（编辑 任世碧） 证券日报网讯 11月5日晚间，华阳集团发布公告称，公司于2025年10月27日召开的第五届董事会第二次 会议审议通过了《关于注销2021年股票期权激励计划部分股票期权的议案》。公司2021年股票期权激励 计划授予股票期权的部分激励对象离职不具备激励对象资格，部分激励对象到期未行权，根据公司2021 年激励计划相关规定，董事会同意注销13名离职激励对象已获授但尚未行权的股票期权42，400份，同 意注销245名激励对象到期未行权的股票期权899，940份，合计注销股票期权942，340份。经中国证券 登记结算有限责任公司深圳分公司审核确认，公司上述股票期权注销事宜已于2025年11月5日办理完 成。 ...

证券代码：002906 证券简称：华阳集团 公告编号：2025-050 惠州市华阳集团股份有限公司 关于2021年股票期权激励计划部分股票期权 注销完成的公告 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。 惠州市华阳集团股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日 召开的第五届董事会第二次会议审议通过了《关于注销 2021 年股票期权激励计 划部分股票期权的议案》。 公司 2021 年股票期权激励计划（以下简称"2021 年激励计划"）授予股票 期权的部分激励对象离职不具备激励对象资格，部分激励对象到期未行权，根据 公司 2021 年激励计划相关规定，董事会同意注销 13 名离职激励对象已获授但尚 未行权的股票期权 42,400 份，同意注销 245 名激励对象到期未行权的股票期权 899,940 份，合计注销股票期权 942,340 份。具体内容详见公司于 2025 年 10 月 28 日刊登在巨潮资讯网（http://www.cninfo.com.cn）和《证券时报》《中国 证券报》《上海证券报》上的《关于注销 2021 年股票期 ...

华阳集团系列 车中旭霞 深度报告 《国信证券-华阳集团-002906-深度报告：汽车电子核心企业，打造智能座舱全生态》——20220609 点评报告 《国信证券-华阳集团-002906-三季报点评 ：单三季度收入同比增长31%，汽车电子和精密压铸业务高增长》——20251101 《国信证券-华阳集团-002906-中报点评 ： 单二季度净利润同比增长29%，汽车电子和精密压铸业务持续增长 》—— 20250824 《国信证券-华阳集团-002906-一季报点评 ： 一季度收入同比增长25%，汽车电子和精密压铸产品持续放量》——20250429 《国信证券-华阳集团-002906-年报点评 ： 单四季度收入同比增长42%，汽车电子产品量价双升》——20250401 《国信证券-华阳集团-002906-三季度业绩点评：单三季度净利润同比增长54%，汽车电子新产品、新客户持续放量》—— 20241101 《国信证券-华阳集团-002906-三季度业绩预告点评：单三季度归母净利润预计同比增长41%-62%，汽车电子收入同比大幅增 长》——20241016 《国信证券-华阳集团-002906-中报点评：单二季度净利润同 ...

Core Viewpoint - Huayang Group's stock price has shown fluctuations, with a recent decline of 2.03% and a total market capitalization of 16.215 billion yuan, indicating potential investor concerns and market volatility [1]. Financial Performance - For the period from January to September 2025, Huayang Group achieved a revenue of 8.791 billion yuan, representing a year-on-year growth of 28.50%, while the net profit attributable to shareholders was 561 million yuan, reflecting a year-on-year increase of 20.80% [2]. - The company has distributed a total of 909 million yuan in dividends since its A-share listing, with 555 million yuan distributed over the past three years [3]. Shareholder Structure - As of October 10, 2025, the number of shareholders for Huayang Group was 40,200, a decrease of 1.08% from the previous period, with an average of 13,047 circulating shares per shareholder, which is an increase of 1.09% [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited entering as the fourth-largest shareholder with 7.852 million shares, while Dongwu Mobile Internet Mixed A and E Fund New Silk Road Mixed have increased their holdings [3].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence sector [4][6]. Core Insights - The automotive intelligence industry is experiencing significant advancements, with companies like Xiaopeng Motors and Leap Motor being recommended for investment. For L4 level autonomous driving, Pony.ai and WeRide are highlighted as key players. In the component sector, Hesai Technology is recommended for data acquisition, while Horizon Robotics and other companies are suggested for data processing and application [4][5]. Industry News - Tesla's Robotaxi service is set to expand to 8 to 10 regions by the end of the year [1]. - Xiaopeng Motors and WeRide have initiated their IPO process, aiming for a Hong Kong listing on November 6 [1]. - Stellantis is collaborating with Nvidia, Uber, and Foxconn to accelerate its Robotaxi deployment [1]. - Hesai Technology has secured a 5 billion yuan global order in automotive intelligence [1]. - Yujia Innovation's unmanned vehicle has begun operations in Huaqiangbei, marking a new phase in smart logistics [1]. - Jiusi Intelligent has completed a $100 million Series B4 financing led by Ant Group [1]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles reached 43.8% in August 2025, up 27 percentage points year-on-year [2]. - Nvidia's chip penetration in passenger vehicle driving domains increased to 57.2%, a year-on-year increase of 27 percentage points [2]. - The penetration rate of lidar in passenger vehicles reached 10.4%, with Huawei holding a 40% market share among lidar suppliers [2]. Smart Driving Insights - The penetration rate of passenger vehicles with L2 and above functions reached 33.3% in August 2025, an increase of 18 percentage points year-on-year [3]. - The penetration rates for front-view cameras, forward millimeter-wave radar, and lidar were 67.8%, 57.5%, and 10.4%, respectively [3]. - The penetration rate of driving domain controllers reached 33.2%, up 17.5 percentage points year-on-year [3]. Investment Recommendations - Recommended companies include Xiaopeng Motors, Leap Motor, and Geely for complete vehicles. For L4 autonomous driving, Pony.ai and WeRide are suggested. In the components sector, Hesai Technology is recommended for data acquisition, while Horizon Robotics, Black Sesame Technologies, and others are recommended for data processing [4][5].

Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

近日，经过专家组验收，华阳集团七元公司500万吨／年矿井项目获得竣工验收批复，标志着华阳集团做强做大煤炭产业、推动高质量发展掀开了新的一 页。 智能化驱动打造智慧矿山新标杆 走进七元生产调度指挥中心，大屏幕实时展示矿井各类生产信息与井上井下动态监控视频，生产情况直观呈现。 图为七元选煤厂 图为七元公司生产调度指挥中心 据介绍，七元公司全面布局建设九方面智能化，智能化技术已融入七元公司安全、生产、经营的方方面面。"如今，我们井上井下生产区域已经实现5G信号 全覆盖，通信低延迟给生产调度、安全管理带来极大便利，有效降低了劳动强度，提高了生产效率。"七元公司生产副总经理李剑锋说。 精益化管控激活高效发展"动力源" 走进七元公司，各系统全面加强精益化管控：井下巷道高效掘进，截至9月底已完成全年进尺任务的75%，单进最高达190米／月；首采工作面稳定出煤；瓦 斯治理技术推陈出新；选煤厂煤炭发热量稳定保持在5800大卡，1至9月商品煤产量117.51万吨…… 瓦斯治理是安全生产的"生命线"、破解高效发展难题的"突破口"。"我们建立抽采工程'1345'工作体系；改革瓦斯日分析制度流程，把所有瓦斯地质资料归集 到一张图，高效 ...

产品方面，2025 年前三季度，公司汽车电子业务中HUD、车载手机无线充电、座舱域控、数字声学、 精密运动机构等产品销售收入大幅增长，目前公司已推出舱泊一体域控、舱驾一体域控产品，在研中央 计算单元等跨域融合产品。客户方面，公司客户结构持续优化，前五大客户占比均衡，部分新势力、国 际车企客户销售占比提升，长安、北汽、小米、Stellantis 集团、小鹏、蔚来等客户营业收入大幅增长。 公司汽车电子业务不断加大国际品牌客户市场开拓力度，并取得积极进展，今年以来相继获得Stellantis 集团、福特、上汽大众、一汽大众、大众安徽、上汽通用、上汽奥迪、长安福特、长安马自达、北京现 代、悦达起亚、东风日产等客户定点项目。屏显示、HUD、座舱域控、数字声学、车载无线充电等多 类汽车电子产品均获得多个国际品牌车企客户项目定点，目前VPD 产品已获得其他车企客户定点项 目。2）精密压铸：2025 年前三季度，公司汽车智能化相关零部件（驾驶域控、激光雷达等零部件）、 新能源汽车三电系统零部件、光通讯模块、汽车高速高频连接器相关零部件及汽车制动、传动系统零部 件收入同比大幅增长。公司锌合金精密压铸业务高速增长，公司为泰科、莫 ...

2025 年 11 月 02 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 陈飞宇 S0350525060001 chenfy02@ghzq.com.cn [Table_Title] 2025Q3 营收环比高增，智能座舱产品放量可期 ——华阳集团（002906）2025 年三季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/10/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华阳集团 | -6.5% | 6.9% | 7.9% | | 沪深 300 | -0.0% | 13.9% | 19.3% | | 市场数据 | | | 2025/10/31 | | 当前价格（元） | | | 31.66 | | 周价格区间（元） 52 | | | 25.71-37.88 | | 总市值（百万） | | | 16,618.94 | | 流通市值（百万） | | | 16,612.94 | | 总股本（万股） | | | 52,491.90 ...

汽车 2025 年 11 月 02 日 华阳集团(002906.SZ) 营收、利润双增，主要业务稳健增长 推荐（维持） 股价：31.66 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.f oryougroup.com | | 大股东/持股 | 江苏华越投资有限公司/51.60% | | 实际控制人 | 邹淦荣,张元泽,李道勇,吴卫,陈世 银,李光辉,曾仁武,孙永镝 | | 总股本(百万股) | 525 | | 流通 A 股(百万股) | 525 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 166 | | 流通 A 股市值(亿元) | 166 | | 每股净资产(元) | 12.91 | | 资产负债率(%) | 48.4 | 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 | | --- | --- | | | S1060511010006 | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG94 ...