Investment Rating - The investment rating for 德昌股份 is "Buy" (maintained) [5] Core Insights - The company's revenue met expectations, but the performance was below expectations due to factors such as tariff friction and exchange rate losses affecting profit margins. However, the profitability showed recovery in Q3 2025, with a net profit of 62.47 million yuan after excluding exchange gains, representing a quarter-on-quarter increase of 105.32% [5] - The home appliance business saw a slowdown in growth, while the automotive parts business continued to grow significantly. The home appliance segment generated revenue of 1.743 billion yuan in H1 2025, a year-on-year increase of 6.02%, while the automotive parts segment achieved revenue of 281 million yuan, a year-on-year increase of 89.86% [5] - The company is making progress in its core robotics joint business, collaborating with leading humanoid robot companies to develop core joint motors, with successful sample deliveries meeting customer requirements [5] - The earnings forecast for 2025-2027 has been adjusted downwards to 375 million, 445 million, and 560 million yuan respectively, reflecting a year-on-year change of -9%, +19%, and +26% [5] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 4.489 billion yuan, with a year-on-year growth rate of 9.6% [2] - The net profit attributable to the parent company for 2025 is estimated at 375 million yuan, with a year-on-year decrease of 8.6% [2] - The gross profit margin is expected to be 15.7% in 2025, with a return on equity (ROE) of 11.5% [2] Market Data - As of October 29, 2025, the closing price of 德昌股份 is 19.35 yuan, with a market capitalization of 9.367 billion yuan [3] - The stock has a price-to-earnings (PE) ratio of 25 for 2025 [5]

Group 1 - The company reported a revenue of 3.288 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 10.09% [1] - The net profit attributable to the parent company was 162 million yuan, showing a year-on-year decline of 46.29% [1] - The non-recurring net profit was 149 million yuan, reflecting a year-on-year decrease of 47.87% [1] - The basic earnings per share were 0.33 yuan [1]

Core Viewpoint - 德昌股份 reported a revenue of 1.22 billion yuan in the third quarter, marking an 8.54% year-on-year increase, but the net profit attributable to shareholders decreased by 45.76% to 51.23 million yuan [1] Financial Performance - The company's third-quarter revenue reached 1.22 billion yuan, reflecting an 8.54% increase compared to the same period last year [1] - Net profit attributable to shareholders was 51.23 million yuan, which represents a significant decline of 45.76% year-on-year [1] - The net profit after excluding non-recurring gains and losses was 50.68 million yuan, down 44.38% year-on-year [1] - Basic earnings per share stood at 0.10 yuan [1]

Market Overview - The small home appliance sector increased by 0.76% on October 29, with Dechang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Dechang Co., Ltd. (605555) closed at 19.35, with a rise of 8.28% and a trading volume of 371,100 shares, amounting to 714 million yuan [1] - Other notable performers included: - Beiyikang (6610Z6) at 38.81, up 5.26% [1] - Hongzhi Technology (920926) at 20.02, up 4.60% [1] - Ousheng Electric (301187) at 26.20, up 2.75% [1] - Ecovacs (603486) at 94.32, up 1.90% [1] Capital Flow - The small home appliance sector saw a net inflow of 139 million yuan from institutional investors, while retail investors experienced a net outflow of 42.24 million yuan [2][3] - The main capital inflow and outflow for key stocks included: - Dechang Co., Ltd. had a net inflow of 148 million yuan from institutional investors, but a net outflow of 73.70 million yuan from retail investors [3] - Ecovacs had a net inflow of 30.22 million yuan from institutional investors, with a net outflow of 29.64 million yuan from retail investors [3]

Group 1 - Dechang Co., Ltd. announced that its 20th meeting of the second board of directors will be held on October 29, 2025, to review the Q3 2025 report and other documents [1] - For the year 2024, Dechang Co., Ltd.'s revenue composition is 97.09% from manufacturing and 2.91% from other businesses [1] Group 2 - As of the report, Dechang Co., Ltd. has a market capitalization of 9.4 billion yuan [2]

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： 会议召开时间：2025 年 12 月 1 日（星期一）10:00-11:00 证券代码：605555 证券简称：德昌股份 公告编号：2025-043 宁波德昌电机股份有限公司 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 12 月 1 日（星期一）10:00-11:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事长兼总经理：黄裕昌先生 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： 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 11 月 24 日（星期一）至 11 月 28 日（星期五）前登 ...

