证券代码：300660 证券简称：江苏雷利 公告编号：2025-067 江苏雷利电机股份有限公司 关于召开 2025 年第二次临时股东会的通知 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。 江苏雷利电机股份有限公司（以下简称"公司"）第四届董事会第八次会议 审议通过了公司向不特定对象发行可转换公司债券（以下简称"本次发行"）的 相关议案，并审议通过了《关于暂不召开股东会的议案》，决定暂不召开审议本 次发行事宜的股东会，待公司相关工作及事项准备完成后，公司董事会将另行发 布召开股东会的通知。 根据公司第四届董事会第八次会议决议，公司决定于 2025 年 9 月 17 日（星 期三）召开 2025 年第二次临时股东会。现将本次会议有关事项公告如下： 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会。 2、股东会的召集人：江苏雷利电机股份有限公司董事会。 （2）网络投票时间：2025 年 9 月 17 日 其中，通过深圳证券交易所（以下简称"深交所"）交易系统网络投票时间 为：2025 年 9 月 17 日 9:15 至 9:25、9:30 至 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][12]. Core Views - The company has shown strong performance in the first half of 2025, with revenue reaching 1.958 billion yuan, a year-on-year increase of 20.71%. The net profit attributable to shareholders was 186 million yuan, reflecting an 8.45% increase year-on-year [1]. - The company is a leader in the micro-motor sector, with a diverse business portfolio across home appliances, automotive, and medical industries. The report expresses optimism about the company's long-term growth prospects [5]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 1.958 billion yuan, up 20.71% year-on-year. The net profit attributable to shareholders was 186 million yuan, with a year-on-year increase of 8.45% [1]. - For Q2 2025, revenue was 1.050 billion yuan, a 16.62% increase year-on-year, while net profit attributable to shareholders decreased by 6.13% to 93 million yuan [1]. Segment Performance - Revenue from home appliances, automotive parts, industrial control, medical, and sports health segments reached 1.119 billion, 379 million, 254 million, and 123 million yuan respectively, with year-on-year growth rates of 5.09%, 63.72%, 34.49%, and 30.91% [2]. - The automotive parts segment benefited from accelerated production of new energy vehicle laser radar motors and electric air conditioning compressor motor components [2]. Profitability and Costs - The company's gross margin and net profit margin for H1 2025 were 27.20% and 9.51%, respectively, showing a slight decline of 1.71 and 1.08 percentage points year-on-year [3]. - The R&D expense ratio remained stable at 4.43%, with a slight decrease of 0.24 percentage points year-on-year [3]. Product Development and Client Acquisition - The automotive laser radar motor has secured multiple clients, including Hesai, BYD, and Suton, while the company is developing laser radar optoelectronic module products [4]. - In the field of embodied intelligence, various products are in prototype testing and customer sampling stages, with recent upgrades to high-load servo electric hands [4]. Future Outlook - The company is projected to achieve revenues of 4.286 billion, 5.206 billion, and 6.295 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 370 million, 462 million, and 575 million yuan [5]. - The expected EPS for the same years is 0.83, 1.03, and 1.29 yuan, with corresponding P/E ratios of 62.32, 49.82, and 40.05 [5].

Core Viewpoint - Jiangsu Leili Electric Motor Co., Ltd. held a specific investor research event, discussing its business performance and future plans with various institutional investors [1] Financial Performance - In the first half of 2025, the company achieved revenue of 1.958 billion yuan, a year-on-year increase of 20.71% - The net profit attributable to shareholders was 186 million yuan, up 8.45% year-on-year - The net profit excluding non-recurring items was 176 million yuan, reflecting a year-on-year growth of 3.67% - The company distributed cash dividends of 166 million yuan for the 2024 fiscal year, with a dividend payout ratio of 56.4% [1] Business Segment Performance - The home appliance segment saw a revenue increase of 5.09% year-on-year, with strong sales in brushless motors for air conditioners and ice-making machines - The automotive parts segment experienced significant growth, with a revenue increase of 63.72%, driven by laser radar motors and automotive compressor motors being adopted by major enterprises - The industrial control segment's revenue grew by 34.49%, primarily due to the supply of high-efficiency industrial water pump motors to North American water treatment clients [2] Product Development and Market Expansion - In the automotive parts segment, laser radar prism motors and galvanometer motors have begun bulk supply to clients such as TuDatong and BYD, with rapid revenue growth in air conditioning compressor motors and related products - The company aims to enhance its market share in micro-special motors and components within the next 2-3 years, establishing this as a second core business pillar - Laser radar motor products have entered the supply chains of several mainstream automotive companies, with ongoing product upgrades and the development of optical-electromechanical integration technologies [2] R&D and International Expansion - The company's subsidiary, Zhongke Lingxi, launched two dexterous hands and control systems in May, followed by smart upgrades and high-load servo cylinders in August - The company is collaborating on the development of axial flux motors for emerging fields, with products expected to enter mass production in agriculture, new energy vehicles, and special equipment this year - Internationally, the company has established R&D, marketing platforms, and manufacturing bases in multiple countries, with a factory in Vietnam set to complete expansion in 2024 and a factory in Mexico expected to commence production in 2025 [3]

