证券日报网讯2月11日，新莱福（301323）在互动平台回答投资者提问时表示，公司本次拟收购金南磁 材100%股权的相关事项，已提交深圳证券交易所审核，目前处于问询反馈阶段。本次交易尚需经深圳 证券交易所审核通过、中国证券监督管理委员会同意注册后方可最终实施。鉴于相关审批程序存在一定 不确定性，能否获得批准及最终完成时间均存在变数，请广大投资者注意投资风险！ ...

Core Insights - The commercialization of humanoid robots is driving the demand for advanced motor technologies, which are essential for performance, load capacity, and operational efficiency [1][3][15] - The electric motor industry is becoming a critical variable in the speed of commercialization for humanoid robots, with significant competition expected by 2026 [1][3] Electric Motor Market Potential - The global market for frameless torque motors in humanoid robots is projected to reach $2.397 billion by 2030, with the total market exceeding $3.3 billion when including traditional sectors [3] - Hollow cup motors are expected to surpass $1.5 billion in the robot sector by 2030, while harmonic field motors are anticipated to grow rapidly post-2025, reaching $2 billion by 2030 [3] - Electric motors account for 15%-20% of the value chain in humanoid robots, prompting leading manufacturers to vertically integrate and customize their motor solutions [3][6] Performance Requirements - Humanoid robots require motors with high torque density, low torque fluctuation, strong overload capacity, and effective heat dissipation [4][6] - For instance, the A2 Max robot's joint peak torque reaches 450 Nm, necessitating high-density output in a compact space [4] - The design trends are moving towards modular and integrated solutions to enhance flexibility and endurance [4] Competitive Landscape - The current electric motor market features a multi-route approach with frameless torque motors leading for joints, hollow cup motors for dexterous hands, and harmonic field motors exploring future applications [6][7] - The global market is dominated by companies like Kollmorgen and AEROTECH, while domestic firms are rapidly advancing, with significant price advantages [7][10] Market Growth and Trends - The global compound annual growth rate (CAGR) for frameless torque motors is projected to be 25% from 2023 to 2030, with the market expected to exceed $3.3 billion by 2030 [7][10] - Domestic companies are making strides in technology and cost efficiency, with local products priced at 50%-70% of their international counterparts [10][11] Material Innovations - The fourth-generation samarium iron nitrogen (SmFeN) material is emerging as a game-changer in electric motor performance, offering low cost and high performance [11][12] - This material has a Curie temperature of 470°C and is resistant to corrosion, making it suitable for micro-motor applications [12][14] Future Outlook - The humanoid robot wave represents not just a competition among complete systems but also a "power revolution" in core components like electric motors [15][16] - As technology converges and the supply chain integrates, the electric motor industry is expected to become a key driver for the commercialization and popularization of humanoid robots [16]

Core Viewpoint - Guangzhou Xinlaifu New Materials Co., Ltd. plans to acquire 100% equity of Guangzhou Jinnan Magnetic Materials Co., Ltd. for 1.054 billion yuan, constituting a related party transaction with a premium rate of 79.09% [1][3][6] Financial Performance of Xinlaifu - Xinlaifu's revenue increased by 8.7% year-on-year in the first three quarters of 2025, but net profit decreased by 2.25%, indicating a situation of "increasing revenue without increasing profit" [2][7] - The company's gross profit margin fell from 37.4% in the first three quarters of 2024 to 35.5%, while net profit margin dropped from 16.5% to 14.5% [2][7] - Core business sales, particularly in adsorption functional materials, saw a decline, with sales down 2.37% for adsorption materials and 53.09% for other functional materials in the first half of 2025 [2][7] - Operating cash flow decreased by 56.25% year-on-year, amounting to 38.4465 million yuan, indicating weakened bargaining power in the supply chain [2][7] Acquisition Details - The acquisition of Jinnan Magnetic Materials is valued at 1.055 billion yuan, with a significant premium of 79.09% over its net asset value [3][8] - The payment structure includes 105 million yuan in cash and 949 million yuan through share issuance [3][8] - The transaction is classified as a major asset restructuring and related party transaction, raising concerns about its fairness and benefits to all shareholders [3][8] Performance of Jinnan Magnetic Materials - Jinnan Magnetic Materials reported revenues of 418 million yuan in 2023, 502 million yuan in 2024, and 412 million yuan in the first nine months of 2025, with a net profit of 52.44 million yuan in 2023 and 81.46 million yuan in 2024 [4][9] - The future performance commitments for 2025 to 2027 show a significant slowdown, with nearly zero growth expected in 2025 compared to 2024, and lower growth rates of 8.74% and 6.14% for 2026 and 2027, respectively [4][9] Strategic Implications - The acquisition represents a gamble for Xinlaifu, potentially providing a much-needed boost to its performance but also carrying valuation risks due to the high premium and conservative performance commitments [5][10] - The success of the acquisition will depend on the realization of synergies in customer relations, supply chain, and management, as well as the efficiency of the integration process [5][10]

