（编辑 袁冠琳） 证券日报网1月8日讯 ，华阳智能在接受调研者提问时表示，从财务表现来看，公司2025年前三季度实 现营业收入3.18亿元，较上年同期下降14.52%；归属于上市公司股东净利润为2460万元，较上年同期下 降2.38%。其中第三季度单季归母净利润同比增长61.24%、扣非净利润同比增长107.84%。从主营业务 发展来看，公司聚焦微特电机及组件、精密给药装置两大板块。在微特电机及组件业务方面，公司深度 挖掘存量客户的同时积极开拓新客户群体，加大市场开拓力度，向行业更高端领域倾斜，并加快微特电 机自动化、智能化生产改造，降本增质以增强产品竞争力。在精密给药装置业务方面，公司持续深化与 现有战略客户的合作，客户合作粘性进一步增强，同时积极对接新客户，多个根据客户需求定制的在研 项目已进入检测、验证阶段。 ...

（编辑 袁冠琳） 证券日报网1月8日讯 ，华阳智能在接受调研者提问时表示，公司未来增长模式主要基于双轮驱动战略 和多元化业绩增长点。公司的总体经营目标是"做精做强精密电机，做行业小巨人；拓展深耕医疗器 械，做产业领航者"。这一战略导向明确了公司在微特电机和医疗健康两大领域的深度布局和协同发 展。从具体发展战略来看，一方面，公司将巩固现有基础业务，提升微特电机及组件等优势产品的市场 竞争力；另一方面坚持以技术创新驱动业务发展，做大做强公司精密给药装置领域的业务，并不断拓展 电机产品应用领域，布局智能家居、汽车、机器人等新兴应用场景，稳步构建以微特电机领域和医疗健 康领域为核心多元化发展的战略蓝图。 ...

（编辑 袁冠琳） 证券日报网1月8日讯 ，华阳智能在接受调研者提问时表示，在微特电机及组件领域，公司经过多年的 行业积累与发展，已成为行业内重要企业之一，具有较高的知名度和美誉度。主要客户为美的、格力、 海尔、海信、奥克斯等国内知名家用电器集团，在空调细分领域市场占有率较高，市场份额较为稳定。 公司微特电机及组件产品主要应用于家用电器领域，特别是空调行业，随着家电行业向高端化、集成化 和智能化方向发展，以及中央空调市场逐渐扩大，预计微特电机的市场需求将进一步提升。在精密给药 装置领域，公司是国内起步较早、产品线较为齐全的注射笔生产企业，在国内企业中占据领先地位。主 要客户包括金赛药业、豪森药业、康宁杰瑞等国内外生物制药企业。公司的精密给药装置产品已成功适 配重组人生长激素、聚乙二醇洛塞那肽、胰岛素及类似物、特立帕肽、阿扑吗啡、促卵泡激素等多款药 物的给药需求，同时持续开拓在司美格鲁肽、替尔泊肽、替西帕肽等更多类型药物中的应用场景。随着 现有适用药物市场的稳步增长以及对其他新型药物的持续开拓，预计未来公司精密给药装置业务将迎来 加速发展阶段。 ...

编号：2026-001 | | □特定对象调研 | □分析师会议 | | | --- | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | | 投资者关系投关 | □新闻发布会 | □路演活动 | | | 类别 | 现场参观 ☑ | | | | | □其他 线上交流会议 华鑫证券：林子健、江玥璇、程晨 | | | | | 九一基金：敖焱杰 择恒资本：邱文琰 | | | | 参与单位名称及 | 赢仕投资：李柯兵 | | | | 人员姓名 | 紫微星石私募基金：韩东民 | | | | | 首创证券：王松华 | | | | | 上海证券：葛博威 | | | | | 东方财富证券：高帅 | | | | | 兴业证券：李梅 | | | | 时间 | 年 月 日 2026 1 7 13:00-15:00 | | | | | 2026 年 1 月 8 日 14:00-16:00 | | | | 地点 | 现场 | | | | 上市公司接待人 | 副董事长、总经理许鸣飞先生 | | | | 员姓名 | 董事会秘书、副总经理吴文静女士 | | | | 投资者关系活动 | 1、公司近期经营情况如何 ...

