Summary of the Conference Call for 德昌电机控股 Industry Overview - The liquid cooling pump system market is projected to reach several hundred billion RMB by 2030, driven by the increasing demand for computing power in data centers, particularly in the AI computing module sector [2][3] - The liquid cooling pump system for servers has higher reliability and power requirements compared to automotive electronic water pumps, with a mean time between failures (MTBF) of over 50,000 hours [2][4] Company Insights - 德昌电机控股 has a competitive advantage in the liquid cooling pump business due to its strong motor capabilities and excellent cost control in secondary component manufacturing [2][5] - The company has established partnerships with leading domestic server manufacturers, indicating potential for significant revenue and profit generation [5] - In the humanoid robot sector, 德昌电机控股 focuses on manufacturing components such as actuators and dexterous hands, leveraging joint ventures to enhance secondary component manufacturing capabilities [2][6] Financial Projections - For the fiscal year 262,728 (corresponding to Q2 2025 to Q1 2026 and the following two years), net profits are expected to be $280 million, $320 million, and $360 million respectively [4][7] - The current market valuation corresponds to an estimated price-to-earnings (PE) ratio of approximately 11 times for the year 2025 [4][7] Risks and Considerations - Key risks include the development progress in humanoid robotics and liquid cooling systems, global passenger vehicle demand, and fluctuations in raw material prices, which could impact the company's performance [4][7]

Group 1 - The listing ceremony for Sanxie Electric will take place on September 8, 2025, from 09:10 to 09:30, with a live broadcast of the event [1] - Sanxie Electric, established in 2002, focuses on the research, development, manufacturing, and sales of control motors, including stepper motors, servo motors, and brushless motors, characterized by their compact size, high power density, and energy efficiency [3] - The company emphasizes innovation in motor technology and products, accumulating extensive experience in electromagnetic and mechanical simulation technology, as well as process automation [3] Group 2 - Sanxie Electric has implemented the IATF16949 quality system to standardize design and manufacturing processes, ensuring effective control at all stages [3] - The company adheres to lean manufacturing principles and utilizes the SAP management system to promote "three modernizations and one stability" (management IT, production automation, personnel specialization, and stability of key personnel) [3] - Sanxie Electric possesses a complete set of testing equipment certified by the national CNAS laboratory, enabling precise analysis and calculation of motor magnetic circuits and structures to meet design requirements [3] Group 3 - The listing ceremony agenda includes introducing guests, speeches from leaders, ringing the listing bell, and a group photo session [3]

Core Viewpoint - Xiangdian Co., Ltd. is positioning itself as a leader in the green low-carbon sector by leveraging its expertise in electromechanical integration and focusing on high-end, intelligent, and green development [2][5][6]. Group 1: Company History and Development - Founded in 1936, Xiangdian has evolved alongside China's growth, becoming a key player in the electrical industry and producing landmark products such as the first domestically made 2MW direct-drive permanent magnet wind turbine generator [2][3]. - The company has a rich history of innovation, with products like the 5800kW synchronous motor and ultra-high-speed permanent magnet motors, showcasing its commitment to technological advancement [2][3]. Group 2: Business Strategy and Market Position - Xiangdian is focusing on "electromagnetic energy + motor + control" as its core business, aiming to expand its product matrix in line with the dual carbon strategy [5][6]. - The company is recognized as one of the largest motor manufacturers in China, with a strong international presence, exporting products to over 80 countries [3][4]. Group 3: Innovation and R&D - Xiangdian has established several national and provincial innovation platforms, including a national-level enterprise technology center and key laboratories for wind power generation [4]. - The company has developed a range of energy-efficient products, including energy storage and recovery systems, which are set to be industrially applied [5][6]. Group 4: Financial Performance - In the first half of 2025, Xiangdian reported a 4.6% year-on-year increase in revenue and a 12.98% rise in net profit attributable to shareholders, driven by enhanced technological innovation and optimized marketing strategies [9][10]. Group 5: Organizational Changes and Management - The company is undergoing significant organizational restructuring to enhance decision-making capabilities and improve performance management systems [10][11]. - Xiangdian is focusing on digital transformation to integrate information technology with business processes, aiming to boost efficiency and support its green initiatives [11]. Group 6: Future Outlook and Market Opportunities - Xiangdian is actively pursuing opportunities in the low-altitude economy and has established partnerships with leading companies in the aerospace sector to capitalize on emerging markets [7][8]. - The company is set to benefit from the growing demand for energy-efficient and environmentally friendly technologies, particularly in high-end manufacturing sectors like semiconductors and biomedicine [8].

