Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 420 million yuan in Q1 2025, a decrease of 4.9% year-on-year, while the net profit attributable to the parent company was 80 million yuan, an increase of 4.3% year-on-year. The net profit excluding non-recurring items was also 80 million yuan, reflecting a year-on-year increase of 13.0% [2][4]. Summary by Sections Revenue Performance - The decline in revenue is primarily attributed to a decrease in the shipment volume of amorphous products, likely due to delivery scheduling issues [9]. Profitability - The gross margin for Q1 2025 was 29.97%, a slight decrease of 0.28 percentage points year-on-year. This is mainly due to the reduced shipment volume of amorphous products and minor changes in product mix, with overall changes being limited [9]. Expense Management - The total expense ratio for Q1 2025 was 9.77%, down by 0.87 percentage points year-on-year. All expense ratios showed a decline, indicating effective cost control. The sales expense ratio was 1.98%, down by 0.27 percentage points; the management expense ratio was 2.26%, down by 0.21 percentage points; the R&D expense ratio was 6.03%, down by 0.06 percentage points; and the financial expense ratio was -0.49%, down by 0.32 percentage points [9]. Inventory and Liabilities - As of the end of Q1 2025, the company's inventory reached 185 million yuan, an increase of 11.6% year-on-year and a significant increase of 46.9% compared to the previous quarter. This increase in inventory may correspond to a slight decline in revenue [9]. - The contract liabilities at the end of Q1 2025 were 18 million yuan, up 19.4% year-on-year and up 238.4% compared to the previous quarter. Accounts receivable stood at 746 million yuan, an increase of 5.4% year-on-year and 7.5% quarter-on-quarter [9]. Future Outlook - The company is expected to continue expanding its production capacity, with the penetration rate of distribution amorphous products likely to increase. The amorphous transformer is anticipated to see gradual volume growth, and the future application space for amorphous motors appears promising. The company is projected to achieve a net profit of 420 million yuan in 2025, corresponding to a PE ratio of approximately 27 times [9].

Summary of the Conference Call on Amorphous Motor Industry Industry Overview - **Emerging Field**: The amorphous motor industry is at a critical point of industrialization, nearing mass production [1] - **Material Revolution**: Amorphous alloys are set to replace traditional silicon steel sheets, representing a fundamental innovation in the century-old motor industry with vast application potential [1] - **Application Scenarios**: Short-term focus on electric drive systems for new energy vehicles (both range-extended and pure electric), with long-term expansion into home appliances, industrial motors, aircraft, and humanoid robots [1] Industry Progress - **Increased Attention**: The third Amorphous Motor Conference saw a rise in participants, including secondary market investors (from 1 last year to 4-5 this year), major manufacturers (GAC, BYD, NIO), silicon steel companies (concerned about replacement risks), and motor manufacturers (Bosch, Nidec, Wolong Electric) [2] - **Manufacturer Updates**: GAC Aion has implemented amorphous motors in the Haobo HL model (dual electric drive version) since May, showing a 40-60% reduction in iron loss under CLTC conditions, a 2% increase in energy efficiency, and an additional 50 km in range (saving 6-7 kWh, initial installation cost reduced by 2400-2800 yuan) [2] - **Market Penetration**: Plans to expand to A0 to C-class models with an expected penetration rate of 20-30% [2] Technical Breakthroughs and Challenges - **Performance Advantages**: Amorphous materials exhibit low iron loss and high magnetic permeability, making them suitable for high-frequency and high-speed applications, leading to significant efficiency improvements [4] - **Processing Bottlenecks**: The brittle nature of amorphous strips results in lower stamping yields (currently below that of silicon steel), but the industry remains optimistic about yield improvements with scale [4] Economic Analysis and Comparisons - **Cost Efficiency**: Each vehicle can save 2400-2800 yuan in initial installation costs (reduced battery usage), with ongoing reductions in energy consumption, making cost efficiency superior to silicon carbide replacing IGBT (amorphous reducing costs vs. silicon carbide increasing costs) [5] - **Replacement Potential**: With a 30% penetration rate in domestic amorphous transformers, the mid-term penetration rate in new energy vehicles is projected at 30% (9 million vehicles), with a single vehicle value of 1000 yuan, corresponding to a 9 billion yuan market [5] Key Company Recommendations 1. **Yunlu Co., Ltd. (Core Target)** - **Core Advantages**: Leading global producer of amorphous strips with nearly 50% market share in transformers, excellent cost control (gross/net profit margins at 20%) [5] - **Capacity Expansion**: Steady capacity expansion with a projected revenue of 450 million yuan in 2024 (up 25% year-on-year), current PE ratio around 25 times [5] - **Long-term Potential**: With a 30% penetration rate in the domestic new energy vehicle market, corresponding annual revenue could reach 9 billion yuan, assuming a 10% net profit margin leading to a profit of 900 million yuan, with Yunlu's market share at 50% resulting in a profit of 450 million yuan [5] 2. **Antai Technology** - **Industry Position**: One of the traditional three giants in amorphous strip production (alongside Yunlu and Hitachi Metals), focusing on technological breakthroughs and expansion into automotive clients [5] Market Size and Horizontal Expansion - **New Energy Vehicles**: Current demand for approximately 100,000 motors (with expected shipments of nearly 10,000 units in 2024), indicating a potential explosive growth in the industry [6] - **Horizontal Applications**: Potential applications in humanoid robots (e.g., Tesla's Optimus using amorphous axial flux motors for high power density scenarios), aircraft (eVTOLs sensitive to energy efficiency), and significant replacement potential in home appliances and industrial motors in the future [7]

