证券代码：603915 证券简称：国茂股份 公告编号：2025-032 江苏国茂减速机股份有限公司关于实际控制人 及其一致行动人权益变动触及 5%刻度的提示性公告 公司实际控制人徐国忠、徐彬及其一致行动人国茂减速机集团有限公司、沈惠萍、 徐玲保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 公司于 2025 年 9 月 8 日收到公司实际控制人徐国忠、徐彬及其一致行动人 国茂减速机集团有限公司、沈惠萍、徐玲（合称为"信息披露义务人"）发来的 《关于权益变动比例触及 5%整数倍的告知函》以及《简式权益变动报告书》， 自 2023 年 12 月 14 日信息披露义务人签署《简式权益变动报告书》之日至本报 告书签署日，因信息披露义务人基于自身资金需求减持股份以及公司回购注销限 制性股票导致信息披露义务人股权被动发生变化，导致信息披露义务人合计持股 比例减少至 65.00%，触及 5%的整数倍，信息披露义务人权益变动具体如下： ● 本次权益变动系自 2023 年 12 月 14 日信息披露义务人签署《简式 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved a revenue of 6.88 billion yuan in Q2 2025, representing a year-on-year increase of 0.75%, while the net profit attributable to shareholders was 0.64 billion yuan, down 21.86% year-on-year [2][6]. - The company continues to strengthen its advantages in traditional sectors, with a steady increase in market share, while accelerating its layout in precision fields to seize opportunities in embodied intelligence and AI [2][11]. - Despite short-term weak demand and price competition affecting operations, the long-term outlook remains positive due to the company's established platform in general, specialized, and precision fields, solidifying its growth in the reducer sector [11]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 12.90 billion yuan, a year-on-year increase of 1.71%, and a net profit of 1.07 billion yuan, down 26.97% year-on-year [6]. - The company's revenue for Q2 2025 was 6.88 billion yuan, with a net profit of 0.64 billion yuan, reflecting a decline in profitability [6]. Market Position - The company has maintained its leading position in the domestic general reducer market, with a 5% year-on-year growth in its industrial transmission reducer business in H1 2025 [11]. - Key products such as modular reducers and high-power reducers saw sales growth of approximately 15% and 13% respectively, while traditional industrial cycloidal pinwheel reducers experienced an 8% decline in sales [11]. Strategic Initiatives - The company is actively expanding its precision field layout, focusing on harmonic reducers and precision reducers, and has initiated collaborations with major manufacturers in robotics [11]. - In July 2025, the company co-founded a technology company to deepen cooperation in the field of robotic joint modules [11]. - The company has increased its R&D investment, completing approximately 3,650 customized product designs in H1 2025 [11]. Future Outlook - The company is expected to achieve net profits of 2.80 billion yuan, 3.26 billion yuan, and 3.82 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 40x, 34x, and 29x [11].

Summary of Key Points Core Viewpoint - On September 5, Guomao Co., Ltd. executed a block trade of 2.84 million shares, amounting to 41.31 million yuan, which represented 9.56% of the total trading volume for the day. The average transaction price was 14.55 yuan, reflecting a discount of 12.06% compared to the market closing price of 16.54 yuan [1]. Trading Details - The highest transaction price recorded was 14.6 yuan, while the lowest was 14.52 yuan [1]. - Multiple brokerage firms participated in the transactions, including China Merchants Securities and CITIC Securities, indicating a diverse interest from institutional investors [2][3]. - The trading volume and amounts varied across different brokerage firms, with notable transactions including 715.4 thousand yuan at a price of 14.6 yuan and 580.8 thousand yuan at a price of 14.52 yuan [3].

江苏国茂减速机股份有限公司 2025 年第一次临时股东会现场会议须知 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，确保股东会现场会议的正常秩序和议事效 率，特制订如下现场会议须知，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、本次股东会设会议秘书处，具体负责会议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，以确保会议正常秩序和议事效率为原则，认真 履行法定职责。 江苏国茂减速机股份有限公司 2025 年第一次临时股东会会议资料 二○二五年九月十五日 三、股东要认真履行法定义务，不得侵犯其他股东的权益，不得扰乱会议的正常程 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 会议秘书处登记。股东可将有关意见填在征询表上，由会议秘书处汇总后，统一交有关 人员进行解答。股东发言应围绕本次会议所审议的议案，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，应首先报告所持股 ...

