Core Viewpoint - The company, 汇川技术, is a leading player in the automation equipment sector, with a current market capitalization of 177.297 billion yuan, ranking 1st in its industry and 67th in the overall A-share market. The company is actively enhancing its investor relations and market share through tailored solutions and strong communication with investors [1][2][4]. Group 1: Investor Relations Management - The company has established a comprehensive management system for investor relations, including a tiered reception mechanism and various forms of engagement to meet the needs of different types of investors [1]. - The management team, including the chairman, is actively involved in direct communication with investors, enhancing transparency and trust [1]. - The company holds three performance briefings annually and regularly convenes shareholder meetings to ensure participation from all shareholders, including minority investors [1]. Group 2: Market Share Enhancement Strategies - The company employs a "Industrial Control + Process" strategy to provide customized solutions for downstream sectors, which gives it a competitive edge over foreign brands [2]. - The cost-effectiveness and rapid response of the company's products and solutions further contribute to increasing its market share [2]. - There is a growing demand for domestic products due to the trend of localization, which supports the company's efforts to enhance its market share [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25]. Core Views - The company has officially entered the humanoid robot business and has initiated core component research and development [3]. - The company's revenue for Q1 2025 increased by 38.28% year-on-year, while net profit grew by 63.08%, primarily driven by the strong performance in the new energy vehicle and general automation sectors [1][8]. - The company is expected to see a net profit of 53.17 billion yuan in 2025 and 64.47 billion yuan in 2026, with a projected price-to-earnings ratio of 34/28/24 times [3]. Financial Performance - In 2024, the company achieved a revenue of 370.41 billion yuan, a year-on-year increase of 21.77%, but net profit declined by 9.62% to 42.85 billion yuan [1]. - The gross margin for 2024 was 28.70%, down 4.85 percentage points year-on-year, while the net margin was 11.73%, down 3.97 percentage points [1]. - The company’s revenue from the general automation business in 2024 was 152.43 billion yuan, accounting for 41.15% of total revenue, with a year-on-year growth of 1.36% [2]. Business Segments - The new energy vehicle and rail transit revenue reached 166.42 billion yuan in 2024, representing a significant year-on-year increase of 67.76% [2]. - The smart elevator business generated 49.39 billion yuan in revenue, a decline of 6.65% due to weak market demand [2]. - In Q1 2025, revenue from new energy vehicles and rail transit was approximately 39 billion yuan, growing by 66% year-on-year [2]. Profitability and Cost Structure - The company’s operating expenses for 2024 included a sales expense ratio of 4.00%, a management expense ratio of 4.16%, and a research and development expense ratio of 8.50% [1]. - The gross margin improved to 30.98% and the net margin to 14.96% in Q1 2025, reflecting a year-on-year improvement of 1.13 and 2.28 percentage points, respectively [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25]. Core Views - The company has officially entered the humanoid robot business and has initiated core component research and development [3]. - The company's revenue for Q1 2025 increased by 38.28% year-on-year, while net profit grew by 63.08%, primarily driven by the strong performance in the new energy vehicle and general automation sectors [1][8]. - The company is expected to see a net profit of 53.17 billion yuan in 2025 and 64.47 billion yuan in 2026, with a projected price-to-earnings ratio of 34/28/24 times [3]. Financial Performance - In 2024, the company achieved a revenue of 370.41 billion yuan, a year-on-year increase of 21.77%, but net profit declined by 9.62% to 42.85 billion yuan [1]. - The gross margin for 2024 was 28.70%, down 4.85 percentage points year-on-year, while the net margin was 11.73%, down 3.97 percentage points [1]. - The company’s revenue from the general automation business in 2024 was 152.43 billion yuan, accounting for 41.15% of total revenue, while the new energy vehicle and rail transit revenue reached 166.42 billion yuan, representing a 67.76% increase [2]. Business Segments - The general automation business continues to grow, with a revenue of approximately 41 billion yuan in Q1 2025, up 29% year-on-year [2]. - The new energy vehicle and rail transit revenue for Q1 2025 was about 39 billion yuan, reflecting a 66% year-on-year growth [2]. - The smart elevator business saw a revenue of 49.39 billion yuan in 2024, but this segment experienced a decline of 6.65% due to weak market demand [2]. Profitability and Cost Structure - The company’s gross margin improved to 30.98% in Q1 2025, an increase of 1.13 percentage points year-on-year, while the net margin rose to 14.96%, up 2.28 percentage points [1]. - The selling expense ratio for 2024 was significantly reduced to 4.00%, indicating improved cost management [1]. Future Projections - Revenue projections for the company are as follows: 48.34 billion yuan in 2025, 61.80 billion yuan in 2026, and 75.86 billion yuan in 2027, with respective growth rates of 30.5%, 27.9%, and 22.7% [4][23]. - The expected net profit for 2025 is 53.17 billion yuan, with a growth rate of 24.1% compared to 2024 [4][23].

