Group 1 - The company reported a revenue of 146 million yuan for the first half of 2025, representing a year-on-year growth of 41.64%, while the net profit attributable to shareholders was a loss of 16.31 million yuan [1] - The energy storage equipment business generated revenue of 83.42 million yuan, showing a significant increase of 237.12%, indicating the company's deep involvement in green energy development and new power system construction [1] - The company is strengthening its partnership with Tibet Development Investment Group, focusing on the Tibetan energy storage market, and has launched a production line in Shigatse, which is one of the first energy storage production lines in the region [1] Group 2 - The company established Sanhui Lianqing Intelligent Computing (Shanghai) Co., Ltd. in January 2025 to enter the embodied intelligence sector, with products aimed at enhancing the precision and effectiveness of physical therapy [2] - A strategic cooperation was formed with Shandong Xiaoli Family Robot Co., Ltd. and Dongfang Huakang Medical Management Co., Ltd. to focus on rehabilitation robot applications, joint research center construction, and industry alliance formation [2] - The company aims to continuously expand its customer base in three key scenarios: community, institutions, and home, while enhancing its product line in embodied intelligence [2]

Group 1 - The core viewpoint of the article is that Sanhui Electric (002857.SZ) reported significant revenue growth in its 2025 semi-annual report, driven primarily by its energy storage business [1] - The company achieved an operating revenue of 146 million yuan, representing a year-on-year increase of 41.64% [1] - Despite the revenue growth, the company reported a net loss attributable to shareholders of 16.31 million yuan, with a basic loss per share of 0.1263 yuan [1] Group 2 - The increase in operating revenue is mainly attributed to the growth in the company's energy storage business [1] - The net loss, excluding non-recurring gains and losses, was 18.62 million yuan [1]

Core Viewpoint - Sanhui Electric reported a significant increase in revenue for the first half of 2025, but continued to face net losses, indicating challenges in profitability despite revenue growth [2] Financial Performance - For the first half of 2025, the company achieved revenue of approximately 146 million yuan, representing a year-on-year increase of 41.64% [2] - The net loss attributable to shareholders was approximately 16.31 million yuan, compared to a net loss of about 15.63 million yuan in the same period of 2024 [2] - Basic earnings per share for the first half of 2025 were a loss of 0.1263 yuan, slightly worse than the loss of 0.123 yuan per share in the first half of 2024 [2]

郑州三晖电气股份有限公司 2025 年半年度财务报告 郑州三晖电气股份有限公司 2025 年 8 月 1 郑州三晖电气股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 2025 年半年度财务报告 1、合并资产负债表 编制单位：郑州三晖电气股份有限公司 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 264,137,002.85 | 285,715,393.45 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 216,049,277.01 | 249,383,751.90 | | 衍生金融资产 | | | | 应收票据 | 24,250.00 | 687,128.97 | | 应收账款 | 216,472,826.95 | 269,363,085.47 | | 应收款项融资 | 294,806.75 | 982,016.56 | | 预付款项 | 6,052,245.65 | 1,294, ...

为真实反映郑州三晖电气股份有限公司（以下简称"公司"）的财务状况及 经营成果，根据《企业会计准则》、《深圳证券交易所股票上市规则》等相关规 定，公司对合并报表范围内截止 2025 年 6 月 30 日的各类资产进行了减值测试， 对可能存在减值迹象的资产计提减值准备，现将具体情况公告如下： 一、本次计提资产减值准备情况概述 证券代码：002857 证券简称：三晖电气 公告编号：2025-034 郑州三晖电气股份有限公司 关于 2025 年半年度计提及转回资产减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 司对应收账款、其他应收款、存货、合同资产等进行了减值测试，对可能发生减 值损失的各项资产计提了减值准备，符合相关规定。 三、本次计提资产减值准备对公司的影响 本次计提资产减值事项符合《企业会计准则》和相关政策规定，符合公司资 产实际情况，能够更加公允地反映公司资产状况，可以使公司关于资产价值的会 计信息更加真实可靠，具有合理性。公司本期因转回信用及资产减值损失增加 2025 年半年度利润总额 8,747,399.73 元。本次计提资产减值准备相关 ...

