Core Viewpoint - The company reported a total impairment provision of 33,030,809.24 yuan for the third quarter of 2025, which includes credit impairment losses of 30,919,136.16 yuan and asset impairment losses of 2,111,673.08 yuan, significantly impacting its profit for the period [9][15]. Financial Data - The company’s revenue for the first three quarters of 2025 reached 232,616.01 million yuan, reflecting a year-on-year increase of 11.44% [25]. - The net profit attributable to shareholders for the same period was 11,888.12 million yuan, marking a 47.66% increase year-on-year [25]. Impairment Provision Details - The impairment provision was based on a comprehensive review of various assets, including receivables and inventory, in accordance with accounting standards [10]. - The credit impairment loss was calculated considering the credit risk characteristics of financial assets, with provisions made based on expected credit losses [11][12]. Corporate Governance and Strategy - The company is committed to enhancing operational quality and governance, focusing on core business areas such as security doors and smart locks [25][27]. - A "Quality Improvement and Efficiency Enhancement" action plan has been established to ensure sustainable growth and shareholder returns [29]. Investor Communication - The company will hold a performance briefing on November 7, 2025, to discuss the third-quarter results and address investor inquiries [34][35].

Core Insights - Wangli Security (605268.SH) reported a revenue of 2.326 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.44% [1] - The company's net profit attributable to shareholders reached 119 million yuan, marking a significant year-on-year increase of 47.66% [1] - The non-recurring net profit was 104 million yuan, which is a year-on-year growth of 43.88% [1] - Basic earnings per share stood at 0.27 yuan [1]

Core Viewpoint - Wangli Security, a well-known security door company in China, has shown competitive performance in the industry, with significant revenue and profit figures, but faces challenges in debt levels and profit margins compared to industry averages [1][2][3]. Financial Performance - For Q3 2025, Wangli Security reported revenue of 2.326 billion yuan, ranking 6th in the industry, with the top competitor, Oppein Home, generating 13.214 billion yuan [2]. - The company's net profit for the same period was 117 million yuan, placing it 5th in the industry, while Oppein Home led with 1.835 billion yuan [2]. - The main revenue sources included steel security doors at 878 million yuan (61.88% of total revenue) and other doors at 417 million yuan (29.38%) [2]. Financial Ratios - As of Q3 2025, Wangli Security's debt-to-asset ratio was 61.16%, higher than the industry average of 41.92% [3]. - The gross profit margin for the same period was 27.14%, which is below the industry average of 29.57% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.67% to 17,700 [5]. - The average number of circulating A-shares held per shareholder increased by 14.51% to 24,700 [5]. Business Highlights - The company plans to optimize its regional supply chain by establishing a new production base in Hubei, aiming to create a triangular supply network across the Yangtze River Delta, Central China, and Southwest regions [5]. - Wangli Security has developed a diversified sales channel system covering all 31 provinces and continues to upgrade its network [5]. Earnings Forecast - Based on H1 2025 performance, the company adjusted its revenue forecast for 2025-2027 to 3.5 billion, 4.1 billion, and 4.7 billion yuan, with net profits of 180 million, 230 million, and 300 million yuan respectively [5][6]. - The expected EPS for 2025-2027 is projected to be 0.35, 0.41, and 0.48 yuan, with a target price of 13.52 yuan based on a 39x PE ratio for 2025 [6].

证券代码：605268 证券简称：王力安防 公告编号：2025-077 王力安防科技股份有限公司 关于 2025 年度"提质增效重回报"行动方案 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。 为深入贯彻落实国务院《关于进一步提高上市公司质量的意见》要求，积极 响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 贯彻以投资者为本的发展理念，维护投资者合法权益，推动企业实现高质量发展， 王力安防科技股份有限公司（以下简称"公司"）结合发展战略和实际情况，特 制定公司 2025 年度"提质增效重回报"行动方案。 一、提升经营质量，夯实发展基础 做强做优主业，提升市场份额，公司将继续巩固和提升在安全门和智能锁领 域的市场地位。通过深化销售渠道建设，深入门店游学、实战案例解析、标杆经 验分享等方式，持续开展一系列经销商赋能行动，做好天人地网精细化管理，打 通线上线下获客全渠道，持续增加客资，重视增加客单值，深度赋能业绩不断增 长。2025 年前三季度实现营业收入 232,616.01 万元，同比增长 11.44% ...

