证券代码：603583 证券简称：捷昌驱动 公告编号：2025-031 浙江捷昌线性驱动科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (二)股东大会召开的地点：浙江省绍兴市新昌县省级高新技术产业园区浙江捷昌 线性驱动科技股份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 212 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 209,720,308 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 54.6920 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长胡仁昌先生主持，会议采用现场投 票与网络投票相结合的方式召开。会议的召集和召开程序、表决方式符合《中华 人民共和国公司法》《上海证券交易所上市公司股东大会网络投票实施细则》和 《公司章程》等有 ...

下 天册律师事务 法律意见书 浙江天册律师事务所 关于浙江捷昌线性驱动科技股份有限公司 2024 年年度股东大会的 法律意见书 编号:TCYJS2025H0719 致:浙江捷昌线性驱动科技股份有限公司 浙江天册律师事务所(以下简称"本所")接受浙江捷昌线性驱动科技股份 有限公司(以下简称"捷昌驱动"或"公司")的委托,指派本所律师参加公司 2024 年年度股东大会,并根据《中华人民共和国证券法》(以下简称"《证券法》"）、 《中华人民共和国公司法》〈以下简称"《公司法》"）和《上市公司股东会规 则》(以下简称"《股东会规则》")等法律、法规和其他有关规范性文件的要 求出具本法律意见书。 在本法律意见书中,本所律师仅对本次股东大会召集、召开程序、出席人员 的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见,不对会议 所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确性发表意 见。 本法律意见书仅供公司 2024年年度股东大会之目的使用。本所律师同意将本 法律意见书随捷昌驱动本次股东大会其他信息披露资料一并公告,并依法对本所 在其中发表的法律意见承担法律责任。 本所律师根据《股东会规则》的要求 ...

证券代码：603583 证券简称：捷昌驱动 公告编号：2025-032 浙江捷昌线性驱动科技股份有限公司 第六届董事会第一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 浙江捷昌线性驱动科技股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召开公司 2024 年年度股东大会、2025 年第一次职工代表大会，顺利换届选举 产生了公司第六届董事会成员。为保证公司新一届董事会工作正常进行，公司全 体董事一致同意豁免本次董事会的通知期限，会议通知于现场发出。公司于当日 下午在公司会议室以现场结合通讯表决的方式召开了第六届董事会第一次会议。 经全体董事推举，本次会议由公司董事胡仁昌先生主持，会议应出席董事 9 人，实际出席董事 9 人（其中委托出席董事 0 人，以通讯方式出席董事 4 人）， 公司高级管理人员列席了会议。本次会议的召集、召开符合《中华人民共和国公 司法》（以下简称"《公司法》"）等法律法规以及《浙江捷昌线性驱动科技股 份有限公司章程》（以下简称"《公司章程》"）的有关规定 ...

Summary of Conference Call Records Industry Overview - The high-end equipment manufacturing sector is experiencing strong performance, with companies like Chuncheng Power, Jiechang Drive, Longxin General, and Zongshen Power exceeding expectations due to a surge in exports since November 2023 and easing US-China tariff negotiations. Continued strong performance is anticipated in Q2 2025 [1][2][6]. Key Points and Arguments High-End Equipment Manufacturing - The implementation of new national standards is expected to drive the development of the composite fluid industry chain, benefiting leading battery manufacturers with stable supply capabilities. Material suppliers are set to initiate a new round of capital expenditure by the end of Q2 2025, with Dongwei Technology positioned to benefit [1][4]. - The machine tool sector has seen a significant year-on-year revenue increase since Q1 2025, driven by robust capital expenditure in the automotive parts sector, despite challenges from international trade barriers. Leading companies are maintaining a global presence, with demand for AI-related AIDC server processing and robotics boosting order volumes [1][5]. Performance Metrics - In Q1 2025, companies like Chuncheng Power reported nearly 50% year-on-year growth, Jiechang Drive's linear drive systems for lifting desks grew by 60%, and Longxin General's large-displacement motorcycles doubled in performance, while Zongshen Power saw an 88% increase. This growth is attributed to the export surge and tariff negotiations [2]. - The injection molding machine industry, led by Haitian, showed expected financial performance with revenue and profit growth between 20% and 30% [2][30]. Robotics and AI Integration - The industrial robotics market outlook for 2025 is optimistic, with automotive and 3C electronics remaining key growth areas. Despite a price war in 2024 affecting some companies' financial health, Q1 2025 showed signs of recovery, particularly with potential collaborations with major AI firms like Huawei [1][9]. Domestic Market Opportunities - Domestic CNC system and related hardware companies, such as Huazhong CNC and Haoda, are expected to achieve double-digit growth in 2024 and 2025 due to expanding domestic markets [1][7]. - The machine tool industry is seeing demand growth opportunities, particularly in AI-exposed companies, with management improvements also being a focus area [1][8]. Military and Aerospace Sector - The military sector has faced a decline in overall performance in 2024 and Q1 2025, with a 4% drop in revenue and a 40% decrease in profit year-on-year. However, segments like high-end equipment manufacturing and military electronics are showing positive revenue growth [2][32]. - Investment opportunities in the military sector include the missile supply chain and components benefiting from increased downstream demand, as well as military trade opportunities in the context of geopolitical tensions [2][33]. Additional Insights - The injection molding machine sector is expected to benefit from global manufacturing shifts, with a stable gross margin forecasted between 30% and 35% for 2025, despite a low direct exposure to the US market [1][30]. - The shipbuilding sector is experiencing steady growth, with a 12% revenue increase in 2024 and improved profit margins due to high-value ship deliveries [2][14]. - The textile machinery sector is facing mixed performance, with domestic demand slowing but overseas markets compensating for growth [2][12]. This summary encapsulates the key insights and performance metrics from the conference call records, highlighting the current state and future outlook of various sectors within the high-end equipment manufacturing industry.

