浙江方正电机股份有限公司（以下简称"公司"）第八届董事会第二十八次 会议通知于 2025 年 10 月 22 日以邮件、传真或专人送达形式发出，会议于 2025 年 10 月 27 日以现场与通讯相结合的方式在方正电机会议室召开。会议应到董事 9 人，实到董事 9 人。本次会议的召开符合《公司法》及《公司章程》的规定， 会议决议合法有效。会议由董事长翁伟文先生主持，经与会董事充分讨论，表决 通过如下事项： 一、审议通过了《公司 2025 年第三季度报告的议案》 证券代码：002196 证券简称：方正电机 公告编号：2025-054 浙江方正电机股份有限公司 第八届董事会第二十八次会议决议公告 本公司及其全体董事、高级管理人员保证公告内容真实、准确和完 整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 表决结果：9 票同意，0 票弃权，0 票反对。 详见披露媒体《证券时报》、《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）《关于对外投资设立全资子公司的公告》（公告 号：2025-052）。 三、审议通过了《关于使用自有闲置资金开展委托理财业务的议案》 表决结果：9 票同 ...

浙江方正电机股份有限公司 2025 年第三季度报告 证券代码：002196 证券简称：方正电机 公告编号：2025-051 浙江方正电机股份有限公司 2025 年第三季度报告 3.第三季度财务会计报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 747,602,716.66 | 13.87% | 2,012,535,297.24 | 10.44% ...

Core Viewpoint - The stock of Fangzheng Electric has experienced a decline recently despite a significant increase in its price year-to-date, indicating potential volatility in the market [1][2]. Group 1: Stock Performance - As of October 23, Fangzheng Electric's stock price was 8.84 CNY per share, down 2.10% during the trading session [1]. - The stock has increased by 64.93% year-to-date but has seen a decline of 7.72% in the last five trading days and 14.59% over the past 20 days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) 10 times this year, with the most recent appearance on April 24 [1]. Group 2: Financial Performance - For the first half of 2025, Fangzheng Electric reported a revenue of 1.265 billion CNY, reflecting a year-on-year growth of 8.51% [2]. - The company recorded a net profit attributable to shareholders of -7.1962 million CNY, a decrease of 951.93% compared to the previous period [2]. Group 3: Shareholder Information - As of June 30, the number of shareholders for Fangzheng Electric was 73,500, a decrease of 1.24% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.44% to 6,644 shares [2]. Group 4: Business Overview - Fangzheng Electric, established on December 20, 2001, and listed on December 12, 2007, is based in Lishui, Zhejiang Province [1]. - The company's main business includes powertrain electronic control, research and development, production, and sales of micro-special motors [1]. - The revenue composition is as follows: 47.43% from drive motors and automotive electronics, 34.27% from intelligent controllers, 16.02% from micro-special motors, and 2.28% from other sources [1].

Group 1 - The core viewpoint of the news is that Fangzheng Electric has experienced significant stock price fluctuations and changes in shareholder structure, with a notable increase in stock price year-to-date but recent declines in the short term [1][2]. - As of October 22, Fangzheng Electric's stock price rose by 2.01% to 9.12 CNY per share, with a total market capitalization of 4.522 billion CNY [1]. - The company has seen a year-to-date stock price increase of 70.15%, but it has declined by 4.50% in the last five trading days and 14.04% in the last 20 days [1]. Group 2 - For the first half of 2025, Fangzheng Electric reported operating revenue of 1.265 billion CNY, representing a year-on-year growth of 8.51%, while the net profit attributable to shareholders was -7.1962 million CNY, a decrease of 951.93% compared to the previous period [2]. - The company has a total of 73,500 shareholders as of June 30, which is a decrease of 1.24% from the previous period, with an average of 6,644 circulating shares per shareholder, an increase of 1.44% [2]. - Since its A-share listing, Fangzheng Electric has distributed a total of 182 million CNY in dividends, with no dividends paid in the last three years [3].

