王力安防科技股份有限公司（以下简称"公司"、"王力安防"）第三届董事会 第二十六次会议通知于 2025 年 9 月 17 日以邮件、电话等方式发出，会议于 2025 年 9 月 22 日以现场方式召开。会议由董事长王跃斌主持，应到董事 7 名，实到 董事 7 名。召开程序符合《中华人民共和国公司法》《公司章程》《公司董事会 议事规则》等相关规定，会议形成的决议合法有效。 二、董事会会议审议情况 证券代码：605268 证券简称：王力安防 公告编号：2025-068 王力安防科技股份有限公司 第三届董事会第二十六次会议决议公告 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 与会董事经认真讨论，以记名投票表决的方式，审议通过了如下议案： 1、关于公司 2024 年度以简易程序向特定对象发行股票竞价结果的议案 本议案已经公司董事会审计委员会、战略委员会和独立董事专门会议审议通 过，同意提交董事会审议。 同意公司 2024 年度以简易程序向特定对象发行股票的最终竞价结果如下： | 序号 | 认购对象名称 | ...

每经AI快讯，王力安防（SH 605268，收盘价：10.19元）9月22日晚间发布公告称，公司第三届第二十 六次董事会会议于2025年9月22日以现场方式召开。会议审议了《关于公司2024年度以简易程序向特定 对象发行股票竞价结果的议案》等文件。 2024年1至12月份，王力安防的营业收入构成为：门锁制造业占比95.63%，其他业务占比4.37%。 截至发稿，王力安防市值为45亿元。 每经头条（nbdtoutiao）——始祖鸟深陷"炸山"风波，母公司大中华区新总裁上任才两个多月，被赞"专 业能力深厚"！安踏体育最新回应→ （记者 王晓波） ...

证券代码：605268 证券简称：王力安防 公告编号：2025-070 王力安防科技股份有限公司 特此公告。 王力安防科技股份有限公司董事会 2025 年 9 月 23 日 关于 2024 年度以简易程序向特定对象发行 A 股股票 预案（修订稿）披露的提示性公告 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。 王力安防科技股份有限公司（以下简称"公司"）于 2025 年 9 月 22 日召开 了第三届董事会第二十六次会议，审议通过了《关于更新公司 2024 年度以简易 程序向特定对象发行股票预案的议案》等相关议案，对本次以简易程序向特定对 象发行股票预案进行了修订。具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）披露的相关公告，敬请广大投资者注意查阅。 本次以简易程序向特定对象发行股票预案的披露事项不代表审批、注册部门 对本次发行相关事项的实质性判断、确认或批准，预案所述本次发行相关事项的 生效和完成尚待上海证券交易所审核并需经中国证监会注册。敬请广大投资者注 意投资风险。 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [7] Core Views - The company reported a revenue of 900 million with a year-on-year growth of 9% in Q2 2025, and a net profit attributable to the parent company of 40 million, up 14% year-on-year. For the first half of 2025, revenue reached 1.4 billion, a 10% increase, and net profit attributable to the parent company was 70 million, growing 24% year-on-year [1] - The company plans to build a new production base in Songzi, Hubei, to optimize its production layout and enhance its regional supply chain, which is expected to improve delivery speed and reduce logistics costs, thereby increasing market competitiveness [2] - The company has established a diversified sales channel system, including direct sales, distribution, and e-commerce, covering all 31 provinces, autonomous regions, and municipalities in China, which supports rapid response and feedback for product promotion and application [3] - Based on the performance in the first half of 2025, the profit forecast has been adjusted, with expected revenues of 3.5 billion, 4.1 billion, and 4.7 billion for 2025, 2026, and 2027 respectively, and net profits of 180 million, 230 million, and 300 million for the same years [4] Financial Data Summary - The company’s revenue for 2023 is projected at 3,044.25 million, with a growth rate of 38.20%. The net profit attributable to the parent company is expected to be 54.64 million, with a significant growth rate of -227.12% [6] - The earnings per share (EPS) for 2025 is estimated to be 0.40 yuan, with a price-to-earnings (P/E) ratio of 25.71 [6] - The company’s total assets are projected to reach 4,710.73 million by 2025, with a debt-to-asset ratio of 60.53% [12]

