Market Overview - On September 19, the component sector declined by 0.17% compared to the previous trading day, with Audiwei leading the decline [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Top Gainers in the Component Sector - SanHuan Group (300408) closed at 48.33, up 6.69% with a trading volume of 615,000 shares and a transaction value of 295.7 million [1] - Zhongfu Circuit (300814) closed at 52.00, up 5.33% with a trading volume of 164,800 shares and a transaction value of 845 million [1] - Pengding Holdings (002938) closed at 57.68, up 4.97% with a trading volume of 519,700 shares and a transaction value of 2.974 billion [1] Top Decliners in the Component Sector - Yuandiwei (832491) closed at 33.39, down 4.02% with a trading volume of 86,500 shares and a transaction value of 292 million [2] - Sihui Furen (300852) closed at 44.13, down 3.84% with a trading volume of 89,100 shares and a transaction value of 398 million [2] - Nanya New Materials (615889) closed at 78.00, down 3.79% with a trading volume of 160,300 shares and a transaction value of 472 million [2] Capital Flow Analysis - The component sector experienced a net outflow of 1.913 billion from institutional investors, while retail investors saw a net inflow of 1.18 billion [2] - The net inflow from speculative funds was 733 million [2] Individual Stock Capital Flow - Shengyi Technology (600183) had a net inflow of 232 million from institutional investors, while it faced a net outflow of 94.614 million from speculative funds [3] - SanHuan Group (300408) saw a net inflow of 138 million from institutional investors, with a minor net inflow of 3.1135 million from speculative funds [3] - Pengding Holdings (002938) had a net inflow of 41.392 million from institutional investors, while it faced a net outflow of 129 million from retail investors [3]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported steady growth in its semi-annual performance, with new products gradually being introduced into downstream applications [1][6] - In the first half of 2025, the company's revenue reached 330 million yuan, representing a year-on-year increase of 16.26%, while net profit was 50.47 million yuan, up 7.81% year-on-year [6][4] - The growth in performance is attributed to product and technology upgrades, enhancing core competitiveness and increasing order demand from downstream markets [6] - The sensor business saw significant growth, with revenue of 276 million yuan, a year-on-year increase of 28.77%, driven by continuous R&D investment and product upgrades [6] - The actuator business experienced a decline in revenue, down 33.16% to 43.76 million yuan, primarily due to reduced sales in the electroacoustic device segment [6] Financial Forecast - The company’s projected total revenue for 2025 is 738 million yuan, with a growth rate of 19.50%, and net profit is expected to be 102.84 million yuan, growing by 17.32% [3][6] - The forecast for 2026 and 2027 shows continued revenue growth, with estimates of 924 million yuan and 1.23 billion yuan respectively, reflecting growth rates of 25.22% and 33.34% [3][6] - The return on equity (ROE) is projected to increase from 9.62% in 2025 to 12.72% by 2027 [3] Product Development - The company has introduced a specialized flow sensor for liquid cooling in smart servers, utilizing a dual-technology architecture for comprehensive thermal management [6] - The product is currently in the testing phase with downstream customers, aiming for accelerated mass application [6] - Growth in the robotics sector is notable, with increased orders driven by the rise in sensor integration in service and industrial robots [6]

证券代码：832491 证券简称：奥迪威 公告编号：2025-098 广东奥迪威传感科技股份有限公司 关于参加广东辖区 2025 年投资者网上集体接待日活动暨 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流。 三、 参加人员 公司半年度业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、 说明会类型 为进一步加强与投资者的互动交流，广东奥迪威传感科技股份有限公司（以 下简称"公司"）将参加由广东证监局、广东上市公司协会与深圳市全景网络有限 公司联合举办的"向新提质 价值领航—2025 年广东辖区投资者集体接待日暨辖 区上市公司中报业绩说明会"活动。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 19 日（周五）15:30-17:00。 （二）会议召开地点 公司董事长、总经理：张曙光。 公司董事、董事会秘书、副总经理：梁美怡。 公司财务负责人、副总经理：李磊。 四、 投资者参加方式 本次说 ...