Market Overview - The electric motor sector increased by 0.75% compared to the previous trading day, with Dayang Electric leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Dayang Electric (002249) closed at 11.48, rising by 2.96% with a trading volume of 2.67 million shares and a transaction value of 3.037 billion [1] - Other notable performers include: - Kaizhong Precision (002823) at 16.74, up 2.07% [1] - Bafang Electric (603489) at 24.88, up 1.97% [1] - Huayang Intelligent (301502) at 47.77, up 1.90% [1] - Kangping Technology (300907) at 33.04, up 1.63% [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 252 million from institutional investors, while retail investors saw a net inflow of 103 million [2] - Notable stock fund flows include: - Jiangte Electric (002176) with a net inflow of 26.04 million from institutional investors [3] - Huayi Shares (300626) with a net inflow of 24.04 million from institutional investors [3] - Zhaowei Electromechanical (003021) with a net inflow of 13.15 million from institutional investors [3]

Core Viewpoint - The rapid development of artificial intelligence and a complete supply chain is driving significant innovation in China's future industries, particularly in electric vehicles and humanoid robots, leading to a new pattern of industrial upgrading. Group 1: Company Overview - Fangzheng Electric (002196) has established competitive advantages across multiple fields and is actively expanding new growth curves, particularly in micro-special motors, controllers, and electric vehicle drive systems [1][2]. - The company has a leading position in the micro-special motor and controller market, with a global market share of approximately 75% in household sewing machine motors and has successfully entered the supply chains of major international clients in the electric tool motor business [2]. Group 2: Financial Performance - In the first half of 2025, Fangzheng Electric's micro-special motor business revenue grew by 9.11%, while overall profitability increased by 20.47% [2]. - The company's electric vehicle drive motor shipments reached 463,600 units in a single quarter, with a historical cumulative total exceeding 3.56 million units, covering over 40 popular vehicle models [3]. Group 3: Market Trends - The global electric tool market is projected to grow from $29.69 billion in 2025 to $40.95 billion by 2032, with a steady CAGR of 4.7% from 2025 to 2032 [1]. - The Chinese passenger car market for new energy vehicles is expected to exceed 23 million units by 2028, with a CAGR of 22.8% [3]. Group 4: Product Development - Fangzheng Electric's subsidiary, Shanghai Haineng Automotive Electronics, has developed a series of automotive engine control systems and is actively engaging in new product development, including controllers for hydrogen and methanol engines [4]. - The company is advancing its humanoid robot joint module development, with 18 patents filed and 9 authorized, indicating progress towards mass production [5]. Group 5: Industry Outlook - The electric tool, new energy vehicle, and humanoid robot sectors are all entering demand inflection points, positioning Fangzheng Electric at the intersection of "Made in China" and "Intelligent Manufacturing" [6]. - With global liquidity returning to a loose state and inventory cycles improving, Fangzheng Electric is expected to experience a resonance of traditional business recovery and explosive growth in emerging sectors [6].

Market Overview - On October 17, the state-owned enterprise reform sector fell by 1.6% compared to the previous trading day, with Fangzheng Electric leading the decline [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Top Gainers in State-Owned Enterprise Reform Sector - Shandong Molong (002490) saw a closing price of 6.78, with a gain of 10.06% and a trading volume of 1.048 million shares, totaling 684 million yuan [1] - Xingri Co., Ltd. (002083) closed at 5.60, up 10.02%, with a trading volume of 932,100 shares and a total transaction value of 508 million yuan [1] - Dongxin Peace (002017) closed at 26.36, gaining 10.02%, with a trading volume of 575,700 shares and a transaction value of 1.482 billion yuan [1] Top Losers in State-Owned Enterprise Reform Sector - Fangzheng Electric (002196) closed at 8.62, down 10.02%, with a trading volume of 532,300 shares and a transaction value of 468 million yuan [2] - Aerospace Chuangxin (600501) closed at 22.22, down 10.00%, with a trading volume of 240,500 shares and a transaction value of 554 million yuan [2] - Deep Technology (000021) closed at 27.40, down 9.99%, with a trading volume of 2.0161 million shares and a transaction value of 5.682 billion yuan [2] Capital Flow Analysis - The state-owned enterprise reform sector experienced a net outflow of 22.413 billion yuan from institutional investors, while retail investors saw a net inflow of 19.988 billion yuan [2] - Speculative funds had a net inflow of 2.425 billion yuan into the sector [2] Individual Stock Capital Flow - Dongxin Peace (002017) had a net inflow of 6.44 billion yuan from institutional investors, accounting for 43.47% of its trading volume [3] - Shandong Molong (002490) saw a net inflow of 2.42 billion yuan from institutional investors, representing 35.34% of its trading volume [3] - Xirui Co., Ltd. (002083) had a net inflow of 1.42 billion yuan from institutional investors, making up 28.05% of its trading volume [3]

