Core Insights - The report highlights the growing consumer demand for high-quality home security products during the "Double Eleven" shopping season, focusing on the innovative capabilities of Wangli Security [1][8] - Wangli Security is positioned as a leader in the smart home industry, utilizing advanced technology to address consumer pain points and enhance the overall home experience [1][8] Consumer Trends - Consumers are increasingly seeking smart security doors that integrate multiple functions while ensuring basic safety, reflecting a shift in home security preferences [2][5] - Feedback from consumers indicates a desire for user-friendly designs, particularly for families with elderly members or children, while also expressing concerns about the responsiveness of smart locks [2][5] Technological Innovations - Wangli's X70 robot security door is notable for its unique feature of formaldehyde monitoring, providing 24-hour air quality surveillance and alerting users via a smart screen and mobile app when levels exceed safe limits [5][7] - The product also includes various smart functionalities such as remote opening, anti-pinch features, voice messaging, and weather updates, transforming the door from a passive barrier to an active participant in home management [5][7] Strategic Vision - Wangli Security aims to transition from "single product intelligence" to a "whole-house smart ecosystem," with the smart door serving as the entry point for a comprehensive smart home solution [5][7] - The company has developed the "Aiganzhen" whole-house smart system, which automates various home functions across multiple living spaces, enhancing user convenience and experience [5][7] Company Development - Wangli Security emphasizes research and development as its core competitive advantage, with significant investments in technology and a dedicated team to drive product innovation and market leadership [7][8] - The company has received recognition from national media, reinforcing its reputation and trust among consumers, and is committed to integrating cutting-edge technologies like AI and IoT into home security solutions [7][8]

Core Insights - The report highlights the growing consumer demand for high-quality home products during the "Double Eleven" shopping season, focusing on how AI enhances consumer experiences in smart home security [1][2] Group 1: Consumer Trends - Consumers are increasingly seeking smart security doors that integrate multiple functions while ensuring basic safety, marking a shift in home purchasing trends [2] - Feedback from consumers indicates a preference for features like no-threshold designs suitable for families with elderly and children, while some express concerns about the responsiveness of smart locks [2][3] Group 2: Technological Innovations - Wangli's X70 robot security door is the first in the industry to integrate formaldehyde monitoring, providing 24-hour air quality monitoring and real-time alerts via a mobile app [3] - The door features advanced capabilities such as remote sensing opening, anti-pinch technology, voice messaging, and weather updates, transforming the door from a passive barrier to an active participant in home management [3] Group 3: Strategic Development - Wangli is evolving from "single product intelligence" to a "whole-house smart ecosystem," with its Aiganzhen system covering seven living spaces and offering proactive services [4] - The company invests over 80 million yuan annually in R&D, employing a team of over 400 professionals to drive product innovation and transition from traditional to smart security doors [4] Group 4: Brand Recognition - Wangli has received multiple recognitions from CCTV over the years, enhancing its brand trust and influence in the smart home sector [5][6] - The ongoing media attention reinforces Wangli's commitment to technological advancement and its role as a leader in the smart home industry, aiming to redefine the concept of "home" through technology [6]

证券代码：605268 证券简称：王力安防 公告编号：2025-081 本次发明专利的取得是公司重要核心技术的体现和延伸，不会对公司近期经 营产生重大影响，但有利于进一步完善公司知识产权保护体系，促进产品技术创 新，从而提升公司核心竞争力。 特此公告。 王力安防科技股份有限公司董事会 2025 年 11 月 12 日 王力安防科技股份有限公司 关于公司获得发明专利证书的公告 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。 王力安防科技股份有限公司（以下简称"公司"）于近日收到了中华人民共和 国国家知识产权局颁发的《发明专利证书》，具体如下： | | 证书号 | 第 号 8464525 | | --- | --- | --- | | | 发明名称 | 一种传动组件传动连杆结构锁体 | | | 专利号 | ZL 2024 1 0049059.3 | | | 专利申请日 | 年 月 日 2024 01 12 | | 1 | 发明人 | 王挺；王学亭 | | | 专利权人 | 王力安防科技股份有限公司 | | | 授权公告日 | 年 ...

Core Viewpoint - Wangli Security (605268.SH) has recently received two invention patents from the National Intellectual Property Administration of the People's Republic of China, indicating the company's ongoing innovation efforts in the security technology sector [1] Group 1 - The company has been awarded an invention patent for a transmission component linkage structure lock body, with patent number ZL 2024 1 0049059.3 [1] - The company has also received a patent for a smart lock, with patent number ZL 2024 1 0132054.7 [1]

Core Viewpoint - Wangli Security announced the receipt of an invention patent certificate from the National Intellectual Property Administration of the People's Republic of China for a new lock tongue structure and an anti-burglary lock design [1] Group 1 - The patent pertains to a lock tongue structure and an anti-burglary opening structure, which may enhance the security features of their products [1] - The patent was issued to both the company and its subsidiary, Sichuan Wangli Security Products Co., Ltd. [1]

| | 证书号 | 第 号 8450184 | | --- | --- | --- | | | 发明名称 | 一种锁舌结构 | | | 专利号 | ZL 2024 1 0131348.8 | | | 专利申请日 | 2024 年 01 月 30 日 | | 1 | 发明人 | 吕一鸣；龚纯全；傅一喆 | | | 专利权人 | 王力安防科技股份有限公司 | | | 授权公告日 | 2025 年 11 月 07 日 | | | 专利权期限 | 20 年（自申请日起算） | | | 证书号 | 第 号 8451116 | | | 发明名称 | 一种斜舌防插盗开结构及具有其的门锁 | | | 专利号 | ZL 2019 1 1354318.9 | | | 专利申请日 | 2019 年 12 月 24 日 | | 2 | 发明人 | 支崇铮 | | | 专利权人 | 四川王力安防产品有限公司 | | | 授权公告日 | 2025 年 11 月 07 日 | | | 专利权期限 | 20 年（自申请日起算） | 1 本次发明专利的取得是公司重要核心技术的体现和延伸，不会对公司近期经 营产生重大影响，但有利于进一步完善公司 ...

