华伍股份分析师会议 调研日期：2025年11月05日 调研行业：通用设备 参与调研的机构：世纪证券、百颐资本、耕霁投资、中金、财通 证券等 机构调研pro小程序 DJvanbao.com / 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 扫码关注 调研纪要精选公众号 时尚悉各行业顶流企业周研情况。 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | ...

11月5日，江西华伍制动器股份有限公司（下称"华伍股份"）通过价值在线平台举办路演活动，接待了 世纪证券、百颐资本、中金公司等8家机构投资者。公司副总经理、董事会秘书胡仁绸及证券事务代表 苏卫民就公司2025年前三季度业绩表现、核心业务进展及未来战略布局等问题与机构进行了深入交流。 活动信息显示，公司前三季度业绩实现显著增长，工业制动器主业稳健发力，风电市场回暖及矿山重卡 制动器国产替代等新赛道布局成为机构关注焦点。 新兴赛道布局成为机构关注重点。公司明确将矿山重卡制动器作为国产替代核心方向，该领域目前以国 外品牌为主，国内竞争者较少，市场空间广阔。公司已成立矿卡制动器项目组专班，集中资金、技术、 人才等资源攻关，对标国际头部企业技术水平，目前开发的产品已适配各类重卡车辆，力争早日实现国 产化突破，未来有望成长为重要增长极。 海外市场拓展方面，公司今年加大布局力度，通过优化瑞士子公司内部管理与组织结构，强化其海外销 售"桥头堡"作用，同时加强与国内主机厂合作共建海外后市场，旨在提升海外自主品牌销售占比，抢占 工业制动器后市场份额。 对于风电制动器业务，公司表示，2025年行业"内卷"态势有所改善，需求依然旺盛 ...

编号：2025-003 投资者 关系活 动类别 ☐ 特定对象调研 ☐ 分析师会议 ☐ 媒体采访 ☐ 业绩说明会 ☐ 新闻发布会 路演活动 ☐ 现场参观 ☐ 其他（请文字说明其他活动内容） 参与单 位名称 世纪证券、百颐资本、耕霁投资、中金公司、财通证券、天创资本、 惟像资本、华鑫证券 时间 2025年11月05日 10:00-11:30 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公 司接待 人员姓 名 副总经理、董事会秘书：胡仁绸 证券事务代表：苏卫民 投资者 关系活 动主要 内容介 绍 一、公司情况介绍 华伍股份创建于1992年，多年来从事工业制动器研发、制造和销 售，为行业内头部企业，公司长期坚持自主创新与产业升级，产品广 泛应用于港口机械、风力发电、轨道交通、矿山设备、冶金、海洋工 程等领域。 2025年前三季度，公司实现营业收入9.94亿元，同比增长16.55%； 归属于上市公司股东的净利润4121万元，同比增长70.84%。从收入结 构看，工业制动器主业营业收入和净利润增长较快，为主要利润贡献 板块。其中港口、冶金等起重机械领域继续保持稳健增长，该板块客 户粘 ...

Core Insights - A-share companies have shown significant recovery in performance for the first three quarters of 2025, with 53.61% of listed companies reporting a year-on-year increase in net profit attributable to shareholders [1][2]. Financial Performance - Among the 5,385 listed companies, 2,325 reported a net profit increase of over 10%, 1,626 over 30%, and 677 over 100% year-on-year [2]. - Notable companies such as Xinda Co. reported a staggering 3,064.56% increase in net profit, with revenue of approximately 2.008 billion yuan, a 6.11% increase [2]. - A total of 2,210 companies had net profits exceeding 100 million yuan, with 832 exceeding 500 million yuan, and 483 exceeding 1 billion yuan [2]. Industry Performance - Key industries showing significant net profit growth include steel, non-ferrous metals, media, electronics, computers, building materials, power equipment, and home appliances [3]. Dividend Announcements - A total of 214 listed companies announced cash dividends alongside their quarterly reports [4]. Quarterly Performance Trends - Companies like Tuojing Technology reported a 124.15% increase in Q3 revenue, reaching approximately 2.266 billion yuan, and a 225.07% increase in net profit [5]. - Baiwei Storage reported a 30.84% increase in revenue for the first three quarters, but a significant decline in net profit by 86.67% [5]. Market Reactions - Companies with substantial Q3 performance improvements, such as Huawu Co., experienced stock price increases post-announcement, with a reported rise of over 5% [6]. Institutional Interest - Many companies received attention from institutional investors following their quarterly reports, focusing on growth drivers, capacity, pricing strategies, and outlook for 2026 [7]. - For instance, Zhaoyi Innovation engaged with 376 institutions, highlighting strong performance due to seasonal demand and improved storage cycles [7]. Future Outlook - Zhaoyi Innovation aims to maintain a market share-focused strategy while embracing AI opportunities, expecting stable revenue growth despite rising product costs [8]. - Haidar emphasized sufficient capacity to meet current orders and ongoing upgrades to enhance production efficiency [8]. - Hongya CNC is strategically adjusting prices to target key projects and core clients, maintaining competitive strength amid market consolidation [9].