证券代码：605268 证券简称：王力安防 公告编号：2025-078 王力安防科技股份有限公司 关于公司计提信用减值准备和资产减值准备的公告 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。 重要内容提示： 二、计提资产减值准备的情况说明 计提金额：2025年第三季度计提信用减值损失30,919,136.16元，计提资 产减值损失2,111,673.08元，合计33,030,809.24元。 一、本次计提减值准备情况概述 （一）本次计提减值准备的原因 公司基于对2025年第三季度合并报表范围内的应收票据、应收账款、其他应 收款、存货、固定资产、持有待售资产、投资性房地产等进行全面核查，结合《企 业会计准则》及公司会计政策进行充分评估和分析，对存在减值迹象的资产进行 减值测试，本着审慎原则，公司对部分资产计提减值准备。 （二）本次计提减值准备的范围和金额 公司2025年第三季度计提减值准备合计33,030,809.24元，具体明细如下： 单位：元 | 项目 | 金额 | | --- | --- | | 信用减值损失 | 30,9 ...

证券代码：605268 证券简称：王力安防 公告编号：2025-079 王力安防科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 31 日（星期五）至 11 月 06 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 wanglianfangdongsb@163.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 王力安防科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 07 日（星期五） 14:00-15:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明 ...

证券代码：605268 证券简称：王力安防 公告编号：2025-076 王力安防科技股份有限公司 第三届董事会第二十八次会议决议公告 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 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 第二十八次会议通知于 2025 年 10 月 25 日以邮件、电话等方式发出，会议于 2025 年 10 月 30 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 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、2025 年第三季度报告 本议案已经公司董事会审计委员会审议通过，同意提交董事会审议。 具体内容详见公司同日披露在上海证券交易所网站（www.sse.com.cn）的《王 力安防 2025 年第三季度报告》。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥907,584,060.84, representing a year-on-year increase of 13.00%[4] - Total profit for the quarter was ¥66,153,544.18, a significant increase of 100.75% compared to the same period last year[4] - Net profit attributable to shareholders was ¥51,009,141.66, reflecting a growth of 98.07% year-on-year[4] - The basic earnings per share increased by 83.33% to ¥0.11, while diluted earnings per share doubled to ¥0.12[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,326,160,092.42, an increase of 11.5% compared to ¥2,087,277,626.02 in the same period of 2024[17] - Net profit for the first three quarters of 2025 was ¥117,106,958.80, a significant increase of 46.8% from ¥79,743,219.58 in 2024[18] - Earnings per share for the first three quarters of 2025 were ¥0.27, compared to ¥0.18 in the same period of 2024, marking a 50% increase[19] Cash Flow - Cash flow from operating activities for the quarter was ¥72,455,083.01, showing a substantial improvement compared to the previous period[5] - Cash inflow from operating activities for the first three quarters of 2025 reached approximately $2.62 billion, an increase of 18.2% compared to $2.21 billion in the same period of 2024[20] - Net cash flow from operating activities was $12.44 million, a significant improvement from a net outflow of $164.50 million in the first three quarters of 2024[21] - Cash inflow from investment activities totaled approximately $613.80 million, a substantial increase from $42.41 million in the previous year[21] - Cash inflow from financing activities amounted to approximately $812.00 million, compared to $599.21 million in the first three quarters of 2024[21] - The company reported a cash outflow from operating activities totaling approximately $2.60 billion, an increase from $2.38 billion in the previous year[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥4,402,006,749.80, a slight increase of 0.33% from the end of the previous year[5] - Current assets totaled RMB 2,466,936,291.54, compared to RMB 2,437,182,726.99 in the previous year, indicating a growth of approximately 1.22%[13] - Total liabilities amounted to RMB 2,466,936,291.54, indicating a stable financial position[13] - Total liabilities decreased slightly to ¥2,692,434,157.45 in 2025 from ¥2,719,102,986.52 in 2024[15] - The company’s total assets amounted to ¥4,402,006,749.80 in 2025, a slight increase from ¥4,387,663,593.27 in 2024[15] Shareholder Information - The company reported a total of 17,731 common shareholders at the end of the reporting period[10] - The largest shareholder, Wangli Group Co., Ltd., holds 43.41% of the shares, amounting to 19,372.5 million shares, with 1,600 million shares pledged[10] - Shareholder equity attributable to the company reached ¥1,677,856,002.12, up by 2.62% from the previous year[5] - Total equity increased to ¥1,709,572,592.35 in 2025 from ¥1,668,560,606.75 in 2024, indicating a growth of 2.5%[15] Operational Insights - The company expects continued revenue growth driven by increased gross profit margins in the upcoming quarters[8] - Research and development expenses for the first three quarters of 2025 were ¥54,220,353.90, slightly down from ¥55,206,485.53 in 2024[17] - The company reported a financial income of ¥27,308,303.90 for the first three quarters of 2025, compared to ¥34,161,524.61 in 2024, reflecting a decrease of 20.2%[17]

