Core Viewpoint - 德昌电机控股 reported a slight decline in revenue for the first half of the fiscal year 2025/26, indicating challenges in maintaining growth amidst currency fluctuations and market conditions [1] Financial Performance - The total revenue for the first half of the fiscal year 2025/26 was $1.833 billion, a decrease of 1% compared to the same period last year [1] - Excluding the impact of foreign exchange fluctuations, revenue decreased by 2% [1] - Gross profit amounted to $441 million, representing 24.0% of total revenue, compared to $438 million or 23.6% in the previous fiscal year [1] - Net profit attributable to shareholders increased by 3% to $133 million, equating to a diluted earnings per share of 14.21 cents [1] - Basic net profit decreased by 8% to $123 million [1] - The interim dividend declared was 17 Hong Kong cents per share, equivalent to 2.18 US cents [1]

Core Viewpoint - 德昌电机控股 reported a slight decline in revenue but an increase in net profit, indicating resilience in profitability despite challenging market conditions [1] Financial Performance - Revenue for the six months ending September 30, 2025, was $1.833 billion, a year-on-year decrease of 1% [1] - Net profit attributable to shareholders rose by 3% to $133 million, with diluted earnings per share at 14.21 cents [1] - The interim dividend declared was 17 Hong Kong cents per share [1] Profitability Metrics - Gross profit margin increased slightly from 23.6% to 24.0, driven by lower direct labor costs, tighter raw material prices, and favorable foreign exchange movements [1] - These factors offset the impacts of reduced sales prices and rising wages [1] Cash Flow and Capital Expenditure - Free cash flow from operations increased from $144 million to $174 million, primarily due to a decrease in working capital, which outweighed the increase in capital expenditures [1] - The company expects capital expenditures to remain at a high single-digit percentage of revenue in the short term, aligning with planned automation investments and further production expansion [1]

Core Viewpoint - 德昌电机控股将于2026年1月6日派发截至2025年9月30日止6个月的中期股息每股0.17港元 [1] Summary by Category - **Dividend Announcement** - The company will distribute an interim dividend of HKD 0.17 per share [1]

第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 德昌電機控股有限公司 | | 股份代號 | 00179 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年9月30日止六個月之中期股息 | | 公告日期 | 2025年11月12日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2026年3月31日 | | 宣派股息的報告期末 | 2025年9月30日 | | 宣派股息 | 每 股 0.17 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.17 HKD | | ...

Financial Performance - Total revenue for the six months ended September 30, 2025, was $1,833 million, a decrease of 1% compared to the same period last year[2]. - Gross profit was $441 million, representing 24.0% of revenue, up from 23.6% in the previous year[2]. - Adjusted EBITDA was $159 million, or 8.7% of revenue, down from 9.5% in the previous year[2]. - Net profit attributable to shareholders increased by 3% to $133 million, or $0.1421 per share[2]. - Basic net profit decreased by 8% to $123 million after excluding unrealized gains or losses related to exchange rate fluctuations and restructuring costs[2]. - Free cash flow from operations was $174 million, compared to $144 million in the previous year[2]. - The company's operating profit for the first half of the 25/26 fiscal year was $156.2 million, a decrease of $1.7 million compared to the previous year[33]. - Shareholders' profit for the first half of the 25/26 fiscal year was $133.3 million, an increase of 3% from $129.6 million in the previous year[34]. - The gross profit margin improved to 24.0% in the first half of the 25/26 fiscal year, compared to 23.6% in the previous year[33]. - The company reported a profit of $133.3 million for the six months ended September 30, 2025, compared to a profit of $129.6 million for the same period in 2024, reflecting a year-over-year increase of approximately 2.1%[111]. - Total comprehensive income for the six months ended September 30, 2025, amounted to $158.4 million, compared to $136.4 million for the same period in 2024, representing a growth of about 16.1%[112]. Revenue Segmentation - The automotive segment accounted for 84% of total revenue, with a 3% decline in revenue at constant exchange rates[4]. - The industrial products segment represented 16% of total revenue, with stable sales compared to the