Core Viewpoint - Wangli Security (605268.SH) reported its Q3 2025 results, highlighting a significant institutional ownership increase, indicating strong investor confidence in the company [1] Institutional Ownership - As of October 30, 2025, seven institutional investors disclosed holdings in Wangli Security A-shares, totaling 320 million shares, which represents 71.64% of the company's total equity [1] - The institutional ownership increased by 0.42 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Wangli Group Co., Ltd., Zhejiang Wangli Electric Vehicle Industry Co., Ltd., Wuyi Huajue Equity Investment Management Co., Ltd., Ningbo Gongjiu Chuangye Investment Partnership (Limited Partnership), J.P. Morgan Securities PLC - proprietary funds, Morgan Stanley & Co. International PLC, and Goldman Sachs LLC [1] Public Fund Disclosure - In this period, 11 public funds were disclosed, including Nanhua Fenghui Mixed A, Guotai Quantitative Strategy Income Mixed A, Huibai Chuan Yuanhang Mixed A, and others [1] Foreign Investment Attitude - Three new foreign institutions disclosed their holdings this quarter, including J.P. Morgan Securities PLC - proprietary funds, Morgan Stanley & Co. International PLC, and Goldman Sachs LLC [1]

Core Viewpoint - The company reported a total impairment provision of 33,030,809.24 yuan for the third quarter of 2025, which includes credit impairment losses of 30,919,136.16 yuan and asset impairment losses of 2,111,673.08 yuan, significantly impacting its profit for the period [9][15]. Financial Data - The company’s revenue for the first three quarters of 2025 reached 232,616.01 million yuan, reflecting a year-on-year increase of 11.44% [25]. - The net profit attributable to shareholders for the same period was 11,888.12 million yuan, marking a 47.66% increase year-on-year [25]. Impairment Provision Details - The impairment provision was based on a comprehensive review of various assets, including receivables and inventory, in accordance with accounting standards [10]. - The credit impairment loss was calculated considering the credit risk characteristics of financial assets, with provisions made based on expected credit losses [11][12]. Corporate Governance and Strategy - The company is committed to enhancing operational quality and governance, focusing on core business areas such as security doors and smart locks [25][27]. - A "Quality Improvement and Efficiency Enhancement" action plan has been established to ensure sustainable growth and shareholder returns [29]. Investor Communication - The company will hold a performance briefing on November 7, 2025, to discuss the third-quarter results and address investor inquiries [34][35].

Core Insights - Wangli Security (605268.SH) reported a revenue of 2.326 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 11.44% [1] - The company's net profit attributable to shareholders reached 119 million yuan, marking a significant year-on-year increase of 47.66% [1] - The non-recurring net profit was 104 million yuan, which is a year-on-year growth of 43.88% [1] - Basic earnings per share stood at 0.27 yuan [1]

Core Viewpoint - Wangli Security, a well-known security door company in China, has shown competitive performance in the industry, with significant revenue and profit figures, but faces challenges in debt levels and profit margins compared to industry averages [1][2][3]. Financial Performance - For Q3 2025, Wangli Security reported revenue of 2.326 billion yuan, ranking 6th in the industry, with the top competitor, Oppein Home, generating 13.214 billion yuan [2]. - The company's net profit for the same period was 117 million yuan, placing it 5th in the industry, while Oppein Home led with 1.835 billion yuan [2]. - The main revenue sources included steel security doors at 878 million yuan (61.88% of total revenue) and other doors at 417 million yuan (29.38%) [2]. Financial Ratios - As of Q3 2025, Wangli Security's debt-to-asset ratio was 61.16%, higher than the industry average of 41.92% [3]. - The gross profit margin for the same period was 27.14%, which is below the industry average of 29.57% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.67% to 17,700 [5]. - The average number of circulating A-shares held per shareholder increased by 14.51% to 24,700 [5]. Business Highlights - The company plans to optimize its regional supply chain by establishing a new production base in Hubei, aiming to create a triangular supply network across the Yangtze River Delta, Central China, and Southwest regions [5]. - Wangli Security has developed a diversified sales channel system covering all 31 provinces and continues to upgrade its network [5]. Earnings Forecast - Based on H1 2025 performance, the company adjusted its revenue forecast for 2025-2027 to 3.5 billion, 4.1 billion, and 4.7 billion yuan, with net profits of 180 million, 230 million, and 300 million yuan respectively [5][6]. - The expected EPS for 2025-2027 is projected to be 0.35, 0.41, and 0.48 yuan, with a target price of 13.52 yuan based on a 39x PE ratio for 2025 [6].