Group 1 - In the past month (from August 13 to September 12), 70 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Naconor being the most popular, attracting 114 participating institutions [1] - The types of institutions conducting research include 70 brokerages, 59 funds, 53 private equity firms, 36 insurance companies, and 8 overseas institutions [1] - The companies that received the most attention after Naconor are Kelong New Materials, Audiwei, and Haidar, with 67, 65, and 64 participating institutions respectively [1] Group 2 - The average stock price of the companies that received institutional research increased by 6.28% over the past month, with 48 stocks rising, including Better Battery, Shuguang Digital Innovation, and Haineng Technology, which rose by 46.84%, 45.58%, and 45.33% respectively [2] - The average market capitalization of all companies on the BSE is 3.385 billion yuan, while the average market capitalization of the companies that received research is 4.565 billion yuan [2] - The companies with the highest market capitalization among those researched include Better Battery, Shuguang Digital Innovation, and Tiangong Co., Ltd. [2] Group 3 - Among the companies that received institutional research, Yujie Co. had the highest frequency of research with 3 times, while Kelong New Materials, Audiwei, and Haidar were researched 2 times each [1] - The industries with the most companies receiving research include machinery equipment, basic chemicals, and electronics, with 16, 9, and 9 companies respectively [1]

Group 1 - In the past month (from August 12 to September 11), 68 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Naconor being the most notable, receiving attention from 114 institutions [1] - The types of institutions conducting the research included 68 brokerages, 57 funds, 53 private equity firms, 36 insurance companies, and 8 overseas institutions [1] - The companies that received the most institutional attention after Naconor were Kelong New Materials, Audiwei, and Haidar, with 67, 65, and 64 institutions participating in their investigations, respectively [1] Group 2 - The average stock price of the companies investigated by institutions increased by 7.06% over the past month, with 46 stocks rising, including Shuguang Shuchuang, Better Energy, and Haineng Technology, which saw increases of 63.42%, 53.97%, and 44.79% respectively [2] - The average market capitalization of all companies on the BSE was 3.43 billion yuan, while the average market capitalization of the companies that were investigated was 4.66 billion yuan [2] - The companies with the highest market capitalization among those investigated included Better Energy, Shuguang Shuchuang, and Development Technology [2] Group 3 - The most frequently investigated company was Youji Co., which was researched 3 times, while Kelong New Materials, Audiwei, and Haidar were each investigated 2 times [1] - The industries with the most companies investigated included machinery equipment, basic chemicals, and electronics, with 15, 9, and 9 companies respectively [1]

Core Viewpoint - After a period of over a year, a company listed on the Beijing Stock Exchange, Guangdong Audiwei Sensor Technology Co., Ltd. (referred to as "Audiwei"), announced its plan to issue H shares and list on the Hong Kong Stock Exchange, aiming to expand its overseas market and financing channels [1][2]. Company Overview - Audiwei is recognized as a "little giant" enterprise specializing in niche markets, with its main products including distance sensors, flow sensors, pressure sensors, atomization transducers, and alarm sounders, primarily used in smart vehicles, smart instruments, smart homes, smart security, industrial control, and consumer electronics [3]. - The company has shown consistent growth in revenue and net profit since its listing on the Beijing Stock Exchange in June 2022, with revenue and net profit expected to exceed 300 million and 50 million respectively by June 2025 [3]. Financial Performance - Despite the growth in revenue and net profit, the year-on-year growth rates for both metrics have started to decline since the mid-2023 reports [3]. - As of September 10, 2023, Audiwei's stock price slightly decreased by 0.68%, bringing its total market capitalization down to 4.517 billion [7]. Market Interest and Robotics Focus - Recently, Audiwei has attracted interest from nearly 70 institutions, including prominent firms like CICC and Sequoia China, particularly regarding its developments in humanoid robotics [6]. - The company has indicated that its sensors can enhance humanoid robots with capabilities such as distance perception and interaction, although its products are currently more focused on service robots in smart homes and industrial applications [6]. Listing Plans and Market Context - Audiwei is the second company from the Beijing Stock Exchange to announce plans for an H share listing, following Kanglaweishi, which initiated its own plans earlier [2][8]. - The "North + H" listing framework was established in June 2023, allowing companies from the Beijing Stock Exchange to list on the Hong Kong Stock Exchange [8]. - Despite the announcement, there remains significant uncertainty regarding the approval and implementation of Audiwei's H share issuance and listing [13].

