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 三、本次上市流通的限售股的有关承诺 本次上市流通的限售股属于公司首次公开发行限售股，根据《浙江禾川科技 股份有限公司首次公开发行股票并在科创板上市招股说明书》及《浙江禾川科技 股份有限公司首次公开发行股票并在科创板上市公告书》，本次申请上市流通限 售股股东关于其持有的限售股上市流通所作承诺如下： 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 科创板上市的持续督导机构，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》和《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，对禾川科技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 ...

Core Viewpoint - The public fund industry achieved impressive performance in Q1 2025, driven by a structural market led by AI and robotics themes [1][2]. Group 1: Fund Performance - The fund performance leaderboard for Q1 2025 was dominated by robotics-themed funds, Beijing Stock Exchange funds, and Hong Kong stock funds [2]. - The top-performing fund, Penghua Carbon Neutral Theme A, managed by Yan Siqian, achieved a return of 60.26%, heavily investing in several robotics stocks [3][5]. - Other notable funds include Ping An Advanced Manufacturing Theme A and Yongying Advanced Manufacturing Smart Selection A, both exceeding 50% returns, also focusing on robotics [6]. Group 2: Robotics Theme Funds - Penghua Carbon Neutral Theme A's significant holdings included stocks like Beite Technology and Hechuan Technology, with Double Forest Co. seeing a year-to-date increase of 118.16% [3][6]. - Fund managers expressed optimism about the rapid production of humanoid robots and the investment opportunities in new materials and technologies [7]. - The focus on core components and AI perception in humanoid robots indicates a growing market potential, with significant room for technological advancement [7][8]. Group 3: Beijing Stock Exchange Funds - Beijing Stock Exchange funds also performed well, with notable returns from funds like CITIC Construction Investment and Huaxia, achieving returns of 38.98% and 37.45% respectively [9]. - These funds have successfully identified high-performing stocks within the Beijing Stock Exchange, such as Kelaite, which saw a remarkable increase of 136.01% [9]. Group 4: Hong Kong Stock Funds - Hong Kong stock funds regained attention, with funds like Huatai Hong Kong Advantage Selection and Zhongyin Hong Kong Medical achieving returns of 38.9% and 32.25% respectively [12]. - The performance of these funds was bolstered by significant gains in pharmaceutical stocks, with companies like Kelun Pharmaceutical and Rongchang Biological seeing increases of 78.08% and 64.58% [12]. - The manager of Huatai Hong Kong Advantage Selection highlighted the growing competitiveness of Chinese innovative drugs in the global market, projecting a significant increase in overseas licensing deals [12][13].

Core Insights - The article discusses the strategic shift of upstream suppliers in the automotive industry towards humanoid robotics, leveraging their existing technological capabilities and industry experience to create new growth opportunities [2][5][16]. Group 1: Industry Trends - Automotive suppliers are actively crossing over into the humanoid robotics sector, with companies like Sanhua Intelligent Control and Huayi Technology announcing their intentions to engage in this new market [2][4]. - The humanoid robotics industry is still in its early stages, and automotive supply chains are seen as a valuable resource for technological and production capabilities [6][18]. Group 2: Technological Synergy - Suppliers are utilizing their core technologies from the electric vehicle sector, such as motors and sensors, to reduce costs and enhance their capabilities in the robotics field [4][10]. - The collaboration between automotive suppliers and humanoid robotics manufacturers is expected to create a competitive edge through shared resources and expertise [16][18]. Group 3: Market Performance - Data from the China Passenger Car Association indicates that the retail sales of new energy vehicles are projected to reach 10.899 million units in 2024, reflecting a year-on-year growth of 40.7% [5]. - Sanhua Intelligent Control reported a revenue of 20.563 billion yuan in the first three quarters of 2024, marking an 8.36% increase year-on-year, indicating continued growth in the new energy vehicle sector [5]. Group 4: Strategic Collaborations - Companies like Huayi Technology and Top Group are forming partnerships with humanoid robotics firms to enhance their product offerings and market presence [9][10]. - The establishment of joint ventures and collaborations with academic institutions is being pursued to develop integrated hardware and software solutions for humanoid robotics [16][18]. Group 5: Challenges and Opportunities - The transition to humanoid robotics presents challenges, including the need for standardized industry practices and the potential for cost reduction pressures from midstream manufacturers [16][18]. - The article emphasizes the importance of addressing real-world application needs in humanoid robotics to ensure long-term success and market viability [15][18].

