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《卧龙电驱 2025 年第三季度报告》 表决情况：同意 9 票，反对 0 票，弃权 0 票。 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 二十次临时董事会会议于 2025 年 10 月 27 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 10 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，其中董事庞欣元、独立董 事赵荣祥、张志铭、邓春华以通讯方式参加，公司高级管理人员列席了会议。 证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-079 卧龙电气驱动集团股份有限公司 九届二十次临时董事会决议公告 该议案已经公司第九届董事会审计委员会 2025 年第七次会议审议通过。 具体内容详见刊登于 ...

Group 1 - Wolong Electric Drive held a temporary board meeting on October 27, 2025, to review the Q3 2025 report and other documents [1] - For the year 2024, the revenue composition of Wolong Electric Drive is as follows: Industrial motors and drives account for 55.8%, household motors and controls for 24.21%, wind-solar-storage-hydrogen for 7.64%, electric transportation for 4.97%, and others for 4.96% [1] - As of the report, Wolong Electric Drive has a market capitalization of 78.5 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

Group 1 - Company reported Q3 performance with revenue of approximately 11.967 billion yuan, a year-on-year decrease of 1.86% [1] - Net profit attributable to shareholders was approximately 819 million yuan, reflecting a year-on-year increase of 28.26% [1] - As of the report, the company's market capitalization stood at 78.5 billion yuan [2] Group 2 - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation [2] - The technology sector is leading the market transformation, suggesting a new "slow bull" market pattern [2]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 3,936,267,569.48, a decrease of 6.64% compared to the same period last year[4] - The total profit for the period was CNY 325,906,368.91, reflecting a slight increase of 0.30% year-on-year[4] - Net profit attributable to shareholders was CNY 281,360,997.19, up 14.65% compared to the same quarter last year[4] - The basic earnings per share for the quarter was CNY 0.18, representing a 14.79% increase year-on-year[5] - Total operating revenue for the first three quarters of 2025 was CNY 11,967,037,990.75, a decrease of 1.86% compared to CNY 12,194,452,282.37 in the same period of 2024[20] - Net profit for the first three quarters of 2025 reached CNY 828,564,609.06, an increase of 22.24% from CNY 677,685,185.47 in 2024[21] - Earnings per share for the first three quarters of 2025 were CNY 0.53, compared to CNY 0.41 in the same period of 2024, indicating improved profitability[22] - The company reported a total comprehensive income of CNY 918,646,813.28 for the first three quarters of 2025, compared to CNY 696,409,766.30 in 2024, showing strong overall performance[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 25,166,700,056.19, a decrease of 4.37% from the end of the previous year[5] - As of September 30, 2025, the total assets of the company amounted to ¥25,166,700,056.19, a decrease from ¥26,317,303,287.47 on December 31, 2024, reflecting a decline of approximately 4.37%[16] - The company's total liabilities decreased to CNY 13,902,580,376.96 as of September 30, 2025, from CNY 14,917,778,952.73 at the end of 2024[18] - The company's total liabilities decreased to ¥11,645,516,359.23 from ¥11,740,077,037.51, a reduction of approximately 0.81%[17] - The long-term borrowings decreased to ¥1,467,300,000.00 from ¥2,313,587,404.79, showing a decline of about 36.66%[17] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 1,136,845,589.92, an increase of 37.08% compared to the same period last year[4] - In the first three quarters of 2025, the cash inflow from operating activities was CNY 10,322,589,899.84, an increase of 1.68% compared to CNY 10,151,843,728.56 in the same period of 2024[23] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 1,136,845,589.92, up 37.06% from CNY 829,301,561.97 in 2024[23] - The cash inflow from financing activities totaled CNY 4,225,811,569.40, compared to CNY 3,054,969,805.77 in the previous year, marking a 38.3% increase[24] - The net cash flow from financing activities was -CNY 426,950,165.47 in 2025, a decline from a positive net flow of CNY 436,523,054.21 in 2024[24] Equity and Return on Equity - The total equity attributable to shareholders increased by 6.67% to CNY 10,704,428,979.84 compared to the end of the previous year[5] - The company has maintained a weighted average return on equity of 7.87%, an increase of 1.28 percentage points year-on-year[5] - The total equity attributable to shareholders increased to CNY 10,704,428,979.84 as of September 30, 2025, compared to CNY 10,034,793,606.42 at the end of 2024[18] Research and Development - The company has ongoing investments in research and development, with development expenditures increasing to ¥201,462,619.55 from ¥130,493,650.65, representing a growth of about 54.38%[17] - Research and development expenses for the first three quarters of 2025 were CNY 524,284,949.58, slightly up from CNY 507,762,082.14 in 2024, reflecting ongoing investment in innovation[20] Cost Management - Total operating costs for the first three quarters of 2025 were CNY 11,102,116,314.69, down from CNY 11,452,849,781.40 in 2024, reflecting a cost reduction strategy[20] - The company reported a significant increase in other receivables, which rose to ¥526,152,341.45 from ¥188,648,384.58, indicating a growth of approximately 178.00%[16] - The company’s financial expenses decreased significantly to CNY 85,406,583.35 in the first three quarters of 2025, down from CNY 173,514,197.97 in 2024, highlighting improved cost management[20] Cash and Cash Equivalents - Cash and cash equivalents rose to ¥3,548,100,613.05, up from ¥3,187,218,328.25, indicating an increase of approximately 11.34%[16] - The cash and cash equivalents at the end of the period were CNY 2,773,571,341.20, up from CNY 2,712,081,670.58 at the end of 2024[24]