previous year[8]. - Revenue for the first half of the 25/26 fiscal year decreased by $20.7 million or 1% to $1,833.5 million compared to $1,854.2 million in the previous fiscal year[18]. - Automotive product segment revenue decreased by $41.4 million or 3% (excluding foreign exchange effects), maintaining an 84% share of total revenue[22]. - Total revenue for the automotive products segment was $1,541,991 thousand for the six months ended September 30, 2025, slightly down from $1,564,418 thousand in 2024, reflecting a decrease of 1.4%[122]. - The industrial products segment generated revenue of $291,492 thousand, a marginal increase from $289,750 thousand in the same period last year, showing a growth of 0.6%[122]. Cash Flow and Liquidity - Free cash flow from operations rose from $144 million to $174 million, driven by a decline in working capital, which outweighed the increase in capital expenditures[11]. - Cash and cash equivalents increased by $141.9 million to $932.5 million as of September 30, 2025, compared to $790.6 million on March 31, 2025[55]. - The company reported a net cash from operating activities for the six months ended September 30, 2025, was $290,001 thousand, up from $222,780 thousand in 2024, indicating a year-over-year increase of 30.2%[114]. - The cash and cash equivalents at the end of the period increased to $932,483 thousand, up from $687,658 thousand in 2024, representing a growth of 35.5%[114]. Debt and Financing - Total debt to capital ratio remains stable at 11%, with cash balance of $932 million as of September 30, 2025[12]. - The company has $1,019.8 million in available and undrawn credit facilities as of September 30, 2025[57]. - The company repaid a net amount of $1.7 million in loans, significantly lower than the $203.8 million net repayment in the previous fiscal year[51]. - The total loan amount as of September 30, 2025, was $359,683 thousand, slightly up from $359,335 thousand on March 31, 2025, indicating a marginal increase of 0.1%[158]. - The company secured a $400 million financing agreement in August 2023, which includes $200 million in term loan financing and $200 million in revolving credit financing[158]. Shareholder Information - The board declared an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218 per share, to be distributed on January 6, 2026[13]. - The company paid a final dividend of $52.1 million for the fiscal year 2024/25, maintaining the same amount as the previous year[66]. - The company announced an interim dividend of $20.3 million for the first half of the fiscal year 2025/26, consistent with the previous year's interim dividend[66]. - The company’s shares have a par value of HKD 0.05[92]. - The total number of issued ordinary shares as of September 30, 2025, was 1,760.0 million, unchanged from March 31, 2025, with a par value of HKD 0.05 per share[168]. Operational Efficiency - The management team is focusing on reducing indirect production costs and investing in innovative drive system solutions for high-growth markets such as robotics and data center thermal management[31]. - Operating expenses as a percentage of revenue remained stable at 14.1% compared to 14.0% in the previous year[37]. - The company incurred a loss of $21.6 million related to hedging instruments during the six months ended September 30, 2025[111]. - The company recognized a foreign exchange gain of $45.1 million from the translation of subsidiaries for the six months ended September 30, 2025[111]. Market Outlook - The company expects moderate revenue growth in the second half of the fiscal year despite a highly uncertain macroeconomic outlook, assuming pragmatic agreements in ongoing US-China trade negotiations[14]. - In the Asia-Pacific region, revenue decreased by 6%, primarily due to declining demand for non-local automotive brands in China and pricing measures to maintain competitiveness[26]. - In Europe, the Middle East, and Africa, revenue slightly declined by 1%, with sales of cooling management and visual application systems decreasing, offset by growth in brake system applications and powder metal components[26]. - In the Americas, revenue also slightly declined by 1%, driven by weak demand from several customers and the phase-out of certain product lines, although this was offset by growth in powder metal components and cooling management applications[26]. Corporate Governance - The company has complied with the corporate governance code as of September 30, 2025, except for specific circumstances regarding the rotation of directors[85]. - The roles of the Chairman and CEO are held by the same individual, Dr. Wang Suizhong, which the board believes is in the best interest of the company[86]. - The company has adhered to the standard code for securities trading as outlined in the listing rules[89].