Group 1 - The core point of the news is that Diwei Er's stock price increased by 5.49% to 43.25 CNY per share, with a trading volume of 1.29 billion CNY and a turnover rate of 1.58%, resulting in a total market capitalization of 8.419 billion CNY [1] - Diwei Er, officially known as Nanjing Diwei Er High-end Manufacturing Co., Ltd., is located in Jiangbei New District, Nanjing, Jiangsu Province, and was established on August 19, 2009. The company was listed on July 8, 2020, and specializes in the research, development, production, and sales of oil and gas equipment components [1] Group 2 - From the perspective of major fund holdings, one fund under Shenwan Lixin holds a significant position in Diwei Er. Shenwan Lixin Letong Mixed A (013085) held 1.4491 million shares in the second quarter, unchanged from the previous period, accounting for 5.23% of the fund's net value, making it the sixth-largest holding [2] - The fund has a current scale of 599 million CNY and has achieved a return of 24.49% this year, ranking 3309 out of 8162 in its category. Over the past year, it has returned 23.97%, ranking 3186 out of 8024, while since its inception, it has experienced a loss of 19.9% [2] - The fund manager, Fu Juan, has a tenure of 13 years and 184 days, with total assets under management of 3.711 billion CNY. During her tenure, the best fund return was 172.37%, while the worst was -36.32% [2]

Summary of the Conference Call on Dewel Company and Multi-Axis Forging Technology Industry and Company Overview - The conference call focuses on Dewel Company and its advancements in multi-axis forging technology, which is a significant innovation in the forging industry [2][4][6]. Core Points and Arguments - **Multi-Axis Forging Technology**: This advanced forging process applies forces in multiple directions (X, Y, Z axes) simultaneously, allowing for more complex and precise shape control compared to traditional forging methods [3][9]. - **Cost and Time Efficiency**: The technology can save over 50% in material costs and reduce production cycles from hours to minutes, significantly enhancing production efficiency [2][10][12]. - **Market Potential**: The multi-axis forging market has vast potential, especially in high-end manufacturing sectors such as aerospace and automotive industries. Dewel aims to expand its market share by increasing R&D investment and enhancing international cooperation [2][7][18]. - **Development Stages**: The development of multi-axis forging technology is divided into three stages: basic research and experimental validation, industrial promotion, and widespread application and upgrading [8][19]. - **Historical Context**: The technology has evolved since 2011, overcoming economic viability issues that previously limited its application to high-value, high-demand standardized production [5][11][12]. Additional Important Insights - **Material Cost Reduction**: Dewel's technology allows for the use of standard stainless steel and special steel instead of high-value materials, leading to significant cost savings [4][13]. - **Global Demand for High-End Forgings**: There is a rapid increase in global demand for high-end forgings, with Dewel expecting to deliver orders by the end of 2025 and early 2026, indicating high market recognition and future growth potential [17][18]. - **Market Size and Segmentation**: The global valve market is approximately $90 billion, with forged components accounting for about $18 billion. Dewel's potential market in forged valves could reach $7 to $8 billion [20]. - **Strategic Partnerships**: Dewel's major clients include FMC and Schlumberger Cameron, which provide a stable order volume and support market expansion [21][22]. - **Impact of Multi-Axis Forging on the Industry**: The technology is expected to redefine industry standards by reducing costs and improving product quality, potentially replacing casting products in various applications [23][24]. Future Outlook - **Long-Term Growth Potential**: Dewel's investments in technology and market strategies position it well for future growth, with expectations of becoming a leading player in the forging industry [19][27]. - **Broad Application Potential**: Multi-axis forging technology is applicable in various fields, including deep-sea, oil and gas pipelines, power generation, aerospace, and nuclear power, indicating a broad horizontal expansion capability [25][26].

Investment Rating - The report maintains an "Overweight" rating for the industry and "Buy" for the specific company, Diwei [7][9]. Core Insights - The multi-directional forging market is expected to grow from $1.205 billion in 2024 to $1.576 billion by 2031, with a CAGR of 3.9% [2][41]. - Domestic companies, particularly Diwei, have surpassed international competitors in technology, with their 350MN multi-directional forging hydraulic press achieving superior performance metrics [2][5]. - The global forging market is projected to grow from $95.02 billion in 2024 to $199.69 billion by 2034, with a CAGR of 7.7%, and the Chinese market is expected to grow at a CAGR of 11.3% from 2025 to 2035 [3][34]. Summary by Sections Market Expansion - The demand from high-end manufacturing sectors such as aerospace, deep-sea equipment, and new energy is driving the global multi-directional forging market expansion [2][3]. - Multi-directional forging is widely used in high-performance applications, including aerospace landing gear and complex structural components, enhancing material utilization and product reliability [3][12]. Technical Barriers - Multi-directional forging faces significant barriers in equipment, processes, and materials, creating a strong competitive moat [4][12]. - The technology requires high-precision multi-cylinder synchronous control and complex mold design, which are challenging to achieve [4][12]. Domestic Technological Breakthroughs - The domestic multi-directional forging industry has made significant technological advancements since around 2010, with companies like Diwei leading the way [5][13]. - Diwei's 350MN hydraulic press has entered the global supply chain for top oil service companies, showcasing China's capabilities in high-end forging equipment [5][13]. Market Growth and Demand - The global forging market is expected to grow steadily, with multi-directional forging benefiting from the increasing demand for high-performance components [33][34]. - The multi-directional forging hydraulic press market is projected to grow from $1.205 billion in 2024 to $1.576 billion by 2031, driven by aerospace and automotive lightweighting needs [41][43]. Application and Performance - Multi-directional forging is recognized for its ability to produce complex parts in a single forming process, significantly improving material utilization rates to 70%-85% [11][31]. - The technology is particularly advantageous in high-stress applications, such as aerospace and nuclear power, where performance and reliability are critical [42][44].