Market Overview - The A-share market shows mixed performance with the Shanghai Composite Index closing at 3374.87, up 0.17%, while the Shenzhen Component Index fell by 0.13% to 10288.08 [2][9] - The overall market capitalization of the Shanghai Composite Index is 6483.05 billion, with a PE ratio of 11.89 and a PB ratio of 1.23 [3] Industry Dynamics - The price of storage chips has shown a significant increase, with DDR3, DDR4, and DDR5 average prices rising by 10.11%, 4.32%, and 0.00% respectively compared to the previous week [29] - The battery production in April reached 118.2 GWh, marking a year-on-year growth of 49.0%, with lithium iron phosphate batteries accounting for 80.0% of the total production [32][34] Company Tracking - Guai Bao Pet (301498.SZ) is set to double its production capacity in Thailand with a new factory expected to start operations in June 2025, following an investment of approximately 200 million RMB [36][37] - Zai Jing Pharmaceutical-U (688266.SH) has received acceptance for its new drug application for JAK inhibitor for severe alopecia, marking a significant step in its product pipeline [38] Financial Performance - Lu Si Co. (832419.BJ) reported a revenue of 778 million RMB for 2024, a year-on-year increase of 11.68%, with a net profit of 78 million RMB, up 14.57% [50][51] - Jie Chang Drive reported a revenue of 3.652 billion RMB in 2024, a 20.37% increase, with a net profit of 282 million RMB, reflecting a 36.91% growth [55][56] Investment Outlook - The pet food industry is expected to see continued growth driven by rising consumer spending and demographic changes, with projected revenues for Guai Bao Pet reaching 921 million RMB in 2025 [53] - Jie Chang Drive is actively expanding into the humanoid robot sector, which is anticipated to be a new growth area, with projected revenues of 4.272 billion RMB in 2025 [58]

Summary of Key Points from Conference Call Industry or Company Involved - The discussion primarily revolves around the **China-U.S. trade negotiations** and its impact on the **export chain** and **mechanical sector** companies. Core Points and Arguments - **Trade Negotiation Outcomes**: The recent China-U.S. trade negotiations exceeded expectations, indicating a potential for future tariff reductions, which could positively impact the mechanical sector investment strategy [1][7] - **Market Sentiment**: The reduction in expectations for reciprocal tariffs suggests that export chain companies may return to levels seen before April 2, 2025, with strong demand from downstream inventory consumption [1][8] - **Retail Inventory Crisis**: Major U.S. retailers like Walmart, Home Depot, and Lowe's are facing inventory shortages, which has led to a shift in tariff expectations, highlighting the competitive advantage of the Chinese supply chain [1][9][10] - **Short-term Performance**: The next 90 days are critical for export chain companies to build global capacity, as strong stocking intentions from consumers and channels may lead to a surge in Q2 performance [1][11] - **Long-term Economic Outlook**: The trade agreement has reduced recession fears in the U.S. and lowered inflation pressures, potentially leading to interest rate cuts and tax reductions that could bolster U.S. demand resilience [3][12] Other Important but Possibly Overlooked Content - **Sector Recommendations**: Companies such as **Juxing Technology**, **TaoTao Vehicle**, **Zhongji United**, **Sany Heavy Industry**, **Xugong Machinery**, and **Huatong Cable** are highlighted as having strong investment potential due to their resilience in overseas markets [5] - **Impact of Tariffs on Exports**: The overall tariff on Chinese exports to the U.S. is approximately 55%, with potential for further reductions, which necessitates a strategic adjustment in investment approaches for the mechanical sector [6][7] - **Investment Opportunities**: Companies with significant price elasticity in demand should be prioritized for investment, particularly those with strong overseas capacity building capabilities [2][13] - **Comparative Analysis**: **Quanfeng Holdings** is noted to have a lower overseas capacity ratio compared to **Juxing Technology**, but it is expected to recover to pre-April 2 profit levels due to the temporary tariff measures [15][16] - **Market Recovery Potential**: **Honghua Digital Science** is identified as a potential recovery candidate despite a significant drop in stock price, with limited exposure to U.S. exports [17] This summary encapsulates the critical insights from the conference call, focusing on the implications of the trade negotiations and the strategic positioning of various companies within the mechanical and export sectors.

