Core Viewpoint - Hechuan Technology (688320.SH) expects to achieve significant revenue growth in 2025, while also projecting a reduction in net losses compared to the previous year [1] Financial Performance - The company anticipates 2025 revenue between 950 million and 1.05 billion yuan, representing a year-on-year growth of 17.19% to 29.52% [1] - Expected net profit attributable to the parent company for 2025 is projected to be between -140 million and -110 million yuan, indicating a reduction in losses by 25.09 million to 55.09 million yuan compared to the previous year [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to be between -176 million and -145 million yuan [1] Revenue Growth Drivers - Revenue growth is primarily driven by increased orders from downstream clients in the lithium battery, hydraulic, injection molding, laser, and packaging industries, as well as from the ODM sector [1] Profitability Factors - The narrowing of net losses is attributed to revenue growth leading to increased gross profit, higher amounts from other income such as immediate tax refunds and input tax deductions, and gains from non-recurring items [1] - The slight reduction in net profit excluding non-recurring gains and losses is mainly due to increased gains from asset disposals and fair value changes, which offset the growth in net profit attributable to the parent company [1]

证券代码：688320 证券简称：禾川科技 公告编号：2026-001 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 经浙江禾川科技股份有限公司（以下简称"公司"）财务部门初步测算： 1. 预计 2025 年度实现营业收入 95,000.00 万元至 105,000.00 万元，与上年 同期（法定披露数据）相比，同比增长 17.19%至 29.52%。 2. 预计 2025 年度实现归属于母公司所有者的净利润为-14,000.00 万元到 -11,000.00 万元，与上年同期（法定披露数据）相比，亏损收窄 2,509 万元到 5,509 万元。 浙江禾川科技股份有限公司 2025 年年度业绩预亏公告 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。 一、本期业绩预告情况 报告期内，公司营业收入增长，主要系报告期内下游锂电、电液与注塑、 激光、包装等行业客户及 ODM 端订单增长所致； 报告期内，公司归属于母公司所有者的净利润有所收窄，主要系公司营业 收入增长带来 ...

Core Viewpoint - Hechuan Technology expects revenue for the fiscal year 2025 to be between 950 million and 1.05 billion yuan, representing a year-on-year growth of 17.19% to 29.52% [1] Revenue Summary - The anticipated revenue growth is attributed to an increase in orders from downstream industry clients and the ODM sector [1] - The previous year's revenue was 811 million yuan [1] Profit Summary - The net profit attributable to the parent company is projected to be a loss between 140 million and 110 million yuan, narrowing the loss by 25.09 million to 55.09 million yuan compared to the previous year [1] - The previous year's net profit was a loss of 165 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be between 176 million and 145 million yuan [1]

1月26日，禾川科技跌5.02%，截至发稿，报36.30元/股，成交1.77亿元，换手率3.15%，总市值54.82亿 元。 资料显示，浙江禾川科技股份有限公司位于浙江龙游经济开发区亲善路5号，成立日期2011年11月22 日，上市日期2022年4月28日，公司主营业务涉及从事工业自动化产品的研发、生产、销售及应用集 成。主营业务收入构成为：工控产品92.54%，机床6.35%，其他(补充)1.11%。 华夏中证机器人ETF（562500）成立日期2021年12月17日，最新规模264.65亿。今年以来收益10.89%， 同类排名1608/5580；近一年收益37.61%，同类排名2132/4271；成立以来收益12.9%。 华夏中证机器人ETF（562500）基金经理为华龙。 截至发稿，华龙累计任职时间3年159天，现任基金资产总规模394.51亿元，任职期间最佳基金回报 178.34%， 任职期间最差基金回报-15.08%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 ...

1月22日，禾川科技跌0.88%，成交额1.29亿元。两融数据显示，当日禾川科技获融资买入额1497.57万 元，融资偿还2224.59万元，融资净买入-727.02万元。截至1月22日，禾川科技融资融券余额合计2.02亿 元。 分红方面，禾川科技A股上市后累计派现4377.95万元。 机构持仓方面，截止2025年9月30日，禾川科技十大流通股东中，易方达国证机器人产业ETF （159530）位居第四大流通股东，持股331.89万股，为新进股东。华夏中证机器人ETF（562500）位居 第七大流通股东，持股249.90万股，相比上期增加46.57万股。香港中央结算有限公司位居第十大流通股 东，持股168.30万股，为新进股东。永赢先进制造智选混合发起A（018124）、鹏华碳中和主题混合A （016530）退出十大流通股东之列。 责任编辑：小浪快报 融资方面，禾川科技当日融资买入1497.57万元。当前融资余额2.02亿元，占流通市值的3.58%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，禾川科技1月22日融券偿还800.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券 ...