郑州三晖电气股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | 郑州三晖电子科技有限公司 | | 全资子公司 应收账款 | 923,120.43 | 578,764.00 | | 1,501,884.43 | 销售 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 郑州三晖互感器有限公司 | | 全资子公司 应收账款 | 1,800.00 | 52,002.00 | 53,802.00 | - | 销售 | 经营性往来 | | 其他关联方及其附属企 | 西藏开投储能科技有限公司 | | 联营企业 其他应收款 | 4,307,000.00 | - | | 4,307,000.00 | 销售 | 经营性往来 | | 业 | 西藏开投储能科技有限公司 | | 联营企业 应收账款 | 18,336,815.37 | 38,763,000.00 | 33,250,320.00 | 23,849,495.37 | 销售 | 经营性往来 | | | | 西藏开投储能科技有限公司 | 联营企 ...

Core Viewpoint - The financial performance of Sanhui Electric (002857) shows mixed results, with a slight increase in revenue but a significant decrease in net profit, indicating potential challenges ahead for the company [1]. Financial Performance - As of the first quarter of 2025, Sanhui Electric reported total revenue of 54.36 million yuan, a year-on-year increase of 1.02% [1]. - The net profit attributable to shareholders was 14.44 million yuan, a decrease of 18.69% year-on-year, while the non-recurring net profit was 15.49 million yuan, down 239.90% year-on-year [1]. - The company's liquidity ratios are as follows: current ratio at 1.644, quick ratio at 1.487, and debt-to-asset ratio at 52.15% [1]. Stock Performance - As of August 14, 2025, Sanhui Electric's stock closed at 24.38 yuan, with a slight increase of 0.45% [1]. - The trading volume was 75,000 hands, with a total transaction amount of 183 million yuan [1]. - The net inflow of main funds was 14.68 million yuan, accounting for 8.02% of the transaction amount [1]. Company Overview - Zhengzhou Sanhui Electric Co., Ltd. was established in 1996 and is primarily engaged in the manufacturing of electrical machinery and equipment [2]. - The company has a registered capital of 129.17 million yuan and a paid-in capital of 27.94 million yuan [1]. - The legal representative of the company is Hu Kun [1]. Investment and Intellectual Property - Sanhui Electric has made investments in 6 companies and participated in 494 bidding projects [2]. - The company holds 5 trademark registrations and 158 patents, along with 36 administrative licenses [2].

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section contains the company's important disclaimers, guarantees from management, and the report's structural definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report, with no false records, misleading statements, or major omissions, and plan no profit distribution for this reporting period - Management ensures the truthfulness, accuracy, and completeness of this semi-annual report, assuming corresponding legal responsibilities[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the 2025 semi-annual period[6](index=6&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information and presents its key accounting data and financial performance indicators for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) Zhengzhou Sanhui Electric Co., Ltd. (stock code: 002857) is a company listed on the Shenzhen Stock Exchange, with Hu Kun as its legal representative | Stock Abbreviation | Sanhui Electric | | :--- | :--- | | **Stock Code** | 002857 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Chinese Name** | 郑州三晖电气股份有限公司 | | **Legal Representative** | Hu Kun | [Key Accounting Data and Financial Indicators](index=6&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, revenue increased by 41.64% to 145.66 million yuan, but net profit attributable to shareholders widened its loss by 4.37% to -16.31 million yuan, with operating cash flow outflow increasing by 64.12% to -91.68 million yuan Key Financial Data | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 145,659,725.29 | 102,835,378.48 | 41.64% | | **Net Profit Attributable to Shareholders** | -16,309,745.71 | -15,626,997.90 | -4.37% | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Items** | -18,615,805.11 | -18,862,320.59 | 1.31% | | **Net Cash Flow from Operating Activities** | -91,683,650.22 | -55,864,876.83 | -64.12% | | **Basic Earnings Per Share (Yuan/Share)** | -0.1263 | -0.123 | -2.68% | | **Weighted Average Return on Net Assets** | -3.15% | -3.05% | -0.09% | | **Total Assets (Yuan)** | 1,096,031,034.85 | 1,165,154,024.39 (Prior Year-End) | -5.93% | | **Net Assets Attributable to Shareholders (Yuan)** | 511,961,537.55 | 527,279,089.20 (Prior Year-End) | -2.91% | Non-Recurring Gains and Losses | Item | Amount (Yuan) | Explanation | | :--- | :--- | :--- | | Fair value changes from financial assets held by non-financial enterprises | 1,560,721.84 | Primarily bank wealth management income | | Other gains and losses meeting the definition of non-recurring items | 899,350.38 | Primarily VAT additional deduction | | **Total** | **2,306,059.40** | | [Management Discussion and Analysis](index=9&type=section&id=Item%20III.