浙江双环传动机械股份有限公司章程 浙江双环传动机械股份有限公司 章 程 二〇二五年十一月 第八条 代表公司执行公司事务的董事为公司的法定代表人，由董事会选举产生。公司 董事长为代表公司执行事务的董事。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下简称"公司"）。 担任法定代表人的董事辞任的，视为同时辞去法定代表人。 公司系在原浙江双环传动机械有限公司的基础上变更设立的股份有限公司；在浙江省市 场监督管理局注册登记，取得营业执照，统一社会信用代码 91330000779370442Q。 第三条 公司于 2010 年 8 月 18 日经中国证券监督管理委员会核准，首次向社会公众发 行人民币普通股 3000 万股，于 2010 年 9 月 10 日在深圳证券交易所上市。 浙江双环传动机械股份有限公司章程 第四条 公司注册名称：浙江双环传动机械股份有限公司 第一章 总 则 | | | 英文名称：ZHEJIANG SHUANGHUAN DRIVELINE CO.LTD 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中 ...

浙江双环传动机械股份有限公司 投资决策管理制度 第一章 总 则 第一条 为规范浙江双环传动机械股份有限公司（以下简称"公司"）的投 资决策程序，建立完善的投资决策机制，有效防范投资风险，保障公司和股东的 利益，根据《中华人民共和国公司法》《深圳证券交易所股票上市规则》等有关 法律法规及《浙江双环传动机械股份有限公司章程》（以下简称《公司章程》） 的规定，特制定本制度。 第二条 投资决策管理应当遵循合法、审慎、安全、有效的原则，确保决策 科学民主化、行为规范程序化、投入产业效益化。 第三条 本制度适用于公司及合并报表范围内全资子公司、控股子公司（以 下简称"子公司"）的投资行为。 第二章 决策范围 第四条 依据本制度进行的重大投资事项包括： （一）购买资产； （二）出售资产； （三）对外投资（含委托理财、对子公司投资等）； （四）提供财务资助（含委托贷款等）； （五） 提供担保（含对控股子公司担保等）； （六）租入或租出资产； （七）委托或者受托管理资产和业务； （八）赠与或者受赠资产； （九）债权或者债务重组； （十） 转让或者受让研发项目； （十一）签订许可协议； （十二）放弃权利（含放弃优先购买权、优先认 ...

浙江双环传动机械股份有限公司 独立董事津贴制度 浙江双环传动机械股份有限公司（以下简称"公司"）为了体现"责任、风 险、利益相一致"的原则，特制定本津贴制度。 第一条 本制度所指的独立董事，是指不在公司担任除董事外的其他职务， 公司按照《关于在上市公司建立独立董事的指导意见》的规定聘请的，与公司及 其主要股东不存在可能妨碍其进行独立客观判断的关系的董事。 第二条 津贴原则：津贴水平综合考虑独立董事的工作任务、责任等。 浙江双环传动机械股份有限公司 2025 年 11 月 28 日 第三条 津贴标准：独立董事津贴为每人每年 8 万元人民币。 第四条 以上津贴标准为税前标准，由公司统一按个人所得税标准代扣代缴 个人所得税。独立董事津贴从股东会通过当日起计算按季发放。 第五条 独立董事出席公司董事会会议、股东会的差旅费以及按《公司章程》 行使职权所需费用，均由公司据实报销。 第六条 本制度自公司股东会审议通过后正式实施。 ...

Key Insights - The report highlights the strong growth potential of companies in the automotive sector, particularly those with established brands and innovative technologies [3][4][5] - The focus on electric vehicles and smart technologies is driving significant changes in the industry, with companies like BYD, Geely, and XPeng being recommended for investment [3][4][5] Company Updates - **Uxin**: The profitability of new stores is increasing faster than expected due to brand establishment, which enhances profit elasticity in a favorable market [3][4] - **SAIC Motor**: Future prospects hinge on Huawei's involvement, with adjustments in new car launches expected to create opportunities [3][4] - **Tuhu**: Anticipated stable earnings in Q4 2025, with potential for growth in the aftermarket sector [4] - **Hengbo Co., Ltd.**: Strong positioning in the robotics sector with high technical added value and a comprehensive supply chain [5] - **Double Ring Transmission**: Direct collaboration with Tesla on reducers, with significant growth expected in traditional and new energy sectors [5] - **Great Wall Motors**: Plans to launch multiple new models and power versions in 2026, with expected sales growth [8] - **XPeng Motors**: Anticipated improvement in sales structure and gross margins, with new technologies aiding in profitability [8][9] - **Leap Motor**: Expected to exceed 1 million units in sales by 2026, with stable gross margins despite industry challenges [9] Industry Trends - The automotive industry is witnessing a shift towards electric and smart vehicles, with companies focusing on innovation and brand strength to capture market share [3][4][5] - The integration of advanced technologies and partnerships with tech firms like Huawei is becoming crucial for automotive companies to enhance their product offerings and market positioning [3][4][5]