Core Viewpoint - Hwa Woo Co., Ltd. has seen a significant increase in stock price this year, with a 50.86% rise, and is actively engaging in both industrial brake systems and military aviation sectors to optimize its business layout [2][3]. Group 1: Stock Performance - As of October 28, Hwa Woo's stock price increased by 2.02% to 10.10 CNY per share, with a trading volume of 1.36 billion CNY and a market capitalization of 4.243 billion CNY [1]. - The stock has risen 50.86% year-to-date, with a 7.79% increase over the last five trading days and a 9.43% increase over the last 20 days, while it has decreased by 8.35% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Hwa Woo achieved a revenue of 994 million CNY, representing a year-on-year growth of 16.55%, and a net profit attributable to shareholders of 41.207 million CNY, which is a 70.84% increase year-on-year [3]. - The company has distributed a total of 252 million CNY in dividends since its A-share listing, with 105 million CNY distributed in the last three years [4]. Group 3: Business Overview - Hwa Woo specializes in the research, design, manufacturing, and sales of industrial brake devices and control systems, with a focus on the military aviation sector [2]. - The revenue composition includes: 36.89% from lifting and transportation brake systems, 24.10% from wind power brake systems, 18.92% from metal pipes and valves, 8.04% from aviation tooling and parts, 4.91% from friction pads, 3.13% from rail transit brake systems, and 2.43% from other products [2]. Group 4: Shareholder Information - As of September 30, Hwa Woo had 38,000 shareholders, a decrease of 25.14% from the previous period, with an average of 8,903 circulating shares per shareholder, an increase of 33.53% [3].

Core Points - Jiangxi Huawu Brake Co., Ltd. announced the completion of the deregistration of its wholly-owned subsidiary, Huawu Technology Co., Ltd., on October 24 [1] - The decision to deregister was made during the board meeting on February 27, 2025, and was aimed at optimizing the company's subsidiary structure [1][2] - The company stated that the deregistration will not significantly impact its consolidated financial statements or its main business operations and profitability [1] Summary by Sections - **Deregistration Announcement** - Huawu Technology Co., Ltd. has officially completed its deregistration process as of October 24, 2025 [1] - The deregistration was authorized by the board of directors during a meeting held on February 27, 2025 [1] - **Impact on the Company** - The company confirmed that the deregistration will not have a major effect on its consolidated financial data [1] - The decision is not expected to harm the interests of the company or its shareholders, particularly minority shareholders [1] - **Strategic Implications** - The completion of the deregistration marks a significant step in the company's efforts to optimize its subsidiary structure [1] - Analysts suggest that deregistering non-core or inefficient assets can help the company focus resources on its main business and improve overall operational efficiency [1]

证券代码：300095 证券简称：华伍股份 公告编号：2025－092 关于全资子公司完成注销登记的公告 本公司及全体董事会成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本次注销全资子公司情况概述 江西华伍制动器股份有限公司（以下简称"公司"）于2025年2月27日召开 第六届董事会第八次会议，审议通过了《关于注销全资子公司华伍技术有限公司 的议案》。公司董事会同意注销全资子公司华伍技术有限公司，并授权公司管理 层依法办理相关清算和注销事宜。具体内容详见公司于2025年2月28日在巨潮资 讯网上刊登的《关于注销全资子公司华伍技术有限公司的公告》（公告编号： 2025-017）。 二、进展情况 特此公告。 江西华伍制动器股份有限公司 2025年10月24日，华伍技术有限公司收到香港注册处出具的注销完成告知文 件，华伍技术有限公司已按照相关程序完成注销登记手续。 本次注销全资子公司华伍技术有限公司不会对公司合并财务报表主要数据 产生重大影响，也不会对公司业务发展和持续盈利能力产生影响，不存在损害公 司及全体股东特别是中小股东利益的情形。 三、备查文件 （一）香港注册处出具的注 ...

10月24日，江西华伍制动器股份有限公司(以下简称"华伍股份（300095）")公告称，公司第三季度营收 为3.68亿元，同比增长24.34%；净利润为2431.63万元，同比增长4202.15%；前三季度实现营业收入9.94 亿元，同比增长16.55%；归属于上市公司股东的净利润4120.72万元，同比增长70.84%。 对于业绩增长，华伍股份表示主要系起重机械及风电制动器主业销售收入增长、内部管理能力提升、降 本增效成果显现、风电产品毛利率上升等因素，促进净利润指标较大幅度增长。同时，公司积极布局矿 用卡车制动器的国产替代，成立专班重点布局液压、湿式矿卡制动器产品，新产品客户认可度不断提 升，前三季度销售收入快速增长。 港机板块稳健增长 资料显示，华伍股份专注于以工业制动系统为核心的高端装备制造产业，始终致力于工业制动技术的研 发和产品升级，业务开拓紧密围绕客户的制动需求。公司产品种类多、品种全，主要应用于港口起重机 械、矿山冶金、风电新能源、轨道交通、工程机械等领域。 在港口机械领域，公司是上海振华重工（600320）(集团)股份有限公司(以下简称"振华重工")等大型港 机企业的战略供应商，公司自主研发 ...

