浙江金沃精工股份有限公司董事会审计委员会 关于调整公司 2025 年度向特定对象发行股票事宜的 相应承诺，符合《国务院办公厅关于进一步加强资本市场中小投资者合法权益保 护工作的意见》《国务院关于进一步促进资本市场健康发展的若干意见》《关于 首发及再融资、重大资产重组摊薄即期回报有关事项的指导意见》等相关法律、 法规和规范性文件的规定，有利于保障公司股东特别是中小股东的利益。 1、根据《公司法》《证券法》《管理办法》等相关法律、法规和规范性文件 的规定，经过对公司实际情况及相关事项进行逐项认真自查和论证后，我们认为 公司符合上市公司向特定对象发行股票的各项条件和要求。 2、公司本次发行方案调整系根据相关法律、法规和规范性文件及公司实际情 况对募集资金规模及用途进行调整，有利于本次发行工作的推进，调整后的发行 方案及《浙江金沃精工股份有限公司 2025 年度向特定对象发行 A 股股票预案（修 订稿）》符合《公司法》《证券法》《管理办法》等相关法律、法规和规范性文 件的规定。 3、公司编制的《浙江金沃精工股份有限公司 2025 年度向特定对象发行 A 股 股票募集资金使用可行性分析报告（修订稿）》对本次募集资金的可 ...

Core Viewpoint - Jinwo Co., Ltd. shows steady revenue growth but faces short-term pressure on net profit, with a projected revenue of 1.146 billion yuan in 2024, up 15.98% year-on-year, and a net profit of 26 million yuan, down 30.69% year-on-year [1] Financial Performance - In the first half of 2025, the company achieved a net profit of 25 million yuan, representing a 94.00% year-on-year increase [1] - The gross profit margin has slightly rebounded [1] Business Development - The development of variable frequency technology has led to electrical corrosion becoming the main failure mode for bearings, prompting the company to research low-cost insulated bearing sleeves, which are expected to replace high-priced imported ceramic ball insulation sleeves in sectors such as new energy vehicles, variable frequency air conditioners, and industrial variable frequency motors [1] - The planetary roller screw is anticipated to benefit from the growth of humanoid robots, driving business growth for the company [1] Future Projections - Revenue projections for 2025-2027 are 1.349 billion yuan, 1.689 billion yuan, and 2.178 billion yuan, respectively, with net profits of 75 million yuan, 120 million yuan, and 181 million yuan [1] - The company is given an "overweight" rating [1]

Group 1: Fixed Income and Monetary Policy - The report discusses the anticipation surrounding the resumption of government bond trading, highlighting a shift from "buying long" to "buying short" under supportive monetary policy, with a focus on liquidity management [2][4][27] - It is expected that if interest rate cuts occur, the impact on the bond market will depend on the magnitude of the cuts, with a likely continuation of a 10 basis point reduction seen in the first half of the year [2][28][29] - The report emphasizes that regardless of whether bond trading resumes, liquidity concerns are manageable due to the central bank's diverse monetary policy tools [27][28][29] Group 2: Pharmaceutical Industry - The Chinese innovative drug industry is transitioning towards global commercialization, with a strong pipeline of quality projects expected to drive growth [6][9] - The report notes that the early drug development process in China is significantly faster than the global average, saving 30%-50% of time [9] - Future prospects for the industry are optimistic, with increased innovation expected to unlock greater commercial value [9] Group 3: Agricultural Sector - The dairy sector is experiencing a strong supply contraction, with expectations that the phase of destocking is nearing its end [10] - The meat cattle sector is entering a super cycle, with domestic supply tightening due to reduced imports and a long replenishment cycle [10] - The report suggests that the interconnection between dairy and meat cattle sectors will enhance profitability for related enterprises [10] Group 4: Technology Sector - The report highlights the rapid growth of Meige Intelligent, driven by demand in the smart connected vehicle and edge AI hardware markets, with a 44.50% increase in revenue year-on-year [32] - The company is expanding its applications in various sectors, including drones, AR glasses, and robotics, showcasing its strong capabilities in edge AI [34][35] - Despite a decline in overall gross margin, the company anticipates improvements in profitability in the latter half of the year [33][36] Group 5: Investment Recommendations - The report recommends focusing on sectors such as innovative pharmaceuticals, new energy, and new consumption, which are expected to benefit from seasonal demand and improving economic conditions [11] - Specific companies to watch include China Shengmu, Guangming Meat, and Fucheng Co., which are positioned well within the agricultural sector [10]

