证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-056 二、董事会会议审议情况 卧龙电气驱动集团股份有限公司 九届十七次临时董事会决议公告 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法律责任。 一、董事会会议召开情况 卧龙电气驱动集团股份有限公司（以下简称"公司"或"卧龙电驱"）九届 十七次临时董事会会议于 2025 年 07 月 21 日以现场结合通讯表决方式召开。本 次会议的会议通知和材料已于 2025 年 07 月 16 日分别以专人送达、电子邮件或 传真等方式发出。公司现有董事 7 人，参会董事 7 人，其中独立董事赵荣祥、张 志铭、邓春华以通讯方式参加。公司监事会成员、高级管理人员列席了会议。 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，表决形成的决议合法、有效。 本议案尚需提交股东大会审议。 （一）审议通过《关于发行 H 股股票并在香港联合交易所有限公司上市的 议案》 为深化全球化战略布局，提高公司国际形象及综合竞争力，根据《中华人民 共和国公司法（2023 ...

7月21日，沪指上涨0.72%，深成指上涨0.86%，创业板指上涨0.87%，沪深300指数上涨0.67%。可交易 A股中，上涨的有4005只，占比74.11%，下跌的1291只。 资金面上，今日主力资金全天净流出69.45亿元。其中，创业板主力资金净流出86.67亿元；科创板主力 资金净流出17.36亿元；沪深300成份股主力资金净流出17.19亿元。 分行业来看，申万所属的一级行业中，今日上涨的有27个，涨幅居前的行业为建筑材料、建筑装饰，涨 幅为6.06%、3.79%。跌幅居前的行业为银行、综合，跌幅为0.77%、0.34%。 个股方面，全天资金净流入的个股共有2209只，净流入在1000万元以上的有888只，其中，净流入资金 超亿元的有104只，净流入资金最多的是宁德时代，今日上涨3.12%，全天资金净流入11.45亿元，其次 是卧龙电驱、C华新等，净流入资金分别为8.78亿元、8.66亿元。资金净流出超亿元的有99只，净流出 资金规模居前的个股为东方财富、四方精创、药明康德，分别净流出资金10.41亿、7.32亿元、7.23亿 元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨 ...

卧龙电驱（600580）公告，公司九届十七次临时董事会会议于2025年7月21日召开，会议审议通过了 《关于发行H股股票并在香港联合交易所有限公司上市的议案》。公司拟发行境外上市股份(H股)并申 请在香港联交所主板挂牌上市，本次拟发行的H股股数不超过本次发行后公司总股本的10%(超额配售权 行使前)，并根据市场情况授权整体协调人行使不超过前述发行的H股股数15%的超额配售权。 ...

Core Viewpoint - The rare earth industry is experiencing significant growth, with the China Rare Earth Industry Index rising by 3.36% and key stocks reaching their daily limit up, indicating strong market interest and potential investment opportunities [1][3]. Market Performance - The rare earth ETF, Jiashi (516150), has seen a 3.48% increase, marking its third consecutive rise [1]. - The ETF recorded a turnover rate of 7.84% and a transaction volume of 238 million yuan, with an average daily transaction of 297 million yuan over the past week, ranking first among comparable funds [3]. - The Jiashi rare earth ETF's scale increased by 336 million yuan in the past week, also leading among comparable funds [3]. - The ETF's shares grew by 18.4 million, achieving significant growth and ranking first in new share issuance among comparable funds [3]. - Over the past five trading days, the ETF experienced net inflows on three days, totaling 216 million yuan [3]. Historical Performance - The Jiashi rare earth ETF has seen a net value increase of 58.80% over the past year, ranking 168 out of 2917 in the index stock fund category, placing it in the top 5.76% [3]. - Since its inception, the ETF's highest monthly return was 41.25%, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [3]. Industry Outlook - The investment opportunities in the non-ferrous metals sector are viewed positively for the second half of 2025, with expectations of rising rare earth prices due to increasing demand and limited supply [3]. - The rare earth sector is recognized as a strategically important industry in China, with potential for increased attention and value reassessment driven by policy changes and its global leadership position [4]. - The permanent magnet sector is expected to benefit from the growth in humanoid robotics and the low-altitude economy [4]. Key Stocks - The top ten weighted stocks in the China Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, China Aluminum, and others, collectively accounting for a significant portion of the index [4][6]. - Notable stock performances include Northern Rare Earth rising by 6.64%, China Rare Earth by 4.19%, and Wolong Electric Drive by 10% [6].

