证券代码：300124 证券简称：汇川技术 公告编号：2025-029 深圳市汇川技术股份有限公司 关于调整第五期股权激励计划、第六期股权激励计划、 第七期股权激励计划所涉权益工具回购价格、授予价格 及行权价格的公告 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。 深圳市汇川技术股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日召开第 六届董事会第九次会议，审议通过了《关于调整第五期股权激励计划首次授予限制 性股票授予价格的议案》《关于调整第六期股权激励计划第一类限制性股票回购价 格的议案》《关于调整第六期股权激励计划第二类限制性股票授予价格的议案》《关 于调整第六期股权激励计划股票期权行权价格的议案》《关于调整第七期股权激励 计划第一类限制性股票授予价格的议案》《关于调整第七期股权激励计划第二类限 制性股票授予价格的议案》《关于调整第七期股权激励计划股票期权行权价格的议 案》（以下合称"本次调整"）。 现将相关事项公告如下： 一、本次调整情况 公司于2025年5月29日披露了《2024年年度权益分派实施公告》，公司2024年 年度利润分配方案为 ...

法律意见书 1 法律意见书 广州市天河区珠江东路 32 号利通广场 29 楼 2901 室 邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-37392826 电子邮箱/E-mail：kdgzlaw@163.com 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 第五期股权激励计划授予价格调整的 法 律 意 见 书 北京 天津 上海 深圳 广州 西安 沈阳 南京 杭州 海口 菏泽 成都 苏州 呼和浩特 长沙 厦门 郑州 香港 武汉 康达法意字【2025】第【0158】号 二〇二五年六月 对出具本法律意见书，本所及本所律师声明如下： 1. 本所及经办律师依据《公司法》、《证券法》、《管理办法》、《律师事务所 从事证券法律业务管理办法》、《律师事务所证券法律业务执业规则（试行）》等法 律法规的规定以及本法律意见书出具日以前已经发生或者存在的事实为基础发表法律 意见。 2 北京市康达（广州）律师事务所 关于深圳市汇川技术股份有限公司 第五期股权激励计划授予价格调整的 法律意见书 康达法意字【2025】第【0158】号 致：深圳市汇川技术股份 ...

Group 1: Industry Overview - The humanoid robot industry is experiencing a historic turning point, with significant growth in financing driven by breakthroughs in AI large model technology and favorable policies [1][2] - As of June 5, 2023, there have been 59 investment events in the humanoid robot sector in China this year, amounting to several billion yuan [1] - The global investment in robotics has exceeded 200 billion yuan since 2025, with China's investment activity accounting for over 82% of the total [2] Group 2: Company Developments - Beijing Accelerated Evolution Technology Co., Ltd. has completed its Series A financing, which will be used for product iteration and large-scale production [2] - Sichuan Embodied Humanoid Robot Technology Co., Ltd. announced the completion of several million yuan in angel round financing and plans to release a robot with an emotional cognition system by the end of the year [2] - Lu Ming Robot Technology (Shenzhen) Co., Ltd. has completed three rounds of financing within six months, with notable investors including Inno Angel Fund and Fosun Ruijing [2] Group 3: Market Trends - The humanoid robot commercialization process is beginning, with significant orders reported by various companies, indicating a shift towards practical applications in sectors like education and tourism [3] - 2025 is anticipated to be a pivotal year for the mass commercialization of humanoid robots, with expectations for widespread deployment in smart factories and emotional companionship robots [3][4] - The number of robot-related enterprises in China has surpassed 900,000, with a 44% increase in new companies compared to the same period in 2024 [3] Group 4: Challenges and Innovations - Despite the optimistic outlook, the humanoid robot industry faces challenges related to technology and cost, with current systems having limitations in decision-making, motion control, and execution [4][5] - The cost structure of humanoid robots remains high, with components like the actuator joint module accounting for a significant portion of the overall cost [5] - Companies are focusing on innovation and collaboration within the core supply chain to overcome these challenges, with notable advancements in key components such as harmonic reducers and 3D vision sensors [6]

