江苏恒立液压股份有限公司 信息披露差错责任追究管理办法 （2025年4月修订） 第一章 总则 第一条 为了进一步提高公司规范运作水平，加强职业操守，加大对定期报 告、临时公告信息披露相关责任人员的问责力度，提高信息披露的质量和透明度， 增强信息披露的真实性、准确性、完整性和及时性，避免信息披露出现重大差错 或低级错误，推进公司内部控制制度建设，根据《中华人民共和国证券法》、《上 市公司信息披露管理办法》、《上市公司治理准则》和《上海证券交易所股票上市 规则》等法律、法规、规范性文件及《公司章程》的有关规定，结合公司的实际 情况，制定本办法。 第二条 本办法适用于公司董事（含独立董事）、监事、高级管理人员、董事 会秘书、财务管理部负责人、直接经办人以及与信息披露有关的其他工作人员。 保证公司定期报告、临时公告所披露的信息真实、准确、完整是董事、监事、高 级管理人员的法定责任，公司董事、监事、高级管理人员以及负责编制、复核、 披露的经办人员应保持高度责任心、审慎履职、防微杜渐，避免定期报告信息披 露特别是主要财务数据披露出现低级错误。 第三条 本办法是针对信息披露工作中有关人员不履行或不正确履行职责、 义务或其他 ...

本人作为江苏恒立液压股份有限公司(以下简称"公司")的独立董事，2024 年度严格按照《公司法》《证券法》和《上市公司独立董事管理办法》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等法律法规，以及《公 司章程》、公司《独立董事工作制度》等规定履行职责，充分发表独立意见，依 法进行表决。现将本人履职情况报告如下： 一、独立董事基本情况 江苏恒立液压股份有限公司 独立董事 2024 年度述职报告 ——方攸同 方攸同，男，中国国籍，无境外永久居留权，河北工业大学电气工程专业毕 业并取得博士学位。现任浙江大学求是特聘教授、博士生导师，浙江省特级专家， 享受国务院政府特殊津贴，浙江大学高速铁路研究中心主任，国家列车智能化工 程技术研究中心副主任，中国电工技术学会电工产品可靠性专委会副主任委员， 浙江省博士后联谊会理事长，浙江博菲电气股份有限公司（001255）独立董事、 天津凯发电气股份有限公司（300407）独立董事、本公司独立董事。曾任中国高 速列车自主创新联合行动计划总体专家，国家"863"计划现代交通领域主题专 家。 本人未在公司担任除独立董事外的其他职务，与公司及主要股东、实际控制 人不存在 ...

江苏恒立液压股份有限公司 独立董事 2024 年度述职报告 ——陈柏 本人作为江苏恒立液压股份有限公司(以下简称"公司")的独立董事，严格 按照《公司法》《证券法》和《上市公司独立董事管理办法》等法律法规，以及 《公司章程》、公司《独立董事工作制度》等规定履行职责，充分发表独立意见， 依法进行表决。现将本人履职情况报告如下： 一、独立董事基本情况 陈柏，男，中国国籍，无境外永久居留权，博士研究生学历。南京航空航天 大学机电学院教授，博士生导师，2000 年 7 月本科毕业于浙江大学机械系，2005 年 5 月博士毕业于浙江大学机械系，2007 年晋升为副教授，2012 年晋升为教授。 现为南京航空航天大学智能机器人研究所所长，南京航空航天大学机器人工程专 业负责人，江苏省人工智能学会机器人专委会常委，江苏省康复医学会康复工程 与转化专委会副主任委员，中国机械工程教育协会第四届机械电子工程专业教指 委委员。入选江苏省"333"高层次人才计划、"六大人才高峰"计划、青蓝工程 中青年学术带头人。先后承担省部级以上课题 40 余项，项目技术已获授权国家 发明专利 40 余件。在国内外重要学术期刊发表研究论文 100 ...

