Industry Overview - The report from Shanghai Securities highlights the technical barriers of universal joints, which include materials and heat treatment, precision processing and manufacturing, bearing and sealing technology, and a stable quality assurance system. These components are critical for strength, vibration, wear life, and reliability, often referred to as the "fuse" of the transmission system, indicating their vulnerability as safety components [1][3]. Universal Joint Applications - Universal joints, also known as universal couplings, are essential for angular power transmission in applications requiring directional changes in drive shafts. They are categorized into three types: rigid (non-constant velocity), flexible (quasi-constant velocity), and constant velocity universal joints. Rigid universal joints are used for high torque transmission with less concern for speed uniformity, while flexible joints are designed for medium to small power transmission with high damping and noise control requirements. Constant velocity joints ensure smooth power transfer during vehicle steering, commonly found in passenger car half shafts [2]. Robotic Applications - Universal joints are being adapted for use in humanoid robots, particularly in wrist and neck joints. The specifications for automotive universal joints, which include larger sizes, higher torque, and longer lifespans, contrast with the smaller, high-precision, thin-walled structures required for robotic applications. A universal joint provides two degrees of freedom, enhancing the flexibility of robotic joints compared to standard bearings that typically offer only one degree of freedom [3]. Company Developments - Wanxiang Qianchao focuses on the research and manufacturing of automotive components, including universal joints and drive shafts. The company is also developing products for robotics, such as precision axes and cross-roller bearings, targeting leading robotic users [4][5]. - Guansheng Co., specializing in automotive aftermarket components, has recognized the potential of universal joints in humanoid robot joints and is conducting feasibility studies and technical exchanges in this area [5]. - Zhengqiang Co. is a national high-tech enterprise concentrating on cross-axis universal joint assemblies and related components, primarily for fuel and new energy vehicles [5]. Investment Recommendations - Companies to watch include Zhengqiang Co., Wanxiang Qianchao, and Guansheng Co. due to their involvement in the development of universal joints for humanoid robots and their established positions in the automotive parts industry [6].

Core Viewpoint - Wanxiang Qianchao is in the process of acquiring 100% equity of Wanxiang America Corp. from its controlling shareholder, Wanxiang Group, but has not made significant progress in over a year of planning [3][4][5] Group 1: Acquisition Progress - The acquisition process began on April 17, 2024, with Wanxiang Qianchao announcing a suspension of trading and signing a cooperation intention agreement with Wanxiang Group [4] - As of now, the company has issued 13 progress announcements regarding the acquisition, with the latest on July 5, indicating ongoing due diligence and negotiations [5][6] - Investors have shown significant interest, with the stock price experiencing a cumulative increase of 20.94% over two consecutive trading days in May [5] Group 2: Financial Performance - Wanxiang America Corp. (WAC) reported net profits of $121 million in 2022 and $98 million in 2023, indicating a decline in profitability [5] - Wanxiang Qianchao's revenue for 2024 was reported at 12.868 billion yuan, a decrease of 11.17% year-on-year, while net profit increased by 15.76% to 951 million yuan [7] - The company's asset-liability ratio has been on the rise, reaching 58.07% in 2024, up from 47.78% in 2021 [8] Group 3: Strategic Focus - The company is diversifying its business into low-altitude economy and humanoid robotics, with ongoing development in these areas [8][9] - Future acquisitions will focus on bearings and chassis strategies, targeting sectors such as new energy vehicles, intelligent chassis, humanoid robots, and low-altitude economy [9]

| | 1、请介绍下并购的进展，以及后面的节奏与时间点推测？ | | --- | --- | | | 答：公司于 2024 年 5 月 6 日公告后，目前公司及相关各方积极 | | | 推进本次交易整体工作进程。本次交易所涉及的尽职调查、审计、评 | | | 估等各项工作正在推进中，交易方案正在进一步磋商，交易相关方尚 | | | 未签署正式交易文件。后续公司将根据本次交易的进展情况履行信息 | | | 披露义务，敬请关注后续相关公告。 | | | 2、请问公司后期其他的收并购思路？ | | | 答：公司未来将聚焦轴承和底盘战略，在新能源汽车、智能底盘、 | | | 人形机器人、低空经济、未来产业等领域开展收并购，旨在通过产业 | | | 链上下游整合、横向补链与强链、布局前瞻技术等方式，达到延伸产 | | | 业链条、增强供应链安全、优化成本结构、拓宽业务边界，打造下一 | | | 个业务增长点的目标。 | | 交流内容及具体 | 3、固态电池的布局情况？ | | 问答记录 | 答：万向一二三致力于固态电池研发工作，技术路线覆盖硫化物 | | | 与聚合物双路径，多元化技术布局能更好地满足未来市场多样化需 ...

