证券代码：002402 证券简称：和而泰 公告编号：2025-038 一、通知债权人原因 深圳和而泰智能控制股份有限公司（以下简称"公司"）于2025年4月21日召开第六 届董事会第二十五次会议和第六届监事会第二十三次会议，并于2025年5月14日召开公 司2024年年度股东大会审议通过了《关于调整回购价格及回购注销部分已授予但尚未解 除限售的限制性股票暨减资的议案》和《关于变更注册资本并修订<公司章程>的议案》。 根据《上市公司股权激励管理办法》、公司《2022年限制性股票激励计划（草案）》的相 关规定，对9名不符合激励条件的激励对象已授予但尚未解除限售的限制性股票共27.40 万股进行回购注销。具体内容详见公司2025年4月23日刊登在公司指定信息披露媒体《证 券时报》《中国证券报》及公司指定信息披露网站巨潮资讯网（http://www.cninfo.com.cn） 上的相关公告。 本次回购注销完成后，公司注册资本由925,080,285元减至924,806,285元，公司股份 总数由925,080,285股减至924,806,285股。公司减资后的注册资本不低于法定的最低限额。 二、需债权人知晓的相关信 ...

杭州市西湖区学院路 77 号 黄龙万科中心 A 座 16 楼 邮编：310012 电话：（86-571）2689-8188 传真：（86-571）2689-8189 junhehz@junhe.com 北京君合（杭州）律师事务所 关于深圳和而泰智能控制股份有限公司 2024 年年度股东大会之法律意见书 致: 深圳和而泰智能控制股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受深圳和而泰智能控 制股份有限公司（以下简称"公司"）委托，根据《中华人民共和国证券法》（以 下简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证 券监督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）、《律师 事务所从事证券法律业务管理办法》等中华人民共和国（以下简称"中国"）现 行有效的法律、行政法规、规章和规范性文件（为本法律意见书之目的，不包 括香港特别行政区、澳门特别行政区和台湾地区现行有效的法律、行政法规、 规章和规范性文件）和现行有效的《深圳和而泰智能控制股份有限公司章程》 （以下简称《公司章程》）有关规定，指派律师列席了公司于 2025 年 5 月 14 日 召开的 2024 年 ...

特别提示： 证券代码：002402 证券简称：和而泰 公告编号：2025-037 深圳和而泰智能控制股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，不存在虚假 记载、误导性陈述或者重大遗漏。 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年5月14日（星期三）下午14:30 （2）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5月14日 上午9:15-9:25和9:30-11:30，下午13:00-15:00。通过深圳证券交易所互联网投票的具体 时间为：2025年5月14日9:15-15:00期间的任意时间。 2、现场会议召开地点：广东省深圳市南山区科技南十路深圳航天科技创新研究院 大厦D座10楼和而泰一号会议室 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：公司董事长刘建伟先生 6、会议通知公告：公司于2025年4月23日、2025年4月29日在《中国证券报 ...

Key Insights on Fixed Income Market - The bond market experienced a significant decline followed by a period of consolidation, with the 10-year government bond yield decreasing by 15 basis points to 1.66% in April [2][3] - The supply of government bonds is expected to peak in May, with net supply projected to reach around 1.9 trillion yuan, comparable to levels seen in August of the previous year [3][4] - The central bank is likely to maintain a supportive stance on liquidity, with potential reverse repos and MLF net injections to counterbalance the impact of increased bond issuance [4][7] Key Insights on Artificial Intelligence Industry - The Central Political Bureau emphasized the importance of self-reliance and application-driven development in AI, marking a shift towards a focus on ecological construction and rule-setting in AI development [9][10] - The AI industry is expected to enter a golden window for commercialization from 2025 to 2030, with significant opportunities in various applications such as AIoT and embodied intelligence [10][11] - Key areas of focus include enhancing basic research, fostering collaboration between academia and industry, and strengthening the regulatory framework to prevent blind development in the AI sector [11] Key Insights on Pharmaceutical Industry - The pharmaceutical sector is witnessing a recovery in holdings, with public fund allocations increasing as the market stabilizes, particularly in innovative drugs and medical devices [16][19] - The introduction of a new insurance payment model is expected to stimulate the development of innovative drugs, with the first version of the Class B drug list focusing on high-innovation products [17][19] - The medical device procurement market is experiencing significant growth, with a year-on-year increase of 67.49% in Q1 2025, driven by domestic demand and the rise of local brands [18][19] Key Insights on Semiconductor Industry - The company reported a record high in revenue and net profit for 2024, with a 27.69% year-on-year increase in revenue to 7.356 billion yuan and a staggering 584.21% increase in net profit [22][23] - The growth is attributed to the strong performance of storage chips, with a gross margin of 40.27% and a focus on expanding into high-growth markets such as AI terminals and automotive electronics [23][24] - The company is strategically positioned to benefit from the acceleration of AI applications, with plans to enhance its product offerings in the storage chip sector [25] Key Insights on Food Industry - The company demonstrated resilience with a 10.3% year-on-year increase in revenue to 600 million yuan in Q1 2025, despite a challenging market environment [28][29] - The strong performance of major product lines, particularly fish and bean products, contributed to revenue growth, supported by improved channel partnerships [28][30] - The company is focusing on brand development and product innovation to enhance its market position and drive long-term growth [30]