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's principal businesses, core competencies, financial performance, asset and liability status, and risk factors [Principal Business](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company's core business focuses on electricity metering, while actively expanding into energy storage and entering the embodied intelligence sector with a new smart eldercare service robot - The company's traditional main business revolves around electricity grid energy meter standard testing, automated verification, smart warehousing, and electricity consumption information collection systems[25](index=25&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company is vigorously developing its energy storage business through its subsidiary Sanhui Energy, deepening cooperation with Tibet Investment Group, and has launched an energy storage production line in Xigaze[26](index=26&type=chunk)[31](index=31&type=chunk) - In January 2025, the company established Sanhui Lianjing Smart Computing, officially entering the embodied intelligence field, focusing on physiotherapy and eldercare robots, and has launched a smart eldercare service robot product[26](index=26&type=chunk)[27](index=27&type=chunk) - The company's robot business has achieved initial commercialization, signing a three-year framework sales contract (2025-2027) with Zibo Blue Ribbon Health Management Co., Ltd., with planned sales of no less than **50 units**, **300 units**, and **450 units** respectively[28](index=28&type=chunk) [Core Competencies](index=10&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include continuous innovation, strong brand influence in electricity metering and energy storage, and an experienced management and technical team - The company possesses strong R&D capabilities, is a high-tech enterprise, and owns provincial-level enterprise technology centers and engineering technology research centers, committed to independent innovation[32](index=32&type=chunk) - It has deep technological accumulation and a strong brand reputation in electricity metering; in energy storage, by deeply cultivating the Tibet market, it has accumulated technical and engineering capabilities for high-altitude, ultra-low temperature environments, establishing brand recognition[33](index=33&type=chunk) - The company has a management team and core technical personnel with long-term experience in the power and energy industry, and has introduced a structured team of energy storage industry experts, forming management and technical capabilities covering the entire project lifecycle[33](index=33&type=chunk) [Analysis of Principal Business](index=11&type=section&id=III.%20Analysis%20of%20Principal%20Business) Operating revenue increased by 41.64% driven by a 237.12% surge in energy storage business revenue, which now accounts for 57.27% of total revenue, despite its significantly lower gross margin of 3.61% Key Financial Data Changes | Item | Current Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 145,659,725.29 | 102,835,378.48 | 41.64% | Energy storage business revenue growth | | **Operating Cost** | 124,690,721.28 | 75,036,897.80 | 66.17% | Energy storage business revenue growth | | **Net Cash Flow from Operating Activities** | -91,683,650.22 | -55,864,876.83 | -64.12% | Increased procurement payments | | **Net Cash Flow from Investing Activities** | 23,360,965.57 | -122,017,295.49 | 119.15% | Increased redemption of bank wealth management products | Operating Revenue Composition (by Industry) | Industry | Revenue Current Period (Yuan) | Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | Instrument and Meter Manufacturing | 62,234,967.61 | 42.73% | -20.30% | | Energy Storage Equipment | 83,424,757.68 | 57.27% | 237.12% | Gross Margin by Principal Business | Business | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Instrument and Meter Manufacturing | 62,234,967.61 | 44,276,427.86 | 28.86% | +0.48% | | Energy Storage Equipment | 83,424,757.68 | 80,414,293.42 | 3.61% | -19.18% | [Analysis of Non-Principal Business](index=13&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business gains primarily from non-recurring government subsidies, bank wealth management, and unpayable