证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-085 卧龙电气驱动集团股份有限公司 关于向 2025 年限制性股票激励计划激励对象 首次授予限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 卧龙电气驱动集团股份有限公司（以下简称"公司"）根据《上市公司股权 激励管理办法》（以下简称"《管理办法》"）及《卧龙电气驱动集团股份有限 公司 2025 年限制性股票激励计划》（以下简称"《激励计划》"或"本次激励 计划"）的相关规定以及公司 2025 年第三次临时股东会的授权，公司于 2025 年 11 月 19 日召开了九届二十一次临时董事会会议，审议通过了《关于向 2025 年限制性股票激励计划激励对象首次授予限制性股票的议案》。董事会认为公司 本次激励计划规定的首次授予条件已经成就，同意确定以 2025 年 11 月 20 日为 本次激励计划的首次授予日，向符合条件的 154 名激励对象首次授予 462.00 万 股限制性股票，首次授予价格为 24.11 元/股。 现将相关事项 ...

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-083 卧龙电气驱动集团股份有限公司 九届二十一次临时董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 除上述调整外，本次激励计划的其他内容与公司 2025 年第三次临时股东会 审议通过的内容一致。根据公司 2025 年第三次临时股东会的授权，上述调整属 于股东会对董事会授权范围内的事项，无需再次提交股东会审议。 表决情况：同意 7 票，反对 0 票，弃权 0 票，回避 2 票。 关联董事张红信、张文刚回避了对本议案的表决。该议案已经公司第九届董 事会薪酬与考核委员会 2025 年第三次会议审议通过。 具体内容详见刊登于《中国证券报》《上海证券报》和上海证券交易所网站 （http://www.sse.com.cn）的《关于调整 2025 年限制性股票激励计划首次授予激 励对象名单的公告》。 （二）审议通过《关于向 2025 年限制性股票激励计划激励对象首次授予限 制性股票的议案》 卧龙电气驱动集团股份有限公司（以下简称"公 ...

Core Viewpoint - Wolong Electric Drive announced a temporary board meeting to discuss the first grant of restricted stock under the 2025 restricted stock incentive plan, indicating a focus on employee incentives and future growth strategies [1] Company Summary - Wolong Electric Drive's revenue composition for 2024 is as follows: Industrial motors and drives account for 55.8%, daily-use motors and controls for 24.21%, wind, solar, and hydrogen for 7.64%, electric transportation for 4.97%, and others for 4.96% [1] - As of the report, Wolong Electric Drive has a market capitalization of 63.3 billion yuan [1]

卧龙电气驱动集团股份有限公司 2.本激励计划激励对象不包括独立董事、单独或合计持有公司5%以上股份的股东或实 际控制人及其配偶、父母、子女； 3.激励对象因个人原因自愿放弃获授权益的，由董事会对授予数量作相应调整，激励对 象在认购限制性股票时因资金不足可以相应减少认购限制性股票数额； 4.预留权益的激励对象在本激励计划经股东会审议通过后12个月内确定，经董事会提出、 董事会薪酬与考核委员会发表明确意见、律师发表专业意见并出具法律意见书后，公司在指 定网站按要求及时准确披露激励对象相关信息。 5.上表中部分合计数与各明细数相加之和在尾数上如有差异，系以上百分比结果四舍五 入所致。 卧龙电气驱动集团股份有限公司 2025 年限制性股票激励计划首次授予激励对象名单 （授予日） 卧龙电气驱动集团股份有限公司（以下简称"公司"）2025年限制性股票激 励计划（以下简称"本次激励计划"）的首次授予激励对象名单（授予日）及授 出权益分配情况如下： | 姓名 | 职务 | 获授限制性 | 获授限制性股 | 获授限制性股 | | --- | --- | --- | --- | --- | | | | 股票数量 | 票占授予总量 ...

