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"）第七届董事会第十一 次会议通知于 2025 年 12 月 26 日以邮件方式送达。会议于 2025 年 12 月 29 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《关于选举代表公司执行公司事务的董事的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 根据《公司法》和《公司章程》的相关规定，公司董事会同意选举董事长吴 长鸿先生为代表公司执行公司事务的董事，并担任公司法定代表人，任期自本次 董事会审议通过之日起至公司第七届董事会任期届满之日止。本次选举通过后， 公司法定代表人未发生变更。 证券代码：002472 证券简称：双环传动 公告编号：2025-083 浙江双环传动机械股份有限公司 第七届董事会第十一次会议决议公告 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。 根据《公司法》和《公司章程》的最新规定，公司董事会审 ...

Core Viewpoint - The stock of Zhejiang Shuanghuan Transmission Co., Ltd. has shown significant price movements and financial performance, indicating potential investment opportunities in the automotive parts sector, particularly in gear manufacturing [1][2]. Financial Performance - As of September 30, 2025, Shuanghuan Transmission reported a revenue of 6.466 billion yuan, a year-on-year decrease of 4.10%, while the net profit attributable to shareholders was 898 million yuan, reflecting a year-on-year increase of 21.73% [2]. - The company has distributed a total of 958 million yuan in dividends since its A-share listing, with 510 million yuan distributed over the past three years [3]. Stock Performance - The stock price of Shuanghuan Transmission has increased by 49.92% year-to-date, with a recent 7.78% rise over the last five trading days and a 12.02% increase over the last 20 days [1]. - The stock's trading volume reached 578 million yuan with a turnover rate of 1.72%, and the total market capitalization is approximately 38.486 billion yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 27.51% to 70,800, while the average circulating shares per person decreased by 21.40% to 10,659 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 140 million shares, a decrease of 12.2283 million shares from the previous period [3]. Business Overview - Shuanghuan Transmission specializes in the research, design, and manufacturing of mechanical transmission gears, with its main revenue sources being passenger car gears (63.11%), smart actuators (10.06%), and engineering machinery gears (8.39%) [1].

Core Conclusions - The overall beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The focus should be on "smart driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as the three main technology lines, along with the long-term certainty of "going overseas" [2][34] - EPS perspective: 1) Seek alpha that can traverse cycles in the existing market, prioritizing product companies with high competitiveness that can increase market share and companies that can enhance ASP by entering high-value tracks through internal and external expansion. 2) Globalization opens up growth space for automotive parts, with a significant increase in growth potential and risk resistance by prioritizing capacity layout in Europe, North America, and Southeast Asia [2][34] - Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [2] EPS Dimension Outlook - The automotive parts sector's beta is expected to be weak due to domestic total factors in 2026, with structural opportunities preferred over total opportunities. The focus should be on high-competitiveness product companies that can increase market share and those that can enhance ASP by entering high-value tracks through internal and external expansion [34] - Globalization is expected to open up growth space for automotive parts, with incremental orders mainly coming from Southeast Asia and European new energy markets [34] Market Review - The automotive parts sector's overall performance in 2025 was significantly influenced by AI and robotics, with the sector index outperforming the market in the first half of the year. However, it faced challenges in the second half due to U.S. tariffs and price wars [11][19] - The sector's valuation fluctuated, starting from approximately 21 times earnings at the beginning of 2025, peaking at 32 times by September, and then adjusting back down due to tariff impacts and slower-than-expected robotics progress [11][19] Globalization and Market Expansion - The global light vehicle production is projected to reach 78.82 million units in 2024, with overseas markets, particularly in Europe and North America, being significant contributors [52][57] - Chinese automotive parts companies are increasingly following domestic car manufacturers in their overseas expansion, leveraging cost control and response efficiency advantages [60][61] Recommended Companies and Focus Areas - Companies recommended for investment include Fuyao Glass, Xingyu Co., Minth Group, and others that are positioned to benefit from high competitiveness and market share growth [2][34] - Focus areas include smart driving technologies, liquid cooling systems, and humanoid robotics, which are expected to drive growth in the automotive parts sector [2][34]

证券日报网讯 12月25日，双环传动发布公告称，公司于2025年12月25日召开职工代表大会，同意选举 闻灵浩先生为公司第七届董事会职工代表董事。 （文章来源：证券日报） ...

