Group 1 - Wolong Electric Drive announced the release of part of its share pledge, with a total of 15 million shares pledged by Wolong Shunyu, accounting for 2.96% of its total shares held and 0.96% of the company's total share capital [1] - The cumulative share pledge by Wolong Shunyu and its concerted parties also amounts to 15 million shares, representing 2.47% of their total shares held and 0.96% of the company's total share capital [1] - As of the report date, Wolong Electric Drive has a market capitalization of 64.8 billion yuan [1] Group 2 - For the year 2024, the revenue composition of Wolong Electric Drive is as follows: Industrial motors and drives account for 55.8%, daily-use motors and controls for 24.21%, wind-solar-storage-hydrogen for 7.64%, electric transportation for 4.97%, and others for 4.96% [1]

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-082 卧龙电气驱动集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 14 日（星期五） 至 11 月 20 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 wolong600580@wolong.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 卧龙电气驱动集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年 1-9 月的经营成果、财务状况，公司计划于 2025 年 11 月 21 日（星期五） 上午 9:00-10:00 举行 2025 年第三季度业绩说明会，就投资者关心的问 ...

卧龙电气驱动集团股份有限公司 关于第一大股东部分股份质押解除的公告 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。 重要内容提示： 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-081 本次股份解除质押如后续用于再质押，公司将按照相关法律法规履行信息披 露义务。 股东浙江卧龙舜禹投资有限公司（以下简称"卧龙舜禹"）持有卧龙电 气驱动集团股份有限公司（以下简称"公司"）股份 507,358,176 股，占公司总 股本的 32.48%，为公司第一大股东。本次办理部分股份解除质押后，卧龙舜禹 累计质押公司股份 15,000,000 股，占其持有公司股份总数的 2.96%，占公司总股 本的 0.96%；卧龙舜禹及其一致行动人累计质押公司股份 15,000,000 股，占其持 有公司股份总数的 2.47%，占公司总股本的 0.96%。 公司于 2025 年 11 月 13 日接到股东卧龙舜禹的通知，获悉卧龙舜禹将其质 押给中国工商银行股份有限公司上虞支行的股份办理了质押解除业务，具体事项 如下： | 股东名称 | ...

Market Performance - The electric motor sector increased by 0.71% compared to the previous trading day, with Ananda leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance - Ananda (603350) closed at 40.84, with a rise of 6.44% and a trading volume of 49,400 shares, totaling a transaction value of 26.66 million yuan [1] - Jiangte Electric (002176) closed at 12.18, up 5.73%, with a trading volume of 2.0381 million shares, amounting to 2.463 billion yuan [1] - Zhongdian Electric (603988) closed at 26.14, increasing by 2.63%, with a trading volume of 78,500 shares and a transaction value of 205 million yuan [1] - Other notable stocks include Jiadian Co. (000922) with a 1.39% increase, Bafang Co. (603489) up 1.17%, and Wolong Electric (600580) rising by 0.95% [1] Fund Flow - The electric motor sector experienced a net outflow of 15.1534 million yuan from institutional funds and a net outflow of 60.5682 million yuan from speculative funds, while retail investors saw a net inflow of 75.7217 million yuan [3]

Market Overview - The electric motor sector experienced a decline of 1.64% on the previous trading day, with Jiadian Co. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the electric motor sector included: - Huari Co. (300626) with a closing price of 13.27, up 6.16% on a trading volume of 228,800 shares and a turnover of 299 million yuan [1] - Fangzheng Electric (002196) closed at 16.92, up 5.88% with a trading volume of 1,990,600 shares and a turnover of 3.36 billion yuan [1] - Jiangnan Yifan (301023) closed at 40.46, up 3.77% with a trading volume of 31,400 shares and a turnover of 12.7 million yuan [1] - Major decliners included: - Jiadian Co. (000922) closed at 14.36, down 6.33% with a trading volume of 426,400 shares and a turnover of 625 million yuan [2] - Mingzhi Electric (603728) closed at 65.42, down 3.10% with a trading volume of 50,600 shares and a turnover of 334 million yuan [2] - Dayang Electric (002249) closed at 10.92, down 2.67% with a trading volume of 951,200 shares and a turnover of 1.04 billion yuan [2] Capital Flow - The electric motor sector saw a net outflow of 1.065 billion yuan from institutional investors, while retail investors contributed a net inflow of 863 million yuan [2][3] - Specific stock capital flows included: - China Electric Motor (603988) had a net inflow of 20.175 million yuan from institutional investors, but a net outflow of 26.2146 million yuan from retail investors [3] - Huari Co. (300626) saw a net inflow of 18.9876 million yuan from institutional investors, with a net outflow of 31.5278 million yuan from retail investors [3] - Jiangnan Yifan (301023) had a net inflow of 16.2647 million yuan from institutional investors, with a net outflow of 20.5289 million yuan from retail investors [3]