根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 （以下简称"《管理办法》"）以及《公司章程》等有关法律法规及规范性文件 的规定，卧龙电气驱动集团股份有限公司（以下简称"公司"）董事会薪酬与考 核委员会对《卧龙电气驱动集团股份有限公司2025年限制性股票激励计划》（以 下简称"《激励计划》"或"本次激励计划"）首次授予的授予条件及激励对象 名单（授予日）进行了核查，现发表核查意见如下： 1、除2名拟激励对象因个人原因自愿放弃公司拟授予其的全部限制性股票外， 本次激励计划首次授予的激励对象与公司2025年第三次临时股东会批准的《激励 计划》中规定的激励对象一致。 2、本次激励计划的激励对象不存在《管理办法》规定的不得成为激励对象 的以下情形： （1）最近12个月内被证券交易所认定为不适当人选； （2）最近12个月内被中国证监会及其派出机构认定为不适当人选； 卧龙电气驱动集团股份有限公司董事会 薪酬与考核委员会关于公司 2025 年限制性股票激励 计划相关事项的核查意见 3、本次激励计划首次授予的激励对象不包括卧龙电驱独立董 ...

证券代码：600580 证券简称：卧龙电驱 公告编号：临 2025-084 卧龙电气驱动集团股份有限公司 关于调整 2025 年限制性股票激励计划首次授予激励 对象名单的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 11 月 19 日，卧龙电气驱动集团股份有限公司（以下简称"公司"） 召开了九届二十一次临时董事会会议，审议通过了《关于调整 2025 年限制性股 票激励计划首次授予激励对象名单的议案》。根据《上市公司股权激励管理办法》 （以下简称"《管理办法》"）及《卧龙电气驱动集团股份有限公司 2025 年限 制性股票激励计划》（以下简称"《激励计划》"或"本次激励计划"）的相关 规定以及公司 2025 年第三次临时股东会的授权，公司董事会对本次激励计划的 首次授予激励对象名单进行了调整，现将相关事项公告如下： 一、本次激励计划已履行的决策程序和信息披露情况 1、2025 年 09 月 29 日，公司九届十九次临时董事会会议审议通过了《关于 <卧龙电气驱动集团股份有限公司 2025 年限制性股票激励计划（ ...

Market Overview - The electric motor sector experienced a decline of 1.63% on the previous trading day, with Fangzheng Electric leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable gainers in the electric motor sector included: - Huari Co., Ltd. (300626) with a closing price of 15.02, up 2.32% [1] - Jiangte Electric (002176) closed at 12.26, up 0.66% [1] - Significant decliners included: - Fangzheng Electric (002196) with a closing price of 13.20, down 3.58% [2] - Wolong Electric (600580) closed at 40.52, down 2.81% [2] Trading Volume and Capital Flow - The electric motor sector saw a net outflow of 789 million yuan from main funds, while retail investors contributed a net inflow of 692 million yuan [2][3] - The trading volume for key stocks included: - Jiangte Electric with a trading volume of 2.17 million shares and a transaction value of 271.1 million yuan [1] - Fangzheng Electric with a trading volume of 760,700 shares and a transaction value of 1.025 billion yuan [2] Individual Stock Capital Flow - Jiangte Electric (002176) had a main fund net inflow of 24.96 million yuan, while retail investors had a net outflow of 52.56 million yuan [3] - Other stocks like Micro Light (002801) and Huayang Intelligent (301502) also showed mixed capital flows, with retail investors showing a net inflow despite main fund outflows [3]

Core Viewpoint - Wolong Electric Drive's stock has experienced significant fluctuations, with a year-to-date increase of 187.47%, but a recent decline in the last 20 days by 11.56% [1] Group 1: Stock Performance - On November 20, Wolong Electric Drive's stock price fell by 2.01% to 40.85 CNY per share, with a trading volume of 1.236 billion CNY and a turnover rate of 1.92% [1] - The company has seen a net outflow of 129 million CNY in principal funds, with large orders showing a buy of 229 million CNY and a sell of 297 million CNY [1] - The stock has appeared on the "龙虎榜" (top trading list) eight times this year, with the most recent appearance on September 18 [1] Group 2: Financial Performance - For the period from January to September 2025, Wolong Electric Drive reported a revenue of 11.967 billion CNY, a year-on-year decrease of 1.86%, while the net profit attributable to shareholders increased by 28.26% to 819 million CNY [2] - The company has distributed a total of 2.056 billion CNY in dividends since its A-share listing, with 520 million CNY distributed in the last three years [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 469,400, a rise of 112.10%, while the average circulating shares per person decreased by 52.85% to 3,328 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 10.1578 million shares, and other ETFs that have shown varying changes in their holdings [2]

