江苏国茂减速机股份有限公司 关于放弃参股公司股权优先购买权暨关联交易的公告 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： 交易概况：江苏国茂减速机股份有限公司（以下简称"公司"）持股 20% 的参股公司艾克斯智节（杭州）科技有限公司（以下简称"艾克斯智节"）的股 东李建轶先生拟将其持有的艾克斯智节 2.5%的股权以人民币 50 万元转让给陆一 品先生，公司拟放弃本次股权优先购买权。因陆一品先生为公司董事、副总裁、 财务负责人及董事会秘书，本次交易构成与关联方共同投资的关联交易。公司放 弃本次股权优先购买权后，对艾克斯智节的参股比例不变，不影响公司的持股权 益。 本次交易为关联交易，但不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 本次关联交易已经公司第四届董事会第三次会议审议通过，无需提交股 东会审议。 过去 12 个月与同一关联人进行的交易：截至本公告披露日，过去 12 个 月内，公司未与本次交易的关联人陆一品先生发生过关联交易事项；公司与同一 关联人或与不同关联人之间相同交易类别下标的相关的 ...

Core Viewpoint - Guomao Co., Ltd. (603915.SH) announced that its 20% stake in the associate company Aikeshi Zhijie will see shareholder Li Jianyi transfer 2.5% of his shares to Lu Yipin for RMB 500,000, with the company opting to waive its right of first refusal on this transaction, which constitutes a related party transaction due to Lu Yipin's roles within the company [1] Summary by Categories - **Transaction Details** - Li Jianyi plans to transfer 2.5% of his shares in Aikeshi Zhijie for RMB 500,000 [1] - The company will not exercise its right of first refusal on this share transfer [1] - **Impact on Shareholding** - The company's stake in Aikeshi Zhijie remains unchanged after waiving the right of first refusal [1] - The transaction does not affect the company's equity interests in Aikeshi Zhijie [1] - **Related Party Transaction** - The transaction is classified as a related party transaction due to Lu Yipin's position as a director, vice president, financial officer, and board secretary of the company [1]

Core Viewpoint - The company announced that a shareholder of its associate company, Aikeshi Zhijie, intends to transfer 2.5% of its shares for RMB 500,000, and the company will waive its right of first refusal on this transaction, which constitutes a related party transaction due to the buyer's position within the company [1] Group 1 - The shareholder, Mr. Li Jianyi, plans to transfer 2.5% of his shares in Aikeshi Zhijie to Mr. Lu Yipin for RMB 500,000 [1] - The company will not exercise its right of first refusal, resulting in no change to its shareholding ratio in Aikeshi Zhijie [1] - The transaction does not affect the company's equity interests in Aikeshi Zhijie [1]

Core Viewpoint - As of November 27, a total of 153 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stocks with the longest consecutive net buying days are Aucma and Beijing-Shanghai High-Speed Railway, both having received net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Source Pet, Zhenjiang Co., San Da Membrane, CRRC Corporation, Hangxiao Steel Structure, Zhongyuan Highway, Parker New Materials, and Guomao Co. [1]

Core Insights - The Robot ETF (159770) has seen significant trading activity, with a transaction volume of 178 million yuan as of November 27, 2025, and a notable increase in its scale and shares over the past week [1] - The Sci-Tech Innovation Index ETF Tianhong (589860) also performed well, with a trading volume of 23.52 million yuan and a strong increase in its tracked index [1] - The domestic open-source AI model, Tongyi Qianwen, has been adopted for a national-level project in Singapore, marking a significant breakthrough for Chinese open-source AI models in the global market [5] - The establishment of a standardization committee for humanoid robots in China is progressing, with key figures from leading companies appointed to important positions, indicating a move towards high-quality and large-scale development in the humanoid robot industry [6] Group 1: ETF Performance - The Robot ETF (159770) is the largest robot-themed ETF in the Shenzhen market, covering various segments of the robot industry, allowing investors to easily access the entire supply chain [2] - The Robot ETF has experienced a net inflow of 2.94 million yuan recently, with a total of 83.07 million yuan in net inflows over the past five trading days [1] - The Sci-Tech Innovation Index ETF Tianhong (589860) has a turnover rate of 7.51% and is designed to help investors capture opportunities in the technology growth market [2] Group 2: Industry Developments - The adoption of the Tongyi Qianwen model in Singapore's national AI strategy signifies the growing influence of Chinese open-source AI technologies in international markets [5] - The formation of the humanoid robot standardization committee in China is a crucial step towards establishing industry standards, which will enhance the competitive position of Chinese companies in the global humanoid robot sector [6]