各位董事： 根据证监会《上市公司独立董事管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等要求，江苏 恒立液压股份有限公司（以下简称"公司"）董事会，就公司在任独立董事方攸 同先生、陈柏先生、王学浩先生的独立性情况进行评估并出具如下专项意见： 经核查公司现任独立董事方攸同先生、陈柏先生、王学浩先生的任职经历以 及其签署的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关 系或其他可能妨碍其进行独立客观判断的关系，不存在影响独立董事独立性的情 况。因此，公司独立董事符合《上市公司独立董事管理办法》、《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》中对独立董事独立性的相关要求。 江苏恒立液压股份有限公司 2024 年度董事会关于独立董事独立性情况的专项意见 江苏恒立液压股份有限公司董事会 2025 年 4 月 26 日 ...

第四条 市值管理的基本原则： （一）合规性原则：公司应当在严格遵守相关法律法规、规范性文件和《公 司章程》等规定的前提下开展市值管理工作； （二）系统性原则：公司应当秉持系统思维、整体推进的原则，协同公司各 业务体系以系统化方式持续开展市值管理工作； 江苏恒立液压股份有限公司 市值管理制度 第一章 总则 第一条 为规范江苏恒立液压股份有限公司(以下简称"公司")市值管理工 作，增强投资者回报，维护公司、投资者及其他利益相关者的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》 《上市公司监管指引第 10 号——市值管理》《上海证券交易所上市公司自律监 管指引》等法律法规、规范性文件和《江苏恒立液压股份有限公司章程》等规定， 制定本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升 公司投资价值和股东回报能力而实施的战略管理行为。 第二章 市值管理的目的与基本原则 第三条 市值管理的主要目的是通过充分合规的信息披露，增强公司透明 度，引导公司的市场价值与内在价值趋同，同时，利用资本运作、权益管理、投 资者关系管理等手段，使公司价值得以充分实现。公司 ...

Financial Performance - The basic earnings per share for 2024 is 1.87 yuan, showing a 0.54% increase from 2023's 1.86 yuan [1] - The net profit for 2024 is 2.509 billion yuan, a slight increase of 0.4% compared to 2023's 2.499 billion yuan [1] - The operating revenue for 2024 is 9.39 billion yuan, reflecting a 4.51% growth from 8.985 billion yuan in 2023 [1] - The return on equity decreased to 16.81% in 2024 from 18.69% in 2023, marking a decline of 10.06% [1] - The net asset per share increased to 11.77 yuan, up 9.69% from 10.73 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 108.74 million shares, accounting for 81.11% of the circulating shares, with a decrease of 3.13516 million shares from the previous period [1] - The largest shareholder, Changzhou Hengyi Intelligent Equipment Co., Ltd., holds 49.54749 million shares, representing 36.95% of the total share capital, with no change [2] - The second-largest shareholder, Shenno Technology (Hong Kong) Co., Ltd., holds 22.11703 million shares, accounting for 16.50%, also unchanged [2] - Hong Kong Central Clearing Limited saw a reduction of 3.09703 million shares, now holding 13.92701 million shares, which is 10.39% of the total [2] Dividend Distribution - The company has announced a dividend distribution plan of 10 yuan per share, including tax [3]

