Summary of 德昌股份 Conference Call Company Overview - 德昌股份 specializes in small home appliance OEM and automotive motor businesses, with over 85% of its revenue coming from small appliance OEMs, serving clients like TTI, Shakunija, and HOT [4][5] Industry Insights - The small home appliance OEM business is projected to grow at a compound annual growth rate (CAGR) of 40% from 2020 to 2024, reaching approximately 1.386 billion yuan, driven by new client orders from HOT and Shakunija [2][6] - The automotive motor business, focusing on EPS (Electric Power Steering) motors, is expected to expand from 200 million yuan in 2023 to 400 million yuan, with a projected CAGR of over 50% for the next three years [2][13] Key Points Small Appliance OEM Business - The growth strategy involves expanding both client base and product categories, transitioning from component manufacturing to full machine OEM since partnering with TTI in 2007 [5] - Revenue from small appliances surged from 375 million yuan in 2020 to 1.386 billion yuan in 2024, reflecting a strong demand from new clients [6] - HOT's supply scale is expected to reach approximately 700 million yuan in 2024, with a year-on-year growth rate of 40%, and is projected to maintain double-digit growth in 2025 [9][10] - Shakunija has emerged as the fastest-growing client, significantly contributing to revenue growth [11] Automotive Motor Business - The EPS penetration rate reached 93% in 2021 and continues to rise, with domestic brands gaining market share due to technological advancements and cost advantages [13] - The automotive motor business is expected to see a significant increase in profitability, with gross margins projected to rise from single digits in 2022 to over 20% by 2024 [13][14] Financial Performance - The company experienced a slight decline in profit margins in the first half of 2025 due to capacity transfer and tariff impacts, but margins are expected to improve in the second half as production ramps up [3][15] - The overall revenue growth for the next three years is anticipated to exceed 20%, with a current valuation of around 16 times earnings, indicating potential for recovery [15] Additional Insights - The company has proactively shifted production capacity overseas to mitigate tariff impacts, with approximately 30% of production now in Vietnam and a new factory in Thailand expected to produce 5 million units annually [2][7] - The collaboration with TTI remains strong, with expectations for stable orders and potential for increased order concentration in the future [8] - The automotive motor segment is positioned for significant growth, with a focus on high-performance steering systems and a shift towards domestic production to replace Japanese brands [13] This summary encapsulates the key insights and projections regarding 德昌股份's business operations, market positioning, and financial outlook, highlighting the company's strategic initiatives and growth potential in both the small appliance and automotive sectors.

型及 2025 年 07 月 27 日 国补第三批资金 690 亿已下达,大 僵官宣首款扫地机 —《2025/7/21-2025/7/25》家电周报 相关研究 若研究祝 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本期投资提示: A、空调数据: 双线销量提升,双线价格同比下降。空调双线销量提升,双线价格同比 下降。根据奥维云网数据监控，2025年 6 月空调品类线上销量 918 万台, 同比上升 27.9%；线下销量达 103.2 万台，同比上升 40.4%。均价方面，根据奥维云网数据监 控,2025年6月空调线上均价同比下降 5.6%至 2429元/台;线下均价同比下降 2.5% 至 4031 元/台。综合来看，空调双线销量提升，线上线下零售均价同比下降。 B、厨电数据：油烟机与洗碗机双线销量上涨，线上零售均价同比下降，线下零售均价 同比上升。根据奥维云网数据监控，2025年 6 月 ...

北京市中伦（深圳）律师事务所 关于宁波德昌电机股份有限公司 法律意见书 二〇二五年七月 法律意见书 目 录 北京市中伦（深圳）律师事务所 关于宁波德昌电机股份有限公司 法律意见书 致：宁波德昌电机股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》以及中国证券监督管理委员会（以下简称"中国证监会"）发布 的《上市公司股东会规则》的规定，北京市中伦（深圳）律师事务所（以下简称 "本所"）接受宁波德昌电机股份有限公司（以下简称"公司"）的委托，指派 本所律师列席公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）， 对本次股东大会的相关事项进行见证并出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的包括但不限于如下相关文 件： 本法律意见书仅供公司本次股东大会之目的使用，本所律师同意将本法律意 见书随同公司本次股东大会决议及其他信息披露资料一并公告。 本所律师根据法律法规的有关要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，对公司本次股东大会的召集和召开的相关法律事项出具如下 意见： 一、本次股东大会的召集、召开程序 巨潮资讯网（w ...