Core Viewpoint - The article highlights the importance of Chinese listed companies engaging with international investors as a significant step in the opening of China's capital market, showcasing the investment value of companies in the Shenzhen Stock Exchange during an event in Singapore [1][2]. Group 1: International Engagement - The event in Singapore, organized by the Shenzhen Stock Exchange, featured companies like Mindray Medical, Inovance Technology, and others, emphasizing the achievements in China's new productive forces and the investment potential of these companies [1]. - International investors expressed a strong belief in the strategic significance and vast development opportunities of investing in the Chinese market, particularly in the context of increasing geopolitical uncertainties and tariff disputes [2]. Group 2: Globalization Progress - Shenzhen-listed companies are actively expanding their global presence by establishing sales offices and distribution channels, enhancing their roles in global competition [4]. - Companies like Megmeet, Teradyne, and Inovance Technology shared their successful experiences in overseas market expansion through localized operations and technological innovations, which have improved their global supply chain resilience [4]. Group 3: ESG and Carbon Reduction - A-share companies have made significant contributions to global carbon reduction through green technology innovations and sustainable development initiatives, showcasing strong competitiveness [6]. - Companies such as Mindray Medical and Inovance Technology have gained international recognition for their leading ESG management and carbon reduction technologies, with foreign investors particularly interested in their innovations in the renewable energy and environmental protection sectors [7][8]. Group 4: R&D Investment and Technological Barriers - High R&D investment has been a core driver for Chinese companies to overcome global competition barriers, with Shenzhen-listed companies projected to invest over 760 billion yuan in R&D in 2024 [10]. - The total number of effective patents held by Shenzhen-listed companies exceeds 10,000, with notable achievements in patent applications and technology breakthroughs, positioning them favorably in the global market [10]. - Investors are keen on the high R&D investments of Shenzhen companies, believing that continuous investment and exploration of AI applications will help these companies transition from "technology followers" to "standard setters" in emerging fields [10].

Core Insights - The Chinese programmable logic controller (PLC) market is projected to reach 17.66 billion yuan in 2024, reflecting a year-on-year growth of 14.45% [1][11] - The demand structure indicates a divergence in the market, with traditional industries experiencing weakness while emerging sectors show significant growth [1][11] - Key sectors driving demand include traditional heavy industries like automotive, power, metallurgy, and transportation, alongside emerging fields such as renewable energy and lithium battery production [1][11] Industry Overview - PLCs are digital electronic systems designed for industrial environments, capable of executing various control tasks through programmable memory [1][4] - The PLC industry has evolved through four main stages: initial development, application introduction, domestic production growth, and deep localization [4][5][6] Industry Development History - The initial development phase began in the mid-1970s, with the first PLCs being developed and applied in China [4] - The 1990s saw a heavy reliance on imported PLCs, with domestic production lagging due to high costs and long return periods [5] - The early 2000s marked a surge in demand driven by manufacturing growth, leading to the entry of domestic players into the PLC market [5] - Recent years have seen a focus on self-sufficiency and the development of core technologies in response to international pressures [6] Industry Supply Chain - The upstream supply chain includes essential components such as chips, electronic components, and integrated circuits, with chips being the core part affecting PLC performance [8] - The downstream applications span various industries, including power, metallurgy, chemicals, and transportation [9] Current Industry Status - The PLC market is experiencing strong growth, driven by industrial automation needs, with a projected market size of 17.66 billion yuan in 2024 [11] - Demand is increasing in traditional sectors while emerging industries like semiconductor manufacturing and industrial robotics are also contributing to market growth [11][13] Key Companies - Major foreign brands like Siemens, Mitsubishi, and Omron dominate the high-end market, while domestic brands are gaining traction in the small PLC segment [15] - Companies such as Inovance Technology and Zhong控 Technology are notable players, focusing on innovation and market penetration [16][18] Industry Trends - The PLC market is expected to continue growing, driven by demand in sectors like renewable energy and smart grids [20] - Technological advancements will lead to smarter, more integrated PLC systems capable of real-time optimization and enhanced compatibility with other devices [21][22] - The application of PLCs is expanding into new areas such as smart transportation and environmental management, reflecting changing market needs [23]

