浙江天册律师事务所 关于 电话：0571-87901111 传真：0571-87901500 浙江双环传动机械股份有限公司 实施 2025 年员工持股计划的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 邮编 310007 关于浙江双环传动机械股份有限公司 法律意见书 浙江天册律师事务所 实施 2025 年员工持股计划的 法律意见书 编号：TCYJS2025H1217号 致：浙江双环传动机械股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江双环传动机械股份有限 公司（以下简称"双环传动"或"公司"）的委托，就双环传动实施 2025 年员 工持股计划（以下简称"本次员工持股计划"）有关事宜担任专项法律顾问，并 依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下简称 "中国证监会"）发布的《关于上市公司实施员工持股计划试点的指导意见》（以 下简称"《试点指导意见》"）、深圳证券交易所发布的《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作（2025 年修订）》等有关 法律 ...

当特斯拉 Optimus 机器人首次完成深蹲动作时，全球科技界看到了人形机器人商业化的曙光。然而，这个看 似简单的动作背后，隐藏着精密传动技术的巨大挑战，即关节减速器既要承受数倍于自身重量的载荷，又要保 持毫米级的运动精度。 在这一背景下，摆线减速器正从传统工业领域脱颖而出，成为人形机器人关节技术迭代的新方向。国信证券最 新研究报告指出，这种兼具高精度与高负载能力的新型减速器，有望在 2030 年创造超 140 亿元的人形机器 人市场空间，推动整个行业进入功能实现与商业化落地的关键阶段。 多齿啮合的力学奇迹是摆线减速器的核心竞争力。与传统齿轮传动通常只有 1-2 对齿同时啮合不同，摆线轮 与针轮的啮合齿数可达 60% 以上。这种多点接触结构使其能分散载荷，在相同体积下承载能力较谐波减速器 提升 300% 以上。科盟创新推出的 PEEK 轻量化摆线减速机，通过材料创新实现了 1.62kg 的重量下抗冲 击能力提升 200% ，完美适配人形机器人的高负载需求。 谐波减速器则走向另一个极端。由波发生器、柔轮和刚轮组成的弹性传动结构，能实现 0.1 弧分的超高精 度，非常适合小臂、腕部等轻负载关节。但其致命弱点在于柔 ...

Core Viewpoint - The announcement details the third exercise period of the stock option incentive plan for Zhejiang Shuanghuan Transmission Machinery Co., Ltd, highlighting the conditions for exercising options and the adjustments made to the plan [1][2][3]. Summary by Sections Stock Option Exercise Details - The third exercise period allows 370 incentive participants to exercise stock options from July 21, 2025, to May 22, 2026 [1]. - The total number of stock options available for exercise during this period is 672,300 shares, with a corresponding exercise ratio of approximately 30% [19]. Approval and Compliance - The self-exercise conditions have been approved by the Shenzhen Stock Exchange, and the company has completed the necessary registration with the China Securities Depository and Clearing Corporation [2]. - The company has followed all required approval procedures for the 2022 stock option incentive plan, including the review of related proposals by the board and supervisory committee [3][4]. Performance Assessment - The performance assessment for the third exercise period is based on the company's net profit target of no less than 950 million yuan for the year 2024, with the actual profit reported at approximately 1.038 billion yuan, resulting in a performance achievement rate of 109.26% [9][10]. - Out of the incentive participants, 368 achieved "excellent" or "good" performance ratings, allowing them to exercise their options at a 100% rate [10]. Adjustments and Cancellations - The stock option plan has undergone adjustments, including changes in the number of participants and the exercise price due to equity distributions, with the exercise price adjusted from 16.69 yuan to 16.57 yuan [6][12][15]. - A total of 218,040 stock options have been canceled due to participants leaving the company or not meeting performance conditions [18]. Impact on Company Structure - If all options are exercised, the company's total share capital will increase by 2,016,300 shares, with the new share structure remaining compliant with listing requirements [20][21]. - The exercise of options is not expected to significantly impact the company's earnings per share or return on equity [21].

