Core Viewpoint - Gao Yi Asset recently conducted research on a listed company, focusing on its sales performance and global expansion strategy [1]. Group 1: Company Performance - In 2024, Yizhiming's injection molding machine sales revenue is projected to be 3,555.20 million yuan, representing a year-on-year growth of 28.80%, accounting for 70.22% of the company's total sales [1]. - The company's export revenue is expected to reach 1,394.56 million yuan, with a year-on-year increase of 27.45%, supported by the establishment of multiple overseas factories and service centers [1]. - Research and development expenses for 2024 are estimated at 245.86 million yuan, which is 4.86% of total revenue, indicating a strong commitment to R&D [1]. Group 2: Industry Focus - The primary downstream industry for Yizhiming is the automotive sector, while the 3C, home appliance, and daily necessities industries are also showing steady growth [1]. - The company's intelligent manufacturing solutions are highlighted, with its third factory's automation level being recognized as advanced within the industry [1]. - The revenue from the U.S. market constitutes less than 3% of total revenue, suggesting minimal impact from fluctuations in that market [1].

Group 1: General Information - The research was conducted on Yizumi, a company in the special equipment industry, on May 15, 2025 [1][8] - Participating research institutions include Debon Securities Asset Management, Huatai Securities Asset Management, Danshuiquan, Harvest Fund, Sigma AM, etc [2] - The company was received by Secretary of the Board Xiao Deyin and Assistant to the Securities Affairs He Wenjie [8] Group 2: Investment Highlights 2024 Injection Molding Machine Sales - In 2024, the injection molding machine industry developed steadily, with an expanding market scale and continuous technological innovation. The company's injection molding machine sales revenue reached 3.5552039 billion yuan, a year - on - year increase of 28.80%, accounting for 70.22% of the total sales [15] Overseas Market - The company adheres to a global strategy, with over 40 overseas distributors and business covering more than 90 countries and regions. In 2024, the export revenue was 1.394559 billion yuan, a year - on - year increase of 27.45% [15][16] - The company has established factories in India, a R & D center in Germany, service centers in Brazil and Vietnam, etc. It will further expand overseas market share [16][17][21] Production Capacity - Domestically, the company has multiple production bases in Guangdong and Jiangsu, and plans to build an East China production base in Nanxun, Zhejiang [17] - Overseas, there are production facilities in the US, India, and Mexico. A supply chain management center has been established to ensure supply chain stability [17][18] Product Competitiveness - The company emphasizes R & D, with R & D expenses in 2024 reaching 245.8621 million yuan, a year - on - year increase of 15.78%, accounting for 4.86% of total revenue [18] - It uses a direct sales model and a YFO service system, and is transforming from a host provider to a system solution provider [19] Automation and Intelligence - The company provides intelligent manufacturing solutions for customers, integrating industrial IoT, network security, big data, etc. It has invested in smart factories and is planning more advanced facilities [19][20] Downstream Industries - The largest downstream industry is the automotive industry. The 3C, home appliance, and daily necessities industries are also developing well, which makes the company confident about 2025 [20] Impact of US Tariff Policy - In 2024, the company's US market revenue accounted for less than 3% of total revenue, so the direct impact of US tariff policy is small [20]

Sales Performance - In 2024, the sales revenue of injection molding machines reached ¥355,520.39 million, a year-on-year increase of 28.80%, accounting for 70.22% of the company's total sales [2] - The company's overseas sales revenue in 2024 was ¥139,455.90 million, with a year-on-year growth of 27.45% [2] Market Expansion - The company has over 40 overseas distributors, covering more than 90 countries and regions [2] - The company has established factories in India and a research center in Germany, with service centers in Brazil and Vietnam to enhance its international market presence [3] Production Capacity - The domestic production facilities include a headquarters and factories in Guangdong, with a total area of over 8 million square meters dedicated to various manufacturing processes [3] - The company is developing a new production base in Zhejiang, covering approximately 11.0 million square meters, to better serve the surrounding industrial cluster [3] Research and Development - In 2024, R&D expenses amounted to ¥24,586.21 million, a 15.78% increase year-on-year, representing 4.86% of total revenue [4] - The company emphasizes innovation and has established a comprehensive service system to enhance customer satisfaction and competitiveness [4] Automation and Smart Manufacturing - The company is integrating digital technologies to provide intelligent manufacturing solutions, aiming to reduce operational costs and improve production efficiency [5] - Investments in smart manufacturing have led to the successful operation of the Wusha Third Factory, which is at the forefront of the industry [5] Industry Trends - The automotive sector is the largest downstream industry, benefiting from the growth of new energy vehicles and lightweight trends [5] - The 3C industry is expected to maintain steady growth in 2025, supported by global economic recovery and increasing consumer demand for smart devices [5] Impact of Tariff Policies - In 2024, revenue from the U.S. market accounted for less than 3% of total revenue, indicating minimal direct impact from U.S. tariff policies [5]

