Core Viewpoint - The reducer concept sector has shown a positive performance with a 1.89% increase, ranking 10th among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Sector Performance - As of July 16, the reducer concept sector saw 96 stocks rise, with notable performers including Fuda Co., Ltd. and Haoneng Co., Ltd. hitting the daily limit, while Jindao Technology, Zhongchen Technology, and Jinguan Technology also posted strong gains of 11.70%, 9.65%, and 8.79% respectively [1][2]. - The sector experienced a net inflow of 1.384 billion yuan from main funds, with 68 stocks receiving net inflows, and 15 stocks exceeding 50 million yuan in net inflows [2][3]. Group 2: Key Stocks - Fuda Co., Ltd. led the net inflow with 227 million yuan, followed by Haoneng Co., Ltd. with 215 million yuan, Jiangsu Leili with 142 million yuan, and Lixing Co., Ltd. with 92.1 million yuan [2][3]. - The top three stocks by net inflow ratio were Fuda Co., Ltd. at 22.43%, Zhongchen Technology at 18.36%, and Haoneng Co., Ltd. at 15.65% [3][4]. Group 3: Market Trends - The overall market for the reducer concept is characterized by a mix of strong performers and some stocks facing declines, with notable declines in Shengdexintai, Inner Mongolia One Machine, and Zhongma Transmission, which fell by 4.73%, 2.67%, and 2.38% respectively [1][8].

Group 1 - The A-share market saw increased activity in the decelerator concept stocks, with Fuda Co., Ltd. hitting the daily limit up [1] - Other companies such as Jindao Technology, Jingzhu Technology, Haoneng Co., Ltd., Longsheng Technology, Zhongdali De, and Lixing Co., Ltd. also experienced gains [1]

Core Viewpoint - The company, Chengdu Haoneng Technology Co., Ltd., has approved the use of foreign exchange and letters of credit to pay for fundraising project expenses and to replace them with raised funds, aiming to improve the efficiency of fund utilization [3][5]. Group 1: Trading Information - On July 11, 2025, Haoneng shares closed at 14.06 yuan, up 1.88%, with a turnover rate of 2.28%, a trading volume of 196,100 shares, and a transaction amount of 274 million yuan [1]. - The net inflow of main funds was 28.78 million yuan, accounting for 10.51% of the total transaction amount, while retail investors had a net outflow of 24.07 million yuan, accounting for 8.79% [2][5]. Group 2: Company Announcements - The sixth session of the board of supervisors held its eighth (temporary) meeting on July 10, 2025, where the proposal regarding the use of foreign exchange and letters of credit for project payments was approved unanimously [2][5]. - The company plans to issue 5.5 million convertible bonds, raising a total of 550 million yuan, with a net amount of approximately 542.39 million yuan after deducting issuance costs. The funds will be used for the construction of key components for new energy vehicles and to supplement working capital [3][5].

Core Viewpoint - The company, Haoneng Co., Ltd. (603809), is implementing a strategy to enhance the efficiency of its fundraising by using foreign exchange and letters of credit for project payments, which aligns with the interests of the company and its shareholders [2][3][4]. Group 1: Stock Performance - As of July 11, 2025, Haoneng's stock closed at 14.06 yuan, down 3.3% from the previous week's closing price of 14.54 yuan [1]. - The stock reached a weekly high of 14.96 yuan on July 9 and a low of 13.62 yuan on July 11 [1]. - The company's current total market capitalization is 12.089 billion yuan, ranking 41st out of 229 in the automotive parts sector and 1383rd out of 5149 in the A-share market [1]. Group 2: Fundraising and Project Payments - The company has approved a proposal to use foreign exchange and letters of credit for payments related to its fundraising projects, which will be replaced with the raised funds [2][3]. - The company plans to issue 5.5 million convertible bonds, raising a total of 550 million yuan, with a net amount of approximately 542.39 million yuan after deducting issuance costs [3]. - The raised funds will be allocated to the construction of a key component production base for new energy vehicles and to supplement working capital [3]. Group 3: Approval and Oversight - The proposal was approved during the 14th (temporary) meeting of the sixth board of directors and the 8th (temporary) meeting of the sixth supervisory board [3][4]. - The sponsoring institution has no objections to the company's approach, stating that it will improve the efficiency of fund usage and reduce costs without affecting the normal implementation of the fundraising projects [4].

招商证券股份有限公司关于 成都豪能科技股份有限公司 豪能股份持续督导文件 核查意见 使用外汇、信用证等方式支付募投项目款项并 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"或"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》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关规定，对公司使用外汇、 信用证等方式支付募投项目款项并以募集资金等额置换的相关事项进行了核查， 具体情况如下： 一、募集资金基本情况 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），公司向不特定 对象发行可转换公司债券 550 万张，每张面值为人民币 100.00 元，募集资金总 额为人民币 550,000,000.00 元，扣除发行费用不含税金额 7,605,283.02 元后，实 际募 ...

