编号：2025-005 证券代码：301226 证券简称：祥明智能 常州祥明智能动力股份有限公司投资者活动记录表 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 中信证券股份有限公司：王子昂 时间 2025 年 6 月 10 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.公司发展阶段与业务转型 答：公司发展阶段：1995-2005 年，公司主业以交流异步电机、直流无 刷/有刷电机为核心产品，应用于暖通、家电、汽车等领域，建立了微特 电机研发体系，奠定了公司定制的开发能力。2005-2025 年，公司布局"电 机+"战略转型，产品新增磁耦合泵、精密减速与传动、控制组件及软件 系统，提供模块化解决方案和开发集成智能化无刷直流电机。市场拓展 国内覆盖 20 多个省市，出口欧美亚等 30 多个国家。2025 年，公司产品 布局往智能产业延伸，成立的合资公司切入到工业机器人及人形机器人 | | 关节运动 ...

Core Insights - The efficient energy-saving motor has become a core equipment for promoting industrial green upgrades, playing a strategic role in achieving carbon neutrality goals [1][15] - The market size of China's efficient energy-saving motor is projected to grow from 17.638 billion yuan in 2018 to 23.963 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.24% [1][15] - The demand for efficient energy-saving motors is expected to increase further due to the rapid development of emerging fields such as new energy vehicles and smart grids [1][15] Industry Overview - Efficient energy-saving motors are designed to improve energy conversion efficiency, reduce energy consumption, and minimize energy waste, achieving efficiency levels of GB18613 grade II and above [3] - The market for efficient energy-saving motors in China is experiencing growth due to the implementation of national energy-saving and emission reduction policies and the transformation of the manufacturing industry [1][15] - The production of efficient energy-saving motors in China is expected to increase from 9.6 million kilowatts in 2019 to 19.3 million kilowatts in 2024, with a CAGR of 14.99% [13] Market Dynamics - The efficient energy-saving motor industry chain includes upstream raw material suppliers (silicon steel, copper, aluminum, rare earth permanent materials), midstream manufacturing, and downstream application fields such as industrial, household appliances, and renewable energy [6][10] - The industrial sector is a significant downstream application market for efficient energy-saving motors, with demand closely linked to industrial production scale [10] Key Companies - Major players in the efficient energy-saving motor industry include Shanghai Electric, Wolong Electric, and Xiangdian Co., with each company holding a competitive edge in various segments [18][19] - Shanghai Electric focuses on a wide range of motor products and has a strong presence in large projects, while Wolong Electric has a diversified business model that includes industrial internet solutions [20][23] - Companies like Dayang Electric and Dechang Electric are innovating in the new energy vehicle motor sector and micro-motor manufacturing, respectively [19][23] Future Trends - The industry is expected to see technological upgrades that enhance energy efficiency, including new electromagnetic designs and smart control systems [25] - The application of efficient energy-saving motors is expanding into emerging markets, necessitating customized solutions and flexible manufacturing [26] - The focus is shifting from single equipment manufacturing to integrated system solutions, with companies evolving into energy efficiency partners [27]

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 ...

Core Viewpoint - The future of electric motors will be dominated by flat wire motors, as emphasized by Long Weiguo, the chairman of Mawi Power, during a media communication [2]. Group 1: Electric Motor Technology Development - Major automotive manufacturers are actively researching and developing next-generation electric drive technologies, with BMW starting its electric drive research as early as 2003-2004 [2]. - Mawi Power has been involved in the joint development of electric drive technology with BMW since its establishment in 1999, leading to the mass production of its hybrid magnetic motor technology in 2010 [2]. - The hybrid magnetic motor technology has been adopted by several high-end brands, including Tesla, Ferrari, and Aston Martin [2]. Group 2: Hybrid Magnetic Motor Characteristics - The hybrid magnetic motor differs from traditional permanent magnet synchronous motors by not pursuing the highest speed at rated power, but still meeting performance requirements under extreme conditions [4]. - Tesla's latest Model S and Roadster models have adopted hybrid magnetic motor technology, indicating a shift in industry focus [3][4]. - Mawi Power has developed a patented asymmetric magnetic isolation bridge technology to address vibration issues associated with hybrid magnetic motors, significantly reducing overall vibration amplitude [5]. Group 3: Performance and Cost Considerations - The industry trend is towards high-speed motors, with speeds reaching 25,000 to 35,000 RPM, but practical applications in domestic road conditions may not require such high speeds [6]. - Mawi Power emphasizes that the key to electric motor performance lies in improving power density using existing materials rather than merely increasing RPM [6]. - The automotive industry is facing intense cost pressures, necessitating extreme cost control across all components, including electric motors [6]. Group 4: Key Performance Indicators - The four simple standards for evaluating electric motors are power, torque, efficiency, and weight, with safety and reliability being paramount [7]. - Achieving an energy density of over 10 kW/kg is considered leading in the industry [7]. Group 5: Technological Breakthroughs - Mawi Power has developed a new immersion oil cooling solution that can double the rated torque and power of electric motors, representing a significant advancement in performance [8][9]. - The company’s hybrid magnetic motor has achieved a power density of 17.4 kW/kg without using special materials, showcasing its potential for future electric drive development [9]. - The immersion oil cooling technology enhances thermal efficiency and reduces losses, leading to improved overall performance [9][10]. Group 6: Industry Competition and Research - The automotive industry is entering a critical phase of competition, with suppliers needing to innovate and improve performance without increasing costs [10]. - Long Weiguo advocates for deeper research and development within the industry, emphasizing the importance of foundational research rather than merely following foreign innovations [10].