Summary of the Conference Call for Weichuang Electric Industry Overview - The conference call primarily discusses the electric machinery and robotics industry, focusing on Weichuang Electric's performance and strategies in 2025. Key Points and Arguments 1. Overseas Market Growth - In Q1 2025, the overseas market grew by 28.74%, mainly in Asia and countries along the "Belt and Road" initiative. Europe is a key area for expansion, while North America is still in a testing phase. The annual overseas growth rate is expected to remain consistent with Q1 [2][4]. 2. Robotics Business Development - The focus of the robotics business is on the large-scale delivery of cup motors and key modules. There has been a significant increase in small batch orders and new entrants into the market, although the overall volume remains small. Integrated robots have begun mass deliveries, and elbow joints are also starting small batch shipments [2][6][10]. 3. Performance by Industry Segment - In Q1 2025, the machine tool industry saw a revenue increase of 40% year-on-year, while the textile industry experienced a decline of 15.74%. The report indicates that project delivery cycles and the impact of the Spring Festival affect the quarterly results, which may not fully reflect the annual performance [2][7]. 4. Q2 Growth Expectations - The overall growth rate for Q2 is expected to be around 20%, consistent with Q1 and last year. The OEM supporting industry shows stable trends, while the project-based market is significantly influenced by the annual order cycle. The shipbuilding industry is expected to grow rapidly, but actual implementation will depend on project operations [2][11]. 5. Revenue and Profitability Targets - The company aims for a revenue growth of approximately 20% in 2025, with a net profit margin of around 14%. The targets are based on cumulative net profits from 2024 and 2025, with 2023 as the baseline for assessment [5][22]. 6. Robotics Client Base and Revenue Projections - The primary clients for the robotics-related business are domestic. The expected revenue for 2025 is around 20 to 30 million, primarily from sample deliveries and small batch orders. The company is focusing on the commercial cleaning robot sector [2][13]. 7. New Product Development - The company plans to develop planetary joint modules and miniaturized applications for frameless motors, expanding the use of motors in robotics. These projects are expected to be completed within the year [5][15]. 8. Market Competition and Strategy - The domestic industrial automation market is highly competitive. The company aims to increase market share by expanding product lines and enhancing sales efforts to reach more customers. There is significant potential for growth in high-end import substitution [25]. 9. Supply Chain and Production Capacity - The company is experiencing small batch demand and is facing some delivery challenges. A new production line is expected to be operational soon, which will help increase delivery rates. The planned production capacity for 2025 is 20 to 30 million [18][19]. 10. Impact of Tariff Policies - Current U.S.-China tariff policies have minimal direct impact on the company, as North American operations are not yet substantial. The focus remains on Europe and traditional Belt and Road countries [23]. 11. Data Energy Solutions - Weichuang Electric is responsible for data energy solutions, particularly in backup power systems for data centers. The growth in this segment is reported to be strong in 2025 [27]. 12. Inventory Levels - The company's inventory levels among distributors are low, with domestic inventory typically not exceeding one month. Overseas clients maintain a stock level of about one to two months to manage long logistics cycles [28]. Additional Important Information - The company is also exploring the development of humanoid robots but currently focuses on providing core components for these systems rather than complete units [26].

