证券代码：300984 证券简称：金沃股份 公告编号：2025-100 浙江金沃精工股份有限公司 5、2025 年 9 月 25 日，公司召开第三届董事会第十次会议，审议通过了《关 于调整 2024 年限制性股票激励计划授予价格及授予数量的议案》《关于向 2024 年限制性股票激励计划激励对象授予预留限制性股票的议案》，相关议案已经公 司董事会薪酬与考核委员会审议通过，董事会薪酬与考核委员会对预留授予激励 对象名单进行核实并发表了核查意见。 二、本次调整具体情况 关于调整 2024 年限制性股票激励计划授予价格及授予数量的公告 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。 浙江金沃精工股份有限公司（以下简称"公司"）于 2025 年 9 月 25 日召开 第三届董事会第十次会议，审议通过了《关于调整 2024 年限制性股票激励计划 授予价格及授予数量的议案》。由于公司于 2025 年 5 月 15 日实施完成 2024 年 年度权益分派，以剔除回购专用证券账户股份数量后的股本 87,549,002 股为基 数，向全体股东每 10 股派发现金红利 1.50 元 ...

证券代码：300984 证券简称：金沃股份 公告编码：2025-099 浙江金沃精工股份有限公司 关于 2025 年度向特定对象发行 A 股股票 摊薄即期回报与填补措施及相关主体承诺（修订稿）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。 5、公司2024年年度归属于公司普通股股东的净利润为2,613.5870万元，扣除 非经常性损益后归属于公司普通股股东的净利润为2,502.9721万元。假设2025年 归属于公司普通股股东的净利润、扣除非经常性损益后归属于公司股东的净利润 分别较2024年数据持平、增长10%、增长20%（该假设仅用于计算本次向特定对 象发行股票摊薄即期回报对主要财务指标的影响，不代表公司对未来经营情况及 趋势的判断，亦不构成公司盈利预测）； 6、假设除本次发行及上述事项外，公司不会实施其他会对公司总股本发生 影响或潜在影响的行为； 根据《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 ...

证券代码：300984 证券简称：金沃股份 公告编号：2025-096 浙江金沃精工股份有限公司 第三届董事会第十次会议决议公告 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 表决结果：同意 9 票，反对 0 票，弃权 0 票。 根据 2025 年第二次临时股东会授权，本议案无需提交股东会审议。 2、审议通过《关于调整公司 2025 年度向特定对象发行 A 股股票方案的议 案》 根据《上市公司证券发行注册管理办法》《<上市公司证券发行注册管理办 法>第九条、第十条、第十一条、第十三条、第四十条、第五十七条、第六十条 有关规定的适用意见—证券期货法律适用意见第 18 号》等相关规定，并结合公 司实际情况，公司拟对本次发行方案中发行数量、募集资金规模及用途等事项进 行调整。 1、发行数量 调整前： "本次向特定对象发行股票的数量按照募集资金总额除以发行价格确定，且 不超过本次发行前公司总股本88,249,002股的30%，即不超过26,474,700股（含本 数）。最终发行数量将在中国证监会作出同意注册的决定后，由股东会授权董事 会根据具 ...

浙江金沃精工股份有限公司 2025 年 9 月 25 日 浙江金沃精工股份有限公司董事会 限制性股票激励计划的分配情况： | 姓名 | 职务 | 获授限制性股票 | 占本激励计划拟授 | 占预留授予日股 | | --- | --- | --- | --- | --- | | | | 数量（万股） | 予权益总量的比例 | 本总额的比例 | | 核心技术（业务）人员（1人） | | 10.00 | 2.16% | 0.08% | | 预留授予合计 | | 10.00 | 2.16% | 0.08% | 注：①上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票累计不超过本激 励计划公告时公司股本总额的 1%。公司全部有效期内的激励计划所涉及的标的股票总数累计不超过本激励 计划公告时公司股本总额的 20%。 ②本激励计划预留授予对象不包括董事（含独立董事）、高级管理人员及单独或合计持有公司 5%以上 股份的股东或实际控制人及其配偶、父母、子女及外籍员工。 2024 年限制性股票激励计划激励对象名单 （预留授予日） ...

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]