证券代码：002402 证券简称：和而泰 公告编号：2025-036 深圳和而泰智能控制股份有限公司 关于实际控制人部分股份解除质押及质押的公告 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。 深圳和而泰智能控制股份有限公司（以下简称"公司"）近日收到实际控制 人刘建伟先生的通知，获悉刘建伟先生所持有的公司部分股份办理了解除质押及 质押的业务，具体事项公告如下： 一、本次股份解除质押情况 | 股东 | 是否为控股 股东或第一 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 一致行动人 | (股) | （%） | （%） | | | | | | | 刘建伟 | 是 | 10,480,000 | 7.0584 | 1.1329 | 2024 年 | 12 | 2025 年 | 4 | 重庆国际信托股 | | | | | | | 月 2 日 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown rapid revenue growth, with Q1 2025 revenue reaching 2.585 billion RMB, a year-on-year increase of 30.44%. The net profit attributable to the parent company for the same period was 169 million RMB, up 75.41% year-on-year [1]. - The domestic AI application market is experiencing robust growth, which is expected to accelerate the intelligent upgrade of terminal products, providing new opportunities for the company [1]. - The company has improved its profitability, with Q1 2025 gross margin and net profit margin at 19.53% and 6.55%, respectively, reflecting a year-on-year increase of 2.68 and 1.68 percentage points [3]. Summary by Sections Business Performance - The home appliance segment generated 6.094 billion RMB in revenue for 2024, up 33.08% year-on-year, driven by stable demand from overseas clients [2]. - The automotive electronics segment saw a revenue increase of 47.97%, reaching 816 million RMB, supported by expanding delivery scales to Tier 1 customers and rapid growth in self-developed product lines [2]. - The intelligent business segment achieved 1.22 billion RMB in revenue, a 26.29% increase, benefiting from the acceleration of intelligent upgrades in the AI era [2]. Profitability and Efficiency - The company’s focus on high-value clients and cost control has led to improved operational efficiency, with a decrease in expense ratios [3]. - The subsidiary Chengchang Technology turned a profit in Q1 2025, contributing positively to the overall financial performance [1][3]. Financial Forecasts and Valuation - The projected net profits for the company from 2025 to 2027 are 704 million, 904 million, and 1.204 billion RMB, respectively, with upward adjustments of 2% for 2025 and 2026 [4]. - The report estimates a target market capitalization of 21.47 billion RMB, with a target price of 23.19 RMB per share, reflecting a significant increase from the previous target of 17.50 RMB [4][14].

