Company Overview - Jiadian Co., Ltd. is located in Jiamusi City, Heilongjiang Province, and was established on December 31, 1996. The company was listed on June 18, 1999. Its main business involves the manufacturing and maintenance of motors and shielded electric pumps, as well as the development and technical services of electric motors and explosion-proof electrical technology [1]. Financial Performance - For the first half of 2025, Jiadian Co., Ltd. achieved a revenue of 2.497 billion yuan, representing a year-on-year growth of 0.63%. However, the net profit attributable to the parent company was 132 million yuan, which reflects a year-on-year decrease of 24.50% [2]. Stock Performance - As of September 18, Jiadian Co., Ltd.'s stock price was 12.10 yuan per share, with a market capitalization of 8.409 billion yuan. The stock has increased by 8.24% year-to-date, with a 2.11% increase over the last five trading days, and a 11.52% increase over the last 60 days [1]. - The stock experienced a net outflow of 28.9363 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Information - As of September 10, the number of shareholders for Jiadian Co., Ltd. was 36,500, a decrease of 3.11% from the previous period. The average number of circulating shares per person increased by 3.20% to 16,104 shares [2]. - Since its A-share listing, Jiadian Co., Ltd. has distributed a total of 536 million yuan in dividends, with 269 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders of Jiadian Co., Ltd. [3].

Core Viewpoint - The report highlights the trends and projections for the AC motor industry in China, indicating a slight decline in production in 2025 while showing overall growth in the first seven months of the year [1]. Industry Summary - According to the National Bureau of Statistics, the production of AC motors in China is projected to be 29.21 million kilowatts in July 2025, representing a year-on-year decrease of 1.3% [1]. - From January to July 2025, the cumulative production of AC motors reached 200.457 million kilowatts, reflecting a cumulative growth of 2.5% [1]. - The report is part of a comprehensive market development and investment outlook for the AC motor industry in China from 2025 to 2031, published by Zhiyan Consulting [1]. Company Summary - Listed companies in the AC motor sector include Wolong Electric Drive (600580), Jiadian Co., Ltd. (000922), China Electric Motor (603988), Shanghai Electric (601727), and Dongfang Electric (600875) [1].

Group 1 - The core viewpoint of the news is that Jiadian Co., Ltd. has shown a positive stock performance with a 9.76% increase year-to-date and a 2.34% increase on September 17, reaching a stock price of 12.27 yuan per share [1] - As of September 10, the number of shareholders for Jiadian Co., Ltd. is 36,500, which is a decrease of 3.11% from the previous period, while the average circulating shares per person increased by 3.20% to 16,104 shares [2] - For the first half of 2025, Jiadian Co., Ltd. reported a revenue of 2.497 billion yuan, reflecting a year-on-year growth of 0.63%, but the net profit attributable to shareholders decreased by 24.50% to 132 million yuan [2] Group 2 - Jiadian Co., Ltd. has distributed a total of 536 million yuan in dividends since its A-share listing, with 269 million yuan distributed over the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders of Jiadian Co., Ltd. [3]

Core Viewpoint - The company, Jiadian Co., Ltd. (000922), has stated that it will fulfill its information disclosure obligations in a timely manner if there are any events that meet the disclosure standards [1] Group 1 - The company responded to investor inquiries on September 16 regarding its nuclear power products, characteristics, and competitive advantages [1] - Investors are encouraged to refer to the company's periodic reports for relevant information [1]

Group 1 - The company,佳电股份, has stated that there are currently no plans for a Hong Kong listing as of September 16 [1]

Market Performance - The electric motor sector increased by 4.25% compared to the previous trading day, with Kangping Technology leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Gainers in Electric Motor Sector - Kangping Technology (300907) closed at 39.98, up 16.36% with a trading volume of 108,200 shares and a transaction value of 409 million [1] - Jiangsu Changli (300660) closed at 66.19, up 14.16% with a trading volume of 454,900 shares and a transaction value of 2.673 billion [1] - Dayang Electric (002249) closed at 10.34, up 10.00% with a trading volume of 2.8172 million shares and a transaction value of 2.763 billion [1] Other Notable Performers - Mingzhi Electric (603728) closed at 78.15, up 6.05% with a trading volume of 125,500 shares and a transaction value of 1.935 billion [1] - Weiguang Co., Ltd. (002801) closed at 38.15, up 5.59% with a trading volume of 77,900 shares and a transaction value of 292 million [1] Market Capital Flow - The electric motor sector saw a net inflow of 18.2663 million from institutional investors, while retail investors contributed a net inflow of 26.9 million [2] - The sector experienced a net outflow of 287 million from speculative funds [2] Individual Stock Fund Flow - Dayang Electric (002249) had a net inflow of 35.2 million from institutional investors, while it faced a net outflow of 155 million from speculative funds [3] - Zhaowei Electromechanical (003021) recorded a net inflow of 22 million from institutional investors, with a net outflow of 75.8594 million from speculative funds [3] - Kangping Technology (300907) had a net inflow of 20.174 million from institutional investors, while it faced a net outflow of 13.4122 million from speculative funds [3]