Market Overview - The electric motor sector increased by 1.16% compared to the previous trading day, with Fangzheng Electric leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Fangzheng Electric (002196) closed at 9.92, up 9.98% with a trading volume of 349,300 shares and a transaction value of 345 million yuan [1] - Xiangdian Co. (600416) rose by 2.53% to 14.98, with a trading volume of 322,300 shares [1] - Other notable performers include Benrui Co. (300626) up 2.12% to 13.00 and Wolong Electric (600580) up 1.97% to 50.27 [1] Capital Flow - The electric motor sector experienced a net outflow of 440 million yuan from institutional investors, while retail investors saw a net inflow of 256 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite institutional selling [2] Individual Stock Capital Flow - Fangzheng Electric had a net inflow of 107 million yuan from institutional investors, while retail investors showed a net outflow of approximately 5 million yuan [3] - Xiangdian Co. saw a net inflow of 72.63 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Jiangsu Leili (300660) had a net inflow of 38.87 million yuan from retail investors, indicating some interest from this segment [3]

Core Insights - Wolong Electric Drive's stock price increased by 1.97% to 50.27 CNY per share, with a total market capitalization of 78.528 billion CNY and a trading volume of 9.073 billion CNY, reflecting an 8.83% increase over the last three days [1] Company Overview - Wolong Electric Drive Group Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on October 21, 1998. The company was listed on June 6, 2002. Its main business includes electric motors and controls, power batteries, and photovoltaic energy storage [1] - The revenue composition of the company is as follows: Industrial motors and drives 55.80%, daily-use motors and controls 24.21%, wind and solar energy storage 7.64%, electric transportation 4.97%, and other businesses 4.96% [1] Fund Holdings - Citic Prudential Fund holds a significant position in Wolong Electric Drive, with its Citic Prudential CSI 500 Index (LOF) A fund (165511) owning 33,500 shares, accounting for 0.48% of the fund's net value, ranking as the ninth largest holding [2] - The fund has generated a floating profit of approximately 32,500 CNY today and a total of 136,800 CNY during the three-day price increase [2] - The Citic Prudential CSI 500 Index (LOF) A fund was established on January 1, 2021, with a current size of 327 million CNY. Year-to-date returns are 27%, with a one-year return of 25.54% [2] Fund Management - The fund manager Han Yiling has a tenure of 7 years and 204 days, with a total asset size of 915 million CNY and a best return of 116.67% during the tenure [3] - Co-manager Huang Zhi has a tenure of 7 years and 98 days, managing assets of 3.059 billion CNY, with a best return of 146.63% during the same period [3]

Core Viewpoint - Wolong Electric Drive has shown significant stock performance with a year-to-date increase of 253.98%, indicating strong market interest and potential growth in the electric motor and control industry [1][2]. Group 1: Stock Performance - As of October 28, Wolong Electric Drive's stock price rose by 2.03% to 50.30 CNY per share, with a trading volume of 57.91 billion CNY and a turnover rate of 7.47%, resulting in a total market capitalization of 785.75 billion CNY [1]. - The stock has experienced fluctuations, with a 3.65% increase over the last five trading days, a 2.90% decrease over the last 20 days, and a 110.90% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" eight times this year, with the most recent appearance on September 18 [1]. Group 2: Financial Performance - For the first half of 2025, Wolong Electric Drive reported a revenue of 8.03 billion CNY, reflecting a year-on-year growth of 0.66%, while the net profit attributable to shareholders was 537 million CNY, marking a 36.76% increase [2]. - The company has distributed a total of 2.056 billion CNY in dividends since its A-share listing, with 520 million CNY distributed over the past three years [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Wolong Electric Drive was 221,300, a decrease of 11.72% from the previous period, with an average of 7,058 circulating shares per shareholder, an increase of 35.84% [2]. - Notable institutional holdings include Southern CSI 500 ETF as the fifth largest shareholder with 16.206 million shares, an increase of 4.5026 million shares from the previous period [2].

