智元链投资机会解读 20250709 摘要 智源机器人被邀约收购，突破市场预期，或成机器人产业发展新范式。 智源链在国内市场表现强劲，引领商业模式、产品定位和产业生态，相 关公司如东大利德链、奥比中光等有望在各应用场景实现新突破。 禾川科技完成股权激励，加大横向开发，预计 2025 年收入增速 15- 20%，大幅减亏，2026 年实现盈利。在人形机器人领域，禾川定位核 心零部件和总成，与志远、小鹏、华为等龙头厂商深度对接，并设立产 业基金投资传感器公司。 禾川科技人形机器人板块 2024 年营收约 500 万元，预计 2025 年出货 量达 3,000 万元。短期收入主要来自旋转总成和线性总成，以及代工业 务。已与国地中心、银桥、上海人形等签订订单，比亚迪、赛力斯和优 必选等公司已通过验场或审场。 恒立液压因特斯拉砍单及工程机械波动回调，市值约 900 亿，迎来长期 布局机会。预计未来 3-5 年拐点向上，挖掘机领域占比约 40%，国内市 场更新周期启动，2025 年挖掘机板块预计增长 10-20%，中挖油缸和 泵阀份额提升。 Q&A 智源链近期发生了哪些重要变化？ 智源链近期发生了一些显著变化，其中最重磅 ...

Core Viewpoint - The company has experienced a significant decline in revenue and profitability, primarily due to challenges in the photovoltaic and lithium battery sectors, leading to a shift from profit to loss in 2024 [2][3][5]. Group 1: Operating Conditions - The company reported a revenue of 22,950.27 million yuan in Q1 2025, a year-on-year increase of 11.77%, but a net loss of 2,693.91 million yuan, representing a 79.48% increase in losses compared to the previous year [2]. - The gross profit margins for 2022, 2023, and 2024 were 30.44%, 29.45%, and 26.18%, respectively, indicating a continuous decline over three years [2]. - The decline in revenue is attributed to a saturated photovoltaic industry and decreased demand for expansion, significantly impacting sales in this sector [3][5]. Group 2: Customer and Supplier Conditions - The company’s reliance on the photovoltaic and lithium battery industries has resulted in a significant drop in sales, with a reported decrease of 31,501.51 million yuan from major clients in these sectors [3]. - The backlog of orders at the end of 2024 was 11,069.15 million yuan, showing a recovery from 4,179.18 million yuan in 2023, but new orders in 2025 (January to May) were only 46,551.87 million yuan [3]. Group 3: Cash Flow from Operating Activities - The company’s cash flow from operating activities has been negatively impacted by the decline in sales and profitability, leading to concerns about its financial stability [2][5]. Group 4: Accounts Receivable - The company has faced challenges in managing accounts receivable due to the downturn in the photovoltaic sector, which has affected its cash flow and liquidity [2][5]. Group 5: Inventory Conditions - The inventory levels have been affected by the decline in sales, particularly in the photovoltaic sector, leading to potential overstock issues [2][5]. Group 6: Equity Acquisition - There are no significant updates regarding equity acquisitions in the recent reports, indicating a focus on stabilizing current operations [2]. Group 7: Fixed and Intangible Assets - The company has continued to invest in fixed and intangible assets, but the returns on these investments have been hampered by the overall decline in market demand [2][5]. Group 8: Sales and Management Expenses - Sales and management expenses have increased as the company attempts to maintain market presence despite declining revenues, impacting overall profitability [2][5].

关于浙江禾川科技股份有限公司 2024 年年度报告的信息披露监管问询函的核查意见 上海证券交易所： 根据贵所于近日出具的《关于对浙江禾川科技股份有限公司 2024 年年度报 告的信息披露监管问询函》（上证科创公函〔2025〕0204 号），以下简称"年 报问询函"）的要求，国泰海通证券股份有限公司（以下简称"持续督导机构"） 会同公司及相关中介机构，就年报问询函提及的事项逐项进行了认真讨论、核查 与落实，并出具了明确的核查意见如下： 本核查意见中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍 五入所致。如无特别说明，本核查意见中使用的简称或名词释义与《浙江禾川科 技股份有限公司 2024 年年度报告》一致。本回复表格中金额单位，如无特别说 明，均为"人民币万元"。 问题一、关于经营情况 2024 年度公司实现营业收入 81,066.87 万元，同比下降 27.39%，归母净利润 -16,509.44 万元，同比下降 408.27%，由盈转亏；2025 年一季度公司实现营业收 入22,950.27万元，同比增长11.77%，归母净利润-2,693.91万元，同比扩亏79.48%。 此外，2022-202 ...