Group 1 - Jiangte Electric's stock increased by 5.02%, reaching 9.00 CNY per share, with a trading volume of 749 million CNY and a turnover rate of 4.97%, resulting in a total market capitalization of 15.357 billion CNY [1] - Jiangte Electric, established on May 11, 1995, and listed on October 12, 2007, is primarily engaged in lithium mica mining and lithium carbonate processing, as well as the research, production, and sales of special motors [1] - The company's main revenue sources are motor products (49.80%), lithium mining and lithium salt manufacturing (47.21%), other businesses (2.45%), and other main products (0.54%) [1] Group 2 - Guotai Fund has a significant holding in Jiangte Electric, with the Guotai CSI Machine Tool ETF (159667) reducing its stake by 300,600 shares in Q2, now holding 1.7338 million shares, which accounts for 3.23% of the fund's net value, ranking as the tenth largest holding [2] - The Guotai CSI Machine Tool ETF (159667) was established on October 12, 2022, with a current size of 390 million CNY, achieving a year-to-date return of 32.45%, ranking 679 out of 4222 in its category, and a one-year return of 78.5%, ranking 489 out of 3795 [2]

Group 1 - Nidec Corporation, a leading precision small motor manufacturer, experienced unprecedented market turmoil, with its stock price plummeting by 22.44%, marking the largest single-day drop in its history due to an expanding accounting scandal [1][3] - The company's stock price decline was triggered by the revelation of accounting irregularities at an overseas subsidiary, which led to a delay in the release of its annual report originally scheduled for June 30 [3][6] - Following the discovery of more severe accounting issues, Nidec decided to establish a third-party committee for a thorough investigation, raising concerns about management transparency and accounting integrity among investors [3][6] Group 2 - The initial report to Nidec's supervisory board indicated improper handling of 200 million yen by an overseas subsidiary, prompting an internal investigation that uncovered potential misconduct involving asset impairment adjustments [6] - Analysts from Morgan Stanley highlighted that many critical issues regarding the accounting scandal remain unclear, including the scope of the external investigation and the timeline for reporting findings, leading to skepticism about the company's ability to submit its annual report by the end of September [6][7] - Nidec is undergoing a significant transformation, planning to reduce its production bases by half by March 2028 and shift focus to higher-margin sectors, but the ongoing accounting scandal casts a shadow over these strategic initiatives [7]

哈尔滨电气集团佳木斯电机股份有限公司 投资者关系活动记录表 公司会根据监管层要求及公司实际情况，定期举办年度业绩说明会及半年度业 绩说明会，会议召开前，公司将发出会议通知邀请投资者提问，感谢您对公司 的关注。 | 投资者关系活动类别 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | ☑ 业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 单位：哈尔滨电气集团佳木斯电机股份有限公司 | | | 活动参与人员 | 人员：参与佳电股份 | 2025 年半年度业绩网上说明会的人 | | | 员 | | | 时间 | 2025 年 9 月 4 日 | 15:00-16:30 | | 地点 | | 网络："全景•路演天下"（http://rs.p5w.net) | | 形式 | 线上 | | | 交流内容及具体问答 | 详见附件。 | | | 记录 | | | | 关于本次活动是否涉 | | | | 及应披露重大信息的 | 否 | | | 说明 | | | | 活动过程中所使 ...

Group 1: R&D Investment and Focus Areas - The company is focusing on humanoid robots and industrial automation, with an emphasis on harmonic magnetic field motor technology and new magnetic materials [2][3] - R&D expenditure for the first half of 2025 was CNY 15,485,222.39, representing a year-on-year increase of 4.23% [3] - Future R&D investments will be adjusted based on business strategy, market conditions, and project needs to maintain technological leadership [3] Group 2: Customer Base and Market Expansion - The company aims to reduce customer concentration by actively exploring new markets for automotive motor technology and increasing the number of new customers [3] - Continuous development of new customers and projects is underway to secure more quality orders while maintaining stable relationships with existing clients [3] Group 3: Production and Supply Chain Strategy - The Thai production base is progressing well, with some equipment testing completed and initial production expected to ramp up after the New Year [4][5] - The establishment of the Thai base is part of the company's strategy to mitigate international trade friction and expand production capacity to meet global demand [5] - The company is implementing a vertical integration strategy by developing and manufacturing upstream core processes and materials, enhancing supply chain control and cost efficiency [5]

