Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][60] Core Views - The company has received approval from the Shanghai Stock Exchange for the acquisition of 71% of Zhuoerbo Precision Electromechanical Co., Ltd. and plans to raise supporting funds through a share issuance [2][5] - Zhuoerbo's performance commitments for 2025, 2026, and 2027 are net profits of no less than 141.5 million, 156.9 million, and 174.1 million yuan respectively, which are expected to enhance the company's profits by 111 million and 123 million yuan in 2026 and 2027 [3][16] - The company reported a steady revenue growth of 1.41% year-on-year in Q1 2025, achieving a revenue of 1.666 billion yuan and a net profit of 257 million yuan, which is a 10.94% year-on-year increase [3][21] - The company is focusing on expanding its product categories, enhancing production capacity, and transitioning into the embodied intelligence field, with three main growth paths: main business, new categories, and instant robots [3][51] Summary by Sections Financial Performance - The company achieved a revenue of 1.666 billion yuan in Q1 2025, a year-on-year increase of 1.41%, and a net profit of 257 million yuan, reflecting a 10.94% year-on-year growth [3][21] - The projected revenues for 2025, 2026, and 2027 are 8.143 billion, 9.914 billion, and 11.670 billion yuan respectively, with year-on-year growth rates of 20.7%, 21.7%, and 17.7% [3][60] - The projected net profits for the same years are 1.113 billion, 1.373 billion, and 1.646 billion yuan, with year-on-year growth rates of 18.4%, 23.4%, and 19.9% [3][60] Business Strategy - The company is actively expanding its product lines and enhancing its capabilities in the automotive lightweight and electric vehicle sectors, with a focus on large components and magnesium alloy products [49][51] - The acquisition of Zhuoerbo is seen as a strategic move to enhance product offerings and achieve synergy between the two companies [51] - The company is also investing in the robotics sector, establishing a subsidiary focused on embodied intelligence products and components [51][52] Market Position - The company has a strong governance structure and quality customer resources, which contribute to its leading profitability in the industry [43][45] - The company’s products cater to the growing demand for lightweight and electric vehicle components, positioning it well for future growth [49][51]

Group 1 - The company Aikodi plans to acquire 71% of Zhuoerbo (Ningbo) Precision Electromechanical Co., Ltd. through a combination of issuing shares and cash payment, with the transaction price set at 1.118 billion yuan [5][6] - The acquisition aims to enhance the company's revenue and profit, leveraging significant synergies in product offerings, industry resources, and global strategies [8][7] - Zhuoerbo reported a revenue of 1.051 billion yuan and a net profit of 154 million yuan for the year 2024, with total assets amounting to 1.439 billion yuan [7][8] Group 2 - Aikodi has also announced adjustments to its "Aikodi Intelligent Manufacturing Technology Industrial Park Project," designating Aikodi (Malaysia) Co., Ltd. as the new implementing entity [9] - The total investment for the project remains unchanged at 1.57 billion yuan, with net fundraising of 1.553 billion yuan after deducting issuance costs [9] - As of May 26, Aikodi's stock price closed at 16.09 yuan per share, with a total market capitalization of 15.8 billion yuan [10]

爱柯迪股份有限公司 会议资料 中国·宁波 二〇二五年五月十五日 爱柯迪股份有限公 司 2025 年第一次临时股东大会会议资料 目 录 关于公司本次发行股份及支付现金购买资产并募集配套资金符合相关法律法规规 关于《爱柯迪股份有限公司发行股份及支付现金购买资产并募集配套资金报告书 关于签订附生效条件的《发行股份及支付现金购买资产协议》及《盈利预测补偿 关于批准公司本次交易相关的审计报告、备考审阅报告、评估报告的议案 ........ 21 关于评估机构独立性、评估假设前提合理性、评估方法与评估目的相关性以及评 关于本次交易符合《上市公司监管指引第 9 号——上市公司筹划和实施重大资产 关于本次交易符合《上市公司重大资产重组管理办法》第十一条和第四十三条规 关于交易主体不存在《上市公司监管指引第 7 号》第十二条和《上市公司自律监 关于公司不存在《上市公司证券发行注册管理办法》第十一条规定的不得向特定 关于本次交易履行法定程序的完备性、合规性及提交的法律文件的有效性的议案 I 爱柯迪股份有限公司 2025 年第一次临时股东大会会议 II 爱柯迪股份有限公司 2025 年第一次临时股东大会会议资料 爱柯迪股份有限公司 ...

Group 1 - Aikodi (600933.SH) plans to acquire 71% of Zhuolibo's equity for a transaction price of 1.118 billion yuan, while also issuing shares to raise supporting funds from no more than 35 specific investors [1] - Zhuolibo specializes in the R&D, production, and sales of precision components for micro-special motors, primarily used in the automotive micro-motor sector [1] - Zhuolibo attempted an IPO in August 2023 but ultimately chose to be acquired by Aikodi as a means to achieve a backdoor listing [1] Group 2 - Concerns regarding the acquisition include doubts about business synergy, as Aikodi claims Zhuolibo will help it enter the "drone, robotics, and industrial automation" sectors, while Zhuolibo's website only mentions applications in automotive motors, power tools, and home appliances [2] - Governance structure risks arise from Zhuolibo being family-controlled, with the Wang family holding 95.69% of shares and family members occupying key management positions [2] - The acquisition involves a high premium, with Zhuolibo's value assessed at 1.576 billion yuan using the income approach, reflecting a valuation increase of 118.48% compared to the asset-based approach [2]