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a global leader in automotive micro-motors and systems, with a complete global manufacturing system and stable Tier 1 customer resources. Revenue projections for 2026E-2028E are $3.816 billion, $4.100 billion, and $4.634 billion, respectively, with corresponding net profits of $271 million, $297 million, and $339 million. The company’s valuation shows significant attractiveness compared to A-share and global peers [7]. Summary by Sections 1. Global Leading Micro-Motor Manufacturer - The company has evolved through three stages since its establishment in 1959, transitioning from toy micro-motors to automotive electric motors and expanding into various fields through acquisitions [18]. 2. Main Business: APG Growth Amid Electrification - The company’s automotive product group (APG) is expected to see volume and price increases due to the transition from fuel vehicles to electric vehicles. The average number of motors in electric vehicles is approximately 17 times that of fuel vehicles, leading to a significant increase in single-vehicle value [8][51]. 3. Key Assumptions - The company’s APG business is projected to benefit from the growth in electric vehicle production, with global electric vehicle output expected to rise from 24.9 million units in 2024 to 40.2 million units in 2028, reflecting a CAGR of 12.7% [8]. - The humanoid robot business is anticipated to become a core supplier for domestic and international manufacturers, leveraging its global manufacturing layout and system-level motor technology [8]. - The AI data center liquid cooling pump business is expected to benefit from the growing demand for cooling efficiency, with the market projected to grow from $2 billion in 2024 to $72.89 billion by 2030 [8]. 4. Financial Forecast and Valuation - The company’s projected revenues and net profits for 2026E-2028E are $3.816 billion, $4.100 billion, and $4.634 billion, and $271 million, $297 million, and $339 million, respectively. The corresponding P/E ratios are 15.2, 13.9, and 12.2 [10][12]. 5. Market Perception - Contrary to common perceptions that the company’s growth is constrained by the automotive cycle, the report highlights the company’s capabilities in high-precision motors and fluid control systems, which provide a strong foundation for growth in emerging sectors [11]. 6. Revenue Structure and Growth - The company’s revenue structure is increasingly concentrated in the automotive sector, with APG expected to account for 84% of total revenue by 2025. The company’s global customer base includes major automotive manufacturers and high-end brands across various industries [20][33]. 7. Electric Vehicle Market Dynamics - The report indicates that the global automotive industry is transitioning from quantity growth to structural optimization, with electric vehicles becoming the primary source of growth. The penetration rate of electric vehicles is expected to rise significantly, driving revenue growth for the company [55][56]. 8. Single Vehicle Value Enhancement - The average single vehicle value for electric vehicles is projected to be significantly higher than that of fuel vehicles, with estimates of $326.5 for electric vehicles compared to $217.6 for fuel vehicles [56].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Johnson Electric Holdings Limited 德昌電機控股有限公司* 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00179 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,760,000,000 | HKD | | 0.05 HKD | | 88,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,760,000,000 | HKD | | 0.05 HKD | | 88,0 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Johnson Electric Holdings Limited 德昌電機控股有限公司* (在百慕達註冊成立之有限公司) (股份代號: 179) 承董事會命 德昌電機控股有限公司 鄭麗珠 公司秘書 香港，2025 年 10 月 27 日 www.johnsonelectric.com * 僅供識別 董事會召開日期 德昌電機控股有限公司 (「本公司」) 董事會宣佈，本公司將於 2025 年 11 月 12 日 (星期三) 舉行董事會會議，藉以 (其中包括) 批准本公司及其附屬公司截至 2025 年 9 月 30 日止六個月的中期業績公告，以及考慮派發中期股息。 董事會 於本公告日期，本公司董事會成員包括執行董事汪穗中及汪浩然；非執行董事麥汪詠宜 及汪建中以及獨立非執行董事 Catherine Annick Caroline BRADLEY、Michael John ENRIGHT、劉美璇、Patrick ...