证券代码：300124 证券简称：汇川技术 公告编号：2025-026 深圳市汇川技术股份有限公司 2024 年年度权益分派实施公告 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。 1.回购专用证券账户中的股份1,644,142股不参与本次权益分派。本次权益分派 将以公司现有总股本2,695,296,963股剔除公司回购专用证券账户上的股份1,644,142 股后的2,693,652,821股为基数，向全体股东每10股派4.1元人民币（含税），实际派 发现金分红总额=2,693,652,821股×4.1元/10股=1,104,397,656.61元（含税）。 2.本次权益分派实施后计算除权除息价格时，按总股本折算每10股现金红利= 实际现金分红总额/公司总股本*10=1,104,397,656.61元/2,695,296,963股*10股 =4.097498元（保留六位小数，不四舍五入）。本次权益分派实施后的除权除息参考 价格=权益分派股权登记日收盘价-按总股本折算每股现金红利=权益分派股权登记 日收盘价-0.4097498元/股。 深圳市汇川技术股份有限公司 ...

Summary of Shenzhen Inovance Technology (300124.SZ) Post-AGM Briefing Company Overview - **Company**: Shenzhen Inovance Technology - **Stock Code**: 300124.SZ - **Market Cap**: Rmb179,190 million (approximately US$24,873 million) [5] Key Industry Insights Humanoid Robot Business - **Long-Term Roadmap**: Inovance plans to leverage its automation technologies to grow its humanoid robot business, with expected revenue generation starting in 2028 [2] - **Cost Reduction**: The availability of open-source AIs and large language models (LLMs) is anticipated to significantly reduce development costs for humanoid robots [2] - **Component Supply**: Inovance aims to become a leading supplier of humanoid robot components, utilizing technologies such as servo motors and ball screws [2] General Automation - **Market Share Goals**: Management is confident in achieving a 50% market share for servo motors in China, up from 28.3% in 2024, by focusing on key applications like CNC machines [3] - **Product Launch**: Inovance plans to launch a large PLC this year to challenge Siemens' dominance in China and explore opportunities in process industries like metallurgy and oil & gas [3] New Energy Vehicle (NEV) E-axle - **Market Outlook**: Chairman Mr. Zhu predicts a slowdown in NEV demand growth in China and globally over the next 2-3 years, which may limit Inovance Automotive's market share gains [4] - **Product Expansion**: Inovance Automotive is expanding into X-by-wire products to adapt to changing market conditions [4] Globalization Strategy - **Local-for-Local Approach**: Inovance will adopt a "local-for-local" strategy in overseas markets and actively seek M&A opportunities to enhance growth [7] Financial Projections - **Target Price**: The target price for Inovance is set at Rmb70.00, reflecting a potential return of 5.3% from the current price of Rmb66.50 [5] - **Expected Total Return**: The expected total return is projected at 6.0%, including a dividend yield of 0.7% [5] Risks - **Downside Risks**: Key risks include slower recovery in China’s automation demand, worse-than-expected elevator demand growth, and weaker gross profit margins [21] Additional Insights - **Precision Manufacturing**: Inovance's subsidiary, Shanghai LAIEN, can manufacture ball screws with up to C3 precision, which is critical for humanoid robot applications [2] - **Focus on Upper-Body Solutions**: Management emphasizes that upper-body solutions are more critical than leg solutions for humanoid robots, as approximately 90% of factory work is performed by human hands at fixed positions [2]

