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].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector continues to rebound, entering an upward channel, with the core company index rising by 5.54%, outperforming the broader market [12][11] - Multiple factors contributed to the unexpected strength of the rebound, including prior adjustments in the sector, advancements in Tesla's Optimus robot, and anticipated supportive policies from the U.S. government [4][12] - The year 2026 is projected to be a milestone for humanoid robot mass production, with significant catalysts expected [4][40] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot sector index and leading stocks have shown a continued rebound, with the core company index increasing by 5.54% during the week of December 1 to December 5, 2025 [12][11] - The top five performers included Hengli Hydraulic (+11.53%), Siling Co. (+10.07%), and Wuzhou Xinchun (+9.24%) [12][14] Optimus Robot Development - Tesla's Optimus robot is progressing towards mass production, with recent demonstrations showcasing its running capabilities, achieving speeds of 2.5-3 m/s [5][16] - The U.S. government is expected to introduce supportive policies for the robot industry, which may accelerate development and enhance market confidence [31][33] - The domestic industrialization process is also speeding up, with leading companies preparing for capital market entry [34][38] Investment Opportunities - Key investment opportunities are identified in the supply chain, including components such as head assemblies, bearings, and structural parts [27][30] - Specific companies recommended for investment include Lens Technology, Minth Group, and Wuzhou Xinchun, among others [6][30] - The report emphasizes the importance of technological upgrades and supply chain integration to support mass production [27][30]

宁波德昌电机股份有限公司 2025 年第二次临时股东会会议资料 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 年第二次临时股东会会议资料 2025 年 12 月·宁波 1 宁波德昌电机股份有限公司 2025 年第二次临时股东会会议资料 目 录 | 2025 年第二次临时股东会会议须知 | | 3 | | --- | --- | --- | | 2025 年第二次临时股东会会议议程 | | 4 | | 议案一：关于取消监事会并修订《公司章程》的议案 | | 5 | | 议案二：关于制定或修订公司治理制度的议案 | | 7 | | 议案三：关于公司第三届董事会独立董事津贴的议案 | | 8 | | 议案四：关于换届选举第三届董事会非独立董事的议案 | | 9 | | 议案五：关于公司换届选举第三届董事会独立董事的议案 | | 11 | 2 宁波德昌电机股份有限公司 2025 年第二次临时股东会会议资料 宁波德昌电机股份有限公司 2025 年第二次临时股东会会议须知 为维护广大投资者的合法权益，保证股东依法行使股东权利，确保宁波德昌 电机股份有限公司（以下简称"公司"）股东会的顺利 ...

Market Overview - The small home appliance sector increased by 0.19% on December 2, with Lek Electric leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Lek Electric (603355) closed at 33.52, up 6.75% with a trading volume of 95,800 shares and a turnover of 313 million yuan [1] - Other notable performers included Ousheng Electric (301187) with a 2.13% increase, and Kaineng Health (300272) with a 1.09% increase [1] - The overall performance of the small home appliance stocks showed mixed results, with some stocks experiencing declines [2] Capital Flow - The small home appliance sector saw a net inflow of 66.24 million yuan from institutional investors, while retail investors experienced a net outflow of 68.35 million yuan [2] - The capital flow data indicates that while institutional investors were net buyers, retail investors were net sellers in the sector [3] Individual Stock Capital Flow - Stone Technology (688169) had a net inflow of 32.78 million yuan from institutional investors, but a net outflow of 20.05 million yuan from retail investors [3] - Lek Electric (603355) also saw a net inflow of 22.14 million yuan from institutional investors, with retail investors withdrawing 16.42 million yuan [3] - Ousheng Electric (301187) had a significant net inflow of 13.99 million yuan from institutional investors, but a notable net outflow of 16.25 million yuan from retail investors [3]

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。 宁波德昌电机股份有限公司（以下简称"公司"）于 2025 年 12 月 1 日 10:00-11:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/），通过网络互动的方式召开了 2025 年第三季 度业绩说明会（以下简称"说明会"），现将有关事项公告如下： 一、本次说明会的召开情况 公司于 2025 年 10 月 30 日在上海证券交易所官网（www.sse.com.cn）披露 了《关于召开 2025 年第三季度业绩说明会的公告》（公告编号：2025-043）。本 次业绩说明会于 2025 年 12 月 1 日 10:00-11:00 召开，公司董事长兼总经理黄裕 昌先生、财务总监许海云女士、董事会秘书黄亚萍女士、独立董事马良华先生参 加了本次业绩说明会，与投资者进行互动交流和沟通，并就投资者普遍关注的主 要问题进行了回答。 二、本次说明会投资者提出的主要问题及回复情况 证券代码：605555 ...

