Core Viewpoint - Heertai (002402) has reported significant growth in its subsidiary Chengchang Technology, which specializes in T/R chips used in phased array radar and satellite communication systems, indicating a recovery in downstream user demand and an increase in orders and projects [1] Company Summary - Chengchang Technology's T/R chips are now being mass-produced and applied in various fields including spaceborne, ground, and airborne phased array radar and satellite communications [1] - The company achieved a revenue of 306 million yuan and a net profit of 90.36 million yuan in the first three quarters of 2025, reflecting strong operational performance [1] - Chengchang Technology maintains a leading position in the domestic market for phased array T/R chip development and production, collaborating closely with downstream users [1] Industry Summary - The T/R chip is a critical component of phased array systems, characterized by high integration, complex structure, and stringent performance parameters [1] - In China, the primary entities capable of developing and mass-producing phased array T/R chips are research institutes and a few private enterprises with tier-three and tier-four supporting capabilities [1] - Chengchang Technology has developed multiple new products targeting next-generation low-orbit communication satellites and ground support equipment [1]

Group 1 - A new company named Xiangyang Heertai Intelligent Technology Co., Ltd. has been established with a registered capital of 10 million yuan [2] - The company is wholly owned by Heertai [2]

Company Overview - Shenzhen Heertai Intelligent Control Co., Ltd. was established in 2000 and listed on the Shenzhen Stock Exchange in 2010. The main business segments include intelligent control solutions and microwave/mm-wave phased array chips [2][3]. - The company achieved a total revenue of 96.59 billion CNY in the first three quarters of 2025, marking a year-on-year growth of 17.47% [3]. Financial Performance - For the first three quarters of 2025, the net profit attributable to shareholders reached 6.03 billion CNY, a significant increase of 69.66% year-on-year [3]. - The overall gross profit margin improved by 1.91%, indicating enhanced profitability alongside revenue growth [3]. Business Segments - The household appliance intelligent controller segment accounts for approximately 60% of total revenue, while electric tools, industrial automation, automotive electronics, and intelligent products each contribute about 10%-15% [5]. - The automotive electronics segment has seen improvements in gross margin due to prior R&D investments, with a robust order backlog and successful customer expansion [7]. Strategic Initiatives - The company plans to increase R&D investment and customer expansion to maintain stable growth in its core business [4]. - Future investments will focus on robotics, sensors, and other core segments of the industry chain to ensure sustainable growth and long-term market stability [4]. Global Operations - The company has established production bases in over 20 countries, including Vietnam, Italy, Romania, and Mexico, with high capacity utilization rates in Vietnam and Italy [3][6]. - Ongoing efforts to optimize operations include enhancing local supply chain management and cost control [6]. Future Outlook - The intelligent product segment is expected to maintain high growth rates, driven by advancements in AI technology and expanding applications in smart home and healthcare products [7]. - The company is committed to continuous market exploration and product diversification to support stable growth and cultivate new revenue streams [7]. Supply Chain Management - The company has developed a comprehensive supplier management system to mitigate the impact of rising upstream component prices, ensuring stable raw material costs [7]. - A collaborative supply chain model has been established to enhance operational efficiency and flexibility [7]. R&D and Innovation - New project development cycles typically range from 3 to 12 months, depending on customer requirements and project complexity [8]. - The company’s subsidiary, Chengchang Technology, has achieved significant revenue growth in the phased array radar and satellite communication sectors, with a revenue of 306 million CNY in the first three quarters of 2025 [9].

Core Insights - A new company, Xiangyang Heertai Intelligent Technology Co., Ltd., has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Qin Hongwu, and its business scope includes IoT technology services, integrated circuit manufacturing, and the production of integrated circuit chips and products [1] - The company is wholly owned by Heertai (002402) [1]

Core Points - Shenzhen Heertai Intelligent Control Co., Ltd. announced an investment of 15 million HKD (approximately 13.68 million RMB) by its wholly-owned subsidiary in the Dream'ee JuneBeast Fund, acquiring a 32.61% stake in the fund [1] - The fund has a total size of 46 million HKD (approximately 41.94 million RMB) and primarily invests in cornerstone investments, IPOs, and related strategic placements in companies listed on the Hong Kong or US stock exchanges [1] - The fund is managed by Dream'ee (Hong Kong) Capital Limited, with Lan Kun as the actual controller [1] Company Performance - As of November 3, 2025, Heertai's stock closed at 49.8 RMB, down 2.96% from the previous trading day, with a total market capitalization of 46.05 billion RMB [1] - The stock opened at 50.01 RMB, reached a high of 51.0 RMB, and a low of 47.86 RMB, with a trading volume of 5.019 billion RMB and a turnover rate of 12.63% [1] Investment Details - The investment does not constitute a related party transaction or a major asset restructuring, and does not require approval from the board of directors or shareholders [1] - The funding source is the company's own funds, which will not affect normal operations [1] - The investment carries risks such as long cycles, low liquidity, and potential underperformance [1]

