对象为在公司（含子公司、孙公司，下 同）任职的董事、高级管理人员、中层管理人员、其他核心技术（业 务）人员、公司董事会认为需要进行激励的相关员工，不包括公司独 立董事及单独或合计持有公司5%以上股份的股东或实际控制人及其配 偶、父母、子女。 三、本次激励计划的激励对象均不存在《管理办法》第八条规定 ...

Group 1: Macro Strategy and Market Trends - The report indicates a rebound in social financing, with July's social financing scale increasing by 1.16 trillion yuan, which is 389.3 billion yuan more than the same period last year [21] - The report highlights that the M1 and M2 monetary aggregates have shown a year-on-year increase, indicating a recovery in excess liquidity [21] - The report emphasizes the importance of monitoring the progress of US-China trade agreements and the performance of mid-year earnings reports [21] Group 2: Fixed Income and City Investment Bonds - As of August 12, 2025, the scale of city investment bonds planned for early redemption since 2025 is 55.8 billion yuan, showing a slowdown in the redemption pace compared to previous peaks [22] - The report notes that private placement bonds have a higher proportion of planned face value redemptions (61.23%) compared to public bonds (45.24%) [22][23] - The trend of redeeming bonds at face value has shifted, with issuers now more likely to offer fairer prices such as face value plus compensation [22] Group 3: Yellow Wine Industry - The report suggests that the yellow wine industry is poised for revival, driven by leading brands adopting high-end, national, and youth-oriented strategies [6] - It highlights that the market share of ancient yellow wine brands outside Jiangsu and Zhejiang has increased from 27% in 2018 to 43% in 2024, indicating successful national expansion [6] - The report recommends focusing on two leading yellow wine brands, Kuaijishan and Guyuelongshan, which have made significant progress in high-end and national strategies [6] Group 4: Company-Specific Insights - Industrial Fulian reported a sales revenue of 360.76 billion yuan in the first half of 2025, a year-on-year increase of 35.58% [9] - The company anticipates a net profit of 121.13 billion yuan for the first half of 2025, with a forecasted increase to 500 billion yuan in 2026 [9] - Weixing New Materials reported a revenue of 2.078 billion yuan in the first half of 2025, a year-on-year decline of 11.33%, but maintained a significant cash dividend of 157 million yuan [28][29]

Investment Rating - The report rates the industry as "Overweight," indicating that it is expected to outperform the overall market [3]. Core Insights - The axial flux motor has significant advantages in torque density and efficiency, already being applied in robotics. For instance, the YASA axial flux motor achieves torque density and power density of 160 Nm/L and 14.9 kW/kg, respectively, which is four times that of traditional radial flux motors [3]. - PCB motors, a branch of axial flux motors, have increased application potential due to optimized PCB technology. They replace traditional iron core stators with PCBs, leading to reduced weight and enhanced efficiency [3]. - PCB motors excel in lightweight design, high efficiency, stability, automated production, low noise, and flexible design, making them suitable for robotic applications that require high torque density and rapid response [3]. - The robotics sector presents new development opportunities for PCB axial flux motors, with leading companies actively seeking innovative motor technologies as traditional solutions face limitations [3]. Summary by Sections Axial Flux Motor Advantages - The axial flux motor is characterized by a flat shape and a larger effective magnetic area, resulting in higher torque and efficiency compared to traditional motors [3]. - The efficiency of these motors typically exceeds 96%, with lower operational noise and vibration [3]. PCB Motor Characteristics - PCB motors are lightweight, reducing copper usage by 66% and significantly decreasing weight [3]. - They offer high efficiency due to reduced magnetic path losses and improved thermal stability [3]. - The automated production process ensures consistent quality and allows for rapid customization [3]. Investment Opportunities - Recommended companies to watch include: - Wolong Electric Drive: A comprehensive motor supplier focusing on high torque density axial flux motors [3]. - Xiaxia Precision: Invested in ZhiJian Intelligent, specializing in micro motors [3]. - Mingyang Circuit: Capable of full-process PCB production with a focus on robotics [3]. - Dongmu Co., Ltd.: Holds a 22% stake in Xiaoxiang Motor, a leader in axial flux motor technology [3]. - Yidelong: A flexible EMS manufacturer with a diverse product range [3].