Group 1: Power Equipment Industry Insights - The power equipment sector is expected to see significant growth driven by overseas expansion and advancements in technology, particularly in 800V HVDC systems, with key companies to watch including Sifang Co., Jinpan Technology, and Xuchang Electric [1][36] - The wind power sector is projected to maintain a growth rate of 10%-20% in new installations in 2026, supported by strong order backlogs and stable pricing, with major players like Goldwind Technology and Sany Renewable Energy highlighted [1][39] - The overall profitability of wind turbine manufacturers is recovering, with exports contributing positively to performance, indicating a synchronized recovery in both domestic and international markets [1][39] Group 2: Lithium Battery Industry Trends - The lithium battery supply chain is anticipated to experience a reversal in the downward price trend, with significant profit recovery expected in 2026, particularly for solid-state batteries and large-scale energy storage cells [2][72] - New technologies such as steel-shell batteries and silicon anodes are expected to achieve mass production in 2026, laying the groundwork for widespread application from 2027 to 2030 [2][72] - The electrification transition is driving explosive growth in global energy storage demand, with key companies like CATL and EVE Energy recommended for investment [2][72] Group 3: Photovoltaic Industry Developments - The photovoltaic sector is undergoing supply-side adjustments, with innovations like low-silver and silver-free pastes becoming critical for cost reduction, and the market is expected to see the ramp-up of these technologies in 2026 [3][72] - The profitability of silicon material is recovering, and the industry is gradually expanding into semiconductor fields, indicating a shift in focus for photovoltaic companies [3][72] - Investment opportunities are emerging in new technologies such as solid-state batteries and flexible converters, with companies like Xiamen Tungsten and Wolong Electric Drive highlighted for their potential [3][72] Group 4: Investment Recommendations - The report suggests focusing on companies that are expanding overseas and improving performance, particularly in the lithium battery and wind turbine sectors, with specific recommendations for companies like CATL and Goldwind Technology [3][37] - The anticipated acceleration in capital expenditure in the AIDC sector is expected to benefit domestic power equipment manufacturers, with a focus on companies like Sifang Co. and Jinpan Technology [36][37] - The report emphasizes the importance of monitoring the recovery of pricing and profitability in the wind power sector, particularly for leading companies in the supply chain [39][68]

Core Points - The electric motor sector experienced a decline of 0.69% on the previous trading day, with Sanxie Electric leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Electric Motor Sector Performance - Huari Co., Ltd. (300626) saw a closing price of 14.68, with an increase of 2.95% and a trading volume of 248,100 shares, totaling 352 million yuan [1] - Jiangte Electric (002176) closed at 12.18, up 2.18%, with a trading volume of 2,262,900 shares, amounting to 2.778 billion yuan [1] - Bafang Electric (603489) closed at 31.26, up 1.43%, with a trading volume of 59,600 shares, totaling 186 million yuan [1] - The largest decline was seen in Sanxie Electric (920100), which closed at 61.92, down 6.65%, with a trading volume of 18,200 shares, totaling 115 million yuan [2] - Other notable declines included Fangzheng Electric (002196) at 13.69, down 5.26%, and Xiangming Intelligent (301226) at 28.72, down 4.87% [2] Capital Flow Analysis - The electric motor sector experienced a net outflow of 70.30 million yuan from institutional investors and 68.36 million yuan from retail investors, while retail investors saw a net inflow of 139 million yuan [2] - Jiangte Electric (002176) had a net inflow of 214 million yuan from institutional investors, while it faced a net outflow of 27.78 million yuan from retail investors [3] - Wolong Electric (600580) had a net inflow of 123 million yuan from institutional investors, with a net outflow of 53.95 million yuan from retail investors [3]