问询函之回复 关于浙江金沃精工股份有限公司 申请向特定对象发行股票的审核 天衡会计师事务所（特殊普通合伙） 关于浙江金沃精工股份有限公司 申请向特定对象发行股票的 审核问询函之回复 天衡专字(2025)01507 号 根据深圳证券交易所于 2025 年 8 月 4 日下发的《关于浙江金沃精工股份有 限公司申请向特定对象发行股票的审核问询函》（审核函[2025]020039 号）（以 下简称《审核问询函》）的要求，天衡会计师事务所（特殊普通合伙）（以下简 称"发行人会计师"或"会计师"）作为浙江金沃精工股份有限公司（以下简称 "公司"或"发行人"或"金沃股份"）的申报会计师，对审核问询函中涉及申 报会计师的相关问题逐条回复如下（本回复除特别注明外，所涉及公司财务数据 均为合并口径），现将有关情况汇报如下：。 如无特别说明，本回复报告中简称与《浙江金沃精工股份有限公司 2025 年 度向特定对象发行 A 股股票募集说明书（申报稿）》中简称具有相同含义。 天衡专字(2025)01507 号 本回复报告中，若合计数与各分项数值相加之和在尾数上存在差异，系四舍 五入所致。 2-2 问题 1 根据申报材料，发行人本次向特 ...

证券代码：300984 证券简称：金沃股份 公告编号：2025-106 浙江金沃精工股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江金沃精工股份有限公司（以下简称"公司"）于 2025 年 8 月 4 日收到深 圳证券交易所（以下简称"深交所"）出具的《关于浙江金沃精工股份有限公司 申请向特定对象发行股票的审核问询函》（审核函〔2025〕020039 号）（以下简 称"审核问询函"）。 公司按照审核问询函的要求，会同相关中介机构对审核问询函所列问题进行 了认真逐项落实和作出回复，并对募集说明书等申请文件的内容进行了更新。同 时，鉴于公司 2025 年半年度报告已公开披露，公司会同相关中介机构对募集说 明书等申请文件中涉及的财务数据等内容进行了相应的更新。上述回复及更新的 募集说明书等申请文件，具体内容详见公司于 2025 年 8 月 29 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。 2025 年 9 月，根据深交所进一步审核意见，公司会同相关中介机构对审核 问询函回复及募集说明书等相关申请文件进行了补 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Insights - The company is positioned to benefit from the recovery of its main business profitability, with new growth opportunities in the humanoid robot and insulated bearing sleeve sectors [11][15]. - The global bearing industry is projected to grow from approximately $121 billion in 2023 to $226.6 billion by 2030, with a compound annual growth rate (CAGR) of about 9.4% [3][46]. - The company has a strong market presence, being a leading domestic manufacturer of bearing sleeves, with a revenue compound annual growth rate (CAGR) of 15.5% from 2017 to 2024 [11][31]. Financial Summary - Revenue projections for the company from 2025 to 2027 are estimated at 1.33 billion, 1.89 billion, and 2.37 billion yuan, representing year-on-year growth of 16%, 42%, and 25% respectively [4][12]. - The net profit attributable to the parent company is forecasted to be 58 million, 139 million, and 225 million yuan for the same period, with growth rates of 123%, 137%, and 62% [4][12]. - The price-to-earnings (P/E) ratios are projected to be 133, 56, and 35 for 2025, 2026, and 2027 respectively [4][12]. Business Overview - The company has established itself as a key supplier for major global bearing manufacturers, including Schaeffler and SKF, with its products widely used across various industries [11][23]. - The company is focusing on enhancing its production capabilities and efficiency through technological innovations and process optimizations [11][55]. - The insulated bearing sleeve product is expected to address issues of electrical corrosion, with a projected market size of approximately 6.9 billion yuan by 2030, growing at a CAGR of 166% [11][15]. Market Dynamics - The global bearing market is dominated by eight major multinational companies, which collectively hold over 70% of the market share [3][46]. - The domestic bearing industry in China accounts for about 22% of the global market, with significant growth potential as the industry matures [3][47]. - The humanoid robot market is anticipated to exceed 300 billion yuan by 2030, driven by advancements in technology and increasing demand across various sectors [11][68].

Group 1 - The board meeting of Zhejiang Jinwo Precision Engineering Co., Ltd. was held on October 29, 2025, with all 9 directors present, complying with legal and regulatory requirements [2][5]. - The board approved the 2025 Q3 report, which accurately reflects the company's financial status and operational results without any false statements or omissions [3][4]. Group 2 - The company announced a provision for asset impairment totaling 7,377,800.07 yuan for the first three quarters of 2025, based on a comprehensive assessment of various assets [9][11]. - The impairment provision will reduce the total profit for the first three quarters of 2025 by 7,377,800.07 yuan, impacting net profit and owners' equity by the same amount [14][15].