北京海润天睿律师事务所 关于伊之密股份有限公司 2024 年度股东大会的法律意见书 中国·北京 北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 邮编：100022 电话：（010）65219696 传真：（010）88381869 法律意见书 北京海润天睿律师事务所 关于伊之密股份有限公司 2024 年度股东大会的法律意见书 致：伊之密股份有限公司 根据《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》）、《上市公司股东会规则》（以下简称《股东会规则》） 以及其他相关规章的规定，北京海润天睿律师事务所（以下称"本所"）接受伊之 密股份有限公司（以下简称"公司"）委托，指派本所邹盛武、王羽律师（以下称 "本所律师"）现场出席公司 2024 年度股东大会，并就本次股东大会的召集和召 开程序、出席会议人员及会议召集人资格、审议事项以及表决方式、表决程序、 表决结果等相关事项依法进行见证。 本所律师已审查了公司提供的召开本次股东大会的有关文件。公司已向本所 及本所律师承诺其所提供的文件和所作的陈述、说明是完整、真实和有效的，无 任何隐瞒、遗漏，并据此 ...

特别提示： 1.本次股东大会无出现否决议案的情形。 2.本次股东大会无涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开日期和时间： 证券代码：300415 证券简称：伊之密 公告编号：2025-045 伊之密股份有限公司 关于 2024 年度股东大会决议公告 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。 3、召开方式：现场投票和网络投票相结合 4、会议召集人：伊之密股份有限公司董事会 5、会议主持人：董事长甄荣辉先生 6、会议出席情况： （1）股东出席的总体情况： 通过现场和网络投票的股东 231 人，代表股份 191,629,057 股，占公司有表 决权股份总数的 41.6958％。（"公司有表决权股份总数"即公司总股本扣除股权登 记日回购专用账户的持股数量，下同） 其中：通过现场投票的股东 8 人，代表股份 177,050,726 股，占公司有表决 权股份总数的 38.5237％。 通过网络投票的股东 223 人，代表股份 14,578,331 股，占公司有表决权股份 总数的 3.1720％。 现场会议时间：2025 年 5 月 ...

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a slight increase of 0.23% and a total trading volume of 1,076.285 billion yuan [1]. Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3,377.11 points, reflecting a year-to-date performance above the annual line [1]. - A total of 49 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the largest deviation rates include: - Baoxin Technology (002514) with a deviation rate of 5.49% and a daily increase of 9.93% [1]. - ST Zhongzhu (600568) with a deviation rate of 4.76% and a daily increase of 5.22% [1]. - King Med (603882) with a deviation rate of 4.28% and a daily increase of 4.42% [1]. - Other stocks that have just crossed the annual line include: - Duofu Du (002506) with a deviation rate of 4.02% and a daily increase of 9.95% [1]. - Shapais (300791) with a deviation rate of 4.16% and a daily increase of 4.67% [1]. Group 3: Trading Data - The total trading volume for A-shares today reached 1,076.285 billion yuan, indicating active market participation [1]. - The stocks listed show varying turnover rates, with some stocks like Baoxin Technology and ST Zhongzhu having turnover rates of 9.92% and 1.36% respectively [1].

Investment Rating - The report recommends a positive outlook for the industrial automation sector, particularly highlighting the FA automation segment as a key area for investment opportunities [3][7]. Core Insights - The industrial automation sector is showing signs of recovery, with improved demand and performance in Q1 2025, particularly in the FA automation segment [3]. - The injection molding machine market is expected to grow, driven by increased domestic concentration and significant overseas market potential [4]. - The machine tool and cutting tool industries are anticipated to benefit from accelerated domestic production and international expansion [5]. - The humanoid robot sector is entering a golden development period, with a focus on dexterous hands and lightweight components [6]. Summary by Sections Industrial Automation - In Q1 2025, the industrial automation sector showed improvement with a total revenue of 138.61 billion yuan, a year-on-year increase of 19% [3][34]. - The overall revenue for 2024 was 592.48 billion yuan, reflecting a 6% increase year-on-year, but profits declined by 40% to 34.18 billion yuan [3][34][45]. - Key companies analyzed include Estun, Huichuan Technology, and Yihua, with varying performance metrics [3][37]. Injection Molding Machines - The injection molding machine sector is characterized by strong growth among leading companies, with Haite International achieving a revenue of 161.3 billion yuan in 2024, up 23% year-on-year [4]. - The market is expected to see further growth as domestic players increase their market share and expand internationally [4]. Machine Tools and Cutting Tools - The machine tool sector is projected to grow, with a total revenue of 171 billion yuan in 2024, a 10% increase year-on-year, despite a 5.2% decline in profits [5]. - The cutting tool industry also saw a revenue increase of 10% to 47.53 billion yuan in 2024, although profits fell by 20% [5]. Humanoid Robots - The humanoid robot industry is on the verge of mass production, with a focus on dexterous hands and lightweight materials, which are critical for enhancing performance [6]. - Investment opportunities are highlighted in the areas of dexterous hands and lightweight components, particularly in the use of PEEK materials and magnesium alloys [6]. Investment Recommendations - Key investment recommendations include Yihua for FA automation, Haite International and Yizhiming for injection molding machines, and Nuwei CNC and Kede CNC for machine tools [7].

