证券代码：002472 证券简称：双环传动 公告编号：2025-032 浙江双环传动机械股份有限公司 关于公司为控股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 ...

证券代码：002472 证券简称：双环传动 公告编号：2025-031 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 ...

Core Viewpoint - The legal opinion letter from Zhejiang Tian Ce Law Firm confirms the legality and validity of the procedures, qualifications of attendees, and voting results for the 2024 annual general meeting of Zhejiang Shuanghuan Transmission Machinery Co., Ltd. [1][12] Group 1: Meeting Procedures - The annual general meeting was proposed and convened by the board of directors, with the notice published on April 25, 2025 [2][5] - The meeting utilized a combination of on-site and online voting methods, with specific time slots for online voting on May 16, 2025 [3][5] Group 2: Attendee Qualifications - Attendees included all registered ordinary shareholders, with the ability to appoint proxies who do not need to be shareholders [5][6] - A total of 27 shareholders attended the meeting in person, holding 198,308,550 shares, which is 23.6862% of the total voting shares [6] - Additionally, 319 shareholders participated via online voting, representing 131,538,113 shares, or 15.7111% of the total voting shares [6] Group 3: Voting Procedures and Results - The voting process adhered to legal and regulatory requirements, with results announced immediately after voting [8][12] - The voting results showed overwhelming support for the proposals, with the majority of votes in favor exceeding 99.9% for several resolutions [8][9][11] - The meeting did not address any matters not listed in the notice [12]

证券代码：002472 证券简称：双环传动 公告编号：2025-030 浙江双环传动机械股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成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。 重要提示 1、本次股东大会以现场投票与网络投票相结合的方式召开； 2、本次股东大会无变更、否决议案的情况。 一、会议召开和出席情况 1、会议召集人：公司董事会 2、会议召开时间： 现场会议时间：2025年5月16日下午14:00 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 16 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00； （2）通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 5 月 16 日 9:15-15:00 期间的任意时间。 3、会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 4、股权登记日：2025 年 5 月 8 日 5、现场会议地点：浙江省杭州市余杭区五常街道荆长大道658-1号2幢和合 大厦公司会议室 6、会议主持人：董事长吴长 ...

浙江天册律师事务所 关于 浙江双环传动机械股份有限公司 2024 年年度股东大会的 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 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 浙江双环传动机械股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0673 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，指派本所律师参加公司 2024 年年度股 东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人 民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规则（2025 年 修订）》（以下简称"《股东会规则》"）等法律、法规和有关规范性文件，以及《浙 江双环传动机械股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出 具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发 ...

Summary of Key Points Core Viewpoint - Zhejiang Shuanghuan Transmission Machinery Co., Ltd. announced that shareholders Li Shaoguang and Li Yu have completed their plan to reduce their holdings, which involved selling up to 8,000,000 shares, accounting for approximately 0.94% of the company's total share capital [1]. Shareholder Reduction Details - Li Shaoguang sold 4,696,822 shares at an average price of 39.950 yuan per share, representing 0.554% of the total share capital [2]. - Li Yu sold 1,994,156 shares at an average price of 37.697 yuan per share, representing 0.235% of the total share capital [2]. - The total shares reduced by both shareholders amounted to 6,690,978 shares, which is 0.789% of the total share capital [2]. Shareholding Status Before and After Reduction - Before the reduction, Li Shaoguang held 40,605,399 shares (4.790% of total capital), and after the reduction, he holds 35,908,577 shares (4.236% of total capital) [2]. - Before the reduction, Li Yu held 8,314,262 shares (0.981% of total capital), and after the reduction, he holds 6,320,106 shares (0.746% of total capital) [2]. - The combined total shareholding of both shareholders decreased from 48,919,661 shares (5.771% of total capital) to 42,228,683 shares (4.982% of total capital) [2]. Regulatory Compliance - The reduction plan complies with relevant regulations, including the "Management Measures for the Acquisition of Listed Companies" and the "Shenzhen Stock Exchange Listing Rules" [3]. - The implementation of the reduction plan will not lead to a change in the company's control or affect its governance structure and ongoing operations [3].