Core Viewpoint - Tianfeng Securities issued a report on August 14, giving Dongmu Co., Ltd. (600114.SH, latest price: 26.05 yuan) a "buy" rating based on strong growth in MIM and continuous improvement in profitability [2] Group 1: MIM Growth and Applications - MIM is experiencing strong growth, which is complemented by cost reduction and efficiency enhancement, leading to sustained improvement in profitability [2] - The three major platforms are collaborating effectively, with MIM enabling diverse application scenarios such as foldable screen hinges, AI, and robotics [2] Group 2: P&S and SMC Opportunities - In the P&S segment, hybrid vehicles maintain core scenarios while robotic gears are opening new opportunities [2] - The SMC segment is seeing growth potential driven by demand for automotive applications and AI computing power [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company achieved a record high in half-year performance with revenue of 2.93 billion yuan, up 24.5% year-on-year, and a net profit of 261 million yuan, up 37.6% year-on-year [1][5]. - The MIM business is experiencing rapid growth, with a year-on-year increase of 57.26%, driven by the demand from the consumer electronics sector and the introduction of new products [2][3]. - The company is focusing on diversifying its applications in areas such as foldable screen hinges, AI, and robotics, leveraging its MIM technology [3][4]. Financial Performance Summary - In H1 2025, the company reported a main business revenue of 2.91 billion yuan, with the P&S, SMC, and MIM segments generating revenues of 1.26 billion, 444 million, and 1.21 billion yuan respectively [2]. - The gross profit margin for H1 2025 was 23.72%, with the MIM segment showing a margin of 25.47%, indicating improved profitability [2]. - The net profit margin for H1 2025 was 11.12%, reflecting a significant increase of 2.42 percentage points year-on-year [2]. Business Segment Insights - The MIM segment is primarily focused on the consumer electronics industry, contributing approximately 82.16% of its revenue, with significant growth expected in foldable smartphones [3]. - The P&S segment is capitalizing on the automotive industry's shift towards electrification, achieving revenue growth of 12.7% in automotive products [4]. - The SMC segment faced a revenue decline of 2.68% due to market competition, but there is potential for growth in AI-related applications [4]. Financial Projections - The company forecasts net profits of 536 million, 603 million, and 725 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30.63, 27.24, and 22.67 [5][6].

Core Points - The company is holding its third extraordinary general meeting of shareholders in 2025 on August 21, 2025, at 14:30, in Ningbo, Zhejiang Province [2][3] - The meeting will utilize a combination of on-site and online voting methods, with online voting available from 9:15 to 15:00 on the same day [2][3] - The agenda includes the review of several key proposals, including the 2025 Restricted Stock Incentive Plan and its implementation management measures [4][6][9] Proposal Summaries - Proposal No. 25-04-01: The company proposes the 2025 Restricted Stock Incentive Plan to attract and retain talent, aligning the interests of shareholders, the company, and core team members [4][5] - Proposal No. 25-04-02: The company seeks approval for the implementation management measures of the 2025 Restricted Stock Incentive Plan to ensure its smooth execution [6][8] - Proposal No. 25-04-03: The company requests authorization from the shareholders to the board for handling matters related to the 2025 Restricted Stock Incentive Plan [9][10] - Proposal No. 25-04-04: The company proposes to authorize the board to manage and sign relevant agreements concerning the acquisition of Shanghai Fuchi High-Tech Co., Ltd. through a combination of stock issuance and cash payment [11][12]

Meeting Information - The third extraordinary general meeting of shareholders will be held on August 21, 2025, at 14:30 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The record date for shareholders is August 14, 2025 [1] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system during the trading hours on the meeting day [2] - The meeting does not involve public solicitation of shareholder voting rights [2] Agenda Items - The meeting will review several proposals, including the draft of the 2025 Restricted Stock Incentive Plan and its implementation management measures [3][4] - The proposals require approval from more than two-thirds of the voting shareholders present [3] Attendance Requirements - Shareholders registered by the close of trading on the record date are eligible to attend the meeting [4] - Shareholders can appoint proxies to attend and vote on their behalf [5] Registration Process - Shareholders must present identification and shareholder account cards for registration [5] - Registration can also be done via mail or fax for remote shareholders [6] Additional Information - The meeting is expected to last half a day, and attendees will bear their own travel and accommodation expenses [6] - Contact information for inquiries includes a phone number and email address [10]

证券日报网讯8月13日晚间，东睦股份（600114）发布公告称，公司将于2025年8月21日召开2025年第三 次临时股东会。本次股东会将审议关于《东睦新材料集团股份有限公司2025年限制性股票激励计划(草 案)》及其摘要的议案等多项议案。 ...

东睦新材料集团股份有限公司 2025 年第三次临时股东会会议资料 2025 年 8 月 21 日 中国·宁波 1 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. （证券代码：600114 证券简称：东睦股份） 2025 年第三次临时股东会 会议资料 东睦新材料集团股份有限公司 2025 年第三次临时股东会会议资料 目 录 | 2025 年第三次临时股东会提示 | 3 | | --- | --- | | 2025 年第三次临时股东会议程 | 5 | | 议案： | | | 1、关于《东睦新材料集团股份有限公司 2025 年限制性股票激励计划（草案）》及其 | | | 摘要的议案 7 | | | 2、关于《东睦新材料集团股份有限公司 2025 年限制性股票激励计划实施考核管理办 | | | 法》的议案 8 | | | 3、关于提请股东会授权董事会办理公司 2025 年限制性股票激励计划有关事宜的议案 | | | 9 | | | 4、关于提请股东会授权董事会及其授权人士全权变更并签署相关协议的议案 11 | | 2 东睦新材料集团股份有限公司 2025 年第三次临时 ...