9月5日，国茂股份涨5.05%，截至发稿，报16.42元/股，成交2.74亿元，换手率2.60%，总市值107.82亿 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%。 从基金十大重仓股角度 数据显示，太平基金旗下1只基金重仓国茂股份。太平科技先锋混合发起式A（023044）二季度持有股 数9万股，占基金净值比例为4.68%，位居第六大重仓股。根据测算，今日浮盈赚取约7.11万元。 太平科技先锋混合发起式A（023044）成立日期2025年4月1日，最新规模2301.44万。成立以来收益 16.29%。 太平科技先锋混合发起式A（023044）基金经理为徐昊。 截至发稿，徐昊累计任职时间158天，现任基金资产总规模2794.87万元，任职期间最佳基金回报 16.29%， 任职期间最差基金回报15.99%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于 ...

Group 1: Key Recommendations - Kangtai Biological (300601) shows good revenue growth with rapid R&D progress, achieving operating revenue of 1.392 billion yuan in H1 2025, up 15.81% year-on-year, but net profit down 77.30% due to rising costs and increased R&D investment [6][7][9] - The chemical industry overall performance in H1 2025 has recovered year-on-year, with total revenue of 1.124 trillion yuan, up 3.02%, and net profit of 69.724 billion yuan, up 4.43% [12][13] - Guomao Co., Ltd. (603915) reported operating revenue of 1.29 billion yuan in H1 2025, up 1.71%, but net profit decreased by 26.97% due to cautious capital expenditure in the manufacturing sector [18][19] - The market for unmanned forklifts is entering an accelerated penetration phase, with significant growth expected in the logistics sector [23][25] - Haier Biomedical (688139) experienced a strong overseas business performance, with revenue of 1.196 billion yuan in H1 2025, despite a slight decline in overall revenue [26][27][30] - Qingdao Beer (600600) achieved operating revenue of 20.491 billion yuan in H1 2025, up 2.11%, with net profit increasing by 7.21% [38][39][41] Group 2: Industry Insights - The chemical industry is witnessing structural optimization on the supply side, with a focus on domestic demand driven by new consumption trends and technological advancements [12][15][16] - The electronic industry is experiencing a mild recovery, with significant growth in AI-related sectors, particularly in cloud services and advertising [32][34][36] - The market for unmanned forklifts is projected to grow significantly, with sales expected to reach approximately 74,100 units by 2027, doubling the market size from 2024 [25][23] - The beer industry is facing external pressures but maintains stable growth, with Qingdao Beer focusing on product structure upgrades and channel expansion [38][40][41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the potential for recovery in the industrial reducer downstream market and the promising layout of precision reducers [1] - The company is expected to benefit from industry consolidation, which may drive market share concentration and enhance its diversified product matrix [1] - The company has adjusted its net profit forecasts for 2025-2026, now estimating net profits of 282 million and 327 million respectively, with an introduction of a 2027 forecast of 379 million [1][2] Financial Performance - In H1 2025, the company achieved revenue of 1.29 billion, a year-on-year increase of 1.71%, while net profit was 107 million, a decrease of 26.97% [3] - The company’s gross margin for H1 2025 was 20.46%, down 3.07 percentage points year-on-year, with a net profit margin of 8.43% [3] - The company’s total revenue is projected to grow from 2.59 billion in 2024 to 3.15 billion in 2027, with corresponding net profits increasing from 294 million to 379 million [2][4] Market Position and Strategy - The company maintains a competitive advantage in market share despite a weak recovery in overall industry demand, with a 5% increase in total shipments of industrial reducers [3] - The company is actively expanding its overseas market presence, particularly in Southeast Asia, India, and Russia, while also exploring opportunities in South America and Europe [3] - The precision reducer business is gaining traction, with significant growth in product sales and collaborations with other firms to enhance product offerings [3] Valuation Metrics - The estimated EPS for 2025, 2026, and 2027 are 0.43, 0.50, and 0.58 respectively, with corresponding P/E ratios of 39X, 34X, and 29X [1][2]