EPS电机作为电动助力转向系统(EPS)的动力源，是汽车转向系统的核心零部件。受技术壁垒与起步较 晚影响，EPS电机市场主要被以日电产(Nidec)为代表的国际巨头占据。在此背景下，德昌股份凭借深厚 的技术积累与产品实力，持续推动国产化替代，抢占市场份额，显示出了广阔的增长空间。据2025年半 年报披露，公司上半年汽车零部件业务实现营收2.81亿元，同比增长89.86%，新增定点项目8项，预期 全生命周期总销售金额将超过19亿元。 11月26日，德昌股份（605555）(605555.SH)董事会审议通过《"提质增效重回报"行动方案》，提出将 继续深耕新能源汽车与人形机器人驱动领域，从制造型向技术型平台企业转型。公司聚焦高水平业务突 破，既表示了公司创造核心价值、积极回报股东的决心，更展现了公司清晰长远的发展战略。 德昌股份是国产EPS电机头部企业，中国十大吸尘器出口企业。自2017年创办"德昌科技"切入汽车零部 件领域以来，经过近十年的技术攻坚与客户沉淀，公司汽车EPS无刷电机、制动电机产品受到市场的广 泛认可，客户覆盖耐世特、采埃孚等国内外知名转向、制动系统供应商。 针对公司远期发展，行动方案锚定了"全球 ...

宁波德昌电机股份有限公司 股东会议事规则 第一章 总 则 第一条 为维护宁波德昌电机股份有限公司（以下简称"公司"）股东合法权 益，明确股东会的职责权限，保证股东会依法行使职权，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》（以下简称"《证 券法》"）、《上市公司股东会规则》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》和《宁波德昌电机股份有限 公司章程》（以下简称"《公司章程》"）以及国家的相关法律、法规及规范性文 件的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关 规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公 司法》第一百一十三条和《公司章程》规定的应当召开临时股东会的情形 ...

宁波德昌电机股份有限公司 防范控股股东、实际控制人及其他关联方资金占用管理制度 第一章 总则 第一条 为防止控股股东、实际控制人及其他关联方占用宁波德昌电机股份 有限公司（以下简称"公司"）资金行为的发生，进一步维护公司全体股东和债 权人的合法权益，建立起公司防范控股股东、实际控制人及其他关联方占用公司 资金的长效机制，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等有关法律、行政法规、部门规章及规范性文件的要求以及《公司章程》 的有关规定，特制定本制度。 第二条 控股股东、实际控制人及其他关联方与公司发生的经营性资金往来 中，不得占用公司资金。 第三条 公司不得以下列方式将资金直接或间接地提供给控股股东、实际控 制人及其他关联方使用： （一）为控股股东、实际控制人及其他关联方垫支工资、福利、保险、广告 等费用、承担成本和其他支出； （二）有偿或者无偿地拆借公司的资金（含委托贷款）给控股股东、实际控 制人及其他关联方使用，但参股公司的其他股 ...

Core Points - 德昌股份 announced the results of its second board meeting on November 26, 2025, where it approved the nomination of candidates for the third board of directors [1] - The company nominated Huang Yuchang, Zhang Liying, and Huang Shi as non-independent directors, and Zhang Jianming, Zhao Yifen, and Yu Yaguai as independent directors [1] - The new board will also include one employee director elected by the employee representative assembly after approval by the shareholders' meeting [1]

宁波德昌电机股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范宁波德昌电机股份有限公司（以下简称"公司"）董事、高 级管理人员离职管理，保障公司治理稳定性及股东合法权益，根据《中华人民共 和国公司法》《上市公司章程指引》等法律法规、部门规章及规范性文件的要求 和《宁波德昌电机股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 结合公司实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞任、 任期届满、解任等离职情形。 （四）辞任董事存在不得被提名为公司董事的情形。 董事提出辞任的，公司应当在提出辞任之日起 60 日内完成补选，确保董事 会及其专门委员会构成符合法律法规和《公司章程》的规定。 - 1 - 第四条 担任法定代表人的董事辞任的，视为同时辞去法定代表人。法定代 表人辞任的，公司将在法定代表人辞任之日起 30 日内确定新的法定代表人。 第五条 董事任期届满未获连任的，自换届的股东会决议通过之日自动离职。 高级管理人员任期届满未获聘任的，自董事会决议之日自动离职。 第二章 离职情形与生效条件 第三条 董事可以在任期届满以前辞任。董事辞任应 ...