Summary of Conference Call Notes Industry Overview - The conference focuses on the emerging field of **amorphous motors**, which is nearing the industrialization threshold and approaching mass production [3] - Amorphous alloys are set to replace traditional silicon steel sheets, representing a fundamental innovation in the century-old motor industry with vast application potential [3] - Short-term applications are concentrated on **new energy vehicle (NEV) electric drive systems** (both range-extended and pure electric), with long-term expansion into home appliances, industrial motors, aircraft, and humanoid robots [3] Key Company Recommendations 1. **Yunlu Co., Ltd. (Core Target)** - **Industry Positioning and Prospects**: The amorphous motor sector is at a critical juncture, with significant attention from various stakeholders including secondary market investors and major manufacturers [3] - **Industry Progress**: - Increased participation in the third Amorphous Motor Conference, with attendance rising from 1 to 4-5 secondary market investors [3] - Major manufacturers like GAC, BYD, and NIO are actively involved, with GAC Aion already implementing amorphous motors in their HL model, achieving a 40-60% reduction in iron loss and a 2% increase in energy efficiency, leading to an additional 50 km range [3] - **Technical Breakthroughs and Challenges**: - Amorphous materials exhibit low iron loss and high magnetic permeability, making them suitable for high-frequency and high-speed applications [3] - Current processing bottlenecks due to the brittle nature of amorphous strips, but optimism exists for improved yield rates with scale [3] - **Economic Viability and Comparisons**: - Cost savings of 2400-2800 yuan per vehicle due to reduced battery usage, with a projected market size of 9 billion yuan based on a 30% penetration rate in NEVs [3] - Yunlu holds a nearly 50% market share in the transformer sector, with strong cost control reflected in gross and net margins of 20% [3] - Expected revenue of 450 million yuan in 2024, representing a 25% year-on-year increase, with a current PE ratio of approximately 25 [3] - **Long-term Potential**: - With a 30% penetration rate in the domestic NEV market, potential annual revenue could reach 9 billion yuan, translating to a profit of 450 million yuan if Yunlu captures 50% market share [3] 2. **Antai Technology** - Recognized as one of the traditional leaders in amorphous strip production, focusing on technological breakthroughs and expanding automotive client base [3] Market Size and Horizontal Expansion - Current demand for electric motors in the NEV sector is approximately **100,000 units**, with expected shipments of nearly **10,000 units** in 2024, indicating a potential demand explosion [5] - **Horizontal Applications**: - Humanoid robots, such as Tesla's Optimus, utilize amorphous axial flux motors for high power density scenarios [5] - eVTOL aircraft, which are sensitive to energy efficiency, represent a potential new market [5] - Home appliances and industrial motors have significant future replacement potential [5] - **Short-term Challenges**: Yield improvement progress, validation cycles from major manufacturers, and technological competition from silicon steel manufacturers [5] - **Long-term Trends**: The acceleration of "energy efficiency competition" in the NEV sector is expected to drive technological iterations, with amorphous materials likely to penetrate all motor applications, smoothly replacing silicon steel sheets [5] Risks and Outlook - The amorphous motor industry is on the brink of an explosion, with technological breakthroughs and endorsements from major manufacturers catalyzing the industrialization process [4] - Yunlu Co., Ltd. is identified as the top pick, with industry validation and volume growth being key tracking points, and a long-term potential for market capitalization to double or more [4]

证券代码：688190 证券简称：云路股份 公告编号：2025-028 青岛云路先进材料技术股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号（名称：全景财经），或下载全景路 演 APP 参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。 届时公司董事长兼总经理李晓雨先生，财务总监兼董事会秘书石岩女士，独立董 事王春芳先生（如有特殊情况，参会人员可能进行调整）将以在线交流形式就公 司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资者关注 的问题与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 青岛云路先进材料技术股份有限公司 2025 年 5 月 7 日 1 为进一步加强与投资者的互动交流，构建和谐投资者关系，青岛云路先进材 料技术股份有限公司（以下简称"公司"） ...