Core Viewpoint - New Life (301323) plans to acquire 100% equity of Guangzhou Jin Nan Magnetic Materials Co., Ltd. for a total transaction amount of 1.054 billion yuan, which will enhance its business synergy and core competitiveness [1][2]. Group 1: Transaction Details - The transaction involves issuing shares and cash payments to specific investors, with a total of up to 480 million yuan to be raised [1]. - The acquisition is classified as a major asset restructuring and related party transaction, but it will not result in a change of control of the company [1]. - The valuation of the target company, based on the income approach, is approximately 1.0545988 billion yuan, reflecting a valuation increase rate of 79.09% [1]. Group 2: Strategic Objectives - The acquisition aims to enhance business collaboration, broaden product offerings, and improve the company's core competitiveness, facilitating its transformation and upgrade [1][2]. - By integrating Jin Nan Magnetic's core technology in permanent and soft magnetic materials, the company seeks to strategically expand its business boundaries and achieve deep supply chain collaboration [2]. Group 3: Financial Performance and Risks - Jin Nan Magnetic's revenue for the reporting periods was 417.89 million yuan, 501.67 million yuan, and 411.63 million yuan, with net profits of 52.45 million yuan, 81.46 million yuan, and 60.96 million yuan respectively [4]. - The company faces risks related to revenue fluctuations and the potential inability to meet performance commitments, with promised net profits for the performance commitment period set at 81.57 million yuan, 88.69 million yuan, and 94.14 million yuan for 2025, 2026, and 2027 respectively [3][4]. - New Life's revenue from 2022 to 2024 is projected to be 715 million yuan, 771 million yuan, and 886 million yuan, with net profits of 128 million yuan, 138 million yuan, and 145 million yuan, indicating steady but limited growth [5].

每经AI快讯，新莱福1月25日晚间发布公告称，公司第二届第十六次董事会会议于2026年1月23日在公 司会议室以现场结合通讯方式召开。会议审议了《关于批准公司发行股份及支付现金购买资产并募集配 套资金暨关联交易有关加期审计报告、加期备考审阅报告的议案》等文件。 每经头条（nbdtoutiao）——丹麦士兵荷枪实弹上岛，准备战斗！反击特朗普夺岛图谋，美最大债主3.6 万亿美元"金融核弹"可随时引爆，格陵兰风云骤起 （记者 曾健辉） ...

广东信达律师事务所 关于广州新莱福新材料股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 的 补充法律意见书（二） 中国深圳福田区益田路 6001 号太平金融大厦 11、12 楼 邮政编码：518038 11,12/F,TaiPingFinanceTower,YitianRoad6001,FutianDistrict,ShenZhen,P.R.China 电话(Tel.)：0755-88265288 传真(Fax.)：0755-88265537 网址（Website）：https://www.sundiallawfirm.com 法律意见书 广东信达律师事务所 关于广州新莱福新材料股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 的 补充法律意见书（二） 信达创重购字(2025)第 001-06 号 致：广州新莱福新材料股份有限公司 根据公司与信达签署的《专项法律服务委托合同》，信达接受公司委托，担 任公司本次重组的专项法律顾问，为公司提供法律服务。 信达根据《中华人民共和国公司法》《中华人民共和国证券法》等有关法律、 法规及《上市公司重大资产重组管理办法》《上市公司监管指引第 ...