Financial Performance - The company achieved a net profit of ¥1,714,631,944.38 for the fiscal year 2024, with a proposed cash dividend distribution of ¥938,574,694.40, equating to ¥7.00 per 10 shares[6]. - The total distributable profit available to shareholders at the end of the reporting period was ¥4,594,378,433.10, with retained earnings of ¥3,655,803,738.70 to be carried forward to future years[6]. - The company's operating revenue for 2024 reached ¥9,389,689,159.97, representing a 4.51% increase compared to ¥8,984,640,412.62 in 2023[22]. - Net profit attributable to shareholders for 2024 was ¥2,508,706,743.00, a slight increase of 0.40% from ¥2,498,729,073.59 in 2023[22]. - The basic earnings per share for 2024 was ¥1.87, up 0.54% from ¥1.86 in 2023[23]. - The diluted earnings per share remained stable at ¥1.87 for 2024, consistent with the basic earnings per share[23]. - The company achieved a record revenue of 9.39 billion yuan, a year-on-year increase of 4.51%, and a net profit attributable to shareholders of 2.509 billion yuan, up 0.40%[33]. - The gross profit margin for hydraulic cylinders was 42.64%, while for hydraulic pumps and valves it was 47.94%, indicating a year-on-year increase of 1.41 percentage points and 0.35 percentage points respectively[50]. Assets and Liabilities - Total assets increased to ¥19,638,650,656.83 at the end of 2024, a 9.74% rise from ¥17,895,562,755.83 at the end of 2023[22]. - The company’s net assets attributable to shareholders increased by 9.61% to ¥15,774,716,902.67 at the end of 2024 from ¥14,391,421,675.31 at the end of 2023[22]. - Total liabilities increased to CNY 3.81 billion from CNY 3.45 billion, marking a rise of about 10.5%[189]. - The equity attributable to shareholders rose to CNY 15.77 billion, compared to CNY 14.39 billion in 2023, reflecting an increase of approximately 9.6%[189]. Cash Flow - The net cash flow from operating activities for 2024 was ¥2,478,974,863.30, a decrease of 7.40% compared to ¥2,677,147,056.36 in 2023[22]. - The company reported a net cash flow from operating activities of ¥2,478,974,863.30, a decrease of 7.40% compared to the previous period[59]. - The company's cash and cash equivalents decreased to CNY 7.88 billion from CNY 8.12 billion, representing a decline of approximately 3.0%[187]. Research and Development - Total R&D expenses amounted to ¥727,651,696.19, representing 7.75% of total revenue[57]. - The company has established seven R&D centers globally, employing over 1,000 researchers, and has made significant progress in high-end hydraulic component localization[43]. - The number of R&D personnel is 1,282, making up 17.20% of the total workforce[57]. - The company plans to increase R&D investment to maintain technological leadership and diversify its product offerings[72]. Market and Sales - Revenue from hydraulic pump and valve products rose by 9.63%, with significant market share gains in excavator pump and valve products[33]. - Overseas sales revenue grew by 7.61%, indicating initial success of the internationalization strategy[33]. - The domestic excavator market saw a total of 201,131 units sold in 2024, marking a year-on-year increase of 3.13%[39]. - Hydraulic pump and motor production increased by 26.49% to 2,079,405 units, with sales up by 20.06% to 1,793,711 units[52]. Governance and Management - The company has a diverse board with members holding advanced degrees and significant experience in their respective fields, including independent directors with expertise in engineering and finance[82][83]. - The company has maintained a stable management structure with no significant changes in personnel during the reporting period[81]. - The overall governance structure includes a mix of internal and independent directors, enhancing oversight and strategic direction[84]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to CNY 871.24 million[81]. Environmental and Social Responsibility - The company invested CNY 2,000,000 in environmental protection during the reporting period[116]. - The company reduced carbon emissions by 3,960 tons through measures such as utilizing rooftop solar power systems with a capacity of 5.5MWp[123]. - The company has made a total investment of CNY 1,998.03 million in poverty alleviation and rural revitalization projects, benefiting 137 individuals[126]. - The company has established an environmental protection mechanism and has conducted environmental impact assessments for all projects[119]. Risks and Challenges - Risks include policy changes affecting downstream customer demand, market uncertainties in international operations, and fluctuations in raw material prices such as steel and castings[75]. - The company has seen rapid growth in its European and North American businesses, which exposes it to currency exchange rate risks[75]. Shareholder Information - The company plans to distribute cash dividends at a rate of ¥7.00 per 10 shares, based on a total share capital of 1,340,820,992 shares[103]. - The cumulative cash dividend amount over the last three fiscal years is CNY 2,708,458,403.84, with an average annual net profit of CNY 2,450,052,673.20, resulting in a cash dividend ratio of 110.55%[109]. - The total number of ordinary shareholders as of the reporting period end is 54,957, an increase from 48,261 at the end of the previous month[156]. - The top shareholder, Changzhou Hengyi Intelligent Equipment Co., Ltd., holds 495,474,869 shares, representing 36.95% of the total shares[158].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,422,166,698.95, representing a 2.56% increase compared to CNY 2,361,599,627.05 in the same period last year[4] - Net profit attributable to shareholders was CNY 617,677,441.61, up 2.61% from CNY 601,941,673.95 year-on-year[4] - The net profit after deducting non-recurring gains and losses increased by 16.42% to CNY 682,459,364.75 from CNY 586,207,338.71 in the previous year[4] - Total operating revenue for Q1 2025 reached ¥2,422,166,698.95, a 2.58% increase from ¥2,361,599,627.05 in Q1 2024[18] - Net profit for Q1 2025 was ¥618,822,556.91, representing a 2.09% increase compared to ¥602,764,698.29 in Q1 2024[19] - The company reported a total profit of ¥719,236,439.84 for Q1 2025, slightly up from ¥715,503,333.21 in Q1 2024[19] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 46.83% to CNY 50,046,805.25, down from CNY 94,119,476.13 in the same period last year[4] - Cash flow from operating activities generated a net amount of ¥50,046,805.25 in Q1 2025, down from ¥94,119,476.13 in Q1 2024[23] - Cash flow from investing activities resulted in a net outflow of ¥935,222,647.67 in Q1 2025, an improvement from a net outflow of ¥1,135,564,984.38 in Q1 2024[24] - Cash and cash equivalents at the end of Q1 2025 totaled ¥3,315,392,121.93, down from ¥4,725,966,364.20 at the end of Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 20,012,539,072.35, a 1.90% increase from CNY 19,638,650,656.83 at the end of the previous year[5] - The company's current assets totaled RMB 14,213,106,932.70, up from RMB 13,830,401,886.09, indicating an increase of about 2.8%[13] - The total liabilities decreased to RMB 3,548,850,413.67 from RMB 3,810,271,530.89, representing a reduction of approximately 6.9%[15] - The total non-current assets were reported at RMB 5,799,432,139.65, slightly down from RMB 5,808,248,770.74, indicating a decrease of about 0.2%[14] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 4.02% to CNY 16,408,821,910.82 from CNY 15,774,716,902.67 year-on-year[5] - The owner's equity rose to RMB 16,463,688,658.68, compared to RMB 15,828,379,125.94, marking an increase of about 4.0%[15] - The company's retained earnings increased to RMB 11,067,738,137.50 from RMB 10,450,060,695.89, representing a growth of approximately 5.9%[15] Research and Development - Research and development expenses rose by 39.94%, reflecting the company's commitment to innovation and increased investment in product technology[8] - Research and development expenses increased to ¥148,609,535.58 in Q1 2025, compared to ¥106,194,414.34 in Q1 2024, reflecting a 40% increase[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 41,962[9] Other Financial Metrics - The weighted average return on net assets decreased by 0.26 percentage points to 3.84% from 4.10% in the previous year[5] - Basic earnings per share for Q1 2025 was ¥0.46, up from ¥0.45 in Q1 2024[19] - Other comprehensive income after tax for Q1 2025 was ¥13,955,475.74, down from ¥23,416,422.85 in Q1 2024[19] Accounting Standards - The new accounting standards or interpretations will be implemented starting from 2025, affecting the financial statements from the beginning of that year[25]

