Core Viewpoint - The legal opinion letter from Grandall Law Firm confirms that the 2024 annual shareholders' meeting of Jiangsu Guomao Reducer Co., Ltd. was conducted in compliance with relevant laws and regulations, and the resolutions passed during the meeting are deemed legal and valid [2][12]. Group 1: Meeting Procedures - The shareholders' meeting was convened and held in accordance with the Company Law, Shareholders' Meeting Rules, and the company's articles of association [6][12]. - The meeting was conducted both in-person and via online voting, with specific timeframes for participation outlined [4][5]. Group 2: Attendance and Qualifications - A total of 14 shareholders and their proxies attended the meeting in person, holding 440,145,862 voting shares, which represents 66.7810% of the total voting shares [6]. - During the online voting period, 349 shareholders participated, holding 14,550,839 voting shares, accounting for 2.2077% of the total voting shares [6]. Group 3: Voting Procedures and Results - The voting process involved a named ballot for each proposal, with results verified by representatives and the law firm [7]. - The resolutions passed during the meeting received overwhelming support, with approval rates exceeding 99.9% for most proposals [8][10][11].

证券代码：603915 证券简称：国茂股份 公告编号：2025-019 江苏国茂减速机股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 363 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 454,696,701 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 68.9887 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事长徐国忠先生主持。本次会议的召集、召开和表决方式、 表决程序符合《公司法》和《公司章程》的有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2025 年 5 月 20 日 (二) 股东大会召开的地点：江苏省常州市武进高新技术产业开发区龙潜路 98 号江苏国茂减速机股份有限公司联合办公 ...

证券代码：603915 证券简称：国茂股份 公告编号：2025-018 规的有关规定向公司提出书面要求，并随附有关证明文件。 债权申报所需材料包括：证明债权债务关系存在的合同、协议及其他凭证的 原件及复印件。债权人为法人的，需同时携带法人营业执照副本原件及复印件、 法定代表人身份证明文件；委托他人申报的，除上述文件外，还需携带法定代表 人授权委托书和代理人有效身份证的原件及复印件。债权人为自然人的，需同时 携带有效身份证的原件及复印件；委托他人申报的，除上述文件外，还需携带授 权委托书和代理人有效身份证件的原件及复印件。债权人可采取现场、邮寄、传 真等方式进行申报，债权申报联系方式如下： 江苏国茂减速机股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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。 一、通知债权人的原因 江苏国茂减速机股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开了第三届董事会第九次会议和第三届监事会第九次会议，审议通过了《关于回 购注销部分限制性股票及调整回购价格和回购数量的 ...

北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 9/F, Taikang Financial Tower, 38 North Road East Third Ring, Chaoyang District, Beijing 100026, China 电话/Tel: (+86)(10) 6589 0699 传真/Fax: (+86)(10) 6517 6800 网址/Website: www.grandall.com.cn 国浩律师（北京）事务所 关于 江苏国茂减速机股份有限公司 2024 年年度股东会 之 二〇二五年五月 国浩律师（北京）事务所 法律意见书 国浩律师（北京）事务所 关于江苏国茂减速机股份有限公司 2024 年年度股东会之法律意见书 国浩京律字[2025]第 0422 号 致：江苏国茂减速机股份有限公司 国浩律师（北京）事务所（以下简称"本所"）接受江苏国茂减速机股份有 限公司（以下简称"公司"）的委托，指派律师出席了公司 2024 年年度股东会 （以下简称"本次股东会"）。现根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《 ...