Core Viewpoint - Guomao Co., Ltd. (603915) reported mixed financial results for the first half of 2025, with a slight increase in total revenue but a significant decline in net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 1.29 billion yuan, a year-on-year increase of 1.71% [1] - Net profit attributable to shareholders was 107 million yuan, down 26.97% year-on-year [1] - In Q2 2025, total revenue was 688 million yuan, up 0.75% year-on-year, while net profit was 63.81 million yuan, down 21.86% year-on-year [1] - Gross margin decreased to 20.46%, a decline of 12.02% year-on-year, and net margin fell to 8.43%, down 27.04% year-on-year [1] - The company's operating cash flow per share was -0.03 yuan, a decrease of 116.66% year-on-year [1] Accounts Receivable and Debt - The company's accounts receivable were substantial, with accounts receivable accounting for 147.38% of the latest annual net profit [1][3] - Cash assets are reported to be very healthy, indicating good liquidity [2] Market Expectations - Analysts expect the company's performance for 2025 to reach 312 million yuan, with an average earnings per share of 0.47 yuan [3] Shareholder Information - The largest fund holding Guomao Co., Ltd. is the Taiping Technology Pioneer Mixed Initiation A Fund, which holds 90,000 shares and has recently entered the top ten holdings [4]

Core Viewpoint - Jiangsu Guomao Reducer Co., Ltd. proposes a cash dividend distribution plan for the first half of 2025, aiming to share the company's operational achievements with shareholders [1][2]. Group 1: Financial Highlights - As of June 30, 2025, the company's distributable profit amounts to RMB 1,718,841,045.15, while the net profit attributable to shareholders in the consolidated financial statements is RMB 106,841,992.91 [1]. - The proposed cash dividend is RMB 1.20 per 10 shares (including tax), totaling RMB 78,795,897.60 (including tax), which represents 73.75% of the net profit attributable to shareholders [1][2]. Group 2: Decision-Making Process - The board of directors has approved the profit distribution plan, which complies with the company's profit distribution policy as outlined in its articles of association [2]. - The supervisory board has also agreed to the profit distribution plan, stating it aligns with the company's long-term development needs and does not harm the interests of shareholders, particularly minority shareholders [2]. Group 3: Implementation Details - The profit distribution plan is subject to approval at the company's upcoming shareholder meeting [2]. - If there are changes in the total share capital before the equity distribution registration date, the per-share distribution ratio will remain unchanged, and the total distribution amount will be adjusted accordingly [2].

Group 1 - The company achieved revenue of 1.29 billion yuan in H1 2025, a year-on-year increase of 1.71%, while net profit attributable to shareholders was 107 million yuan, a decrease of 26.97% [1] - In Q2 2025, the company reported revenue of 688 million yuan, a year-on-year increase of 0.75%, and net profit attributable to shareholders of 64 million yuan, a decrease of 21.86% [1] - The company's revenue recovery is attributed to the stabilization and improvement of the domestic reducer industry, while net profit is under pressure due to intensified market competition [1] Group 2 - The company's gross margin for H1 2025 was 20.46%, a decrease of 3.07 percentage points year-on-year, with Q2 2025 gross margin at 21.20%, down 2.80 percentage points [2] - The gross margin decline is primarily due to fierce price competition in the reducer industry and slight impacts from changes in accounting policies [2] - The company's net profit margin for H1 2025 was 8.43%, a decrease of 3.1 percentage points year-on-year, while the expense ratio was 10.6%, a decrease of 0.6 percentage points [2] Group 3 - As of H1 2025, the company's contract liabilities were 69 million yuan, a year-on-year decrease of 2.76%, and inventory was 587 million yuan, down 7.38% [3] - The company's net cash flow from operating activities was -19 million yuan, a year-on-year decrease of 116.59%, mainly due to reduced net profit and a decrease in bill discounting [3] - The company is seizing opportunities in the embodied intelligence sector, focusing on harmonic and precision reducers, and has established a joint venture in July 2025 to develop robotic reducer ecosystems [3] Group 4 - The company maintains net profit forecasts for 2025-2027 at 300 million, 343 million, and 400 million yuan respectively, with corresponding dynamic PE ratios of 35, 31, and 27 times [3] - The company continues to enhance competitiveness through the introduction of new products and maintains an "accumulate" rating [3]