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-039 | | --- | --- | --- | | 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 关于使用外汇、信用证等方式支付募投项目款项 并以募集资金等额置换的公告 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。 成都豪能科技股份有限公司（以下简称"公司"）于 2025 年 7 月 10 日召开第 六届董事会第十四次（临时）会议和第六届监事会第八次（临时）会议，审议通过 了《关于使用外汇、信用证等方式支付募投项目款项并以募集资金等额置换的议案》， 同意公司为提高募集资金使用效率，在募投项目实施期间，根据实际情况使用外汇、 信用证等方式支付募投项目款项并以募集资金等额置换。具体情况如下： 一、募集资金基本情况 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），公司向不特定对象 发行可转换公司债券 550 万张，每张面值为 ...

| 证券代码：603809 | 证券简称：豪能股份 | 公告编号：2025-038 | | --- | --- | --- | | 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 第六届监事会第八次（临时）会议决议公告 本公司监事会及全体监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。 公司使用外汇、信用证等方式支付募投项目款项并以募集资金等额置换是基于 公司业务实际情况进行的操作处理，有助于提高募集资金的使用效率，保障募投项 目的顺利实施，符合公司及股东利益。公司履行了必要的决策程序，建立了规范的 操作流程。因此，同意公司使用外汇、信用证等方式支付募投项目款项并以募集资 金等额置换。 具体内容详见公司同日披露的《关于使用外汇、信用证等方式支付募投项目款 项并以募集资金等额置换的公告》。 表决结果：同意 3 票；反对 0 票；弃权 0 票。 三、备查文件 一、监事会会议召开情况 成都豪能科技股份有限公司（以下简称"公司"）第六届监事会第八次（临时） 会议于 2025 年 7 月 10 日以现场表决的方式在公 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Viewpoints - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Industry Overview - Humanoid robots have completed the basic functionality phase and are now focusing on software generalization and hardware optimization for commercial applications [3][4]. - The iterative direction for hardware includes high load capacity, lightweight design, high thermal dissipation, low energy consumption, stability, flexibility, and cost reduction [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report highlights the advantages of cycloidal reducers over traditional planetary and harmonic reducers, particularly in high-load scenarios [4][5]. Market Potential - The global market for cycloidal reducers is expected to reach 17 billion RMB by 2029, with significant penetration in humanoid robot joints anticipated [5]. - The report estimates that the market for humanoid robot cycloidal reducers could exceed 14 billion RMB by 2030, indicating substantial growth potential [5]. Key Companies and Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to benefit from technological upgrades in the humanoid robot sector [6][7].

Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Insights - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Market Trends - The humanoid robot sector has completed the basic functionality phase and is now focusing on software and hardware upgrades [3]. - The report highlights the need for improvements in load capacity, lightweight design, heat dissipation, energy efficiency, stability, flexibility, and cost reduction in hardware [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report discusses the advantages and disadvantages of various reducer types, including harmonic, planetary, RV, and cycloidal reducers, emphasizing the unique benefits of cycloidal reducers in high-load applications [22][23]. Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to capitalize on the growth in the humanoid robot market [6][7].

Summary of Haoneng Co., Ltd. Conference Call Company Overview - Haoneng Co., Ltd. has established four main business segments: synchronizers, differentials, automotive and robotic reducers, and aerospace components, with each segment managed by different subsidiaries to achieve specialization [2][4] Financial Performance - For 2024, the company expects total revenue of 2.4 billion yuan, with synchronizers contributing 1.2 billion yuan (50%), differentials contributing 470 million yuan, and aerospace components contributing 280 million yuan [2][6] - The gross margin is projected to remain between 33%-34%, with a net profit attributable to shareholders of 320 million yuan, benefiting from the ramp-up of differential and other businesses [2][6] - By 2025, revenue is expected to reach 2.9 billion yuan, a year-on-year increase of over 22%, and net profit is projected to be 490 million yuan, a growth of over 50% [3][13] Market Position and Growth Potential - Haoneng holds over 30% market share in the domestic passenger car synchronizer market, positioning it as a leading player [7] - The company has a comprehensive supply chain capability for synchronizers, serving major clients such as SAIC, FAW, Volkswagen, and BYD [7] - The domestic automotive synchronizer market is expected to reach 8 billion yuan by 2025, with the passenger car segment accounting for approximately 4 billion yuan [7] Business Segment Developments Differentials - The differential business is in a ramp-up phase, with a full supply chain layout and partnerships to accelerate technology iteration [8] - Major clients include BYD, Li Auto, Geely, and international firms like Toyota Magna and Schaeffler [8] Reducers - The company is actively developing both robotic and automotive reducers, with plans to achieve a production capacity of 2 million sets by 2027 [9][11] - The average price for automotive reducers is around 500 yuan, with revenue expected to grow as capacity is released [11] Aerospace Components - In the aerospace sector, Haoneng's subsidiary, Haoyi Qiang, is projected to generate 280 million yuan in revenue and 80 million yuan in net profit for 2024, with a gross margin of 48% [10] - The company has divested underperforming assets, anticipating improved performance in 2025 [10] Competitive Advantages - Haoneng possesses core competencies in gear manufacturing processes, including precision forging, heat treatment, and machining [14] - The company benefits from its geographical location in Sichuan, providing advantages in supporting local robotic enterprises [14] - Rapid advancements in the cycloidal pinwheel reducer segment and planned capacity expansions further enhance its competitive edge [14] Future Outlook - The growth in the main synchronizer business is driven by an expanding downstream market, increasing industry concentration, and the exploration of heavy-duty truck segments [13] - New businesses, including differentials and various reducers, are expected to rapidly release capacity and fulfill orders, supporting overall performance growth [13] - The company is well-positioned for future growth, with strong potential in both existing and new business segments [13]