浙江双环传动机械股份有限公司 证券代码：002472 证券简称：双环传动 公告编号：2025-044 第七届监事会第七次会议决议公告 本公司及监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、监事会会议召开情况 浙江双环传动机械股份有限公司（以下简称"公司"）第七届监事会第七次 会议通知于 2025 年 7 月 3 日以邮件、电话等方式送达。会议于 2025 年 7 月 10 日以通讯方式召开。会议应出席监事 5 名，亲自出席监事 5 名。本次会议由监事 会主席杨东坡主持，会议的召开程序符合《中华人民共和国公司法》和《公司章 程》有关规定。 二、监事会会议审议情况 本议案尚需提交公司 2025 年第一次临时股东大会审议。 2、审议通过了《关于公司〈2025 年员工持股计划管理办法〉的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 1、审议通过了《关于公司〈2025 年员工持股计划（草案）〉及其摘要的议 案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 公司监事杨东坡、张琦参与本员工持股计划，对本议案回避表决。 为进一步建立和完善员工、股东的利 ...

浙江双环传动机械股份有限公司董事会薪酬与考核委员会 关于公司2025年员工持股计划相关事项的核查意见 浙江双环传动机械股份有限公司（以下简称"公司"）董事会薪酬与考核委 员会根据《中华人民共和国公司法》《中华人民共和国证券法》《关于上市公司实 施员工持股计划试点的指导意见》（以下简称"《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》（以下简称 "《自律监管指引第 1 号》"）等有关法律法规及规范性文件和《公司章程》的 规定，认真审阅《浙江双环传动机械股份有限公司 2025 年员工持股计划（草案）》 （以下简称"本员工持股计划"）及其摘要等相关会议资料，经全体委员充分全 面的讨论和分析，现就公司 2025 年员工持股计划相关事项发表核查意见如下： 1、公司不存在《指导意见》《自律监管指引第 1 号》等法律法规及规范性文 件规定的禁止实施员工持股计划的情形； 2、公司推出本员工持股计划前，已召开职工代表大会征求员工意见。公司 审议本员工持股计划相关议案的决策程序合法、有效，不存在损害公司及全体股 东利益的情形，不存在摊派、强行分配等方式强制员工参与本次员工持股计划的 情 ...

证券代码：002472 证券简称：双环传动 公告编号：2025-043 浙江双环传动机械股份有限公司 第七届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江双环传动机械股份有限公司（以下简称"公司"）第七届董事会第七次 会议通知于 2025 年 7 月 3 日以邮件、电话等方式送达。会议于 2025 年 7 月 10 日以通讯方式召开。会议应出席董事 9 名，亲自出席董事 9 名。本次会议由董事 长吴长鸿先生主持，会议的召开程序符合《中华人民共和国公司法》和《公司章 程》有关规定。 二、董事会会议审议情况 1、审议通过了《关于公司〈2025 年员工持股计划（草案）〉及其摘要的议 案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 公司董事 MIN ZHANG、张戎、周志强、陈海霞参与本员工持股计划，对本议 案回避表决。 为进一步建立和完善员工、股东的利益共享机制，改善公司治理水平，提高 员工的凝聚力和公司竞争力，调动员工的积极性和创造性，促进公司长期、持续、 健康发展。公司依据《中华人民共和国公司法 ...

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.39%, with key stocks like Defu Technology (301511) rising by 3.57% and Huayou Cobalt (603799) by 2.92% [1] - The National Development and Reform Commission and other departments announced plans to establish over 100,000 high-power charging facilities by the end of 2027, aiming for improved service quality and technology upgrades [1] - CITIC Securities forecasts that domestic electric vehicle sales will reach 16.52 million units in 2025, with a year-on-year growth rate of 15-22% expected in 2026 [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.15%, with major stocks like Sungrow Power (300274) increasing by 1.62% [4] - The top ten weighted stocks in the photovoltaic index account for 55.39% of the total index, indicating a concentrated market [9] Group 3: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) increased by 0.29%, with stocks like Zhengmei Machinery (601717) rising by 2.51% [4] - The top ten weighted stocks in the automotive parts index represent 41.05% of the total index, highlighting key players in the sector [9] Group 4: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 0.50%, with stocks like Yake Technology (002409) increasing by 4.58% [6] - The top ten weighted stocks in the new materials index account for 51.27% of the total index, showcasing significant contributors to the industry [10]

Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Viewpoints - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Industry Overview - Humanoid robots have completed the basic functionality phase and are now focusing on software generalization and hardware optimization for commercial applications [3][4]. - The iterative direction for hardware includes high load capacity, lightweight design, high thermal dissipation, low energy consumption, stability, flexibility, and cost reduction [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report highlights the advantages of cycloidal reducers over traditional planetary and harmonic reducers, particularly in high-load scenarios [4][5]. Market Potential - The global market for cycloidal reducers is expected to reach 17 billion RMB by 2029, with significant penetration in humanoid robot joints anticipated [5]. - The report estimates that the market for humanoid robot cycloidal reducers could exceed 14 billion RMB by 2030, indicating substantial growth potential [5]. Key Companies and Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to benefit from technological upgrades in the humanoid robot sector [6][7].

Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Insights - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Market Trends - The humanoid robot sector has completed the basic functionality phase and is now focusing on software and hardware upgrades [3]. - The report highlights the need for improvements in load capacity, lightweight design, heat dissipation, energy efficiency, stability, flexibility, and cost reduction in hardware [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report discusses the advantages and disadvantages of various reducer types, including harmonic, planetary, RV, and cycloidal reducers, emphasizing the unique benefits of cycloidal reducers in high-load applications [22][23]. Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to capitalize on the growth in the humanoid robot market [6][7].

Core Viewpoint - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, with a focus on the optimization and coupling of hardware and software for future iterations [2]. Group 1: Industry Development - Humanoid robots have completed the basic functionality phase, but there is still room for improvement before large-scale commercial and household applications can be realized [2]. - The future iterations will focus on hardware aspects such as high load capacity, lightweight design, high heat dissipation, low energy consumption, stability, flexibility, and cost reduction [2]. Group 2: Gearbox Technology - The current humanoid robot joint modules primarily use planetary and harmonic gearbox solutions, each with its advantages and disadvantages [78]. - Planetary gearboxes are simple and cost-effective but have high backlash that affects precision, while harmonic gearboxes offer high precision but have limitations in high-load scenarios due to material fatigue [78][94]. - The cycloidal gearbox is expected to be a new direction for humanoid robot applications, combining precision and load capacity advantages [78][95]. Group 3: Market Potential - The market for new cycloidal gearboxes in humanoid robots is projected to exceed 14 billion yuan by 2030, driven by the increasing demand for humanoid robots [6][100]. - The global market for cycloidal gearboxes, excluding humanoid robots, is expected to reach 2.36 billion USD by 2029, indicating significant growth potential in this sector [6][100]. Group 4: Competitive Landscape - The precision gearbox market is currently dominated by foreign brands, particularly Japanese companies, which hold significant market shares in harmonic and RV gearboxes [69][71]. - Domestic players are gradually increasing their market share in the harmonic gearbox segment, with companies like Lide Harmonic leading with a 25% market share [74]. - The cycloidal gearbox market has high barriers to entry due to complex design and manufacturing processes, which may favor established players with strong engineering capabilities [62][67].

Group 1 - Zhejiang Wansheng Co., Ltd. faced urgent demands from clients during the export process of chemical products and sought assistance from the customs enterprise coordinator [1] - The enterprise coordinator mechanism established by Hangzhou Customs aims to facilitate AEO (Authorized Economic Operator) enterprises by providing efficient problem-solving services, significantly enhancing their customs clearance efficiency and market competitiveness [1] - Since the establishment of the mechanism, Hangzhou Customs has resolved over 200 issues for AEO enterprises [1] Group 2 - Zhejiang Shuanghuan Transmission Co., Ltd. emphasized the importance of compliance capability improvement after becoming an AEO enterprise, highlighting the need for enhanced regulatory standards due to increased production capacity and product variety [2] - The customs coordination mechanism has helped Shuanghuan Transmission identify and rectify risk loopholes in the import and export documentation process, thereby improving their compliance management [2] - As of March, there are 220 AEO enterprises in the jurisdiction of Hangzhou Customs, which accounted for 1,413.8 billion yuan in imports and exports from January to May, representing 6.3% of Zhejiang's total import and export volume [2]

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

Group 1 - The article highlights the establishment of a coordinator mechanism by Hangzhou Customs to assist AEO (Authorized Economic Operator) enterprises in resolving customs-related issues, significantly improving their clearance efficiency and market competitiveness [1][3]. - The coordinator team operates through an "online + offline" model, providing 24/7 responses, cross-department collaboration, and precise policy implementation to address various customs challenges faced by AEO enterprises [1][3]. - Since the mechanism's inception, Hangzhou Customs has resolved over 200 issues for AEO enterprises, demonstrating its effectiveness in facilitating smoother customs processes [1]. Group 2 - Zhejiang Shuanghuan Transmission Machinery Co., Ltd. emphasizes the importance of compliance capability enhancement after becoming an AEO enterprise, which has helped them identify and rectify risks in their import and export documentation process [3]. - The customs coordinator mechanism allows enterprises to enjoy expedited customs procedures, priority inspections, and reduced inspection rates, contributing to overall operational efficiency [3]. - As of March, the customs coordinator team is expanding, and Hangzhou Customs has launched an online service initiative to address urgent needs of enterprises, ensuring responsive support for their development [3]. Group 3 - According to customs statistics, there are currently 220 AEO enterprises in the jurisdiction of Hangzhou Customs, which accounted for an import and export volume of 141.38 billion yuan from January to May this year, representing 6.3% of Zhejiang's total foreign trade [5]. - These AEO enterprises are positioned as leaders in the high-level development of Zhejiang's foreign trade [5].