Group 1 - The humanoid robot concept stocks are experiencing a surge, with Changsheng Bearing (300718) rising over 15% [1] - Jinfa Technology (600143) and Sichuan Jinding (600678) have reached the daily limit up [1] - Xin'an Co., Ltd. (600596), Wolong Electric Drive (600580), and Zhongdali De (002896) are among the top gainers [1] Group 2 - Yushu Technology has initiated the listing guidance process as per the China Securities Regulatory Commission [1]

Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant growth potential driven by policy support and technological advancements [3][10]. Core Insights - The humanoid robot industry is experiencing rapid development, with government policies emphasizing embodied intelligence as a key focus for future industrial growth [10]. - Major companies are investing heavily in humanoid robotics, leading to accelerated technological progress and market expansion [3][8]. - The production of humanoid robots is set to increase significantly, with projections estimating a global market size of 150 billion yuan by 2029 [3][17]. Summary by Sections 1. Emergence of the Humanoid Robot Industry - The humanoid robot sector is entering a phase of industrialization, with advancements in AI enhancing interaction and learning capabilities [6][8]. 2. Harmonic Reducers: Acceleration of Domestic Production - Domestic manufacturers are ramping up production of harmonic reducers, which are critical components for humanoid robots [22][39]. 3. Planetary Roller Screws: Breakthrough in Domestic Production - The planetary roller screw market is expanding, with increasing applications in various industries, including automotive and robotics [56][68]. 4. Frameless Torque Motors: Domestic Performance Surpassing Expectations - Domestic frameless torque motors are showing competitive advantages in performance and cost, contributing to the overall growth of the humanoid robot market [28][29]. 5. Dexterous Hands: Technological Iteration and Upgrades - The development of dexterous hands is crucial for enhancing the functionality of humanoid robots, with ongoing technological improvements [22][28]. 6. Six-Dimensional Torque Sensors: Continuous Cost Reduction - The market for six-dimensional torque sensors is expected to grow as costs decrease, making them more accessible for humanoid robot applications [22][28]. 7. Market Potential and Production Plans - Companies like Tesla and Figure AI are planning significant production increases, with Tesla aiming for 5000 units in 2025 and up to 1 million units by 2029 [17][19].

Core Viewpoint - The China Rare Earth Industry Index has shown significant growth, reflecting the overall performance of listed companies in the rare earth sector, with a notable increase in trading volume and index points [2]. Group 1: Index Performance - The China Rare Earth Industry Index rose by 1.21% to 1955.26 points, with a trading volume of 38.291 billion yuan [1]. - Over the past month, the index has increased by 6.32%, by 20.10% over the last three months, and by 22.02% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, with a base date of December 31, 2011, set at 1000.0 points [2]. - The top ten weighted companies in the index are: Northern Rare Earth (14.93%), China Rare Earth (5.55%), Baotou Steel (5.03%), Lingyi Technology (4.94%), Aluminum Corporation of China (4.69%), Gree Environmental (4.64%), Wolong Electric (4.55%), Shenghe Resources (4.44%), Xiamen Tungsten (4.04%), and Goldwind Technology (3.97%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (52.77%), followed by the Shenzhen Stock Exchange (46.62%) and the Beijing Stock Exchange (0.61%) [2]. - In terms of industry composition, raw materials account for 66.06%, industrials for 26.77%, and information technology for 7.17% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment limit of 20% [3]. - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3].