Core Viewpoint - The investment heat in the field of dexterous hands, a key component in humanoid robots, is rapidly increasing, with over 3 billion yuan raised in 2024 alone, indicating a significant market interest and potential growth in this sector [3][5][15]. Group 1: Market Dynamics - The dexterous hand market is experiencing a surge in financing, with more than 20 projects currently in the market, and several companies achieving valuations of 200-300 million yuan shortly after their establishment [5][6]. - The competition among leading companies is intensifying, with seed round valuations for some projects reaching as high as 400 million yuan, and expectations for future rounds to potentially double these valuations [6][7]. - The market interest in dexterous hands has shifted from a previously cautious stance to a more optimistic outlook following the release of government guidelines aimed at advancing humanoid robot technology [9][10]. Group 2: Technological Advancements - Dexterous hands are critical for humanoid robots, accounting for 20-30% of the total cost, and are essential for performing intricate tasks [15]. - The global market for dexterous hands is projected to grow significantly, with estimates of 760,000 units and a value of 1.7 billion USD in 2024, expected to exceed 1.41 million units and 3 billion USD by 2030 [16]. - Recent advancements have led to dexterous hands achieving higher degrees of freedom, with some products now offering up to 42 degrees, enhancing their operational capabilities [17]. Group 3: Investment Perspectives - Investors are increasingly viewing investments in dexterous hands as a more cost-effective option compared to humanoid robots, especially as the latter's valuations have soared [18]. - There is a divide among investors regarding the viability of dexterous hands, with some believing in their potential across various applications, while others express concerns about market saturation and competition from established companies [21][22]. - The current investment landscape shows a cautious approach, with only a few leading firms securing significant funding, while many others struggle to attract investment [20][23].

Group 1 - The core viewpoint of the report highlights the commercialization progress of humanoid robots driven by technological upgrades and product iterations, exemplified by the launch of exoskeleton robots in the Taishan scenic area and the signing of a small-scale humanoid robot procurement contract by UBTECH [1][3][4] Group 2 - The Taishan scenic area has introduced exoskeleton robots for visitors, allowing them to rent the device for 80 yuan for three hours, which assists in walking and monitors health conditions, featuring emergency call and tour guide functions [3] - The exoskeleton robot weighs 1.2 kg, made of carbon fiber, can withstand a pulling force of 200 kg, and has an 8-hour battery life, saving users 30% to 50% of their physical effort [3] - UBTECH has signed a global first small-scale procurement contract for humanoid robots, involving the Walker S1 and Walker C models, aimed at applications in automotive manufacturing and commercial reception [3] - The contract signifies a substantial step towards the commercialization of humanoid robots in industrial manufacturing scenarios [3] - Apple has restructured its robotics team, moving it under the hardware engineering division, which may enhance the integration of hardware and software in robot development [4]

