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 ...

环 境 、社 会 及 治 理 报 告 WOLONG ELECTRIC GROUP., LTD. CONTENTS 目录 前言 | 关于本报告 ------------------------------ 01-02 | | --- | | 董事长致辞 ------------------------------ 03-04 | | 走进卧龙电驱 --------------------------- 05-06 | | 企业发展历程 --------------------------- 07-08 | | 荣誉及奖项 ------------------------------- 09-10 | 01 稳健治理·赋能可持续发展 治理 (Governance) | 治理结构与运作机制 ------------------- 20-20 | | --- | | 股东权益保护与投资者关系 ---------- 21-24 | | 风险管理 ---------------------------------- 24-26 | | 商业道德 ---------------------------------- 27- ...

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 十三次监事会会议于 2025 年 04 月 29 日在浙江省绍兴市上虞区曹娥街道复兴西 路 555 号公司会议室以现场表决方式召开。本次会议的会议通知和材料已于 2025 年 04 月 24 日分别以专人送达、电子邮件或传真等方式发出。会议由监事会主席 赵建良主持，会议应到监事 3 人，实到监事 3 人。 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。 二、监事会会议审议情况 （一）审议通过《2025 年第一季度报告》 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-043 卧龙电气驱动集团股份有限公司 九届十三次监事会决议公告 本公司监事会及全体监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、监事会会议召开情况 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见刊登于《中国证券报》《上海证券报》和上海证券交易所网站 （http://www.sse.com.cn）的《卧龙 ...

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-042 卧龙电气驱动集团股份有限公司 九届十五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 十五次临时董事会会议于 2025 年 04 月 29 日以通讯表决方式召开。本次会议的 会议通知和材料已于 2025 年 04 月 24 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 9 人，参会董事 9 人。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。 二、董事会会议审议情况 （一）审议通过《2025 年第一季度报告》 表决情况：同意 9 票，反对 0 票，弃权 0 票。 该议案已经公司第九届董事会审计委员会 2025 年第四次会议审议通过。 具体内容详见刊登于《中国证券报》《上海证券报》和上海证券交易所网站 （http://w ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,038,934,318.36, representing a year-on-year increase of 7.95% compared to CNY 3,741,492,144.59 in the same period last year[4] - Net profit attributable to shareholders was CNY 268,088,884.09, reflecting a growth of 20.45% from CNY 222,580,921.72 in the previous year[4] - Basic and diluted earnings per share increased to CNY 0.21, up 23.53% from CNY 0.17 in the previous year[4] - Operating profit for Q1 2025 was ¥334,438,359.77, up from ¥258,971,552.38 in Q1 2024, reflecting a growth of 29.1%[20] - Net profit for Q1 2025 was ¥277,091,222.98, compared to ¥219,858,331.33 in Q1 2024, representing a year-over-year increase of 26.0%[21] Cash Flow - The net cash flow from operating activities improved significantly to CNY 303,825,407.50, compared to a negative cash flow of CNY -34,223,783.96 in the same period last year[4] - In Q1 2025, the net cash flow from operating activities was ¥303,825,407.50, a significant improvement compared to a net outflow of ¥34,223,783.96 in Q1 2024[23] - Total cash inflow from operating activities in Q1 2025 was ¥3,038,316,694.20, while cash outflow was ¥2,734,491,286.70, resulting in a net cash flow of ¥303,825,407.50[23] - The cash flow from investment activities in Q1 2025 was a net outflow of ¥145,773,826.19, an improvement from a net outflow of ¥314,709,221.75 in Q1 2024[24] - The cash inflow from the disposal of subsidiaries and other business units in Q1 2025 was ¥284,220,813.18, with no comparable figure in Q1 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 24,539,373,912.25, a decrease of 6.76% from CNY 26,317,303,287.47 at the end of the previous year[5] - The total liabilities decreased from ¥14,917,778,952.73 as of December 31, 2024, to ¥13,670,114,352.81 as of March 31, 2025, a reduction of 8.3%[18] - The company's total liabilities decreased to RMB 14,200,000,000, indicating a reduction in financial obligations[17] - The company's non-current assets totaled RMB 10,348,454,203.29, down from RMB 11,958,935,283.00, indicating a decrease of 13.48%[17] Shareholder Information - The total number of common shareholders at the end of the reporting period was 250,669[9] - Zhejiang Wolong Shunyu Investment Co., Ltd. held 32.46% of the shares, making it the largest shareholder[9] - Shareholders' equity attributable to the parent company increased to CNY 10,344,546,589.73, marking a growth of 3.09% from CNY 10,034,793,606.42 at the end of the previous year[5] - Total equity attributable to shareholders increased from ¥10,034,793,606.42 as of December 31, 2024, to ¥10,344,546,589.73 as of March 31, 2025, an increase of 3.1%[18] Investment and R&D - Research and development expenses for Q1 2025 were ¥146,305,116.13, up from ¥128,368,001.48 in Q1 2024, indicating a growth of 14.0%[20] - The company reported a significant increase in investment income, rising to ¥27,125,869.55 in Q1 2025 from ¥7,847,076.26 in Q1 2024, a growth of 245.0%[20] Future Outlook - The company plans to focus on expanding its market presence and enhancing its product development capabilities in the upcoming quarters[12]

Core Viewpoint - The company reported its 2024 performance with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items at 16.247 billion, 793 million, and 635 million yuan respectively, showing year-on-year growth of 4.4%, 49.6%, and 33.1% [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 4.053 billion, 155 million, and 64 million yuan respectively, with year-on-year growth of 15.8% but a quarter-on-quarter decline of 3.9%, 37.0%, and 71.6% [1] - The company's industrial motor business revenue for 2024 was 9.066 billion yuan, down 6% year-on-year, attributed to weak downstream industrial demand and project delays, while maintaining a gross margin of 29.9%, up 0.3 percentage points year-on-year [2] - The daily-use motor business saw a revenue increase of 2.934 billion yuan, up 26.5% year-on-year, driven by overseas expansion and domestic appliance replacement subsidies, with a gross margin of 16.8%, up 0.2 percentage points year-on-year [2] Group 2: Business Development - The robotics sector generated over 400 million yuan in revenue in 2024, focusing on industrial robot solutions and bionic robot joint power systems, with partnerships established to enhance long-term growth [3] - In the electric aviation sector, the company is advancing collaborations with clients, expecting revenue growth to double in 2024, with potential for increased orders in cargo and manned drones by 2026-2027 [3] Group 3: Cost Management and R&D - The overall period expense ratio decreased by 0.3 percentage points in 2024, with management and R&D expense ratios changing by -0.4 percentage points and +0.4 percentage points respectively, reflecting improved cost control and increased investment in new fields [3] Group 4: Profit Forecast and Valuation - The company maintains a profit forecast of 1.125 billion yuan for 2025 and introduces a forecast of 1.263 billion yuan for 2026, with a target price raised by 74.2% to 27.0 yuan, indicating a potential upside of 13.8% based on current stock prices [4]