证券代码：688698 证券简称：伟创电气 公告编号：2025-024 苏州伟创电气科技股份有限公司 关于股份回购进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/24 | | | --- | --- | --- | | 回购方案实施期限 | 2024/7/24 2025/7/23 | ~ | | 预计回购金额 | 2,000万元~4,000万元 | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 84.9390万股 | | | 累计已回购股数占总股本比例 | 0.4018% | | | 累计已回购金额 | 2,001.1832万元 | | | 实际回购价格区间 | 20.00元/股~35.83元/股 | | 一、 回购股份的基本情况 苏州伟创电气科技股份有限公司（以下简称公司）于 2024 年 7 月 23 日召开 了第二届董事会第二十七次会议 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company achieved a revenue of 390 million yuan in Q1 2025, representing a year-on-year increase of 18.16%, and a net profit attributable to the parent company of 60 million yuan, up 5.60% year-on-year [3]. - The company is focusing on the growth of its digital energy segment, which saw a significant year-on-year increase of 1216%, with revenue reaching 10.01 million yuan in Q1 2025 [4]. - The company is expected to benefit from a cyclical recovery and internal cost reduction, with projected revenues of 2.11 billion yuan, 2.52 billion yuan, and 3.01 billion yuan for 2025, 2026, and 2027 respectively [5]. Financial Performance - In Q1 2025, the company reported revenue from variable frequency drives of 230 million yuan (up 18% year-on-year) and servo systems revenue of 130 million yuan (up 10% year-on-year) [4]. - The company’s overseas revenue reached 99 million yuan in Q1 2025, a 29% increase year-on-year, while domestic revenue was 280 million yuan, up 15% year-on-year [4]. - The company’s R&D investment in Q1 2025 was 50 million yuan, reflecting a year-on-year increase of 7.8% [4]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 330 million yuan, 390 million yuan, and 480 million yuan respectively [5]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.55 yuan, 1.86 yuan, and 2.25 yuan respectively [7]. - The company is expected to maintain a price-to-earnings (P/E) ratio of 33, 27, and 22 for the years 2025, 2026, and 2027 respectively [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 met market expectations, with revenue of 387 million yuan, a year-on-year increase of 18.16%, and a net profit of 57 million yuan, up 5.60% year-on-year [8] - The company is strategically expanding its "robotics + digital energy" business, with significant growth in various segments, particularly in digital energy, which saw a revenue increase of 1216% year-on-year [8] - The report anticipates continued robust growth in both domestic and international markets, with expected revenue growth rates of over 20% for 2025 [8] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023: 1,305 million yuan - 2024: 1,640 million yuan (up 25.70% year-on-year) - 2025: 1,993 million yuan (up 21.48% year-on-year) - 2026: 2,403 million yuan (up 20.62% year-on-year) - 2027: 2,897 million yuan (up 20.56% year-on-year) [1][9] - Net profit projections are as follows: - 2023: 190.80 million yuan - 2024: 245.03 million yuan (up 28.42% year-on-year) - 2025: 306.21 million yuan (up 24.97% year-on-year) - 2026: 379.12 million yuan (up 23.81% year-on-year) - 2027: 459.08 million yuan (up 21.09% year-on-year) [1][9] - The company's earnings per share (EPS) are projected to be: - 2023: 0.90 yuan - 2024: 1.16 yuan - 2025: 1.45 yuan - 2026: 1.79 yuan - 2027: 2.17 yuan [1][9] Market Data Summary - The closing price of the company's stock is 48.18 yuan, with a market capitalization of approximately 10,184.06 million yuan [5] - The company has a price-to-earnings (P/E) ratio of 53.38 for 2023, which is expected to decrease to 22.18 by 2027 [1][9] - The company's net asset value per share is projected to increase from 10.20 yuan in 2023 to 15.35 yuan in 2027 [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 387 million RMB, representing a year-over-year increase of 18.16% but a quarter-over-quarter decrease of 19.88%. The net profit attributable to the parent company was 57 million RMB, up 5.60% year-over-year and up 63.85% quarter-over-quarter [1] - The company's industrial control business is steadily growing, with a focus on expanding applications in textiles and machine tools, as well as entering new industries such as shipping and ports. The humanoid robot business is also accelerating its layout, indicating potential for continued growth [1][2] Summary by Sections Revenue and Profitability - In Q1 2025, the company's industrial control product revenue was 232 million RMB for variable frequency drives (up 17.95% YoY) and 133 million RMB for servo and control systems (up 9.76% YoY). Digital energy product revenue surged to 10 million RMB, a remarkable increase of 1215.77% YoY [2] - The gross margin for Q1 2025 was 37.71%, down 2.39 percentage points year-over-year but up 1.85 percentage points quarter-over-quarter, primarily due to a higher proportion of lower-margin business from data centers and energy storage projects [3] Cost Management - The company's expense ratio for Q1 2025 was 22.64%, down 1.91 percentage points YoY and down 5.55 percentage points QoQ, reflecting effective cost control measures [3] Business Expansion - The company is expanding vertically in the textile and machine tool sectors, moving from single equipment to multi-link processes. It is also broadening its industry layout domestically and internationally, benefiting from energy-saving renovation trends and exploring new scenarios in the overseas market [4] - The company is investing in robot components such as hollow cup motors and rotary joints, and is establishing joint ventures to accelerate its robot business [4] Profit Forecast and Valuation - The company’s net profit forecast for 2025-2027 is 304 million RMB, 366 million RMB, and 437 million RMB, respectively, with corresponding EPS of 1.44 RMB, 1.73 RMB, and 2.07 RMB [5] - The target price is set at 72.00 RMB, based on a PE ratio of 50 times, which aligns with the industry average [5]

苏州伟创电气科技股份有限公司 审计委员会议事规则 第一章 总 则 第一条 为进一步规范苏州伟创电气科技股份有限公司（以下简称公司）审 计委员会的议事和决策程序，提高审计委员会的工作效率和科学决策的水平，保 证审计委员会工作的顺利开展，根据《中华人民共和国公司法》（以下简称《公 司法》）《上市公司治理准则》《苏州伟创电气科技股份有限公司章程》(以下简称 《公司章程》)及其他有关规定，制定本议事规则。 第二条 董事会审计委员会是董事会设立的专门工作机构，行使《公司法》 规定的监事会的职权，负责公司财务信息及其披露的审核、公司内外部审计工作 和内部控制的监督、评估。 1 务，其委员资格自其不再担任董事之时自动丧失。董事会应根据《公司章程》及 本规则增补新的委员。 第七条 《公司法》等法律法规和《公司章程》关于董事资格、义务的规定 适用于审计委员会委员。 第八条 审计委员会日常工作的联络、会议筹备、组织和决议落实等日常事 宜由董事会秘书负责协调。 第九条 公司审计工作人员在审计委员会的指导和监督下开展内部审计工作。 第三章 职责权限 第二章 人员组成 第三条 审计委员会成员由 3 名董事组成，其中独立董事 2 名，至 ...

