Group 1 - Optimizing the business environment is crucial for cultivating market vitality and enhancing internal development momentum, with various measures introduced in Jiangsu to support high-quality enterprise development [1] - Nanjing's Xuanwu District launched the "Xuanwu Shield" policy toolbox for cross-border e-commerce companies, providing services such as policy matching, legal consultation, and intellectual property protection assessments [1] - A key indicator evaluation system for intellectual property protection has been established, allowing high-scoring enterprises to receive financial support and subsidies [1] Group 2 - Kunshan initiated a "green channel" mechanism for 3C certification, reducing the typical certification process time by 80%, which helps companies accelerate product compliance and market entry [2] - The implementation of the "green channel" mechanism enhances companies' flexibility in responding to market changes and supports the expansion of domestic and international markets [2] Group 3 - Yangzhou is a pilot city for the "direct and fast enjoyment" reform of enterprise funding, achieving a funding application turnaround of just three working days, significantly faster than traditional processes [3] - The city aims to implement a "policy tool package" consolidating various subsidy policies, with plans to achieve over 80% of enterprise policies being "seamlessly fulfilled" within the year [3]

Market Overview - The market is experiencing volatility, with many investors selling U.S. Treasury bonds, leading to a 30-year Treasury yield of 5.089%, the highest level since October 2023, and a 10-year yield of 4.595%, the highest since February 2023 [1] - The Hang Seng Index closed down 1.19% amid these developments [1] Geopolitical Events - A shooting incident involving Israeli embassy staff in Washington has heightened concerns among the Jewish community, potentially leading to increased investment in safe-haven assets like Bitcoin and gold [2] - Domestic gold jewelry prices have surged, with prices for gold jewelry from Chow Tai Fook and Lao Miao rising to 1008 CNY and 1004 CNY per gram, respectively, reflecting a significant increase due to international gold price movements [2] ASEAN and Logistics Sector - The ASEAN concept is gaining traction, with Chinese Premier Li Qiang set to visit Indonesia and attend the ASEAN-China-GCC summit, highlighting Indonesia's market potential [3] - J&T Express has captured a 30% market share in Indonesia, with plans for network expansion, indicating a competitive edge in logistics due to lower cost structures compared to self-operated logistics by e-commerce platforms [3] Retail Sector Dynamics - U.S. high tariff policies are creating challenges for retailers like Sam's Club, which has seen a 40% increase in domestic beef procurement to mitigate tariff impacts, yet still faces significant cost pressures due to over 35% of imported goods [4] - Local retailers like Hema are positioned to benefit, with their M membership store brand accounting for 30% of sales and offering lower prices compared to Sam's Club, potentially capturing price-sensitive customers [4] Gaming and Entertainment Sector - Pop Mart's Labubu toy gained global attention after being featured by David Beckham, leading to a surge in sales and stock price [5] - The company reported a significant increase in sales in Europe and North America, with TikTok followers rising by 68% [5] Steel Industry Insights - The integration of steel and financial markets is deepening, with the China Steel Industry Association noting the growing influence of futures markets on the steel industry [8] - Major steel companies like Ansteel and Maanshan Steel are expected to benefit from this trend as futures trading becomes more prominent [8] Corporate Developments - Dongfeng Motor and Changan Automobile are progressing with a restructuring plan, which is anticipated to enhance operational synergies [6] - Pharmaceutical stocks are performing well ahead of the upcoming listing of Hengrui Medicine's H shares, which are priced at 44.05 HKD, indicating strong market interest [6] Dividend Stocks - Following interest rate cuts, there is a shift towards high-dividend stocks, with banks and public utilities like Jiangsu Ninghu Expressway announcing dividend payouts [7] Gaming Collaboration - Zhongxu Future has signed a three-year cooperation memorandum with Kaiying Network, focusing on overseas business growth and the development of popular IP games [9] - The company reported a 44.9% year-on-year increase in overseas revenue, indicating strong international market performance [10]

