证券代码：002402 证券简称：和而泰 公告编号：2025-068 经审核，监事会认为：公司 2022 年限制性股票激励计划中有 3 名激励对象因个人 原因离职，1 名激励对象因故身亡，根据《上市公司股权激励管理办法》等法律、法规 及公司《2022 年限制性股票激励计划（草案）》的相关规定，同意公司对其已获授予但 尚未解除限售的限制性股票共计 5.60 万股予以回购注销。本次回购注销事项符合《上 市公司股权激励管理办法》等相关法律、法规及公司 2022 年限制性股票激励计划的有 关规定，注销程序符合相关法律法规的要求，合法有效，亦不存在损害公司及全体股东 利益的情形。 深圳和而泰智能控制股份有限公司 第六届监事会第二十六次会议决议公告 本公司及监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"）第六届监事会第二十六次会 议通知于2025年10月16日以专人和电子邮件的方式送达给各位监事和高级管理人员。会 议于2025年10月21日在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楼和而泰会议室以现场结合 ...

深圳和而泰智能控制股份有限公司 第六届董事会第二十八次会议决议公告 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。 证券代码：002402 证券简称：和而泰 公告编号：2025-067 深圳和而泰智能控制股份有限公司（以下简称"公司"）第六届董事会第二十八 次会议通知于2025年10月16日以专人和电子邮件的方式送达给各位董事、监事及高 级管理人员。会议于2025年10月21日在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以现场结合通讯表决方式召开。会议 应出席董事9名，实际出席董事9名（其中：秦宏武先生因公未能出席会议，委托董 事长刘建伟先生代为出席并表决，孙中亮先生以通讯表决方式出席会议），无缺席会 议的董事，公司监事和高级管理人员列席了会议。本次会议的出席人数、召集、召 开程序和议事内容均符合《中华人民共和国公司法》和《公司章程》的规定。会议 由董事长刘建伟先生主持，经与会人员认真审议，形成如下决议： 1、会议以9票赞成、0票反对、0票弃权，审议通过了《2025年第三季度报告》； 《深圳和而泰智能控制股份有限公司 ...

和而泰公告，第三季度营收为28.24亿元，同比增长14.25%；净利润为2.49亿元，同比增长58.35%。前 三季度营收为82.7亿元，同比增长17.47%；净利润为6.03亿元，同比增长69.66%。 ...

Financial Performance - In Q3 2025, the company achieved operating revenue of CNY 2.82 billion, a year-on-year increase of 14.25%[5] - The net profit attributable to shareholders in Q3 2025 was CNY 249.22 million, representing a year-on-year growth of 58.35%[11] - The company’s cumulative operating revenue for the first nine months of 2025 reached CNY 8.27 billion, up 17.47% compared to the same period last year[5] - The net profit attributable to shareholders for the first nine months of 2025 was CNY 602.90 million, an increase of 69.66% year-on-year[11] - The gross profit margin in Q3 2025 improved by 2.45% year-on-year and 2.99% quarter-on-quarter, indicating a positive trend[9] - Total operating revenue for the current period reached ¥8,269,626,721.45, an increase of 17.5% compared to ¥7,040,064,327.96 in the previous period[28] - Net profit for the current period was ¥642,329,753.59, representing a 97.5% increase from ¥325,309,428.57 in the previous period[29] - Earnings per share (EPS) for the current period was ¥0.6517, compared to ¥0.3814 in the previous period, reflecting a significant growth[30] - The total comprehensive income for the current period was ¥594,584,786.81, compared to ¥313,367,251.61 in the previous period, showing a growth of 89.9%[30] Cash Flow and Financial Management - The net cash flow from operating activities for the first nine months of 2025 increased by 34.19% year-on-year, reaching CNY 441.22 million[12] - Net cash flow from operating activities increased by 34.19% to 441,224,621.04, attributed to higher order volumes and improved cash management[17] - Operating cash inflow for the current period reached ¥7,650,962,750.67, an increase of 18.5% compared to ¥6,454,667,223.81 in the previous period[31] - Cash outflow from investment activities totaled ¥1,228,202,116.16, compared to ¥1,069,293,335.85 in the previous period, resulting in a net cash flow from investment activities of -¥521,851,824.46[32] - Cash inflow from financing activities was ¥1,577,989,549.66, down 18.6% from ¥1,938,902,700.37 in the previous period[32] - Net cash flow from financing activities was ¥151,854,454.47, a decrease of 56.7% compared to ¥350,586,011.89 in the previous period[32] - The ending balance of cash and cash equivalents increased to ¥1,108,089,421.00 from ¥895,952,102.20, reflecting a positive change in liquidity[32] - The company received cash from the recovery of investments amounting to ¥698,353,119.66, significantly higher than ¥136,980,301.95 in the previous period[32] Investments and Strategic Focus - The company is focusing on strategic upgrades through investments and acquisitions, particularly in high-growth areas like robotics[8] - The company has implemented cost reduction measures across production processes, enhancing operational efficiency and profit margins[8] - Trading financial assets increased by 93,290.19% to 269,057,151.51 from 288,100 due to increased investments in financial products[13] - Construction in progress rose by 52.65% to 404,659,228.81, driven by investments in multiple new projects[13] - Research and development expenses increased by 36.81% to 155,099,970.36, reflecting the company's commitment to innovation[13] - Research and development expenses for the current period were ¥473,430,805.70, an increase of 17.1% compared to ¥404,277,386.91 in the previous period[28] Balance Sheet and Assets - The company's total assets increased to CNY 12,768,868,008.18 as of September 30, 2025, up from CNY 11,970,554,542.52 at the beginning of the period, representing a growth of approximately 6.67%[24] - Current assets rose to CNY 8,046,152,164.77, compared to CNY 7,364,292,321.30 at the start of the period, indicating an increase of about 9.26%[24] - Cash and cash equivalents reached CNY 1,301,438,171.85, up from CNY 1,244,498,917.37, reflecting a growth of approximately 4.57%[24] - Accounts receivable increased to CNY 3,331,580,433.82 from CNY 2,871,306,826.75, marking a rise of about 16.03%[24] - Inventory decreased to CNY 2,189,550,722.59 from CNY 2,376,507,903.16, showing a decline of approximately 7.85%[25] - The company's non-current assets totaled CNY 4,722,715,843.41, up from CNY 4,606,262,221.22, which is an increase of about 2.53%[24] - The company's total liabilities decreased by 75.40% for short-term borrowings, optimizing the financing structure[13] - The total liabilities increased to ¥6,769,726,315.25 from ¥6,578,127,744.18, indicating a rise of 2.9%[27] - The company's long-term borrowings increased to ¥929,422,181.93 from ¥545,416,506.87, reflecting a rise of 70.4%[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 246,264, with the largest shareholder holding 15.00%[19] - The company repurchased and canceled 274,000 restricted shares at a price of CNY 7.5593 per share, which accounted for 0.0269% of the total share capital prior to the repurchase[21] - The company also repurchased and canceled 112,000 restricted shares at the same price due to the departure of four incentive targets, leading to a reduction in registered capital from CNY 924,806,285 to CNY 924,694,285[22] - The total number of shares decreased from 924,806,285 to 924,694,285 following the cancellation of the restricted shares[22]