苏州伟创电气科技股份有限公司 战略委员会议事规则 第一章 总则 第一条 为适应苏州伟创电气科技股份有限公司（以下简称公司）战略发展 需要，增强公司核心竞争力，提高董事会工作效率和科学决策能力，提高重大投 资决策的效益和决策的质量，根据《中华人民共和国公司法》（以下简称《公司 法》）、《上市公司治理准则》等法律法规规定及《苏州伟创电气科技股份有限 公司章程》（以下简称《公司章程》）的规定，制定本规则。 第二条 战略委员会是董事会下设的专业委员会，对公司长期发展战略和重 大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由三名董事组成，其中独立董事占三分之一以上。 第九条 战略委员会的主要职责权限： （一）对公司长期发展战略规划进行研究并提出建议； （二）对《公司章程》规定须经董事会批准的重大投资融资方案进行研究并 提出建议； （三）对《公司章程》规定须经董事会批准的重大资本运作，资产经营项目 进行研究并提出建议； 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）1名，负责主持委员会工作，由董 事会 ...

第二章 人员组成 第三条 提名委员会委员由三名董事组成，其中，独立董事二名。《公司法》 等法律法规和《公司章程》关于董事资格、义务的规定适用于提名委员会委员。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事 的三分之一提名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名，由独立董事委员担任， 负责主持委员会工作，由董事会提名表决通过。主任委员负责主持委员会工作， 主任委员不能履行职务时，由其指定一名其他委员代行其职责；主任委员既不能 履行职责，也不指定其他委员代行其职责时，由过半数委员共同推举一名委员代 履行职务，若不能形成推举的意见，则任何一名委员均可将有关情况及时向公司 董事会报告，由董事会指定一名委员代行提名委员会主任职责。 苏州伟创电气科技股份有限公司 提名委员会议事规则 第一章 总 则 第一条 为明确苏州伟创电气科技股份有限公司（以下简称公司）董事会 提名委员会（以下简称提名委员会）的职责，规范工作程序，根据《中华人民共 和国公司法》《上市公司独立董事管理办法》《苏州伟创电气科技股份有限公司章 程》（以下简称《公司章程》）及其他有关规定，结合公司实际情况，制定本议 ...

苏州伟创电气科技股份有限公司 薪酬与考核委员会议事规则 第一章 总 则 第一条 为进一步建立健全苏州伟创电气科技股份有限公司（以下简称公司） 董事及高级管理人员的考核和薪酬管理制度，完善公司治理结构，根据《中华人 民共和国公司法》（以下简称《公司法》）、《上市公司治理准则》《苏州伟创电 气科技股份有限公司章程》（以下简称《公司章程》）及其它有关规定，特设立董 事会薪酬与考核委员会，并制定本议事规则。 第二条 薪酬与考核委员会是董事会设立的专门工作机构，负责制定公司董 事及高级管理人员的考核标准并进行考核，制定、审查董事、高级管理人员的薪 酬决定机制、决策流程、支付与止付追索安排等薪酬政策与方案。 第三条 任何董事、高级管理人员不得自行厘定薪酬。独立董事薪酬由非独 立董事依据国内、国际同行业薪酬水平和参照人力资源公司提供的薪酬水平提出 方案，经薪酬与考核委员会审议后，提交董事会审议。 第四条 本规则所称董事是指在公司领取薪酬的董事（非独立董事、职工代 表董事），高级管理人员是指董事会聘任的经理、副经理、财务总监、董事会秘 书以及董事会认定的其他高级管理人员。 第二章 人员组成 第五条 薪酬与考核委员会成员由三名 ...

苏州伟创电气科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：688698 证券简称：伟创电气 公告编号：2025-023 投资者可于 2025 年 04 月 30 日（星期三）至 05 月 14 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zqb@veichi.com）进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 苏州伟创电气科技股份有限公司（以下简称公司）已于 2025 年 4 月 16 日、 2025 年 4 月 29 日发布公司 2024 年年度报告及 2025 年第一季度报告，为便于广 大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状 况，公司计划于 2025 年 05 月 15 日下午 16:00-17:0 ...