Core Viewpoint - Citigroup's report indicates a positive outlook for the simulation robotics industry, supported by meetings with five related companies, which expect exponential revenue growth in the coming year due to accelerated production in both China and the U.S. [1] Group 1: Company Insights - The five companies discussed in the report include UBTECH, Orbbec, Lingyi iTech, Green Harmony, and Zhejiang Rongtai, all of which anticipate at least a doubling of their simulation robotics-related revenues next year [1] - Citigroup maintains a favorable view on UBTECH as a preferred stock in the simulation robotics sector, while showing an increasingly positive outlook on parts manufacturer Green Harmony [1] Group 2: Market Trends - The report highlights that leading U.S. companies in the new energy vehicle and simulation robotics sectors are accelerating supply chain development and increasing production capacity [1] - Citigroup suggests taking advantage of recent stock price weaknesses to accumulate shares in Hengli Hydraulic, Green Harmony, and Shuanghuan Transmission [1]

Group 1: Market Performance - The market has shown volatility and a downward trend, with the CSI Robotics Index falling by 3.43% as of November 21, while the Shanghai Composite Index and the ChiNext Index dropped by 3.9% and 6.15% respectively [1] - Despite the overall market decline, the Robotics Index ETF (560770) has seen a continuous net inflow of funds for 23 days, totaling 813 million yuan, with its latest scale surpassing 2.55 billion yuan and a year-to-date share increase of 182.62% [1] Group 2: ETF and Index Composition - The Robotics Index ETF (560770) tracks the CSI Robotics Index, which includes sample stocks from system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other robotics-related listed companies [1] - The top ten constituent stocks of the index include companies such as Huichuan Technology, iFlytek, Dahua Technology, and others, covering the entire robotics industry chain from upstream components to midstream manufacturing and downstream system integration [1] Group 3: Industrial Robot Market Growth - The industrial robot market in China has been thriving, with production reaching 602,700 units from January to October this year, marking a year-on-year growth of 28.8%, surpassing the total expected production for 2024 [2] - China's industrial robot exports are projected to grow by 43.22% in 2024, reaching 1.13 billion USD, with a significant increase of 54.9% in exports during the first three quarters of this year compared to the overall foreign trade growth [2] Group 4: Future Prospects for Humanoid Robots - The humanoid robot sector in China is expected to enter a phase of large-scale development by 2025, with Beijing accelerating the commercialization and application of humanoid robots as a key driver of new productive forces [2] - With the rapid layout of domestic and foreign enterprises and breakthroughs in AI technology, humanoid robots are anticipated to reach mass production, creating a strong demand for independent innovation in core components [2]

Core Viewpoint - The stock of Zhejiang Shuanghuan Transmission Co., Ltd. has experienced fluctuations, with a current price of 38.00 CNY per share, reflecting a year-to-date increase of 25.76% but a recent decline over the past five and twenty trading days [1][2]. Company Overview - Zhejiang Shuanghuan Transmission Co., Ltd. was established on August 25, 2005, and listed on September 10, 2010. The company specializes in the research, design, and manufacturing of mechanical transmission gears [1]. - The company's revenue composition includes: passenger car gears (63.11%), intelligent actuators (10.06%), engineering machinery gears (8.39%), reducers and others (8.25%), commercial vehicle gears (7.64%), electric tool gears (1.68%), and motorcycle gears (0.87%) [1]. Financial Performance - For the period from January to September 2025, the company reported a revenue of 6.466 billion CNY, a year-on-year decrease of 4.10%. However, the net profit attributable to shareholders increased by 21.73% to 898 million CNY [2]. - Since its A-share listing, the company has distributed a total of 958 million CNY in dividends, with 510 million CNY distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 27.51% to 70,800, with an average of 10,659 circulating shares per person, a decrease of 21.40% [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. Other notable shareholders include Huaxia CSI Robotics ETF and E Fund National Robotics Industry ETF, with significant holdings [3].

