11月10日，国茂股份跌5.04%，截至发稿，报17.33元/股，成交2.92亿元，换手率2.51%，总市值113.79 亿元。 资料显示，江苏国茂减速机股份有限公司位于江苏省常州市武进高新技术产业开发区龙潜路98号，成立 日期2013年3月21日，上市日期2019年6月14日，公司主营业务涉及减速机的研发、生产和销售。主营业 务收入构成为：减速机96.87%，配件其他3.13%。 从国茂股份十大流通股东角度 数据显示，华夏基金旗下1只基金位居国茂股份十大流通股东。华夏中证机器人ETF（562500）三季度 增持135.34万股，持有股数725.49万股，占流通股的比例为1.1%。根据测算，今日浮亏损失约667.45万 元。 华夏中证机器人ETF（562500）成立日期2021年12月17日，最新规模227.98亿。今年以来收益28.17%， 同类排名1964/4217；近一年收益27.5%，同类排名1364/3918；成立以来亏损0.42%。 华夏中证机器人ETF（562500）基金经理为华龙。 截至发稿，华龙累计任职时间3年82天，现任基金资产总规模359.57亿元，任职期间最佳基金回报 107.73%， ...

Group 1 - The core viewpoint of the news is that Guomao Co., Ltd. has experienced a significant stock price increase, rising 5.06% to 18.05 CNY per share, with a total market capitalization of 11.852 billion CNY and a cumulative increase of 9.43% over six consecutive days [1] - Guomao Co., Ltd. is primarily engaged in the research, production, and sales of reducers, with 96.87% of its main business revenue coming from reducers and 3.13% from other accessories [1] - The company is located in Changzhou, Jiangsu Province, and was established on March 21, 2013, with its listing date on June 14, 2019 [1] Group 2 - Among the top ten circulating shareholders of Guomao Co., Ltd., Huaxia Fund's Huaxia CSI Robot ETF (562500) increased its holdings by 1.35 million shares in the third quarter, now holding 7.2549 million shares, which accounts for 1.1% of the circulating shares [2] - The Huaxia CSI Robot ETF has achieved a year-to-date return of 28.85% and a one-year return of 36.38%, ranking 1740 out of 4216 and 1072 out of 3901 in its category, respectively [2] - The fund manager of Huaxia CSI Robot ETF is Hualong, who has a cumulative tenure of 3 years and 77 days, with the best fund return during this period being 108.55% [2]

[Table_Summary] 2025Q3 实现营收 6.97 亿，同比+5.79%；实现归母净利润 0.79 亿，同比+26.10%；扣非归母 净利润 0.62 亿元，同比+14.57%。在传统领域，公司优势持续巩固，市占率稳步提升。在精密 领域，公司加快布局，紧抓具身智能+AI 发展机遇。今年以来公司盈利能力环比连续好转，25Q3 业绩增速 7 个季度以来首次转正。长期看，公司布局通用、专用及精密领域等，平台化已初步 建立好，拓展减速器赛道夯实公司长期成长。 分析师及联系人 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨国茂股份（603915.SH） [Table_Title] 国茂股份：25Q3 业绩迎来拐点，盈利能力修复 向上 报告要点 research.95579.com 1 [Table_Author] 赵智勇 臧雄 杨文建 SAC：S0490517110001 SAC：S0490518070005 SAC：S0490525070003 SFC：BRP550 SFC：BVO790 [Table_scodeMsg2] 国茂股份（603915.SH） cjzqdt1111 ...

Group 1 - The core viewpoint of the news is that Guomao Co., Ltd. experienced a stock price increase of 5.1%, reaching 16.91 yuan per share, with a total market capitalization of 11.104 billion yuan [1] - Guomao Co., Ltd. is primarily engaged in the research, production, and sales of reducers, with 96.87% of its main business revenue coming from reducers and 3.13% from other accessories [1] Group 2 - Among the top ten circulating shareholders of Guomao Co., Ltd., a fund under E Fund Management, the E Fund National Robot Industry ETF (159530), has newly entered the list, holding 7.7187 million shares, which accounts for 1.18% of the circulating shares [2] - The E Fund National Robot Industry ETF (159530) has a total scale of 13.315 billion yuan and has achieved a return of 35.82% this year, ranking 1481 out of 4216 in its category [2] - The fund managers, Li Shujian and Li Xu, have had notable performance, with Li Shujian achieving a best return of 112.99% during his tenure, while Li Xu achieved a best return of 154.74% [2]

证券代码：603915 证券简称：国茂股份 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。 登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： （二）非经常性损益项目和金额 √适用 □不适用 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人徐国忠、主管会计工作负责人陆一品及会计机构负责人（会计主管人员）梁小建保证季度报 告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （ ...