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) features an Innovation Chain Zone for the first time, showcasing the entire process of transforming innovative achievements into applications [1] - The Innovation Chain Zone attracted 14 institutions and enterprises, including international organizations like the World Intellectual Property Organization and domestic authorities like the National Intellectual Property Administration [1] - The core concept of the Chain Expo is to promote the integration of industry, academia, and research, facilitating the transformation of "golden ideas" from laboratories into "golden keys" for industrial development [1] Group 2 - Tongfang Weishi Technology Co., Ltd. showcased its "Nengpu CT" and "Static CT" security inspection products, receiving positive feedback from major airports and port groups [2] - The company established connections with industry peers from around the world, discussing new scenarios in intelligent security inspection and non-destructive testing [2] - Zhongchu Guoneng (Beijing) Technology Co., Ltd. aims to expand its overseas market by promoting its compressed air energy storage technology, which is derived from advanced research at the Chinese Academy of Sciences [2] Group 3 - Dalian KOTIAN New Materials Co., Ltd. participated in the Innovation Chain Zone, presenting its independently developed metal-modified ceramic aluminum crystal seeds and their market applications [3] - The company emphasized the importance of linking new materials to the global market and fostering collaboration across the industry chain [3] Group 4 - The process of transforming scientific achievements often faces uncertainties, referred to as the "valley of death," which requires a complete innovation chain for support [4] - Dalian KOTIAN's journey from a doctoral thesis to marketable products illustrates the long process of technology transformation, involving over 4,000 trials and a commitment to developing independent intellectual property [4] Group 5 - Compressed air energy storage technology is a complex system requiring long-term investment and collaboration across multiple disciplines [5] - Tongfang Weishi's success with the Static CT project was attributed to its collaborative innovation ecosystem with Tsinghua University, which helped overcome technical challenges [5] Group 6 - The Innovation Chain Zone showcased collaborative innovation results, demonstrating the integration of technologies and resources among different enterprises [6] - Tongfang Weishi has built a comprehensive collaborative innovation ecosystem covering the entire chain from basic materials to intelligent systems, enhancing innovation across the supply chain [6] Group 7 - Zhongchu Guoneng and Wolong Electric's joint development of the world's largest 105 MW two-pole high-speed motor exemplifies successful collaboration in overcoming technical challenges and filling gaps in the domestic market [7] - The companies aim to leverage the Chain Expo to expand cooperation opportunities and promote industrial innovation on a global scale [7]

Summary of Wolong Electric's Conference Call Company Overview - Wolong Electric is a prominent supplier of aviation motors, particularly excelling in the low-altitude aircraft sector and benefiting from transactions in humanoid robot motor components, indicating high market recognition and growth potential [2][3][4] Core Business Segments - The company generates approximately 70% of its revenue from industrial motors and 30% from household motors, with significant contributions from national consumption policies and energy-saving initiatives [4][23] - The industrial motor market pricing is around 280-290 RMB per kilowatt, with a gross margin of approximately 25%-30% [9] - Household motors have lower average selling prices and gross margins, while the electric transportation sector faces limitations due to market size and low profitability [10][11] Market Trends and Opportunities - Global demand for industrial motors is growing at about 5% annually, driven by energy application electrification trends [12] - Domestic industrial equipment investment is stable, with a projected annual growth rate of around 5% [13] - The company is well-positioned in the high-pressure industrial motor market with a 19% market share, and it ranks among the top in the low-pressure sector [14] Strategic Developments - Wolong Electric has been enhancing its position through strategic acquisitions since 2013, including brands like ATB and partnerships with companies like Haier and Midea [7][8][15] - The company is deepening its involvement in the robotics industry, collaborating with companies like Zhiyuan Robotics and Zhejiang University's humanoid robot innovation center [18][22] Financial Performance and Projections - In 2024, household motor revenue increased by 30% year-on-year, reaching 3.93 billion RMB, with industrial gross margins around 30% and household margins at 17% [23] - Projections for 2025-2026 indicate a net profit of 1.055 billion RMB and 1.26 billion RMB, representing growth rates of 33% and 18% respectively [25] - The company's stock price is expected to have upward potential, with a long-term dynamic valuation around 35 times earnings due to emerging segments in robotics and low-altitude aircraft [26] Risks and Challenges - The aviation motor sector faces high technical barriers, requiring compliance with stringent regulatory standards and certifications [16] - The electric transportation market is characterized by low profitability, necessitating cautious expansion strategies [11] Conclusion - Wolong Electric is positioned for growth in both the industrial and household motor markets, with strategic initiatives in robotics and low-altitude aircraft providing additional avenues for revenue enhancement. The company's historical performance and future projections suggest a favorable outlook, supported by ongoing policy benefits and market demand trends [24][27]

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].