北京市中伦（深圳）律师事务所 关于宁波德昌电机股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年七月 | 四、结论意见 5 | | --- | 北京市中伦（深圳）律师事务所 关于宁波德昌电机股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：宁波德昌电机股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》以及中国证券监督管理委员会（以下简称"中国证监会"）发布 的《上市公司股东会规则》的规定，北京市中伦（深圳）律师事务所（以下简称 "本所"）接受宁波德昌电机股份有限公司（以下简称"公司"）的委托，指派 本所律师列席公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）， 对本次股东大会的相关事项进行见证并出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的包括但不限于如下相关文 件： 1. 公司现行有效的公司章程； 6. 公司本次股东大会的会议资料。 2. 公司于 2025 年 7 月 8 日刊登于巨潮资讯网（www.cninfo.com.cn）的第二 届董事会第十八次会议决议公告； 3. 公司于 2025 年 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-032 宁波德昌电机股份有限公司 2025年第一次临时股东大会决议公告 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 | 323 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 337,220,579 | | 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 | 69.6637 | | 比例（%） | | (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。 本次股东大会由公司董事会召集，董事长黄裕昌先生主持，本次会议的召集、召 开及表决均符合《中华人民共和国公司法》等相关规定。 (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 7 月 23 日 (二) 股东大会召开的地点：浙江省宁波市余姚市永兴东路 18 号公司会议室 (三) 出席会议的普通股股东和 ...

Core Viewpoint - Ningbo Dechang Electric Motor Co., Ltd. is planning to issue A-shares to specific investors in 2025, with adjustments made to the fundraising amount and investment projects based on the company's current situation [1][12]. Group 1: Meeting Details - The first extraordinary general meeting of shareholders for 2025 is scheduled for July 23, 2025, at 14:00 in Ningbo, Zhejiang Province [4]. - The meeting will include procedures such as sign-in, introduction of attendees, reading of meeting rules, and voting on various proposals [4][5]. Group 2: Proposals for A-Share Issuance - The proposal for the issuance of A-shares has been revised, with the total fundraising amount adjusted to not exceed 154,031.30 million yuan, which will be allocated to specific investment projects [8][11]. - The company plans to invest in projects including the production line for automotive steering and braking system motors, with total investment amounts specified for each project [9][10]. Group 3: Adjustments to Company Structure - Following the implementation of the profit distribution and capital reserve transfer plan for 2024, the total number of shares has increased from 372,360,800 to 484,069,040, necessitating amendments to the company's articles of association [18]. - The registered capital has also been updated to reflect the new total number of shares [18]. Group 4: Voting and Decision-Making - The proposals require a special resolution, needing approval from more than two-thirds of the voting rights held by attending shareholders [11][17]. - The voting process will involve designated representatives and legal oversight to ensure transparency and compliance [3][9].

宁波德昌电机股份有限公司 2025年第一次临时股东大会会议资料 股票代码：605555 股票简称：德昌股份 宁波德昌电机股份有限公司 2025年第一次临时股东大会会议资料 宁波德昌电机股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 7 月·宁波 1 | 2025 年第一次临时股东大会会议须知 | | | | 3 | | --- | --- | --- | --- | --- | | 2025 年第一次临时股东大会会议议程 | | | | 5 | | 议案一：关于调整 | 2025 | 年度向特定对象发行 | A 股股票方案的议案 | 6 | | 议案二：关于公司 | 2025 | 年度向特定对象发行 | A 股股票预案（修订稿）的议案 | 10 | | 议案三：关于公司 | 2025 | 年度向特定对象发行 | A 股股票发行方案论证分析报告（修订稿） | | | 的议案 | | | | 11 | | 议案四：关于公司 | 2025 | 年度向特定对象发行 | A 股股票募集资金运用的可行性分析报告 | | | （修订稿）的议案 | | | | 12 | | 议案五：关于公司 | 2025 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the white goods sector as undervalued with high dividend yields and stable growth potential [4][5]. Core Insights - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, with a projected domestic production increase of 8% in the upcoming months. The report recommends stocks like Hisense Home Appliances, Midea, Haier, and Gree [5]. 2. **Exports**: Companies like Ousheng Electric and Dechang Co. are highlighted for their stable profit growth driven by large customer orders and recovering overseas demand [5]. 3. **Core Components**: The report emphasizes the unexpected demand for core components in the white goods sector, recommending companies such as Huaxiang Co., Shun'an Environment, and Sanhua Intelligent Control for their competitive advantages and growth prospects [5]. Summary by Sections A. Clean Appliances Data - In June 2025, online sales of sweeping machines reached 352,300 units, up 34.11% year-on-year, with sales revenue of 576 million yuan, an increase of 44.07%. The average price rose by 7.43% to 1,634.50 yuan per unit [4][31]. - For washing machines, sales were 257,400 units, up 32.43% year-on-year, with revenue of 411 million yuan, a 20.31% increase. The average price decreased by 9.15% to 1,598.10 yuan per unit [4][31]. B. Personal Care Data - In June 2025, hair dryer sales fell by 28.23% to 918,300 units, but revenue increased by 1.57% to 30.5 million yuan, with an average price rise of 41.52% to 332.0 yuan per unit [5][39]. - Electric shaver sales decreased by 1.81% to 1,140,900 units, while revenue grew by 5.76% to 25 million yuan, with an average price increase of 7.68% to 218.7 yuan per unit [5][39]. C. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with a 0.3% decline in the home appliance index while the CSI 300 rose by 0.8% [6][7]. - The announcement of a 50% tariff on copper imports by the U.S. is expected to impact the industry, as copper is a key material for many appliances [6][13]. D. Material Prices - As of July 11, 2025, copper prices were 78,730 yuan per ton, down 1.19% year-on-year, while aluminum prices rose by 3.25% to 20,785 yuan per ton [16][20].

