Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - In Q2 2025, the company's performance showed signs of recovery with a 12% year-on-year increase in net profit attributable to shareholders, despite a 7% decline in total revenue for the first half of the year [2][4] - The company is expected to benefit from the growth in deep-sea orders and the successful implementation of multi-directional forging projects, which will enhance its competitiveness in the oil and gas equipment sector [4] Financial Performance Summary - For the first half of 2025, total revenue was approximately 560 million yuan, showing a year-on-year stability, while net profit attributable to shareholders was 52 million yuan, down 7% year-on-year [2] - In Q2 2025, total revenue reached 290 million yuan, a 5.5% increase year-on-year, with net profit attributable to shareholders at 30 million yuan, reflecting a 12% year-on-year growth [2] - The gross profit margin for Q2 2025 improved to 21.4%, up 0.8 percentage points year-on-year, while the net profit margin increased to 10.5%, up 0.6 percentage points year-on-year [3] Future Outlook - The company anticipates continued revenue growth driven by the increasing trend of deep-sea orders, although the realization of these orders may take longer due to extended delivery times [4] - The completion of the precision manufacturing project for key components in oil and gas equipment is expected to enhance the company's market position and open up new growth opportunities in automotive and specialized industries [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 560 million RMB for H1 2025, a slight decrease of 0.04% year-on-year, with a net profit attributable to shareholders of 52 million RMB, down 7.2% year-on-year. However, Q2 2025 showed a revenue increase of 5.5% year-on-year, reaching 290 million RMB, and a net profit increase of 11.7% year-on-year, amounting to 30 million RMB [1] - The gross margin for H1 2025 was 20.2%, reflecting a year-on-year increase of 0.2 percentage points, indicating a gradual recovery in profitability. The gross margin for Q2 2025 was 21.4%, up 0.8 percentage points year-on-year and 2.5 percentage points quarter-on-quarter [2] - The offshore oil and gas exploration and development sector remains robust, driven by global energy security concerns, leading to increased demand for deepwater and ultra-deepwater projects. The company is expected to benefit from this industry recovery [3] - The company is extending its forging business chain by investing in heat treatment and precision processing, which enhances its core manufacturing capabilities and delivery efficiency [4] - The company’s long-prepared fundraising project, the 350MN multi-directional forging hydraulic press, has begun trial production, showing initial success and receiving certification from core customers [5] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are 150 million RMB, 245 million RMB, and 296 million RMB, respectively, with corresponding EPS of 0.77, 1.26, and 1.52 RMB. The report assigns a target price of 38.50 RMB for 2025, based on a 50 times PE ratio, reflecting a premium due to the company's leading technology and business expansion [6][8]

Group 1 - The board of directors of Nanjing Diwei High-end Manufacturing Co., Ltd. held its eighth meeting of the sixth session on August 27, 2025, with 7 directors present, confirming the legality and validity of the meeting [1] - The board approved the 2025 semi-annual report, ensuring that the report accurately reflects the company's financial status and operational results, with no violations of confidentiality during its preparation [2][3] - The board decided to abolish the supervisory board, transferring its powers to the audit committee, and to optimize the board structure to consist of 8 directors, including 3 independent directors and 1 employee representative [2][3] Group 2 - The board agreed to comprehensively revise the company's articles of association and authorized the chairman or designated personnel to handle related business registration and documentation [3] - The board approved the establishment, revision, and abolition of certain corporate governance systems to enhance internal governance mechanisms, with specific systems to be disclosed [4] - The board scheduled the 2025 first extraordinary general meeting of shareholders for September 16, 2025, to be conducted with both on-site and online voting [4]