Investment Rating - The report maintains a positive investment rating for the automotive industry, specifically recommending companies with strong alpha potential and growth prospects [2][4][5]. Core Insights - The report highlights the challenges faced by the used car export market, particularly from Japan, emphasizing the need for standardized rating systems and trust-building measures between buyers and sellers [3]. - It suggests that companies with strong operational capabilities, such as large dealership groups and platforms like Uxin, are well-positioned to capitalize on the growth of used car exports [3]. - The report notes that the automotive parts sector is currently facing headwinds due to high inventory levels and the exhaustion of trade-in subsidies, but there is a cautious optimism for market recovery in the coming year [4]. - Companies like Daimay and Fuda are highlighted for their stable performance and growth potential, particularly in the robotics sector and their international market presence [5][6]. Summary by Sections Used Car Export Insights - The used car export market is hindered by trust issues and a complex transaction chain, with Japan's stringent vehicle inspection policies serving as a potential model for improvement [3]. - Uxin is identified as a key player with a growing inventory of nearly 7,000 used cars, making it a recommended investment for the next two to three years [3]. Automotive Parts Sector Update - The automotive industry did not experience the anticipated year-end surge, primarily due to the depletion of trade-in subsidies and consumer hesitance [4]. - Recommendations include companies with strong alpha characteristics such as Shuanghuan Transmission and Yinlun, which are expected to benefit from stable growth and high market ceilings [4]. Daimay and Robotics Sector - Daimay is recognized for its stable earnings, low valuation, and significant growth potential, particularly in automotive interior components and robotics [5][6]. - The company has made significant strides in expanding its client base, including partnerships with major electric vehicle manufacturers, and is positioned to support Tesla's localization efforts in North America [6].

格隆汇12月25日丨双环传动(002472.SZ)公布，公司于2025年12月25日召开职工代表大会，同意选举闻 灵浩先生为公司第七届董事会职工代表董事，与公司现任董事共同组成第七届董事会，任期自本次职工 代表大会审议通过之日起至第七届董事会任期届满之日止。 ...

证券代码：002472 证券简称：双环传动 公告编号：2025-082 公司于 2025 年 12 月 25 日召开职工代表大会，同意选举闻灵浩先生（简历 附后）为公司第七届董事会职工代表董事，与公司现任董事共同组成第七届董事 会，任期自本次职工代表大会审议通过之日起至第七届董事会任期届满之日止。 闻灵浩先生符合相关法律法规及规范性文件对董事任职资格的要求，其担任公司 职工代表董事后，公司董事会中兼任公司高级管理人员及由职工代表担任董事的 人数总计未超过公司董事总数的二分之一，符合相关法律法规及规范性文件的要 求。 特此公告。 浙江双环传动机械股份有限公司董事会 2025 年 12 月 25 日 附件：职工代表董事简历 闻灵浩先生，1972 年 9 月出生，中国国籍，无境外永久居留权，本科学历。 曾任天合（宁波）电子元件紧固装置有限公司总经理，宁波卓越圣龙工业技术有 限公司总经理，宁波圣龙浦洛西凸轮轴有限公司总经理，宁波圣龙汽车动力系统 股份有限公司泵事业部、变速器事业部总经理、运营副总裁、营销副总裁，宁波 旭升集团股份有限公司挤压集成事业部总经理。现任公司职工代表董事、子公司 江苏双环齿轮有限公司总经理。 ...