目 录 | 关于经营情况………………………………………………… 一、 | 第 1—21 | 页 | | --- | --- | --- | | 二、关于客户及供应商情况………………………………………第 | 21—42 | 页 | | 三、关于经营活动产生的现金流量净额情况……………………第 | 42—48 | 页 | | 四、关于应收账款情况……………………………………………第 | 48—64 | 页 | | 五、关于预付账款情况……………………………………………第 | 65—73 | 页 | | 六、关于存货情况…………………………………………………第 | 73—83 | 页 | | 七、关于股权收购情况……………………………………………第 | 83—88 | 页 | | 八、关于固定资产及无形资产情况………………………………第 | 88—96 | 页 | | 九、关于销售费用及管理费用情况…………………………… 第 | 96—113 | 页 | 问询函专项说明 天健函〔2025〕661 号 上海证券交易所： 由浙江禾川科技股份有限公司（以下简称禾川科技公司或公司）转来的《关 于对浙江禾川科技股份有限公司 ...

证券代码：688320 证券简称：禾川科技 公告编号：2025-040 浙江禾川科技股份有限公司 关于 2024 年年度报告的信息披露监管问询函 的回复公告 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。 风险提示： 持续亏损的风险：2024 年公司对光伏设备行业销售依赖程度较高，光 伏行业阶段性产能过剩，导致公司收入和毛利大幅下滑，并造成公司信用减值 损失和资产减值损失计提增加，同时公司在资产、人员和资源的持续投入导致 销售费用、研发费用、管理费用上升，造成公司 2024 年出现大额亏损。2025 年若光伏行业持续下行、公司在其他行业的拓展不及预期，公司业绩存在持续 亏损的风险。 资产减值风险：公司正常库存商品不存在滞销风险，旧机型商品库存 2,715.41 万元因产品迭代而市场需求减少存在一定滞销风险。针对光伏锂电行 业客户，因其整体预期损失率高于其他行业，公司将其单独拆分出账龄组合计 提坏账准备，坏账准备计提充分。若未来光伏锂电行业持续下行，公司将根据 《企业会计准则》和公司会计政策，基于谨慎性原则，对相关资产进一步计提 ...

Summary of Key Points Core Viewpoint - The announcement details the completion of the share reduction plan by the directors and senior management of Zhejiang Hechuan Technology Co., Ltd, indicating that no shares were sold during the planned reduction period due to personal financial needs and market conditions [1][2][3]. Group 1: Shareholding Information - Prior to the reduction plan, the total shareholding of the directors and senior management was 7.2283% of the total share capital, with specific holdings of 10,915,688 shares by Xiang Henghui and 4,585,987 shares by Xu Xiaojie [1][2]. - The shares held by the directors were obtained prior to the company's initial public offering (IPO) and were released from restrictions on October 30, 2023 [1]. Group 2: Reduction Plan Details - The reduction plan was first disclosed on March 12, 2025, with a planned reduction of up to 1.8071% for Xiang Henghui and 0.7592% for Xu Xiaojie [1][3]. - The reduction period was set from April 3, 2025, to July 2, 2025, during which no shares were sold, resulting in a total of 2,728,922 shares for Xiang Henghui and 1,146,496 shares for Xu Xiaojie remaining unsold [3]. Group 3: Implementation Results - The actual reduction was 0 shares for both directors, with the total amount of shares intended for reduction remaining at 0, indicating that the planned reductions were not executed [2][3]. - The announcement confirms that the actual reduction situation aligns with the previously disclosed reduction plan, and no minimum reduction quantity or percentage was set [3].

重要内容提示： 证券代码：688320 证券简称：禾川科技 公告编号：2025-039 浙江禾川科技股份有限公司 关于董监高减持股份计划时间届满 暨减持结果公告 本公司董事会、全体董事及相关股东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。 董监高持股的基本情况 本次减持计划实施前，浙江禾川科技股份有限公司（以下简称"禾川科技" 或"公司"）部分董监高持股情况如下： 1、公司董事、副总经理项亨会先生持有公司股份数 10,915,688 股，占公司 总股本的 7.2283%； 2、公司董事、总经理徐晓杰先生持有公司股份数 4,585,987 股，占公司总股 本的 3.0368%； 前述股份来源于公司首次公开发行前持有的股份，且已于 2023 年 10 月 30 日解除限售并上市流通。 减持计划的实施结果情况 公司于 2025 年 3 月 12 日在上海证券交易所网站（www.sse.com.cn）披露了 《浙江禾川科技股份有限公司董监高减持股份计划公告》（公告编号：2025-008）， 因个人自身资金需求，上述减持主体计划自该公告披露之日起 1 ...