accounts, while asset impairment losses of 0.55 million yuan were recognized Non-Principal Business Gains and Losses | Item | Amount (Yuan) | % of Total Profit | Explanation of Formation | | :--- | :--- | :--- | :--- | | **Investment Income** | 150,831.55 | 0.86% | Primarily bank wealth management and equity investment income | | **Fair Value Change Gains and Losses** | 175,408.36 | 1.00% | Primarily accrued income from bank wealth management products | | **Asset Impairment** | -545,885.99 | -3.10% | Primarily inventory and contract asset impairment provisions | | **Non-Operating Income** | 912,330.40 | 5.18% | Primarily unpayable accounts payable | | **Other Income** | 921,637.14 | 5.24% | Primarily government subsidies related to daily activities | [Analysis of Asset and Liability Status](index=13&type=section&id=V.%20Analysis%20of%20Asset%20and%20Liability%20Status) Total assets decreased by 5.93% to 1.096 billion yuan, with a shift in asset composition as inventory increased and accounts receivable decreased, and 137 million yuan in cash was restricted Major Asset and Liability Item Changes | Item | Period-End Amount (Yuan) | % of Total Assets | Change in % from Prior Year-End | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 216,472,826.95 | 19.75% | -3.37% | Recovery of accounts receivable from prior period | | **Inventory** | 135,258,913.46 | 12.34% | 2.26% | Increase in goods issued with business growth | | **Contract Liabilities** | 59,031,525.48 | 5.39% | 2.65% | Increase in advance receipts | - As of the end of the reporting period, **137 million yuan** in monetary funds were restricted, primarily for bank acceptance bill deposits and performance bonds[45](index=45&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Zhengzhou Sanhui Instrument Transformer Co., Ltd. was the main profit contributor with 7.48 million yuan net profit, while the energy storage subsidiary, Shenzhen Sanhui Energy Technology Co., Ltd., reported a net loss of 5.55 million yuan despite high revenue Operating Performance of Major Subsidiaries | Company Name | Principal Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | **Zhengzhou Sanhui Instrument Transformer Co., Ltd.** | Instrument transformer R&D, production, sales | 42,262,150.49 | 7,478,390.05 | | **Shenzhen Sanhui Energy Technology Co., Ltd.** | Energy storage, battery product R&D, production, sales | 83,424,757.69 | -5,553,468.90 | | **Zhengzhou Sanhui Electronic Technology Co., Ltd.** | Energy meter testing equipment | 1,635,972.64 | -2,706,316.60 | | **Shanghai Sanhui Lianjing New Energy Technology Co., Ltd.** | Energy storage services | 0.00 | -2,584,978.85 | - The company newly invested in and established four subsidiaries during this period, including Sanhui Lianjing Smart Computing (Shanghai) High-Tech Co., Ltd., all of which have been included in the consolidated financial statements[53](index=53&type=chunk) [Risks and Countermeasures Faced by the Company](index=16&type=section&id=X.%20Risks%20and%20Countermeasures%20Faced%20by%20the%20Company) The company faces risks related to macroeconomic and policy dependence, intense market competition, and potential talent loss or shortage, which it plans to address through strategic adjustments, innovation, and talent retention - The company faces three main risks: - **Policy Dependence Risk**: The power and new energy industries are highly influenced by national macroeconomic policies - **Market Competition Risk**: Intense industry competition may impact operating performance - **Talent Turnover Risk**: The company's development requires a large number of high-caliber talents, making team stability crucial[54](index=54&type=chunk)[55](index=55&type=chunk) [Corporate Governance, Environment, and Society](index=17&type=section&id=Item%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance practices, including the implementation of equity incentive plans [Implementation of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=III.%20Implementation%20of%20the%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company actively implemented employee incentive measures, granting 2.16 million stock options in January 2025, an additional 0.54 million in July, and approving a restricted stock incentive plan in August - On January 10, 2025, the company initially granted **2.1601 million** stock options to **11 incentive recipients** at an exercise price of **10.84 yuan/share**[59](index=59&type=chunk) - On July 24, 2025, the company granted **0.540025 million** reserved stock options to **7 incentive recipients** at an exercise price of **10.83 yuan/share**[59](index=59&type=chunk) - The company launched the "2025 Restricted Stock Incentive Plan (Draft)" which was approved by the general meeting of shareholders on August 11, 2025[60](index=60&type=chunk)[61](index=61&type=chunk) [Significant Matters](index=19&type=section&id=Item%20V.