证券代码：002472 证券简称：双环传动 公告编号：2025-047 浙江双环传动机械股份有限公司 关于2022年股票期权激励计划首次授予的股票期权第三个行权 期采用自主行权模式的提示性公告 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。 2、公司 2022 年股票期权激励计划（以下简称"本激励计划"）首次授予的 股票期权第三个行权期可行权的激励对象共计 370 人，可行权的股票期权数量为 2,016,300 份，行权价格为 16.347 元/份。 3、根据行权手续办理的实际情况，公司 2022 年股票期权激励计划首次授予 的股票期权第三个行权期实际可行权期限为 2025 年 7 月 21 日至 2026 年 5 月 22 日。 4、本次行权采用自主行权模式。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 浙江双环传动机械股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日召开第七届董事会第六次会议和第七届监事会第六次会议，审议通过了《关于 2022 年股票期权激励计划首次授予的股票期权第三个行权期行权条件成就的议 案》，具体内容 ...

Group 1 - The core index of the CSI 500 Consumer Discretionary Index is reported at 3880.00 points, with a recent increase of 2.84% over the past month and a slight decrease of 0.47% year-to-date [1][2] - The CSI 500 Consumer Discretionary Index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the CSI 500 Consumer Discretionary Index include Sichuan Changhong (6.97%), Ninebot (6.54%), Chuanfeng Power (4.85%), and others, indicating a diverse representation of companies [2] Group 2 - The market share of the CSI 500 Consumer Discretionary Index is primarily from the Shanghai Stock Exchange at 62.05%, while the Shenzhen Stock Exchange accounts for 37.95% [2] - The index's holdings are significantly concentrated in the passenger vehicles and parts sector (35.37%) and durable consumer goods (34.76%), highlighting the focus on these industries [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains reflective of market conditions [3]

Group 1 - Macquarie has consolidated its preferred stocks from Japan and other Asian regions into a single focus list, currently comprising 31 high-conviction, actionable investment targets [1][2] - The key drivers unique to each stock are critical for the selection of focus stocks, with the top three performers over the past month being Advantest, SK Hynix, and Hyundai Rotem [1] - The latest addition to the focus list is d'Alba from South Korea, which is expected to have a compound annual growth rate of 42% for its core product portfolio by 2028 [1][2] Group 2 - Macquarie's focus list reflects investment opportunities across 11 Asian countries and regions, showcasing a basket of high-conviction investment ideas derived from approximately 800 stocks covered by the firm [2] - The firm has removed several companies from the focus list, including Daifuku, Denso, Freee, MGM China, and others, due to changes in analyst coverage and relative conviction levels [2] - Macquarie believes that stocks on the focus list will generate significant absolute returns within a 6-12 month timeframe [2] Group 3 - The focus list includes notable stocks such as Xiaomi Corp, SK Hynix Inc, and d'Alba Global Co Ltd, among others, with a majority positioned as long [3][4]

Core Viewpoint - The company has launched a 2025 employee stock ownership plan aimed at enhancing talent retention and driving long-term growth through performance-based incentives [1][2]. Group 1: Employee Stock Ownership Plan - The employee stock ownership plan covers a wide range of participants, including directors (excluding independent directors), supervisors, senior management, middle management, and core employees, totaling up to 358 individuals, with 16.45% of shares allocated to directors and senior management [2]. - The plan has a duration of 36 months, with performance targets tied to both company-wide and individual performance metrics. The first 50% of shares can be unlocked after 12 months if the company's net profit reaches at least 1.3 billion RMB, with a tiered unlocking mechanism based on performance [2]. - The total amount of employee self-funded capital is capped at 163.99 million RMB, with a share price set at 15.78 RMB per share [1][2]. Group 2: Business Expansion and Market Position - The company has achieved a 40%-50% market share in the domestic new energy market for its drive gear products, with significant order growth attributed to its high-performance coaxial reducers [3]. - The company is accelerating the construction of its Hungary facility to cater to European market demands, aiming to enhance its influence and market share in Europe through localized production [3]. - The company is a leader in precision drive systems and is expanding its global footprint while developing intelligent drive mechanisms and robotic joint businesses, indicating strong long-term growth potential [5]. Group 3: Financial Projections - Revenue projections for 2025-2027 are estimated at 10.47 billion RMB, 12.47 billion RMB, and 14.96 billion RMB, respectively, with corresponding net profits of 1.30 billion RMB, 1.52 billion RMB, and 1.89 billion RMB [7]. - The expected growth rates for revenue are 19.2% in 2025, 19.1% in 2026, and 20.0% in 2027, while net profit growth rates are projected at 27.2%, 16.8%, and 24.4% for the same years [7]. - Earnings per share (EPS) are forecasted to be 1.54 RMB in 2025, 1.79 RMB in 2026, and 2.23 RMB in 2027, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 [7].

