上海先惠自动化技术股份有限公司 公司在有关信息正式披露之前，公司及其董事、高级管理人员不得以任何方式泄 露公司未公开重大信息，不得进行内幕交易、操纵市场或者其他欺诈活动。 第八条 公司董事、高级管理人员不得以新闻发布或答记者问等任何形式对 外披露公司应披露但尚未披露的定期报告、临时公告内容。 董事、高级管理人员及其他相关主体对外发布信息行为规范 第一条 为规范上海先惠自动化技术股份有限公司（以下简称"公司"）董 事、高级管理人员及其他相关主体对外发布信息行为，加强信息披露事务管理， 依据《上市公司信息披露管理办法》等法律法规及《上海先惠自动化技术股份有 限公司信息披露管理制度》的规定，制定本制度。 第二条 本制度所指信息，指所有对公司股票交易价格可能产生影响的、准 备公开但尚未公开的信息，包括但不限于定期报告、临时公告、财务快报、统计 数据、需报批的重大事项等所涉及的信息。尚未公开是指公司尚未在中国证券监 督管理委员会指定的上市公司信息披露刊物或网站上正式公开。 第三条 公司信息披露工作由董事会统一领导和管理，董事会秘书负责办理 公司信息对外公布等相关事宜。 第四条 公司的董事、高级管理人员应当忠实、勤勉地履 ...

上海先惠自动化技术股份有限公司 总经理工作细则 第一章 总 则 第一条 为明确上海先惠自动化技术股份有限公司（以下简称"公司"）经理层 职责、权限，规范公司经理层的行为，根据《中华人民共和国公司法》等国家有关法律、 行政法规及《上海先惠自动化技术股份有限公司章程》（以下简称"《公司章程》"） 的规定，制定本细则。 第二条 公司高级管理人员包括公司总经理、副总经理、财务负责人、董事会秘 书。 公司设总经理一名，董事会秘书一名，由董事会决定聘任或者解聘。 公司设副总经理若干名，财务负责人一名，由总经理提名，由董事会决定聘任或者 解聘。 第三条 本工作细则所适用的人员范围为总经理、副总经理、财务负责人等高级 管理人员，董事会秘书的工作细则另行规定。 第二章 总经理及其他高级管理人员的任职条件 第四条 有下列情形之一的，不得担任公司高级管理人员： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序，被判 处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾五年，被宣告缓刑的，自缓刑考验 期满之日起未逾二年； （三）担任破产清算的公司、企业的董事或者厂长、总经理，对 ...

上海先惠自动化技术股份有限公司 信息披露管理制度 第一章 总则 第一条 为规范上海先惠自动化技术股份有限公司（以下简称"公司"或 "本公司"）及其他信息披露义务人的信息披露行为，加强公司信息披露事务管 理，确保信息披露真实、准确、完整、及时、公平，以保护投资者利益及公司的 长远利益，公司董事会根据《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》（以下简称"《证券法》"）、《上市公司信息披露 管理办法》《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"） 等法律、法规、规范性文件及《上海先惠自动化技术股份有限公司章程》（以下 简称"《公司章程》"）的规定，制定本制度。 第二条 公司和相关信息披露义务人应当披露所有可能对公司股票交易价 格产生较大影响或者对投资决策有较大影响的事项（以下简称"重大信息或者重 大事项"）。 第三条 公司和相关信息披露义务人应当及时、公平地披露信息，保证所 披露信息的真实、准确、完整。公司董事、高级管理人员应当保证公司及时、公 平地披露信息，以及信息披露内容的真实、准确、完整，不存在虚假记载、误导 性陈述或者重大遗漏。董事、高级管理人员对公告内 ...

上海先惠自动化技术股份有限公司 董事会薪酬与考核委员会实施细则 第一章 总则 第一条 为规范和完善上海先惠自动化技术股份有限公司（以下简称"公司"） 董事、高级管理人员的薪酬与考核管理制度，完善公司法人治理结构，根据《中 华人民共和国公司法》（以下简称"《公司法》"）等法律、法规、规范性文件 及《上海先惠自动化技术股份有限公司章程》（以下简称"《公司章程》"）的 规定，公司特设立董事会薪酬与考核委员会，并制定本实施细则。 第二条 董事会薪酬与考核委员会是董事会下设的专门工作机构，负责制定 董事、高级管理人员的考核标准并进行考核，制定、审查董事、高级管理人员的 薪酬决定机制、决策流程、支付与止付追索安排等薪酬政策与方案。 第三条 公司董事会办公室为薪酬与考核委员会工作联系部门，主要负责日 常工作联络、会议组织和下达、协调及督办薪酬与考核委员会安排的任务等工作， 公司其他部门根据职能提供业务支撑工作。 第二章 人员构成及任期 第四条 公司薪酬与考核委员会成员由 3 名董事组成，其中独立董事两名。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 第六条 ...