%20Significant%20Matters) This section summarizes key events and transactions during the reporting period, including the absence of major negative incidents and details on wealth management activities [Summary of Significant Matters](index=19&type=section&id=Summary%20of%20Significant%20Matters) The company reported no major negative events such as controlling shareholder fund occupation, illegal external guarantees, or significant litigation, and invested 750.5 million yuan in bank wealth management products using its own funds - During the reporting period, the company had no negative significant matters such as controlling shareholder fund occupation, illegal guarantees, major lawsuits, or significant related-party transactions[66](index=66&type=chunk)[67](index=67&type=chunk)[70](index=70&type=chunk)[73](index=73&type=chunk) Entrusted Wealth Management | Specific Type | Source of Funds | Amount of Entrusted Wealth Management (10K Yuan) | Unexpired Balance (10K Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 75,050 | 21,610 | [Share Changes and Shareholder Information](index=23&type=section&id=Item%20VI.%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital structure and detailed information on its shareholders [Number of Shareholders and Shareholding Status](index=24&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had 6,387 common shareholders, with Shanghai Changyun Enterprise Management Partnership (Limited Partnership) as the largest shareholder holding 19.89%, of which 13.13 million shares are pledged - As of the end of the reporting period, the company had a total of **6,387 shareholders**[92](index=92&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledged/Marked or Frozen Status | | :--- | :--- | :--- | :--- | | Shanghai Changyun Enterprise Management Partnership (Limited Partnership) | 19.89% | 25,696,270 | Pledged 13,130,000 | | Yu Wenbiao | 9.27% | 11,974,674 | Not applicable | | Ningbo Henghui Enterprise Management Consulting Co., Ltd. | 5.17% | 6,673,703 | Not applicable | | Li Yumei | 3.76% | 4,860,000 | Not applicable | | Huang Jinhu | 2.23% | 2,880,000 | Not applicable | - Shareholder Yu Wenbiao holds **100%** equity in Ningbo Henghui Enterprise Management Consulting Co., Ltd., constituting an associated relationship[93](index=93&type=chunk) [Bond-Related Information](index=28&type=section&id=Item%20VII.%20Bond-Related%20Information) This section confirms the absence of any bond-related activities or outstanding bonds during the reporting period [Bond Information](index=28&type=section&id=Bond%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during this reporting period[99](index=99&type=chunk) [Financial Report](index=29&type=section&id=Item%20VIII.%20Financial%20Report) This section presents the company's unaudited consolidated financial statements and detailed notes for the reporting period [Financial Statements](index=29&type=section&id=Financial%20Statements) The unaudited semi-annual financial report shows total assets of 1.096 billion yuan, total liabilities of 568 million yuan, and net profit attributable to parent company of -16.31 million yuan, with operating cash flow at -91.68 million yuan - The company's 2025 semi-annual financial report is unaudited[101](index=101&type=chunk) Key Items from Consolidated Balance Sheet (2025-06-30) | Item | Period-End Balance (Yuan) | Period-Start Balance (Yuan) | | :--- | :--- | :--- | | **Total Assets** | 1,096,031,034.85 | 1,165,154,024.39 | | **Total Liabilities** | 567,818,604.53 | 619,927,528.34 | | **Equity Attributable to Parent Company Owners** | 511,961,537.55 | 527,279,089.20 | Key Items from Consolidated Income Statement (First Half 2025) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | **Total Operating Revenue** | 145,659,725.29 | 102,835,378.48 | | **Total Operating Cost** | 172,821,727.61 | 125,534,390.31 | | **Total Profit** | -17,604,258.15 | -19,320,283.98 | | **Net Profit** | -17,948,994.65 | -16,779,613.71 | | **Net Profit Attributable to Parent Company Shareholders** | -16,309,745.71 | -15,626,997.90 | Key Items from Consolidated Cash Flow Statement (First Half 