Core Insights - Jinwo Co., Ltd. (300984.SZ) reported a revenue of 930 million yuan for the first three quarters of 2025, representing a year-on-year growth of 10.56% [1] - The net profit attributable to shareholders of the listed company was 37.34 million yuan, showing a significant year-on-year increase of 74.83% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 34.26 million yuan, reflecting a year-on-year growth of 61.07% [1] - The basic earnings per share stood at 0.3 yuan [1]

证券代码：300984 证券简称：金沃股份 公告编号：2025-105 浙江金沃精工股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本次计提资产减值准备情况概述 浙江金沃精工股份有限公司（以下简称"公司"或"本公司"）本次计提资 产减值准备，是依照《企业会计准则》及公司会计政策的相关规定进行的。公司 及下属子公司对截至 2025 年 9 月 30 日各类存货、应收款项、固定资产、长期股 权投资、在建工程、无形资产、商誉等资产进行了全面清查，对各类存货的可变 现净值，应收款项回收的可能性，固定资产、在建工程及无形资产的可变现性进 行了充分的评估和分析，认为上述资产中部分资产存在一定的减值迹象。本着谨 慎性原则，公司需对可能发生资产减值损失的相关资产进行计提减值准备。 | 项目 | 本期计提 | | --- | --- | | 一、信用减值损失 | 1,709,912.22 | | 其中：应收票据及应收账款坏账损失 | 1,654,512.60 | | 其他应收款坏账损失 | 55,399.62 ...

Core Insights - Jinwo Co., Ltd. reported a third-quarter revenue of 316 million yuan, representing a year-on-year increase of 15.98% [1] - The net profit for the third quarter was 11.874 million yuan, showing a year-on-year growth of 44.25% [1] - For the first three quarters, the total revenue reached 930 million yuan, reflecting a year-on-year increase of 10.56% [1] - The net profit for the first three quarters amounted to 37.3432 million yuan, which is a year-on-year increase of 74.83% [1]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥316,428,880, representing a year-on-year increase of 15.98% compared to ¥272,832,100 in the same period last year[5]. - Net profit attributable to shareholders for Q3 2025 was ¥11,873,950, marking a significant increase of 44.25% from ¥8,231,431 in the previous year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥10,919,820, which is an increase of 11.79% compared to ¥9,768,188 in the same period last year[5]. - Total operating revenue for the period reached ¥930,032,982.85, an increase of 10.55% compared to ¥841,219,740.08 in the previous period[24]. - Net profit for the period was ¥37,343,245.76, representing a significant increase of 74.8% from ¥21,359,872.65 in the prior period[25]. - The total comprehensive income for the period reached CNY 37,291,074.13, compared to CNY 21,375,248.66 in the previous period, reflecting a significant increase[26]. Assets and Equity - The company's total assets at the end of the reporting period were ¥1,549,792,812.66, reflecting an increase of 11.37% from ¥1,391,586,552.02 at the end of the previous year[5]. - The equity attributable to shareholders increased to ¥1,037,958,505.21, up 14.11% from ¥909,599,010.92 at the end of the previous year[5]. - The company's total assets increased to ¥1,549,792,812.66, compared to ¥1,391,586,552.02, marking a growth of 11.4%[23]. - The company's equity attributable to shareholders rose to ¥1,037,958,505.21, up from ¥909,599,010.92, an increase of 14.1%[23]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥39,578,420, a substantial increase of 106.20% compared to ¥19,194,200 in the same period last year[5]. - Cash inflow from operating activities totaled CNY 856,794,767.44, up from CNY 777,802,804.52 in the previous period, indicating a growth of approximately 10.1%[26]. - The net cash flow from operating activities increased to CNY 39,578,426.10, compared to CNY 19,194,206.70 in the prior period, representing a growth of over 106%[26]. - The net cash flow from financing activities improved to CNY 92,538,166.34, up from CNY 49,851,331.39 in the previous period, marking an increase of about 85.5%[27]. Expenses and Liabilities - Management expenses increased by 52.39% to ¥50,573,617.13 due to higher employee compensation, depreciation, and share-based payment costs[13]. - Financial expenses decreased by 97.74% to ¥232,105.73 primarily due to reduced convertible bond interest and increased exchange gains[13]. - Income tax expenses increased by 43.38% to ¥8,223,003.11, reflecting a rise in total profit[13]. - Non-current liabilities decreased to ¥50,720,523.31 from ¥136,939,049.76, indicating a reduction of 63.0%[23]. Investments - The company has seen a significant increase in long-term equity investments, which rose by 1022.84% to ¥10,707,660.04 due to new investments in joint ventures[12]. - Long-term equity investments increased significantly to ¥10,707,660.04 from ¥953,623.76, indicating strategic investments[21]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,346[15]. - The largest shareholder, Zheng Licheng, holds 13.04% of shares, amounting to 16,079,112 shares, with 3,000,000 shares pledged[15]. Operational Metrics - The company reported a basic earnings per share of ¥0.1000 for Q3 2025, down 9.09% from ¥0.1100 in the same period last year[5]. - Research and development expenses increased to ¥37,858,353.97, compared to ¥29,678,893.88, reflecting a growth of 27.5%[24]. - The company has implemented a retrospective adjustment to its financial statements due to changes in accounting policies, affecting sales expenses and operating costs[6][7]. Other Financial Highlights - Other income rose by 77.95% to ¥12,685,950.43, mainly from increased government subsidies[13]. - The company's cash and cash equivalents increased to ¥39,034,075.24 from ¥34,498,201.05[21]. - Accounts receivable rose to ¥301,608,038.02 from ¥273,974,942.13, indicating improved sales performance[21]. - Inventory increased to ¥290,594,327.91 from ¥271,519,648.43, suggesting potential growth in production or sales[21]. - The company did not undergo an audit for the third quarter financial report[28].

