Group 1 - The automotive industry is experiencing growth, with the passenger car market retailing 932,000 units from May 1-18, representing a 12% year-on-year increase and an 18% increase compared to the previous month [3] - The new energy vehicle market is also expanding, with 484,000 units sold during the same period, a 32% year-on-year increase and a 15% increase from the previous month, achieving a penetration rate of 52% [3] - The automotive sector's investment strategy includes maintaining an "overweight" rating, with recommendations for companies benefiting from advancements in autonomous driving and domestic replacements in components [2] Group 2 - Haoneng Co., Ltd. is expanding into the robotics transmission field, focusing on high-precision reducers and joint drive assemblies for humanoid robots, which are critical components with high entry barriers [3] - The company is implementing measures such as technological iteration and cost reduction to strengthen its core business while exploring new growth areas in key components for new energy vehicles and robotics [3] - The market for reducers in humanoid robots is rapidly evolving, with recommendations for companies like Shuanghuan Transmission and Zhongding Co., Ltd. as potential beneficiaries of this trend [3]

Summary of Key Points from Conference Call Records Industry Overview: Robotics Industry - The robotics industry is shifting focus from speculative new concepts to practical application scenarios, such as textiles, logistics, and healthcare robots. This shift is beneficial for companies like Sanhua Intelligent Control and Top Group, as well as others like Jinguang, Fuda, Longxi, and Haoneng, which are progressing rapidly in this space [1][4]. Company Highlights 1. Saisir Automotive - The Saisir M8 model has received over 80,000 pre-orders within 32 days of its launch, with expectations to exceed 20,000 units in sales. The M9 model is projected to maintain monthly sales of over 30,000 units, establishing a foothold in the high-end market. The new M7 model is expected to launch in Q3 [1][5]. 2. Meihua Co., Ltd. - Meihua is investing 700 million yuan to establish a production and R&D base in Chongqing, focusing on marine and automotive equipment, harmonic reducers, and joint modules. The planned annual production capacity for harmonic reducers is 200,000 sets [1][8]. 3. Haoneng Co., Ltd. - Haoneng has a diverse client base, including TL one, Saisir, and Xiaomi, and has exceeded market expectations with Q1 performance, projecting annual earnings to surpass 420 million yuan [1][10]. 4. Jinyang Co., Ltd. - Jinyang has completed shareholder integration and is set to deepen cooperation with Xiaomi, focusing on harmonic actuators and other core components, enhancing its role in the supply chain [1][13]. Market Trends and Developments - The robotics sector is experiencing a transition towards application-driven innovations, with significant benefits observed in textile, logistics, and healthcare robots. The demand for T-box products is increasing, particularly for companies like Sanhua Intelligent Control and Top Group [2][3]. - The cost of LiDAR technology has significantly decreased, making it a standard sensor in advanced driver assistance systems and robotic vision, which is expected to drive broader adoption in the industry [3][20]. Emerging Technologies - The development of large-scale robot models is accelerating, with significant advancements from major companies like Nvidia, which is providing open-source development tools that will enhance the evolution of data and model architectures crucial for humanoid robots [3][21]. - The market is increasingly focused on robotic operating systems and related hardware and software technologies, indicating a rapid pace of development and a search for profitable investment opportunities [23]. Financial Projections - The partnership between Suoteng and Kuma Technology is expected to generate at least 2 billion yuan in revenue over the next three years from the delivery of 1.2 million LiDAR-equipped robotic lawnmowers, significantly boosting Suoteng's overall revenue [24]. - Hesai Technology, as the exclusive supplier for Xiaomi's SU7, is anticipated to see sustained business growth and enhanced market competitiveness due to stable and substantial orders from a well-known brand [25]. Conclusion - The robotics industry is poised for growth driven by practical applications and technological advancements, with several companies making significant strides in production capabilities and market positioning. The focus on collaboration and innovation will likely yield substantial investment opportunities in the near future.