证券代码：688377 证券简称：迪威尔 公告编号：2025-018 南京迪威尔高端制造股份有限公司 第六届监事会第七次会议决议公告 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、准确性和完整性依法承担法律责任。 （二）审议通过《关于取消监事会、调整董事会成员、修订 <公司章程> 并办理 工商变更登记的议案》 监事会认为：为符合对上市公司的规范要求，进一步完善公司治理，根据《公司 法》《关于新 <公司法> 配套制度规则实施相关过渡期安排》《上市公司章程指引》 《上海证券交易所科创板股票上市规则》等法律、法规、规范性文件的规定，监事会 同意对《公司章程》中的部分条款进行修订，将不再设置监事会与监事，监事会的职 权由董事会审计委员会行使，同时优化董事会成员结构，公司董事会由 8 名董事组成， 其中独立董事 3 名，职工代表董事 1 名。 监事会认为：根据《公司法》《关于新 <公司法> 配套制度规则实施相关过渡期 安排》《上市公司章程指引》《上海证券交易所科创板股票上市规则》及其他有关法 律、法规和规范性文件等相关规定，结合公司实际业务情况和治理要求，监事会同 ...

Group 1 - The company, Nanjing Diweier High-end Manufacturing Co., Ltd., is holding its first extraordinary general meeting of shareholders in 2025 on September 16, 2025 [1][3] - The meeting will be conducted using a combination of on-site and online voting methods, with specific instructions for shareholders on how to participate [1][2] - The agenda includes a proposal to cancel the supervisory board, adjust the board of directors, amend the company's articles of association, and handle business registration changes [1][3] Group 2 - Shareholders must be registered with China Securities Depository and Clearing Corporation Limited by the close of trading on September 9, 2025, to attend the meeting [4] - Voting will be available through the Shanghai Stock Exchange's online voting system, with specific time slots for participation [3][4] - The company has provided contact information for inquiries related to the meeting, including phone and email [4]

证券代码：688377 证券简称：迪威尔 公告编号：2025-017 南京迪威尔高端制造股份有限公司 关于取消监事会、调整董事会成员、修订《公司章程》及制定、 修订、废止部分公司治理制度的公告 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个别及连带责任。 1 南京迪威尔高端制造股份有限公司（以下称"公司"） 根据 2024 年 7 月 1 日起实施 的《中华人民共和国公司法（2023 年修订）》（以下简称"《公司法》"）及 2025 年 3 月 28 日起实施的《上市公司章程指引（2025 年修订）》等法律法规的相关规定，结合 公司实际情况，公司将不再设置监事会，取消监事设置，监事会的职权由董事会审计委 员会行使，《南京迪威尔高端制造股份有限公司监事会议事规则》等监事会相关制度相 应废止。同时为保证公司合规运作，此次拟优化董事会成员结构，公司董事会由 8 名董 事组成，其中独立董事 3 名，职工代表董事 1 名。2025 年 8 月 27 日，公司召开第六届 董事会第八次会议审议并通过了《关于取消监事会、调整董事会成员、修订<公司章程 ...

证券代码：688377 证券简称：迪威尔 公告编号：2025-020 南京迪威尔高端制造股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 16 日 14 点 00 分 召开地点：江苏省南京市江北新区迪西路 8 号 公司三楼 1 号会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 网络投票起止时间：自2025 年 9 月 16 日 至2025 年 9 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年9月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 ...

一、监事会会议召开情况 南京迪威尔高端制造股份有限公司（以下简称"公司"）第六届监事会第七次会 议于 2025 年 8 月 27 日以现场会议方式召开。本次会议的通知于 2025 年 8 月 18 日以 书面方式送达全体监事。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事 会主席何蓉主持。会议的召集和召开程序符合有关法律法规、规范性文件和公司章程 的规定，会议决议合法、有效。 证券代码：688377 证券简称：迪威尔 公告编号：2025-018 南京迪威尔高端制造股份有限公司 第六届监事会第七次会议决议公告 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、准确性和完整性依法承担法律责任。 表决情况：同意 3 票，反对 0 票，弃权 0 票，回避 0 票。 综上，监事会同意公司不再设置监事会，监事会的职权由董事会审计委员会行使， 同时优化董事会成员结构；并同意对《公司章程》进行修订并办理工商变更登记。 1 （二）审议通过《关于取消监事会、调整董事会成员、修订<公司章程>并办理 工商变更登记的议案》 1. 取消监事会、调整董事会成员 监事会认为： ...

