Core Points - Jiangsu Leili's stock price has declined for three consecutive days, with a total drop of 7.57% during this period, currently trading at 50.69 CNY per share [1] - The company specializes in the research, production, and sales of various electric motors and components, with a revenue composition that includes stepper motors (31.65%), MA motors and components (22.70%), and DC motors (14.07%) among others [1] Shareholder Analysis - Huashang Fund's Huashang Runfeng Mixed A fund increased its holdings in Jiangsu Leili by 423,200 shares, now holding 2,162,400 shares, which represents 0.48% of the circulating shares [2] - The fund has experienced a floating loss of approximately 692,000 CNY today and a total floating loss of 8,973,800 CNY during the three-day decline [2] - Huashang Runfeng Mixed A fund has achieved an 80.09% return year-to-date and an 85.88% return over the past year, ranking 161 out of 8,150 and 122 out of 8,043 respectively [2]

Market Overview - The electric motor sector experienced a decline of 3.17% on the trading day, with Jiangsu Leili leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Jiangsu Leili (stock code: 300660) saw a significant drop of 5.73%, closing at 51.01 with a trading volume of 106,200 shares and a transaction value of 549 million [2] - Other notable declines included: - China Electric Motor (stock code: 603988) down 5.45% to 26.19 - Wolong Electric Drive (stock code: 600580) down 5.13% to 44.39 - Fangzheng Electric Motor (stock code: 002196) down 3.52% to 11.23 [2] Capital Flow - The electric motor sector experienced a net outflow of 1.677 billion in main funds, while retail investors saw a net inflow of 1.606 billion [2] - The table of capital flow indicates that: - Xiangdian Co. (stock code: 600416) had a main fund net outflow of 34.54 million [3] - Kangping Technology (stock code: 300907) had a main fund net inflow of 5.06 million [3] - Other companies like Shenli Co. (stock code: 603819) and Ananda (stock code: 603350) also showed significant net outflows in main funds [3]

Core Viewpoint - Jiangsu Leili Electric Co., Ltd. has shown significant stock price fluctuations and financial performance, with a notable increase in revenue and net profit year-on-year, indicating potential growth in the electric motor industry [1][2]. Financial Performance - As of October 10, 2025, Jiangsu Leili achieved a revenue of 3.008 billion yuan, representing a year-on-year growth of 21.49% [2]. - The net profit attributable to shareholders for the same period was 265 million yuan, reflecting a year-on-year increase of 9.92% [2]. - The company has distributed a total of 1.027 billion yuan in dividends since its A-share listing, with 531 million yuan distributed over the past three years [3]. Stock Market Activity - On November 3, 2025, Jiangsu Leili's stock price decreased by 2.01%, trading at 53.74 yuan per share, with a total market capitalization of 24.029 billion yuan [1]. - The stock has increased by 99.62% year-to-date, but has seen a decline of 2.87% over the last five trading days and 5.37% over the last twenty days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 310 million yuan on February 21, 2025 [1]. Shareholder Structure - As of September 30, 2025, Jiangsu Leili had 51,400 shareholders, an increase of 2.59% from the previous period [2]. - The average number of circulating shares per shareholder was 8,700, which decreased by 2.52% compared to the previous period [2]. - Notable institutional shareholders include Yongying Advanced Manufacturing Mixed Fund and Huaxia CSI Robot ETF, with varying changes in their holdings [3].

