合锻智能 2025 年第三次临时股东会会议资料 合肥合锻智能制造股份有限公司 2025 年第三次临时股东会 会 议 资 料 二〇二五年九月十二日 1 合锻智能 2025 年第三次临时股东会会议资料 合肥合锻智能制造股份有限公司 2025 年第三次临时股东会会议须知 为维护广大投资者的合法权益，确保本次股东会顺利召开，根据《中华人民共 和国公司法》、《公司章程》及《股东会议事规则》等有关规定，特制定本次股东 会会议须知，望全体参会人员遵守执行： 一、股东会召开过程中，参会股东及股东代表应当以维护全体股东的合法权益、 确保会议正常秩序和议事效率为原则，认真履行法定职责。 二、参会股东及股东代表依法享有发言权、质询权、表决权等各项权利。股东 及股东代表应认真履行法定义务，自觉遵守会议纪律，不得侵犯其他股东的权益， 以确保股东会的正常秩序。 三、会议进行中只接受股东及股东代表的发言或提问，发言或提问应围绕本次 会议议题进行，简明扼要。建议每次发言时间不超过三分钟。 四、股东及股东代表要求发言时，不得打断会议报告人的报告或其他股东的发 言。会议进行表决时，股东及股东代表不再进行会议发言。违反上述规定者，会议 主持人有权 ...

Group 1 - The core viewpoint of the news is that Hefei Huoan Intelligent Manufacturing Co., Ltd. experienced a decline in stock price, with a drop of 5.02% to 15.72 CNY per share, and a total market capitalization of 7.772 billion CNY [1] - The company, established on September 7, 1997, specializes in the research, production, and sales of forging equipment and intelligent detection and sorting equipment [1] - The main revenue composition of the company includes color sorters (49.80%), hydraulic presses (30.93%), mechanical presses (14.87%), and other supplementary products (3.62% and 0.78%) [1] Group 2 - From the perspective of fund holdings, one fund under Dongfang Fund has a significant position in Huoan Intelligent, with 224,600 shares held, accounting for 4.78% of the fund's net value, making it the second-largest holding [2] - The Dongfang Low-Carbon Economy Mixed A fund (021094) has a current scale of 61.7428 million CNY and has recorded a return of 11.21% since its inception [2] - The fund manager, Li Rui, has been in position for 7 years and 264 days, overseeing assets totaling 8.065 billion CNY, with the best and worst returns during his tenure being 57.33% and -18.3%, respectively [2]

Core Insights - The controlled nuclear fusion technology landscape is diversifying, with significant developments in magnetic confinement, Z-pinch, and FRC technologies [1][2] - Current nuclear fusion projects are primarily funded by public capital, while planned projects are increasingly driven by private investment, indicating a shift towards a more varied technological approach [2] - Major tech companies like Google, Amazon, and Microsoft are actively investing in nuclear fusion companies, highlighting the growing interest and competition in the global fusion race [1][2] Group 1: Technological Developments - The Tokamak device is expected to benefit from breakthroughs in high-temperature superconducting materials, potentially achieving grid-connected power generation by the 2030s [3] - The performance of Tokamak devices is significantly influenced by the strength of the toroidal magnetic field, with a theoretical increase in fusion power by an order of magnitude for every 1.8 times increase in magnetic field strength [3] - The emergence of new fusion companies utilizing high-temperature superconducting solutions, such as CFS and TokamakEnergy, indicates a shift in technological capabilities [3] Group 2: Investment and Market Dynamics - The domestic Z-pinch hybrid reactor is anticipated to accelerate its development, with significant private capital interest in FRC devices [4] - Helion's FRC device has seen substantial funding, totaling approximately $96 million from 2021 to the first half of 2025, indicating strong investor confidence [4] - The potential for commercial nuclear fusion plants could lead to annual investments reaching several hundred billion yuan if successful [2] Group 3: Industry Growth and Opportunities - The controlled nuclear fusion industry is entering a rapid incubation phase, moving towards commercialization [5] - Increased technological advancements and funding are driving the industry forward, creating investment opportunities in upstream equipment and materials [6] - Key beneficiaries of this growth include companies involved in superconducting materials, vacuum chambers, power systems, and detection equipment [6]