Core Viewpoint - Yunlu Co., Ltd. (688190) reported a decline in total operating revenue for Q1 2025, while net profit showed a slight increase, indicating mixed financial performance [2][4]. Financial Performance - Total operating revenue for Q1 2025 was 421.06 million yuan, a decrease of 4.87% year-on-year [2][4]. - Net profit attributable to shareholders was 78.91 million yuan, an increase of 4.34% year-on-year [2][4]. - Deducted non-recurring profit and loss net profit was 77.45 million yuan, up 13.05% year-on-year [2][4]. - Basic earnings per share were 0.66 yuan, compared to 0.63 yuan in the same period last year [2][4]. - The weighted average return on equity was 3.10%, down 0.16 percentage points year-on-year [21]. Cash Flow and Assets - Net cash flow from operating activities was -116.89 million yuan, a decrease of 130 million yuan year-on-year [25]. - Total assets at the end of Q1 2025 were approximately 3.25 billion yuan, an increase from the previous year [4][33]. - Significant changes in assets included a 69.82% decrease in other non-current assets and an 88.22% increase in receivables financing [33][36]. Shareholder Structure - As of the end of Q1 2025, the top ten shareholders included a new shareholder, Ruizhong Life Insurance Co., Ltd., replacing a previous fund [43][44]. - The largest shareholder, China Aviation Power Asset Management Co., Ltd., held 28.5% of the shares, unchanged from the previous period [44]. Valuation Metrics - As of April 29, 2025, the price-to-earnings (P/E) ratio was approximately 30.06 times, the price-to-book (P/B) ratio was about 4.24 times, and the price-to-sales (P/S) ratio was around 5.83 times [4].

证券代码：688190 证券简称：云路股份 公告编号：2025-027 青岛云路先进材料技术股份有限公司 第三届监事会第三次会议决议公告 本公司及监事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届监事会第 三次会议于 2025 年 4 月 29 日上午 11 点在公司会议室以现场方式结合通讯方式 召开。本次会议应到监事 3 名，实到监事 3 名。会议由监事会主席张强主持。本 次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 一、审议通过《关于公司 2025 年第一季度报告的议案》 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规 及《公司章程》等内部规章制度的规定，公允地反映了公司 2025 年第一季度的 财务状况和经营成果等事项，信息真实、准确、完整，不存在任何虚假记载、误 导性陈述或重大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权。 具 ...