宁波德昌电机股份有限公司 证券代码：605555 证券简称：德昌股份 公告编号：2025-042 第二届监事会第十五次会议决议公告 本公司监事会及全体监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： 一、监事会会议召开情况 宁波德昌电机股份有限公司（以下简称"公司"）第二届监事会第十五次会 议于 2025 年 10 月 29 日在公司会议室以现场结合通讯方式召开。本次监事会已 于 2025 年 10 月 25 日以电子邮件、电话等方式通知全体监事。会议由监事会主 席朱巧芬主持，应出席监事 3 名，实际出席监事 3 名。本次会议的召集和召开符 合《公司法》等有关法律法规及《公司章程》的规定。 二、监事会会议审议情况 1、审议通过《2025 年第三季度报告》 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的 《2025 年第三季度报告》。 监事会审核并发表意见如下：监事会对董事会编制的公司《2025 年第三季 度报告》进行了认真审核，认为： （1）公司 2025 年第三季度报告的编制和审议程序符合相关法律 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-041 宁波德昌电机股份有限公司（以下简称"公司"）第二届董事会第二十次会 议于2025年10月29日以现场结合通讯方式在公司会议室召开。本次董事会已于 2025年10月25日以电子邮件、电话等方式通知全体董事、监事、高级管理人员。 会议由董事长黄裕昌先生主持，会议应出席董事7人，实际出席董事7人。本次会 议的召集和召开符合《公司法》等有关法律法规及《公司章程》、《董事会议事 规则》的规定。 二、董事会会议审议情况 1、审议通过《2025年第三季度报告》 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的 《2025 年第三季度报告》。 本议案已经公司 2025 年第六次董事会审计委员会会议审议通过，同意提交 董事会审议。 表决情况：7 票同意，0 票弃权，0 票反对。 宁波德昌电机股份有限公司 第二届董事会第二十次会议决议公告 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： 一、董事会会议召开情况 本次会议应出席董事7名 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,220,494,601.40, representing an increase of 8.54% year-over-year[3]. - The total profit for the period decreased by 47.93% to CNY 53,381,670.02, while the net profit attributable to shareholders fell by 45.76% to CNY 51,227,001.17[3][7]. - The net profit excluding non-recurring gains and losses for Q3 2025 was CNY 50,684,752.78, down 44.38% year-over-year[3][8]. - Total operating revenue for the first three quarters of 2025 reached ¥3,288,050,831.32, an increase of 10.1% compared to ¥2,986,808,837.66 in the same period of 2024[17]. - Net profit for the first three quarters of 2025 was ¥161,957,452.35, a decrease of 46.4% from ¥301,567,266.86 in the same period of 2024[19]. - The company's operating profit for the first three quarters of 2025 was ¥176,878,446.02, down 46.6% from ¥331,430,073.83 in 2024[18]. - Earnings per share for the first three quarters of 2025 were ¥0.33, compared to ¥0.62 in the same period of 2024[20]. - The company reported a total comprehensive income of ¥139,052,294.27 for the first three quarters of 2025, down from ¥292,082,132.48 in 2024[19]. Cash Flow and Liquidity - The net cash flow from operating activities showed a significant decline of 95.29%, amounting to CNY 12,380,963.61 year-to-date[3][8]. - Cash flow from operating activities for the first three quarters of 2025 was ¥12,380,963.61, a significant decrease from ¥262,716,738.41 in 2024[20]. - The company has seen a significant reduction in cash flow due to fluctuations in earnings and increased operational capital investments[8]. - The company reported a decrease in cash and cash equivalents from CNY 1,255,126,077.63 to CNY 710,918,425.31, suggesting potential liquidity concerns[13]. - The ending balance of cash and cash equivalents decreased to 573,990,258.29 CNY from 1,082,039,413.97 CNY, reflecting a significant reduction in liquidity[21]. - The net cash flow from financing activities was -299,715,594.73 CNY, compared to -94,618,270.44 CNY previously, indicating increased financial strain[21]. Assets and Liabilities - The company's total assets increased slightly by 0.57% to CNY 5,242,364,612.50 compared to the end of the previous year[4]. - Current assets decreased to CNY 3,213,562,679.39 from CNY 3,403,070,437.32, primarily due to a reduction in cash and cash equivalents[13]. - Accounts receivable increased to CNY 1,422,012,602.53, up from CNY 1,270,190,338.25, indicating improved sales performance[13]. - Inventory rose significantly to CNY 871,715,105.65 from CNY 575,079,976.46, reflecting increased production or stockpiling[13]. - Total liabilities increased slightly to CNY 2,141,026,226.67 from CNY 2,118,733,593.52, indicating stable financial leverage[14]. - The total liabilities of the company as of the reporting date were ¥2,224,022,271.28, slightly up from ¥2,202,846,027.47 in the previous year[15]. - The total equity attributable to shareholders reached ¥3,018,342,341.22, a marginal increase from ¥3,009,616,326.95 in 2024[15]. Operational Insights - The decline in profits was primarily attributed to pricing pressures and exchange rate losses in the U.S. market[7]. - The company reported a comprehensive gross margin increase of 1.77 percentage points compared to the previous quarter[4]. - Research and development expenses for the first three quarters of 2025 amounted to ¥122,725,427.91, an increase of 25.9% from ¥97,509,358.84 in 2024[18]. - The company has not reported any significant changes in major shareholders or their holdings during the reporting period[12]. - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[12]. Investment Activities - Net cash flow from investment activities was -329,865,298.95 CNY, compared to -190,780,314.05 CNY in the previous period, indicating a decline in investment performance[21]. - Cash inflow from investment activities totaled 1,673,254,875.82 CNY, down from 2,245,641,236.82 CNY, indicating a decrease in investment returns[21]. - Cash outflow for capital expenditures was 468,104,043.17 CNY, slightly up from 444,721,550.87 CNY, showing continued investment in fixed assets[21]. Accounting Standards - The company did not adopt new accounting standards starting from 2025, maintaining consistency in financial reporting[22].

Market Overview - On October 23, the small home appliance sector rose by 0.02% compared to the previous trading day, with Rainbow Group leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Key stocks in the small home appliance sector showed varied performance, with Rainbow Group closing at 25.17, up 4.66%, and Lek Electric at 24.67, up 1.86% [1] - Other notable performers included Liren Technology at 27.44, up 1.70%, and Ousheng Electric at 26.13, up 0.85% [1] Trading Volume and Value - Rainbow Group had a trading volume of 156,000 shares and a transaction value of 386 million yuan [1] - Lek Electric recorded a trading volume of 130,000 shares with a transaction value of 316 million yuan [1] Capital Flow - The small home appliance sector experienced a net outflow of 101 million yuan from institutional investors, while retail investors saw a net inflow of approximately 89.85 million yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [2] Individual Stock Capital Flow - Rainbow Group had a net inflow of 31.61 million yuan from institutional investors, while it faced a net outflow of 2.87 million yuan from retail investors [3] - Lek Electric saw a net inflow of 4.47 million yuan from institutional investors but a significant outflow of 19.97 million yuan from speculative funds [3]