Financial Performance - The company's total revenue for the first half of 2025 was 235 million yuan, a decrease of 15.39% year-on-year [1] - The net profit attributable to shareholders was 16.92 million yuan, down 17.19% year-on-year [1] - The gross profit margin was 18.21%, a decrease of 3.72% year-on-year, while the net profit margin was 7.19%, down 2.19% year-on-year [1] - The company's accounts receivable increased by 33.79% year-on-year, reaching 293 million yuan [1][3] Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 14.31 million yuan, accounting for 6.08% of revenue, a decrease of 11.69% year-on-year [1] - Sales expenses decreased by 22.57% due to reduced advertising and promotional costs [10] - Management expenses decreased by 28.97% as a result of lower listing-related costs [11] - Financial expenses increased by 150.35% due to an increase in structured deposits [12] Cash Flow and Assets - The company's cash and cash equivalents decreased by 53.62% due to last year's fundraising [3] - The net cash flow from operating activities was significantly negative at -0.72 yuan per share, a decrease of 316.37% year-on-year [1][12] - The company reported a 95.67% increase in contract liabilities due to an increase in prepayments related to contracts [7] Business Development and Strategy - The company is focusing on the development of its micro-special motors and components, as well as precision drug delivery devices [16] - It aims to deepen cooperation with existing strategic customers while actively exploring new clients [16][17] - The company is investing in R&D for core technologies in frameless motors, targeting high-end applications in robotics and medical devices [14] Market Position and Competitive Advantage - The company holds a strong market share in the micro-special motors segment, particularly among major home appliance manufacturers [17] - It has established long-term partnerships with domestic and international pharmaceutical companies in the precision drug delivery device sector [17][18] - The company emphasizes quality management and continuous innovation as key components of its competitive strategy [18]

Group 1: Company Overview and Business Segments - The company focuses on two main business segments: micro-special motors and precision drug delivery devices [3][4] - In the micro-special motors segment, the company is actively expanding its customer base while enhancing automation and intelligent production to reduce costs and improve quality [3] - The precision drug delivery device segment is deepening cooperation with existing strategic clients and exploring new clients, with several customized projects currently in testing and validation stages [3] Group 2: Research and Development Progress - The company has made significant breakthroughs in core technologies for frameless motors, including high torque density magnetic circuit design and high-precision servo control algorithms [2][3] - Continuous investment in R&D is aimed at achieving breakthroughs in the precision drug delivery device sector, leveraging the company's established expertise in micro-special motors [4][8] Group 3: Market Potential and Future Outlook - The future market demand for injection pens is expected to be substantial, particularly in the fields of diabetes and weight loss medications, with significant potential for domestic substitution [6][8] - The company aims to become a leading player in the domestic precision drug delivery device market, capitalizing on its early market entry and comprehensive product line [8] Group 4: Competitive Advantages - The company enjoys a strong customer resource advantage, with a stable market share in the air conditioning sector among major brands like Midea, Gree, and Haier [4] - A robust R&D team with extensive experience in product development and process innovation supports the company's competitive edge [4] - The company adheres to a core value of quality management, which has garnered positive feedback and multiple accolades from clients [4] Group 5: Mergers and Acquisitions Strategy - The company is focused on its core business while seeking quality targets for potential mergers and acquisitions, with plans to disclose any significant developments in accordance with legal regulations [5]