Investment Rating - The report maintains a "Buy" rating for 德昌电机控股 (Deka Motor Holdings) [6][12]. Core Insights - 德昌电机控股 has unique advantages in developing humanoid robot components, driven by its strong position in the automotive motor sector and the rapid growth of data center liquid cooling systems [2][30]. - The company is expected to see significant growth in net profit, with projections of $281 million, $322 million, and $355 million for the fiscal years 2026, 2027, and 2028, respectively, representing year-on-year growth rates of 7%, 15%, and 10% [14][15]. Financial Summary - Total revenue projections for 德昌电机控股 are as follows: - 2025: $3,648 million - 2026: $3,751 million - 2027: $4,097 million - 2028: $4,476 million - Gross profit and net profit forecasts are: - Gross profit for 2025: $843 million, with a gross margin of 23% - Net profit for 2025: $263 million, with a net margin of 7.2% [4][15][26]. Company Overview - 德昌电机控股's main business segments include automotive motors (84% of revenue) and industrial motors (16%) [15][19]. - The company has a stable revenue and profit growth history, with a net profit of approximately $263 million for the fiscal year 2025, reflecting a 15% increase year-on-year [24][26]. Humanoid Robot Development Advantages - The company possesses significant capabilities in humanoid robot components, including actuators and joints, leveraging its expertise in motor design and manufacturing [30][34]. - 德昌电机控股's joint ventures with 上海机电 (Shanghai Electric) enhance its channel and component capabilities in the humanoid robot sector [50][54]. Data Center Liquid Cooling Business - The rapid development of data center liquid cooling is expected to drive growth in 德昌电机控股's pump business, with products like CDU and DTC pumps enhancing cooling efficiency [56][58]. Automotive Small Motor Market - The ASP (Average Selling Price) of small motors in electric vehicles is projected to have a 50% growth potential compared to traditional fuel vehicles, driven by advancements in various automotive systems [60][66]. - The company aims to diversify its customer base in the automotive sector, which has been heavily reliant on foreign clients, to improve revenue growth [66]

Core Viewpoint - Morgan Stanley initiates coverage on Dechang Motor Holdings (00179) with a target price of HKD 67 and a "Buy" rating, while also setting a target price of RMB 43 for Wolong Electric Drive (600580.SH) with a "Neutral" rating, highlighting AI data centers, humanoid robots, and electric vertical takeoff and landing (eVTOL) aircraft as long-term growth engines that will reshape industry profitability [1] Group 1: AI Data Centers - Wolong Electric Drive has supplied EC fans and cold plates to major domestic enterprises, while Dechang Motor provides integrated cooling pumps to top global hyperscale companies, indicating strong positioning in the AI data center cooling solutions market [1] - The long-term market size for AI data center cooling solutions is projected to reach 5 billion units, suggesting significant potential for growth [1] Group 2: Humanoid Robots - Dechang Motor supplies linear/rotary actuators and integrated dexterous hands for humanoid robots, while Wolong Electric Drive provides rotary actuators and dexterous hands, showcasing their contributions to this emerging sector [1] - The market for humanoid robots is expected to have a substantial long-term growth potential, aligning with the overall industry trends [1] Group 3: Electric Vertical Takeoff and Landing Aircraft - The domestic market for eVTOL aircraft is anticipated to reach an annual production of 5,000 units by 2035, indicating a burgeoning market opportunity [1] - Wolong Electric Drive collaborates with Geely (00175) subsidiary VoFly Chang Kong, while Dechang Motor leverages its automotive-grade technology to gain a competitive advantage in the eVTOL market [1]