Group 1 - Over 200 foreign institutions have conducted research on A-share listed companies since May, totaling more than 500 investigations, with a focus on hard technology sectors such as electronic devices and integrated circuits [1] - Notable foreign institutions involved in the research include Goldman Sachs, Fidelity, BlackRock, UBS, Allianz, and Point72, with companies like Aopu Technology, Lanke Technology, Hudian Co., and Aobi Zhongguang attracting over 30 foreign institution investigations each [1] - Point72, referred to as "Wall Street's craziest money-making machine," led the research activities with 17 investigations, focusing on companies such as Huace Testing, Miaoke Landuo, and Ruixin Micro [1] Group 2 - In addition to electronic devices and integrated circuits, sectors such as healthcare, industrial machinery, and electronic components have also garnered significant attention from foreign institutions, with industry leaders like BeiGene, Huichuan Technology, New Industry, and Shenzhen South Circuit receiving the most investigations [2] - Multiple foreign giants believe that the A-share market presents abundant investment opportunities, particularly in the technology growth sector, with Morgan Stanley highlighting key areas such as technology growth, Chinese manufacturing, and new consumption as worthy of attention [3] - Morgan Asset Management is optimistic about sectors including leading automotive manufacturers and components, AI-related industries, robotics, trendy toys, and pet-related businesses [3]

Core Viewpoint - The China Securities Index for the equipment industry has shown mixed performance, with a recent increase but a decline over the past months, indicating potential volatility in the sector [1][2]. Group 1: Index Performance - The China Securities Equipment Industry Index rose by 0.34% to 2050.12 points, with a trading volume of 40.916 billion yuan [1]. - Over the past month, the index has increased by 0.80%, but it has decreased by 8.06% over the last three months and by 6.85% year-to-date [1]. Group 2: Index Composition - The top ten weighted companies in the index include CATL (10.4%), Huichuan Technology (4.38%), SANY Heavy Industry (3.4%), Sungrow Power Supply (2.77%), Guodian NARI (2.75%), LONGi Green Energy (2.75%), CRRC (2.72%), Weichai Power (2.57%), China Shipbuilding (2.17%), and XCMG (2.07%) [1]. - The index is primarily composed of companies from the Shenzhen Stock Exchange (52.55%) and the Shanghai Stock Exchange (47.45%) [1]. Group 3: Industry Breakdown - The index's sample holdings are predominantly in the industrial sector, accounting for 99.33%, with the energy sector making up 0.67% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. Group 4: Fund Tracking - Public funds tracking the equipment industry index include E Fund China Securities Equipment Industry Link A, E Fund China Securities Equipment Industry Link C, Huaxia China Securities Equipment Industry Link A, Huaxia China Securities Equipment Industry Link C, Huaxia China Securities Equipment Industry ETF, and E Fund China Securities Equipment Industry ETF [2].

Core Viewpoint - FTSE Russell announced the results of the quarterly review for various indices including the FTSE China 50 Index, which will take effect after the market closes on June 20, 2025. The changes reflect the performance of leading companies in the A-share market and are significant for international investors looking to gauge the Chinese market [1][6]. Group 1: FTSE China A50 Index Adjustments - Jiangsu Bank has been added to the FTSE China A50 Index, while Great Wall Motor has been removed. Companies like BeiGene, Yili, SAIC Motor, Seres, and Huichuan Technology are on the watchlist for potential inclusion [4][5]. - The FTSE China A50 Index consists of the 50 largest stocks by market capitalization from the Shanghai and Shenzhen stock exchanges, serving as a key indicator of the most influential companies in the A-share market [6]. Group 2: Market Trends and Investment Insights - The banking sector has seen significant interest from various institutional investors, including insurance funds and ETFs, due to their stable earnings and high dividend returns. This trend is expected to continue as new regulations encourage more investment in the banking sector [8]. - The recent performance of stocks like Jiangsu Bank, which has seen substantial price increases, highlights the growing preference for high-dividend assets amid declining interest rates [7]. Group 3: FTSE China 50 Index New Additions - The FTSE China 50 Index has added Pop Mart and SF Express, while removing China Merchants Securities and China Railway Construction. The watchlist includes China Galaxy, China Merchants Securities, Fuyao Glass, Geely, and Huatai Securities [9][10]. - Pop Mart's stock has been particularly favored, reflecting a broader trend in consumer stocks that cater to niche markets and innovative products, indicating a shift in consumer preferences towards quality and differentiation [15]. Group 4: Adjustments in Other FTSE Indices - The FTSE China A150 Index has included Guohua Airlines, Chongqing Rural Commercial Bank, Great Wall Motor, and Xiaoshangcheng, while removing Jiangsu Bank, CNOOC, Zhi Fei Biology, and Dahua Technology [17][19]. - The FTSE China A200 Index has similar adjustments, reflecting ongoing changes in market dynamics and company performances [20]. - The FTSE China A400 Index has added 19 stocks including YK International and CNOOC, while removing 19 others, indicating a comprehensive reevaluation of the index constituents [21].

