Core Viewpoint - Jinwo Co., Ltd. (300984.SZ) responded to the Shenzhen Stock Exchange's inquiry regarding the reasonableness of its fundraising for capacity expansion despite previous project delays and unmet expectations [1] Group 1: Fundraising and Project Progress - The company plans to raise 950 million yuan for capacity expansion, addressing concerns about the effectiveness of previous fundraising projects [1] - The first bearing project has generated a total revenue of 100.52 million yuan from 2022 to February 2025, against a commitment of 138.49 million yuan [1] - The second bearing project is expected to generate an annual revenue of 5 million yuan, with completion delayed until December 2025 [1] Group 2: Economic Benefits of New Projects - The first new project is expected to generate an annual revenue of 779.85 million yuan, with a post-tax internal rate of return (IRR) of 13.67% and a payback period of 8.26 years [1] - The second new project is projected to yield an annual revenue of 342 million yuan, with a post-tax IRR of 15.20% and a payback period of 8.20 years [1] - The third project is anticipated to save costs of 349.80 million yuan annually, with a post-tax IRR of 21.91% and a payback period of 6.55 years [1] Group 3: Risk Considerations - The company has factored in equipment changes and maintenance impacts in its economic benefit calculations for the new projects [2] - Potential risks include market expansion not meeting expectations, which could lead to underutilization of new capacity [2] - Fluctuations in raw material prices or changes in trade policies may affect the profitability of the fundraising projects [2]

证券简称：金沃股份 证券代码：300984 浙江金沃精工股份有限公司 与 广发证券股份有限公司 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 （修订稿） 保荐人（主承销商） 二〇二五年十一月 深圳证券交易所： 根据贵所于 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》（以下简称《审核问询函》）的要求，浙江 金沃精工股份有限公司（以下简称"公司"、"上市公司"、"金沃股份"或"发 行人"）会同广发证券股份有限公司（以下简称"广发证券"、"保荐机构"或 "保荐人"）、浙江天册律师事务所（以下简称"发行人律师"）、天衡会计师 事务所（特殊普通合伙）（以下简称"发行人会计师"），本着勤勉尽责、诚实 守信的原则，就审核问询函所提问题逐条进行了调查、核查及讨论，并完成了《浙 江金沃精工股份有限公司与广发证券股份有限公司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》（以下简称"本回复报告"）， 现回复如下，请予审核。 如无特别说明，本回复报告中简称与募集说明书中简称具有相同含义。涉及 对申请文件补充披露或修改的内 ...

2025 年度向特定对象发行 A 股股票的 补充法律意见书（一） 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571 8790 1111 传真：0571 8790 1500 浙江天册律师事务所 关于 浙江金沃精工股份有限公司 补充法律意见书（一） 浙江天册律师事务所 关于浙江金沃精工股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（一） 编号：TCYJS2025H1440 号 致：浙江金沃精工股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江金沃精工股份有限公司 （以下简称"金沃股份"、"发行人"或"公司"）的委托，作为发行人 2025 年 度向特定对象发行 A 股股票（以下简称"本次发行"或"本次向特定对象发行股 票"）之专项法律顾问，为发行人本次发行提供法律服务，并已出具编号为 "TCYJS2025H1104"的《浙江天册律师事务所关于浙江金沃精工股份有限公司 2025 年度向特定对象发行 A 股股票的法律意见书》（以下简称"《法律意见书》"） 和编号为"TCLG2025H1158"的《浙江天册律师事务所关于浙江金沃精工股份有 限公司 ...

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]