Core Viewpoint - The article discusses the rising interest in the IPOs of Moore Threads and Yushu Technology, highlighting the significant market movements and investment opportunities associated with these companies [3][4]. Group 1: Investment Opportunities - Moore Threads aims to break NVIDIA's monopoly with its domestic GPU, benefiting from the trend of domestic substitution [4]. - Yushu Technology has faced a challenging financing journey, with varying perceptions from venture capitalists over the years [4]. - Companies like Jinfa Technology are strategically positioned to benefit from both Moore Threads and Yushu Technology through direct collaborations and material supply agreements [6][7]. Group 2: Company Collaborations - Jinfa Technology has established a specialized team for humanoid robot material development and has signed strategic agreements with both Moore Threads and Yushu Technology [6]. - Other companies, such as Shuanghuan Transmission and Zhongdali De, have formed partnerships with Yushu Technology, providing essential components for their robotics projects [8]. - Companies like Jingxing Paper and Dazhong Public Utilities are more focused on financial investments, using indirect holdings to hedge against market fluctuations [9]. Group 3: Market Dynamics - The article notes that the excitement around IPOs leads to significant gains for related concept stocks, with direct shareholders benefiting the most [6]. - The investment landscape is characterized by a mix of strategic and financial investments, with some companies taking a more passive role in the emerging tech sectors [9][12]. - Major players like China Mobile and Tencent have entered the market later, focusing on financial investments rather than deep strategic partnerships [13][15].

Core Insights - The article highlights the transformative investment decision made by Heertai in 2020, where the company invested 30 million in the AI chip startup Moore Threads, resulting in a tenfold increase in value to 306 million by 2025 [1][5][12] Company Overview - Heertai is primarily known for producing smart controllers for home appliances and automobiles, which typically have a low profit margin of around 15% [3][11] - The company made a strategic investment in Moore Threads, which was in its angel round at the time, indicating a high-risk but potentially high-reward scenario [3][5] Investment Strategy - The investment in Moore Threads was both a financial and strategic move, as the relationship between GPU technology and smart controllers is crucial for future smart devices [5][12] - Heertai's acquisition of Chengchang Technology for 624 million, gaining a 46.37% stake, marked a significant shift towards higher-margin businesses, particularly in RF chips for phased array radar [6][8] Financial Performance - Chengchang Technology's chip business contributed 201 million in revenue for Heertai in the first half of 2025, accounting for only 3.69% of total revenue but generating over 13% of the profit [9][12] - The overall gross margin for Heertai improved to 19.13% in the first half of 2025, with net profit reaching 354 million, a year-on-year increase of 78.65% [9][12] Market Trends - The market for high-margin technologies, such as those offered by Chengchang Technology, is expanding rapidly, particularly in commercial aerospace and low-orbit satellite industries [9][12] - Heertai is also venturing into automotive electronics and robotics, anticipating significant growth in these sectors by 2030 [13][12] Strategic Vision - Heertai's approach is characterized by a proactive strategy to diversify and invest in high-value sectors, rather than remaining confined to traditional manufacturing [11][12] - The company has increased its R&D spending by 17.05% to 309 million in the first half of 2025, focusing on advanced technologies like AI and robotics [13][12]

