| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-015 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 2. 回购股份的用途：全部用于股权激励或员工持股计划。 关于董事长提议回购公司股份的提示性公告 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、误导性陈述或重大遗漏。 2025 年 4 月 8 日，浙江银轮机械股份有限公司（以下简称"公司"）收到公司董事 长徐小敏先生《关于提议回购公司股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1. 提议人：公司董事长徐小敏先生 2、提议时间：2025 年 4 月 8 日 二、提议回购股份的原因和目的 基于对公司价值的高度认可，为维护广大投资者利益，结合公司财务状况及经营状 况，公司董事长徐小敏先生提议公司以自有资金回购公司部分社会公众股份，用于股权 激励或员工持股计划。 三、提议内容 1. 拟回购股份的种类：公司发行的社会公众股。 3. 回购股份的方式：通过深圳证券交易所以集中竞价交易的方式回购。 4. 回购股份的价格：回购价格上限不高于公司 ...

Core Insights - Guangdong Province has introduced 12 measures to promote innovation in the artificial intelligence and robotics industry, including financial support for establishing national and provincial innovation centers, with funding up to 50 million yuan and 10 million yuan respectively [2] Company Developments - Unitree Technology has launched the Unitree Dex5 dexterous hand [3] - Ant Group and China Mobile plan to invest in Unitree Technology, with a valuation not exceeding 10 billion yuan [4] - Agility Robotics, a US humanoid robot unicorn, has secured 2.8 billion yuan in financing, with SoftBank participating [5] - The "Tiangong 2.0" humanoid robot has made its debut, showcasing adaptive walking on complex terrains [6] Market Performance - On April 1, the robotics sector experienced an overall pullback, with Yujian leading the gains: - Top three sectors: Body (+2.97%) > PCB (+0.74%) > Heat dissipation components (-0.74%) [7] - Top three individual stocks: Yujian (+20.64%) > Huapei Power (+4.22%) > Yijiahe (+3.57%) [7] Investment Recommendations - Continuous recommendation for Yinlun Co., which is expected to achieve a net profit of 1.106 billion yuan by 2025, with a current price-to-earnings ratio of 21 times for 2025. The company is a leading Tier 1 supplier in automotive thermal management, with strong R&D capabilities and customer service systems, and its robotics business is expected to continue exceeding expectations [7] - Focus on the supply chain of the newly released dexterous hand, with attention to the progress of the release of Jimo Robotics by Huawei [8] - Emphasis on the revaluation of leading companies in undervalued niche markets, as they are expected to have the highest success rates in the long term [8]

Summary of Key Points from Conference Call Records Industry or Company Involved - The records discuss the macroeconomic implications of U.S. foreign policy changes, particularly under the Trump administration, and provide insights into the coffee and tea beverage industry, as well as the automotive thermal management sector. Core Insights and Arguments - **U.S. Foreign Policy Shift**: The Trump administration's foreign policy, termed "Trump 2.0," completely rejects Biden's approach, favoring Monroe Doctrine principles and a more ideologically driven stance, which includes tariff threats [1][2][3] - **Impact on Europe**: The strategic withdrawal of the U.S. and ideological conflicts under Trump have placed unprecedented pressure on Europe, marking the most severe security challenges since World War II [2][3] - **Coffee vs. Tea Industry Analysis**: The coffee and tea beverage sectors exhibit different demand origins, market maturity, and competitive landscapes. Major tea brands are expanding through franchise models, leading to rapid store growth and solid profitability [3][4] - **Coffee Industry Dynamics**: The coffee sector is stabilizing with prominent brands like Luckin Coffee solidifying their market leadership. The dual model of direct sales and franchising is less reliant on delivery compared to tea [4] - **Tea Industry Outlook**: With leading tea companies going public, competition is intensifying. There is optimism for low-price segments and companies with strong supply chains in the mid-price range [4] - **Automotive Thermal Management**: Silver Wheel Co. is highlighted as a leading Tier 1 supplier in the automotive thermal management field, with a strong R&D and customer service framework. The company's stock is currently valued at a PE ratio of 21 times for 2025 [5] Other Important but Possibly Overlooked Content - **Government Support for AI and Robotics**: Guangdong province has introduced 12 measures to foster innovation in AI and robotics, including financial support for establishing innovation centers [4] - **Market Predictions and Trends**: The impact of dividends on major index futures is minimal, with estimates indicating slight influences on index points for various indices. The market is experiencing reduced trading volumes and a notable decline in small-cap stocks [6] - **Investment Sentiment**: Seven brokerages believe that ongoing policy implementation and capital market reforms will enhance the attractiveness of Chinese assets, with a consensus on the potential of sectors like non-ferrous metals, high-dividend stocks, and innovative pharmaceuticals [6]