Core Insights - The Chinese programmable logic controller (PLC) market is projected to reach 17.66 billion yuan in 2024, reflecting a year-on-year growth of 14.45% [1][11] - The demand structure indicates a divergence in the market, with traditional industries experiencing weakness while emerging sectors show significant growth [1][11] - Key sectors driving demand include traditional heavy industries like automotive, power, metallurgy, and transportation, alongside emerging fields such as renewable energy and lithium battery production [1][11] Industry Overview - PLCs are digital electronic systems designed for industrial environments, capable of executing various control tasks through programmable memory [1][4] - The PLC industry has evolved through four main stages: initial development, application introduction, domestic production growth, and deep localization [4][5][6] Industry Development History - The initial development phase began in the mid-1970s, with the first PLCs being developed and applied in China [4] - The 1990s saw a heavy reliance on imported PLCs, with domestic production lagging due to high costs and long return periods [5] - The early 2000s marked a surge in demand driven by manufacturing growth, leading to the entry of domestic players into the PLC market [5] - Recent years have seen a focus on self-sufficiency and the development of core technologies in response to international pressures [6] Industry Supply Chain - The upstream supply chain includes essential components such as chips, electronic components, and integrated circuits, with chips being the core part affecting PLC performance [8] - The downstream applications span various industries, including power, metallurgy, chemicals, and transportation [9] Current Industry Status - The PLC market is experiencing strong growth, driven by industrial automation needs, with a projected market size of 17.66 billion yuan in 2024 [11] - Demand is increasing in traditional sectors while emerging industries like semiconductor manufacturing and industrial robotics are also contributing to market growth [11][13] Key Companies - Major foreign brands like Siemens, Mitsubishi, and Omron dominate the high-end market, while domestic brands are gaining traction in the small PLC segment [15] - Companies such as Inovance Technology and Zhong控 Technology are notable players, focusing on innovation and market penetration [16][18] Industry Trends - The PLC market is expected to continue growing, driven by demand in sectors like renewable energy and smart grids [20] - Technological advancements will lead to smarter, more integrated PLC systems capable of real-time optimization and enhanced compatibility with other devices [21][22] - The application of PLCs is expanding into new areas such as smart transportation and environmental management, reflecting changing market needs [23]

Group 1 - The core viewpoint of the articles highlights the positive operational developments of listed companies in the second quarter of 2025, showcasing advancements in various sectors such as semiconductors, robotics, new energy, and new materials [2][3] - Companies are actively sharing updates on project progress, new technologies, and orders, indicating a trend of industrial upgrades and strategic transformations [2][3] - High-growth sectors continue to exhibit strong growth momentum, while cyclical industries are seeking balance amid supply-demand adjustments [3] Group 2 - Chip companies are benefiting from the AI industry, with interconnect chip orders exceeding RMB 12.9 billion as of April 22, 2025, and expectations for significant growth in DDR5 memory interface chip demand [4] - Traditional cyclical industries like coal and chemicals are showing resilience through cost control and structural optimization, with companies like Guanghui Energy anticipating stabilization in coal prices due to various market factors [4][5] - Manufacturing companies are focusing on improving production efficiency and meeting customer demands, with firms like Xinqianglian and Guangxin Materials reporting strong order backlogs and plans for product launches [5] Group 3 - Many listed companies are already building momentum for annual revenue growth, particularly in emerging sectors like new energy and robotics, with plans for market expansion and quality enhancement through mergers and acquisitions [6] - Companies like Longmag Technology are localizing raw material supply to reduce production costs and enhance supply chain stability [6] - Hechuan Technology is actively developing humanoid robots and plans to launch new products in the second half of 2025 [6] Group 4 - The new merger regulations have made acquisitions a key strategy for A-share companies to optimize resource allocation, with firms like Chenhua Co. targeting investments in new materials and fine chemical agents [7] - Guoxing Optoelectronics is focusing on upstream and downstream opportunities in the LED and optical sensing sectors, while Zhenbaodao is exploring new industries through asset acquisitions [7] - Huichuan Technology is looking for overseas acquisition opportunities, concentrating on automation, digitalization, and intelligent sectors that align with its core business [7]

Core Points - The company held the eighth meeting of the fifth supervisory board on May 22, 2025, to discuss the stock incentive plan [1][2] - The supervisory board confirmed that the company meets the qualifications to implement the stock incentive plan and that the conditions for granting restricted stocks have been fulfilled [1][2] - The grant date for the incentive plan was set for May 22, 2025, with unanimous approval from all supervisory board members [2] Summary by Sections - **Meeting Details** - The meeting was chaired by the supervisory board chairman, Ye Yajian, with all three supervisors present, meeting legal requirements [1] - **Incentive Plan Approval** - The supervisory board reviewed and approved the conditions for granting restricted stocks, confirming compliance with relevant laws and regulations [1] - The incentive plan's grant date aligns with the regulations set forth in the stock incentive management measures and the company's draft plan [2] - **Voting Results** - The voting outcome was 3 in favor, representing 100% of the supervisory board members, with no abstentions or objections [2]