Core Viewpoint - Chengdu Haoneng Technology Co., Ltd. has decided not to exercise the early redemption option for its "Hao 24 Convertible Bonds" despite triggering the conditional redemption clause due to the stock price reaching 130% of the conversion price, aiming to protect investor interests [1][5]. Group 1: Convertible Bond Issuance and Terms - The company issued 5.5 billion yuan worth of convertible bonds on October 23, 2024, with a face value of 100 yuan per bond, totaling 5.5 million bonds [2]. - The "Hao 24 Convertible Bonds" were listed on the Shanghai Stock Exchange on November 20, 2024, under the code "113690" [2]. - The bond has a 6-year term with a tiered interest rate starting at 0.20% in the first year and increasing to 2.10% in the sixth year [2]. Group 2: Redemption Clause and Trigger Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price, which is currently set at 6.33 yuan per share [3][5]. - From April 29, 2025, to May 22, 2025, the stock price has exceeded 8.23 yuan (130% of the conversion price) for 15 trading days, triggering the redemption clause [5]. Group 3: Decision on Early Redemption - The board of directors has resolved not to redeem the "Hao 24 Convertible Bonds" early, considering current market conditions and the company's situation [5]. - The company will not exercise the early redemption option for the next three months, and any future decisions will be made after August 22, 2025, if the redemption conditions are met again [1][5]. Group 4: Related Party Transactions - The actual controllers and major shareholders have engaged in transactions involving the "Hao 24 Convertible Bonds" within the last six months, with specific holdings and changes detailed in the announcement [5]. - No plans for reduction in holdings of the "Hao 24 Convertible Bonds" have been reported by the relevant parties as of the announcement date [5].

| 证券代码：603809 | 证券简称：豪能股份 | | 公告编号：2025-033 | | --- | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 24 | 转债 | | 成都豪能科技股份有限公司 关于不提前赎回"豪 24 转债"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： 成都豪能科技股份有限公司（以下简称"公司"）股票自 2025 年 4 月 29 日至 2025 年 5 月 22 日期间，已有 15 个交易日的收盘价不低于"豪 24 转债" 当期转股价格 6.33 元/股的 130%（即 8.23 元/股），已触发"豪 24 转债"的有 条件赎回条款。公司董事会决定本次不行使"豪 24 转债"的提前赎回权，不提 前赎回"豪 24 转债"。 未来 3 个月内（即 2025 年 5 月 23 日至 2025 年 8 月 22 日），如再次触 发"豪 24 转债"有条件赎回条款的，公司亦不行使"豪 24 转债"的提前赎回权。 自 2025 年 8 月 22 日 ...

招商证券股份有限公司 关于成都豪能科技股份有限公司 不提前赎回"豪 24 转债"的核查意见 豪能股份可转债持续督导 核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为成都豪 能科技股份有限公司（以下简称"豪能股份"、"公司"）向不特定对象发行可转 换公司债券的保荐机构，根据《中华人民共和国证券法》《证券发行上市保荐业 务管理办法》《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》和《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等相关法律、法规和规范性文件的规定，对豪能股 份不提前赎回"豪 24 转债"相关事宜进行了核查，核查具体情况如下： 一、可转债发行上市概况 （一）可转债发行情况 根据中国证券监督管理委员会证监许可〔2024〕374 号，公司于 2024 年 10 月 23 日向不特定对象发行 550 万张可转换公司债券（以下简称"可转债"），每 张面值 100 元，发行总额 5.5 亿元。 （二）可转债上市情况 经上海证券交易所自律监管决定书〔2024〕154 号文同意，公司 55,000 万元 可转换公司债券于 ...