Core Viewpoint - The announcement details the completion of the stock option incentive plan registration for 2024 by Keli Electric Motor Group Co., Ltd, highlighting the issuance of stock options to incentivize employees and align their interests with the company's performance [1][2][4]. Summary by Sections Incentive Plan Overview - The incentive method is stock options, with the stock sourced from the company's directed issuance of A-share common stock [1][2]. - A total of 4.0125 million stock options are planned for grant, representing approximately 0.65% of the company's total share capital at the time of the announcement [2]. - The initial grant consists of 3.21 million options (0.52% of total share capital), while 802,500 options are reserved for future grants (0.13% of total share capital) [2]. Grant Details - The stock options will be granted to no more than 79 core employees, excluding independent directors, supervisors, and major shareholders [2]. - The exercise price for the stock options is set at 6.57 CNY per share [3]. Plan Validity and Conditions - The validity of the incentive plan lasts up to 60 months from the completion of the initial grant registration [4]. - The initial grant date will be determined by the board of directors within 60 days after the shareholders' meeting approval [5]. Performance Assessment - The performance assessment for the stock options is based on the company's net profit excluding non-recurring gains and losses, which must be positive for the years 2024 to 2026 [10][12]. - Individual performance assessments will determine the actual number of stock options that can be exercised by each employee [12]. Approval Process - The plan has undergone several approval steps, including meetings of the board and supervisory board, public announcements, and shareholder meetings, confirming compliance with regulatory requirements [13][14]. Impact on the Company - The implementation of this incentive plan is expected to enhance the alignment of interests between the company, shareholders, and employees, thereby attracting and retaining talent and boosting employee motivation and creativity [16].

Core Viewpoint - Wolong Electric Drive has reached a historical high in stock price, reflecting strong market performance and strategic growth initiatives, including an upcoming IPO on the Hong Kong Stock Exchange to enhance its global strategy [1][3]. Group 1: Company Background and Growth - Founded in 1984 by Chen Jiancheng and his team in Shaoxing, Zhejiang, Wolong Electric Drive has evolved from a small motor factory to a multinational corporation with a market value exceeding 57.5 billion yuan [3][5]. - The company went public on the Shanghai Stock Exchange in 2002, marking its first major capital leap, while Chen Jiancheng's daughter, Chen Yanni, gained experience in international finance before joining the family business [5][7]. - Under Chen Yanni's leadership, the company has made significant acquisitions, including ATB Group and GE's small industrial motors, expanding its global footprint to over 40 factories [7][8]. Group 2: Financial Performance and Challenges - From 2002 to 2024, the company achieved a compound annual growth rate (CAGR) of 21.9% in revenue, but it faces challenges such as high goodwill value of 1.468 billion yuan and increased inventory levels [8]. - The core businesses of explosion-proof, industrial, and HVAC electric drives, which contribute nearly 90% of revenue, have seen a significant slowdown, with growth rates dropping sharply [8]. - In response to these challenges, the company divested several underperforming subsidiaries, resulting in a 100.57% year-on-year increase in operating cash flow, paving the way for the IPO [8][10]. Group 3: Strategic Initiatives and Future Outlook - Wolong Electric Drive is focusing on emerging sectors such as robotics and electric aviation to drive future growth, having made strategic investments in these areas [9]. - The company has established partnerships in the robotics sector and formed a joint venture in electric aviation, positioning itself to capitalize on new market opportunities [9]. - The upcoming IPO is expected to fund capacity expansion, enhance R&D capabilities, and support investments in new sectors, with market expectations for synergistic effects from the dual listing [10].

重要内容提示： 经深圳证券交易所、中国证券登记结算有限责任公司深圳分公司审核确认， 科力尔电机集团股份有限公司（以下简称"公司"）已完成 2024 年股票期权激励 计划（以下简称"本激励计划"）预留授予登记工作，现将相关事项公告如下： 一、本激励计划的简述与已履行的审批程序 （一）本激励计划的简述 证券代码：002892 证券简称：科力尔 公告编号：2025-071 科力尔电机集团股份有限公司 关于 2024 年股票期权激励计划预留授予登记完成的公告 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。 子公司）核心员工，不包括独立董事、监事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。 /股。 证券代码：002892 证券简称：科力尔 公告编号：2025-071 定 （1）本激励计划的有效期 本激励计划的有效期为自股票期权首次授予登记完成之日起至全部行权或 注销之日止，最长不超过 60 个月。 （2）本激励计划的授予日 授予日在本激励计划经公司股东大会审议通过后由董事会确定，授予日必须 为交易日。自股东大会审议通过本激励计划之日起 6 ...