Investment Rating - The investment rating for the company is "Accumulate" [4][7]. Core Views - The company reported a revenue of 2.07 billion yuan in H1 2025, representing a year-on-year increase of 11.0%, but the net profit attributable to shareholders decreased by 46.5% to 110 million yuan [1]. - The small home appliances and automotive parts segments showed strong performance, with the automotive parts business achieving a revenue increase of 89.9% year-on-year in H1 2025 [2]. - The gross margin and net margin have declined due to U.S. tariff policies and price pressures in the home appliance industry, with gross margins at 14.0% and 12.3% for H1 and Q2 2025, respectively [3]. Financial Performance - In H1 2025, the home appliance segment generated 1.74 billion yuan in revenue, a 6.0% increase year-on-year, while the small appliance sales increased by 19.8% to 810 million yuan [2]. - The company expects gradual recovery in profitability due to strong overseas demand and the release of new production capacity in Vietnam [3]. - The profit forecast for 2025-2027 has been adjusted, with net profits projected at 410 million, 520 million, and 646 million yuan, reflecting growth rates of 0.8%, 25.6%, and 24.2%, respectively [4].

Core Viewpoint - The company reported revenue in line with expectations but net profit fell short, primarily due to tariff impacts and production challenges related to exports to the U.S. [1] Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 2.068 billion yuan, a year-on-year increase of 11%, but net profit attributable to shareholders was 111 million yuan, a decline of 47% [1] - In Q2 2025, the company recorded operating revenue of 1.067 billion yuan, a year-on-year growth of 3%, while net profit attributable to shareholders dropped by 76% to 30 million yuan [1] - The home appliance segment generated revenue of 1.743 billion yuan, up 6.02%, while the automotive parts segment saw a significant increase in revenue to 281 million yuan, up 89.86% [1][2] Group 2: Business Segment Analysis - The home appliance business's revenue growth has slowed, with vacuum cleaner sales declining by 3.62% to 932 million yuan, while small appliances grew by 19.79% to 811 million yuan [2] - The automotive parts business continues to show strong growth, driven by the addition of 8 new projects with an expected total sales amount exceeding 1.9 billion yuan [2] - The company is expanding its international market presence, with several overseas projects in the pipeline and gradually ramping up production [2] Group 3: Strategic Developments - The company is making progress in its core robotics joint venture, collaborating with leading humanoid robot firms to develop and test core joint motors, with successful sample deliveries [3] - A strategic partnership with the well-known small appliance company SharkNinja has been established, focusing on products like hair dryers and air purifiers, which is expected to enhance the company's market share [3] - The company anticipates a recovery in profitability as overseas production capacity is released and the impact of U.S. tariffs diminishes [3] Group 4: Profit Forecast and Investment Rating - The company's profit forecasts for 2025-2027 have been adjusted to 431 million yuan, 503 million yuan, and 654 million yuan, reflecting year-on-year growth rates of 4.8%, 16.8%, and 29.9% respectively [3] - The company maintains a "buy" rating, supported by successful customer acquisition in the home appliance sector and rapid growth in the automotive parts business [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue met expectations, but its performance fell short. In the first half of 2025, the company achieved a revenue of 2.068 billion yuan, a year-on-year increase of 11%, while the net profit attributable to the parent company was 111 million yuan, a year-on-year decrease of 47% [6] - The home appliance business saw a slowdown in growth, while the automotive parts business continued to experience high growth. The home appliance segment generated 1.743 billion yuan in revenue, up 6.02% year-on-year, while the automotive parts segment achieved 281 million yuan, a significant increase of 89.86% year-on-year [6] - The company is facing challenges due to U.S. tariff policies affecting exports and production, but it is expected that the profitability will recover as overseas production capacity is gradually released and product structure upgrades are implemented [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 4.917 billion yuan, with a year-on-year growth rate of 20.1%. The net profit attributable to the parent company is projected to be 431 million yuan, reflecting a growth of 4.8% [2][8] - The earnings per share (EPS) for 2025 is estimated at 0.89 yuan, with a projected price-to-earnings (PE) ratio of 20 [2][8] - The gross profit margin is expected to be 16.6% in 2025, with a return on equity (ROE) of 13.1% [2][8] Market Data - As of August 29, 2025, the closing price of the company's stock was 17.59 yuan, with a market capitalization of 8.515 billion yuan [3] - The stock has a price-to-book ratio of 2.8 and a dividend yield of 1.99% [3]

Financial Performance - The company reported a total revenue of 2.068 billion yuan for the first half of 2025, an increase of 11.02% year-on-year [1] - The net profit attributable to shareholders was 111 million yuan, a decrease of 46.54% compared to the previous year [1] - In Q2 2025, the total revenue was 1.067 billion yuan, up 2.82% year-on-year, while the net profit attributable to shareholders dropped by 75.64% to 29.68 million yuan [1] - The gross margin was 14.02%, down 20.8% year-on-year, and the net margin was 5.36%, down 51.85% year-on-year [1] Financial Ratios - The company's return on invested capital (ROIC) for the previous year was 12.32%, indicating strong capital returns [3] - The net profit margin for the previous year was 10.03%, suggesting average added value from products or services [3] - The company's historical median ROIC since listing is 16.22%, with the worst year being 2023 at 9.54% [3] Debt and Cash Flow - The company has a significant amount of accounts receivable, with accounts receivable reaching 300.06% of the latest annual net profit [1][3] - The total interest-bearing debt increased by 113.02% to 687 million yuan [1] - The cash flow situation is a concern, with cash assets only covering 96.94% of current liabilities [3] Shareholder Information - The largest fund holding in the company is the Baoying Core Advantage Mixed A fund, with a scale of 657 million yuan and a recent net value of 0.8435 [4] - The fund has seen a decline of 15.21% over the past year [4]