Group 1 - The A-share market showed mixed performance on August 28, with the Shanghai Composite Index down by 0.36%, while sectors like telecommunications, electronics, and banking saw gains [1] - The machine tool sector exhibited stock performance divergence, with the machine tool ETF (159663.SZ) down by 0.81%, while individual stocks like Qiaofeng Intelligent, Haimeixing, and Dingtai High-tech saw increases of 12.46%, 7.19%, and 7.13% respectively [1] - The human-shaped robot market in China is projected to grow significantly, with the market size expected to reach approximately 20 to 50 billion yuan by 2028, and potentially 10 trillion yuan by 2045 [1] Group 2 - The robotics sector is experiencing a transformative shift from virtual to reality, driven by events like the World Artificial Intelligence Conference and the World Robot Conference, indicating a potential upward trend in new application scenarios and orders [2] - The machine tool ETF (159663) closely tracks the China Machine Tool Index, which is crucial for the high-end equipment manufacturing sector, encompassing laser equipment, machine tools, robots, and industrial control equipment [2]

Core Viewpoint - The recent financial report of Hezhuan Intelligent (603011) indicates a revenue increase but a decline in net profit, highlighting challenges in profitability despite revenue growth [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 982 million yuan, an increase of 8.23% year-on-year, while net profit attributable to shareholders was 9.51 million yuan, a decrease of 11.39% [1] - In Q2 2025, total revenue was 562 million yuan, down 4.82% year-on-year, and net profit was 2.12 million yuan, down 59.84% [1] - Gross margin improved to 26.15%, up 5.39% year-on-year, while net margin decreased to 0.94%, down 20.14% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 155 million yuan, accounting for 15.79% of revenue, a decrease of 2.55% year-on-year [1] - Cash flow from operating activities showed a significant decline of 144.26%, attributed to increased cash payments for goods and services [3] Balance Sheet Highlights - Cash and cash equivalents increased by 93.45% to 776 million yuan, while accounts receivable decreased by 15.84% to 685 million yuan [1] - Interest-bearing debt rose by 33.06% to 732 million yuan, indicating increased leverage [1] - The company's net asset value per share decreased by 3.52% to 4.37 yuan [1] Investment Activity Insights - The net cash flow from investing activities increased by 84.67%, attributed to reduced cash payments for investments [4] - The net cash flow from financing activities increased by 147.45%, due to higher cash inflows from new borrowings and reduced cash outflows for debt repayments [4] Fund Holdings - The largest fund holding Hezhuan Intelligent is the Huaxia High-end Manufacturing Mixed A fund, with 4.64 million shares, which has increased its position [6] - Other funds have also entered the top ten holdings, indicating growing interest in the company [6]

Group 1 - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index increasing by 0.04% during the session. The communication, electronics, and computer sectors led the gains, while beauty care and food & beverage sectors experienced declines [1] - The machine tool sector showed strong performance, with the Machine Tool ETF (159663.SZ) rising by 2.03%. Notable individual stock performances included Zhejiang Haideman up by 13.96%, Hezhong Intelligent up by 7.25%, and Huichuan Technology up by 6.46% [1] - According to the National Bureau of Statistics, the production of industrial robots in July reached 63,700 units, with a year-on-year growth rate narrowing by 13.90 percentage points to 24.00%. Cumulative production from January to July was 447,100 units, with a year-on-year growth rate narrowing by 2.70 percentage points to 32.90% [1] Group 2 - Zhongyuan Securities indicated that the robot industry chain has been in an adjustment phase since 2021, nearing the end of the cycle. Despite this, the production of robots continues to grow positively, with an accelerating growth trend month-on-month, signaling a cyclical recovery in the industry [1] - The industrial robot sector is experiencing a cyclical recovery, combined with the resonance of humanoid robot themes, suggesting strong investment value within the robot industry chain [1][2]