Group 1 - The company, Jiangsu Guomao Reducer Co., Ltd., will hold its 2024 annual general meeting on May 20, 2025, at 14:00, utilizing a combination of on-site and online voting methods [1][2] - To enhance service for small and medium investors, the company will employ the Shanghai Stock Exchange Information Network Co., Ltd. to provide a shareholder meeting reminder service, actively notifying shareholders about the meeting and voting options [2] - Investors will receive smart SMS notifications and can vote directly through the provided user manual link, with alternative voting methods available in case of congestion [2]

证券代码：603915 证券简称：国茂股份 公告编号：2025-017 江苏国茂减速机股份有限公司 关于股东大会开设网络投票提示服务的公告 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。 江苏国茂减速机股份有限公司（以下简称"公司"）拟于 2025 年 5 月 20 日 14：00 召开 2024 年年度股东大会，本次股东大会采用现场投票和网络投票相 结合的表决方式，具体内容详见公司于 2025 年 4 月 29 日在上海证券交易所网站 （www.sse.com.cn）披露的《江苏国茂减速机股份有限公司关于召开 2024 年年 度股东大会的通知》（公告编号：2025-013）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票 ...

江苏国茂减速机股份有限公司 2024 年年度股东大会会议资料 二○二五年五月二十日 1 江苏国茂减速机股份有限公司 2024 年年度股东大会现场会议须知 根据中国证券监督管理委员会发布的《上市公司股东会规则》和《公司章程》等 文件的相关规定，为维护投资者的合法权益，确保股东大会现场会议的正常秩序和议 事效率，特制订如下大会现场会议须知，望股东及股东代理人（以下统称为"股 东"）、董事、其他有关人员严格遵守。 一、本次股东大会设大会秘书处，具体负责大会组织工作和股东登记等会务事 宜。 二、董事会将维护股东的合法权益，以确保大会正常秩序和议事效率为原则，认 真履行法定职责。 三、股东要认真履行法定义务，不得侵犯其他股东的权益，不得扰乱大会的正常 程序。 四、股东依法享有发言权、质询权、表决权等权利。要求发言或提问的股东应当 向大会秘书处登记。股东可将有关意见填在征询表上，由大会秘书处汇总后，统一交 有关人员进行解答。股东发言应围绕本次大会所审议的议案，简明扼要。 五、股东发言的总时间原则上控制在 30 分钟内。有两名以上股东同时要求发言 时，主持人将按照所持股数由多到少的顺序安排发言。 六、股东发言时，应首先报告 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's revenue for 2024 is projected to be 2.589 billion, a year-on-year decrease of 2.67%, with a net profit attributable to shareholders of 294 million, down 25.78% year-on-year [5] - Short-term demand is weak, compounded by price competition affecting operations, but the long-term outlook is positive due to the company's focus on general, specialized, and high-end reducers, as well as humanoid robots, which are expected to solidify long-term growth [2][5] Financial Performance Summary - In Q4 2024, revenue was 662 million, up 1.98% year-on-year, while net profit attributable to shareholders was 85 million, down 34.24% year-on-year [2][5] - In Q1 2025, revenue was 602 million, up 2.82% year-on-year, with net profit attributable to shareholders at 43 million, down 33.43% year-on-year [2][5] - The company experienced a significant increase in non-recurring gains in Q4 2024, contributing to profits, while Q1 2025 saw a decline in profitability due to increased management and R&D expenses [10] Business Development and Market Opportunities - The core industrial transmission business remains strong, with a 5% year-on-year increase in total reducer shipments, and the company is capturing structural market opportunities in sectors like injection molding machines and smart logistics [10] - The company is actively expanding into specialized and high-end reducer markets, with new products gaining traction and orders from leading clients [10] - The company is also focusing on international markets, particularly in Southeast Asia and emerging markets like South Africa and Brazil [10]

