Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

友嘉国际数控机床则展示了其精密加工领域的领先实力。"此次带来的四款立式加工中心中，有一款三轴重复定位精度达到了0.002毫 米。"该公司销售副总监李春晓说，这一精度水平在国际同类型设备中处于领先梯队，满足了对高精度零部件加工的严苛需求。 随着全球对新能源和智能制造的重视，高端精密零部件制造行业需求持续增长，新能源汽车、航空、低空经济、人形机器人、半导体、 电子、医疗器械、光伏储能、风电以及工程机械等领域对高精密零部件的需求不断上升。同期举办的第8届中日韩智能制造大会暨高精密 零部件加工技术与应用大会，成为探讨行业未来发展趋势并提供解决路径的有力抓手。1500余名机械制造工程师，围绕高精密轴承、齿 轮、电机、减速器、滚珠丝杠、液压系统以及自动化智能化加工、激光智能制造等核心技术和未来发展趋势展开深入研讨。 齐鲁晚报.齐鲁壹点宋祖锋 随着激光束在板材上精密切割，一个个高精度零件完美呈现；火花四溅，一块几厘米厚的钢板被激光切割成设定模型；程序指令设定 后，机械臂沿预设工位精准提取安放物料。6月18日，在青岛即墨举办的第28届青岛国际机床展览会第8届中日韩智能制造大会暨高精密 零部件加工技术与应用大会上，众多国内外机 ...

Core Viewpoint - The legal opinion issued by Shandong Taixiang Law Firm confirms that the 2024 annual general meeting of Weihai Huadong CNC Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy of the meeting and the validity of the voting results [1][9]. Group 1: Meeting Procedures - The annual general meeting was convened by the company's seventh board of directors and announced on April 25, 2025, through various media outlets, detailing the time, location, and agenda of the meeting [2]. - The meeting took place at the company's office in Weihai Economic and Technological Development Zone, and the actual time and location matched the prior announcement [2]. Group 2: Attendance and Voting - A total of 317 participants attended the meeting, representing 53,825,800 shares, which is 17.5046% of the total shares [3][4]. - Online voting was conducted with 316 shareholders participating, representing 2,139,603 shares, or 0.6958% of the total voting shares [3]. Group 3: Voting Results - The voting results showed that 55,699,603 shares were in favor of the proposals, accounting for 99.5251% of the valid votes cast [4]. - The dissenting votes totaled 196,400 shares, representing 0.3509%, while 69,400 shares were abstained, which included 2,800 shares defaulted as abstentions due to non-voting [4][5]. - The overall voting results confirmed that all proposals were approved, with a significant majority supporting the decisions made during the meeting [6][9].

Core Insights - The rapid development of new energy vehicles has led to increased orders and repeat purchases for industrial mother machines from automotive manufacturers [1] - Industrial mother machines are crucial for new industrialization, with high-end product production capabilities directly impacting the manufacturing level of high-end equipment in the country [1][2] - The production of industrial mother machines requires high precision and stability, with many components undergoing extensive manual refinement to ensure quality [2] Industry Overview - The industrial mother machine industry has seen overall technological improvements since the launch of the National Medium- and Long-Term Science and Technology Development Plan [3] - The market share of high-end products like five-axis linkage machining centers and CNC systems has increased from nearly zero to around 30% [3] - The import value of machine tool products in China decreased by 5.6% year-on-year to 2.37 billion yuan, while export value increased by 5.9% to 5.32 billion yuan in the first quarter of 2025 [3] Technological Development - High-end industrial mother machines are essential for national industrial development, serving as a foundation for the industrial chain and a driver for technological innovation [2] - The precision level of industrial mother machines must exceed that of the processed parts by one to two orders of magnitude, indicating a need for continuous optimization and iteration [3][5] - The industry is experiencing a transition from micron-level to sub-micron and nanometer-level precision, driven by breakthroughs in key technologies [5] Company Initiatives - Shenyang Machine Tool plans to invest over 1 billion yuan from 2021 to 2027 to enhance manufacturing capabilities and digital transformation [4] - The company has implemented a "three-step" strategy and "five principles" for production automation, flexible manufacturing systems, and digital management [4] - Shenyang Machine Tool's high-precision gantry machining center is set to achieve industrialization by 2025, showcasing significant advancements in precision and efficiency [5]