中信证券股份有限公司 关于广州新莱福新材料股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易之 独立财务顾问报告 独立财务顾问 二〇二六年一月 中信证券股份有限公司 独立财务顾问报告 独立财务顾问声明和承诺 中信证券股份有限公司（以下简称"中信证券"、"本独立财务顾问"）接受广州新 莱福新材料股份有限公司（以下简称"新莱福"、"上市公司"或"公司"）委托，担任 本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"） 的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本独立财务顾问 报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》《公开 发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上市公 司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》和《深圳证券交 易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求，以及证券行业 公认的业务标准、道德规范，经过审慎调查，本着诚实信用和勤勉尽责的态度，就本次 交 ...

目 录 | 一、审阅报告…………………………………………………………… | 第 1 | 页 | | --- | --- | --- | | 二、备考合并财务报表………………………………………………第 | 2—3 | 页 | | （一）备考合并资产负债表………………………………………… | 第 2 | 页 | | （二）备考合并利润表……………………………………………… | 第 3 | 页 | | 三、备考合并财务报表附注……………………………………… 第 | 4—67 | 页 | | 四、报告附件………………………………………………………第 | 68—71 | 页 | 审 阅 报 告 天健审〔2026〕5-1 号 广州新莱福新材料股份有限公司全体股东： 我们审阅了后附的广州新莱福新材料股份有限公司（以下简称新莱福公司） 按照备考合并财务报表附注三所述编制基础编制的备考合并财务报表，包括 2024 年 12 月 31 日和 2025 年 9 月 30 日的备考合并资产负债表，2024 年度和 2025 年 1-9 月的备考合并利润表以及备考合并财务报表附注。备考合并财务报表的编 制是新莱福公司管理层的责任，我们 ...

中信证券股份有限公司 关于广州新莱福新材料股份有限公司 部分募投项目增加实施地点的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监 管指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》等有关法律法规的要求，中信证券股份有限公司 （以下简称"中信证券"或"保荐人"）作为广州新莱福新材料股份有限公司 （以下简称"新莱福"或"公司"）首次公开发行发行股票的保荐人，对新莱福 部分募投项目增加实施地点情况进行了专项核查，核查的具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意广州新莱福新材料股份有限公司首 次公开发行股票注册的批复》（证监许可〔2023〕527 号），公司于 2023 年 6 月首 次公开发行人民币普通股（A 股）股票 26,230,723 股，每股发行价格为人民币 39.06 元，募集资金总额为人民币 102,457.20 万元。扣除发行费用（不含税）后， 实际募集资金净额为 94,517.64 万元。 天健会计师事务所（特殊 ...

目 录 | | | | 二、财务报表……………………………………………………… 第 5—14 页 | | --- | | （一）合并及母公司资产负债表…………………………………第 5-6 页 | | （二）合并及母公司利润表…………………………………………第 7 页 | | （三）合并及母公司现金流量表……………………………………第 8 页 | | （四）合并所有者权益变动表………………………………… 第 9-11 页 | | （五）母公司所有者权益变动表………………………………第 12-14 页 | 三、财务报表附注…………………………………………………第 15—111 页 四、资质证书复印件………………………………………………第 112—115 页 审 计 报 告 天健审〔2026〕7-5 号 广州金南磁性材料有限公司全体股东： 一、审计意见 我们审计了广州金南磁性材料有限公司（以下简称金南磁材公司）财务报表， 包括 2023 年 12 月 31 日、2024 年 12 月 31 日、2025 年 9 月 30 日的合并及母公 司资产负债表，2023 年度、2024 年度、2025 年 1-9 月的合并及 ...