Company Overview - Jinlong Electromechanical Co., Ltd. is located in Dongguan, Guangdong Province, established on November 11, 1993, and listed on December 25, 2009 [2] - The company's main business includes the research, production, and sales of motors, silicone plastic structural components, and touch display products [2] - The revenue composition is as follows: structural components 48.45%, touch display modules 39.14%, motors 10.31%, electronic atomizers and related accessories 1.16%, and others 0.95% [2] Financial Performance - For the first half of 2025, Jinlong Electromechanical achieved operating revenue of 793 million yuan, a year-on-year increase of 22.46% [2] - The net profit attributable to the parent company was 10.24 million yuan, representing a year-on-year growth of 127.20% [2] - The company has cumulatively distributed cash dividends of 311 million yuan since its A-share listing, with no cash dividends distributed in the past three years [3] Stock Performance - As of September 15, the stock price of Jinlong Electromechanical rose by 2.10%, reaching 5.34 yuan per share, with a total market capitalization of 4.289 billion yuan [1] - Year-to-date, the stock price has increased by 18.40%, with a 0.00% change over the last five trading days, a decline of 4.47% over the last 20 days, and an increase of 6.37% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on May 8, where it recorded a net purchase of 68.77 million yuan [1] Market Activity - As of the latest data, the stock has seen a net inflow of 427,200 yuan from main funds, with significant buying and selling activities recorded [1] - The stock's trading volume included large orders, with a total buy of 27.37 million yuan and a sell of 24.75 million yuan [1] Shareholder Information - As of June 30, the number of shareholders reached 45,700, an increase of 1.34% from the previous period, while the average circulating shares per person decreased by 1.32% to 17,565 shares [2] Industry Classification - Jinlong Electromechanical is classified under the Shenwan industry category of electronics, specifically in consumer electronics and components assembly [2] - The company is associated with several concept sectors, including small-cap stocks, full-screen technology, low-priced stocks, shared economy, and the metaverse [2]

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]

证券代码：300032 证券简称：金龙机电 公告编号：2025-036 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、终止对外投资及与政府部门协商退回土地使用权事项概述 金龙机电股份有限公司 关于终止对外投资及与政府部门协商退回土地使用权的 进展公告（二） 1 关于本次对外投资、竞得项目用地土地使用权及签订土地出让合同、项目投 资效益协议书、终止本次对外投资及退回土地的相关进展具体情况详见公司分别 于2020年11月18日、2020年11月28日、2023年8月3日、2023年8月7日、2023年8 月15日、2025年2月20日、2025年6月5日在巨潮资讯网披露的《关于签订项目投 资意向协议书的公告》（公告编号：2020-082）、《关于对外投资的公告》（公 告编号：2020-084）、《关于对深圳证券交易所关注函的回复公告》（公告编号： 2020-086）、《关于子公司成为土地使用权竞得入选人暨对外投资的进展公告》 （公告编号：2023-034）、《关于子公司竞得土地使用权暨对外投资的进展公告 （二）》（公告编号：2023-035）、《关于子公司竞 ...

Core Viewpoint - The company, Jinlong Electromechanical, currently does not have any products used in AI glasses, such as motors or structural components [1] Company Summary - Jinlong Electromechanical responded to an investor inquiry on September 2, indicating that they do not have products applicable to AI glasses at this time [1]

Core Viewpoint - The company, Jinlong Electric (300032), has indicated that a portion of its touch display modules and structural components are exported to EU countries, but the revenue from these products constitutes a small percentage of the overall revenue [1] Business Performance - The company disclosed its 2025 semi-annual report on August 29, 2025, which provides details on the operational performance of its various business segments for the first half of 2025 [1]

Group 1 - The company Jinlong Electromechanical stated that its motor products are primarily used in the consumer electronics sector and have not yet been shipped for robotics applications or vascular clearance products [2] - The smallest motor product currently offered by the company has a diameter of 4mm and a thickness of 1.3mm [2]

Group 1 - The company, Jinlong Electromechanical, confirmed on September 1 that its current product range does not include military products [1]

Group 1 - The company has not established a partnership with Yuzhu Robotics for the hollow cup motor as of September 1 [2] - An investor inquired about the potential collaboration and its percentage share [2] - The company responded on the investor interaction platform confirming the absence of such cooperation [2]

Group 1 - The company currently does not have any motor products used in robotics and has not shipped any related products [2] - The smallest motor product offered by the company has a diameter of 4mm and a thickness of 1.3mm [2] - The primary application of the company's motor products is in the consumer electronics sector [2]

Core Viewpoint - Jinlong Electromechanical (300032) reported a significant improvement in its financial performance for the first half of 2025, with total revenue and net profit showing substantial year-on-year growth [1] Financial Performance Summary - Total revenue reached 793 million yuan, an increase of 22.46% compared to the previous year [1] - Net profit attributable to shareholders was 10.2365 million yuan, up 127.2% year-on-year [1] - In Q2 2025, total revenue was 443 million yuan, reflecting a 19.69% increase year-on-year [1] - Q2 net profit attributable to shareholders was -6.2608 million yuan, but this represented a 78.22% improvement year-on-year [1] Profitability Metrics - Gross margin increased by 8.46% to 13.19% [1] - Net margin improved significantly to 1.35%, up 123.13% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 72.7772 million yuan, accounting for 9.18% of revenue, a decrease of 30.64% [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.01 yuan, a 127.14% increase year-on-year [1] - Operating cash flow per share was 0.0 yuan, up 105.14% year-on-year [1] - The company's net asset per share decreased to 0.84 yuan, down 9.82% year-on-year [1] Historical Context - The company has shown a poor historical return on invested capital (ROIC), with a median of -5.63% over the past decade [1] - The worst year recorded was 2018, with an ROIC of -65.46% [1] - The company has reported losses in 6 out of its 15 annual reports since going public, indicating a generally weak financial history [1]