人形机器人"卖铲人"系列：磨床篇 长江证券研究所机械研究小组 2025-05-21 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 SAC执业证书编号：S0490517110001 SAC执业证书编号：S0490520030003 SAC执业证书编号：S0490524030001 SFC执业证书编号：BRP550 分析师 赵智勇 分析师 倪蕤 分析师 刘晓舟 %% %% 2 %% %% research.95579.com 目 录 01 丝杠加工环节复杂，磨床仍是高精密 加工的必要设备 02 需求：人形机器人有望带来百亿空间 供给：磨床仍存在贸易逆差，海外高 端磨床具有显著优势 03 % research.95579.com 3 01 丝杠加工环节复杂，磨床仍 是高精密加工的必要设备 %% %% %% %% research.95579.com 4 01 丝杠加工环节复杂，磨床仍是高精密加工的必要设备 ➢ 丝杠加工环节复杂，高端磨床仍是高精密丝杠加工的必要设备。从行星滚柱丝杠典 型零部件加工整体流程来看，经历热处理、车削、 ...

Core Viewpoint - Nuwei CNC reported steady growth in 2024, with revenue of 2.462 billion yuan, a year-on-year increase of 6.08%, and a net profit of 325 million yuan, up 2.36% year-on-year [1] Financial Performance - The company achieved a revenue of 1.08 billion yuan from large machining centers, a year-on-year increase of 12.64%, with a gross margin of 22.48%, up 0.57 percentage points [2] - Revenue from vertical CNC machine tools was 746 million yuan, a year-on-year increase of 15.44%, with a gross margin of 21.12%, down 2.17 percentage points [2] - Revenue from horizontal CNC machine tools was 604 million yuan, a year-on-year decrease of 12.71%, with a gross margin of 28.22%, down 0.83 percentage points [2] - Domestic revenue reached 2.107 billion yuan, a year-on-year increase of 31.34%, while overseas revenue was 342 million yuan, a year-on-year decrease of 51.42% [2] R&D and Capacity Expansion - R&D expenses for 2024 were 112 million yuan, a year-on-year increase of 10.35%, with 296 R&D personnel, accounting for 21.29% of total employees [3] - The company plans to invest at least 850 million yuan in the fifth phase of high-end intelligent CNC equipment project, with a production facility of approximately 47,500 square meters expected to be completed by June 2027 [3] Industry Outlook - The metal cutting machine tool industry is projected to have a production value of 121.8 billion yuan in 2024, a year-on-year increase of 6.4%, with a profit margin of 6.5%, down 0.7 percentage points [4] - The company has shown strong performance despite low industry growth, with significant revenue increases in large machining centers and vertical CNC machine tools [4] - The implementation of supportive policies and the rapid development of sectors like new energy vehicles and artificial intelligence are expected to boost market demand for machine tools [4] Profit Forecast - Revenue projections for the company are 2.742 billion yuan in 2025, 3.075 billion yuan in 2026, and 3.473 billion yuan in 2027, with corresponding net profits of 365 million yuan, 412 million yuan, and 471 million yuan [5]

证券代码：002903 证券简称：宇环数控 编号：2025-007 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（电话会议） 参与单位名称 及人员姓名 国金证券、易方达基金、杭州附加值投资 时间 5 月 13 日 地点 长沙 上市公司接待 人员姓名 副总经理、董事会秘书 易欣 投资者关系活 动主要内容介 绍 1、公司主要业务板块的发展情况？ 公司产品主要包括数控磨床、数控研磨抛光机、数控拉床和智能 装备系列产品，广泛应用于消费电子、汽车工业、新能源、航空航天、 轴承、半导体、新材料、粉末冶金等行业领域。 2024 年，公司各业务板块均衡发展，产品和市场结构持续优化。 公司在为消费电子行业核心客户提供产品和服务的同时，来自汽车零 部件、航空航天、精密机械加工、半导体和新材料等高端制造领域的 订单增加，其中公司精密复合立式磨床已成功进入航空航天、轴承等 领域。 2、随着消费电子产品的日益丰富和变化，公司产品在消费电子行业 有哪些具体运用？ 消费电子行业是公司产品的主要应用领域之一，公司部分下游客 户为苹果、华为、荣耀、三星等国内外知名电子品牌企业提供制 ...

证券代码：002903 证券简称：宇环数控 宇环数控机床股份有限公司 投资者关系活动记录表 股权激励计划的稳步实施不仅提升了管理人员及关键岗位员工 的积极性和团队凝聚力，更增强了企业在行业内的人才吸引力，充分 彰显了公司中长期人才激励机制的效果。公司将综合考虑企业经营发 展的实际情况，充分利用资本市场优势，努力实现激励措施的常态化。 4、公司的拉床产品及其下游应用方向有哪些？ 公司拉床产品主要为高速数控硬拉床、数控螺旋拉床、端面齿拉 床等各种系列立式拉床和卧式拉床。可加工材料包括金属材料零件， 如齿轮、叶片、涡轮盘榫槽等关键零部件，还可加工非金属材料零件， 如尼龙涂覆件、石墨件等。拉床产品的下游主要应用于汽车、航空航 天、风电、工程机械、机器人、无人机、船舶、农机等行业领域。 5、公司 2025 年业绩预测及未来业务增长方向？ 根据公司 2025 年财务预算报告，公司基于 2024 年财务决算情况 以及目前行业和市场实际情况与谨慎性原则，预计 2025 年公司的营 编号：2025-006 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（电话会议） 参 ...