证券代码：002472 证券简称：双环传动 公告编号：2025-029 浙江双环传动机械股份有限公司 关于股东股份减持计划实施完成的公告 股东李绍光先生、李瑜先生保证向本公司提供的信息内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 （二）股东本次减持前后持股情况 | 股东 | | 本次减持前持有股份 | | | 本次减持后持有股份 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 股份性质 | 股数（股） | 占公司 | 占剔除回 | 股数（股） | 占公司 | 占剔除回 | | | | | 目前总 | 购专用账 | | 目前总 | 购专用账 | | | | | 股本比 | 户中股份 | | 股本比 | 户中股份 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 例 | 数量后公 | | 例 | 数量后公 | | | | | | 司总股本 | | | 司总股本 | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved expected performance with 2024 revenue of 8.781 billion yuan, a year-on-year increase of 8.76%, and a net profit attributable to shareholders of 1.024 billion yuan, up 25.42% year-on-year [1]. - The North American market has turned profitable, and the new energy gear segment continues to grow significantly, while the smart actuator business is entering a phase of realization [1][2][3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 8.781 billion yuan, a year-on-year increase of 8.76%, and a net profit of 1.024 billion yuan, up 25.42% year-on-year. The first quarter of 2025 saw revenue of 2.065 billion yuan, a slight decrease of 0.47% year-on-year, but net profit increased by 24.70% year-on-year to 276 million yuan [1][4]. New Energy Gear Business - The new energy gear business generated revenue of 3.370 billion yuan in 2024, representing a growth of 51.21% year-on-year, accounting for 38.38% of total revenue. The growth is expected to continue due to increasing sales of B-class and above vehicles and the demand for high-precision gear products [2]. Smart Actuator Business - The smart actuator segment achieved revenue of 642 million yuan in 2024, a year-on-year increase of 69.45%, with a gross margin improvement to 18.96%. The company is focusing on high-value products such as electric tailgates and smart locks, benefiting from the trend of increasing smart technology penetration [3]. Profit Forecast - The company is projected to achieve revenues of 10.368 billion yuan, 11.951 billion yuan, and 13.841 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.234 billion yuan, 1.472 billion yuan, and 1.764 billion yuan for the same years [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in Q1 2025 met expectations, with revenue of 2.06 billion yuan, showing a year-on-year increase of 12.5% in core business revenue after excluding other businesses [1]. - The profitability indicators for Q1 2025 were strong, with a gross margin of 26.8% and a net margin of 14.0%, reflecting year-on-year increases of 4.2 percentage points and 2.9 percentage points, respectively [1]. - The company is benefiting from cost reduction and efficiency improvement initiatives, which are expected to continue driving performance [1][2]. Financial Performance Summary - Revenue is projected to grow from 8.074 billion yuan in 2023 to 15.039 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17.8% [3]. - Net profit is expected to increase from 816 million yuan in 2023 to 1.868 billion yuan in 2027, with a CAGR of about 20.4% [3]. - The earnings per share (EPS) is forecasted to rise from 0.96 yuan in 2023 to 2.20 yuan in 2027 [3]. Business Development - The company is expanding its global footprint, particularly in the new energy transmission gear business, which is expected to enhance the value per vehicle significantly [2]. - Collaborations with leading domestic manufacturers in the smart home and automotive sectors are expected to drive growth in the smart actuator business [2]. - The company has established stable delivery of projects for international clients, which is anticipated to accelerate growth beyond the industry average [2].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2025 performance met expectations, with revenue of 2.06 billion yuan, a year-on-year increase of 12.5% when excluding other businesses [1] - The profitability indicators showed a gross margin of 26.8% and a net margin of 14.0%, reflecting improvements compared to the previous year [1] - The company is benefiting from cost reduction and efficiency enhancement initiatives, which are expected to continue driving performance [1][2] Financial Performance Summary - For 2023A, the company reported revenue of 8,074 million yuan, with a year-on-year growth rate of 18.1% [3] - The projected net profit for 2025E is 1,259 million yuan, with a year-on-year growth rate of 23.0% [3] - The earnings per share (EPS) for 2025E is estimated at 1.49 yuan, with a price-to-earnings (P/E) ratio of 23.2 times [3] Business Segment Insights - The company's new energy transmission gear business is expected to see significant value increase per vehicle due to the rising penetration of coaxial reducers [2] - International projects with clients like Stellantis and Schaeffler are contributing to growth, with stable deliveries expected to exceed industry averages [2] - The smart actuator segment is expanding into various fields, including smart office and smart automotive applications, enhancing the company's growth trajectory [2]