Core Insights - The company is a key supplier in the bearing industry, focusing on bearing rings, with a projected revenue share of 95.5% from bearing rings in 2024 [1] - The company has shown steady revenue growth, achieving a revenue of 1.146 billion yuan in 2024, a year-on-year increase of 15.98%, but faced a net profit decline of 30.69% to 26 million yuan [1] - The gross margin has slightly improved, with a comprehensive gross margin of 13.21% in 2024, increasing to 14.93% in the first half of 2025 [1] Financial Performance - In 2024, the company reported a revenue of 1.146 billion yuan, up 15.98% year-on-year [1] - The net profit for 2024 was 26 million yuan, down 30.69% year-on-year, but rebounded to 25 million yuan in the first half of 2025, a 94% increase [1] - The comprehensive gross margin improved from 13.21% in 2024 to 14.93% in the first half of 2025 [1] Market Position and Competition - The bearing industry has a fragmented competitive landscape, with domestic competitors including Wuzhou Xinchun and Zhejiang Xinzi Precision Machinery [2] - The company has opportunities to increase its market share, particularly with the introduction of new insulated bearing rings currently in the testing phase [2] New Business Opportunities - The company is entering the planetary roller screw market, which is crucial for humanoid robots, with a projected demand of 70 million units by 2030 [3] - The technology used in the planetary roller screw business overlaps 60% to 70% with existing bearing ring operations, allowing for significant technical reuse [3] - A production line for 500,000 sets of screws is planned to be established by 2025 [3] Growth Projections - Revenue forecasts for the company are 1.349 billion yuan in 2025, 1.689 billion yuan in 2026, and 2.178 billion yuan in 2027 [3] - Projected net profits are 75 million yuan in 2025, 120 million yuan in 2026, and 181 million yuan in 2027 [3] - The company is expected to benefit from the development of low-cost insulated bearing rings and the growth of humanoid robots [3]

Investment Rating - The report assigns a rating of "Accumulate" for the company, marking it as the first rating given [6]. Core Viewpoints - The company is a leading supplier of bearing rings and is expected to leverage its new products, such as insulated bearing sleeves and planetary roller screws, to drive new growth [1][3]. - The company has shown stable revenue growth, with a projected revenue of 1.146 billion yuan in 2024, representing a year-on-year increase of 15.98%, although net profit is under pressure [1][27]. - The insulated bearing sleeves are currently in the testing phase and are anticipated to open new market opportunities [2][58]. Summary by Sections Company Overview - The company has been deeply involved in the bearing ring industry for many years and is a significant supplier to major global bearing companies, including Schaeffler, SKF, NSK, NTN, and JTEKT [14][54]. - The company plans to expand its screw business in 2024 and has initiated research and development for insulated bearing sleeves [14][58]. Financial Performance - In 2024, the company is expected to achieve a revenue of 1.146 billion yuan, with a net profit of 26.14 million yuan, reflecting a decrease of 30.69% year-on-year [1][27]. - The gross margin is projected to slightly improve, with a comprehensive gross margin of 13.21% in 2024, increasing to 14.93% in the first half of 2025 [29][19]. Market Dynamics - The bearing industry is characterized by a fragmented competitive landscape, with the company having room to increase its market share [2][53]. - The global bearing market is expected to grow steadily, with a projected market size of 260 billion dollars by 2030, driven by demand from emerging sectors such as electric vehicles and high-end equipment manufacturing [35][37]. Product Development - The company is focusing on the development of insulated bearing sleeves to prevent electrical corrosion, which is a significant failure mode in variable frequency motors [3][58]. - The planetary roller screw business is in the capacity construction phase, with plans to establish a production line capable of producing 500,000 sets annually by 2025 [3][19]. Profit Forecast and Investment Suggestions - Revenue forecasts for the company are set at 1.349 billion yuan for 2025, 1.689 billion yuan for 2026, and 2.178 billion yuan for 2027, with net profits expected to rise significantly during this period [3][27].

Group 1 - The core point of the news is that Jinwo Co., Ltd. has seen a significant increase in its stock price, rising by 5.43% to reach 79.00 CNY per share, with a trading volume of 397 million CNY and a turnover rate of 6.71%, resulting in a total market capitalization of 9.738 billion CNY [1] - Jinwo Co., Ltd. is located in Quzhou City, Zhejiang Province, and was established on June 14, 2011. The company was listed on June 18, 2021, and its main business involves the research, production, and sales of bearing rings, with 95.72% of its revenue coming from this segment [1] Group 2 - From the perspective of major fund holdings, one fund under Debang Fund has heavily invested in Jinwo Co., Ltd. The Debang High-end Equipment Mixed Initiation A Fund (023566) held 88,400 shares in the second quarter, accounting for 4.93% of the fund's net value, making it the tenth largest holding. The estimated floating profit today is approximately 359,800 CNY [2] - The Debang High-end Equipment Mixed Initiation A Fund (023566) was established on March 14, 2025, with a latest scale of 13.2597 million CNY and a cumulative return of 23.94% since inception [2]