Market Overview - The electric motor sector increased by 0.76% compared to the previous trading day, with Sanxie Electric leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Sanxie Electric (code: 920100) closed at 90.90, up 14.15% with a trading volume of 83,700 shares and a transaction value of 736 million [1] - Fangzheng Electric (code: 002196) closed at 10.33, up 10.01% with a trading volume of 644,800 shares and a transaction value of 647 million [1] - Jiangte Electric (code: 002176) closed at 10.24, up 4.07% with a trading volume of 1,859,800 shares and a transaction value of 1889 million [1] - Other notable performers include Ananda (code: 603350) up 3.36% and Mingzhi Electric (code: 603728) up 2.49% [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 1.8 billion from institutional investors, while retail investors saw a net inflow of 733 million [2] - Notable stocks with significant fund flows include Fangzheng Electric with a net inflow of 229 million from institutional investors, despite a net outflow of 101 million from speculative funds [3] - Jiangte Electric also saw a net inflow of 146 million from institutional investors, with a net outflow of 40.62 million from speculative funds [3]

（文章来源：证券日报） 证券日报网讯佳电股份9月15日在互动平台回答投资者提问时表示，截至2025年9月10日，公司股东总数 为36467户。 ...

Core Insights - The direct current micro special motor industry is experiencing steady growth in China, driven by increasing automation in manufacturing and expanding application fields [1][2][4] - In 2024, China's production of direct current micro special motors is projected to reach 15.5 billion units, with a demand of 13.5 billion units and a market size of 288.63 billion yuan, reflecting a slight increase from 2023 [1][2] - The industry is characterized by a competitive landscape involving multinational corporations, foreign enterprises, and domestic companies [5][6] Industry Definition and Classification - Direct current micro special motors are defined as motors with a diameter less than 160mm or a height not exceeding 90mm, with a rated power of less than 750W or having special performance and applications [2] - They are classified into permanent magnet DC motors and armature DC motors, and further into brushed and brushless DC motors [2] Current Development Status - The industry originated in developed countries like Germany and Switzerland, rapidly developed in Japan, and is now expanding in developing countries due to rising application demands [2][4] - The application fields have broadened from audio equipment and home appliances to include garden tools, medical devices, industrial automation, new energy vehicles, and robotics [1][2] Market Size and Projections - The market size for direct current micro special motors in China is expected to reach 296.42 billion yuan by 2025, with production and demand projected to grow to 16 billion units and 13.8 billion units, respectively [1][2] Industry Chain - The upstream of the industry includes raw materials such as copper, steel, enameled wire, and castings; the midstream involves R&D and manufacturing; and the downstream applications span consumer electronics, industrial automation, medical devices, and new energy sectors [4] Competitive Landscape - The global direct current micro special motor industry is highly concentrated, primarily dominated by companies from Europe, Japan, and China, with advanced technology still residing in developed nations [4][5] - Major global players include Nidec, Denso, Mitsuba, Minebea, Ziehl-Abegg, Ebm-Papst, Mabuchi, and Maxon Motor [4] Domestic Market Dynamics - Chinese companies in the direct current micro special motor sector include Wolong Electric, Dayang Electric, Innovera, Jiangsu Leili, Jinlong Electromechanical, and others [6] - Despite advancements in technology, domestic companies still face challenges in market competitiveness compared to international counterparts [5] Future Development Trends - The industry is adapting to national policies and economic conditions, focusing on strategic adjustments and optimization of industrial structure, manufacturing technology, production modes, and product performance [7]

Core Insights - The State Council has announced a work plan to promote stable growth in the electric power equipment industry, specifically focusing on the approval and construction of coastal nuclear power projects [1] - Nuclear power concept stocks have seen an average price increase of 35.11% year-to-date, with some stocks doubling in value [1] - Shanghai Electric has recorded the highest price increase among nuclear power stocks, with a year-to-date rise of 147.62% [1] Company Performance - The following nuclear power concept stocks have been highlighted for their performance and social security fund holdings: - Shun'an Environment (盾安环境): Total market value of 13.638 billion, year-to-date increase of 18.41%, social security fund holding of 4.26% [2] - Jiuli Special Materials (久立特材): Total market value of 22.709 billion, year-to-date increase of 3.27%, social security fund holding of 3.35% [2] - Jiadian Co., Ltd. (佳电股份): Total market value of 8.236 billion, year-to-date increase of 6.02%, social security fund holding of 3.30% [2] - Western Superconducting Technologies (西部超导): Total market value of 39.357 billion, year-to-date increase of 43.40%, social security fund holding of 3.17% [2] - Other notable stocks include Libat (利柏特), Yongxing Materials (永兴材料), Jiangsu Shentong (江苏神通), and Western Materials (西部材料) with varying performance metrics [2]