Core Viewpoint - Demais has resumed trading with a significant increase of 20%, achieving a market capitalization exceeding 4.1 billion yuan following the announcement of a share transfer deal worth 669 million yuan [1][2]. Group 1: Share Transfer and Control Change - The shareholders of Demais' controlling shareholder, Dalian Demais Investment, plan to transfer 100% of their shares to Suzhou Huixin Chuangzhi Investment Co., Ltd. for 669 million yuan [1]. - After the transaction, the direct controlling shareholder of Demais will remain unchanged, but Huixin Chuangzhi will become the indirect controlling shareholder, with the actual controller changing from He Jianping to Pan Yi [2]. - Huixin Chuangzhi was established in April 2023, and its major shareholder, Pan Yi, is a co-founder of Huichuan Technology, indicating a strong background in the industry [2]. Group 2: Business Overview and Performance - Demais specializes in precision shafts and precision cutting parts, with products used in automotive wiper systems and new energy drive spindles [2]. - The company has full-process processing capabilities for lead screws, supplying products to Tesla's Optimus supply chain and samples to Schaeffler [3]. - Despite its capabilities, Demais has shown weak performance, with projected revenue of 690 million yuan in 2024, a year-on-year increase of 6.77%, and a net profit of approximately 53.98 million yuan, a 1.18% increase [3]. - In Q1 2025, Demais reported revenue of 151 million yuan, a year-on-year decline of 10.6%, and a net profit of 10.87 million yuan, down 16.37% year-on-year [3].

Group 1: Investor Relations Management - The company responded to 201 investor inquiries through the "Interactive Easy" platform in 2024 and received over 4,000 investors in 517 batches, indicating strong investor interest [2] - A detailed management system for investor relations has been established, including a tiered reception mechanism and various forms of engagement to meet different investor needs [2] - The company holds three performance briefings annually and regularly convenes shareholder meetings to ensure participation from all shareholders, including minority shareholders [2] Group 2: Product Development and Market Position - In 2024, the company developed a prototype for high-performance joint components for humanoid robots and completed the design of planetary roller screw prototypes [2] - The company holds a market share of 28.3% for servo systems and 18.6% for low-voltage frequency converters, ranking first in China [6] - The company is expanding its product offerings to include sensors, pneumatic components, and energy storage, aiming for an integrated automation solution [4] Group 3: Industry Opportunities and Challenges - Orders exceeding 500 million yuan are present in over ten industries, including mobile phones, machine tools, and textiles, with significant growth potential in automotive equipment and pharmaceuticals [5] - The national equipment renewal plan is driving demand in high-pollution and high-energy-consuming industries, particularly benefiting state-owned enterprises [8] - The company is preparing for the shift from centralized to distributed energy storage, focusing on both domestic and overseas markets [9] Group 4: International Expansion and Digital Transformation - The company aims to increase its international presence through a "Local for Local" strategy, addressing the challenges of entering established overseas markets [11] - Digital transformation is ongoing, with a focus on integrating digital and automation technologies, although specific quantitative data is still being developed [13] - The company is actively pursuing mergers and acquisitions in automation, precision machinery, and industrial software to enhance its international strategy [12] Group 5: Human Resources and Supply Chain Management - The company has a robust talent acquisition strategy, sourcing 70% of engineers from top Chinese universities [18] - The supply chain is resilient to geopolitical events, with established mechanisms to mitigate potential impacts [19]

Summary of Huichuan Technology Conference Call Company Overview - **Company**: Huichuan Technology - **Industry**: Industrial Automation and New Energy Vehicles Key Points Business Structure and Revenue - General automation business accounts for nearly 40% of revenue, while the new energy vehicle (NEV) business has become the largest segment at approximately 43% with revenue of 16 billion yuan [2][4] - NEV business has a gross margin below 20%, impacting overall profitability, whereas general automation maintains a gross margin above 40% [2][4] Industry Dynamics - The industrial control (IC) sector has experienced a three-year downturn, but the automation market showed slight positive growth in Q1, with orders increasing by 20%-30% year-on-year [2][5] - The Ministry of Finance's 200 billion yuan equipment renewal bond is expected to stimulate 30 billion yuan in public equipment demand, indicating a gradual recovery in the public sector market by 2025 [2][6] Growth Potential - The NEV business has become profitable since 2023, with rapid profit release and significant potential for product line extension and overseas market expansion [2][7] - Huichuan Technology's core products in general automation, including servo systems, low-voltage frequency converters, and small PLCs, hold the highest market share among domestic companies, with long-term gross margins exceeding 40% [2][8] Future Projections - The company anticipates a 15%-20% growth rate for non-NEV businesses and expects overall performance to reach nearly 5.5 billion yuan by 2025, with a 40x PE valuation [3][26] - The NEV sector is projected to grow rapidly, with expectations of reaching 1.5 billion yuan in revenue by 2025 [3][26] International Strategy - Huichuan Technology is accelerating its international strategy, with overseas market potential estimated to be 4-5 times that of the domestic market [11] - The company has established over 130 distributors and 18 subsidiaries globally, with plans for a North American base and a factory in Hungary [11] Digitalization and Energy Management - The company is focusing on digitalization in production and service management, with plans to launch an integrated industrial automation software by 2025 [12] - In energy management, Huichuan is developing storage management systems and integrated solutions for power generation and distribution [12] Robotics and AI - The industrial robotics segment has seen a 40% growth in 2024, with a market share nearing 9% [13] - The company is investing in humanoid robotics, with a focus on core components that account for 50%-60% of the value [21][22] Risks - Potential risks include slower-than-expected recovery in manufacturing, intensified competition in the NEV sector, and delays in product development and humanoid robotics commercialization [27] Conclusion - Huichuan Technology is positioned for growth in both the industrial automation and NEV sectors, with significant opportunities in digitalization, international expansion, and robotics. The company is rated as a "buy" with a strong long-term outlook [25][26]