Group 1 - The core point of the news is that Jinwo Co., Ltd. experienced a stock price increase of 5.21% on September 17, reaching 76.32 yuan per share, with a trading volume of 419 million yuan and a turnover rate of 7.26%, resulting in a total market capitalization of 9.408 billion yuan [1] - Jinwo Co., Ltd. is located in Quzhou City, Zhejiang Province, and was established on June 14, 2011, with its listing date on June 18, 2021. The company's main business involves the research, production, and sales of bearing rings, with 95.72% of its revenue coming from bearing rings and 4.28% from other sources [1] Group 2 - From the perspective of major circulating shareholders, Penghua Fund has a fund that ranks among the top ten circulating shareholders of Jinwo Co., Ltd. The Penghua Carbon Neutral Theme Mixed A Fund (016530) entered the top ten in the second quarter, holding 4.935 million shares, which accounts for 6.37% of the circulating shares, with an estimated floating profit of approximately 18.6542 million yuan [2] - The Penghua Carbon Neutral Theme Mixed A Fund was established on May 5, 2023, with a latest scale of 2.08 billion yuan. It has achieved a return of 112.41% this year, ranking 22 out of 8172 in its category, and a return of 243.58% over the past year, ranking 9 out of 7980 [2] Group 3 - The Penghua Carbon Neutral Theme Mixed A Fund is managed by Yan Siqian, who has a cumulative tenure of 7 years and 338 days. The total asset scale of the fund is 16.136 billion yuan, with the best fund return during her tenure being 306.25% and the worst being 8.85% [3] - Another fund under Penghua, the Penghua Hu-Shen-Hong Emerging Growth Mixed A Fund (003835), held 784,700 shares of Jinwo Co., Ltd. in the second quarter, accounting for 3.96% of the fund's net value, ranking as the fifth-largest holding, with an estimated floating profit of about 2.9662 million yuan [4] - The Penghua Hu-Shen-Hong Emerging Growth Mixed A Fund was established on December 2, 2016, with a latest scale of 691 million yuan. It has achieved a return of 65.42% this year, ranking 381 out of 8172 in its category, and a return of 115.14% over the past year, ranking 313 out of 7980 [4]

Group 1 - The stock price of Jinwo Co., Ltd. increased by 4.25%, reaching 68.99 yuan per share, marking a new all-time high [1] - The total market capitalization of the company surpassed 8.504 billion yuan [1] - The trading volume amounted to 358 million yuan [1]

Group 1 - The core viewpoint of the article highlights the significant trading activity of Jinwo Co., which saw a 7.84% increase in stock price, closing at 66.18 yuan on September 5 [1] - Two large block trades were executed, each involving 100,000 shares at a price of 64.99 yuan, totaling a transaction amount of 6.499 million yuan, with a premium rate of -1.80% [1] - The buyer for both trades was China Galaxy Securities, while the seller was Guojin Securities, indicating a notable interest from institutional investors [1] Group 2 - Over the past three months, Jinwo Co. has recorded a total of 9 block trades, with a cumulative transaction amount of 28.7966 million yuan [1] - In the last five trading days, the stock has risen by 12.46%, with a net inflow of 28.1849 million yuan from major funds [1]

Group 1 - The core viewpoint of the news is that Jinwo Co., Ltd. has seen a significant increase in its stock price, rising by 5% to 64.44 yuan per share, with a trading volume of 1.52 billion yuan and a turnover rate of 3.11%, resulting in a total market capitalization of 7.943 billion yuan [1] - Jinwo Co., Ltd. is located in Quzhou City, Zhejiang Province, and was established on June 14, 2011, with its listing date on June 18, 2021. The company's main business involves the research, production, and sales of bearing rings, with 95.72% of its revenue coming from this segment and 4.28% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Debang Fund has a significant position in Jinwo Co., Ltd. The Debang High-end Equipment Mixed Initiation A Fund (023566) held 88,400 shares in the second quarter, accounting for 4.93% of the fund's net value, making it the tenth largest holding [2] - The Debang High-end Equipment Mixed Initiation A Fund was established on March 14, 2025, with a latest scale of 13.2597 million. Since its inception, it has achieved a return of 4.37% [2] - The fund manager, Lu Yang, has been in charge for 1 year and 317 days, with a total asset scale of 1.198 billion yuan. During his tenure, the best fund return was 172.25%, while the worst was 4.25% [2]