Core Viewpoint - Multiple robotics companies have initiated public offerings this year, indicating a growing interest in the robotics sector, with Kanop Robotics being the latest to file for an IPO in Hong Kong [2][24]. Company Overview - Kanop Robotics, established in September 2012 and headquartered in Chengdu, Sichuan, focuses on the industrial robotics sector and aims to list on the Hong Kong Stock Exchange [2][4]. - The company has a diverse product portfolio, including over 70 models of industrial robots, with a strong emphasis on welding capabilities and applications in various industries such as automotive, electronics, and healthcare [4][10]. Financial Performance - The company's revenue has shown growth, with figures of RMB 197.44 million in 2022, RMB 222.37 million in 2023, and projected RMB 234.04 million in 2024, although net profits have declined significantly in 2023 and 2024 [9][11]. - The gross profit margins have improved, reaching 32.4% in the first half of 2025, attributed to a shift in product mix and increased sales volume [10][11]. Market Position - Kanop Robotics ranks first among Chinese welding robot manufacturers and third in the metal and machinery processing sector based on revenue [24][26]. - The Chinese industrial robotics market is projected to grow from RMB 315 billion in 2020 to RMB 467 billion in 2024, with a compound annual growth rate (CAGR) of 10.4% [22][24]. Product Offerings - The company’s product range includes six-axis and four-axis industrial robots, collaborative robots, and embodied intelligent robots, catering to various automation needs [4][5][8]. - Six-axis welding robots account for approximately 55% of the revenue, while multi-functional robots contribute about 25.9% [11][12]. Challenges - The company faces challenges such as increasing sales expenses and high accounts receivable, which have impacted its net profit and cash flow [10][16][27]. - As of mid-2025, Kanop Robotics reported significant accounts receivable and payable, indicating potential liquidity pressures [16][27].

证券代码：002472 证券简称：双环传动 公告编号：2025-071 浙江双环传动机械股份有限公司 关于公司为全资子公司提供担保的进展公告 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、担保情况概述 浙江双环传动机械股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开的第七届董事会第三次会议和 2025 年 5 月 16 日召开的 2024 年年度股东 大会，审议通过了《关于 2025 年度公司及子公司提供融资担保的议案》。根据整 体生产经营计划和资金需求情况，公司合并报表范围内的部分公司拟向金融机构、 融资租赁公司进行融资，为确保生产经营持续、健康发展，公司拟为部分全资子 公司、控股子公司提供不超过 43.10 亿元额度的融资担保；部分控股子公司与其 下属全资子公司之间互相提供不超过 1.40 亿元额度的融资担保，实际担保金额 以最终签订的担保合同为准。上述担保额度的有效期自 2024 年年度股东大会审 议通过之日起至 2025 年年度股东大会召开之日止。 以上担保事项具体内容详见公司于 2025 年 4 月 25 日、2025 ...

Investment Rating - The report maintains a Buy rating on Shuanghuan Drive with an unchanged target price of Rmb50.0, indicating an expected share price return of 26.7% and a total expected return of 27.4% [7]. Core Insights - Shuanghuan Drive plans to outgrow the market despite concerns over a potential slowdown in China’s NEV demand in 2026. The company aims to increase dollar content per NEV, focus on overseas projects, and strengthen its cost structure [1][2]. - The company expects to achieve double-digit year-on-year growth in NEV gear revenue in 2026, driven by increased shipments of coaxial gears and differentials [1][2]. - Strong growth is anticipated in the intelligent gear and industrial robot businesses, while revenue from ICE, CV, and CM gear is expected to stabilize [1]. Summary by Sections NEV Gear Strategy - Shuanghuan plans to increase dollar content per NEV by selling more coaxial gears (ASP Rmb1,000-1,200/set) and differentials (ASP Rmb100-200/set), with shipments projected at 6.8 million sets of NEV gears and 1 million sets of differentials in 2025 [2]. - The shipment of differentials is expected to double in 2026 [2]. Overseas Projects - NEV gear exports are projected to rise from 400k-500k sets in 2024 to 700k-800k sets in 2025, and further to over 1 million sets in 2026, primarily driven by demand from Stellantis, Hyundai, Volvo, and Renault [3]. - The ASP and gross profit margin of overseas projects are higher than domestic projects due to a greater percentage of PHEV [3]. Intelligent Gear and Other Segments - Revenue from intelligent gear is expected to grow from Rmb860 million-880 million in 2025 to Rmb1.2 billion in 2026, fueled by demand from robot vacuum cleaners and e-bikes [4]. - Revenue from commercial vehicle gear is anticipated to remain stable in 2026, supported by demand from European tier-1 clients and US electric truck manufacturers [5]. - Construction machinery gear revenue is also expected to stabilize in 2026, despite supplying gears to Caterpillar's large engines [5].