Core Viewpoint - Jiangsu Guomao Reducer Co., Ltd. (Guomao Co.) reported a significant decline in net profit by 25.78% in its 2024 annual report, indicating challenges in its operational and financial performance amid a competitive market environment [1][3]. Financial Key Indicators Analysis - Revenue slightly decreased by 2.67% to CNY 2,589,429,841.71 in 2024 from CNY 2,660,414,937.05 in 2023, reflecting competitive pressure in the reducer industry [2]. - The revenue from gear reducers was CNY 1,950,757,822.55, down 4.95%, while the revenue from cycloidal pinwheel reducers and GNORD reducers decreased by 7.50% and 26.57%, respectively, indicating a need for product structure optimization [2]. Profitability Challenges - Net profit attributable to shareholders was CNY 293,522,767.79, a decrease of 25.78% from CNY 395,500,856.38 in 2023, primarily due to intense market competition and a decline in product prices and gross margins [3]. - The net profit after deducting non-recurring gains and losses was CNY 206,479,719.98, down 42.18%, highlighting challenges in the core business profitability [3]. Earnings Per Share Decline - Basic earnings per share fell to CNY 0.45 from CNY 0.60, a decrease of 25.00%, directly impacting shareholder returns [4]. - The diluted earnings per share also decreased by 42.59% to CNY 0.31, reflecting weakened core business profitability [4]. Expense Management - Sales expenses increased slightly by 0.22% to CNY 65,501,283.56, indicating stable investment in market promotion [5]. - Management expenses decreased by 6.38% to CNY 73,414,762.97, suggesting effective internal management optimization [5]. - R&D expenses were CNY 117,501,225.53, down 7.49%, but still represented 4.54% of revenue, indicating a commitment to innovation [5]. Cash Flow Analysis - Net cash flow from operating activities increased by 11.53% to CNY 594,482,184.28, showing improved operational cash generation [6]. - Net cash flow from investing activities turned positive at CNY 351,992,410.82, primarily due to increased redemption of financial products [8]. - Net cash flow from financing activities was negative at CNY -247,149,575.39, reflecting increased cash dividend distribution [9]. R&D and Personnel Analysis - R&D investment remains significant despite a decrease, focusing on technological innovation to enhance product competitiveness [10]. - The R&D personnel structure is stable, with 367 employees, ensuring a solid foundation for ongoing innovation [11]. Industry Challenges - The reducer industry faces intensified competition, with leading companies expanding their market share, necessitating Guomao Co. to enhance its competitiveness [12]. - Fluctuations in raw material prices pose challenges for cost control, impacting profit margins [13]. - Uncertainties in the international economic environment may affect market demand, requiring strategic adjustments [14].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In 2024, the company experienced a slight decline in revenue by 2.7% year-on-year, totaling 2.589 billion yuan, while net profit attributable to shareholders decreased significantly by 25.8% to 294 million yuan [1][2] - The company's sales volume of gear reducers increased by approximately 5% year-on-year, indicating a rise in market share despite a decrease in revenue due to intensified competition and falling product prices [2] - The company is focusing on expanding its high-end product lines and has launched new products targeting the injection molding and rubber-plastic industries, which are expected to drive future growth [3] Revenue and Profit Summary - In 2024, the company achieved a revenue of 2.589 billion yuan, with a gross profit margin of 21.1%, down 4.9 percentage points year-on-year [1][2] - The company's gear reducer revenue was 1.951 billion yuan, down 5.0% year-on-year, while the revenue from cycloidal pinwheel reducers was 356 million yuan, down 7.5% [2] - The report forecasts a decline in net profit for 2025 and 2026, with expected figures of 346 million yuan and 416 million yuan respectively, while projecting a recovery to 479 million yuan by 2027 [3][9] Financial Metrics - The report provides a detailed financial forecast, indicating a projected revenue growth rate of 13.99% in 2025 and 14.25% in 2027 [4][9] - The company's earnings per share (EPS) is expected to recover from 0.45 yuan in 2024 to 0.73 yuan in 2027 [4][11] - The return on equity (ROE) is projected to improve from 8.02% in 2024 to 10.65% in 2027 [4][11] Market Position and Strategy - The company is expanding its market presence in various sectors, including water conservancy, mining, non-ferrous metals, and oil, to mitigate the impact of declining demand in the lithium battery sector [3] - The introduction of new products such as the DHI series electric pre-plastic gearboxes and TEH series gearboxes is aimed at meeting customer demands for efficiency improvements [3]