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]

Investment Rating - The report gives an "Overweight" rating for the robotics industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - Planetary roller screws are expected to become standard components in humanoid robots, offering high efficiency, precision, load capacity, and longevity [3]. - The market potential for roller screws is significant, with Tesla's Optimus humanoid robot projected to require over 14 screws per unit, leading to a potential market space of 14 billion if production reaches 1 million units by 2027 [3]. - Current challenges in screw production include processing techniques, equipment availability, and material quality, which may hinder scaling [3]. - Domestic companies are accelerating industrialization efforts, with several firms making strategic investments and partnerships to enhance screw production capabilities [3]. Summary by Sections Market Potential - The roller screw market is vast, with Tesla's demand alone potentially exceeding 14 billion [3]. - Tesla plans to ramp up production of humanoid robots significantly by 2027, which will drive demand for roller screws [3]. Production Challenges - Processing methods for screws are not fully optimized, with various techniques having trade-offs in efficiency and cost [3]. - High-end equipment for screw production is limited and expensive, impacting domestic production capabilities [3]. - Material quality for screws is currently inferior to international standards, affecting performance and durability [3]. Industry Developments - Companies like Rongtai Co., Zhejiang Rongtai, and others are actively pursuing partnerships and investments to enhance their screw production capabilities [3]. - Significant investments are being made in R&D and production facilities to meet the growing demand for planetary roller screws [3].