Group 1 - A significant breakthrough in robot algorithm has been achieved by a Chinese research team, introducing the world's first unified theory of "force-position hybrid control algorithm" [1] - The new algorithm allows robots to learn both position and force control without relying on force sensors, increasing task success rates by approximately 39.5% compared to strategies using only position control [1] - The algorithm enables robots to perform six types of operations, including position tracking and compliant force application, without sensors, significantly improving task quality [1] Group 2 - The algorithm enhances real-time interaction capabilities, allowing robots to adjust their motion states immediately when subjected to external forces, thereby improving human-robot collaboration safety [1] - The generalization ability of the algorithm allows it to operate stably across different robot platforms, breaking equipment limitations [1] - This advancement positions China at the international forefront of intelligent control in robotics, providing critical technological support for industries such as smart manufacturing and rehabilitation healthcare [1] Group 3 - Related A-share concept stocks include Leisai Intelligent and Hechuan Technology [2]

关于首次公开发行股票募集资金账户注销完成的公告 证券代码： 688320 证券简称： 禾川科技 公告编号：2025-050 浙江禾川科技股份有限公司 二、募集资金专户开立与管理情况 为规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权益， 公司按照《中华人民共和国公司法》、《中华人民共和国证券法》、《上海证券 交易所科创板股票上市规则》及《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》等有关法律、法规和规范性文件的规定，结合公司实际情 况，制定了《募集资金管理办法》，对募集资金实行专户存储制度，对募集资金 的存放、使用、项目实施管理、投资项目的变更及使用情况的监督等进行了规定。 公司依照规定对募集资金采取了专户存储管理，与保荐机构、实施募投项目 的子公司以及存放募集资金的商业银行签订了《募集资金专户存储三方监管协 议》、《募集资金专户存储四方监管协议》。 三、本次募集资金专户销户情况 鉴于公司首次公开发行股票募集资金投资项目已建设完成，为便于公司账户 统筹管理，减少管理成本，公司决定将节余募集资金及利息转出并永久补充流动 资金，同时注销相关募集资金专户，详见公司于 2025 年 ...

Core Points - The announcement details the upcoming listing and circulation of restricted shares for Zhejiang Hechuan Technology Co., Ltd. on October 28, 2025, totaling 40,137,281 shares, which represents 26.5786% of the company's total share capital [1][11][12] Group 1: Listing Details - The restricted shares are part of the company's initial public offering (IPO) and have a lock-up period of 36 months, which has been extended by 6 months due to specific commitments made by major shareholders [2][11] - The total number of shares after the IPO was 15,101.3668 million, with 12,010.5653 million shares under lock-up and 3,090.8015 million shares freely tradable [1][2] Group 2: Shareholder Commitments - Major shareholders, including the controlling shareholder Wang Xiangbin and associated entities, have committed to not transferring or managing their shares during the lock-up period and have agreed to extend the lock-up period under certain conditions [3][4][5] - If the stock price falls below the IPO price for 20 consecutive trading days or at the end of the 6-month period post-IPO, the lock-up period will automatically extend by an additional 6 months [4][6] Group 3: Compliance and Verification - The sponsor institution has verified that all shareholders have adhered to their commitments regarding the lock-up of shares, and the listing of these restricted shares complies with relevant regulations [9][10]

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]