Financial Performance - Jiangsu Leili achieved a revenue of 3.008 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 21.49% [2] - The net profit attributable to shareholders was 265 million CNY, up 9.92% year-on-year, while the net profit excluding non-recurring items was 241 million CNY, reflecting a growth of 2.01% [2] - The home appliance segment saw a revenue increase of 10% year-on-year, with Q3 growth exceeding 20% due to the strong performance of new products like refrigerator components and brushless motors for air conditioning [2] - The automotive parts segment experienced a significant revenue growth of 52% year-on-year, driven by the mass production of air conditioning compressor motors and lidar motors [2] - The industrial control segment's revenue grew by 31% year-on-year, supported by high-efficiency industrial motors supplied to the North American market [2] Cost and Profitability Challenges - The slower growth in net profit compared to revenue is attributed to seasonal price reductions from domestic home appliance clients, impacting profit margins [3] - The automotive parts segment is still in the capacity ramp-up phase, leading to higher fixed cost allocation and temporarily affecting gross margins [3] - Increased expenses are linked to accelerated overseas capacity expansion and investments in robotics, which have raised operational costs [3] Funding Allocation from Convertible Bonds - The automotive parts business is the primary focus for the upcoming financing, targeting capacity construction for products related to new energy vehicles [4] - A portion of the funds will be allocated to the expansion of overseas production bases in Vietnam, Malaysia, and Mexico to enhance global competitiveness [4] - Additional funds will support the R&D and production of core components for robotics, aiming to overcome technical challenges and provide high-performance products [4] Robotics Business Development - The company is advancing its dexterous hand products and has established stable orders for core components with various clients [5] - The acquisition of Sailent by subsidiary Dingzhi Technology is expected to enhance the company's capabilities in precision gearboxes, facilitating the integration of motor and gearbox modules [5] Future Focus Areas - In the home appliance segment, the company will ensure high-quality delivery of existing orders while negotiating 2026 orders with key global clients [5] - The automotive parts segment will concentrate on increasing production capacity and optimizing profitability in response to rising market demand [5] - The industrial control segment will focus on improving local production efficiency and quality control for high-efficiency motors, while promoting the commercialization of robotics components [5]

Core Viewpoint - Jiangsu Leili is a leading enterprise in the micro and special motor field in China, focusing on the research and production of micro motors and related components for home appliances and automotive applications, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Jiangsu Leili achieved a revenue of 3.008 billion yuan, ranking 5th in the industry, with the top competitor, Wolong Electric Drive, generating 11.967 billion yuan [2] - The company's net profit for the same period was 280 million yuan, ranking 4th in the industry, with the leading competitor, Dayang Electric, reporting 896 million yuan [2] - The main business composition includes stepper motors at 620 million yuan (31.65% of revenue) and MA motors and components at 444 million yuan (22.70% of revenue) [2] Group 2: Financial Ratios - As of Q3 2025, Jiangsu Leili's debt-to-asset ratio was 40.20%, up from 38.00% year-on-year, exceeding the industry average of 35.64% [3] - The gross profit margin for Q3 2025 was 26.23%, down from 28.76% year-on-year, but still above the industry average of 21.03% [3] Group 3: Executive Compensation - Chairman Su Jianguo's salary for 2024 is 1.09 million yuan, an increase of 180,000 yuan from 2023 [4] - President Hua Rongwei's salary for 2024 is 1.0289 million yuan, a slight increase of 4,100 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.91% to 50,100, while the average number of circulating A-shares held per household increased by 5.17% to 8,925.57 [5] Group 5: Market Outlook - Huatai Securities reported that Jiangsu Leili's Q3 revenue grew by 22.97% year-on-year, with a net profit of 78.5 million yuan, up 13.56% year-on-year [6] - The company plans to raise 1.286 billion yuan to enhance automotive and overseas production capacity, with the overseas base expected to have small batch production capabilities by the end of the year [6]

Core Viewpoint - Jiangsu Leili announced the acceptance of its application for issuing convertible bonds to unspecified objects by the Shenzhen Stock Exchange, indicating a potential move to raise capital through this financial instrument [1] Group 1: Company Announcement - On October 29, 2025, Jiangsu Leili received a notification from the Shenzhen Stock Exchange regarding the acceptance of its application for issuing convertible bonds [1] - The application documents submitted by Jiangsu Leili were deemed complete by the Shenzhen Stock Exchange, leading to the decision to accept the application [1] - The issuance of convertible bonds is subject to further review by the Shenzhen Stock Exchange and requires approval from the China Securities Regulatory Commission before implementation [1] Group 2: Regulatory Uncertainty - There remains uncertainty regarding whether the application will pass the review and registration process [1] - The timeline for the approval and registration of the application is also uncertain, adding a layer of risk to the potential issuance [1]