Financial Performance - In Q2 2025, the company's revenue reached 900 million, representing a 9% year-on-year increase, while the net profit attributable to the parent company was 40 million, up 14% year-on-year, and the net profit after deducting non-recurring items was also 40 million, reflecting a 14% increase [1] - For the first half of 2025, the company reported revenue of 1.4 billion, a 10% increase year-on-year, with a net profit attributable to the parent company of 70 million, up 24% year-on-year, and a net profit after deducting non-recurring items of 56 million, also up 24% year-on-year [2] Sales Channels - The company has established a diversified sales channel system, including distributors (both retail and engineering), engineering channels, and e-commerce channels, with the following revenue contributions in H1 2025: 360 million from the C-end distributor channel (up 15%), 320 million from the B-end distributor channel (up 4%), and 700 million from the engineering channel (up 14%) [2] - The company has developed a comprehensive marketing network covering all 31 provinces, autonomous regions, and municipalities in China, continuously promoting the addition, replacement, and upgrading of sales points [4] Supply Chain Optimization - The company plans to build a new production base in Songzi, Hubei, to optimize its production base layout and improve the regional supply chain system, aiming to create a triangular supply network in the Yangtze River Delta, Central China, and Southwest regions [3] Profit Forecast Adjustment - Based on the performance in H1 2025, the company has updated its profit forecast, expecting revenues of 3.5 billion, 4.1 billion, and 4.7 billion for 2025-2027, with net profits of 180 million, 230 million, and 300 million for the same period, and EPS of 0.4, 0.5, and 0.7 yuan, with corresponding PE ratios of 26, 20, and 15 times [5]

Core Points - Wangli Security fell by 5.02% on September 18, trading at 10.22 CNY per share with a transaction volume of 118 million CNY and a turnover rate of 2.57%, resulting in a total market capitalization of 4.561 billion CNY [1] - Wangli Security Technology Co., Ltd. was established on March 29, 2005, and went public on February 24, 2021. The company specializes in the research, design, production, and sales of security doors and locks, including mechanical and smart locks [1] - The main revenue composition of the company includes: 61.88% from steel security doors, 29.38% from other doors, 4.39% from smart locks, and 4.35% from other supplementary products [1] Fund Holdings - Huibaichuan Fund has a significant holding in Wangli Security, with the Huibaichuan Yuanhang Mixed A Fund (021663) holding 34,400 shares, representing 0.55% of the fund's net value, making it the seventh-largest holding [2] - The fund has reported a floating loss of approximately 18,600 CNY as of the latest data [2] - The Huibaichuan Yuanhang Mixed A Fund was established on August 14, 2024, with a current size of 23.78 million CNY. Year-to-date returns are 22.26%, ranking 4,112 out of 8,172 in its category, while the one-year return is 43.8%, ranking 3,979 out of 7,980 [2] Fund Manager Performance - The fund managers of Huibaichuan Yuanhang Mixed A Fund are Wu Yubin and Liu Xinyu, both having a tenure of 1 year and 36 days [3] - The total asset size of the fund during their management is 62.378 million CNY, with the best return being 43.81% and the worst return being 43.01% during their tenure [3]

Group 1 - Wangli Security fell by 5.02% on September 18, trading at 10.22 CNY per share, with a transaction volume of 118 million CNY and a turnover rate of 2.57%, resulting in a total market capitalization of 4.561 billion CNY [1] - Wangli Security Technology Co., Ltd. is located in Yongkang City, Zhejiang Province, established on March 29, 2005, and listed on February 24, 2021. The company's main business includes the research, design, production, and sales of security doors and locks [1] - The revenue composition of Wangli Security is as follows: 61.88% from steel security doors, 29.38% from other doors, 4.39% from smart locks, and 4.35% from other supplementary products [1] Group 2 - Nanhua Fund has one fund heavily invested in Wangli Security, specifically Nanhua Fenghui Mixed A (015245), which held 363,800 shares in the second quarter, accounting for 1.94% of the fund's net value, ranking as the sixth-largest holding [2] - The estimated floating loss for Nanhua Fenghui Mixed A today is approximately 196,500 CNY [2] - Nanhua Fenghui Mixed A was established on February 28, 2022, with a current scale of 116 million CNY. Year-to-date returns are 43.35%, ranking 1418 out of 8172 in its category; the one-year return is 85.61%, ranking 989 out of 7980; and since inception, the return is 84.4% [2] Group 3 - The fund manager of Nanhua Fenghui Mixed A is Huang Zhigang, who has a cumulative tenure of 13 years and 183 days, with total fund assets of 516 million CNY [3] - During his tenure, the best fund return was 196.59%, while the worst return was -28.86% [3]