Core Insights - The report maintains an "Outperform" rating for the automotive sector, highlighting the expected boost in market sentiment due to a surge in new product launches and the upcoming earnings reports [1][5][12] - The automotive industry is transitioning towards a technology-driven era, with significant advancements in electrification, intelligence, and connectivity, which are expected to create new demand [12][13] - The report emphasizes the growth potential of domestic brands and the opportunities in incremental components driven by electric and intelligent trends [22][23] Sales Tracking - In June 2025, retail sales of passenger vehicles in China reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - Cumulative retail sales from January to June 2025 totaled 10.901 million units, reflecting a year-on-year growth of 10.8% [1] - The new energy vehicle market saw retail sales of 1.111 million units in June, marking a year-on-year increase of 29.7% and a cumulative total of 5.468 million units for the first half of the year, up 33.3% [1] Market Performance - In June, the CS automotive sector experienced a slight decline of 0.13%, with the CS passenger vehicle index down 2.34% [2] - Year-to-date, the automotive sector has risen by 28.88%, outperforming the Shanghai Composite Index by 14.17 percentage points [2] - The report notes a decrease in the inventory warning index for automotive dealers, indicating improved market conditions [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components, particularly in the context of the electric and intelligent vehicle trends [22][23] - Recommended companies include Leap Motor, JAC Motors, and Geely for vehicle manufacturing, and companies like Kobot, Huayang Group, and Junsheng Electronics for intelligent components [3][22] - The report highlights the potential of new entrants like Huawei and Xiaomi in the automotive sector, emphasizing their strong channel and software ecosystem capabilities [22][23] Company Earnings Forecasts - Leap Motor is projected to have an EPS of -0.05 in 2025, with a PE ratio of -1200, while Geely is expected to achieve an EPS of 1.36 with a PE of 12 [4] - JAC Motors is forecasted to have an EPS of 0.11 in 2025, with a PE of 380, indicating significant growth potential [4] - The report provides a detailed earnings forecast for several key companies, reflecting their expected performance in the evolving automotive landscape [4][30]

Group 1 - The company announced a 2025 employee stock ownership plan covering up to 358 individuals, including directors, supervisors, executives, and core employees, with a total of no more than 10.392177 million shares, representing 1.23% of the current total share capital [1][2] - The employee purchase price is set at 15.78 RMB per share, with total self-funded amounts not exceeding 163.9886 million RMB [1][2] - The plan aims to attract and retain talent, enhance operational efficiency, and drive performance growth through a tiered unlocking mechanism and dual assessment criteria [2] Group 2 - The company has achieved a domestic market share of 40%-50% in the new energy sector, with significant order increases for its coaxial reducers due to their core technological advantages [3] - By the end of 2024, the company has established a production capacity of 6.5 million sets of new energy vehicle drive gears [3] - The company is accelerating the construction of its Hungary base to meet European market demands and enhance its influence through localized production [3] Group 3 - The company is recognized as a leader in precision drive systems and is expanding globally while developing intelligent drive mechanisms and robotic joint businesses [4] - Revenue projections for 2025-2027 are 10.47 billion, 12.47 billion, and 14.96 billion RMB, with net profits of 1.3 billion, 1.52 billion, and 1.89 billion RMB respectively [4] - The expected earnings per share (EPS) for the same period are 1.54, 1.79, and 2.23 RMB, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 times [4]

证券代码：002472 证券简称：双环传动 公告编号：2025-046 浙江双环传动机械股份有限公司 关于公司为全资子公司提供担保的进展公告 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。 一、担保情况概述 浙江双环传动机械股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日 召开的第七届董事会第三次会议和 2025 年 5 月 16 日召开的 2024 年年度股东大 会，审议通过了《关于 2025 年度公司及子公司提供融资担保的议案》。根据整体 生产经营计划和资金需求情况，公司合并报表范围内的部分公司拟向金融机构、 融资租赁公司进行融资，为确保生产经营持续、健康发展，公司拟为部分全资子 公司、控股子公司提供不超过 43.10 亿元额度的融资担保；部分控股子公司与其 下属全资子公司之间互相提供不超过 1.40 亿元额度的融资担保，实际担保金额 以最终签订的担保合同为准。上述担保额度的有效期自 2024 年年度股东大会审 议通过之日起至 2025 年年度股东大会召开之日止。 以上担保事项具体内容详见公司于 2025 年 4 月 25 日、2025 ...