证券代码：300984 证券简称：金沃股份 公告编号：2025-103 浙江金沃精工股份有限公司 第三届董事会第十一次会议决议公告 经审议，公司 2025 年第三季度报告真实反映了公司 2025 年第三季度的财务 状况和经营成果，不存在虚假记载、误导性陈述或重大遗漏。 具体内容详见公司同日披露在巨潮资讯网（www.cninfo.com.cn）上的《2025 年第三季度报告》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、备查文件 1、第三届董事会第十一次会议决议。 特此公告。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江金沃精工股份有限公司（以下简称"公司"）第三届董事会第十一次会 议通知于 2025 年 10 月 24 日以电子邮件方式发出，会议于 2025 年 10 月 29 日在 公司会议室以现场结合通讯的方式召开。会议由公司董事长杨伟先生主持，应到 董事 9 人，实到董事 9 人（其中现场出席董事 4 名，通讯出席董事 5 名），公司 高级管理人员列席了会议。会议的召集、召开和表决程序符合《中华人民共和国 ...

Summary of Jinwo Co., Ltd. Conference Call Industry and Company Overview - Jinwo Co., Ltd. operates in the global bearing ring market, currently holding a market share of less than 1.5% with a target to achieve 60 billion CNY in revenue, aiming for a 20% annual growth rate [2][4][31] - The company is diversifying into three main industries: bearing rings, humanoid robot components, and insulated bearing rings, with a focus on technological innovation and new product development [3][31] Key Points and Arguments Market Position and Growth Strategy - The global demand for bearing rings is over 100 billion CNY, with Jinwo aiming for 30 billion CNY from both domestic and international markets by 2025 [4][5] - The domestic market for insulated bearings is expected to reach a demand of 90 million units by 2035, driven by the growth of the new energy vehicle sector [4][29] - Jinwo has initiated an internationalization strategy, starting with a factory in Mexico expected to commence production in Q3 2026, followed by expansions in Europe and Southeast Asia [7][31] Financial Performance and Profitability - Jinwo's gross margin has improved from 13%-14% to 16%-17% in 2025, with a goal to restore it to 21%-23% or higher through automation and digital factory initiatives [2][6] - The company reported a doubling of profits in the first half of 2025, with expectations to maintain this growth trajectory in the coming years [10][31] Product Development and Innovations - The company is entering the planetary roller screw market, targeting a production capacity of 40,000 units per week to meet the demand for humanoid robots [8][13] - Insulated bearing rings are set to begin mass production in November 2025, addressing issues of electrical corrosion in new energy drive systems and air conditioning units [9][23][27] Competitive Landscape and Advantages - Jinwo's expertise in bearing ring manufacturing provides a competitive edge in the production of planetary roller screws, leveraging high precision and advanced processing techniques [11][12] - The insulated bearing market is experiencing rapid growth due to increasing electrification demands, with applications in various sectors including new energy vehicles and industrial machinery [27][29] Additional Important Insights - Jinwo is actively developing partnerships with major clients, including collaborations with leading global companies like Schaeffler and SKF [5][16] - The company is addressing the challenges of internal thread processing in planetary roller screws, focusing on innovative manufacturing techniques to enhance efficiency [18] - The insulated bearing technology is positioned to significantly reduce costs compared to traditional ceramic ball bearings, enhancing market competitiveness [25][26] Future Outlook - Jinwo aims to maintain a 20% annual revenue growth and expand its market presence, particularly in the insulated bearing segment starting in the second half of 2026 [31]