卧龙电气驱动集团股份有限公司 2024 年年度股东大会会议资料 卧龙电气驱动集团股份有限公司 2024 年年度股东大会 会议资料 1 / 33 卧龙电气驱动集团股份有限公司 2024 年年度股东大会会议资料 卧龙电气驱动集团股份有限公司 2024 年年度股东大会会议规则特别提示 （2025 年 05 月 19 日） 为了维护全体股东的合法权益，确保本次股东大会公开、公正、合法有效， 保证会议顺利进行，卧龙电气驱动集团股份有限公司（以下简称"卧龙电驱"、 "本公司"或"公司"）股东大会秘书处根据《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 东大会规则》和本公司《公司章程》、《股东大会议事规则》为依据，对本次股东 大会的会议规则提示如下： 一、参加本次股东大会的股东为截至 2025 年 05 月 08 日下午收市后在中国 证券登记结算有限公司上海分公司登记在册的本公司股东。 二、出席会议的股东或其授权代表需携带本人有效身份证件、授权委托书和 有关的证明材料并经本次股东大会秘书处登记备案。 三、股东的发言、质询权 1、参加会议的股东及持有合法授权手续 ...

Core Viewpoint - The launch of "Shulong 105," a 105MW high-capacity synchronous generator, marks a significant breakthrough in China's energy storage technology, achieving international advanced standards and filling a domestic gap in the compressed air energy storage sector [1][2]. Group 1: Product Overview - "Shulong 105" is developed by China Storage Energy (Beijing) Technology Co., Ltd. and Wolong Electric Nanyang Explosion-proof Group Co., Ltd., featuring complete independent intellectual property rights [2]. - The generator has a single unit capacity of 105 megawatts, more than doubling the capacity of similar compressed air energy storage products [2]. - The comprehensive efficiency of "Shulong 105" reaches 98.8%, with ultra-low vibration below 35μm, which is less than half of the national standard [2]. Group 2: Technological Advancements - "Shulong 105" adopts an integrated design, avoiding the complexities and inefficiencies associated with conventional split designs that require multiple motors [3]. - The product overcomes key technological challenges in the 100MW class generator segment, filling a gap in domestic dual-condition generator products [3]. Group 3: Economic and Environmental Benefits - Compared to multiple conventional motors of the same power, "Shulong 105" saves over 40% in footprint, improves efficiency by 0.4%, and is expected to save approximately 1.8 million yuan in annual electricity costs [3]. - The development of "Shulong 105" is seen as a critical support for the high-quality development of large-scale compressed air energy storage industries [2][3]. Group 4: Strategic Collaboration - A strategic cooperation agreement was signed between China Storage Energy and Wolong Electric Nanyang Explosion-proof to continue developing high-end equipment in the compressed air energy storage field [3]. - The collaboration aims to explore eco-friendly and win-win business models while enhancing the performance and reducing costs of large-scale advanced compressed air energy storage systems [3].

Group 1 - The core index, the CSI 500 Equal Weight Index, has shown a recent increase of 8.16% over the past month, while it has decreased by 0.40% over the last three months and has risen by 0.83% year-to-date [2] - The CSI 500 Equal Weight Index is designed to provide a more diversified investment option by using equal weighting for its constituents, which are the same as those in the CSI 500 Index [2] - The top ten holdings in the CSI 500 Equal Weight Index include companies such as Hangzhou Steel (0.55%), Aojie Technology (0.46%), and Guangxin Media (0.42%) [2] Group 2 - The CSI 500 Equal Weight Index is adjusted semi-annually, with sample adjustments occurring on the next trading day after the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, but can be modified in the event of temporary adjustments due to changes in the underlying CSI 500 Index [3] - Companies that are suspended from trading or delisted are removed from the index, and any corporate actions such as mergers or splits are handled according to specific maintenance guidelines [3]

Core Viewpoint - The aviation engine concept sector has shown a positive performance, with a 2.86% increase, ranking 7th among various concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of May 8, the aviation engine concept saw 74 stocks rise, with notable gainers including Chenxi Aviation and Huarun Co., both reaching a 20% limit up. Other significant performers included Aileda, Rifa Precision Machinery, and Xiling Power, which rose by 9.76%, 7.75%, and 7.37% respectively [1]. - Conversely, stocks such as Maixinlin, Julun Intelligent, and Jizhi Co. experienced declines of 2.64%, 2.55%, and 1.27% respectively [1]. Capital Flow - The aviation engine concept sector experienced a net outflow of 678 million yuan from major funds, with 38 stocks receiving net inflows. Seven stocks saw net inflows exceeding 30 million yuan, led by Haoneng Co. with a net inflow of 136 million yuan [2][3]. - Other notable net inflows included Hangfa Power, Rifa Precision Machinery, and AVIC Heavy Machinery, with net inflows of 81.44 million yuan, 62.90 million yuan, and 56.73 million yuan respectively [2]. Fund Inflow Ratios - Haoneng Co. led the fund inflow ratio with 48.12%, followed by New Dazhou A and Antai Technology at 11.99% and 10.86% respectively [3].