Core Insights - The company reported a revenue of 1.987 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.10% [1] - The net profit attributable to the parent company was 185 million yuan, showing a year-on-year decline of 11.13% [1] - The net profit after deducting non-recurring gains and losses was 155 million yuan, down 12.06% year-on-year [1] - The basic earnings per share stood at 0.28 yuan [1]

Core Viewpoint - Guomao Co., Ltd. (603915.SH) reported a year-on-year increase in revenue and net profit for the third quarter of 2025, indicating positive financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 697 million yuan, representing a year-on-year increase of 5.79% [1] - The net profit attributable to shareholders of the listed company was 78.53 million yuan, showing a year-on-year increase of 26.10% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 61.73 million yuan, reflecting a year-on-year increase of 14.57% [1]

江苏国茂减速机股份有限公司 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： 会议召开时间：2025 年 11 月 17 日（星期一）10:00-11:00 证券代码：603915 证券简称：国茂股份 公告编号：2025-038 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://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 10 日（星期一）至 11 月 14 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过江苏国茂减速机股 份有限公司（以下简称"公司"）邮箱（contact@guomaoreducer.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。 公司已于 2025 年 10 月 30 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 年第三 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥697,174,069.15, an increase of 5.79% compared to the same period last year[4] - Total profit for the quarter was ¥90,508,540.80, reflecting a significant increase of 21.11% year-on-year[4] - Net profit attributable to shareholders was ¥78,532,081.51, up 26.10% compared to the same quarter last year[4] - The net profit after deducting non-recurring gains and losses was ¥61,733,943.39, which is a 14.57% increase year-on-year[4] - The basic earnings per share for the quarter was ¥0.12, representing a 33.33% increase compared to the previous quarter[5] - The diluted earnings per share also stood at ¥0.12, marking a 33.33% increase from the previous quarter[5] - The weighted average return on equity increased to 2.09%, up 0.34 percentage points from the previous year[5] - The net profit for the first three quarters of 2025 is CNY 189,651,974.02, a decrease of 10.4% compared to CNY 210,976,809.59 in the same period of 2024[18] - The basic and diluted earnings per share decreased to CNY 0.28, compared to CNY 0.31 in the same period of 2024[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,363,592,862.83, a slight increase of 0.30% from the end of the previous year[5] - The total assets of the company amounted to RMB 5,363,592,862.83 as of September 30, 2025, slightly up from RMB 5,347,623,831.51 at the end of 2024[16] - The total liabilities decreased to RMB 1,612,834,083.41 as of September 30, 2025, compared to RMB 1,629,015,121.70 at the end of 2024[16] - The company's total equity increased to RMB 3,750,758,779.42 as of September 30, 2025, from RMB 3,718,608,709.81 at the end of 2024[16] Cash Flow - The cash flow from operating activities showed a significant decline of 89.10% year-to-date, attributed to reduced bill discounting and large cash payments for notes payable[9] - The cash flow from operating activities generated a net amount of CNY 35,471,198.78, significantly lower than CNY 325,368,768.51 in the same period last year[21] - The net cash flow from investing activities was negative at CNY -890,115,108.04, compared to CNY -349,425,594.56 in the previous year[22] - The cash and cash equivalents at the end of the period stood at CNY 424,557,519.00, down from CNY 502,702,907.44 at the end of the previous year[22] - The company's cash and cash equivalents decreased to RMB 425,343,587.40 as of September 30, 2025, down from RMB 1,895,823,524.76 at the end of 2024[14] Shareholder Information - The company reported a total of 31,724 common shareholders at the end of the reporting period[10] Operating Costs and Revenue - Total operating revenue for the first three quarters of 2025 reached RMB 1,986,775,248.36, an increase from RMB 1,926,978,761.76 in the same period of 2024, representing a growth of approximately 3.9%[17] - Total operating costs for the first three quarters of 2025 were RMB 1,798,692,587.34, compared to RMB 1,716,227,468.26 in 2024, indicating an increase of about 4.8%[17] - The total revenue from operating activities decreased to CNY 1,827,487,193.92, down 9.4% from CNY 2,016,598,121.62 in the previous year[20] Research and Development - Research and development expenses increased to CNY 93,915,316.18, up 8.3% from CNY 86,641,388.18 year-over-year[18] Inventory and Receivables - Accounts receivable rose to RMB 442,163,643.67 as of September 30, 2025, compared to RMB 294,341,623.79 at the end of 2024, reflecting a significant increase of approximately 50.2%[14] - Inventory decreased to RMB 594,487,349.65 as of September 30, 2025, down from RMB 624,073,208.36 at the end of 2024[14] Investment Income - The company reported an increase in investment income to CNY 28,696,195.89, compared to CNY 31,253,632.32 in the previous year[18]

Core Insights - The company reported a third-quarter revenue of 697 million yuan, representing a year-on-year increase of 5.79% [1] - The net profit for the third quarter was 78.53 million yuan, showing a year-on-year growth of 26.10% [1] - For the first three quarters, the company achieved a revenue of 1.987 billion yuan, which is a year-on-year increase of 3.10% [1] - The net profit for the first three quarters was 185 million yuan, reflecting a year-on-year decline of 11.13% [1]