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]

Core Viewpoint - The company plans to distribute a cash dividend of 0.12 yuan per share for the fiscal year 2024, reflecting a commitment to shareholder returns amidst a cautious capital expenditure environment in the machinery industry [3]. Company Overview - The company operates in the reducer manufacturing sector, which is experiencing a gradual market growth due to China's rapid economic development and industrialization [4]. - The company is positioned as a leading player in the domestic general reducer market, leveraging reliable product quality, brand reputation, and continuous technological innovation [8]. Industry Situation - The reducer industry is witnessing a weak recovery in 2024, influenced by cautious capital expenditure from enterprises amid a macroeconomic environment showing signs of weak recovery [4]. - Government policies, such as the implementation of major technological equipment projects and the promotion of high-end manufacturing, are expected to invigorate the precision reducer market [5][6]. - The industry is characterized by accelerated integration and increasing concentration, with leading companies enhancing their competitive edge through brand effects and technological advancements [7]. - Domestic manufacturers are narrowing the gap with international brands, with a significant trend towards domestic substitution in the reducer market [8]. Business Model - The company employs a procurement model based on annual forecasts and framework contracts with suppliers, primarily using cost-based pricing for procurement [12][13]. - The production model is characterized by a just-in-time approach, with a focus on self-production supplemented by outsourcing [12]. - The sales model includes both direct sales to end customers and sales through distributors, with all sales being on a buyout basis [12]. Financial Data - The company plans to distribute a total cash dividend of approximately 79.09 million yuan, which represents 53.89% of the net profit attributable to shareholders for the fiscal year 2024 [29].