证券代码：688377 证券简称：迪威尔 公告编号：2025-019 南京迪威尔高端制造股份有限公司 第六届董事会第八次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 南京迪威尔高端制造股份有限公司（以下简称"公司" ）第六届董事会第八次 会议于 2025 年 8 月 27 日以现场结合通讯的方式召开。依据《南京迪威尔高端制造 股份有限公司章程》（以下简称"《公司章程》"）等相关规定，公司于 2025 年 8 月 18 日以书面方式向全体董事发出召开本次会议的通知。本次会议应出席董事 7 人，实际出席董事 7 人。会议的召集和召开程序符合有关法律法规、规范性文件和 《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于〈公司 2025 年半年度报告〉及其摘要的议案》 公司 2025 年半年度报告的编制和审议程序符合相关法律法规和《公司章程》等 内部规章制度的规定，公允地反映了公司 2025 年半年度的财务状况和经营成果等事 项。半年度报告编制过程中，未发 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines key terms used in the report, including company names, reporting periods, subsidiaries, ultimate controlling parties, and oil and gas industry-specific terms, providing a foundation for understanding the report content - The Company or Develop refers to Nanjing Develop High-End Manufacturing Co., Ltd[11](index=11&type=chunk) - Reporting Period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - Specialized Parts refers to customized specialized parts for oil and gas equipment as required by oil and gas technical service companies[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Basic Company Information](index=6&type=section&id=I.%20Basic%20Company%20Information) This section outlines the basic information of Nanjing Develop High-End Manufacturing Co., Ltd., including its Chinese name, abbreviation, legal representative, registered and office addresses, company website, and email address - Company Chinese Name: Nanjing Develop High-End Manufacturing Co., Ltd., Abbreviation: Develop[14](index=14&type=chunk) - Legal Representative: Zhang Li[14](index=14&type=chunk) - Company Website: http://www.nj-develop.com[14](index=14&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the Company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, including names, addresses, phone numbers, fax numbers, and email addresses - Board Secretary: Li Yueling, Securities Affairs Representative: Wei Xiaowen[15](index=15&type=chunk) - Contact Phone: 025-68553220, Email: zqb@nj-develop.com[15](index=15&type=chunk) [III. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section explains the Company's information disclosure channels and document storage locations for its semi-annual report, ensuring investors can access relevant reports - Name of information disclosure newspaper selected by the Company: Shanghai Securities News (www.cnstock.com)[16](index=16&type=chunk) - Website address for the semi-annual report: http://www.sse.com.cn[16](index=16&type=chunk) - Location for the Company's semi-annual report: Securities Department, Develop Company, No. 8 Dixi Road, Jiangbei New Area, Nanjing[16](index=16&type=chunk) [IV. Brief Introduction to Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Company%20Shares%2FDepositary%20Receipts) This section briefly introduces the Company's stock information, confirming its listing as A-shares on the STAR Market of the Shanghai Stock Exchange - Share Type: A-shares[17](index=17&type=chunk) - Stock Exchange and Board of Listing: STAR Market of the Shanghai Stock Exchange[17](index=17&type=chunk) - Stock Code: 688377[17](index=17&type=chunk) [VI. Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the Company's operating revenue, total profit, net profit, and earnings per share all experienced slight declines, primarily due to weak demand in the traditional onshore wellhead market, increased competition, and delayed realization of deep-sea order benefits. The Company has implemented technical optimization and cost reduction measures to address challenges, with a significant increase in net cash flow from operating activities, mainly driven by strengthened accounts receivable collection management Key Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | Change (%) | | :------------------- | :------------------- | :------- | :-------------------------- | | Operating Revenue | 562,737,483.53 | 562,964,535.23 | -0.04 | | Total Profit | 56,534,072.43 | 66,384,663.09 | -14.84 | | Net Profit Attributable to Shareholders of the Listed Company | 51,525,960.04 | 55,507,717.89 | -7.17 | | Net Cash Flow from Operating Activities | 36,832,841.69 | -31,500,668.90 | N/A | Key Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change (%) | | :------------------- | :------------------- | :------- | :-------------------------- | | Basic Earnings Per Share (RMB/share) | 0.27 | 0.29 | -6.90 | | Diluted Earnings Per Share (RMB/share) | 0.26 | 0.28 | -7.14 | | Weighted Average