王力安防科技股份有限公司 第一条 为规范王力安防科技股份有限公司（以下简称"公司"）董事、高 级管理人员离职管理，保障公司治理稳定性及股东合法权益，根据《中华人民共 和国公司法》《中华人民共和国证券法》《王力安防科技股份有限公司章程》（以 下简称《公司章程》）等规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞任、 任期届满、解任等离职情形。 第二章 离职情形与生效条件 第三条 董事可以在任期届满以前辞任。董事辞任应向公司提交书面辞职报 告，公司收到辞职报告之日辞任生效。如因董事的辞职导致公司董事会低于法定 最低人数时，在改选出的董事就任前，原董事仍应当依照法律、行政法规、部门 规章和本章程规定，履行董事职务。 第四条 如存在以下情形的，在改选出的董事就任前，原董事仍应当依照法 律、行政法规、部门规章和《公司章程》规定，履行董事职务，但存在相关法规 另有规定的除外： （一）董事任期届满未及时改选，或者董事在任期内辞任导致公司董事会成 员低于法定最低人数； （二）审计委员会成员辞任导致审计委员会成员低于法定最低人数，或者欠 缺担任召集人的会计专业人士； （三） ...

甲醛被世界卫生组织列为一类致癌物，无色无味、释放周期可长达15年，长期潜伏于家居环境中，成为威胁家庭 健康的"隐形杀手"。近日，社交平台话题#甲醛竟然被防盗门测出来了#引发广泛讨论，也为甲醛监测与治理提供了全 新思路。 在此背景下，知名民生栏目《1818黄金眼》联合第三方机构，在模拟居家环境中对王力X70机器人防盗门搭载 的"甲醛哨兵监测技术"展开多轮实测。结果显示，该技术能精准捕捉空气中甲醛浓度的实时变化。一旦甲醛或PM2.5 等指标超标，门体大屏与手机APP将同步发出警报，并自动联动新风系统、空气净化设备及智能窗，形成"监测—预警 —净化"闭环管理，持续应对甲醛释放难题。 "甲醛哨兵"实现全天候监测，守护家庭呼吸健康 目前，家庭甲醛检测普遍面临两难：专业机构检测费用高、流程复杂；家用检测仪则精度低、稳定性差，难以实 现长期有效监测。在治理方面，绿植、活性炭等方法效果微弱，通风虽能暂时缓解，却无法阻断甲醛的持续释放。传 统手段多为事后补救，缺乏系统性、主动式的空气质量管控，导致家庭在甲醛治理中常处于被动局面。 多年来，王力始终以用户需求为核心，深化研发投入与智造升级，提供更安全、更便捷、真智能的产品与服务， ...