Core Viewpoint - Wolong Electric Drive's stock has experienced significant fluctuations, with a year-to-date increase of 189.94% but a recent decline in the last five and twenty trading days [1][2] Group 1: Stock Performance - As of November 12, Wolong Electric Drive's stock price is 41.20 CNY per share, with a market capitalization of 643.59 billion CNY [1] - The stock has seen a recent net outflow of 84.73 million CNY in principal funds, with large orders showing a buy of 266 million CNY and a sell of 312 million CNY [1] - Year-to-date, the stock has risen by 189.94%, but it has dropped by 6.91% in the last five trading days and 12.90% in the last twenty trading days [1] Group 2: Company Overview - Wolong Electric Drive, established on October 21, 1998, and listed on June 6, 2002, is based in Shaoxing, Zhejiang Province [1] - The company's main business includes electric motors and controls, power batteries, and photovoltaic energy storage, with industrial motors and drives accounting for 55.80% of revenue [1] - The company has appeared on the stock market's "Dragon and Tiger List" eight times this year, with the most recent appearance on September 18 [1] Group 3: Financial Performance - For the period from January to September 2025, Wolong Electric Drive reported revenue of 11.967 billion CNY, a year-on-year decrease of 1.86%, while net profit attributable to shareholders increased by 28.26% to 819 million CNY [2] - The company has distributed a total of 2.056 billion CNY in dividends since its A-share listing, with 520 million CNY distributed in the last three years [2] Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders has increased to 469,400, with an average of 3,328 circulating shares per person, a decrease of 52.85% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 20.8862 million shares, and Southern CSI 500 ETF, which has reduced its holdings by 265,100 shares [2]

国元证券研报指出，卧龙电驱2025Q1-Q3实现归母净利润8.19亿元，同比+28.26%；2025Q3单季度归母 净利润2.81亿元，同比+14.65%。盈利能力稳定，利润平稳增长。公司在本报告期内展现出清晰的战略 执行路径：在全球化方面，成功交付中东地区变频电源和电动驱动EPC项目；同时斩获泰国TPI集团 EVA产线核心防爆电机订单，标志着公司成功叩开东南亚高端石化装备核心圈。此外，公司举办中东地 区分销商年会，进一步巩固在油气、石化、电力等关键领域的市场地位；在新兴领域，通过战略投资智 元机器人实现从核心部件供应商到具身智能生态共建者的角色升级，同时依托SIR机器人与VOILAP集 团的战略合作强化工业自动化业务布局。同时，公司积极参与2025中国制冷展等行业盛会，展示卧龙 ATBEC高静压离心风机的卓越性能与创新设计成果，拓展新的应用场景。公司通过深化全球化运营、 卡位机器人前沿领域、拓展工业自动化应用场景，为未来增长构建多元动能。维持"增持"的评级。 ...