周观点：人形机器人产业端进展频出， 持续关注人形机器人产业链 ——人形机器人行业周报（2025.3.3-2025.3.7） [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 （1）优必选促发群体智能觉醒，在极氪实现全球首例多台多场景多任 务人形机器人协同实训。近日，优必选在极氪5G智慧工厂开展全球首 例多台、多场景、多任务的人形机器人协同实训，探索建立面向多任 务工业场景的通用人形机器人群体作业解决方案，推动人形机器人从 单机自主向群体智能进化。 （2）中国政府网发布视频《机器人群侠传》。中国政府网在公众号发 布了视频《机器人群侠传》，视频经过剪辑，将不同场景、种类繁多的 机器人与武林绝技相联系，全方位展示了我国在机器人领域的前沿成 果。 （3）《深圳市具身智能机器人技术创新与产业发展行动计划（2025- 2027年）》发布。3月3日，《深圳市具身智能机器人技术创新与产业发 展行动计划（2025-2027年）》（以下简称《行动计划》）正式发布。深 圳将重点引领核心技术攻坚突破、打造公共服务平台矩阵，吸引更多 上下游企业、科研机构、创新团队等聚集，营造最优创新生态，推动 具 ...

证券代码：688320 证券简称：禾川科技 公告编号：2025-008 浙江禾川科技股份有限公司 董监高减持股份计划公告 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。 重要内容提示： 董监高持股的基本情况 截至本公告披露日，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。 2、徐晓杰先生计划减持公司股份数量不超过 1,146,496 股，不超过公司总股 本比例的 0.7592%，不超过其所持有的本公司股份总数的 25%； 减持期间为本公告披露 15 个交易日后的 3 个月内。若公司在上述期间内发 1 减持计划的主要内容 公司于近日收到项亨会先生、徐晓杰先生分 ...

证券代码：688320 证券简称：禾川科技 公告编号：2025-007 浙江禾川科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 一、 回购审批情况和回购方案内容 2024 年 2 月 27 日，公司召开第五届董事会第二次会议，审议通过了《关于以 集中竞价交易方式回购公司股份暨公司"提质增效重回报"行动方案的议案》，同 意公司以自有资金或自筹资金通过上海证券交易所系统以集中竞价交易方式回购 公司已发行的部分人民币普通股（A 股）股票。回购股份将在未来适宜时机全部用 于股权激励或员工持股计划，并在股份回购实施结果暨股份变动公告后三年内予 以转让；若公司未能将本次回购的股份在股份回购实施结果暨股份变动公告日后 三年内转让完毕，未转让股份将被注销。回购价格不超过 44.86 元/股（含），回购 资金总额不低于人民币 4,000.00 万元（含），不超过人民币 8,000.00 万元（含）； 本次回购股份的实施期限自董事会审议通过本次回购方案之日起 12 个月内。 具体内容详见公司 ...

Financial Performance - Total revenue for 2024 was RMB 81,513.83 million, a decrease of 26.99% compared to the previous year[4] - Net profit attributable to the parent company was a loss of RMB 15,723.07 million, compared to a profit of RMB 5,355.53 million in the previous year[4] - The basic earnings per share were -1.05 yuan, compared to 0.35 yuan in the previous year[4] - The weighted average return on net assets was -10.84%, a decrease of 14.29 percentage points[9] Assets and Equity - The company's total assets at the end of the reporting period were RMB 198,064.67 million, down 8.15% from the beginning of the period[6] - The equity attributable to the parent company decreased by 15.54% to RMB 132,497.20 million[4] Revenue Decline Factors - The decline in revenue was primarily due to decreased sales in the photovoltaic industry due to capacity saturation[7] - Increased period expenses were attributed to investments in new projects and market expansion efforts[7] - Asset impairment increased due to slower consumption of previously procured electronic materials[7] Audit and Confirmation - The financial data presented is preliminary and subject to final audit confirmation[10]

