证券日报网讯 12月12日晚间，德昌股份发布公告称，公司于2025年12月4日召开职工代表大会，以差额 选举方式选举朱科权先生为公司第三届董事会职工代表董事。选举结果已于2025年12月5日至2025年12 月11日进行公示，公示期间未收到任何异议。 （文章来源：证券日报） ...

每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 曾健辉） 每经AI快讯，德昌股份（SH 605555，收盘价：18.57元）12月12日晚间发布公告称，公司第三届第一次 董事会会议于2025年12月12日在公司会议室召开。会议审议了《关于聘任公司财务总监的议案》等文 件。 2024年1至12月份，德昌股份的营业收入构成为：制造业占比97.09%，其他业务占比2.91%。 截至发稿，德昌股份市值为90亿元。 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-052 朱科权先生符合《公司法》《公司章程》等有关董事任职的资格和条件,将 与公司2025年第二次临时股东会选举产生的六名董事共同组成公司第三届董事 会，任期三年。本次选举完成后，公司董事会中兼任公司高级管理人员的董事以 及由职工代表担任的董事人数总计未超过董事总数的二分之一，符合相关法律法 规的要求。 特此公告。 宁波德昌电机股份有限公司董事会 2025 年 12 月 13 日 附件：个人简历 朱科权先生，中国国籍，1982 年生，大专学历，无境外永久居留权，曾任 宁波市振马电器有限公司销售经理、余姚市姝莹电器有限公司销售经理，现任公 司销售部经理，2024 年 5 月至今任公司董事。 宁波德昌电机股份有限公司 关于选举产生第三届董事会职工代表董事的公告 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。 根据《公司法》《公司章程》等有关规定，宁波德昌电机股份有限公司（以 下简称"公司"）于2025年12月4日召开职工代表大会，以差额选举方式选举朱 科权先生为公司第三 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-054 宁波德昌电机股份有限公司 董事会完成换届选举及聘任高级管理人员、证券事务代表的公告 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。 宁波德昌电机股份有限公司（以下简称"公司"）于2025年12月12日召开2025 年第二次临时股东会，会议选举产生了公司第三届董事会非独立董事和独立董事 ，与公司职工代表大会选举产生的职工代表董事共同组成公司第三届董事会。公 司于同日召开了第三届董事会第一次会议，完成第三届董事会董事长的选举，确 定董事会专门委员会组成以及聘任高级管理人员、证券事务代表。现将具体情况 公告如下： 一、公司第三届董事会组成情况 1、非独立董事：黄裕昌先生（董事长）、张利英女士、黄轼先生； 2、独立董事：俞雅乖女士、赵意奋女士、张建明先生 3、职工代表董事：朱科权先生 4、董事会专门委员会组成 （1）战略委员会 黄裕昌（主任委员）、黄轼、张建明 （2）审计委员会 俞雅乖（主任委员）、赵意奋、张利英 （3）提名委员会 张建明（主任委员）、黄裕昌、赵意奋 ...

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 | 142 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 312,030,797 | | 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 | | | 份总数的比例（%） | 64.4599 | 证券代码：605555 证券简称：德昌股份 公告编号：2025-051 宁波德昌电机股份有限公司 2025年第二次临时股东会决议公告 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： (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。 本次会议由公司董事会召集，现场会议由公司董事长黄裕昌先生主持。本次会议 的召集、召开、表决符合《公司法》和《公司章程》等法律、法规和其他规范性 文件的有关规定。 (一) 股东会召开的时间：2025 年 12 月 12 日 (二) 股东会召开的地点：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恢复表决权 ...

关于 宁波德昌电机股份有限公司 2025 年第二次临时股东会的 法律意见书 法律意见书 浙江天册（深圳）律师事务所 中国广东省深圳市南山区科发路 222 号康泰创新广场 34 层 518052 电话：0755-26907494 传真：0755-26906383 http://www.tclawfirm.com 法律意见书 浙江天册（深圳）律师事务所 关于宁波德昌电机股份有限公司 2025 年第二次临时股东会的 法律意见书 致：宁波德昌电机股份有限公司 浙江天册（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，指派本所律师参加 2025 年第二次临时股东会（以 下简称本次股东会），并根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东会规则》 （以下简称《股东会规则》）以及《宁波德昌电机股份有限公司章程》（以下简 称《公司章程》）等法律、法规和其他有关规范性文件的要求出具本法律意见书。 本法律意见书仅供本次股东会之目的使用。本所律师同意将本法律意见书随 本次股东会其他信息披露资料一并公告，并依法对本所在其中发表 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-053 宁波德昌电机股份有限公司 第三届董事会第一次会议决议公告 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 （二）逐项审议通过《关于选举公司第三届董事会专门委员会委员的议案》 公司董事会下设战略委员会、审计委员会、提名委员会、薪酬与考核委员会。 各专门委员会成员任期自本次董事会审议通过之日起至本届董事会任期届满之 日止。出席会议的董事对各专业委员会组成进行了逐一表决，表决结果如下： 本次会议应出席董事7名，实际出席董事7名。 本次董事会全部议案均获通过，无反对票、弃权票。 1、审议通过《关于选举第三届董事会战略委员会委员的议案》 主任委员：黄裕昌，委员：黄轼、张建明（独立董事） 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（以下简称"公司"）第三届董事会第一次会议 于2025年12月12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12月12日以电子邮件、电话等方式通知全体董 ...