Group 1: Business Overview - The company has established long-term stable partnerships with major home appliance manufacturers such as Midea, Gree, Haier, Hisense, and Aux in the micro motor and components business [1] - The company is focusing on breakthrough core technologies for frameless motors in 2025, aiming to serve the robotics and high-end medical device sectors [1] - The precision drug delivery business is deepening cooperation with existing strategic clients, enhancing customer stickiness [2] Group 2: Market Expansion and Future Plans - In 2024, the company successfully entered the supply chains of well-known enterprises like Xiaomi, Carrier, and Sharp in the micro motor sector [2] - The company plans to accelerate automation and intelligent production transformation in micro motor manufacturing to reduce costs and enhance product competitiveness [2] - The precision drug delivery device business is expanding into new drug areas, including partnerships with major pharmaceutical companies [3] Group 3: Financial Performance - In Q1 2025, the company reported total revenue of ¥113,166,954.09, a year-on-year increase of 2.86% [4] - The net profit attributable to shareholders was ¥7,867,033.66, reflecting a 1.00% increase compared to the same period last year [4] Group 4: Competitive Advantages - The company holds a strong market share in the micro motor sector, particularly in the air conditioning segment, with stable partnerships with leading appliance manufacturers [4] - Continuous investment in R&D has led to breakthroughs in the precision drug delivery device sector [4] - The company emphasizes quality management, which has garnered positive feedback and multiple honors from clients [4]

Group 1: Company Strategy and Goals - The overall business goal is to strengthen precision motors and become a leader in the medical device industry, focusing on technology-driven innovation and market competitiveness [2][3]. Group 2: Market Expansion and Developments - In 2024, the company successfully entered the supply chains of well-known enterprises such as Xiaomi and Sharp, with plans to enhance market penetration and automation in precision motor production [3]. - The precision drug delivery device business generated revenue of 36.76 million yuan in 2024, a decrease of 36.17% year-on-year, primarily due to cyclical orders from clients [4]. Group 3: Financial Performance - In 2024, the company achieved an operating income of 483.41 million yuan, a year-on-year increase of 1.57%, while net profit attributable to shareholders decreased by 48.51% to 33.65 million yuan [8]. - For Q1 2025, operating income reached 113.17 million yuan, a 2.86% increase year-on-year, with net profit growing by 1.00% to 7.87 million yuan [8]. Group 4: Future Plans and R&D - Key plans for 2025 include business expansion, automation of production lines, and breakthroughs in core technologies for frameless motors and high-viscosity drug injection devices [4]. - The company allocated 18.84 million yuan for R&D in 2024, representing 3.90% of operating income, focusing on advanced motor technologies and drug delivery systems [10]. Group 5: Social Responsibility and Customer Relations - The company emphasizes shareholder protection, employee rights, and environmental sustainability, while maintaining strong relationships with major clients like Midea and Gree [5][7].

Core Viewpoint - The company has reported a stable growth in its main business segments, particularly in micro-special motors and precision drug delivery devices, with a focus on innovation and market expansion. Company Overview - The company's main business is the research, production, and sales of micro-special motors and application products, which accounted for 84.80% of its revenue during the reporting period [3][4]. - The precision drug delivery device business is identified as an important innovation direction for the company [3]. Financial Performance - The company achieved revenue of 409.94 million yuan from micro-special motors and components, representing a year-on-year growth of 7.13% [4]. - The precision drug delivery device business generated revenue of 36.76 million yuan, with a business model based on deep collaboration with pharmaceutical companies [7]. Innovation and Market Development - The company has developed innovative products such as a gearbox component that enhances motor drive efficiency and a new type of ultrasonic piezoelectric actuator motor [5]. - The company has successfully expanded its customer base, including notable clients like Xiaomi, and has made inroads into international markets with products entering the supply chains of companies like Carrier and Sharp [5][6]. Production Management - The company practices lean production principles, optimizing production processes and enhancing automation levels to ensure product reliability and consistency [6]. - Comprehensive upgrades and automation modifications to existing production lines have improved production efficiency and product quality [6]. Industry Position - The company has established itself as a significant player in both the micro-special motors and precision drug delivery device sectors, with a strong reputation and customer base [10]. - It serves major domestic appliance groups such as Midea, Gree, and Haier, and has expanded its market share by acquiring new clients [10]. Profit Distribution - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, totaling approximately 19.98 million yuan, based on its total share capital of 57.08 million shares [2][40].