Group 1 - Kexin Technology plans to repurchase shares worth between 30 million and 50 million yuan, with a maximum repurchase price of 80 yuan per share, for employee stock ownership plans or capital reduction [1] - Jiahua Technology's shareholder plans to reduce holdings by up to 1.5% of the company's total shares, amounting to a maximum of 116,000 shares, between May 28, 2025, and August 25, 2025 [1] - Beiqi Blue Valley's subsidiary reported cumulative sales of 38,041 vehicles this year, representing a year-on-year increase of 192.53% [2] Group 2 - AVIC Finance plans to transfer shares of AVIC Xi'an Aircraft Industry Group and AVIC Onboard Systems, totaling 4.067 billion yuan, to its controlling shareholder [2] - Haide shares' executives plan to increase their holdings by at least 20.73 million yuan within six months [3] - Dabeinong's subsidiary received planting approval for genetically modified soybeans in Brazil, marking significant progress in the South American market [4] Group 3 - Yongan Pharmaceutical's chairman is under investigation, but the company's operations remain normal [4] - Teruid's subsidiary is expected to win a 126 million yuan project from the State Grid, which will enhance the company's brand and industry influence [4][5] - Junxin shares plan to repurchase shares worth between 200 million and 300 million yuan, with a maximum price of 30.57 yuan per share [5] Group 4 - Meinian Health plans to reduce its holdings by up to 3% of the company's total shares, amounting to a maximum of 11.7 million shares, starting from May 27, 2025 [7] - Electric Power Investment is planning a major asset restructuring, leading to a temporary suspension of its stock [9] - Tongda shares are expected to win a 207 million yuan project from the State Grid, which will positively impact future operating performance [10] Group 5 - Xintian Technology's major shareholder plans to reduce holdings by up to 3% of the company's total shares, amounting to a maximum of 580,410 shares [11] - Huizhou Intelligent's controlling shareholder and some executives plan to increase their holdings by between 29.2 million and 58.4 million yuan [12] - Zhongdali De plans to sell a 50% stake in Shanghai Ketaike Transmission System Co., Ltd. for 9.2777 million yuan to optimize its asset structure [14] Group 6 - Jinlitai's stock will be suspended due to the inability to disclose periodic reports within the statutory deadline [15] - Chuhuan Technology's major shareholder plans to reduce holdings by up to 3% of the company's total shares, amounting to a maximum of 239,560 shares [15] - Guilin Sanjin's subsidiary received approval for clinical trials of a new indication for a monoclonal antibody injection [16] Group 7 - Plit plans to sign a strategic supply agreement for sodium-ion batteries, committing to supply at least 1 GWh over four years [17] - Dalian Electric Porcelain's subsidiary is expected to win a project worth approximately 71 million yuan from the State Grid [18]

经营分析 行业竞争激烈面临价格压力，公司一季度利润率承压。根据机床 工具工业协会数据，24 年机床工具行业实现营收 10407 亿元，同 比下降 5.2%，实现利润总额 265 亿元，同比下降 76.6%，主要由 于行业竞争较为激烈，利润空间持续收窄。我们认为受此影响， 公司 24 年部分新签订单也面临价格压力，导致 1Q25 毛利率出现 下降，公司 1Q25 毛利率为 21.11%，同比下降 4.84pcts，净利率 最终同比下降 1.9pcts 至 10.78%。 25 年 1-2 月行业数据向好，后续季度报表有望好转。根据机床工 具工业协会数据，25 年 1-2 月金属切削机床行业营收同比增长 12.1%，金属加工机床新签订单同比增长 26.2%，在手订单同比增 长 15.2%，行业数据有所好转。根据新华社信息，在 4 月 18 日举 行的国务院常务会议上提出"要锚定经济社会发展目标，加大逆 周期调节力度，着力稳就业稳外贸，着力促消费扩内需，着力优 结构提质量，做强国内大循环。"在经济刺激政策推动下行业景气 度有望继续回暖。考虑公司收入确认有一定滞后性，后续季度报 表有望好转。 四期产能逐步投放，关注新 ...