伊之密股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开第五届董 事会第九次会议，审议通过了《关于回购公司股份方案的议案》，拟使用自有资 金以采用集中竞价交易方式回购公司无限售条件的 A 股流通股（以下简称"本次 回购"），用于实施股权激励或员工持股计划。本次用于回购股份的资金总额不 低人民币 1,500 万元（含本数）且不超过人民币 2,500 万元（含本数），本次回 购价格不超过人民币 28 元/股。本次回购股份的实施期限为自公司董事会审议通 过之日起不超过 12 个月内。具体内容详见公司于 2025 年 4 月 23 日在巨潮资讯 网披露的《关于回购公司股份方案的公告暨回购股份报告书》（公告编号：2025- 037）。 伊之密股份有限公司 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规 定，在每个月的前三个交易日内披露截至上月末的回购进展情况。现将公司截至 2025 年 4 月 30 日实施回购公司股份的进展情况公告如下： 关于回购公司股份的进展公告 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。 证券代码：3 ...

证券代码：300415 证券简称：伊之密 公告编号：2025-043 伊之密股份有限公司 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。 伊之密股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开第五届董 事会第九次会议，审议通过了《关于回购公司股份方案的议案》，拟使用自有资 金以采用集中竞价交易方式回购公司无限售条件的 A 股流通股（以下简称"本次 回购"），用于实施股权激励或员工持股计划。本次用于回购股份的资金总额不 低人民币 1,500 万元（含本数）且不超过人民币 2,500 万元（含本数），本次回 购价格不超过人民币 28 元/股。按本次回购资金总额上限人民币 2,500 万元及回 购股份价格上限 28 元/股进行测算，预计可回购股份数量约为 89.29 万股，占公 司当前总股本的 0.19%；按照回购资金总额下限人民币 1,500 万元及回购股份价 格上限 28 元/股进行测算，预计可回购股份数量约为 53.57 万股，占公司当前总 股本的 0.11%；如实际回购股份的价格变化，回购股份的数量将随之变化，具体 回购股份的金额以回购 ...

Group 1: Industry Overview - In Q1 2025, the demand for injection molding machines remained stable, with a slight year-on-year increase in domestic exports, driven by national policies promoting equipment upgrades in the industrial sector [1] - The company’s injection molding product sales revenue increased year-on-year, outperforming the overall industry level, supported by rapid growth in overseas export business [1] - The automotive industry is the largest downstream sector, benefiting from the development of new energy vehicles and lightweight trends [4] Group 2: Production Capacity and Supply Chain - The company has multiple production facilities in China, including a headquarters and factories in Guangdong, with a total area of over 80,000 square meters dedicated to die-casting and injection molding machines [2] - The company is expanding its production base in Zhejiang, covering approximately 110,000 square meters, to better serve the surrounding industrial cluster [2] - A dedicated supply chain management center has been established to enhance supply chain capabilities and meet the growing procurement scale [2] Group 3: Research and Development - In 2024, the company’s R&D expenditure was 24,586.21 million yuan, a year-on-year increase of 15.78%, accounting for 4.86% of total revenue [6] - The R&D funds are primarily allocated to key projects such as the NEXT2 die-casting machine and A6 high-end intelligent injection molding machine [6] - The company emphasizes innovation-driven high-quality development, with a steadily growing R&D team and capabilities [5][7] Group 4: Competitive Advantages - The company has consistently outpaced industry growth in injection molding machine market share due to a stable and capable team, strong R&D focus, and a comprehensive service system [5] - Direct sales model and high customer satisfaction contribute to the company’s competitive edge [5] - The company’s overseas market presence has expanded, with significant growth in export sales [5] Group 5: Future Outlook - The company aims to continue driving technological and product upgrades, with a vision to become a world-class enterprise in the forming equipment sector by 2025 [8] - The company has reported a solid foundation for continued revenue and profit growth in Q1 2025, setting the stage for a strong performance throughout the year [8]