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]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but its flagship products are performing well [2] - The company is seizing opportunities in the embodied intelligence sector and is building an ecosystem for robotic gearboxes [5] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 1.29 billion yuan, a year-on-year increase of 1.71%, while the net profit attributable to shareholders was 107 million yuan, a decrease of 26.97% [2] - The company's sales gross margin for the first half of 2025 was 20.46%, down 3.07 percentage points year-on-year, with a net profit margin of 8.43%, down 3.1 percentage points year-on-year [3] - As of the first half of 2025, the company's inventory decreased by 7.38% year-on-year, and contract liabilities decreased by 2.76% year-on-year [4] Product Performance Summary - In the first half of 2025, the revenue from gearboxes was 1.25 billion yuan, a year-on-year increase of 2.44%, while other components generated revenue of 40 million yuan, a year-on-year increase of 28.94% [2] - The company saw a growth of approximately 5% in industrial transmission gearboxes and a 15% increase in modular gearbox sales, while the sales of cycloidal pinwheel gearboxes decreased by about 8% [2] Future Outlook - The company is actively expanding its customer base and conducting sample trials in the embodied intelligence sector, with a focus on harmonic and precision gearboxes [5] - The company has established a joint venture with KLAI Electric to deepen cooperation in the field of robotic and mechanical arm joint modules [5]

每经AI快讯，国茂股份（SH 603915，收盘价：16.13元）8月29日发布半年度业绩报告称，2025年上半 年营业收入约12.9亿元，同比增加1.71%；归属于上市公司股东的净利润约1.07亿元，同比减少 26.97%；基本每股收益0.16元，同比减少27.27%。 （记者 王可然） 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 ...

格隆汇8月28日丨国茂股份(603915.SH)公布半年度报告，报告期内，公司营业收入为12.9亿元，同比增 长1.71%；归属于上市公司股东的净利润为1.07亿元，同比下降26.97%。拟向全体股东每股派发现金红 利0.12元。 ...

证券代码：603915 证券简称：国茂股份 公告编号：2025-030 江苏国茂减速机股份有限公司 关于召开2025年第一次临时股东会的通知 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： 一、召开会议的基本情况 (一) 股东会类型和届次 2025年第一次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 15 日 14 点 00 分 召开地点：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楼 3 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 15 日 至2025 年 9 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2025年9月15日 本次股东会采用的网络投票系统：上海证 ...

证券代码：603915 证券简称：国茂股份 公告编号：2025-026 江苏国茂减速机股份有限公司 第三届监事会第十次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 江苏国茂减速机股份有限公司（以下简称"公司"）第三届监事会第十次会 议于 2025 年 8 月 16 日以通讯方式发出通知，并于 2025 年 8 月 27 日以通讯方式 召开。会议应出席监事 3 人，实际出席会议的监事 3 人。会议由监事会主席范淑 英女士主持。本次监事会会议的召集、召开和表决程序符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定。 二、监事会会议审议情况 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《江 苏国茂减速机股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项 报告》（公告编号：2025-027）。 本次监事会会议形成了如下决议： （一）审议通过了《公司 2025 年半年度报告及摘要》。 经监事会对公司编制的《公司 2025 年半年度报告》及 ...

证券代码：603915 证券简称：国茂股份 公告编号：2025-025 二、董事会会议审议情况 本次董事会会议形成了如下决议： 江苏国茂减速机股份有限公司 （一）审议通过了《公司 2025 年半年度报告及摘要》。 第三届董事会第十次会议决议公告 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。 一、董事会会议召开情况 江苏国茂减速机股份有限公司（以下简称"公司"）第三届董事会第十次会 议于 2025 年 8 月 16 日以通讯方式发出通知，并于 2025 年 8 月 27 日在公司会议 室以现场结合通讯方式召开。会议应出席董事 7 人，实际出席会议的董事 7 人。 会议由董事长徐国忠先生主持。本次董事会会议的召集、召开和表决程序符合有 关法律、行政法规、部门规章、规范性文件和公司章程的规定。 公司 2025 年半年度报告全文及摘要详见公司同日披露于上海证券交易所网 站（www.sse.com.cn）的《江苏国茂减速机股份有限公司 2025 年半年度报告》 及摘要。 本议案在提交董事会前已经董事会审计委员会审议通过。 表决结果：7 ...