Market Overview - The electric motor sector experienced a decline of 3.48% on the trading day, with the leading stock, Fangzheng Electric, falling significantly [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Fangzheng Electric (002196) saw a sharp decline of 10.02%, closing at 8.62, with a trading volume of 532,300 shares and a turnover of 468 million [2] - Other notable declines included: - Kaizhong Precision (002823) down 9.88% to 15.78 - Xiangdian Co. (600416) down 5.14% to 14.20 - Ocean Electric (002249) down 4.88% to 10.14 [2] Capital Flow - The electric motor sector experienced a net outflow of 575 million from institutional investors, while retail investors saw a net inflow of 488 million [2][3] - Notable capital flows included: - Wolong Electric (600580) with a net outflow of 44.56 million from institutional investors [3] - Zhongdian Electric (603988) with a net inflow of 44.30 million from institutional investors [3] Individual Stock Analysis - Dibei Electric (603320) closed at 21.29, with a slight increase of 1.57%, trading 108,700 shares for a turnover of 228 million [1] - Other stocks like Huayi Intelligent (301502) and Ananda (603350) also faced declines of 2.80% and 2.84%, respectively [1]

Core Viewpoint - Fangzheng Electric (002196.SZ) experienced a limit down, closing at 8.62 yuan, with a transaction volume of 430 million yuan and a market capitalization of 4.27 billion yuan [1] Shareholder Reduction Plans - Major shareholder Zhang Min plans to reduce holdings by no more than 14,876,157 shares, accounting for 3.00% of the total share capital [1] - Chairman Weng Weiwen intends to reduce holdings by no more than 1.8 million shares, representing 0.36% of the total share capital [1] - Senior management member Lu Meiling plans to reduce holdings by no more than 46,250 shares, which is 0.01% of the total share capital [1] Reduction Period - The reduction period is set to begin 15 trading days after the announcement and will last for three months [1]

Group 1 - Cangzhou Mingzhu's controlling shareholder is set to change to Guangzhou State-owned Assets Supervision and Administration Commission, acquiring 19.58% voting rights through the transfer of 167 million shares [1] - Guotou Fengle's application for a private placement of shares has been approved by the Shenzhen Stock Exchange, moving forward to the registration process with the China Securities Regulatory Commission [1] - Hunan Baiyin plans to adjust its share repurchase price ceiling to 8 CNY per share, with a total repurchase fund between 92.6 million and 123 million CNY [2] Group 2 - Zancore's shareholders plan to reduce their holdings by up to 2.71% of the company's total shares, amounting to 324,790 shares [3] - Tongfu Microelectronics intends to reduce its holdings by up to 1% of the total shares, equating to 15,176,000 shares [4] - Huajin Capital's shareholder plans to reduce holdings by up to 3% of the total shares, which is 10,341,200 shares [5] Group 3 - Ansheng Technology and partners are establishing a joint venture with a registered capital of 788 million CNY for a battery recycling project [6] - Huaten Technology plans to acquire 100% of Huayi Microelectronics through a combination of cash and stock issuance [7] - CICC has received approval to register a 10 billion CNY technology innovation corporate bond [9] Group 4 - Taijia shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 755,210 shares [10] - Nanfang Energy expects a net profit of 342 million CNY for the first three quarters, a year-on-year increase of 125.08% [12] - Shunbo Alloy's shareholders plan to reduce their holdings by up to 2.05% of the total shares, which is 1,372,900 shares [14] Group 5 - Shenzhen Energy is participating in the establishment of a 1 billion CNY renewable energy industry fund, focusing on investments in various energy sectors [15] - China Electric Port's shareholders plan to reduce their holdings by up to 1% of the total shares, which is 759,900 shares [16] - Liangpinpuzi's controlling shareholder's transfer of control has been terminated due to unmet conditions [17] Group 6 - Jingsheng Electromechanical's five executives plan to reduce their holdings by up to 277,620 shares, which is 0.21% of the total shares [19] - Shaoneng shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 31,444,100 shares [20] - Xiaoming shares' shareholders plan to reduce their holdings by up to 2.97% of the total shares, which is 557,030 shares [21] Group 7 - Fangzheng Electric's shareholders and executives plan to reduce their holdings by up to 3.37% of the total shares [22] - Hainan Huatie is under investigation by the CSRC for suspected information disclosure violations [23] - Qianli Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange [25]