Core Points - The company Shanghai Xianhui Automation Technology Co., Ltd. has announced the results of its stock option exercise and the listing of shares related to its equity incentive plan [1][6] - A total of 429,089 shares will be listed for trading on July 10, 2025, following the exercise of stock options by 354 participants [6][9] - The exercise price for the stock options was set at 37.76 yuan per share, resulting in total investment of approximately 16.20 million yuan [9] Summary by Sections Stock Option Exercise and Listing - The stock options exercised are part of the company's equity incentive plan, with a total of 429,089 shares to be listed [1] - The listing date for these shares is July 10, 2025 [1][6] Decision-Making Process - The board of directors and the supervisory board have approved the stock option incentive plan and its related matters [2][3] - Independent directors have expressed their agreement with the plan, confirming its legality and alignment with shareholder interests [3] Adjustments to the Incentive Plan - The initial number of stock options granted was adjusted from 2,900,440 to 2,812,320 due to some participants leaving or voluntarily giving up their options [3] - The exercise price was adjusted from 54.00 yuan to 38.36 yuan, and later to 38.06 yuan [4][5] Impact on Share Capital - Following the exercise, the company's total share capital will increase from 125,050,244 shares to 125,479,333 shares [6][9] - The newly issued shares represent 0.34% of the total share capital prior to the exercise [9] Financial Reporting - The recent financial metrics indicate that the company's earnings per share were 0.47 yuan, and the net asset value per share was 16.14 yuan before the exercise [9] - The exercise of stock options is not expected to have a significant impact on the company's financial status or operational results [9]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [7]. Core Viewpoints - The company is entering the solid-state battery equipment sector through a partnership with Qingtao Energy, focusing on the development of core equipment for solid-state batteries [10][12]. - The company's automated production lines and module structure components are rapidly expanding, with significant overseas order growth, particularly in North America and Europe [12][18]. - The acquisition of Fujian Dongheng has strengthened the company's position in the lithium battery module precision structural components market, contributing positively to its financial performance [21][22]. Summary by Relevant Sections Financial Forecast and Valuation - The company is expected to achieve total revenue of RMB 2,464 million in 2024, with a year-on-year growth of 0.64%. The projected net profit attributable to shareholders is RMB 223 million, reflecting a significant increase of 458.19% [29]. - For the years 2025 to 2027, the forecasted net profits are RMB 301.68 million, RMB 366.01 million, and RMB 446.69 million, respectively, with corresponding P/E ratios of 22, 18, and 15 [29][26]. Business Development - The company has successfully signed a long-term cooperation framework with Qingtao Energy, marking its entry into the solid-state battery equipment market [10][12]. - The automated production lines for modules/PACK and EDS are showing strong overseas expansion, with 68% of the total orders coming from international clients by the end of 2024 [12][14]. - The structural components business, following the acquisition of Fujian Dongheng, has exceeded performance commitments, contributing significantly to the company's earnings [21][22]. Profitability and Growth - The company's overseas revenue reached RMB 4.5 billion in 2024, a remarkable increase of 482% year-on-year, accounting for 18.2% of total revenue [22][25]. - The gross margin for overseas operations improved to 29.9%, significantly higher than domestic margins, indicating a recovery in profitability [18][22]. - The company is expected to maintain a positive growth trend in revenue and profitability, driven by the successful execution of overseas orders and business structure optimization [24][26].

证券代码：688155 证券简称：先惠技术 公告编号：2025-038 上海先惠自动化技术股份有限公司 2023 年股票期权计划首次授予第一个行权期 行权结果暨股票上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 429,089股。 本次股票上市流通总数为429,089股。 本次股票上市流通日期为2025 年 7 月 10 日。 4、公司于 2023 年 7 月 19 日召开第三届董事会第十六次会议、第三届监事会 第十六次会议，审议通过了《关于调整 2023 年股票期权激励计划相关事项的议案》 《关于向 2023 年股票期权激励计划对象首次授予股票期权的议案》。公司独立董 事发表了同意的独立意见，认为本激励计划相关事项调整内容在公司 2023 年第三 次临时股东大会对公司董事会的授权范围内，调整程序合法、有效，不存在损害 公司及全体股东利益的情况。 5、公司于 2023 年 9 月 6 日完成了 2023 年股票激励计划所涉股票期权的授 ...