Core Viewpoint - The company, Heertai, has announced a strategic investment through its wholly-owned subsidiary, Heertai Intelligent Control International, by subscribing to a fund managed by Dream'ee, aiming to enhance its investment capabilities and industry collaboration [1] Group 1: Investment Details - Heertai International will invest HKD 15 million (approximately RMB 13.68 million) to acquire a 32.61% stake in the Dream'ee JuneBeast Fund [1] - The funds will primarily be used for cornerstone investments, anchor investments, IPO investments, and related strategic placements in companies listed on the Hong Kong or US stock exchanges [1] Group 2: Strategic Implications - The collaboration with professional investment institutions is expected to leverage their platform advantages, professional teams, and project resources to expand Heertai's investment channels [1] - This investment is aimed at enhancing the company's capital operation efficiency and promoting long-term industrial layout and steady development [1]

智通财经APP讯，和而泰(002402.SZ)公告，公司全资子公司和而泰智能控制国际有限公司(简称"和而泰 国际")于近日与Dream'ee (Hong Kong) Open-Ended Fund Company(简称"OFC")及其子基金Dream'ee JuneBeast Fund("标的基金")和君宜(香港)资本有限公司(系OFC的基金管理人)签署了《认购书》，由和 而泰国际出资1500万港元(折合人民币约1368.41万元)认购标的基金32.61%的基金份额。资金将主要用于 参与中国香港或美国证券交易所上市公司的基石投资、锚定投资、首次公开发行(IPO)投资及相关战略 配售。 公告称，公司本次与专业投资机构共同投资，可以通过利用专业投资机构在股权投资领域的平台优势、 专业团队优势和项目资源优势，拓展公司的投资渠道，助力公司围绕主营业务进行上下游的产业协同， 并提高公司资本运作效益，进一步推动公司产业的长远布局和稳健发展。 ...

Core Viewpoint - The company, Heertai (002402.SZ), announced a significant investment through its wholly-owned subsidiary, Heertai Intelligent Control International Co., Limited, in a fund managed by Dream'ee (Hong Kong) Open-Ended Fund Company, indicating a strategic move into cornerstone investments and IPOs in Hong Kong and the US markets [1] Investment Details - Heertai International has committed to invest HKD 15 million, equivalent to approximately RMB 13.68 million, to acquire a 32.61% stake in the targeted fund [1]

Core Viewpoint - The company, Heertai, announced that its wholly-owned subsidiary, Heertai International, has signed a subscription agreement to invest 15 million HKD (approximately 13.68 million CNY) for a 32.61% stake in a targeted fund, which has a total size of 46 million HKD (approximately 41.94 million CNY) [1] Investment Details - The targeted fund has a duration of 1 year, with the possibility of a 1-year extension [1] - The investment will be made using the company's own funds and will not affect its normal operations [1] Investment Focus - The targeted fund primarily aims to participate in investments related to companies listed in Hong Kong and the United States [1] Risk Considerations - The investment is currently in the preparatory stage and may face risks such as returns not meeting expectations [1]

证券代码：002402 证券简称：和而泰 公告编号：2025-077 深圳和而泰智能控制股份有限公司 关于全资子公司与专业投资机构共同投资的公告 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、投资概况 深圳和而泰智能控制股份有限公司(以下简称"公司")全资子公司和而泰智能控制 国际有限公司(H&T Intelligent Control International CO., Limited，以下简称"和而泰国际") 于近日与Dream'ee (Hong Kong) Open-Ended Fund Company（以下简称"OFC"）及其子 基金Dream'ee JuneBeast Fund（以下简称"标的基金"）和Dream'ee (Hong Kong) Capital Limited（君宜（香港）资本有限公司，系OFC的基金管理人）签署了《认购书》，由和 而泰国际出资1,500万港币（折合人民币约1,368.41万元）认购标的基金32.61%的基金份 额。 本次交易不构成关联交易，亦不构成重大资产重组。根据《深圳证券交易所股票上 市规则》《深圳证券交易 ...