Core Points - Hechuan Technology announced the listing of its shares as a first-time restricted stock offering [1] - The method of stock subscription is offline, with a total of 40,137,281 shares to be listed [1] - The listing date for the stock circulation is set for October 28, 2025 [1]

本次股票上市流通总数为40,137,281股。 证券代码：688320 证券简称：禾川科技 公告编号：2025-049 浙江禾川科技股份有限公司 首次公开发行部分限售股股票上市流通公告 本次股票上市流通日期为2025 年 10 月 28 日。 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首发限售股份；股票认购方式为网下，上市股数为 40,137,281股。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 3 月 11 日出具的《关于同意浙江禾 川科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕510 号）， 浙江禾川科技股份有限公司（以下简称"禾川科技"或"公司"）获准向社会公开发行 公司民币普通股 3,776 万股，并于 2022 年 4 月 28 日在上海证券交易所科创板上市， 发行完成后总股本为 15,101.3668 万股，其中不考虑转融通业务的影响，有限售条 件流通股为 12,010.5653 万股，无限售条件流通股为 3,090. ...

国泰海通证券股份有限公司 关于浙江禾川科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为浙江 禾川科技股份有限公司（以下简称"禾川科技"或"公司"）首次公开发行股票并在 科创板上市及持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》等法律法规的相关规定，对上市公司首次公开发行部 分限售股上市流通事项进行了核查，核查情况及核查意见如下： 一、本次上市流通的限售股类型 中国证券监督管理委员会于 2022 年 3 月 11 日出具《关于同意浙江禾川科技 股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕510 号），同意 公司首次公开发行股票的注册申请。浙江禾川科技股份有限公司首次向社会公开 发行人民币普通股（A 股）3,776 万股，并于 2022 年 4 月 28 日在上海证券交易 所科创板上市交易，发行完成后总股本为 15,101.3668 万股，其中不考虑转融通 业务的影响，有限售条件流通股为 12,010.5 ...

Core Insights - Hechuan Technology experienced a stock decline of 1.46% on October 13, with a trading volume of 223 million yuan [1] - The company reported a net financing outflow of 10.12 million yuan on the same day, with a total financing balance of 385 million yuan, representing 7.77% of its market capitalization [1][2] - For the first half of 2025, Hechuan Technology achieved a revenue of 509 million yuan, reflecting a year-on-year growth of 5.32%, while the net profit attributable to shareholders was a loss of 38.16 million yuan, a decrease of 30.72% compared to the previous year [2] Financing and Margin Trading - On October 13, Hechuan Technology had a financing buy-in amount of 21.56 million yuan, with a financing repayment of 31.68 million yuan, resulting in a net financing buy-in of -10.12 million yuan [1] - The current financing balance of 385 million yuan is above the 70th percentile of the past year, indicating a high level of financing activity [1] - The margin trading data shows no shares were sold or repaid on October 13, with a margin balance of 0 yuan, placing it in the 80th percentile of the past year [1] Shareholder and Institutional Holdings - As of June 30, 2025, Hechuan Technology had 10,900 shareholders, a decrease of 14.61% from the previous period, while the average number of circulating shares per shareholder increased by 22.98% to 10,192 shares [2] - The company has distributed a total of 43.78 million yuan in dividends since its A-share listing [2] - Among the top ten circulating shareholders, notable increases in holdings were observed for institutions such as Yongying Advanced Manufacturing Mixed Fund and Penghua Carbon Neutral Theme Mixed Fund [2]

Core Viewpoint - The company has been actively developing core components for humanoid robots and is focusing on expanding market collaborations, although current orders are limited in scale [1] Group 1: Company Developments - The company has launched several core component products for humanoid robots, including rotary joint modules, linear actuators, hollow cup motors, frameless torque motors, and dexterous hands [1] - The company is promoting collaborations with leading humanoid robot companies in the market [1] Group 2: Industry Insights - Humanoid robots are considered a strategic emerging industry, but the sector has not yet reached a significant turning point [1] - The company continues to invest in technology research and development for key components in the humanoid robot industry, laying a solid foundation for future market position and share in a potentially vast market environment [1] - Short-term orders are not expected to have a significant impact on the company's main operating performance [1]

Core Viewpoint - The company has been actively developing core components for humanoid robots and is focusing on expanding market collaborations, although current orders are limited in scale [1] Group 1: Company Developments - The company has launched several core component products for humanoid robots, including rotary joint modules, linear actuators, hollow cup motors, frameless torque motors, and dexterous hands [1] - The company is promoting collaborations with leading humanoid robot companies in the market [1] Group 2: Industry Insights - Humanoid robots are considered a strategic emerging industry, but the sector has not yet reached a significant turning point [1] - The company continues to invest in technology research and development for key components in the humanoid robot industry, laying a solid foundation for future market position and share in a potentially vast market environment [1] - Short-term orders are not expected to have a significant impact on the company's main operating performance [1]