Core Viewpoints - The automotive sector is expected to continue its upward trend, driven by three main themes: AI robotics, AI intelligence, and favorable market conditions [4][8] - The market showed strong performance in the automotive sector, with passenger vehicles and components leading the gains, influenced by better-than-expected adjustments in US-China tariffs and previous significant corrections in the automotive market [4][8] Weekly Review Summary - In the second week of May, the number of compulsory insurance policies reached 443,000 vehicles, reflecting a week-on-week increase of 6.5% and a month-on-month increase of 29.8% [2][7] - The SW automotive index rose by 2.4%, with the best-performing segments being SW passenger vehicles (+4.4%) and SW automotive components (+2.2%), while commercial vehicles and motorcycles showed declines [2][7] Key Industry Changes - Weipai New Energy launched the 2025 model of the Gaoshan vehicle, equipped with the Coffee Pilot Ultra intelligent driving assistance system [3][7] - BYD was added to the Hang Seng Technology Index [3][7] - Geely Automobile reported Q1 2025 revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [3][7] - The acquisition of 100% equity in Wuhu Changpeng was completed, and the company was renamed Wuhu Top [3][7] - Baolong Technology's second phase of the 4.8MW distributed photovoltaic project in Ningguo was completed and accepted [3][7] Sector Configuration Recommendations - The company maintains a positive outlook for 2025, focusing on three main themes: AI robotics, AI intelligence, and favorable market conditions, with the robotics theme expected to have the highest elasticity in May [5][8] - Recommended stocks for the AI robotics theme include Top Group, Junsheng Electronics, and Precision Forging Technology [5][8] - For the AI intelligence theme, preferred stocks include Xpeng Motors, Li Auto, and Xiaomi in Hong Kong, and Seres, SAIC Motor, and BYD in A-shares [5][8] - The favorable market conditions theme includes recommendations for bus manufacturers like Yutong Bus and heavy-duty trucks like China National Heavy Duty Truck and Weichai Power [5][8] Market Performance Tracking - The automotive sector ranked third in A-shares and first in Hong Kong this week, with strong performances in passenger vehicles and components [12][21] - The automotive sector's performance in the SW index showed significant gains, with passenger vehicles leading the way [15][21] Sales Data Overview - In April, the total number of passenger vehicles insured was 443,000, with a year-on-year increase of 29.8% [44] - New energy vehicles accounted for 222,000 units, with a penetration rate of 50.2% [44]

智通财经APP获悉，民生证券发布研报称，人形机器人板块正从主题投资迈向成长投资，2025年有望成 为全球量产元年。技术端，大模型突破通用性瓶颈，DeepSeek低成本训练范式加速AGI落地；产业端， 特斯拉、英伟达、华为等科技巨头密集布局；政策端，政府工作报告明确，培育具身智能等未来产业， 大力发展智能机器人。预计2025年全球出货量将达万台级别，2027年特斯拉目标产能突破百万台，产业 链长期成长空间打开。 民生证券主要观点如下： 产业逻辑：AI赋能+巨头入局，三重驱动强化趋势 1)技术基座升级：非具身大模型实现任务分解与规划，具身大模型直接输出高频动作指令，AGI终极形 态下机器人将具备单模型闭环、主动理解与强适应能力。 2)场景成本突破：特斯拉Optimus将率先导入超级工厂，车端供应链复用推动售价降至2-3万美元，远期 规模效应下成本有望进一步下探。 3)政策密集催化：2025年政府工作报告首次将具身智能纳入未来产业培育，地方政策围绕技术攻关、产 业集群、应用示范三方面加码，形成"中央定调-地方落实"的立体支持体系。 供给维度：全球产业巨头形成多维共振 1)特斯拉：2025年计划出货数千台，2027年 ...

