（文章来源：证券日报） 证券日报网讯 1月14日，和而泰在互动平台回答投资者提问时表示，实控人减持基于其本人资金需求安 排，公司实控人坚定看好公司长期发展，也会一如既往致力于企业经营，以优秀的经营业绩回馈广大投 资者。 ...

2、截至本公告披露日，上述限制性股票已在中国证券登记结算有限责任公司深圳 分公司办理完成注销手续。 一、限制性股票激励计划已履行的程序 1、2022年11月30日，公司召开第六届董事会第三次会议和第六届监事会第三次会 议，审议通过了《关于<2022年限制性股票激励计划（草案）>及其摘要的议案》等相 关议案，公司独立董事对此发表了同意的独立意见，北京君合（杭州）律师事务所就此 事 项 出 具 了 法 律 意 见 书 。 具 体 内 容 详 见 2022 年 12 月 2 日 登 载 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的相关公告文件。 2、2022年12月2日，公司通过巨潮资讯网及内部系统发布了《2022年限制性股票激 励计划激励对象名单》，公示时间为2022年12月2日-2022年12月12日，公示期间内，公 司监事会未收到任何异议。2022年12月14日，公司在巨潮资讯网（www.cninfo.com.cn） 刊登了《监事会关于2022年限制性股票激励计划激励对象名单的审核意见及公示情况说 明》（2022-094）。 特别提示： 本公司及董事会全体成员保证信息披露的内容真实、准确、 ...

Group 1 - The stock of Heertai fell by 5.2%, trading at 40.46 yuan per share, with a transaction volume of 2.218 billion yuan and a turnover rate of 6.67%, resulting in a total market capitalization of 37.413 billion yuan [1] - Heertai, established on January 12, 2000, and listed on May 11, 2010, is based in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of smart controllers for household appliances, next-generation smart controllers, and smart hardware [1] - The main revenue sources for Heertai include smart controllers for household appliances (65.41%), smart controllers for intelligent products (11.34%), smart controllers for power tools (9.82%), automotive electronic smart controllers (7.63%), and microwave millimeter-wave analog phased array T/R chips (3.69%) [1] Group 2 - The Xinda Aoya Fund holds a significant position in Heertai, with the Xinda New Target Flexible Allocation Mixed A Fund (003456) reducing its holdings by 2,700 shares to 600 shares, representing 0.05% of the fund's net value, making it the fourth-largest holding [2] - The Xinda New Target Flexible Allocation Mixed A Fund has a total scale of 2.4078 million, with a year-to-date return of 1.1% and a one-year return of 4.54%, ranking 7350 out of 8836 and 7440 out of 8091 respectively [2]

Group 1 - The consumer electronics sector rose by 1.73% on January 12, with Yunzhong Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Notable gainers in the consumer electronics sector included Yunzhong Technology, which increased by 16.44% to a closing price of 36.05, and Tonglian Precision, which rose by 12.19% to 58.00 [1] Group 2 - The consumer electronics sector experienced a net outflow of 645 million yuan from institutional investors and 724 million yuan from retail investors, while individual investors saw a net inflow of 1.369 billion yuan [2] - The trading volume for notable stocks included 1.947 million shares for XW Communication, with a transaction value of 17.231 billion yuan [1] - The stock performance of Linyi Intelligent showed a net inflow of 164.2 million yuan from institutional investors, while it faced a net outflow of 751 million yuan from retail investors [3]

Core Viewpoint - The share reduction plan announced by Liu Jianwei, the controlling shareholder and actual controller of Heertai, has caused significant fluctuations in the company's stock price, indicating market sensitivity to insider selling [2]. Group 1: Share Reduction Announcement - Heertai announced that Liu Jianwei plans to reduce his holdings by up to 18.42 million shares, which is no more than 2% of the company's total share capital, from January 28 to April 27, 2026 [2]. - The reason for the share reduction is primarily to repay pledged financing debts and meet personal funding needs [2]. Group 2: Share Pledge Details - As of December 31, 2025, Liu Jianwei had pledged approximately 76.76 million shares, accounting for over 55% of his total holdings [2]. Group 3: Market Reaction - Following the announcement of the share reduction, Heertai's stock price fell significantly, with an intraday drop exceeding 5%, ultimately closing down by 4.69% [2]. - As of January 7, 2026, Heertai's closing price was 38.80 yuan, giving the company a market capitalization of approximately 35.88 billion yuan [2]. - If Liu Jianwei sells the 18.42 million shares at the closing price, he would raise over 700 million yuan [2].

Core Viewpoint - The reduction plan announced by Liu Jianwei, the actual controller of Heertai, has caused stock price fluctuations, primarily aimed at alleviating debt pressure due to a high pledge ratio of over 55% [1][2][3] Group 1: Shareholding and Reduction Plan - Liu Jianwei plans to reduce his shareholding by up to 18,417,800 shares, accounting for no more than 2% of the company's total share capital, from January 28 to April 27, 2026 [2][3] - As of the announcement, Liu Jianwei holds approximately 139 million shares, representing 15.06% of the company's total share capital [2][3] - The reduction is intended to repay pledged financing debts and meet personal funding needs, with a total of 76.76 million shares pledged, exceeding 55% of his holdings [3][5] Group 2: Financial Performance and Market Reaction - Heertai's stock price fell by 4.69% on the first trading day following the reduction announcement, closing at 38.80 yuan, with a market capitalization of approximately 35.88 billion yuan [5] - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue of 8.27 billion yuan (up 17.47%) and net profit of 603 million yuan (up 69.66%) [8] - Heertai's investment in the chip company Moer Thread is noteworthy, with shares valued at over 2.5 billion yuan, contributing positively to its financial standing [8][9] Group 3: Corporate Structure and Management - Heertai's management structure is clearly defined, with Liu Jianwei overseeing financial, investment, and human resources, while the executive president, Qin Hongwu, manages the implementation of strategies and operational goals [9]