证券代码：000559 证券简称：万向钱潮 编号：2025-034 万向钱潮股份公司 关于重大资产重组的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、万向钱潮股份公司（以下简称"上市公司"或"公司"）于 2024 年 5 月 6 日披露的《万向钱潮股份公司发行股份及支付现金购 买资产并募集配套资金暨关联交易预案》（以下简称"预案"）中已 详细披露了本次交易可能存在的风险因素以及尚需履行的决策、审批 程序。敬请广大投资者注意投资风险。 2、截至本公告日，本次重大资产重组工作正在进行中，相关尽 职调查、审计、评估等各项工作正在推进中。公司将根据相关事项的 进展情况，及时履行信息披露义务，请广大投资者关注后续进展公告。 一、本次交易概述 上市公司拟通过发行股份及支付现金方式，购买 Wanxiang Ame rica Corporation（以下简称"交易对方"）持有的 Wanxiang Americ a Corp.100%股权，并向不超过 35 名特定投资者发行股份募集配套资 金（以下简称"本次交易"）。 本次交易构成关联交易，预计将构 ...

Group 1 - The company, Wanxiang Qianchao, has stated that it has built a number of patent reserves around the core technology of solid-state batteries [1] - The company is actively monitoring industry trends and is pushing for the commercialization of solid-state battery technology [1]

| 投资者关系活动 |  特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 其他（书面调研） | | 活动参与人员 | 董事会秘书兼营销总监：闻超；技术中心副总经理：石伯妹、牛杰； | | | 中信证券：康凯；远东宏信：戴家玥；巨子私募：邱恩光；菲洛资产： | | | 董铖浩 | | 时间 | 2025 年 6 月 24 日 | | 地点 | 公司会议室 | | 形式 | 现场调研 | | | 1、我们收购大股东的 Wanxiang America Corp.的进度如何了？ | | | 答：公司于 2024 年 5 月 6 日公告后，目前公司及相关各方积极 | | | 推进本次交易整体工作进程。本次交易所涉及的尽职调查、审计、评 | | | 估等各项工作正在推进中，交易方案正在进一步磋商，交易相关方尚 | | | 未签署正式交易文件。后续公司将根据本次交易的进展情况履行信息 | | | 披露义务，敬请关注后续相关公告。 | | 交流内容及具体 | 2、目前我们上半年年降压力以及我们如何应对今年比 ...

Core Viewpoint - The company has made significant progress in the development of low-altitude heavy-load manned/unmanned helicopter transmission systems, with plans for assembly, first flight, testing, and reliability assessments within the year [1] Group 1: Product Development - The company has completed sample submissions for various models of bearings used in helicopter transmission systems, primarily focusing on deep groove ball bearings and tapered roller bearings [1] - A new low-altitude heavy-load helicopter project is under research and development, expanding into high-end bearings such as precision crossed roller bearings and four-point contact bearings [1] - The company plans to start mass production in 2026 while simultaneously expanding its customer base in the low-altitude economy sector [1] Group 2: Robotics Sector - Currently, the company's products in the robotics field are still in the development and validation stage, with no applications in robotics yet [1]

Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

Core Viewpoint - The company, Wanxiang Qianchao, is under scrutiny due to a warning letter from the Zhejiang Regulatory Bureau regarding its accounting practices, particularly concerning prepaid equipment and construction projects, raising concerns about potential long-term unfulfilled equipment orders and their impact on financial statements [1][2][3] Group 1: Prepaid Equipment Concerns - The company received a shareholder inquiry regarding the large balance of prepaid equipment as of the end of 2023, with some equipment reportedly manufactured by the end of 2018 but not yet delivered [1] - The inquiry questions whether there are long-standing unfulfilled equipment orders causing the prepaid amounts to remain on the books, and if the company has pursued repayment for overdue equipment [1][2] Group 2: Construction Projects and Audit Issues - The warning letter highlighted inadequate audit procedures related to construction projects, specifically mentioning that some equipment has been on the books for an extended period without verification of acceptance, which could indicate they are already in use [2][3] - The company clarified that the delayed acceptance of three production lines was due to the equipment not meeting contractual technical specifications, with acceptance expected to be completed by early 2025 [3]

证券代码：000559 证券简称：万向钱潮 编号：2025-033 万向钱潮股份公司 关于重大资产重组的进展公告 上市公司拟通过发行股份及支付现金方式，购买 Wanxiang Ame rica Corporation（以下简称"交易对方"）持有的 Wanxiang Americ a Corp.100%股权，并向不超过 35 名特定投资者发行股份募集配套资 金（以下简称"本次交易"）。 本次交易构成关联交易，预计将构成重大资产重组，不构成重组 上市。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、万向钱潮股份公司（以下简称"上市公司"或"公司"）于 2024 年 5 月 6 日披露的《万向钱潮股份公司发行股份及支付现金购 买资产并募集配套资金暨关联交易预案》（以下简称"预案"）中已 详细披露了本次交易可能存在的风险因素以及尚需履行的决策、审批 程序。敬请广大投资者注意投资风险。 2、截至本公告日，本次重大资产重组工作正在进行中，相关尽 职调查、审计、评估等各项工作正在推进中。公司将根据相关事项的 进展情况，及时履行信息披露义务，请广大投资者关 ...