Summary of Haoneng Co., Ltd. Conference Call Company Overview - Haoneng Co., Ltd. has entered the aerospace sector through the acquisition of Haoneng Qiang, establishing a dual focus on automotive and aerospace industries, while actively expanding into the new energy vehicle (NEV) planetary gearbox and robotic gearbox businesses for diversified development [2][4] Key Business Segments Automotive Business - Automotive business accounts for approximately 86% of total revenue, with a stable synchronizer business and high market share; the differential gear business is accelerating domestic substitution, with significant gross margin improvements, especially in the commercial vehicle AMT heavy truck sector, where it has entered the first tier of R&D and production, forming exclusive partnerships with several OEMs [2][8] - The synchronizer business is expected to maintain steady growth, benefiting from the adoption of DCT gearboxes by domestic brands and plug-in hybrid models, as well as improvements in the heavy truck AMT gearbox market [2][11] - The differential gear business is poised for growth due to increasing demand for four-wheel drive models and domestic substitution trends, with market size expected to continue expanding [2][14] Aerospace Business - Aerospace revenue accounts for approximately 11%-12% of total revenue, with a gross margin of about 45%; the company plans to expand production capacity, benefiting from rapid growth of downstream customers like C919 [3][17] New Energy Vehicle and Robotics - The company is expanding into hollow motor shafts, which offer advantages in lightweight design, high-speed capability, and cooling efficiency, enhancing the performance of electric vehicles [2][15] - Haoneng is also venturing into the robotic gearbox sector, leveraging its existing technology and manufacturing capabilities from the automotive sector, with significant investments planned for smart manufacturing projects [18][19] Financial Performance - The company's gross margin has decreased to 31% due to high dilution costs in the differential gear business and changes in product structure in the aerospace sector; however, it is expected to recover to around 35% as new products and projects come online and automotive parts business grows [7] Market Trends and Competitive Advantages - The new energy era is increasing the demand for gear precision and quiet operation, with a shift towards third-party gear manufacturers as supply chains open up [11][12] - Haoneng holds competitive advantages in mold design, material composition, high-precision cutting, and heat treatment processes, along with a broad customer base including major automotive manufacturers [12] Future Outlook - The global automotive differential market is projected to grow from approximately $21.4 billion in 2024 to $25.3 billion by 2029, with a compound annual growth rate (CAGR) of about 8% [14] - Haoneng's revenue projections for 2025 and 2026 are approximately 2.95 billion yuan and 3.56 billion yuan, respectively, with net profits of 430 million yuan and 520 million yuan, indicating a favorable outlook for the company [19]

Core Points - Chengdu Haoneng Technology Co., Ltd. announced that its "Hao 24 Convertible Bond" is expected to meet the redemption conditions due to the stock price being above 130% of the conversion price for ten trading days [1][2][3] Group 1: Convertible Bond Issuance Overview - The company issued 5.5 billion yuan worth of convertible bonds on October 23, 2024, with a face value of 100 yuan per bond [1][2] - The initial conversion price was set at 8.43 yuan per share, which was later adjusted to 6.33 yuan per share due to the company's 2024 equity distribution plan [2][3] Group 2: Redemption Terms and Expected Trigger - The company has the right to redeem all or part of the unconverted bonds if the stock price remains above 130% of the conversion price, which is 8.23 yuan per share [2][3] - The redemption will be based on the bond's face value plus accrued interest, calculated using the formula provided in the announcement [2][3]

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-032 | | --- | --- | --- | | 转债代码：113690 | 转债简称：豪 转债 24 | | 成都豪能科技股份有限公司 关于"豪 24 转债"预计满足赎回条件的提示性公告 ● 自 2025 年 4 月 29 日至 2025 年 5 月 15 日，成都豪能科技股份有限公司股票 已有十个交易日的收盘价不低于"豪 24 转债"当期转股价格 6.33 元/股的 130%（即 8.23 元/股）。若在未来连续二十个交易日内有五个交易日公司股票的收盘价不低于 当期转股价格的 130%（含 130%），将触发"豪 24 转债"的有条件赎回条款。届时 公司将召开董事会审议确定是否按照债券面值加当期应计利息的价格赎回全部或部 分未转股的"豪 24 转债"。 一、可转债发行上市概况 根据中国证券监督管理委员会《关于成都豪能科技股份有限公司向不特定对象 发行可转换公司债券注册的批复》（证监许可〔2024〕374 号），成都豪能科技股份 有限公司（以下简称"公司"）于 2024 年 10 月 23 日向不特定对象发行 550 万张可 ...