Core Viewpoint - Wangli Security announced the receipt of an invention patent certificate from the National Intellectual Property Administration of the People's Republic of China for a new lock tongue structure and an anti-burglary lock design [1] Group 1 - The patent pertains to a lock tongue structure and an anti-burglary opening structure, which may enhance the security features of their products [1] - The patent was issued to both the company and its subsidiary, Sichuan Wangli Security Products Co., Ltd. [1]

| | 证书号 | 第 号 8450184 | | --- | --- | --- | | | 发明名称 | 一种锁舌结构 | | | 专利号 | ZL 2024 1 0131348.8 | | | 专利申请日 | 2024 年 01 月 30 日 | | 1 | 发明人 | 吕一鸣；龚纯全；傅一喆 | | | 专利权人 | 王力安防科技股份有限公司 | | | 授权公告日 | 2025 年 11 月 07 日 | | | 专利权期限 | 20 年（自申请日起算） | | | 证书号 | 第 号 8451116 | | | 发明名称 | 一种斜舌防插盗开结构及具有其的门锁 | | | 专利号 | ZL 2019 1 1354318.9 | | | 专利申请日 | 2019 年 12 月 24 日 | | 2 | 发明人 | 支崇铮 | | | 专利权人 | 四川王力安防产品有限公司 | | | 授权公告日 | 2025 年 11 月 07 日 | | | 专利权期限 | 20 年（自申请日起算） | 1 本次发明专利的取得是公司重要核心技术的体现和延伸，不会对公司近期经 营产生重大影响，但有利于进一步完善公司 ...

Core Viewpoint - Wangli Security (605268.SH) reported its Q3 2025 results, highlighting a significant institutional ownership increase, indicating strong investor confidence in the company [1] Institutional Ownership - As of October 30, 2025, seven institutional investors disclosed holdings in Wangli Security A-shares, totaling 320 million shares, which represents 71.64% of the company's total equity [1] - The institutional ownership increased by 0.42 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Wangli Group Co., Ltd., Zhejiang Wangli Electric Vehicle Industry Co., Ltd., Wuyi Huajue Equity Investment Management Co., Ltd., Ningbo Gongjiu Chuangye Investment Partnership (Limited Partnership), J.P. Morgan Securities PLC - proprietary funds, Morgan Stanley & Co. International PLC, and Goldman Sachs LLC [1] Public Fund Disclosure - In this period, 11 public funds were disclosed, including Nanhua Fenghui Mixed A, Guotai Quantitative Strategy Income Mixed A, Huibai Chuan Yuanhang Mixed A, and others [1] Foreign Investment Attitude - Three new foreign institutions disclosed their holdings this quarter, including J.P. Morgan Securities PLC - proprietary funds, Morgan Stanley & Co. International PLC, and Goldman Sachs LLC [1]

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 ...