Financial Performance - Jiangsu Leili achieved revenue of 1.958 billion CNY in the first half of 2025, a year-on-year increase of 20.71% [2] - The net profit attributable to shareholders was 186 million CNY, up 8.45% year-on-year [2] - The non-recurring net profit was 176 million CNY, reflecting a growth of 3.67% [2] - The company distributed cash dividends of 166 million CNY for the 2024 fiscal year, with a dividend payout ratio of 56.4% [2] Business Segment Performance - The home appliance segment saw a revenue increase of 5.09% year-on-year, with significant sales growth in brushless motors for air conditioners and ice-making machines [2] - The automotive parts segment experienced a remarkable revenue growth of 63.72%, with products like laser radar motors and automotive compressor motors gaining traction among major clients [2][3] - The industrial control segment's revenue grew by 34.49%, driven by high-efficiency energy-saving industrial water pump motors supplied to North American clients [2] Future Development Plans - The automotive parts segment aims to enhance market share in micro-special motors and components, targeting it as the second core business pillar after home appliances within the next 2-3 years [3] - The company is advancing the development of laser radar motors for various applications, including consumer and industrial sectors [4] - Jiangsu Leili is focusing on the development of axial flux motors, which promise higher power density and efficiency compared to traditional radial motors, with plans for mass production in emerging fields [5] Global Expansion - The company has established R&D and manufacturing bases in North America, Europe, Southeast Asia, South Korea, and Hong Kong to enhance its global operational framework [6] - The Vietnam factory expansion was completed in 2024, and the Mexico factory commenced operations in 2025, ensuring supply stability for North American clients [6] - New production bases are being set up in Malaysia and Thailand, with expected mass production by the end of the year [6]

Group 1 - The company Jiangsu Leili (300660) reported that as of August 20, 2025, the total number of shareholders is 53,493 [1]

Group 1 - The company reported a total operating revenue of 1.958 billion yuan and a net profit attributable to shareholders of 186 million yuan for the first half of 2025 [1] - The net cash inflow from operating activities was 143 million yuan, which represents a decrease of 55.39 million yuan or 27.98% compared to the same period last year [1] Group 2 - The latest debt-to-asset ratio is 40.42%, which is an increase of 2.16 percentage points from the previous quarter and an increase of 2.99 percentage points from the same period last year [3] - The latest gross profit margin is 27.20%, a decrease of 1.71 percentage points compared to the same period last year [4] - The latest return on equity (ROE) is 5.39% [4] - The diluted earnings per share are 0.42 yuan [4] Group 3 - The latest total asset turnover ratio is 0.30 times, ranking 11th among disclosed peer companies [4] - The latest inventory turnover ratio is 1.64 times, ranking 16th among disclosed peer companies, which is a decrease of 0.17 times or 9.30% compared to the same period last year [4]

Group 1 - Jiangsu Leili (SZ 300660) announced the convening of its fourth board meeting on August 28, 2025, to discuss the semi-annual profit distribution proposal for 2025 [1] - For the year 2024, Jiangsu Leili's revenue composition is as follows: home appliance motors and components account for 61.34%, automotive parts account for 17.39%, industrial control motors and components account for 11.91%, medical and sports health motors and components account for 6.83%, and others account for 2.52% [1]

Core Viewpoint - Jiangsu Leili (300660.SZ) reported a revenue of 1.958 billion yuan for the first half of 2025, reflecting a year-on-year growth of 20.71% [1] - The net profit attributable to shareholders of the listed company was 186 million yuan, an increase of 8.45% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 176 million yuan, showing a year-on-year growth of 3.67% [1] - The basic earnings per share stood at 0.4166 yuan [1]

Core Insights - Jiangsu Leili reported a revenue of 1.958 billion yuan for the first half of 2025, representing a year-on-year increase of 20.71% [1] - The net profit attributable to shareholders reached 186 million yuan, up 8.45% year-on-year, with basic earnings per share of 0.4166 yuan [1] Business Segments - Revenue from the home appliance segment increased by 5.09% year-on-year [1] - The automotive parts segment saw a significant revenue growth of 63.72%, totaling 379 million yuan [1] - The industrial control segment's revenue grew by 34.49% year-on-year [1] - The medical health segment experienced a revenue increase of 30.91% [1] New Product Development - Jiangsu Leili launched modular and electromechanical integrated new products targeting multiple application areas [1] - The company’s subsidiary, Zhongke Lingxi, released two new dexterous hands and control systems, with upgraded products and high-load servo electric cylinders launched in August [1] - The company is developing optical module products and has secured contracts for laser radar motors with clients like Hesai, generating 44.65 million yuan in revenue, a 35% increase year-on-year [1] Strategic Investments and Expansion - In May 2025, Jiangsu Leili made a strategic investment in Yikun Power to advance the application of axial flux motors in various scenarios [1] - The company plans to raise 1.286 billion yuan through convertible bonds for project construction [1] - A small-scale production has commenced at the Mexican factory, and the subsidiary Dingzhi Technology is establishing an overseas base expected to be operational by the end of the year [1]

Group 1 - The company Jiangsu Leili announced an increase in the guarantee limit for its wholly-owned subsidiary Leishi Leili Trading Co., Ltd. by up to RMB 100 million [1] - The total guarantee limit for the subsidiary will rise from RMB 120 million to RMB 220 million, effective from the board meeting date until April 21, 2026 [1] - The total guarantee amount for the company and its subsidiaries will be RMB 53.96 million, which accounts for 13.84% of the company's audited net assets for the year 2024 [1]