Core Viewpoint - 德昌股份 reported a revenue of 2.068 billion yuan for the first half of 2025, marking an increase of 11.02% year-on-year, while the net profit attributable to shareholders decreased by 46.54% to 111 million yuan [1] Financial Performance - The total operating revenue for the first half of 2025 reached 2.068 billion yuan, reflecting a year-on-year growth of 11.02% [1] - The net profit attributable to the parent company's shareholders was 111 million yuan, which represents a significant decline of 46.54% compared to the previous year [1] - The basic earnings per share stood at 0.23 yuan [1]

Core Viewpoint - The company reported a revenue increase of 11.02% in H1 2025, but net profit decreased significantly by 46.54%, indicating challenges in profitability despite revenue growth [2][3]. Financial Performance - Revenue for H1 2025 reached 2,067,556,229.92 CNY, up from 1,862,343,159.16 CNY in the same period last year, reflecting an 11.02% increase [3]. - Net profit attributable to shareholders was 110,730,451.18 CNY, down 46.54% from 207,127,855.48 CNY year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 98,740,613.62 CNY, a decrease of 49.49% compared to 195,490,509.93 CNY in the previous year [3]. - Total assets increased by 11.33% to 5,802,986,429.46 CNY, while net assets attributable to shareholders grew by 1.02% to 2,979,064,949.62 CNY [2][3]. Business Segments Performance - The home appliance segment generated revenue of 1.743 billion CNY, a growth of 6.02%, with ongoing projects in Vietnam and Thailand enhancing production capacity [4]. - The automotive parts segment saw a remarkable revenue increase of 89.86%, reaching 281 million CNY, driven by new project approvals with a total expected sales amount exceeding 1.9 billion CNY [4]. Innovation and Development - The company is focusing on high-precision motor technology to support the demand for core components in intelligent driving, maintaining a technological edge in the integration of electrification and intelligence [5]. - Significant progress was made in the brake motor sector, securing project approvals from top global electronic brake system clients, which will accelerate the scale development of this business [5]. - The company is also extending its technological advantages in home appliances and automotive sectors into the robotics field, positioning it as a third growth driver [5]. Challenges and External Factors - The decline in net profit is attributed to several factors, including changes in product structure due to U.S. tariff policies and price pressures in the home appliance industry, increased development costs, and reduced foreign exchange and interest income [6].

证券代码：605555 证券简称：德昌股份 公告编号：2025-034 宁波德昌电机股份有限公司 第二届董事会第十九次会议决议公告 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： ? 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。 一、董事会会议召开情况 宁波德昌电机股份有限公司（以下简称"公司"）第二届董事会第十九次会 议于2025年8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 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 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 年半年度报告》、《2025 年半年度报告摘要》。 本议案已经公司 2025 年第五次董事会审计委员会会议审议通过，同意提交 公司董事会审议。 表决结果：7 票同意，0 票弃权，0 票反对。 具体内容详见公司同日于上海证券交 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-035 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 年半年度报告》、《2025 年半年度报告摘要》。 监事会审核并发表意见如下：1）公司 2025 年半年度报告编制和审议程序符 合法律、行政法规和中国证监会的规定；2）报告的内容和格式符合证监会和证 券交易所的各项规定，所包含的信息真实地反映出公司报告期内的经营管理和财 务状况，报告内容能够真实、准确、完整地反映公司的实际情况。3）未发现参 与报告编制和审议的人员有违反保密规定的行为。我们保证本报告所载资料不存 在任何虚假记载、误导性陈述或者重大遗漏，并对内容的真实性、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 第二届监事会第十四次会议决议公告 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： ? 本次会议应出席监事 3 名，实际出席监事 3 名。 ? 本次监事会全部议案均获通过，无反对票、弃权票。 一、监事会会议召开情况 宁波德昌电机股份 ...

证券代码：605555 证券简称：德昌股份 公告编号：2025-035 1、审议通过《<2025 年半年度报告>全文及摘要》 宁波德昌电机股份有限公司（以下简称"公司"）第二届监事会第十四次会 议于 2025 年 8 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 8 月 19 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 宁波德昌电机股份有限公司 第二届监事会第十四次会议决议公告 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 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 年半年度报告》、《2025 年半年度报告摘要》。 监事会审核并发表意见如下：1）公司 2025 年半年度报告编制和审议程序符 合法律、行政法规和中国证监会的规定；2）报告的内容和格式 ...

宁波德昌电机股份有限公司（以下简称"公司"）第二届董事会第十九次会 议于2025年8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8月19日以电子邮件、电话等方式通知全体董事。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。 证券代码：605555 证券简称：德昌股份 公告编号：2025-034 二、董事会会议审议情况 宁波德昌电机股份有限公司 第二届董事会第十九次会议决议公告 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 本议案已经公司 2025 年第五次董事会审计委员会会议审议通过，同意提交 公司董事会审议。 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。 表决情况：7 票同意，0 票弃权，0 票反对。 三、备查文件 1、《第二届董事会第十九次会议决议》 特此公告。 宁波德昌电机股份有限公司 1、审议通过《 ...