Group 1 - The A-share market saw a collective rise in the three major indices on August 27, with the Shanghai Composite Index increasing by 0.04%. The communication, electronics, and computer sectors led the gains, while beauty care and food & beverage sectors experienced declines [1] - The machine tool sector showed strength, with the Machine Tool ETF (159663.SZ) rising by 2.03%. Notable individual stock performances included Zhejiang Haide Man up by 13.96%, Hezhong Intelligent up by 7.25%, and Huichuan Technology up by 6.46% [1] - According to the National Bureau of Statistics, the production of industrial robots in July was 63,700 units, with a year-on-year growth rate narrowing by 13.90 percentage points to 24.00%. Cumulative production from January to July reached 447,100 units, with a year-on-year growth rate narrowing by 2.70 percentage points to 32.90% [1] Group 2 - Zhongyuan Securities indicated that the robot industry chain has been in an adjustment phase since 2021, nearing the end of the cycle in terms of duration and magnitude. The continuous positive growth in robot production suggests an accelerating growth trend, signaling a cyclical recovery in the industry [1] - The industrial robot sector is experiencing a cyclical recovery, with a strong investment value in the robot industry chain, particularly in conjunction with humanoid robot themes [1] - The Machine Tool ETF closely tracks the China Machine Tool Index, which encompasses key areas of high-end equipment manufacturing, including laser equipment, machine tools, robots, and industrial control equipment, reflecting the core practices of innovation-driven and industrial upgrading [2]

Group 1 - The core viewpoint of the article highlights the announcement made by Hezhuan Intelligent regarding its board meeting and the composition of its revenue for the year 2024 [1] - Hezhuan Intelligent's revenue structure for 2024 indicates that specialized equipment manufacturing accounts for 56.42%, general equipment manufacturing accounts for 41.48%, and other businesses account for 2.1% [1] Group 2 - The article also mentions the booming pet industry, which is projected to reach a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Core Insights - The company, Hezhong Intelligent, reported a total operating revenue of 982 million yuan for the first half of 2025, representing a year-on-year increase of 8.23%, while the net profit attributable to shareholders decreased by 11.39% to 9.51 million yuan [1][2][3] Company Performance - The company is primarily engaged in high-end forming equipment and intelligent sorting equipment, providing products and services including hydraulic presses, mechanical presses, color sorters, and core components for fusion reactors [1][2] - The revenue structure shows that color sorters remain a significant part of the revenue, generating 489 million yuan, while hydraulic presses and mechanical presses contributed 304 million yuan and 146 million yuan, respectively, together accounting for over 95% of total revenue [2] Industry Developments - Hezhong Intelligent is involved in the manufacturing of core components for controlled nuclear fusion, with significant projects such as the BEST vacuum chamber, which has a total contract value of 209 million yuan [2][3] - The company has made progress in manufacturing key components, including the delivery of the first batch of gravity supports for the BEST vacuum chamber and the independent research and development of Inconel718 super bolts [3] Market Outlook - The global controlled nuclear fusion market is projected to grow from 331.49 billion USD in 2024 to 351.11 billion USD in 2025, with a compound annual growth rate of 8.1% expected to reach 479.5 billion USD by 2029 [3][4] - The industry is attracting significant investment, with over 7.1 billion USD expected in 2024, and major companies in the US securing substantial funding [4]

智通财经APP讯，合锻智能(603011.SH)披露2025年半年度报告，报告期公司实现营收9.82亿元，同比增 长8.23%;归母净利润951万元，同比下降11.39%;扣非净利润962万元，同比增长27.56%;基本每股收益 0.02元。 ...