Group 1 - Hu Silicon Industry plans to reduce its shareholding by up to 2%, amounting to a maximum of 54.94 million shares, during the period from November 17, 2025, to February 16, 2026 [1] - Lixin Micro intends to reduce its shareholding by up to 3%, totaling a maximum of 4.01 million shares, from November 14, 2025, to February 13, 2026 [2] - Dual Good Energy signed a contract worth $119 million with Ust-Kamenogorsk CHP LLP in Kazakhstan, representing 6.50% of its audited revenue for 2024 [3] Group 2 - Dual Good Energy plans to raise up to 1.29 billion yuan through a private placement for projects including zero-carbon intelligent manufacturing [5] - Top Cloud Agriculture's shareholders plan to reduce their holdings by up to 3.3%, with specific reductions of 1% and 2.30% from different parties [7] - Hwa Woo Co. reported a 70.84% increase in net profit for the first three quarters, with revenue reaching 994 million yuan, a 16.55% increase year-on-year [8] Group 3 - Chongde Technology's net profit increased by 19.68% in the first three quarters, with revenue of 445 million yuan, a 20.25% increase [10] - New Meixing reported a 191.95% increase in net profit for the first three quarters, with revenue of 870 million yuan, a 15.88% increase [11] - Sanxia New Materials reported a net loss of 59.85 million yuan in the first three quarters, with revenue declining by 27.29% [13] Group 4 - Wanma Co. achieved a 61.57% increase in net profit for the first three quarters, with revenue of 14.11 billion yuan, an 8.36% increase [14] - Chengdu Road and Bridge announced that 7% of its shares, totaling 52.997 million shares, will be auctioned [15] - BGI Genomics plans to jointly apply for a national science project with a total budget of 120 million yuan [17] Group 5 - Qiangbang New Materials plans to reduce its shareholding by up to 1.49%, totaling a maximum of 2.376 million shares [18] - Wanyi Technology reported a net profit of 25.76 million yuan for the first three quarters, turning a profit from a loss [20] - Zhongtai Chemical reported a net loss of 179 million yuan in the first three quarters, with revenue of 21.25 billion yuan, a 5.55% decrease [21] Group 6 - Tend Technology reported a 9.8% increase in net profit for the first three quarters, with revenue of 1.54 billion yuan, a 15.07% increase [22] - Potential Hengxin reported a net loss of 18.19 million yuan in the first three quarters, with revenue of 427 million yuan, an 18.26% increase [27] - Lichen Industrial reported a 90.85% increase in net profit for the third quarter, with revenue of 3.48 billion yuan, a 35.09% increase [29] Group 7 - Saiseng Pharmaceutical reported a 152.81% increase in net profit for the first three quarters, with revenue of 309 million yuan, a 4.41% decrease [31]

Core Insights - The company Huawu Co., Ltd. (300095.SZ) reported a total operating revenue of 994 million yuan for Q3 2025, with a net profit attributable to shareholders of 41.21 million yuan [1] - The net cash inflow from operating activities decreased by 76.23 million yuan compared to the same period last year, representing a year-on-year decline of 66.42% [1] Financial Performance - The latest asset-liability ratio stands at 45.48%, an increase of 7.39 percentage points compared to the same period last year [3] - The latest gross profit margin is 23.90%, down by 1.30 percentage points year-on-year [3] - The return on equity (ROE) is reported at 2.47% [3] - The diluted earnings per share (EPS) is 0.10 yuan [3] - The total asset turnover ratio is 0.31 times, while the inventory turnover ratio is 1.39 times [3] Shareholder Structure - The number of shareholders is 38,000, with the top ten shareholders holding a total of 151 million shares, accounting for 35.86% of the total share capital [3] - The top shareholders include: 1. Jingjing Hua - 13.8% 2. Nie Lulu - 11.9% 3. Shanghai Zhenhua Heavy Industry Group Co., Ltd. - 2.93% 4. Kang Jiajie - 2.43% 5. Jiangxi Huawu Technology Investment Co., Ltd. - 1.86% 6. Shenzhen Jianxing Houde Asset Management Co., Ltd. - 0.93% 7. Qinfushi - 0.52% 8. Guangdong Tianchuang Private Securities Investment Fund Management Co., Ltd. - 0.52% 9. Dong Wuchao - 0.50% 10. Shen Yun - 0.45% [3]