现场检查报告 华泰联合证券有限责任公司 关于德力佳传动科技（江苏）股份有限公司 2025 年度现场检查报告 根据中国证券监督管理委员会（以下简称"中国证监会"）《证券发行上市 保荐业务管理办法》和《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等有关法律法规的要求，华泰联合证券有限责任公司（以下简称"华泰 联合证券"）作为德力佳传动科技（江苏）股份有限公司（以下简称"德力佳" 或"公司"）首次公开发行股票的保荐机构，于 2026 年 3 月 23 日至 24 日对德 力佳传动科技（江苏）股份有限公司 2025 年度有关情况进行了现场检查。 一、本次现场检查的基本情况 华泰联合证券针对德力佳传动科技（江苏）股份有限公司实际情况制订了 2025 年度现场检查工作计划。为顺利实施本次现场工作，提高现场工作效率， 切实履行持续督导工作，华泰联合证券于 2026 年 3 月 17 日以邮件方式将现场检 查事宜通知公司，并要求公司提前准备现场检查工作所需的相关文件和资料。 2026 年 3 月 23 日至 24 日，华泰联合证券保荐代表人根据事先制订的现场 检查工作计划，采取访谈、实地查看、查阅有关资料等 ...

证券代码：603092 证券简称：德力佳 公告编号：2026-008 德力佳传动科技（江苏）股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 一、使用部分闲置募集资金进行现金管理概述 德力佳传动科技（江苏）股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日召开第一届董事会审计委员会第十四次会议、2025 年 11 月 14 日召开第 一届董事会第十九次会议，分别审议通过了《关于使用部分闲置募集资金进行现 金管理的议案》，同意公司及子公司使用不超过人民币 12 亿元（含本数）的闲 置募集资金进行现金管理，投资安全性高、流动性好的保本型理财产品，现金管 理额度有效期自董事会审议通过之日起 12 个月之内有效。在上述额度内，资金 可循环滚动使用，期限内任一时点的交易金额（含前述投资的收益进行再投资的 相关金额）不超过上述额度。 公司于 2025 年 12 月 18 日使用暂时闲置募集资金 25,000.00 万元购买了中国 光大银行股份有限公司发行的现 ...

公司董事会对陈嘉先生在公司保荐上市、持续督导期间所做的工作表示衷心 感谢！ 特此公告。 证券代码：603092 证券简称：德力佳 公告编号：2026-007 德力佳传动科技（江苏）股份有限公司 关于变更持续督导保荐代表人的公告 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。 德力佳传动科技（江苏）股份有限公司（以下简称"公司"）于近日收到华 泰联合证券有限责任公司（以下简称"华泰联合"）出具的《华泰联合证券有限 责任公司关于更换德力佳传动科技（江苏）股份有限公司首次公开发行股票持续 督导保荐代表人的函》，具体情况如下： 公司首次公开发行股票申请经中国证券监督管理委员会《关于同意德力佳传 动科技（江苏）股份有限公司首次公开发行股票注册的批复》（证监许可〔2025〕 1800 号）文件核准，已于 2025 年 11 月 7 日完成发行上市工作。华泰联合作为 公司首次公开发行股票的保荐机构，原指定宋心福先生、陈嘉先生担任该项目的 保荐代表人负责其保荐工作，持续督导期至 2027 年 12 月 31 日止。现因陈嘉先 生工作变动，不能 ...

Core Viewpoint - On February 26, brokerages provided target prices for listed companies, with notable increases for Hongsoft Technology, China Railway, and Yifan Pharmaceutical, showing target price increases of 47.71%, 34.96%, and 32.82% respectively, across the IT services, infrastructure, and chemical pharmaceutical industries [1][2]. Group 1: Target Price Increases - Hongsoft Technology received a target price increase of 47.71%, with a new target price of 71.27 CNY [3]. - China Railway's target price increased by 34.96%, with a new target price of 8.30 CNY [3]. - Yifan Pharmaceutical's target price rose by 32.82%, with a new target price of 17.40 CNY [3]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on February 26, with China Railway, Bohui Paper, and Zhujiang Beer each receiving one recommendation [2]. - Bohui Paper's rating was upgraded from "Range Trading" to "Buy" by Guotai Junan Securities [5]. Group 3: Rating Adjustments - Two companies had their ratings downgraded: Baolong Technology from "Buy" to "Hold" by Tianfeng Securities, and Haiguang Information from "Buy" to "Range Trading" by Guotai Junan Securities [6][8]. - The companies involved in the downgrades were Baolong Technology and Haiguang Information [8]. Group 4: First Coverage - Six companies received first coverage on February 26, including Matrix Co. and Anfu Technology, both rated "Outperform" by Guotai Junan Securities [10]. - Other companies receiving first coverage included Aorite with a "Buy" rating from Zhongyou Securities, Delijia with a "Buy" rating from Dongwu Securities, and Hanguo Group with an "Increase" rating from Dongguan Securities [10].