Group 1: Support for Private Enterprises - Zhejiang is a major province for private enterprises, and the Construction Bank's Zhejiang branch has been actively supporting their development through resource allocation and customer service [1] - The bank has created a win-win ecosystem for society, enterprises, and the economy [1] Group 2: Support for Technology Enterprises - The bank has helped companies like Tuoxian Technology break foreign monopolies in high-end polymer materials, providing a credit line of 200 million yuan after thorough research [2][3] - The bank's innovative "intellectual property pledge" model has allowed technology companies to secure financing based on their patents, increasing credit limits as companies grow [2][3] - Tuoxian Technology has established a production line with an output capacity of 10,000 tons, contributing to a new materials industry cluster worth over 10 billion yuan [3] Group 3: Support for Established Enterprises - Wolong Holding Group has transformed from a small motor factory to a large enterprise group with multiple subsidiaries and over 18,000 employees, receiving 550 million yuan in credit support from the bank [4] - The bank has tailored financing solutions for Wolong Electric Drive Group to meet their working capital needs, facilitating their growth in the low-altitude economy sector [4] Group 4: Support for Small and Micro Enterprises - The bank has provided critical support to small businesses like the Tian Tai County Xiangjiao Automotive Products Factory, helping them navigate cash flow challenges [5][6] - The bank's customer managers have implemented personalized financing solutions to prevent financial risks and ensure business continuity [6]

Summary of Key Points from Conference Call Records Industry and Company Involvement - **Industry**: Robotics, Electric Vehicles, OLED Technology - **Companies Mentioned**: - 卧龙电驱 (Wolong Electric Drive) - 清越科技 (Qingyue Technology) - 东芯股份 (Dongxin Co., Ltd.) - 爱乐达 (Aileda) - 国瓷材料 (Guoci Materials) - 合康新能 (Hekang New Energy) - 合众思壮 (Hezhong Shizhuang) - 柯力传感 (Keli Sensor) - 束智数媒 (Shuzhi Shumei) Core Insights and Arguments - **Wolong Electric Drive**: - Actively developing core components for humanoid robots, including high-performance joint modules, servo drivers, and frameless torque motors - Achieved a torque density breakthrough of 102.85 Nm/kg by utilizing third-generation high-performance permanent magnet materials, enhancing product performance and market competitiveness [5][6] - Collaborating with the China Civil Aviation Science and Technology Research Institute to establish a joint laboratory, contributing to the formulation of standards for electric power systems in aviation [5] - **Qingyue Technology**: - As of December 31, 2024, successfully shipped 0.71-inch silicon-based OLED products, applied in Transsion's AR Pocket Vision glasses - Established partnerships with clients in the XR field, receiving positive feedback for high brightness, wide color gamut, and wide field of view [5][6] - **Dongxin Co., Ltd.**: - Reported that its G100 chip product has completed initial wafer processing and is entering packaging testing and product validation stages as of the first quarter of 2025 [6] - **Aileda**: - Provides precision machining and special process treatment for aircraft components, specifically for the C919 aircraft, having passed the direct supplier audit by COMAC [6] - **Guoci Materials**: - Focused on both oxide and sulfide technology routes, having developed various oxide solid electrolyte products, including aluminum-based solid electrolytes synthesized from chromium oxide [6] - **Hekang New Energy**: - High-voltage frequency converters are applicable in nuclear industry fields, covering various systems including primary pumps and seawater desalination [6] - **Hezhong Shizhuang**: - Enhancing high-precision satellite positioning technology to improve environmental perception capabilities for humanoid robots [6] - **Keli Sensor**: - Strategic investment in Kepler Robotics, holding a 1.55% stake, aiming to strengthen cooperation in sensor technology innovation and supply chain collaboration [6] Other Important Insights - **Market Trends**: - The sentiment indicators from the interactive platform highlight shareholder capital returns, industrial robots, and artificial intelligence as top concerns, with LED and OLED also ranking high [1] - The interactive platform's hot word statistics indicate a growing interest in robotics and AI technologies, reflecting broader market trends [2][3] - **Stock Performance**: - Notable stock performance increases for Qingyue Technology (+1.49%) and Wolong Electric Drive (+6.86%) during the reporting period [7] This summary encapsulates the key points from the conference call records, focusing on the companies' developments, industry trends, and market performance.