Core Viewpoint - The company announced the completion of the cancellation of stock options from its 2023 stock option incentive plan, affecting a total of 1,343,535 stock options due to various reasons including employee departures and performance issues [1][2]. Group 1: Stock Option Cancellation - The board of directors approved the cancellation of stock options that were granted but not exercised, totaling 1,343,535 options [1]. - The cancellation includes 1,339,592 options from 267 individuals who no longer qualify due to resignation or voluntary withdrawal, and 3,943 options from 23 individuals who did not meet performance criteria [1]. - The cancellation process has been completed and confirmed by the China Securities Depository and Clearing Corporation [2]. Group 2: Impact on Company - The cancellation of stock options will not affect the company's capital structure or have a significant impact on its financial status and operational results [2]. - The implementation of the 2023 stock option incentive plan remains unaffected, ensuring no harm to the interests of the company and its shareholders, particularly minority shareholders [2].

根据《公司 2023 年股票期权激励计划》相关规定，本激励计划中 267 名激励 对象因离职而不再符合激励对象资格或个人原因自愿放弃参与公司本激励计划， 其已获授但尚未行权的股票期权不得行权，合计 1,339,592 份；23 名激励对象因个 人考核部分不达标，其考核不达标部分的股票期权合计 3,943 份，综上所述，公司 将注销上述已授予但尚未行权的股票期权合计 1,343,535 份。 具体内容详见公司于 2025 年 6 月 21 日在上海证券交易所网站 （www.sse.com.cn）披露的《上海先惠自动化技术股份有限公司关于公司 2023 年 股票期权激励计划首次授予第一个行权期行权条件成就暨注销部分股票期权的公 告》（公告编号：2025-036）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票期 权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述 2023 年 股票期权激励计划共计 1,343,535 份股票期权的注销业务已于近日办理完毕。 证券代码：688155 证券简称：先惠技术 公告编号：2025-037 上海先惠自动化技术股份有限公司 关于公司 2023 ...

Summary of Key Points from the Conference Call Industry Overview - The mechanical industry has seen significant growth in the first half of 2025, with a nearly 14% increase, ranking sixth among all A-share sectors [2] - The industry is influenced by themes such as robotics, reducers, and hard technology, with a focus on undervalued assets [1][5] Core Insights and Arguments - **Investment Trends**: The mechanical sector's investment opportunities are concentrated in hard technology (e.g., giant wheel intelligence, controllable nuclear fusion) and undervalued assets [1][5] - **Domestic Demand**: The recovery in domestic demand for engineering machinery is moderate, primarily driven by equipment upgrades. Excavator sales slowed in Q2, but large excavators continue to perform well [1][6][7] - **External Demand**: The external demand for engineering machinery is strong, particularly in Asia, Africa, and Latin America, with potential growth in the European and American markets [1][9] - **Industrial Control Sector**: The industrial control sector reversed its downward trend in Q1 2025, showing a 2.35% year-on-year growth, with rapid growth in HVAC and industrial robots [1][10] Important but Overlooked Content - **Overseas Expansion**: China's manufacturing direct investment abroad has grown from $19.108 billion in 2018 to $27.342 billion in 2023, with a CAGR of 7.43%. ASEAN's share in this investment is increasing [4] - **Market Dynamics**: The mechanical industry is closely tied to the performance of the manufacturing, real estate, and infrastructure sectors, which are currently showing signs of weakness [3] - **Future Outlook**: The second half of 2025 is expected to see a focus on hard technology and high-dividend, low-valuation stocks, particularly in the Hong Kong market due to ample supply and global capital inflow [5][52] Recommendations - **Key Companies**: Recommended companies in the mechanical sector include Haitan International, Sany International, and Jerry Holdings, among others, with a focus on hard technology firms like Aobi Zhongguang and Sikang Technology [53] - **Investment Opportunities**: Investors are advised to pay attention to the controllable nuclear fusion sector, which is expected to see significant investment opportunities in the latter half of 2025 [50][51]