Core Viewpoint - The stock price of Diwei Er has experienced significant fluctuations, with a year-to-date increase of 96.97% and a recent decline of 2.03% on October 9, 2023, indicating volatility in investor sentiment and market conditions [1][2]. Company Performance - Diwei Er's stock price as of October 9, 2023, is 37.70 CNY per share, with a total market capitalization of 7.339 billion CNY [1]. - The company reported a revenue of 563 million CNY for the first half of 2025, showing a slight year-on-year decrease of 0.04%, while the net profit attributable to shareholders was 51.526 million CNY, down 7.17% year-on-year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Diwei Er is 4,500, which represents a decrease of 20.98% from the previous period. The average number of circulating shares per shareholder increased by 26.56% to 43,259 shares [2]. - The company has distributed a total of 134 million CNY in dividends since its A-share listing, with 103 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include notable funds such as Nuoan Pioneer Mixed A and Nuoan Preferred Return Mixed A, with holdings of 8.7888 million shares and 3.8760 million shares, respectively, remaining unchanged from the previous period. Additionally, Fuguo Tianhui Growth Mixed A/B has entered as a new shareholder with 3.5477 million shares [3].

Core Viewpoint - The company announced the completion of a share reduction plan by its major shareholders, which included a total reduction of 1,598,500 shares, impacting the ownership structure but not affecting control or governance significantly [4][15]. Shareholder Reduction Details - Before the reduction, Nanjing Nandiweier Enterprise Management Consulting Co., Ltd. held 2,617,500 shares, accounting for 1.34% of the total share capital, while Mr. Zhang Hong held 6,100,000 shares, representing 3.13% [2]. - The share reduction occurred from September 1 to September 24, 2025, with Nandi Consulting reducing 598,500 shares (0.31%) and Mr. Zhang reducing 1,000,000 shares (0.51) [4][15]. - The shares involved in the reduction were all unrestricted circulating shares obtained prior to the company's initial public offering [3]. Impact on Shareholding Structure - Following the reduction, the combined shareholding of Nanjing Nandiweier and Mr. Zhang decreased from 38.38% to 37.56%, indicating a change that touched the 1% threshold [15]. - The reduction was part of a previously disclosed plan and did not trigger any mandatory tender offer or change in the company's controlling shareholder [15]. Upcoming Investor Communication - The company is scheduled to hold a half-year performance briefing on October 17, 2025, to discuss its operational results and financial status, allowing investors to engage and ask questions [7][8]. - Investors can submit questions from October 10 to October 16, 2025, prior to the briefing [11].

Core Points - The company Diweier announced a share reduction plan involving its employee shareholding platform, Nanjing Nandi Diweier Enterprise Management Consulting Co., Ltd, which held 2,617,500 shares, accounting for 1.34% of the total share capital [2] - Company director and senior executive Zhang Hong held 6,100,000 shares, representing 3.13% of the total share capital [2] - Nandi Consulting reduced its holdings by 598,500 shares, or 0.31% of the total share capital, between September 1 and September 22, 2025 [2] - Zhang Hong reduced his holdings by 1,000,000 shares, or 0.51% of the total share capital, between September 1 and September 24, 2025 [2] - The share reduction plan has been completed [2]

Core Points - The company, Diweier (688377.SH), has received a notice regarding a change in equity ownership from Nanjing Nandiweier Enterprise Management Consulting Co., Ltd. and Mr. Zhang Hong [1] - From September 1 to September 24, 2025, Nanjing Nandiweier and Mr. Zhang reduced their shareholding by 1,598,500 shares through centralized bidding [1] - Following this reduction, the combined shareholding of Nanjing Nandiweier, Mr. Zhang, and their concerted parties decreased from 38.38% to 37.56%, marking a change that touches the 1% threshold [1]

Core Points - The company, Diweier (688377.SH), has received a notice regarding a change in equity ownership from Nanjing Nandiweier Enterprise Management Consulting Co., Ltd. and Mr. Zhang Hong [1] - From September 1 to September 24, 2025, Nanjing Nandiweier and Mr. Zhang reduced their shareholding by 1,598,500 shares through centralized bidding [1] - Following this equity change, the combined shareholding of Nanjing Nandiweier, Mr. Zhang, and their concerted parties decreased from 38.38% to 37.56%, marking a change that touches the 1% threshold [1]

南京迪威尔高端制造股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 证券代码：688377 证券简称：迪威尔 公告编号：2025-023 3.一致行动人信息 南京南迪威尔企业管理咨询有限公司、张洪先生及其一致行动人保证向本公司提 供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 38.38% | | | | 权益变动后合计比例 | 38.00% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 | | √控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 ...

证券代码：688377 证券简称：迪威尔 公告编号：2025-024 南京迪威尔高端制造股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，南京南迪威尔企业管理咨询有限公司（以下简称"南 迪咨询"）持有南京迪威尔高端制造股份有限公司（以下简称"公司"）股份 2,617,500 股，占公司总股本的 1.34%；南迪咨询为公司员工持股平台，为公司 实际控制人控制的企业。公司董事、高级管理人员张洪先生持有公司股份 6,100,000 股，占公司总股本的 3.13%。 南迪咨询于 2025 年 9 月 1 日至 9 月 22 日通过集中竞价交易方式减持公司 598,500 股人民币普通股股份，占公司总股本的 0.31%；张洪先生于 2025 年 9 月 1 日至 9 月 24 日通过集中竞价交易方式（含盘后固定价格交易，下同）减持 公司 1,000,000 股人民币普通股股份，占公司总股本的 0.51%。本次减持计划实 施完毕。 | ...