Core Viewpoint - The company Huichuan Technology (300124) has experienced a decline in stock price, with a current market capitalization of 179.235 billion yuan, ranking first in the automation equipment sector and 66th in the A-share market [1]. Shareholder Changes - On May 20, 2025, executive Liu Yingxin reduced his holdings by 299,900 shares, accounting for 0.0111% of the total share capital, during which the stock price increased by 0.34% to close at 68.53 yuan [2]. - On May 19, 2025, supervisor Bai Ziping sold 2,000 shares, representing 0.0001% of the total share capital, with the stock price decreasing by 0.51% to close at 68.3 yuan [2]. - On May 16, 2025, Bai Ziping also reduced his holdings by 30,000 shares, which is 0.0011% of the total share capital, while the stock price rose by 0.23% to close at 68.65 yuan [2]. Institutional Research Highlights - The company has achieved good market share in servo systems, variable frequency drives, and small PLC products in the Chinese market, and plans to enhance product competitiveness through multi-product solutions [3]. - The company is actively developing components for humanoid robots and providing scenario-based products and solutions for the manufacturing industry [3]. - There has been significant improvement in products and solutions for process industry applications, with certain business growth achieved [3]. - The company is strengthening its capabilities in digitalization and large PLCs, aiming to create model points and penetrate the process industry [3]. - Following the acquisition of Shanghai Lain in 2018, the company has developed mature high-precision ball screw design and manufacturing capabilities, and the recent acquisition of Korean SBC has supplemented its precision linear guide product line [3]. - The new factory in Nanjing has commenced production, focusing on industrial robots and precision machinery products [3]. - The company is pursuing investments and acquisitions that are highly synergistic with its main business in automation, precision machinery, industrial software, new energy, and upstream and downstream industry chains to build and enhance its industrial ecosystem [3].

深圳市汇川技术股份有限公司 累积投票制实施细则 深圳市汇川技术股份有限公司 累积投票制实施细则 （经 2024 年年度股东会审议通过） 第四条 股东会选举产生的董事人数及结构应符合《公司章程》的规定。 第五条 公司通过累积投票制选举产生的董事，其任期不实施交错任期制， 即届中因缺额而补选的董事任期为本届余任期限，不跨届任职。 第二章 董事候选人的提名 第六条 公司依照《公司章程》规定的方式和程序确定董事候选人，确保选 举的公开、公平、公正。 第一章 总则 第一条 为了进一步完善深圳市汇川技术股份有限公司（以下简称"公司"） 法人治理结构，规范公司董事的选举，保证所有股东充分行使权利，维护中小股 东利益，根据中国证监会《上市公司治理准则》《深圳证券交易所创业板股票上 市规则》《公司章程》及其他有关规定，特制定本细则。 第二条 股东会就选举董事进行表决时，如拟选独立董事或非独立董事的人 数多于1人，应采取累积投票制。 职工代表董事由公司职工代表大会选举产生或更换，不适用于本实施细则的 相关规定。 第三条 本实施细则所称累积投票制，是指公司股东会在选举董事时，每一 股份拥有与应选董事人数相同的表决权，股东拥有的表决 ...