Summary of Conference Call Notes Industry Overview - The focus is on the **exoskeleton robot** market, which has gained attention due to its application in popular tourist destinations like **Mount Tai**, **Huangshan**, and **Qingcheng Mountain** during the May Day holiday, as reported by multiple media outlets including CCTV2 and CCTV13 [1][2] - The market is actively seeking **application scenarios** for robots, highlighting the growing interest in this technology [1][2] Company Insights - **卧龙电驱 (Wolong Electric Drive)** is positioning itself in the exoskeleton assistance system solutions as part of its robotics business strategy [1][2] - The company has shown signs of recovery from previous tariff impacts, with recent trends indicating a **"moving average convergence upwards"**, suggesting a potential rebound in stock performance [2] Key Players and Market Dynamics - The exoskeleton robot sector is influenced by various factors, including the development of **lightweight materials** and **sensors** [2] - **程天科技 (Chengtian Technology)** is identified as a core player in the domestic exoskeleton business [2] - **福达股份 (Fuda Co.)** is a designated supplier of planetary gear reducers for Chengtian Technology [2] - **蓝黛科技 (Landai Technology)** has secured overseas orders for **30,000 to 40,000 units** of exoskeleton robots [2] - **振江股份 (Zhenjiang Co.)** has collaborated with a research team to establish a robotics company named **海普曼 (Haipuman)** [2] Additional Considerations - The overall sentiment in the robotics sector is improving, which may positively impact the stock performance of companies involved in this space, including Wolong Electric Drive [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a revenue of 16.247 billion yuan in 2024, a year-on-year increase of 4.37%, with a significant rise in net profit by 49.63% to 793 million yuan [5][8] - In Q1 2025, the company reported a revenue of 4.039 billion yuan, up 7.95% year-on-year, and a net profit of 268 million yuan, reflecting a growth of 20.45% [5][8] - The company plans to divest its renewable energy business to focus on its core motor business, enhancing its investment in low-altitude and embodied intelligence products [8] Financial Data and Profit Forecast - The company forecasts total revenue of 16.157 billion yuan for 2025, with a slight decline of 0.6% year-on-year, and a net profit of 1.018 billion yuan, representing a growth of 28.4% [7][10] - The gross margin for 2024 was reported at 24.05%, a decrease of 1.11 percentage points, attributed to changes in revenue structure [8] - The company has adjusted its profit forecasts for 2025 and 2026 to 1.018 billion yuan and 1.108 billion yuan respectively, with a new forecast for 2027 at 1.240 billion yuan [8]

Core Insights - The wind energy sector experienced a notable increase on April 30, with a rise of 0.23% in the concept sector, driven by significant gains in several companies, including Jinming Precision Machinery, which rose by 11.31% [1][2] Company Performance - Jinming Precision Machinery saw a rise of 11.31% - Other notable performers included Ningbo Dongli (up 10.04%), Chuanrun Co. (up 10.02%), Zhenjiang Co. (up 10.01%), and Nanjing Chemical Fiber (up 10.00%) [1][6] - Jiuding New Materials increased by 9.97% [1] Fund Flow Analysis - On April 30, the wind energy sector experienced a net outflow of 643 million yuan in main funds [3][4] - The top three companies with net inflows were Chuanrun Co. (301 million yuan), Wolong Electric Drive (180 million yuan), and Zhenjiang Co. (149 million yuan) [4][7]

4月30日沪深两市涨跌不一，成交量有所放大。板块方面人形机器人、自动化设备涨幅居前，保险、银 行跌幅居前。人气股方面南方精工（002553）收于涨停，步步高（002251）、红宝丽（002165）跌幅居 前。值得注意的是，十大人气股中机器人相关概念股占据其中六席。下面是今日十大人气股排名的详细 情况。 | 4.30沪深两市 十大人气股排名 | | | | | | | --- | --- | --- | --- | --- | --- | | 个股人气排名 股票代码 | | 证券简称 | 收盘份 | 涨跌幅 (%) | 人气值 | | 1 | 002261 | 拓维信息 | 33.3 | 4.13 | 771.21万 | | 2 | 002165 | 红宝丽 | 12.44 | -2.05 | 585.27万 | | 3 | 002251 | 步步高 | 6.2 | -10.01 | 487.50万 | | 4 | 600580 | 卧龙电驱 | 25.72 | 6.86 | 436.26万 | | 5 | 601177 | 机内削进 | 20.09 | 3.03 | 351.40万 | | 6 | 00255 ...