Group 1 - The core point of the article highlights the recent decline in the stock price of Hechuan Technology, which fell by 5.05% to 45.47 CNY per share, with a trading volume of 289 million CNY and a turnover rate of 5.63%, resulting in a total market capitalization of 6.867 billion CNY [1] - Hechuan Technology, established on November 22, 2011, and listed on April 28, 2022, is primarily engaged in the research, production, sales, and application integration of industrial automation products. The revenue composition of its main business includes 92.54% from industrial control products, 6.35% from machine tools, and 1.11% from other supplementary sources [1] Group 2 - From the perspective of major fund holdings, data shows that Yingda Fund has a significant position in Hechuan Technology, with its Yingda Flexible Allocation A fund holding 20,000 shares, accounting for 4.05% of the fund's net value, ranking as the seventh largest holding. The estimated floating loss today is approximately 48,400 CNY [2] - Yingda Flexible Allocation A fund, established on May 7, 2015, has a latest scale of 696,700 CNY, with a year-to-date return of 35.64%, ranking 2890 out of 8166 in its category. Over the past year, the return is 36.66%, ranking 2537 out of 8014, and since inception, the return is 99.7% [2] - The fund managers of Yingda Flexible Allocation A include Zhang Dazheng, Liu Yubin, and Huo Da, with varying tenures and performance records. Zhang has a tenure of 5 years and 280 days, managing assets totaling 22.058 billion CNY, with the best return of 90.62% and the worst of 3.9%. Liu has been in position for 1 year and 169 days, managing 7.6831 million CNY, with a best return of 35.57% and worst of 29.29%. Huo has a tenure of 2 years and 246 days, managing 9.10027 million CNY, with a best return of 42.99% and worst of -2.76% [2]

Core Viewpoint - Hechuan Technology's stock performance shows a slight increase, with significant financing activity indicating investor interest despite a decline in net profit [1][2]. Financing Activity - On October 9, Hechuan Technology's stock rose by 1.92%, with a trading volume of 233 million yuan [1]. - The financing buy-in amount for the day was 41.67 million yuan, while the financing repayment was 30.25 million yuan, resulting in a net financing buy of 11.42 million yuan [1]. - As of October 9, the total financing and securities lending balance was 367 million yuan, accounting for 6.92% of the circulating market value, which is above the 60th percentile level over the past year [1]. Shareholder Information - As of June 30, the number of shareholders for Hechuan Technology was 10,900, a decrease of 14.61% from the previous period [2]. - The average circulating shares per person increased by 22.98% to 10,192 shares [2]. Financial Performance - For the first half of 2025, Hechuan Technology reported a revenue of 509 million yuan, representing a year-on-year growth of 5.32% [2]. - The net profit attributable to the parent company was -38.16 million yuan, a decrease of 30.72% year-on-year [2]. Dividend Information - Since its A-share listing, Hechuan Technology has distributed a total of 43.78 million yuan in dividends [2]. Institutional Holdings - As of June 30, among the top ten circulating shareholders, Yongying Advanced Manufacturing Smart Selection Mixed Fund (018124) was the third largest, increasing its holdings by 3.80 million shares to 6.72 million shares [2]. - Penghua Carbon Neutral Theme Mixed Fund (016530) ranked fifth, increasing its holdings by 0.59 million shares to 3.18 million shares [2]. - Huaxia CSI Robotics ETF (562500) was the eighth largest shareholder, increasing its holdings by 0.36 million shares to 2.03 million shares [2].

证券代码：688320 证券简称：禾川科技 公告编号：2025-048 浙江禾川科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 10 月 17 日 （星期五） 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 10 日（星期五）至 10 月 16 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hcfaxp@hcfa.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 浙江禾川科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Industrial Automation** market, with a revised outlook indicating slight improvements in corporate confidence and market growth expectations for 2025E/26E/27E at **0%/-1%/0%** year-over-year, compared to previous estimates of **-1%/-3%/-2%** [2][6]. Core Insights - **Improved Corporate Confidence**: The increase in confidence is attributed to favorable end-markets, overseas expansion, and industry consolidation benefiting leading companies [2][3]. - **Investment Recommendations**: - **Buy-rated stocks**: Inovance, Han's Laser, Yiheda, Shuanghuan. - **Sell-rated stocks**: Baosight, Raycus, Estun, HCFA [2][9]. - **Target Price Adjustments**: Target prices (TP) and earnings per share (EPS) for eight factory automation (FA) stocks have been raised by **5-12%** [9]. Key Drivers of Growth - **Favorable End-Markets**: - Growth in AI-related hardware production and consumer electronics is expected to stimulate demand [5]. - AI is driving new product development, including quality inspection and predictive maintenance [5]. - **Overseas Expansion**: Companies like Inovance and Yiheda are benefiting from both direct and indirect overseas expansion [5]. Risks and Challenges - **Battery Equipment Orders**: The recovery in battery capital expenditures is not expected to be sustainable, with a moderation anticipated in 2025 and stability through 2026E-30E [8]. - **Anti-Involution**: This trend may lead to consolidation in certain end-markets, limiting capital expenditure growth [8]. - **Competitive Landscape**: Smaller players in the FA sector are facing challenges, with recommendations to sell on companies like Estun and HCFA due to their weaker positioning [8]. Company-Specific Insights - **Inovance**: Positioned well with a strong growth outlook, benefiting from domestic substitution and overseas expansion. The company is rated as a Buy [10][12]. - **Yiheda Automation**: Positive outlook due to its modernization efforts in the manufacturing supply chain, rated as a Buy with attractive valuation [13][14]. - **Shuanghuan Driveline**: Expected to grow market share significantly, particularly in the EV segment, rated as a Buy [15][16]. - **Estun Automation**: Despite being a leader in industrial robots, the company faces significant downside risks due to high exposure to unfavorable end-markets and margin stagnation, rated as a Sell [25][26]. - **HCFA**: Concerns over slow R&D expansion and missed guidance lead to a Sell rating [27][28]. Conclusion - The China Industrial Automation market is showing signs of recovery, with select companies positioned favorably for growth. However, challenges remain, particularly for smaller players and those heavily reliant on specific end-markets. The investment landscape is characterized by a mix of Buy and Sell recommendations based on company performance and market conditions.