Group 1 - The market showed a significant recovery on December 22, with the Robotics Index ETF (560770) rising by 1.84%, and key component stocks such as Siasun Robot & Automation Co., Ltd. increasing by 10.35% [1] - The introduction of the Yushutech G1 humanoid robot at Wang Leehom's concert in Chengdu on December 18 marked the world's first concert featuring a robot on stage, performing "Firepower Fully Open" [1] - Tesla released an annual report video on December 19 showcasing rapid technological advancements of its humanoid robot, Optimus, from basic movements to complex interactions over the past year [1] Group 2 - CITIC Securities highlighted the ongoing overseas capacity planning in the robotics supply chain, suggesting a focus on high-quality segments as mass production approaches [1] - The Trump administration's emphasis on the development of the robotics sector is expected to elevate the strategic importance of the U.S. robotics industry, with potential positive implications for domestic policies [1] - The robotics sector is anticipated to experience a resurgence following previous corrections, with upcoming events such as Gen3 launches, new product releases, and Yushutech's IPO progress being key catalysts to watch [1] Group 3 - The Robotics Index ETF (560770) tracks the CSI Robotics Index, which includes top ten component stocks such as iFlytek, Huichuan Technology, Top Group, Dahua Technology, Roborock, Dazhong Laser, and others, covering various segments of the robotics industry [2]

Core Viewpoint - The company held its third extraordinary general meeting of shareholders on December 18, 2025, where several important resolutions were passed, including changes to the registered capital and business scope, as well as amendments to the company's articles of association [1][10]. Group 1: Meeting Details - The meeting was convened by the company's board of directors and took place both in-person and online [3][4]. - The meeting was attended by 740 shareholders and their proxies, representing 378,420,629 shares, which is 44.5314% of the total voting shares [5]. - The in-person meeting had 23 attendees representing 201,104,608 shares (23.6654% of total voting shares), while 717 shareholders participated via online voting, representing 177,316,021 shares (20.8660% of total voting shares) [6][7]. Group 2: Resolutions Passed - Resolution 1: The proposal to change the registered capital and business scope, along with amendments to the articles of association, was approved with 325,788,562 votes in favor (86.0916%) [10]. - Resolution 2: The proposal to establish and amend certain corporate governance systems was also passed, with 378,190,628 votes in favor (99.9392%) for the implementation details of the cumulative voting system [12]. - Resolution 3: The election of an independent director to the seventh board of directors was approved with 376,843,275 votes in favor (99.5832%) [30]. Group 3: Shareholder Participation - Among the small shareholders, 731 participated, representing 243,174,601 shares (28.6161% of total voting shares) [8]. - The small shareholders voted in favor of the first resolution with 190,542,534 votes (78.3563%) [11]. - The participation of small shareholders in the voting for the second resolution was also significant, with 242,944,600 votes in favor (99.9054%) [13]. Group 4: Board Changes - The company announced the resignation of non-independent director Jiang Yiqing due to internal adjustments and governance optimization, while he will continue as the deputy general manager [33][34]. - Jiang Yiqing held 29,115,240 shares in the company as of the announcement date [34].

文 | GPLP看科技，作者 | 马赫环 2025年对于人形机器人行业来说，确实可以被称为"量产元年"，其中的重要标志就是已经有企业初步构 建了一定的量产能力。如智元机器人已经于12月8日宣布，其通用具身机器人已经累计下线5000台，其 中远征系列（A1/A2）下线1742台，精灵系列（G1/G2）为1412台，灵犀系列（X1/X2）达到了1846 台。 在目前的政策态度、市场氛围以及技术发展方向来看，2026年的国内人形机器人企业将具备更大规模的 量产能力。然而，现在的问题是当前阶段的市场能承载下快速增长的产能吗？ 海内外同频，人形机器人产能扩张势不可挡 日前，人形机器人赛道正上演着预期与现实的激烈碰撞，这种碰撞不止是源于核心零部件对现有产品的 制约，也有产能快速扩张与现有市场的不匹配。 11月就有报道称，高盛发布了《中国人形机器人供应链实地调研报告》，高盛调研9家中国机器人产业 链企业，认为这些机器人零部件公司正规划中国及海外产能，规划年产能10万台至100万台机器人。但9 家公司中，尚无任何一家获得确定性大额订单，也没有明确的量产计划。 这9家企业中包括了三花智控（002050.SZ/2050.HK）、 ...