Core Insights - The report highlights a positive outlook for various industries in March 2026, driven by domestic demand policies and sector-specific growth opportunities [2][3] - Key stocks recommended across different sectors are expected to show significant profit growth and favorable valuations, indicating potential investment opportunities [2][3] Industry Summaries Social Services - China Oriental Education is positioned to benefit from the growth in new service consumption, with a projected net profit of 1.1 billion yuan in 2026, reflecting a 40% increase and a PE ratio of approximately 11 times [2][3] Construction - Yaxin Integration is expected to gain from significant investments in the cleanroom industry, with orders and performance not fully anticipated, particularly from major clients like Micron and TSMC [2][3] Non-Bank Financials - CITIC Securities is recommended as a leading brokerage benefiting from market recovery and favorable policy environments, with valuations not reflecting the improving profit trends [2][3] Agriculture - Youran Dairy, a leader in dairy farming, is set to benefit from rising beef and milk prices, with expectations of high earnings recovery due to favorable market conditions [2][3] Power Equipment and New Energy - Delijia is expanding its capacity in wind power gearbox projects, with a strong order backlog and projected profit growth of 55% in 2025 [2][3] - Sifang Co. is actively expanding its overseas presence and has secured multiple projects, with a focus on cutting-edge technologies like solid-state transformers [2][3] Automotive - Xingyu Co. is positioned in a high-growth segment of automotive lighting, with a focus on smart products and expanding its global customer base, projecting revenues of 16 billion yuan in 2025 [2][3] Home Appliances - Haier Smart Home is benefiting from domestic policies promoting appliance upgrades and is enhancing operational efficiency through digital transformation, with a stable increase in market share [2][3] Basic Chemicals - Chuanheng Co. is expected to increase its phosphate mining capacity significantly by 2028, with a strong dividend payout history and high-quality product offerings [2][3] Military Industry - Lianchuang Optoelectronics is experiencing substantial growth in laser products and is entering the commercial space launch market, indicating a broad market potential [2][3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading player in the wind power gearbox sector, with significant market shares of 10.4% globally and 16.2% domestically, positioning it among the top tier in the industry [8]. - The company is expected to experience substantial growth in revenue and profit, with projected net profits of 815.85 million yuan in 2025, 1,076.96 million yuan in 2026, and 1,339.97 million yuan in 2027, reflecting year-on-year growth rates of 52.84%, 32.01%, and 24.42% respectively [1]. - The company is set to benefit from a favorable market environment, with a significant increase in offshore wind orders and a strategic focus on high-capacity products [8]. Summary by Sections Company Overview - The company focuses on the wind power gearbox market, having established a comprehensive business chain from development to production and maintenance, with a product range from 1.5MW to 22MW [13]. - The company has a strong shareholder base, including major players in the wind turbine sector, which provides a stable order foundation and enhances its technological capabilities [28][29]. Industry Analysis - The wind power gearbox industry is characterized by high barriers to entry due to capital intensity, technological complexity, and long validation cycles, which create a robust competitive moat [36][41]. - The gearbox represents a significant portion of the wind turbine's total cost, accounting for approximately 19%, indicating a substantial market opportunity as turbine sizes increase [36]. Company Advantages - The company has a well-structured product matrix that covers both high-speed and medium-speed gearbox technologies, allowing it to cater to diverse market needs [21][22]. - The company has implemented vertical integration and cost control measures, significantly reducing external processing costs and enhancing profit margins [8]. Future Growth - The company is expected to unlock new growth avenues through increased offshore wind capacity and optimized production structures, with total production capacity projected to rise from 4,000 units per year to 5,800 units per year [8]. - The company has a robust order backlog for offshore wind projects, with orders amounting to over 600 million yuan, indicating a strong growth trajectory for 2025 [8].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in wind power gearboxes, with significant growth potential in offshore wind energy, supported by strong financial performance and strategic partnerships with major industry players [8][10]. - The company is expected to experience substantial revenue growth, with projected revenues increasing from 4,442 million yuan in 2023 to 7,209 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 13.37% [1]. - The net profit attributable to shareholders is forecasted to rise from 633.96 million yuan in 2023 to 1,339.97 million yuan in 2027, indicating a strong growth trajectory [1]. Summary by Relevant Sections Company Overview - The company focuses on the wind power gearbox sector, holding a global market share of 10.4% and a domestic market share of 16.2%, positioning itself among the top players in the industry [8][13]. - It has a comprehensive product range covering from 1.5MW to 22MW, catering to various market demands [21][22]. - The company benefits from a strong shareholder base, including major wind turbine manufacturers, which provides a stable order foundation and enhances its technological capabilities [28][30]. Industry Analysis - The wind power gearbox market is characterized by high barriers to entry, including significant capital requirements, technological complexity, and lengthy validation periods for new suppliers [36][41]. - The demand for wind power gearboxes is expected to grow significantly, driven by the increasing installation of wind power capacity, particularly in offshore wind projects [8][36]. Company Advantages - The company has established a strong customer base and optimized its client structure, enhancing its resilience against market fluctuations [8][17]. - It employs a vertical integration strategy and focuses on domestic supply chain localization, which has led to significant cost reductions in production [8][19]. - The company is positioned to capitalize on the growing offshore wind market, with a substantial order backlog indicating future revenue growth [8][22]. Future Growth - The company is set to increase its production capacity from 4,000 units per year to 5,800 units per year, focusing on high-end products for offshore wind applications [8][22]. - The anticipated surge in offshore wind orders, with a backlog of 313 units valued at over 600 million yuan, suggests a strong growth trajectory for the company's offshore segment [8][22].