北京德恒律师事务所 关于 江苏雷利电机股份有限公司 向不特定对象发行可转换公司债券的 法律意见书 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于江苏雷利电机股份有限公司 向不特定对象发行可转换公司债券的法律意见书 释义 在本法律意见书中，除非文义另有所指，下列词语具有下述含义： | 一、本次发行的批准和授权 | 8 | | --- | --- | | 二、发行人本次发行的主体资格 | 9 | | 三、发行人本次发行的实质条件 | 10 | | 四、发行人的设立 | 15 | | 五、发行人的独立性 | 16 | | 六、发行人的发起人、股东和实际控制人 | 18 | | 七、发行人的股本及演变 | 22 | | 八、发行人的业务 | 22 | | 九、关联交易及同业竞争 | 24 | | 十、发行人的主要财产 | 26 | | 十一、发行人的重大债权债务 | 29 | | 十二、重大资产变化及收购兼并 | 30 | | 十三、发行人章程的制定和修改 | 31 | | 十四、发行人股东会、董事会 ...

中信建投证券股份有限公司 关于 江苏雷利电机股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐人 二〇二五年十月 保荐人出具的上市保荐书 保荐人及保荐代表人声明 中信建投证券股份有限公司及本项目保荐代表人王旭、蒋潇已根据《中华人 民共和国公司法》《中华人民共和国证券法》等法律法规和中国证监会及深圳证 券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行 业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 3-3-1 | | | | 释 义 3 | | | --- | --- | | 一、发行人基本情况 4 | | | 二、发行人本次发行情况 14 | | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况、联系地 | | | 址、电话和其他通讯方式 14 | | | 四、关于保荐人是否存在可能影响公正履行保荐职责情形的说明 16 | | | 五、保荐人按照有关规定应当承诺的事项 17 | | | 六、保荐人关于发行人是否已就本次证券发行上市履行了《公司法》《证券法》 | | | 和中国证监会及深圳证券交易所规定的决策程序的说明 18 | | | 七、保 ...

证券代码：300660 证券简称：江苏雷利 公告编号：2025-077 公司本次向不特定对象发行可转换公司债券事项尚需通过深圳证券交易所 审核，并获得中国证券监督管理委员会同意注册的决定后方可实施，该事项能否 通过审核、注册以及最终通过审核、注册的时间仍存在不确定性。公司将根据该 事项的审核进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 江苏雷利电机股份有限公司 董事会 2025 年 10 月 30 日 江苏雷利电机股份有限公司 关于向不特定对象发行可转换公司债券申请 获得深圳证券交易所受理的公告 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。 江苏雷利电机股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日收到 深圳证券交易所出具的《关于受理江苏雷利电机股份有限公司向不特定对象发行 可转换公司债券申请文件的通知》（深证上审[2025]220 号），深圳证券交易所对 公司报送的向不特定对象发行可转换公司债券申请文件进行了核对，认为申请文 件齐备，决定予以受理。 ...

目 录 | | | | 二、财务报表 … ······················· 第 7-14 页 | | --- | | (一) 合并资产负债表 …………………………………………………………………………………… 第 7 页 | | (二) 母公司资产负债表 …………………………………………………………………………………… 第 8 页 | | (三) 合并利润表 | | (四) 母公司利润表 ………………………………………………………………………… 第 10 页 | | (五) 合并现金流量表 … | | (六) 母公司现金流量表………………………………………………………………………… 第 12 页 | | (七) 合并所有者权益变动表 ………………………………………………… 第 13 页 | | (八) 母公司所有者权益变动表 …………………… ……… 第 14 页 | | 三、财务报表附注 …………………………………………………………………………… 第 15--106 页 | | --- | 您可使用手机"扫一扫"或观-】- 此得用于证明该市计报告是否由具有执业许可的会计师 您可使用手机"扫一扫" ...