证券之星消息，8月8日小家电板块较上一交易日下跌0.0%，ST德豪领跌。当日上证指数报收于3635.13， 下跌0.12%。深证成指报收于11128.67，下跌0.26%。小家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301187 | 欧圣电气 | 31.64 | 2.79% | 7.80万 | 2.45亿 | | 002705 | 新宝股份 | 15.53 | 2.17% | 15.91万 | 2.47亿 | | 003023 | 彩虹集团 | 25.02 | 1.75% | 12.27万 | 3.03亿 | | 870199 | 倍益康 | 42.58 | 1.38% | 11.34万 | 5.25亿 | | 002242 | 九阳股份 | 10.15 | 0.59% | 3.84万 | 3875.85万 | | 300272 | 开能健康 | 7.15 | 0.56% | 16.23万 | 1.16亿 | | 001259 | 利仁科技 | 27.50 | 0 ...

Summary of Key Points from the Conference Call Industry Overview - The home appliance industry is experiencing significant growth potential in emerging markets, which account for 67% of the global population but only 32% of home appliance retail sales, indicating a substantial opportunity for growth [1][2][4] Core Insights and Arguments - **Emerging Market Growth**: Emerging markets are expected to be a key growth driver for the home appliance industry, with a notable increase in demand for air conditioners, refrigerators, and washing machines due to low penetration rates compared to developed countries [1][2][5] - **Air Conditioner Market**: The air conditioner market is growing rapidly, closely linked to GDP per capita. Countries with GDP per capita reaching $3,000 or $6,000 show significant increases in penetration rates [1][7] - **Export Recovery**: China's home appliance exports are gradually recovering from tariff impacts, with a notable increase in exports to Southeast Asia, Latin America, and the U.S. [1][8] - **Domestic Market Growth**: The domestic market is experiencing steady growth driven by the "trade-in for new" policy, with air conditioner shipments increasing by 8% and washing machines showing double-digit growth in the first five months of 2025 [1][9] Competitive Landscape - **Market Dynamics**: The competitive landscape is stabilizing, with Xiaomi's market share leveling off and major players like Midea and Gree adjusting their product structures [3][12] - **Small Appliances Growth**: The small appliance market, particularly for robotic vacuum cleaners and floor washers, continues to show high growth, with companies like Ecovacs reporting revenue and profit growth exceeding expectations [3][13] Investment Recommendations - **Focus on Dividend Stocks**: Investment strategies should focus on companies with strong dividend yields such as Gree, Midea, Haier, and Hisense, which have dividend rates exceeding 4% [3][15] - **Export Opportunities**: Companies in the export sector, particularly in small appliances and black electronics, are recommended for investment due to their growth potential in emerging markets and the U.S. [3][16][19] Additional Important Insights - **Impact of National Subsidies**: The national subsidy policy has led to structural growth in the domestic market, with significant price increases observed [1][9][14] - **Long-term Potential of Robotic Vacuums**: The robotic vacuum segment is viewed as a long-term growth area due to its strong growth potential and limited impact from domestic subsidy policies [3][17] - **Advantages of OEMs**: OEMs like New Bao and Dechang are positioned well in the global market due to scarce overseas production capacity, which enhances their competitiveness in exports to the U.S. [3][19]

证券之星消息，8月6日小家电板块较上一交易日上涨0.66%，ST德豪领涨。当日上证指数报收于 3633.99，上涨0.45%。深证成指报收于11177.78，上涨0.64%。小家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002005 | ST德豪 | 2.71 | 5.04% | 26.96万 | 7172.57万 | | 605555 | 德昌股份 | 17.50 | 3.86% | 14.13万 | 2.45亿 | | 002403 | 爰仕达 | 16.23 | 3.77% | 64.21万 | 10.52亿 | | 603868 | 飞科电器 | 39.13 | 2.97% | 2.21万 | 8524.52万 | | 301187 | 欧圣电气 | 31.72 | 2.55% | 7.71万 | 2.43亿 | | 300272 | 开能健康 | 7.32 | 1.95% | 28.60万 | 2.08亿 | | 688793 | 倍轻松 | 34.34 ...

Market Overview - On August 1, the small home appliance sector experienced a slight decline of 0.03% compared to the previous trading day, with BeiYikang leading the drop [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Stock Performance - The following stocks in the small home appliance sector showed notable performance: - Liren Technology (001259) closed at 26.78, up 2.41% with a trading volume of 13,100 and a turnover of 34.74 million [1] - Delmar (301332) closed at 11.02, up 2.23% with a trading volume of 70,300 and a turnover of 77.14 million [1] - Other stocks like BeiQingSong (688793) and KaiNeng Health (300272) also saw increases of 2.02% and 2.01% respectively [1] Capital Flow - The small home appliance sector saw a net outflow of 71.78 million from institutional investors, while retail investors contributed a net inflow of 70.39 million [2] - Specific stocks experienced varied capital flows: - KaiNeng Health (300272) had a net inflow of 14.57 million from institutional investors, but a net outflow of 11.92 million from speculative funds [2] - Feike Electric (603868) saw a net inflow of 8.88 million from institutional investors, but also faced a net outflow from retail investors [2]