Core Viewpoint - Wangli Security has launched four industry-first technologies at its global product launch event, addressing technical shortcomings and user needs in the smart lock industry, thereby establishing significant technological barriers in safety, intelligence, health, and privacy protection [1] Group 1: Industry Challenges - The smart lock industry faces a trust crisis as many products fail to meet user safety needs, with 17.1% of online electronic locks found to be of substandard quality, primarily due to inadequate anti-theft features [3] - Consumer complaints regarding smart locks have exceeded 10,000, highlighting issues such as product quality, frequent malfunctions, and recognition errors, indicating a disconnect between technological advancements and actual user experiences [3][4] Group 2: Innovative Technologies - The fourth-generation remote sensing recognition technology allows for contactless unlocking while providing predictive capabilities, accurately identifying users within a 3-6 meter range and enabling automatic door opening [5] - The intelligent boundary control monitoring technology captures suspicious individuals within a 1-meter range while respecting privacy by only recording lower body parts of neighbors beyond 2.5 meters, balancing security and privacy [8] - The formal introduction of the formaldehyde sentinel monitoring technology integrates high-precision sensors with smart locks to monitor indoor air quality, providing alerts and enabling automatic air purification when harmful levels are detected [11] - The no-threshold sealing technology eliminates entry barriers for families with children and the elderly, offering multiple protective features while enhancing home comfort through a silent sealing experience [12] Group 3: Market Position and Recognition - Wangli Security has been recognized for its technological innovations, receiving a certificate from Shangpu Consulting Group for leading national sales in smart door products, reflecting both market acceptance and user satisfaction [12]

Core Insights - The home goods sector experienced a slight decline of 0.02% on September 11, with C艾芬达 leading the drop [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Market Performance - The top-performing stocks in the home goods sector included 美之尚, which rose by 19.29% to a closing price of 21.71, and 梦天家居, which increased by 5.51% to 16.66 [1] - Conversely, C文分达 led the declines with a drop of 4.36% to 71.51, followed by 中源家居, which fell by 4.04% to 14.74 [2] Trading Volume and Capital Flow - The home goods sector saw a net outflow of 284 million yuan from institutional investors, while retail investors contributed a net inflow of 313 million yuan [2] - The trading volume for the top stocks included 美之尚 with 95,800 shares traded and a transaction value of 191 million yuan [1] Individual Stock Analysis - 好太太 experienced a net outflow of 31.96 million yuan from institutional investors, while retail investors contributed a net inflow of 8.19 million yuan [3] - C艾芬达 had a net inflow of 16.09 million yuan from institutional investors, but saw a net outflow of 11.72 million yuan from retail investors [3]

Core Insights - The 2025 Wangli flagship product global launch event showcased innovative technologies in the smart lock industry, including the fourth-generation remote sensing recognition and smart control monitoring [1][2] - Wangli Group's chairman highlighted the company's growth and commitment to user-centered innovation, positioning itself as a leader in the smart home sector [1][2] - The newly launched products, including the X70 robot anti-theft door and S80 remote sensing smart lock, aim to address long-standing user pain points and enhance home security [1][3][4] Product Innovations - The fourth-generation remote sensing recognition technology allows for a seamless unlocking experience from 3-6 meters, significantly reducing false triggers and enhancing user convenience [2][3] - The X70 robot anti-theft door integrates multiple innovative technologies, providing a comprehensive security solution and setting a new standard in the industry [3] - The S80 remote sensing smart lock features AI voice functionality and a dual-screen design, making it user-friendly for all ages while ensuring robust security monitoring [4][5] Market Positioning - Wangli aims to lead the smart home market by continuously innovating and integrating advanced technologies into its products, focusing on user needs and safety [1][2] - The company emphasizes the importance of humanized design in smart home products, moving beyond mere functionality to enhance user experience [2][3] - Wangli's commitment to addressing health concerns, such as formaldehyde monitoring, reflects its dedication to improving overall home safety and well-being [2][3]