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-014 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 一、可转换公司债券发行上市情况 1. 可转换公司债券的发行情况 经中国证券监督管理委员会"证监许可〔2021〕672 号"文核准，浙江银轮机械股份 有限公司（以下简称"公司"）于 2021 年 6 月 7 日公开发行了 700 万张可转换公司债券， 每张面值人民币 100 元，发行总额人民币 7 亿元。发行方式采用向公司原股东优先配售， 原股东优先配售后余额部分（含原股东放弃优先配售部分）通过深交所交易系统网上向 社会公众投资者发行，认购金额不足 7 亿元的部分（含中签投资者放弃缴款认购部分） 由保荐机构（主承销商）包销。 2. 可转换公司债券上市情况 经深交所"深证上[2021]669 号"文同意，公司 7 亿元可转换公司债券于 2021 年 7 月 9 日起在深圳证券交易所挂牌交易，债券简称"银轮转债"，债券代码"127037"。 浙江银轮机械股份有限公司 关于2025年第一季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披 ...

Group 1 - The company received a project confirmation letter for a new energy vehicle radiator from a well-known North American automotive brand, with expected mass production starting in 2027 and a total sales revenue of approximately $61.34 million over its lifecycle [1] - The company aims for a net profit attributable to shareholders of 1.05 billion yuan by 2025, with a revenue target of no less than 15 billion yuan [1] - The company specializes in thermal management products, including heat exchangers and automotive air conditioning systems, serving various sectors such as commercial vehicles, passenger cars, new energy, and engineering machinery [1] Group 2 - Revenue projections for the company are estimated at 13.269 billion yuan, 15.566 billion yuan, and 17.761 billion yuan for 2024, 2025, and 2026 respectively, with net profit attributable to shareholders adjusted to 796 million yuan, 1.024 billion yuan, and 1.32 billion yuan for the same years [2] - The company is actively expanding into data centers and robotics, with the establishment of an "AI Intelligent Products Department" to oversee these initiatives, and has applied for multiple patents related to humanoid robot thermal management [1][2] - The digital energy sector is expected to see significant growth by 2025, driven by the mass production of various liquid cooling products for data centers and energy storage systems [1]