Group 1: Humanoid Robots - The humanoid robot industry requires integration of AI and ML technologies on the software side, while the hardware side focuses on breakthroughs in joint actuators and other key components [2][9] - Key components in the humanoid robot industry include harmonic reducers, frameless torque motors, planetary roller screws, and force sensors, which have a high value share [9][15] - The humanoid robot market in China is expected to grow significantly, with a projected market size of approximately 27.6 billion yuan in 2024, increasing to 750 billion yuan by 2029 [2][4] Group 2: Robot Bearings - The global industrial robot bearing market is projected to reach 9.004 billion yuan in 2023, with an expected growth to 13.585 billion yuan by 2029 [2][31] - The localization rate of high-end bearings for humanoid robots is currently below 20%, indicating significant room for domestic companies to break through [2][4] - Major international players dominate the high-end bearing market, while Chinese companies are gradually making progress in this sector [2][4] Group 3: Humanoid Robot Sensors - Sensors are critical components for human-robot interaction, with a focus on multi-modal perception systems covering force, vision, and touch [2][3] - The global market for six-dimensional force sensors is expected to reach 13.84 billion yuan by 2030, highlighting the importance of these sensors in dynamic control of humanoid robots [2][3] - Visual sensors are evolving from 2D to 3D technology, enhancing the environmental perception capabilities of humanoid robots [2][3] Group 4: Applications of Humanoid Robots - The application scenarios for humanoid robots are expected to evolve from industrial services to household and commercial services, driven by the standardization and complexity of tasks [4][5] - In China, humanoid robots are primarily applied in industrial production, accounting for 29% of the market, as they meet the automation and intelligence needs of the manufacturing sector [4][5] - Global trends show that North America focuses on warehouse logistics and industrial production, while Europe emphasizes household service applications [4][5] Group 5: Key Companies in the Sector - Key companies in the humanoid robot industry include Kete Co., which plans to establish a joint venture with Xutong Electronics to enter the embodied intelligence sector [5][8] - Audiwei specializes in sensor technology, launching underwater ranging sensors and flexible sensors [5][8] - Dingzhi Technology is a rare player in motion control solutions, diversifying into ball screws and hollow cup motors [5][8]

Core Viewpoint - Audiwei plans to accelerate overseas market expansion by issuing H-shares and listing on the Hong Kong Stock Exchange to support long-term development in both domestic and international markets [1][3]. Group 1: Company Overview - Audiwei is a high-tech enterprise specializing in the research, design, production, and sales of smart sensors and actuators, with core technologies in sensitive materials, transducer chip preparation, product structure design, smart algorithms, and precision processing [3][4]. - The company's main products include distance sensors, flow sensors, pressure touch sensors, actuators, atomization transducers, and alarm sounders [3]. Group 2: Financial Performance - In the first half of 2025, Audiwei achieved operating revenue of approximately 330 million yuan, representing a year-on-year increase of 16.26% [3][4]. - The net profit attributable to shareholders was approximately 50.5 million yuan, reflecting a year-on-year growth of 7.81% [3][4]. Group 3: Strategic Initiatives - The company maintains a stable gross profit margin compared to the same period last year, attributed to a prudent expansion strategy that leverages existing resources to convert customer and product resources into sales and profits [3][4]. - Audiwei is focusing on the development of next-generation sensors and enhancing operational management to improve organizational capabilities and optimize processes [4]. Group 4: Robotics Applications - Audiwei's sensors are designed to provide humanoid robots with necessary perception and execution capabilities, including distance awareness and interaction [4]. - Current applications of the company's products are primarily in service robots for smart homes and industrial control robots, with no direct application in humanoid robots yet [4].

Core Viewpoint - The company aims to accelerate its overseas market expansion and establish financing channels abroad by issuing shares (H-shares) and listing on the Hong Kong Stock Exchange to support long-term and steady development in both domestic and international markets [1] Group 1 - The company plans to issue H-shares in overseas markets [1] - The listing will take place on the Hong Kong Stock Exchange [1] - The initiative is aligned with the company's overall development strategy and operational needs [1]

证券代码：832491 证券简称：奥迪威 公告编号：2025-065 广东奥迪威传感科技股份有限公司 董事会议事规则 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、 审议及表决情况 本规则经公司 2025 年 9 月 8 日召开的第四届董事会第十八次会议审议通过， 尚需提交公司股东会审议。 二、 分章节列示制度主要内容： 广东奥迪威传感科技股份有限公司 董事会议事规则 第一章 总则 第一条 为适应建立现代企业制度的要求，维护股东的合法权益，规范广东 奥迪威传感科技股份有限公司（以下简称"公司"）董事会的议事方法和程序，提 高董事会工作效率，确保董事会决策的科学性，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》、《北京证券交易所股票上 市规则》、《北京证券交易所上市公司持续监管办法（试行）》、《上市公司治理准 则》、《上市公司章程指引》和其他有关法律、法规和规范性文件及《广东奥迪威 传感科技股份有限公司章程》（以下简称"公司章程"）的规定，特制定本规则。 第二条 ...