证券代码：002050 证券简称：三花智控 公告编号：2025-057 浙江三花智能控制股份有限公司 第八届董事会第五次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江三花智能控制股份有限公司（以下简称"公司"）第八届董事会第五次 临时会议于 2025 年 7 月 7 日以书面形式或电子邮件形式通知全体董事，于 2025 年 7 月 10 日（星期四）以通讯方式召开。会议应出席董事（含独立董事）10 人， 实际出席 10 人。本次会议出席人数、召开程序、议事内容均符合《公司法》和 《公司章程》的规定。本次会议审议通过了以下议案： 一、会议以 7 票同意，0 票反对，0 票弃权的结果审议通过了《关于调整 2022 年限制性股票激励计划回购价格的议案》，关联董事王大勇先生、倪晓明 先生、陈雨忠先生回避表决。该议案已经董事会薪酬与考核委员会审议通过。 鉴于公司于 2024 年 10 月 23 日实施了 2024 年半年度权益分派，又于 2025 年 5 月 22 日实施了 2024 年度权益分派，根据《上市公司股权激励管理办法》、 公司《202 ...

Core Viewpoint - The China Securities New Energy Vehicle Index (CS New Energy Vehicle, 399976) has shown positive performance, with a recent increase of 1.42% and significant gains over various time frames, indicating a strong market for new energy vehicles in China [1][2]. Group 1: Index Performance - The CS New Energy Vehicle Index has increased by 2.20% over the past month, 11.53% over the past three months, and 3.42% year-to-date [2]. - The index reflects the overall performance of listed companies involved in lithium batteries, charging stations, and new energy vehicles, with a base date of December 31, 2011, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted companies in the CS New Energy Vehicle Index are: CATL (10.33%), Huichuan Technology (9.45%), BYD (9.05%), Changan Automobile (5.02%), Sanhua Intelligent Control (4.53%), Yiwei Lithium Energy (4.34%), Huayou Cobalt (4.21%), Ganfeng Lithium (3.14%), Tianqi Lithium (2.75%), and Guoxuan High-Tech (2.61%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (84.08%), followed by the Shanghai Stock Exchange (15.30%) and the Beijing Stock Exchange (0.62%) [2]. - In terms of industry composition, the index is comprised of 59.42% industrial sector, 23.09% consumer discretionary, 16.27% materials, and 1.23% information technology [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3].

Group 1 - The U.S. announced new tariff rates of up to 40% on 14 countries, leading to a decline in U.S. stock indices while Chinese concept stocks rose [1] - Hong Kong's stock indices opened higher, with the Hang Seng Index up 0.17%, driven by gains in major tech stocks like Baidu and JD.com [1] - Southbound funds recorded a net purchase of HKD 12.067 billion in Hong Kong stocks, marking the largest single-day net inflow since May 6 [1] Group 2 - The Hong Kong Internet ETF (159568) tracks sectors such as internet software and services, with top holdings including Alibaba, Xiaomi, and Tencent, indicating a high concentration of major players [2] - The index has seen a 47.38% increase over the past year, outperforming the Hang Seng Index, driven by the commercialization of AI models and profit releases from internet leaders [2] - The market capitalization of companies in the index is significant, with 50% of firms valued over HKD 1 trillion, highlighting a "giant-led + mid-tier innovation" investment landscape [2] Group 3 - The influx of southbound capital and increased retail trading are expected to drive up the turnover rate in Hong Kong stocks, which has historically been lower compared to global markets [3] - Southbound funds have a trading turnover rate 2.4 times higher than non-southbound funds, indicating a shift in market dynamics [3] Group 4 - A strong recovery in the Hong Kong IPO market is noted, with 24 A-share companies listing in Hong Kong in the first half of 2025, covering key industries [4] - The trend of high-quality assets crossing borders continues, with major firms like Heng Rui Pharmaceutical and Ningde Times leading the way [4] Group 5 - The potential return of Chinese concept stocks to Hong Kong is expected to bring additional capital, as U.S. regulations pose risks to these companies [5] - The Hong Kong government has established a regulatory framework to facilitate dual listings for companies previously listed overseas [5] Group 6 - Hong Kong's absolute valuations are relatively low, with long-term investment potential remaining high despite global macroeconomic risks [6] - The technology sector is highlighted as having significant investment opportunities, supported by policy and strong earnings growth [6] - Consumer sectors, particularly pharmaceuticals and discretionary spending, are expected to see improved performance due to domestic consumption policies [6]