Core Viewpoint - The Chinese brushless DC motor industry is experiencing rapid expansion, driven by the growth of the renewable energy sector, the popularity of electric vehicles, and the surge in demand for smart home appliances. The market is projected to reach approximately 81.535 billion yuan in 2024, with increasing applications in electric vehicles, smart manufacturing, and household appliances [1][19]. Industry Overview - Brushless DC motors utilize electronic controllers instead of traditional mechanical brushes, offering higher efficiency, longer lifespan, and lower maintenance needs compared to brushed motors. They are widely used in applications requiring high efficiency and precise control, such as electric tools, vehicles, and drones [3][4]. Market Dynamics - The market for brushless DC motors is expanding due to technological innovations and significant improvements in manufacturing capabilities. The application boundaries are broadening, penetrating various sectors including electric vehicle drive systems, smart home appliances, and industrial automation equipment [1][19]. Key Market Data - The projected market size for the Chinese brushless DC motor industry in 2024 is approximately 81.535 billion yuan. The demand for high-performance and efficient motors in the electric vehicle sector is expected to grow, alongside the increasing consumer preference for energy-saving and efficient products in the home appliance sector [1][19]. Policy Support - The Chinese government has implemented several policies to promote the development of the brushless DC motor industry, focusing on energy efficiency improvements and technological innovation. Initiatives include the promotion of high-efficiency equipment and the encouragement of performance optimization in motor production [8][9]. Competitive Landscape - The industry features a diverse competitive landscape with both leading companies and specialized firms. Major players like Dayang Motor and Jiangsu Leili leverage comprehensive product lines and innovative solutions to maintain competitive advantages. Companies are increasingly focusing on technology innovation and application expansion to enhance their market positions [22][25][27]. Future Trends - The brushless DC motor industry is expected to continue evolving towards high performance and smart technology integration. The adoption of new materials and intelligent technologies will enhance motor efficiency and power density, while expanding applications in emerging markets such as renewable energy and industrial automation [30][31][32].

Economic Impact and Company Strategy - The domestic manufacturing sector faces challenges due to long cycles, with macroeconomic factors significantly impacting the company's performance [3] - The company has implemented measures to mitigate market risks and enhance profitability, particularly in energy-efficient motors and nuclear power products [4] - The company is focusing on developing first-level energy-efficient motors and has achieved certification for a new series, which is a key development priority for 2025 [7][8] Competitive Landscape - The company holds a dominant position in the helium compressor market, with only three suppliers in the domestic market [5] - The company is the fastest in delivery among competitors for its helium-related products [5] Export and Market Considerations - The company's electric motor products are primarily exported as part of larger machinery, resulting in a relatively low direct export ratio [6] - The company is exploring opportunities in the water conservancy sector, which is perceived to have more rational competition compared to the power industry [7] Future Product Development - The company is investing in R&D for new products, particularly in the nuclear power sector, where there is significant growth potential [4] - While the company has made preliminary technical preparations for servo motors used in robotics, it will continue to focus on specialized industrial motors as its main business [9] Investor Relations and Communication - The company is leveraging AI to enhance its investor relations and communication strategies, aiming to improve efficiency and quality in disseminating information [10] - Plans are in place to invite investors to visit subsidiaries for a more comprehensive understanding of the company's operations [10]

哈尔滨电气集团 佳木斯电机股份有限公司章程 (经公司 2024 年年度股东大会审议通过) 目 录 第一章 总则 第一条 为确立哈尔滨电气集团佳木斯电机股份有限公司（以下简称"公司"）的法律地位， 规范公司的组织与行为，坚持和加强党的全面领导，坚持权责法定、权责透明、协调运转、 有效制衡的公司法人治理结构，建设中国特色现代国有企业制度，维护公司、股东和债权人 的合法权益，根据《中华人民共和国公司法》（以下简称《公司法》）、及《中华人民共和 国证券法》（以下简称《证券法》）、《中华人民共和国企业国有资产法》、《企业国有资 产监督管理暂行条例》、《国有企业公司章程制定管理办法》等有关法律、法规、规章及规 范性文件，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司前身阿城继电器股份有限公司 1993 年 8 月 28 日经黑龙江省哈尔滨市股份制协调领 导小组哈股领办字（1993）第 4 号文件批准，由阿城继电器厂独家发起，定向募集内部职工 股方式设立股份有限公司，在哈尔滨市工商行政管理局注册登记，取得营业执照，营业执照 号 230199100006207。公司于 1999 年 6 月 ...