Summary of the Conference Call for Jiechang Drive Company Overview - Jiechang Drive is expected to achieve over 4 billion yuan in revenue and approximately 500 million yuan in profit for the year 2025, continuing the growth momentum from Q4 2024, driven by market share expansion and new business development [2][3] Industry Insights - The linear drive control system is widely applied across various sectors including: - Office: Approximately 2.4 billion yuan in revenue for 2024 - Medical: Around 400 million yuan - Smart Home: Nearly 200 million yuan - Industrial: Close to 200 million yuan - North America: Contributing 900-1,000 million yuan in revenue - Europe: Over 400 million yuan - Asia-Pacific: Dominant market region [2][5] Demand Outlook for 2025 - Chemical sector expected to grow by over 10% - Medical sector anticipated growth of around 10% - Smart home revenue projected to reach 250-300 million yuan - Industrial sector growth expected to exceed 30% - Automotive sector growth is rapid but from a small base, estimated at 50-80 million yuan for 2025, and over 100 million yuan for 2026 [2][6] Tariff Risk Management - Jiechang Drive has established production bases in Malaysia and the USA, covering 90% of North American revenue, mitigating tariff risks - The 10% tariff in Malaysia is borne by customers, and the proportion of North American revenue is decreasing, making tariff risks manageable [2][7] LED Subsidiary Integration - The integration of the LED subsidiary has been completed, with provisions made, and the Jack factory is expected to close in 2025, marking the last year of losses - Full control of the supply chain is anticipated from 2026, with profitability expected by 2027 [2][7] Robotics Sector Development - Steady progress in the robotics field, with linear actuators and ball screw technology nearing completion - Plans to release new products and engage with downstream customers, alongside discussions with OEMs for customized R&D and production [4][9] Satellite Transmission Technology - Development in the satellite transmission field is progressing slowly, with ongoing improvements based on self-developed technology - The Dragon Xiaoshui demonstration project is still in its early stages, with potential product showcases in the future [10] Cost Efficiency Improvements - The switch from grinding to turning processes for the core components of planetary roller screws is expected to significantly reduce costs and improve efficiency - The expected price for complete actuators is between 1,000 to 2,000 yuan, reflecting the cost advantages of the new surface treatment technology [12]

Summary of Conference Call Records Industry and Companies Involved - **Industry**: Mechanical and Export Industry - **Companies**: - Spring Wind Power (春风动力) - Jiechang Drive (捷昌驱动) - Zhejiang Dingli (浙江鼎力) - Haomai Technology (豪迈科技) - Nuo Wei Co., Ltd. (纽威股份) Key Points and Arguments Spring Wind Power - Significant contribution from four-wheeled vehicle sales in the U.S., accounting for approximately 20% of total revenue and contributing about 30% to gross profit [1][2] - Implemented measures to mitigate tariff risks, including: - Surge exports starting Q4 2024 to capture market share before tariff increases [4] - Prepared six months of inventory to ensure supply chain stability [4] - Increased production capacity in Mexico, currently producing 1,000 to 2,000 units monthly, with plans to raise annual capacity to 60,000 to 70,000 units if tariffs escalate [5][2] - Long-term growth driven by expansion in North American four-wheeled vehicle business and global market share in large-displacement motorcycles [3] Jiechang Drive - Exposure to U.S. tariffs primarily in linear drive products, with less than 10% of revenue directly affected [2][3] - Core valuation driven by humanoid robot business, particularly linear actuators and dexterous motor modules [6] - Measures taken to counter tariff impacts include: - Overseas production in Malaysia and the U.S. [6] - Price negotiations with clients to offset additional costs from tariffs [6] - Expected profit for 2025 is projected between 450 million to 480 million yuan, with a valuation of 34 times PE [3] Zhejiang Dingli - As a leading aerial work platform company, it faced significant impacts from U.S.-China tariffs, with stock prices still below pre-tariff levels despite recent recoveries [1][9] - Primarily domestic production with no current plans for overseas factories, focusing on increasing shipments to the U.S. to mitigate tariff impacts [1][11] - The company’s U.S. revenue is projected to be around 30% in 2024, but net profit from the U.S. is expected to be less than 10% due to tariffs and operational costs [9] Hardware Tools Industry - The hardware tools sector has the highest exposure to the U.S. market within the mechanical sector, with 80% of global demand concentrated in Europe and the U.S. [14] - Chinese companies primarily act as OEMs, with limited penetration into the U.S. market [14] - Recent shifts in production capacity towards Southeast Asia due to tariff policies, with leading companies likely to capture market share from smaller manufacturers [15] Tariff Policy Impacts - Tariff changes have led to a shift in production strategies, with companies moving equipment from China to Southeast Asia rather than merely expanding existing facilities [15] - Potential for price increases in the U.S. market due to inventory depletion, which may suppress demand [15] - ODM businesses are relocating to Southeast Asia, while OBM businesses face challenges in price transmission due to tariffs [16][17] European Market Dynamics - Improved geopolitical relations between China and Europe may enhance market demand for European exports [20][21] - European countries are expected to increase military and infrastructure spending, potentially boosting demand for exports [21][22] - Companies like Juxing Technology and Zhejiang Dingli have significant revenue from Europe, indicating a growing importance of the European market in the context of U.S.-China trade relations [22] Other Important Insights - Increasing challenges for companies establishing factories in Mexico due to local labor requirements and production efficiency issues [18] - The trend of companies preferring Southeast Asia over the U.S. or Mexico for new factories is driven by cost considerations and geopolitical risks [19] - The overall sentiment indicates a cautious optimism regarding the recovery of export chains as tariff conditions improve [20][22]