Return on Net Assets (%) | 2.84 | 3.14 | Decrease of 0.3 percentage points | | R&D Expenditure as a Percentage of Operating Revenue (%) | 3.41 | 3.51 | Decrease of 0.1 percentage points | - Operating revenue, total profit, net profit, basic earnings per share, and diluted earnings per share all saw slight year-on-year declines, primarily due to weak demand in the traditional onshore wellhead market, increased competition, and delayed benefit realization from complex, long-cycle deep-sea orders[20](index=20&type=chunk) - Net cash flow from operating activities increased, mainly due to the Company strengthening accounts receivable collection management, leading to increased cash receipts[21](index=21&type=chunk) [VIII. Non-recurring Gains and Losses and Amounts](index=8&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the non-recurring gains and losses and their amounts for the reporting period, totaling **RMB 1,322,944.22**, primarily including gains/losses on disposal of non-current assets, government grants, and fair value changes of financial assets Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (RMB) | | :----------------- | :-------- | | Gains/Losses on disposal of non-current assets | 310,209.47 | | Government grants recognized in current profit/loss | 1,146,967.24 | | Gains/Losses from changes in fair value and disposal of financial assets | 48,688.62 | | Other non-operating income and expenses | -9.41 | | Less: Income tax impact | 182,911.70 | | Total | 1,322,944.22 | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Overview of the Company's Industry and Main Business During the Reporting Period](index=10&type=section&id=I.%20Overview%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) As a globally renowned supplier of specialized parts for oil and gas equipment, the Company focuses on R&D, production, and sales of parts for oil and gas production systems, well control devices, and unconventional oil and gas extraction. Operating on a "production-based-on-sales, procurement-based-on-production" model, the Company has established long-term partnerships with major international oil and gas technical service companies, filling domestic gaps in deep-sea oil and gas extraction subsea equipment manufacturing and holding a significant industry position. The oil and gas equipment manufacturing industry has high technical barriers, demanding product quality stability, technological accumulation, and talent development [(I) Main Business, Products, or Services](index=10&type=section&id=(I)%20Main%20Business%2C%20Products%2C%20or%20Services) The Company is a globally renowned supplier of specialized parts for oil and gas equipment, with main products including parts for oil and gas production systems, well control devices, and unconventional oil and gas extraction, widely used in major global oil and gas extraction areas. The Company has established long-term strategic partnerships with global major oil and gas technical service companies such as TechnipFMC, SLB, Baker Hughes, and Caterpillar, notably filling domestic gaps in products like deep-sea Christmas tree main valves - The Company's main products include specialized parts for oil and gas production systems, well control devices, and unconventional oil and gas extraction[27](index=27&type=chunk) - The Company has established long-term and stable strategic cooperative relationships with global major oil and gas technical service companies such as TechnipFMC, SLB, Baker Hughes, and Caterpillar[27](index=27&type=chunk) - The Company has filled domestic gaps in deep-sea oil and gas extraction subsea equipment manufacturing, specifically for products like deep-sea Christmas tree main valves[27](index=27&type=chunk) [(II) Main Business Model](index=10&type=section&id=(II)%20Main%20Business%20Model) The Company operates on a "production-based-on-sales, procurement-based-on-production" model, securing orders through negotiation or bidding and selling directly to oil and gas technical service companies. Products are characterized by small batches and multiple varieties, with key processes completed in-house and low-value-added segments outsourced. Raw material procurement is order-driven, with a small reserve of general-purpose materials and safety stock - The Company adopts a "production-based-on-sales, procurement-based-on-production" business model[28](index=28&type=chunk) - The sales model primarily involves obtaining orders through negotiation or bidding