Group 1: Investor Relations Activities - The investor relations activities took place from May 19 to May 29, 2025, involving multiple sessions including on-site research and strategy meetings [5]. - A total of 16 participants from various investment firms attended the first on-site research session on May 19 [1]. - The activities included participation from 33 individuals in the third on-site research session and 73 individuals in the fourth session [2][3]. Group 2: Company Cost Advantages - The company maintains cost advantages over foreign brands primarily through low costs in R&D, marketing, and management [5]. - Compared to domestic brands, the company benefits from leading product design, scale effects in procurement and manufacturing, and effective quality control [5]. - The company employs rapid product iteration and optimization to enhance performance while reducing costs, ensuring stable gross margins despite competitive pressures [6]. Group 3: PLC and Industrial Robot Development - The company is increasing investment in medium to large PLC products, which are crucial for high-end applications in industries like photovoltaics and lithium batteries [7]. - The industrial robot business has seen significant growth due to a strong sales platform, extensive customer base, and continuous optimization of the regional sales network [8]. - The company plans to expand its industrial robot product series to meet diverse industry needs, with applications already established in sectors such as 3C, photovoltaics, and lithium batteries [9]. Group 4: Product Expansion and Market Opportunities - The company is actively expanding its product lines in automation, including pneumatic and guide rail products, to meet customer demands and explore new market opportunities [10]. - The elevator business is projected to grow steadily, focusing on expanding into multinational enterprises and enhancing service offerings in the aftermarket [11]. - The company aims to leverage its comprehensive elevator electrical solutions to capture market share among domestic and international clients [11].

Market Overview - The A-share market experienced fluctuations and a slight decline last week, with the Shanghai Composite Index remaining flat, the Shenzhen Component Index dropping by 0.9%, and the ChiNext 50 Index decreasing by 2.1% [1] - The average daily trading volume in the A-share market was approximately 1.05 trillion yuan, indicating a decrease in market trading activity [1] - Among the 31 primary industries in the A-share market, 18 sectors saw gains, with notable increases in the environmental protection, pharmaceutical biotechnology, and defense industries, while the automotive, electric equipment, and non-ferrous metals sectors experienced significant declines [1] Semiconductor Industry - The semiconductor industry is undergoing a wave of consolidation, with leading companies optimizing their supply chain through mergers and acquisitions, driven by the increasing demand for high-performance chips and materials [1] Pharmaceutical and Biotech Sector - The pharmaceutical and biotech sector is witnessing multiple hotspots, particularly in the innovative drug field, with Chinese pharmaceutical companies showcasing over 70 research results at the 2025 ASCO annual meeting, indicating advancements in research capabilities [4] - The approval of several innovative drugs by the National Medical Products Administration is boosting the sector, alongside the growth in medical devices such as diagnostic reagents and coronary intervention balloon catheters [4] Electric Equipment and New Energy - The global demand for electric equipment has entered an upward cycle, driven by the growth of new energy installations and upgrades in power grids [3] - The average delivery time for power transformers has increased, and prices have risen significantly, indicating a tight supply-demand situation [3] ChiNext 50 ETF - The ChiNext 50 ETF (159949) focuses on growth leaders in the ChiNext market, particularly in technology sectors, and has a current valuation of 29.45 times earnings, placing it in the 13.54% percentile over the past decade [2] - The ETF has a total scale of 243.51 billion yuan and an average daily trading volume of 1.211 billion yuan over the past year, ranking it among the top ETFs on the Shenzhen Stock Exchange [6] Performance of Key Stocks in ChiNext 50 - Notable stocks in the ChiNext 50 include CATL (27.18% weight, -6.36% weekly change), Dongfang Wealth (10.91% weight, -0.77% weekly change), and Mindray (5.12% weight, -2.60% weekly change) [7]