Summary of the Conference Call for 德昌股份 Company Overview - 德昌股份 is primarily engaged in the automotive EPS motor business and has extended its high-end technology into the robotics sector, specifically focusing on joint motors [2][3]. Key Points and Arguments Automotive EPS Motor Business - The automotive EPS motor business is entering a growth phase, with projected revenue of 400 million yuan in 2024, accounting for 10% of total revenue, and expected to reach 1.5 billion yuan by 2027, with a net profit margin of approximately 15% [2][8]. - The company has established itself as a domestic leader in the automotive EPS motor sector, overcoming significant technical barriers such as heat dissipation, low vibration, and low noise [3][4]. - The global market for automotive EPS motors is largely dominated by foreign companies, but 德昌股份 has made significant progress and aims to capture top-tier domestic and international clients [3][4]. Robotics Joint Motor Business - 德昌股份 is actively developing robotics joint motors, which require high performance standards due to their complex applications and stringent requirements for heat dissipation and miniaturization [5][6]. - The company is currently engaging with top-tier domestic and international clients, including indirect connections with Tesla, indicating a strong potential for market share expansion [6][10]. Household Appliances Business - The household appliances segment, which constitutes about 70%-80% of revenue, is viewed as a cash flow source. Despite facing challenges from tariffs and price reductions, the company aims to enhance profitability through increased self-manufacturing rates and project optimization [2][4][8]. - The household appliances business is expected to maintain a steady growth rate of 10%-15%, although profitability may be impacted in 2025 due to external pressures [2][8]. Financial Projections - Overall net profit is projected to be around 200 million yuan in 2025, influenced by fluctuations in the household appliances segment, with an increase to approximately 400 million yuan in 2026 [9]. - The company’s future financial performance may exceed expectations, particularly if the robotics segment begins to contribute significantly [7][10]. Market Perception and Misconceptions - There is a common misconception that 德昌股份 is merely a traditional household appliance company, which overlooks the potential of its emerging businesses in automotive EPS motors and robotics [4][10]. - The market has not fully recognized the growth potential of these new sectors, which could lead to significant valuation upside in the coming years [2][10]. Investment Recommendation - 德昌股份 is recommended for continued tracking and investment due to its strong growth potential across multiple core business areas, including household appliances, automotive EPS motors, and robotics [11]. - The company’s focus on core business development and its ability to achieve breakthroughs in new markets suggest a high likelihood of stock price doubling within the next three years [11].

Core Viewpoint - Dechang Co., Ltd. is a leading domestic enterprise in automotive EPS motors, extending its high-end motor technology into the robotics sector, particularly in joint motors, which is expected to yield significant domestic and international orders in the future [1] Group 1: Company Overview - Dechang Co., Ltd. has transitioned from a home appliance-focused company to a leader in automotive EPS motors, establishing a second growth curve with higher technical barriers and stronger profitability [1] - The company is currently in a growth phase, having entered a volume production period for its automotive EPS motor business, positioning itself as a leader among domestic competitors [1] Group 2: Future Prospects - By 2025, Dechang plans to leverage its high-end motor technology in the robotics field, specifically targeting joint motors, which is anticipated to lead to breakthroughs with key clients [1] - The company is also recognized as one of the top ten vacuum cleaner exporters, further enhancing its growth potential in the robotics joint motor business [1] Group 3: Financial Metrics - Based on the closing price on December 5, 2025, the price-to-earnings (PE) ratios are projected to be 41.5, 21.0, and 14.7 times, leading to an upgraded rating of "Buy" [1]

Investment Rating - The investment rating for 德昌股份 is upgraded to "Buy" [6][8]. Core Views - 德昌股份 is a leading domestic enterprise in automotive EPS motors, extending its high-end motor technology barriers into the robotics sector, particularly in joint motors, which is expected to open up growth opportunities [1][5]. - The market currently perceives the company as a traditional home appliance manufacturer, underestimating its growth potential [2][3]. Summary by Sections Business Transformation - The company's business focus has significantly shifted, with home appliance operations serving as a cash cow. The automotive EPS motor business, developed over the past five years, has entered a growth phase and is becoming the second growth curve for the company. The market's understanding of the automotive EPS motor sector is limited, as it has higher technical barriers compared to ordinary motors. Previously, the global market was dominated by foreign giants like Nidec and Bosch, but 德昌股份 has established itself as a leading domestic player with strong product capabilities and competitive advantages [3][5]. Robotics Sector Potential - The difficulty of entering the robotics joint motor market is higher than market expectations, and the company's capabilities in this area are significantly underestimated. There is little market anticipation regarding the company's foray into this sector [3][5]. Performance Indicators and Catalysts - Key performance indicators include the revenue share and profitability of automotive EPS motors, as well as customer acquisition and order status in the robotics sector. Catalysts for growth include an increase in revenue share from automotive EPS motors and successful breakthroughs in customer acquisition for the robotics business [4][5]. Financial Forecasts - Revenue projections for 德昌股份 from 2025 to 2027 are estimated at 46.9 billion, 53.9 billion, and 63.2 billion yuan, representing year-on-year growth rates of 14.6%, 14.8%, and 17.3% respectively. The net profit attributable to the parent company is forecasted to be 2.0 billion, 4.0 billion, and 5.7 billion yuan, with significant fluctuations in growth rates [6][12].