Core Insights - The core viewpoint of the article is that the frameless torque motor, a type of brushless permanent magnet synchronous motor, is experiencing significant growth in demand, particularly in the robotics sector, driven by its advantages in performance and efficiency [1][7]. Group 1: Overview of Frameless Torque Motors - Frameless torque motors consist of only two main components: the stator and rotor, eliminating the traditional motor casing, which allows for a high torque-to-volume ratio [1][2]. - The technology barriers for frameless torque motors mainly lie in magnetic circuit and process design, requiring high power output in low-voltage environments [2][4]. Group 2: Market Size and Growth - The market size for frameless torque motors in China is projected to grow from 30 million yuan in 2016 to 209 million yuan in 2024, achieving a compound annual growth rate (CAGR) of 27.5% [1][7]. - The demand for frameless torque motors is significantly driven by the commercialization of the downstream robotics industry [1][10]. Group 3: Competitive Landscape - The frameless torque motor market is characterized by a concentration of leading companies, with domestic manufacturers facing high technical barriers and relying heavily on imports for high-end products [1][9]. - Key domestic companies include Boke Co., Dazhong Electric, Weichuang Electric, and others, while notable international products come from companies like Kollmorgen and Parker [2][9]. Group 4: Applications in Robotics - Collaborative robots are the primary application area for frameless torque motors, accounting for approximately 70% of demand, with these motors making up about 10% of the total cost of collaborative robots [1][10]. - In humanoid robots, frameless torque motors are crucial for joint actuation, with their high torque density and rapid response enhancing robotic performance [1][12]. Group 5: Future Trends - The future development of frameless torque motors will focus on high performance and adaptability to various application scenarios, driven by ongoing technological advancements and increased R&D investment from domestic companies [1][16]. - The humanoid robot market is expected to see explosive growth, with global shipments projected to exceed 4,000 units in 2024, further increasing the demand for frameless torque motors [1][15].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7]. Core Insights - The company has shown stable profitability with a steady growth in net profit despite a slight decline in revenue. For the first three quarters of 2025, the company achieved revenue of 11.967 billion yuan, down 1.86% year-on-year, while net profit attributable to the parent company reached 819 million yuan, up 28.26% year-on-year [1]. - The gross margin for the first three quarters of 2025 was 25.38%, an increase of 0.29 percentage points year-on-year, indicating effective cost control and improved profitability [2]. - The company is actively expanding its market presence in the Middle East and Southeast Asia, successfully delivering projects and securing key orders, which opens new growth opportunities in semiconductor equipment and intelligent manufacturing [3]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 16.862 billion yuan, 18.029 billion yuan in 2026, and 19.351 billion yuan in 2027. The net profit attributable to the parent company is expected to be 1.084 billion yuan in 2025, 1.208 billion yuan in 2026, and 1.324 billion yuan in 2027, with corresponding EPS of 0.69 yuan, 0.77 yuan, and 0.85 yuan per share [4][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing significant growth, with multiple orders signed at the China International Import Expo, indicating strong market demand and potential for future expansion [17][19] - Strategic collaborations, such as the partnership between Shenzhou Car Rental and Volant, are enhancing the integration of ground and air transportation services, which is expected to improve operational efficiency and customer experience [23] - The establishment of manufacturing bases and headquarters in Shanghai by companies like Shizhi Technology is expected to drive the development of the advanced manufacturing industry in the Yangtze River Delta region [25] Summary by Sections 1. Weekly Sector Review - The average weekly change for the low-altitude economy sector was +0.3%, with Wanzhe Co. leading the gains at +30.3% [4][10] - The top five gainers included Wanzhe Co. (+30.3%), Keli Co. (+17.5%), and Yunlu Co. (+16.1%), while the top five losers included Hangxin Technology (-17.2%) and Lingnan Holdings (-10.6%) [10][12] 2. Industry Dynamics - Shenzhou Car Rental and Volant signed a strategic cooperation agreement to develop a "ground + air" commuting solution, marking a significant step in the integration of transportation services [23] - On November 8, Jinan signed contracts for eight low-altitude economic projects, including the AS700 manned airship delivery center, which will support low-altitude tourism and emergency command scenarios [24] 3. Individual Company Developments - Shizhi Technology announced the establishment of its headquarters and manufacturing base in Shanghai, securing a 700 million yuan credit line and signing a procurement agreement for 100 eVTOLs [25] - Volant signed agreements for 95 eVTOLs at the Import Expo, totaling 2.375 billion yuan, and secured a high-level commercial passenger eVTOL order [26] - Yufeng Future showcased its upgraded passenger eVTOL product and signed intention orders for 200 eVTOLs, exceeding 2 billion yuan in total [27]