Core Insights - The robotics sector is experiencing a significant surge, with Goldman Sachs identifying eight key A-share companies, four of which have seen stock prices double, while two others present hidden opportunities [1][3]. Group 1: Investment Strategy - Goldman Sachs focuses on upstream core components rather than popular complete machine manufacturers due to the substantial profit margins in the upstream sector, which can reach 30%-50%, compared to only 10%-20% for downstream manufacturers [3]. - The Chinese government's policy support aims to cultivate 2-3 global leaders in the robotics industry by 2027, with a focus on domestic replacement of core components, providing up to 15% R&D subsidies [3]. - IDC forecasts that global shipments of humanoid robots will exceed 60,000 units in 2026, a sevenfold increase from 2025, indicating a surge in demand for core components [3]. Group 2: Stock Analysis - Four companies have already doubled in stock price due to solid orders and technological advancements, including Heertai (涨幅123.15%) and Lixing Co. (涨幅224.75%) [4]. - The remaining four companies have seen stock price increases of less than 50% and have lower price-to-earnings ratios than the industry average, indicating potential for growth [4]. - Notable companies include Sanlian Forging (涨幅42.6%), which specializes in precision gear reducers, and Water Co. (涨幅27.88%), known for its lightweight special materials [4]. Group 3: Hidden Opportunities - Sanlian Forging is positioned in a critical segment of the supply chain with high technical barriers, and its business is expected to see explosive growth as production ramps up in 2026 [6]. - Water Co. has already achieved mass production of special materials essential for robot lightweighting, with strong long-term growth potential despite currently low revenue contributions from robotics [6].

Core Viewpoint - Heertai (002402.SZ) experienced a decline of over 5%, closing at 38.55 yuan, with a total market capitalization of 35.65 billion yuan. The company announced that its controlling shareholder, actual controller, chairman, and president, Liu Jianwei, plans to reduce his shareholding by up to 18.4178 million shares, representing no more than 2% of the company's total share capital, excluding shares in the repurchase special account. The reason for the reduction is to repay pledged financing debts and meet personal funding needs [1]. Group 1 - Heertai's share price fell over 5% to 38.55 yuan, resulting in a market cap of 35.65 billion yuan [1]. - Liu Jianwei intends to reduce his shareholding by a maximum of 18.4178 million shares within a three-month period from January 28, 2026, to April 27, 2026 [1]. - The planned reduction accounts for no more than 2% of the company's total share capital, excluding shares held in the repurchase special account [1].

Core Viewpoint - The controlling shareholder and actual controller of Heertai (002402.SZ), Liu Jianwei, plans to reduce his shareholding by up to 18,417,831 shares, which is no more than 2% of the company's total share capital, primarily to repay pledged financing debts and for personal financial needs [1][2]. Summary by Sections Shareholding Reduction - Liu Jianwei currently holds 138,762,100 shares, representing 15.0673% of the company's total share capital after excluding shares in the repurchase account [1]. - The planned reduction will occur within three months from January 28, 2026, to April 27, 2026, through centralized bidding or block trading [1]. Financial Implications - Based on the closing price of 40.71 yuan on January 6, the total cash Liu Jianwei aims to realize from this reduction is approximately 750 million yuan [2]. - Since December 23, 2016, Liu Jianwei has cumulatively reduced his holdings by 49,986,800 shares, resulting in total cash proceeds of about 650 million yuan [2].

Summary of Key Points Core Viewpoint - Multiple shareholders from various companies are planning to reduce their stakes, indicating potential shifts in ownership and market dynamics [1]. Shareholder Reductions - **Shanwaishan**: Shareholders Yuanwaiyuan, Chongqing Dexiang, and Chongqing Derui plan to reduce a total of no more than 6.3747 million shares [1]. - **Oriental Zhongke**: Shareholder Dalian Jintou intends to reduce no more than 3% of its shares [1]. - **Mengke Pharmaceutical**: Shareholder Mengke Hong Kong plans to reduce no more than 3% of its shares [1]. - **Shengke Communication**: Shareholder National Integrated Circuit Industry Investment Fund plans to reduce no more than 3% of its shares [1]. - **Pioneer Electronics**: The controlling shareholder plans to reduce no more than 1% of its shares [1]. - **Heer Technology**: Chairman Liu Jianwei plans to reduce no more than 2% of his shares [1]. - **Sifang Jichuang**: The controlling shareholder and its concerted parties plan to reduce no more than 2% of their shares [1]. - **Yinbang Shares**: Shareholder Huaibei Public Utilities plans to reduce no more than 3% of its shares [1]. - **Fulaiwang**: The controlling shareholder plans to reduce no more than 2.9977% of its shares [1]. - **Thinking Control**: The company has terminated plans for a change in control and will resume trading on January 7 [1]. - **Baihua Pharmaceutical**: The company has also terminated plans for a change in control and will resume trading on January 7 [1].