Group 1: Company Overview and Market Position - The company has established a specialized subsidiary for the development of robotic joints and motors, having developed several products and applied for 26 patents as of May 2025 [12][28]. - The company’s electric motor products are primarily used in various electric vehicles, including partnerships with major clients like NIO, Xpeng, SAIC, and Great Wall Motors [28][29]. - The company has a planned production capacity of 3 million units at its Deqing base, with 800,000 units completed in the first phase and ongoing construction for the second phase [30]. Group 2: Financial Performance and Projections - The company reported a net cash flow from operating activities that significantly increased in 2024, attributed to improved customer collections and reduced inventory costs [46]. - The expected production capacity by the end of 2025 is projected to reach 2 million units per year, with a current utilization rate of approximately 60% [30]. - The company aims to achieve profitability as new projects reach mass production, addressing the current low gross margin due to pre-production investments [4][5]. Group 3: Research and Development - The company invests around 8% of its revenue in R&D annually, focusing on enhancing its competitive edge through technological advancements and patent acquisitions [22]. - The company is actively pursuing the development of new technologies in the field of electric motors and controllers, with a focus on the integration of electric motor and control systems [22][56]. - The company has established a research center in Shanghai, which is expected to contribute to its innovation capabilities in automotive electronics and control systems [30]. Group 4: Strategic Partnerships and Client Relationships - The company has formed long-term strategic partnerships with various automotive manufacturers, including a significant order of 4 million units from SAIC Volkswagen and 1.8 million units from Ideal Motors [29]. - The company is exploring opportunities in the international market, particularly in the electric vehicle sector, to expand its client base and enhance its market presence [12][30]. - The company is currently not collaborating with major tech firms like Huawei or Xiaomi in the humanoid robot sector, despite ongoing developments in robotic technologies [12][30].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Viewpoints - The company specializes in the research, manufacturing, and sales of customized micro and special reduction motors, with a diverse product line exceeding 3,000 specifications and models [1][15] - The company has shown significant revenue growth, achieving 282 million yuan in 2024, a year-on-year increase of 61.69%, and a net profit of 95 million yuan, up 98.51% [1][17] - The reduction motor market in China is projected to grow from 884 billion yuan in 2023 to 1,156 billion yuan by 2030, with a CAGR of 5.12% from 2024 to 2030 [2][33] Summary by Sections Section 1: Company Overview - The company has a strong focus on the micro and special reduction motor sector, continuously expanding its downstream application scenarios [1][15] - It has established long-term partnerships with renowned companies such as Siemens, Schneider Electric, and Eaton, enhancing its market position [3][57] Section 2: Market Potential - The reduction motor market is vast, with applications in various industries including power distribution, recreational vehicles, and renewable energy [2][33] - The company is well-positioned to benefit from the growing demand in these sectors, particularly in energy storage and solar energy applications [36][45] Section 3: Technological Leadership - The company maintains a high R&D investment rate, consistently above 4.5%, leading to industry-leading technology and product quality [3][52] - It has developed numerous patents and has a professional R&D team with extensive experience in motor and reduction mechanism development [3][54] Section 4: Growth Strategies - The company is actively expanding into new fields such as electric bicycles and humanoid robots, aiming to create new growth curves [4][61] - Strategic collaborations with technology firms are underway to enhance product offerings and market reach [4][73] Section 5: Financial Projections - Revenue forecasts for 2025 to 2027 are projected at 364 million, 451 million, and 543 million yuan, with respective growth rates of 29%, 24%, and 20% [5][6] - Net profit is expected to grow to 114 million, 135 million, and 159 million yuan over the same period, with growth rates of 20%, 19%, and 18% [5][6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Insights - The company specializes in the research, manufacturing, and sales of customized micro and special reduction motors, with a diverse product line exceeding 3,000 specifications [1][14] - The company has shown significant revenue growth, achieving 282 million yuan in 2024, a year-on-year increase of 61.69%, and a net profit of 95 million yuan, up 98.51% [1][16] - The reduction motor market in China is projected to grow from 884 billion yuan in 2023 to 1,156 billion yuan by 2030, with a CAGR of 5.12% from 2024 to 2030 [2][33] Summary by Sections Company Overview - The company has a strong focus on the micro and special reduction motor sector, continuously expanding its downstream application scenarios [1][14] - It has established long-term partnerships with renowned companies such as Siemens, Schneider Electric, and Eaton, enhancing its market position [3][56] Market Potential - The reduction motor market is vast, with applications in various industries including power distribution, RVs, and renewable energy [2][33] - The company is actively expanding into new fields such as electric bicycles and humanoid robots, aiming to create new growth curves [4][61] Financial Performance - The company forecasts revenues of 364 million yuan in 2025, 451 million yuan in 2026, and 543 million yuan in 2027, with respective growth rates of 29%, 24%, and 20% [5][6] - The net profit is expected to reach 114 million yuan in 2025, 135 million yuan in 2026, and 159 million yuan in 2027, with growth rates of 20%, 19%, and 18% respectively [5][6] Research and Development - The company maintains a high R&D expense ratio of over 4.5%, with significant investments in technology and product quality [3][51] - It holds 82 patents, including 22 invention patents, showcasing its commitment to innovation [51][52] Customer Base - The company has a strong customer base, including major players in the power distribution and solar industries, which enhances its competitive edge [3][56] - It has established strategic partnerships with key clients, ensuring a stable supply chain and long-term collaboration [56][57]