德昌股份最新一期业绩显示，截至2025一季报，公司营业总收入10.00亿元、同比增长21.33%，归属净 利润8104.88万元，同比减少4.97%，扣非净利润7185.81万元，同比减少11.62%，流动比率1.622、速动 比率1.310、资产负债率41.44%。 金融界消息 截至2025年7月31日收盘，德昌股份（605555）报收于16.28元，下跌1.33%，换手率 1.42%，成交量6.88万手，成交金额1.13亿元。 资金流向方面，今日主力资金净流出1159.99万元，占比成交额10.28%。其中，超大单净流出1098.77万 元、占成交额9.73%，大单净流出61.22万元、占成交额0.54%，中单净流出流入504.23万元、占成交额 4.47%，小单净流入655.76万元、占成交额5.81%。 通过天眼查大数据分析，宁波德昌电机股份有限公司共对外投资了7家企业，参与招投标项目24次，知 识产权方面有商标信息251条，专利信息350条，此外企业还拥有行政许可28个。 来源：金融界 天眼查商业履历信息显示，宁波德昌电机股份有限公司，成立于2002年，位于宁波市，是一家以从事计 算机、通信和其他电 ...

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.

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly highlighting the white goods segment as undervalued with high dividend yields and stable growth potential [5]. Core Insights - The report emphasizes the impact of government subsidies, with the third batch of 690 billion yuan allocated to support the consumption of old appliances, which is expected to stimulate demand in the home appliance market [4][11]. - The introduction of DJI's first robotic vacuum cleaner, ROMO, marks a significant entry into the market, indicating competitive dynamics in the home appliance sector [12]. - The report notes a general increase in sales volume across various appliance categories, with a particular focus on air conditioners and kitchen appliances, despite a decline in average selling prices [2][3][30][34][36]. Summary by Sections Air Conditioning Data - Online sales of air conditioners reached 9.18 million units in June 2025, a year-on-year increase of 27.9%, while offline sales were 1.032 million units, up 40.4% [2][30]. - The average online price decreased by 5.6% to 2,429 yuan per unit, and the offline average price fell by 2.5% to 4,031 yuan per unit [2][30]. Kitchen Appliance Data - Sales of range hoods increased, with online sales at 565,000 units (up 13.7%) and offline sales at 180,000 units (up 32.8%) in June 2025 [3][34]. - The average online price for range hoods decreased by 2.0% to 1,662 yuan, while the offline price increased by 4.8% to 4,674 yuan [3][34]. - Dishwasher sales also saw growth, with online sales at 192,000 units (up 8.9%) and offline sales at 49,000 units (up 24.3%) [3][36]. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with the sector index remaining flat while the CSI 300 rose by 1.7% [4][6]. - Key companies such as Marsman and Lek Electric showed significant gains, while others like Huaxiang and Supor faced declines [4][8]. Investment Highlights - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and government incentives [5]. 2. Export-oriented companies like Ousheng Electric and Dechang Co. that are seeing stable income growth [5]. 3. Core component manufacturers like Huaxiang and Sanhua Intelligent Control, which are expected to benefit from increased demand in the white goods sector [5].

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the extraordinary general meeting of Ningbo Dechang Motor Co., Ltd. are in compliance with relevant laws, regulations, and the company's articles of association [1][9]. Group 1: Meeting Procedures - The notice for the extraordinary general meeting is published on the Giant Tide Information Network, specifying the meeting time, location, agenda, and other details [2]. - The meeting is scheduled to be held on July 23, 2025, at the company's conference room, and the actual meeting time and location align with the notice [2]. - Voting will occur through the Shanghai Stock Exchange trading system and the internet voting system during specified times on the meeting day [2]. Group 2: Attendance and Voting - A total of 6 shareholders attended the meeting in person, representing 278,637,492 shares, which is 57.5615% of the total voting shares [4]. - Additionally, 317 shareholders participated via online voting, representing 58,583,087 shares, contributing to a total of 337,220,579 shares, or 69.6637% of the total voting shares [4][5]. - Among the participating small shareholders, 316 attended, representing 29,559,479 shares, which is 6.1065% of the total voting shares [5]. Group 3: Voting Results - The voting results indicate that the proposals were approved with 319,417,345 shares in favor, accounting for the majority of the votes cast [6]. - Small shareholders voted with 11,756,245 shares in favor, representing 39.7714% of their total voting shares, while 17,722,714 shares were against, which is 59.9561% [6][7]. - All proposed resolutions received majority approval, confirming the legitimacy of the voting process [8]. Group 4: Conclusion - The legal opinion concludes that all aspects of the extraordinary general meeting, including the convening, attendance, and voting procedures, are valid and comply with legal requirements [9].

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 ...