Group 1 - The core point of the news is that Guomao Co., Ltd. experienced a stock price increase of 5.55%, reaching 16.73 yuan per share, with a trading volume of 1.11 billion yuan and a total market capitalization of 109.85 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 - Tianhong Fund's Tianhong CSI Robot ETF (159770) is among the top ten circulating shareholders of Guomao Co., Ltd., having increased its holdings by 502,700 shares in the third quarter, bringing its total to 2.8934 million shares, which accounts for 0.44% of the circulating shares [2] - The Tianhong CSI Robot ETF has a current scale of 9.078 billion yuan and has achieved a return of 21.52% this year, ranking 2219 out of 4206 in its category [2] - The fund manager Liu Xiaoming has a tenure of 7 years and 64 days, with a total fund asset size of 19.894 billion yuan, achieving a best return of 65.27% during his tenure [3]

Group 1 - The core point of the news is that Guomao Co., Ltd. experienced a decline of 5.04% in its stock price, reaching 17.33 yuan per share, with a trading volume of 292 million yuan and a turnover rate of 2.51%, resulting in a total market capitalization of 11.379 billion yuan [1] - Guomao Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on March 21, 2013, with its listing date on June 14, 2019. The company's main business involves the research, production, and sales of speed reducers, with 96.87% of its main business revenue coming from speed reducers and 3.13% from other accessories [1] Group 2 - From the perspective of the top ten circulating shareholders of Guomao Co., Ltd., data shows that a fund under Huaxia Fund is among the top shareholders. The Huaxia CSI Robot ETF (562500) increased its holdings by 1.3534 million shares in the third quarter, holding a total of 7.2549 million shares, which accounts for 1.1% of the circulating shares. The estimated floating loss today is approximately 6.6745 million yuan [2] - The Huaxia CSI Robot ETF (562500) was established on December 17, 2021, with a latest scale of 22.798 billion yuan. Year-to-date returns are 28.17%, ranking 1964 out of 4217 in its category; the one-year return is 27.5%, ranking 1364 out of 3918; and since its inception, it has a loss of 0.42% [2] - The fund manager of Huaxia CSI Robot ETF (562500) is Hualong, who has been in the position for 3 years and 82 days. The total asset scale under management is 35.957 billion yuan, with the best fund return during the tenure being 107.73% and the worst being -15.08% [2]

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 697 million yuan in Q3 2025, representing a year-on-year increase of 5.79%. The net profit attributable to shareholders was 79 million yuan, up 26.10% year-on-year, while the net profit excluding non-recurring items was 62 million yuan, an increase of 14.57% year-on-year. This marks the first positive growth in performance in seven quarters [4][10]. - The company is strengthening its advantages in traditional sectors while accelerating its layout in precision fields, seizing opportunities in embodied intelligence and AI. The improvement in profitability has been continuous since the beginning of the year [10][11]. - The company has established a preliminary platform in general, specialized, and precision fields, solidifying its long-term growth in the reducer sector [10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 1.987 billion yuan, a year-on-year increase of 3.10%. The net profit attributable to shareholders was 185 million yuan, down 11.13% year-on-year, while the net profit excluding non-recurring items was 155 million yuan, down 12.06% year-on-year [4][10]. - In Q3 2025, the company’s revenue was 697 million yuan, with a net profit of 79 million yuan and a net profit excluding non-recurring items of 62 million yuan [4][10]. Market Position and Product Development - The company has seen a recovery in orders, with significant growth in sales of modular reducers, high-power reducers, and Jeno reducers benefiting from the lithium battery sector. Although sales of traditional industrial cycloidal pinwheel reducers have declined, their gross margin and average price remain stable [10]. - The product matrix continues to expand, with new products expected to contribute positively. The company has developed customized products and specialized reducers for various applications, including high-end vertical lathes and large rotary drive systems [10][11]. Strategic Initiatives - The company is accelerating its layout in the precision field and is actively engaging with partners in the robotics and automation sectors. It has established a joint venture to explore opportunities in robotic joint modules [10]. - The company completed its first AI vertical application test in the first half of 2025, aiming to integrate proprietary data to build a private model [10]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 282 million, 335 million, and 395 million yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 37x, 32x, and 27x respectively [10].

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]