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.39%, with key stocks like Defu Technology (301511) rising by 3.57% and Huayou Cobalt (603799) by 2.92% [1] - The National Development and Reform Commission and other departments announced plans to establish over 100,000 high-power charging facilities by the end of 2027, aiming for improved service quality and technology upgrades [1] - CITIC Securities forecasts that domestic electric vehicle sales will reach 16.52 million units in 2025, with a year-on-year growth rate of 15-22% expected in 2026 [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.15%, with major stocks like Sungrow Power (300274) increasing by 1.62% [4] - The top ten weighted stocks in the photovoltaic index account for 55.39% of the total index, indicating a concentrated market [9] Group 3: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) increased by 0.29%, with stocks like Zhengmei Machinery (601717) rising by 2.51% [4] - The top ten weighted stocks in the automotive parts index represent 41.05% of the total index, highlighting key players in the sector [9] Group 4: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 0.50%, with stocks like Yake Technology (002409) increasing by 4.58% [6] - The top ten weighted stocks in the new materials index account for 51.27% of the total index, showcasing significant contributors to the industry [10]

Core Viewpoint - The Hong Kong stock market is rapidly becoming a prime location for domestic robotics companies to raise funds, with 10 robotics and related industry companies filing for IPOs this year [1][2]. Group 1: Market Dynamics - The favorable financing environment in Hong Kong, characterized by a higher acceptance of emerging technology companies and lower listing thresholds, has attracted robotics firms [2][7]. - The clustering of robotics companies in Hong Kong reflects their critical development phase, necessitating capital market support to accelerate commercialization [2]. Group 2: Company Positioning - Companies are strategically positioning themselves as leaders in their respective niches, with firms like Geek+ aiming to be the "first stock" in the AMR (Autonomous Mobile Robot) sector, while others like Standee Robotics target industrial intelligent mobile robots [3][4]. - Geek+ is recognized as the global leader in warehouse fulfillment AMR solutions, with a projected revenue ranking it as the largest provider by 2024, serving 806 global clients and delivering 56,000 units [3]. - Standee Robotics is positioned as the fifth largest provider of industrial intelligent mobile robots, holding a market share of 3.2% [3]. Group 3: Financial Performance - Many of the recently listed robotics companies are currently unprofitable, with seven out of ten companies applying for IPOs reporting losses, highlighting the competitive and high-investment nature of the industry [6][7]. - Specific losses include Geek+ and Estun, each projected to lose over 800 million RMB in 2024 due to limited demand and increased competition in the mobile warehousing and manufacturing sectors [6]. - The overall market for industrial robots in China is expected to decline by 5% in 2024, influenced by reduced investments in downstream sectors like photovoltaics and lithium batteries [6]. Group 4: Strategic Importance of IPOs - Listing on the Hong Kong stock exchange provides essential funding for robotics companies to enhance technology development, market expansion, and brand building [7]. - The ability of Hong Kong to accommodate unprofitable companies for IPOs offers a significant opportunity for robotics firms that require substantial upfront investment [7]. - The relatively short IPO process in Hong Kong is a key factor driving robotics companies to seek listings there, facilitating the formation of a comprehensive robotics sector that attracts investor attention [7].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浙江三花智能控制股份有限公司 呈交日期: 2025年7月4日 I. 法定/註冊股本變動 證券代號 (如上市) 02050 說明 H股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 414,379,500 RMB 1 RMB 414,379,500 增加 / 減少 (-) 0 RMB 本月底結存 414,379,500 RMB 1 RMB 414,379,500 證券代號 (如上市) 002050 說明 A股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 3,732,389,535 RMB 1 RMB 3,732,389,535 增加 / 減少 (-) 0 RMB 本月底結存 3,732,389,535 RMB 1 RMB 3,732,389,535 本月底法定/註冊股本總額： RMB 4,146,769,035 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 浙江三花智能控制股份有限公司 ("本公司 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浙江三花智能控制股份有限公司 呈交日期: 2025年7月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02050 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 414,379,500 | RMB | | 1 RMB | | 414,379,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 414,379,500 | RMB | | 1 RMB | | 414,379,500 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Group 1: IPO Market Overview - The Hong Kong IPO market experienced a strong recovery in the first half of 2025, with 42 companies raising a total of 1,067 million HKD, a 688% increase compared to the same period in 2024 [3][5] - The average fundraising amount per project was approximately 25.4 million HKD, surpassing the average levels from 2022 to 2024 [3] - The recovery was driven by large-cap stocks (A to H) which accounted for 72% of the total fundraising, while traditional sectors like industrials and finance faced challenges [3][5] Group 2: Key Players in the IPO Market - Seven A to H companies contributed 770 million HKD, with CATL leading at 410.1 million HKD, marking the largest IPO in nearly four years [5][6] - Other notable companies included 恒瑞医药 (113.7 million HKD), 海天味业 (101.3 million HKD), and 三花智控 (93.4 million HKD) [5][6] - The demand for these large-cap stocks was characterized by high subscription rates from both institutional and retail investors [5][6] Group 3: Sector Performance - The consumer discretionary and innovative pharmaceutical sectors saw significant interest, with retail investors driving high subscription rates [10][12] - The innovative pharmaceutical sector raised 40.6 million HKD with an average return of 78.4%, showcasing strong market interest despite a cautious institutional approach [12][13] - In contrast, traditional sectors like industrials and materials struggled, contributing only 130 million HKD to the total fundraising, reflecting a lack of investor confidence [15] Group 4: Subscription Trends - Subscription rates for A to H projects were notably high, with CATL seeing a retail subscription rate of 151.2 times, indicating strong demand for A-share assets [5][6] - The consumer sector, particularly companies like 蜜雪冰城, achieved record subscription rates, with 蜜雪冰城 raising 39.7 million HKD and achieving a subscription rate of 5,258.2 times [10][11] - The disparity in subscription rates highlights a trend where retail investors are more enthusiastic about new economy stocks compared to traditional sectors [10][15] Group 5: Future Outlook - The second half of 2025 is expected to see several A-share companies listing on the Hong Kong Stock Exchange, with fundraising levels anticipated to match those of the first half [7] - Focus is recommended on large-cap companies and industry leaders, particularly in sectors like pharmaceuticals and robotics, which are expected to attract investor interest [7]