Core Viewpoint - The industrial control power supply industry is experiencing significant growth driven by the accelerated automation and intelligence transformation in manufacturing, with the market size expected to increase from 115.44 billion yuan in 2015 to 462.12 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 16.7% [1][9]. Group 1: Industry Overview - Industrial control power supplies are specialized devices that convert mains electricity or other power sources into stable direct current suitable for industrial control equipment, characterized by high stability, reliability, and durability [5][6]. - The working principle of industrial control power supplies involves power conversion technologies, including rectification, filtering, voltage regulation, and output [5]. Group 2: Industry Chain - The upstream materials for the industrial control power supply industry include power devices, electronic components, and various metal and mechanical materials, which directly affect the performance and cost of midstream products [5]. - The downstream applications encompass sectors such as machinery manufacturing, power systems, transportation, and petrochemicals, where industrial control power supplies provide stable power support for various control devices, sensors, and actuators [6]. Group 3: Current Industry Status - The power supply industry in China has maintained rapid growth, with the market size reaching 517.4 billion yuan in 2022, a year-on-year increase of 32.3%, and is projected to continue growing to 770.2 billion yuan in 2024 [8][9]. - The demand for industrial automation has surged due to rising labor costs and the need for higher product quality, driving the growth of the industrial control power supply market [9]. Group 4: Competitive Landscape - Domestic companies like Yingjie Electric and Dongfang Sitong are rapidly catching up to international standards, effectively meeting downstream equipment demands and gradually replacing imported products [11]. - The industry still has many small and medium-sized enterprises that primarily serve sectors with lower precision and performance requirements, relying on cost competition to maintain market share [11]. Group 5: Development Trends - Emerging industries such as photovoltaics and rare earth materials are driving the upgrade of the industrial control power supply industry, leading to increased demand for high-quality products [13]. - The industry is expected to shift towards digitalization, with mainstream products evolving from analog-digital combinations to fully digital, modular, intelligent, and programmable solutions [13][14]. - The concentration of the industry is anticipated to increase, with market resources shifting towards leading enterprises that possess economies of scale and technological innovation advantages [15].

Group 1 - The automation equipment sector increased by 2.46% on December 30, with Boke Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3965.12, unchanged, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] - Key stocks in the automation equipment sector showed significant price increases, with Boke Co., Ltd. rising by 20.00% to a closing price of 145.99 [1] Group 2 - The sector saw a net inflow of 738 million yuan from institutional investors, while retail investors experienced a net outflow of 709 million yuan [2] - Notable stocks with significant net inflows from institutional investors include Green Harmony with 116 million yuan and Robot with 115 million yuan [3] - Conversely, retail investors showed significant outflows from stocks like Robot and Sanfeng Intelligent, with outflows of 117 million yuan and 98 million yuan respectively [3]

Core Viewpoint - Hechuan Technology has seen significant trading activity, with a notable discount on recent block trades compared to its closing price, indicating potential investor interest and market dynamics [2] Trading Activity - On December 29, Hechuan Technology recorded 2 block trades totaling 400,000 shares, with a transaction value of 11.09 million yuan, at a price of 27.73 yuan, reflecting a discount of 23.31% compared to the closing price [2] - Over the past three months, the stock has experienced 5 block trades with a cumulative transaction value of 32.06 million yuan [2] Stock Performance - The closing price of Hechuan Technology on the same day was 36.16 yuan, marking an increase of 4.36%, with a daily turnover rate of 5.01% and a total transaction volume of 272 million yuan [2] - In the last five days, the stock has appreciated by 11.09%, with a net capital inflow of 17.03 million yuan [2] Margin Trading Data - The latest margin financing balance for Hechuan Technology stands at 203 million yuan, having decreased by 2.91 million yuan over the past five days, representing a decline of 1.41% [2] Company Background - Zhejiang Hechuan Technology Co., Ltd. was established on November 22, 2011, with a registered capital of 1.51 billion yuan [2]

Group 1 - The trading date for Hechuan Technology (stock code: 688320) was December 29, 2025, with a transaction price of 27.73 yuan and a total transaction amount of 554.6 million yuan [1] - The trading volume for Hechuan Technology on that date was recorded at 20 [1] - The buying brokerage firms included CITIC Securities and Guotai Junan Securities, while the selling brokerage firm was China Galaxy Securities [1]

Core Viewpoint - Hechuan Technology (688320.SH) announced a shareholder equity change involving a reduction in shareholding by certain investors, impacting the overall ownership structure of the company [1] Group 1: Shareholder Equity Change - From December 17, 2025, to December 26, 2025, shareholders Qizhou Qingchuan Venture Capital Partnership, Qizhou Hepeng Enterprise Management Consulting Center, and Qizhou Hejie Enterprise Management Consulting Center collectively reduced their holdings by 887,400 shares, representing 0.59% of the total share capital [1] - Following this equity change, Mr. Wang Xiangbin and his concerted actions reduced their total shareholding from 40,137,281 shares to 39,249,856 shares, decreasing their ownership percentage from 26.58% to 25.99% [1]