Core Viewpoint - Dongfang Precision (002611) has established a joint venture named Shenzhen Heju Zhikong Technology Co., Ltd. with Leju Robotics and Heerat (002402), focusing on humanoid robot intelligent control systems [1] Group 1: Joint Venture Details - The joint venture has completed its business registration [1] - Shenzhen Heju Zhikong Technology Co., Ltd. will concentrate on key scenarios such as industrial operations and human-machine collaboration [1] Group 2: Technological Focus - The company aims to create a comprehensive application solution for humanoid robot intelligent control systems [1] - It is committed to providing end-to-end solutions covering hardware architecture, embedded firmware, and upper-level control interfaces [1] - Key technologies include a high-reliability computing platform, low-cost real-time bus interfaces, and high-power drive modules [1] Group 3: Strategic Goals - The technological breakthroughs are intended to ensure stable operation of humanoid robots in complex working conditions [1] - The initiative aims to promote the large-scale application of embodied intelligence technology [1]

Market Overview - The consumer electronics sector experienced a decline of 4.82% on October 14, with Tonglian Precision leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers included: - Hongxi Technology (Code: 920857) with a closing price of 26.76, up 2.33% [1] - Lingyi Technology (Code: 002600) with a closing price of 15.51, up 1.37% [1] - Significant losers included: - Tonglian Precision (Code: 688210) with a closing price of 48.83, down 10.89% [2] - Deli Technology (Code: 300679) with a closing price of 51.40, down 9.17% [2] Capital Flow - The consumer electronics sector saw a net outflow of 7.044 billion yuan from institutional investors, while retail investors contributed a net inflow of 5.265 billion yuan [2][3] - The table of capital flow indicates varying levels of net inflow and outflow among different stocks, with Heertai (Code: 002402) showing a net inflow of 200 million yuan from institutional investors [3]

Core Viewpoint - The company, Heertai, emphasizes its competitive advantage in the low Earth orbit satellite communication sector through its subsidiary, Chengchang Technology, which is actively delivering products as planned and benefiting from the accelerated development of communication networks due to the frequent launches of low Earth orbit satellites [2]. Group 1: Company Developments - Chengchang Technology is leveraging its advanced technology and product development to enhance its presence in satellite, airborne, and ground communication fields while also exploring applications in the low-altitude economy [2]. - The company is focused on building a comprehensive solution library that covers ground, aerial, and space-based scenarios through systematic innovation to strengthen market penetration [2]. - Future strategies include closely monitoring industry trends and actively expanding into new fields to adapt to market dynamics [2].

Market Overview - The automotive thermal management sector declined by 1.86%, ranking among the top declines in concept sectors as of the market close on October 13 [1] - Within this sector, companies such as Hengshuai Co., Zhejiang Rongtai, and Jingwei Hengrun experienced significant declines, while 18 stocks saw price increases, with Hunan Tianyan, Changying Tong, and Keda Guochuang leading with gains of 6.67%, 6.55%, and 4.51% respectively [1] Concept Sector Performance - The top-performing concept sectors included Rare Earth Permanent Magnets with a gain of 6.92%, and Military Equipment Restructuring Concept with a gain of 3.51% [2] - The automotive thermal management sector was among the laggards, with a decline of 1.86%, alongside other sectors like AI PC and Decelerators [2] Capital Flow Analysis - The automotive thermal management sector saw a net outflow of 1.94 billion yuan, with 91 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 100 million yuan [2] - The leading stock for net outflow was Sanhua Intelligent Control, with a net outflow of 354 million yuan, followed by Top Group and Huagong Technology with outflows of 251 million yuan and 222 million yuan respectively [2] Notable Stocks in Automotive Thermal Management - Key stocks with significant net outflows included: - Sanhua Intelligent Control: -5.23% with a turnover rate of 5.92% and a net outflow of 353.60 million yuan - Top Group: -4.97% with a turnover rate of 3.39% and a net outflow of 251.08 million yuan - Huagong Technology: -3.19% with a turnover rate of 6.05% and a net outflow of 222.13 million yuan [3][4] Stocks with Positive Capital Inflows - Stocks with notable net inflows included: - Midea Group: 3.59 billion yuan - Feirongda: 57.68 million yuan - Sixuan New Materials: 53.25 million yuan [2][6]