Summary of the Conference Call for Hechuan Technology Industry Overview - The conference call primarily discusses the **robotics industry**, specifically focusing on **humanoid robots** and the challenges faced by **Hechuan Technology** in this sector [3][4]. Key Points and Arguments Business Performance and Challenges - The company has faced significant challenges in its main business due to a notable decline in the **photovoltaic industry**, with sales dropping from over **2 billion** to around **1.5 billion**, representing a nearly **60% decrease** [3][4]. - This decline has led to a **25% to 30%** drop in the company's sales, with an expected loss of approximately **150 million** [3][4]. - Despite these challenges, the company has set a target for **2025** to achieve around **10% growth** and aims to limit losses to under **100 million** [3][4]. Humanoid Robot Development - The company is focusing on **servo drive technology** and related core components for humanoid robots, collaborating with research institutions for prototype testing [4][5]. - Core components of humanoid robots include **linear actuators**, **rotary actuators**, and **dexterous hands**, which account for **60% to 70%** of the robot's value [4][16]. - The company has a traditional technological advantage in motors and is concentrating on servo systems and actuators, with plans to enter the mass market through OEM (Original Equipment Manufacturer) strategies [4][18]. Technical Challenges and Innovations - There is a significant gap between the demand for humanoid robot core components and the current technological capabilities, necessitating optimization of manufacturing processes to reduce costs [4][21]. - The control systems for humanoid robots rely heavily on large models for self-learning and error correction, differing fundamentally from industrial robots that use pre-programmed controls [7][8]. - The company is exploring the integration of motion control algorithms into large models to enhance the adaptability of humanoid robots in various environments [9][11]. Market and Collaboration Insights - The market for humanoid robot components is becoming clearer, with suppliers focusing on core components, actuators, and application scenarios [15]. - The company has established a strategic partnership with **Huawei**, but specific collaboration details are still pending [6][26]. - The company is also working with universities to enhance humanoid robot development, focusing on optimizing core component configurations [25]. Future Outlook - The company anticipates that **2025** will be a pivotal year for the commercialization of humanoid robots, although the actual outcomes remain to be seen [30][31]. - Successful commercialization will depend on the iterative development of hardware and software, as well as the maturation of large model algorithms to support diverse application scenarios [31]. Additional Important Content - The company has made progress in developing **planetary roller screws**, but still needs to optimize grinding processes to lower production costs [19][20]. - The company is currently using **magnetic encoders** for its products, with plans for batch production contingent on market demand [27]. - The anticipated timeline for widespread adoption of humanoid robots in households is uncertain, with various manufacturers conducting small-scale tests [30]. This summary encapsulates the key insights from the conference call, highlighting the challenges, strategies, and future outlook for Hechuan Technology in the humanoid robotics sector.

证券代码：688320 证券简称：禾川科技 公告编号：2025-005 浙江禾川科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出回 购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务，敬请 广大投资者注意投资风险。 2024 年 2 月 27 日，公司召开第五届董事会第二次会议，审议通过了《关于 以集中竞价交易方式回购公司股份暨公司"提质增效重回报"行动方案的议案》， 同意公司以自有资金或自筹资金通过上海证券交易所系统以集中竞价交易方式回 购公司已发行的部分人民币普通股（A 股）股票。回购股份将在未来适宜时机全部 用于股权激励或员工持股计划，并在股份回购实施结果暨股份变动公告后三年内 予以转让；若公司未能将本次回购的股份在股份回购实施结果暨股份变动公告日 后三年内转让完毕，未 ...

我觉得不好觉得是受光复底链影响比较严重了今年这是行业问题不是我们个人的问题包括汇川他们占10%咱们比较近所以我们今年其实从收入端来的话是下降就前半季度来看我们收入下降是27然后利润的话是亏的上半年的话今年亏3000万然后33季度 主要原因是光复旅店的影响为什么呢因为本身我们去年的三季度就是单三季度提到这一份是光复旅店的高峰就是正常来讲我们这三季度就是高峰然后今年突然没有了之后我们开工率不足然后产能率又下降然后产销又比较多 这一些问题造成我们现在亏损不是很严重但是还是有亏损但是我们从年初三份我们做的一些动作在小行业里的一些布局我们现在基本上我们以前光复旅店60%的时候的业务现在基本上已经下降了 钱就基本上在20%左右23%然后占主要的就是激光和3C了激光和3C各占15%就是激光上有个3C行业这是我们下一个应用的还有就是这个衣裳包装衣裳包装是7到9月份起来的现在已经到13%了但是游戏加起来已经远远超过光明一天了往明年看的话 就是支柱形产业因子设计 包括理念然后其他的像类CNC就是基础产业的线体还有纺织啊 物理维亚各占值八二点 八二点九点就是一样的我们产品还是以四股为主今年上半年 这是前三季度才是七八成都是四股 主 ...