新能源热管理空间广阔，订单保障持续成长 银轮股份系列 车中旭霞 深度报告： 《银轮股份（002126.SZ）公司深度- 热管理先行者，数字能源、机器人新领域加速拓展》-20250324 相关点评： 《银轮股份（002126.SZ）-2024年三季报点评-三季度净利率提升，海外经营体盈利有望持续改善》-20241031 《银轮股份（002126.SZ）-2024年中报点评-盈利能力持续改善，海外拓展有望提速 》-202 40828 《银轮股份（002126.SZ）-2024年一季报点评-盈利能力持续改善，海外加速拓展 》-20240430 《银轮股份（002126.SZ）-2023年年报点评-盈利能力持续改善，海外加速拓展 》-20240418 《银轮股份（002126.SZ）2023年三季报点评-盈利能力持续改善，热管理产品多点开拓》-20231028 《银轮股份（002126.SZ）2023年中报点评-降本增效盈利能力提升，热管理产品多点开拓》-20230827 《银轮股份（002126.SZ）-中报净利润预增113%-128%，热管理产品多点开拓》-20230711 《银轮股份（002126.SZ）-一季 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The humanoid robot industry is on the verge of mass production, with significant advancements expected in 2024, marking a pivotal year for the sector [7][13] - Automotive companies are accelerating their entry into the humanoid robot market, leveraging their existing supply chain advantages and expertise in AI and automation [7][41] - Investment opportunities are identified in companies with strong overlaps in existing automotive business and humanoid robot capabilities, particularly in the midstream supply chain [7][55] Summary by Sections Humanoid Robots Overview - Major global players in the humanoid robot sector are making significant progress, with many products entering pilot testing phases in 2024 [13] - Humanoid robots consist of five main modules, with the joint components representing a significant cost portion [16][19] - The estimated BOM cost for humanoid robots is approximately 316,200 CNY per unit, with joint components accounting for about 50% of the total cost [22][31] Automotive Sector - Automotive companies are uniquely positioned to commercialize humanoid robots due to their existing supply chains and expertise in AI from autonomous driving research [41][42] - The demand for humanoid robots in automotive manufacturing is driven by the need for automation in complex assembly processes that currently rely heavily on human labor [41][42] Parts Suppliers - Automotive parts suppliers are encouraged to explore humanoid robot business opportunities, particularly those with strong customer overlaps and technological synergies [53] - Companies such as Top Group, Silver Wheel, and Aikodi are highlighted as having potential advantages in expanding into the humanoid robot market [55]

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-012 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 关于第二期员工持股计划第四个锁定期届满的提示性公告 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、误导性陈述或重大遗漏。 浙江银轮机械股份有限公司（以下简称"公司"）于2020年12月21日召开的第八届董 事会第四次会议及2021年1月7日召开的2021年第一次临时股东大会审议通过了《公司第 二期员工持股计划（草案）及摘要》《公司第二期员工持股计划管理办法》及相关事项 的议案。相关具体内容详见公司于2020年12月23日、2021年1月8日刊登在《上海证券报》 《证券时报》及巨潮资讯网（www.cninfo.com.cn)的相关公告。 鉴于公司第二期员工持股计划（以下简称"本次员工持股计划"）第四个锁定期于 2025年3月12日届满，根据《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》的相关要求， 现将有关情况公告如下： ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-013 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 关于为子公司担保事项的进展公告 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、 误导性陈述或重大遗漏。 2025 年 3 月 5 日，公司与中信银行股份有限公司台州临海支行续签《最高额保证合 同》，约定为全资子公司浙江银轮新能源热管理系统有限公司融资业务提供担保，最高 担保金额不超过 10,000 万元人民币，授信融资期限为 2025 年 3 月 5 日至 2026 年 3 月 4 日。 一、对外担保情况概述 浙江银轮机械股份有限公司（以下简称：公司或本公司）分别于2024年4月14日召 开第九届董事会第七次会议、2024年5月6日召开2023年度股东大会，审议通过了《关于 为子公司提供担保额度的议案》，同意公司为浙江银轮新能源热管理系统有限公司等16 家控股子公司或孙公司银行融资提供担保总额度423,406万元，具体担保额度明细如下表： | 序号 | 被担保方 | 担保额度（万元） | | ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-011 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 关于为子公司担保事项的进展公告 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、 误导性陈述或重大遗漏。 一、对外担保情况概述 浙江银轮机械股份有限公司（以下简称：公司或本公司）分别于2024年4月14日召 开第九届董事会第七次会议、2024年5月6日召开2023年度股东大会，审议通过了《关于 为子公司提供担保额度的议案》，同意公司为浙江银轮新能源热管理系统有限公司等16 家控股子公司或孙公司银行融资提供担保总额度423,406万元，具体担保额度明细如下表： | 序号 | 被担保方 | 担保额度（万元） | | --- | --- | --- | | | 一、为资产负债率高于 70%的子公司担保额度 | | | 1 | 浙江银轮新能源热管理系统有限公司 | 160,000 | | 2 | 山东银轮热交换系统有限公司 | 25,000 | | 3 | 四川银轮新能源热管理系统有限公司 | 10,0 ...