Market Overview - The electric motor sector increased by 1.78% compared to the previous trading day, with Wolong Electric Drive leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Wolong Electric Drive (600580) closed at 49.30, with a rise of 5.01% and a trading volume of 1.5336 million shares [1] - Other notable performers included: - Jiadian Co. (000922) at 13.37, up 3.00% [1] - Ananda (603350) at 39.93, up 2.44% [1] - Jiangsu Leili (300660) at 55.33, up 1.99% [1] - Huaxin Precision (603370) at 51.40, up 1.40% [1] Fund Flow Analysis - The electric motor sector saw a net inflow of 70.16 million yuan from main funds, while retail investors contributed a net inflow of 23.4 million yuan [2] - Notable net inflows from main funds included: - Wolong Electric Drive with 335 million yuan [3] - Jiadian Co. with 35.50 million yuan [3] - Ananda with 10.62 million yuan [3] Decliners - The following stocks experienced declines: - Sanxie Electric (920100) at 70.95, down 3.21% [2] - Xiangming Intelligent (301226) at 31.80, down 3.05% [2] - Huarui Co. (300626) at 12.73, down 1.77% [2]

Core Insights - The rare earth industry index in China has seen a strong increase of 2.21%, with key stocks such as Antai Technology and Xiamen Tungsten hitting the daily limit up, indicating positive market sentiment and performance in the sector [1] - The recent export control measures by the Chinese government on rare earth materials and technologies have further solidified the strategic value of rare earths, leading to a reassessment of their long-term valuation in the international market [4][5] Market Performance - The rare earth ETF managed by Jiashi has experienced a turnover rate of 3.38% and a transaction volume of 365 million yuan, reflecting active trading [3] - Over the past two weeks, the Jiashi rare earth ETF has seen a significant growth in scale by 1.66 billion yuan, ranking first among comparable funds [3] - The ETF's net asset value has increased by 94.08% over the past two years, placing it in the top 4.31% of index equity funds [4] Stock Performance - The top ten weighted stocks in the China rare earth industry index account for 61.96% of the index, with North Rare Earth and Wolong Electric Drive being the most significant contributors [4] - Notable stock performances include North Rare Earth rising by 3.61% and Xiamen Tungsten by 10.00%, indicating strong investor interest [7] Supply and Demand Dynamics - The supply side is facing challenges with sluggish shipments from rare earth mines, increasing pressure on holders [4] - On the demand side, there is a weakening terminal demand and a cautious sentiment among large manufacturers, who are primarily restocking based on immediate needs [4] Investment Opportunities - The recent policy changes and market sentiment are positively impacting the rare earth sector, with expectations of continued global demand growth supporting the industry's outlook [5] - Investors can also consider the Jiashi rare earth ETF connection fund to capitalize on investment opportunities in the rare earth market [7]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi reached a trading volume of 97.241 million yuan [3] - Over the past two weeks, the scale of the Rare Earth ETF increased by 2.632 billion yuan, marking significant growth and ranking first among comparable funds [3] - In terms of shares, the ETF saw an increase of 10.7 million shares in the past week, also ranking first among comparable funds [3] - In the last five trading days, there were net inflows on three days, totaling 917 million yuan [3] - As of October 22, the net value of the Rare Earth ETF has risen by 88.51% over the past two years, ranking 88th out of 2358 index equity funds, placing it in the top 3.73% [3] - The highest monthly return since inception was 41.25%, with the longest consecutive monthly increase being four months and a maximum increase of 83.89% [3] Group 2: Market Dynamics and Policy Impact - The Ministry of Commerce, in conjunction with the General Administration of Customs and other departments, has issued multiple export control policies, highlighting the strategic nature of rare earth resources [4] - The combination of regulatory constraints and declining imports has strengthened the rigidity of rare earth supply [4] - Demand from sectors such as new energy vehicles, consumer electronics, variable frequency air conditioners, and wind power is expected to continue rising, providing strong support for rare earth prices [4] - Emerging fields like robotics, low-altitude economy, and industrial motors are anticipated to open up long-term demand growth opportunities [4] - The supply-demand dynamics in the rare earth industry are expected to reach a turning point, with a continued recommendation for strategic allocation in the rare earth industry chain [4] Group 3: Top Weighting Stocks in Rare Earth Industry - The top ten weighted stocks in the China Rare Earth Industry Index account for 61.96% of the index, including Northern Rare Earth, Wolong Electric Drive, Lingyi Technology, China Rare Earth, Shenghe Resources, Gree Environmental, Goldwind Technology, Baotou Steel, Xiamen Tungsten, and China Aluminum [3]