Investment Rating - The report maintains a "Buy" rating for the company [6][4] Core Views - The company has shown rapid revenue growth, achieving revenues of 9.66 billion and 2.58 billion RMB in 2024 and Q1 2025 respectively, with year-on-year growth rates of 28.66% and 30.44% [1] - The net profit attributable to the parent company for the same periods was 364 million and 169 million RMB, reflecting year-on-year increases of 9.91% and 75.41% [1] - The company is benefiting from increased customer orders and new projects, particularly in the AI application sector, which is experiencing significant growth [1][2] - The subsidiary Chengchang Technology has turned a profit in Q1 2025, contributing positively to the overall financial performance [1][3] Revenue Breakdown - The home appliance segment generated 6.09 billion RMB in 2024, up 33.08%, driven by stable demand from overseas clients [2] - The electric tools and industrial automation segment reported revenues of 1.01 billion RMB, a 24.26% increase, with new key customer orders [2] - The automotive electronics segment saw a remarkable 47.97% growth, reaching 816 million RMB, supported by expanding delivery scales to Tier 1 customers [2] - The smart business segment achieved revenues of 1.22 billion RMB, growing by 26.29%, indicating a strong market for intelligent product upgrades [2] Profitability and Efficiency - In Q1 2025, the company's gross margin and net profit margin improved to 19.53% and 6.55%, respectively, reflecting increases of 2.68 and 1.68 percentage points year-on-year [3] - The turnaround of Chengchang Technology from a loss of 15 million RMB in Q1 2024 to a profit of 30 million RMB in Q1 2025 significantly contributed to this improvement [3] - The company has effectively controlled its expense ratio, with a decrease in the period expense ratio to 12.74% and 11.12% for 2024 and Q1 2025, respectively [3] Financial Forecasts and Valuation - The company is projected to achieve net profits of 704 million, 904 million, and 1.20 billion RMB for the years 2025 to 2027, with upward revisions of 2% for 2025 and 2026 [4][15] - The report estimates a target market capitalization of 21.47 billion RMB, with a target price of 23.19 RMB per share, up from a previous estimate of 17.50 RMB [4][15] - The valuation methodology includes a PE of 70x for Chengchang Technology and 30x for the controller business for 2025 [4][15]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company has a solid foundation in its home appliance and power tool businesses, while emerging sectors such as automotive electronics and smart technology are rapidly expanding due to technological advancements and customer breakthroughs. The company's "technology + capacity + customer" integrated layout is clear, and its performance is expected to continue to release, with strong medium to long-term growth momentum [2][10]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating revenue of 9.659 billion yuan, a year-on-year increase of 28.66%. The net profit attributable to the parent company was 364 million yuan, up 9.91% year-on-year. In Q1 2025, the company reported operating revenue of 2.585 billion yuan, a year-on-year growth of 30.44%, and a net profit of 169 million yuan, which is a significant increase of 75.41% year-on-year [5][10]. Business Segments - The home appliance business maintains a strong competitive position, supported by a high coverage of global major customers and a comprehensive technical R&D system. The demand for smart controllers, a core component of home appliances, is increasing, leading to a rapid growth in market share [10]. - The power tool business is deepening its penetration across multiple fields, with a focus on providing comprehensive solutions that enhance industry chain collaboration. The company has become a key supplier for major clients and is expanding its customer base [10]. - The automotive electronics segment is undergoing a strategic transformation, with significant growth in smart cockpit and energy management areas. The company is building a comprehensive ecosystem through its smart product matrix [10]. Future Outlook - The company is expected to see continued performance growth, with projected net profits for 2025-2027 at 700 million yuan, 913 million yuan, and 1.173 billion yuan, representing year-on-year growth rates of 92%, 30%, and 28%, respectively. The corresponding price-to-earnings ratios are projected to be 25, 19, and 15 times [10].

证券代码：002402 证券简称：和而泰 公告编号：2025-035 深圳和而泰智能控制股份有限公司 关于2024年年度股东大会增加临时提案 暨股东大会补充通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，不存在虚 假记载、误导性陈述或者重大遗漏。 深圳和而泰智能控制股份有限公司（以下简称"公司"）已于2025年4月23日 披露了《关于召开2024年年度股东大会的通知》，公告了关于召开2024年年度股 东大会的时间、地点、审议事项等有关事宜。 2025年4月21日，公司召开第六届董事会第二十五次会议审议通过《关于开展 远期汇期交易业务的议案》，具体内容详见公司于2025年4月23日在《证券时报》 《中国证券报》及巨潮资讯网（http://www.cninfo.com.cn）上披露的相关公告。公 司控股股东刘建伟先生于2025年4月28日向公司董事会提交了《关于提请公司增加 2024年年度股东大会临时提案的函》，为促进公司规范运作、提高决策效率，提 请将上述《关于开展远期汇期交易业务的议案》作为临时提案提交公司2024年年 度股东大会审议。 公司董事会对上述临时提案进行了审查，认为刘建伟先生 ...

证券代码：002402 证券简称：和而泰 公告编号：2025-034 深圳和而泰智能控制股份有限公司 关于2022年限制性股票激励计划第二个限售期 解除限售股份上市流通的提示性公告 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。 特别提示： 1、深圳和而泰智能控制股份有限公司 2022 年限制性股票激励计划第二个限 售期解除限售条件已经成就，本期可解除限售的限制性股票激励对象为 241 名， 可解除限售的限制性股票数量为 490.50 万股，占目前公司股本总额的 0.5302%。 2、公司 2022 年限制性股票激励计划第二个限售期解除限售股份上市流通日 为 2025 年 4 月 30 日。 深圳和而泰智能控制股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开第六届董事会第二十五次会议和第六届监事会第二十三次会议审议通 过了《关于 2022 年限制性股票激励计划第二个限售期解除限售条件成就的议 案》，同意公司按照《2022 年限制性股票激励计划（草案）》（以下简称 "《激励计划》"）的相关规定，为 2022 年限制性股票激励计划第二个限售期 ...