Group 1 - The company approved the use of up to RMB 1.2 billion of idle raised funds for cash management, focusing on safe and liquid principal-protected financial products [1] - The cash management authorization is valid for 12 months from the date of board approval, allowing for rolling use of funds within the specified limit [1] - The company has received a no-objection opinion from its sponsor, Huatai United Securities Co., Ltd., regarding this cash management initiative [1] Group 2 - On November 24, 2025, the company used RMB 450 million of temporarily idle raised funds to purchase cash management products issued by China Minsheng Bank [2] - The company has redeemed the cash management product, recovering the principal of RMB 450 million and earning a profit of RMB 2.0416 million, which has been returned to the designated raised funds account [2] - As of the announcement date, the total amount of idle raised funds used for cash management is RMB 750 million, with an unused amount of RMB 450 million remaining [2]

Core Viewpoint - The construction of key projects in Jiangsu province is actively progressing, aiming to achieve strong momentum for high-quality development in the new year, with a focus on meeting quarterly targets and enhancing industrial growth [1]. Group 1: Major Projects - The Huaneng Jintan Salt Cave Compressed Air Energy Storage Phase II project is under construction, featuring two 350 MW non-reburn compressed air storage units, expected to start operation mid-year, capable of storing 2.8 million kWh of electricity and reducing CO2 emissions by 520,000 tons annually [2]. - The Huaneng Nantong Gas Turbine Innovation Development Demonstration Project is advancing with the second unit's key phases completed, projected to generate 5.2 billion kWh annually and reduce coal consumption by approximately 1.37 million tons [3]. - The Deleijia Phase III wind power key component project is nearing completion, with production expected to start in March, contributing to the renewable energy sector [3]. Group 2: Transportation Infrastructure - The Zhang Jinggao Yangtze River Bridge project is resuming construction with safety training and checks in place, focusing on the main tower's structural integrity [4]. - The Nanjing North Station project, a major high-speed rail hub, is ramping up efforts post-holiday to ensure timely completion and high-quality standards [5]. - The Suzhou Heshan Bridge reconstruction project is enhancing capacity from two to three lanes, improving navigation and traffic flow in the region [5]. Group 3: Government Support - Local government initiatives are facilitating the return of workers and addressing labor shortages, with targeted recruitment efforts yielding over 300 new hires for key enterprises [7]. - A series of measures, including labor support, logistics optimization, and streamlined approvals, are being implemented to ensure project construction progresses smoothly and efficiently [7].

证券代码：603092 证券简称：德力佳 公告编号：2026-006 德力佳传动科技（江苏）股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 一、使用部分闲置募集资金进行现金管理概述 三、部分闲置募集资金进行现金管理的总体情况 截至本公告披露日，公司已使用的闲置募集资金现金管理额度为 75,000.00 万元，尚未使用的闲置募集资金现金管理额度为 45,000.00 万元。公司使用部分 闲置募集资金进行现金管理的单日最高余额及使用期限均未超过公司董事会授 权范围。公司使用部分闲置募集资金购买的产品不存在逾期未收回的情况。 特此公告。 二、使用部分闲置募集资金进行现金管理到期赎回情况 公司于 2025 年 11 月 24 日使用暂时闲置募集资金 45,000.00 万元购买了中国 民生银行股份有限公司发行的现金管理产品。近日，公司已赎回上述现金管理产 品，收回本金 45,000.00 万元，并获得收益 204.16 万元。前述本金及收益已全部 归还至募集资金专户，收 ...