Core Viewpoint - Dechang Co., Ltd. plans to raise up to 1.54 billion yuan through a private placement to enhance production capacity and support working capital, marking its first equity refinancing since its IPO in 2021 [1][2] Group 1: Fundraising and Investment Plans - The company intends to issue shares to no more than 35 specific investors, with the total amount not exceeding 1.54 billion yuan, representing up to 30% of the pre-issue total share capital, or 14.5 million shares [2] - The fundraising will support several projects, including a production line for 5.6 million automotive steering and braking system motors, a factory in Thailand for 5 million home appliance products, a factory in Vietnam for 3 million small home appliances, and a smart kitchen appliance project with a production capacity of 1.2 million units [2][3] - The total investment for these projects is approximately 2.41 billion yuan, with the company covering the shortfall through self-funding [2] Group 2: Business Performance and Growth - As of the first quarter of 2025, the company's total assets reached 5.274 billion yuan, a historical high, reflecting a year-on-year increase of 14.53% [4][5] - In 2024, the company achieved a revenue of 4.095 billion yuan, a year-on-year growth of 47.56%, with a net profit of 411 million yuan, up 27.51% [4] - The automotive parts business generated revenue of 412 million yuan in 2024, marking a significant year-on-year growth of 104.54% [5] Group 3: Strategic Development and Market Position - Dechang Co., Ltd. has established itself as one of China's top ten vacuum cleaner exporters and has expanded into the automotive parts sector, leveraging its technological advantages in motor production [1][4] - The company has a diverse product portfolio, including vacuum cleaners, small home appliances, and EPS motors, which enhances its market competitiveness and profitability [3][4] - The automotive parts division has already secured clients from well-known suppliers in the steering and braking systems sector, indicating strong market demand [4]

Meeting Overview - The second supervisory board meeting of Ningbo Dechang Electric Motor Co., Ltd. was held on July 5, 2025, with all three supervisors present, and all proposals were approved without opposition or abstentions [1][7]. Fundraising Plan Adjustment - The company has adjusted its plan for the issuance of A-shares to specific targets, with a total fundraising amount not exceeding 1,523.801 million yuan (including principal) [2][5]. - The total investment amount for the projects funded by the raised capital is 2,140.104 million yuan, with specific allocations for various projects [2][5]. Project Investment Details - The company plans to invest 414.8976 million yuan in a project approved by the board, which involves the production of 1.2 million smart kitchen appliances annually, expanding capacity to 1.8 million units [2][3]. - Another project, involving the production of 5.6 million automotive steering and braking system motors, has a total investment of 240.98374 million yuan, with 154.0313 million yuan allocated from the raised funds [5][6]. Approval and Compliance - The supervisory board unanimously agreed that the adjusted fundraising plan complies with relevant laws and regulations, and it is in the best interest of the company and all shareholders, particularly minority shareholders [6][8]. - The proposals will be submitted for approval at the shareholders' meeting [7][9].