Group 1: IPO Market Overview - In 25H1, A-shares issued 48 new stocks, raising a total of 38 billion yuan, with a month-on-month decrease of 5 stocks but a year-on-year increase of 5 stocks[3] - The number of newly accepted IPO projects reached 150, with 123 accepted in June alone, indicating a recovery in the IPO market[3] - As of June 30, 2025, there are 298 IPO projects pending approval, with a total proposed fundraising of 281.4 billion yuan[3] Group 2: Market Performance and Trends - The average first-day increase for new stocks in 25H1 was 215.7%, although this represents a decrease of 143 percentage points from the previous period[3] - The average price-to-earnings (PE) ratio for new stocks in 25H1 was 20 times, with a discount of 41% compared to comparable companies, marking a historical high for the discount rate[3] - The proportion of new stocks that exceeded their fundraising targets increased, with over 40% of new stocks experiencing oversubscription in June[3] Group 3: Participation and Allocation - The number of participants in offline inquiries increased significantly, with the average number of participants in the main board, ChiNext, and Sci-Tech Innovation Board rising by 8%, 14%, and 11% respectively[3] - The allocation ratio for preferred participants decreased significantly, with main board, ChiNext, and Sci-Tech Innovation Board allocation ratios at 0.0133%, 0.0272%, and 0.0401% respectively, reflecting a month-on-month decline of 18%, 19%, and 17%[3] - The expected return for 2 billion yuan scale preferred/non-preferred participants in 25H2 is projected to be 2.77% and 2.03% respectively[3] Group 4: Risks and Future Outlook - Risks include potential changes in the IPO review pace, adjustments in issuance regulations, fluctuations in investor participation, and the quality/quantity of application projects[3] - The expectation for 25H2 is a stable increase in the volume of new stocks, with a projected first-day increase of 140%-180%, which is lower than the average level in the first half of the year[3]

上 半 年 ， A 股 IPO 募 集 总 额 达 373.55 亿 元 ， 同 比 增 长 14.96%； 港 股 IPO 融 资 规 模 达 974.25 亿 元 ， 同 比 激 增 688.56%。 作者： 牛钰 封图：图虫创意 从年初的"松动"信号到年中节点，IPO（首次公开发行）市场节奏和主线的变化一直牵动着资本市 场的神经。回头来看，在政策优化和市场复苏的双向加持下，2025年IPO市场的活跃度骤起，融资 项目与规模显著回暖。 Wind数据显示，截至6月30日，上半年A股共有51只新股上市，同比增加7家，IPO募集总额达 373.55亿元，同比增长14.96%。其中，9只新股募资金额超过10亿元，中策橡胶（603049.SH）首 发募资金额最高，达40.66亿元。 港股IPO市场更是火热"出圈"，上半年共有43家企业成功上市，IPO融资规模达1067.13亿港元（约 合人民币974.25亿元），同比激增688.56%。按交易所排名，港交所的IPO融资规模位居全球榜 首，居于其后的纳斯达克交易所在上半年有79宗IPO（剔除特殊目的收购公司），筹资约90.74亿 美元（约合人民币650.32亿元）。 ...