2025) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -91,683,650.22 | -55,864,876.83 | | **Net Cash Flow from Investing Activities** | 23,360,965.57 | -122,017,295.49 | | **Net Cash Flow from Financing Activities** | -6,997,573.79 | -11,613,587.17 | | **Net Increase in Cash and Cash Equivalents** | -75,320,258.44 | -189,495,759.49 | [Notes to Consolidated Financial Statements](index=79&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Financial statement notes detail account compositions and changes, including 216 million yuan in accounts receivable, 135 million yuan in inventory, and an increase in the company's stake in Shenzhen Sanhui Energy to 77.11% due to minority shareholder capital reduction - At period-end, **137 million yuan** of monetary funds were restricted, primarily for bank acceptance bill deposits and performance bonds[283](index=283&type=chunk)[442](index=442&type=chunk) - At period-end, the book balance of accounts receivable was **234 million yuan**, with bad debt provisions of **17.3 million yuan**, resulting in a book value of **216 million yuan**; the top five debtors accounted for **74.54%** of the combined balance of accounts receivable and contract assets[297](index=297&type=chunk)[304](index=304&type=chunk) - At period-end, the book value of inventory was **135 million yuan**, with goods issued accounting for **88.82 million yuan**; the balance of inventory impairment provisions was **7.1 million yuan**[355](index=355&type=chunk)[359](index=359&type=chunk) - During the reporting period, the company's shareholding in its subsidiary Shenzhen Sanhui Energy Technology Co., Ltd. increased from **75.64%** to **77.11%** due to a minority shareholder capital reduction, adjusting capital reserves by **0.249 million yuan**[569](index=569&type=chunk)[571](index=571&type=chunk)

Investment Rating - The report rates the industry as "Overweight," indicating that it is expected to outperform the overall market [8]. Core Insights - The demand for health and wellness service robots is driven by aging population trends, technological advancements, and supportive policies [3]. - By 2024, the population aged 60 and above in China is projected to exceed 300 million, accounting for 22% of the total population, creating a significant service gap in rehabilitation and care [3]. - The Ministry of Industry and Information Technology has issued policies to promote the application of intelligent elderly care robots, facilitating industry implementation [3]. - Rapid advancements in both hardware and software technologies are making the deployment of health and wellness robots feasible [3]. Summary by Sections Demand Side - The aging population is creating a pressing need for health and wellness robots, which are seen as key solutions to labor shortages in care settings [3]. Policy Support - The government is actively promoting the integration of robots in elderly care through various policies, enhancing the industry's growth prospects [3]. Technological Development - Significant progress in relevant technologies, including sensors, batteries, and algorithms, is enabling the practical application of health and wellness robots across various scenarios [3]. Market Opportunities - The health and wellness robot market is vast, with rigid demand. Key companies to watch include: - Ousheng Electric, focusing on intelligent care services for bedridden patients [3]. - Zhongjian Technology, which is developing humanoid robots for elderly care [3]. - Madi Technology and Ubtech, collaborating on AI services in healthcare [3]. - Songlin Technology, planning to expand into health robots and AI companionship [3]. - Rongtai Health, launching smart health and therapy robots for home use [3]. - Sanhui Electric, investing in intelligent therapy robots [3]. - Beiqing Song, establishing a subsidiary for massage robots [3]. - Yijiahe, accelerating its presence in high-end health and smart home markets [3]. - Meihu Co., providing core components for elderly care robots [3].

天眼查商业履历信息显示，郑州三晖电气股份有限公司，成立于1996年，位于郑州市，是一家以从事电 气机械和器材制造业为主的企业。企业注册资本12917.03万人民币，实缴资本2793.9806万人民币。公司 法定代表人为胡坤。 通过天眼查大数据分析，郑州三晖电气股份有限公司共对外投资了6家企业，参与招投标项目494次，知 识产权方面有商标信息5条，专利信息158条，此外企业还拥有行政许可36个。 来源：金融界 金融界消息 截至2025年8月12日收盘，三晖电气（002857）报收于24.19元，下跌2.26%，换手率 10.38%，成交量13.28万手，成交金额3.18亿元。 资金流向方面，今日主力资金净流出1530.85万元，占比成交额4.82%。其中，超大单净流出582.15万 元、占成交额1.83%，大单净流出948.70万元、占成交额2.99%，中单净流出流出2235.08万元、占成交 额7.03%，小单净流入3765.92万元、占成交额11.85%。 三晖电气最新一期业绩显示，截至2025一季报，公司营业总收入5435.70万元、同比增长1.02%，归属净 利润1444.46万元，同比减少331.82 ...