编号：2025-001 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 □电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 及人员姓名 西南证券股份有限公司：巢语欢 时间 2025 年 5 月 13 日 10:00-11:30 地点 新大楼四楼会议室 公司接待人员 姓名 王勤平、强静娴 投资者关系活动 主要内容介绍 1.2024 年交流异步电机收入下降原因？ 答：主要原因：（1）近几年，房地产行业调整导致暖通空调需要下 滑，交流异步电机 2024 年营收同比下降 29.8%；（2）基于直流无刷电 机高效节能的优势，传统交流异步电机的部分应用被替代，导致对交 流异步电机需求呈现结构性减少。为此，公司也适时调整了产能配 置，以充实其他领域的制造能力。 2.2024 年研发投入及在研产品规划？ | | 答：面对下游应用的结构调整，公司加大了对其他领域的市场拓展， | | --- | --- | | | 增加了包括委外研发在内的研发投入。2024 年研发费用 2880 万元，与 | | | 去年同期比增加 17.81%；研发费用占营收 5 ...

Group 1: Company Growth Drivers - The main growth driver for the company's traditional cleaning business is the acquisition of new customers, as the domestic market share is already established and unlikely to change significantly in the short term [2] - The company plans to gradually deploy a production capacity of 250,000 sets per year for the gas-liquid mixed active cleaning system based on the progress of mass production [2] - In the electric motor sector, the company has accumulated a good reputation and market share in the automotive four-door and two-cover areas, with ongoing expansion of new electric motor products expected to create additional market space [3] Group 2: Market Competition Landscape - The small motor market is tightly packed, making it difficult for too many competitors to enter, resulting in a less competitive environment [4] - High technical barriers in small motor technology development pose significant challenges for component manufacturers, shaping the competitive landscape [4] - The narrow market scenarios targeted by small motors lack sufficient attractiveness to draw in numerous competitors [4] Group 3: Robotics and ADAS Developments - The company is focusing on humanoid robot opportunities and has engaged with overseas clients, creating samples based on its technical solutions [5] - Plans to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements in humanoid robots are underway [5] - The ADAS active perception cleaning system is positioned as a key growth driver, with existing projects secured with clients like Waymo and Meituan [6] Group 4: New Energy Business and Revenue Contribution - The company is actively integrating existing technologies with the new energy vehicle sector, with projected revenue from new energy vehicle components reaching 280.82 million yuan in 2024, accounting for 29.54% of the main business revenue [6] - The electric motor sector continues to expand due to rising electrification demands and significant opportunities for domestic replacements [6] Group 5: Challenges and Opportunities in the Electric Motor Industry - The electric motor market is expanding with increasing demand for electric vehicles, presenting both challenges and opportunities [6] - The rise of new markets, such as robotics, is seen as a future growth area for the electric motor industry [6] - The company aims to continuously develop new products and expand into new markets and customers to enhance its technological advantages and core competitiveness [6]