特此公告。 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届董事会第 三次会议于 2025 年 4 月 29 日上午 10 点在公司会议室以现场方式结合通讯方式 召开。本次会议应到董事 11 名，实到董事 11 名。会议由董事长李晓雨主持。本 次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 一、审议通过《关于公司 2025 年第一季度报告的议案》 公司 2025 年第一季度报告的编制和审议程序符合法律、法规及《公司章程》 等内部规章制度的规定，公允地反映了公司 2025 年第一季度的财务状况和经营 成果等事项，董事会全体成员保证公司 2025 年第一季度报告披露的信息真实、 准确、完整，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：11 票同意，0 票反对，0 票弃权。 本议案已经第三届董事会审计委员会 2025 年第二次会议审议通过。 具体内容详见同 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥421,060,236.88, a decrease of 4.87% compared to ¥442,628,552.95 in the same period last year[3]. - Net profit attributable to shareholders was ¥78,909,141.97, representing a year-on-year increase of 4.34% from ¥75,627,498.03[3]. - The net profit after deducting non-recurring gains and losses was ¥77,447,440.66, up 13.05% from ¥68,509,630.24 in the previous year[3]. - Total operating revenue for Q1 2025 was CNY 421,060,236.88, a decrease of 4.8% compared to CNY 442,628,552.95 in Q1 2024[15]. - Net profit for Q1 2025 reached CNY 78,909,141.97, an increase of 4.8% from CNY 75,627,498.03 in Q1 2024[17]. - Basic and diluted earnings per share for Q1 2025 were both CNY 0.66, up from CNY 0.63 in Q1 2024[17]. Cash Flow - The net cash flow from operating activities was -¥116,887,365.56, a significant decline compared to ¥13,448,975.41 in the same period last year, reflecting a decrease of 969.12%[3][6]. - Cash flow from operating activities for Q1 2025 was negative at CNY -116,887,365.56, compared to a positive CNY 13,448,975.41 in Q1 2024[19]. - Net cash flow from financing activities was -1,629,444.08 in the current period compared to -1,856,187.39 in the previous period, indicating a decrease of approximately 12.2%[21]. - The net increase in cash and cash equivalents was -56,738,864.53, compared to -11,657,000.52 in the previous period, showing a significant decline[21]. - The ending balance of cash and cash equivalents was 50,957,030.95, down from 71,114,763.69, reflecting a decrease of approximately 28.4%[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,246,208,375.48, an increase of 3.34% from ¥3,141,392,073.85 at the end of the previous year[4]. - The total liabilities increased to RMB 519,339,351.66 from RMB 492,610,396.38, which is an increase of about 5.4%[13]. - Total liabilities as of the latest reporting period were CNY 661,757,926.66, an increase from CNY 636,294,595.31[14]. - Total equity attributable to shareholders was CNY 2,584,450,448.82, up from CNY 2,505,097,478.54[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 5,591[7]. - The top two shareholders held a combined 49.32% of the company's shares, with China Aviation Engine Asset Management Co., Ltd. holding 28.5% and Li Xiaoyu holding 20.82%[8]. Research and Development - R&D investment totaled ¥25,377,921.85, accounting for 6.03% of operating revenue, down from 6.09% in the previous year[4]. Other Financial Metrics - The weighted average return on net assets was 3.10%, a decrease of 0.16 percentage points compared to the previous year[3]. - The company received government subsidies amounting to ¥1,870,478.06, which are expected to have a continuous impact on profits[5]. - The cash and cash equivalents decreased to RMB 61,589,743.10 from RMB 120,506,809.77, representing a decline of about 48.9%[12]. - The accounts receivable increased to RMB 585,401,927.64 from RMB 557,875,398.03, showing an increase of approximately 4.9%[12]. - The inventory rose significantly to RMB 184,745,776.71 from RMB 125,768,034.70, indicating an increase of around 46.9%[12]. - The total non-current assets decreased to RMB 960,857,403.18 from RMB 1,546,834,887.90, reflecting a decline of approximately 37.9%[13]. - The accounts payable rose to RMB 165,870,093.66 from RMB 150,274,759.61, indicating an increase of approximately 10.4%[13]. - The company reported a significant increase in prepayments, which decreased to RMB 133,074,228.32 from RMB 142,834,379.60, a decline of about 6.0%[12]. - The impact of exchange rate changes on cash and cash equivalents was 2,706,679.87, up from 1,223,910.71, representing an increase of approximately 121.5%[21].

证券代码：688190 证券简称：云路股份 公告编号：2025-025 青岛云路先进材料技术股份有限公司 2024 年年度股东大会决议公告 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 56 | | --- | --- | | 普通股股东人数 | 56 | | 2、出席会议的股东所持有的表决权数量 | 88,340,170 | | 普通股股东所持有表决权数量 | 88,340,170 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 73.6168 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 73.6168 | | （%） | | （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，公司董事长李晓雨先生主持现场会议，表决方 式为现场投票与网络投票相结合的方式。会议的召集、召开和表决方式符合《中 华人民共和国公司法》（以下简称"《公司法》"）、《上海 ...

北京德和衡律师事务所 关于青岛云路先进材料技术股份有限公司 2024年年度股东大会的 法律意见书 德和衡证见意见（2025）第41号 中国·北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 电话： (+86 10) 8540 7666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于青岛云路先进材料技术股份有限公司 2024年年度股东大会的 法律意见书 德和衡证见意见（2025）第41号 本法律意见书仅就本次股东大会的召集和召开程序、会议召集人和出席会议人员的资格、 会议表决程序和表决结果的合法有效性等发表意见，并不对本次股东大会所审议的议案内容和 该等议案中所表述的事实或数据的真实性和准确性发表意见。 本所及经办律师依据《律师事务所从事证券法律业务管理办法》等规定及本法律意见书出 具日以前已经发生或存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进 行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意 见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供贵公司为本次股东大会之目 ...