Summary of Huichuan Technology Conference Call Company Overview - **Company**: Huichuan Technology - **Industry**: Industrial Automation Key Points and Arguments 1. **Revenue Growth**: Huichuan Technology achieved a revenue increase from 900 million to 37 billion, with an average annual growth rate of 37% [2][3] 2. **Net Profit Growth**: The net profit attributable to the parent company rose from 49 million to 4.285 billion, reflecting a 30% average annual growth rate [2][3] 3. **Business Development Stages**: The company’s growth can be divided into three stages: initial capital accumulation in the elevator industry, rapid expansion in general automation and industrial robotics, and the emergence of the new growth engine in the new energy vehicle sector [2][3] 4. **Strategic Acquisitions**: Huichuan Technology has made several acquisitions, including Changchun Huitong and Ruizhan Technology, to fill gaps in its product offerings such as encoders and machine vision systems [2][5][6] 5. **Future Growth Engines**: The company is focusing on the new energy vehicle sector, with its subsidiary, United Power, expected to be spun off for public listing [2][3] 6. **Sales Model Transition**: The sales model has shifted from primarily distribution to a balanced approach between distribution and major clients, enhancing direct sales capabilities [4][12] 7. **Governance Structure**: The company has a cohesive governance structure with a core team primarily from Huawei, ensuring strong execution and decision-making [5][15] 8. **Organizational Changes**: Huichuan Technology has undergone significant organizational changes, moving from a tower structure to a matrix structure, and finally to a front-middle-back structure to improve efficiency and innovation [10][14] 9. **Market Positioning**: The company has set a "Double 50" goal, aiming for 5 billion in revenue and 50% market share in servo drives, while continuously launching products to address weak areas [8][20] 10. **Automotive Sector Contribution**: The automotive sector is a significant contributor, with electric motors and controls accounting for 12% of passenger vehicle costs, and expected rapid growth in this segment [20][21] Additional Important Insights 1. **AI and Industrial Software**: Huichuan Technology is actively developing AI technologies and industrial software solutions to enhance operational efficiency and reduce costs [24] 2. **International Market Potential**: The company has significant potential for growth in international markets, with current overseas market share remaining low [22] 3. **General Automation Recovery**: The general automation industry is experiencing a recovery, with improved revenue and profit margins across the sector [25] 4. **Focus on Core Components**: In the humanoid robot sector, the company is focusing on core components such as screws, motors, and drives, while exploring advanced technologies [23] This summary encapsulates the key developments and strategic directions of Huichuan Technology as discussed in the conference call, highlighting its growth trajectory, market positioning, and future opportunities.

Core Viewpoint - The company has completed the cancellation of 85,523 stock options from its sixth equity incentive plan due to various reasons including unexercised options and employee departures [1][2]. Group 1: Stock Option Cancellation Details - The board of directors approved the cancellation of stock options on August 22, 2025, during the 11th meeting of the sixth board [1]. - A total of 497,011 stock options were exercised by 226 individuals, while 27,985 options will be canceled due to expiration without exercise [1]. - Eleven individuals who left the company will have their unexercised options of 51,657 canceled, along with 5,881 options from 37 individuals who had a performance assessment of "B" [1]. Group 2: Completion of Cancellation Process - The cancellation process for the 85,523 stock options was confirmed and completed by the China Securities Depository and Clearing Corporation on September 1, 2025 [2].

Core Viewpoint - The company announced the completion of the cancellation of 316,056 stock options from the first grant of the sixth equity incentive plan, following the resignation of certain employees and performance evaluations of others [1][2]. Summary of Relevant Sections Stock Option Cancellation - The company held a board meeting on August 22, 2025, where it approved the cancellation of stock options from the sixth equity incentive plan [1]. - A total of 775 individuals exercised 2,900,505 stock options, while 18 individuals did not fully exercise their options [1]. - 32 individuals lost their incentive qualifications due to personal reasons, leading to the cancellation of 238,350 stock options [1]. - Additionally, 124 individuals had performance evaluations resulting in a 90% exercise ratio for one group and a 0% ratio for another, resulting in the cancellation of 51,287 stock options [1]. - In total, 316,056 stock options were canceled, with the cancellation process confirmed by the China Securities Depository and Clearing Corporation on September 1, 2025 [1].

Core Points - The company announced the cancellation of 625,876 stock options from the seventh equity incentive plan due to the departure of 23 incentive recipients and the performance assessment of 153 recipients [1][2] Group 1: Stock Option Cancellation - A total of 528,000 stock options were canceled for 23 individuals who left the company and no longer qualified for the incentive [1] - Additionally, 97,876 stock options were canceled for 153 recipients who had a performance assessment result of "B," with a 90% actual exercise ratio for this period [1] - The cancellation process was completed on September 1, 2025, as confirmed by the China Securities Depository and Clearing Corporation [1]

证券代码：300124 证券简称：汇川技术 公告编号：2025-054 深圳市汇川技术股份有限公司 关于第六期股权激励计划预留授予部分股票期权 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 2．经中国证券登记结算有限责任公司深圳分公司审核确认，公司已于2025年 9月1日完成上述股票期权的注销手续。 一、本次注销部分股票期权已履行的程序 公司于2025年8月22日召开了第六届董事会第十一次会议，审议通过了《关于 注销第六期股权激励计划预留授予部分股票期权的议案》。 截至本激励计划预留授予股票期权第一个行权期结束，实际行权人数226人， 共计行权497,011份；未行权及未完全行权人数共计11人，第一个行权期到期未行 权的股票期权27,985份将被注销。 第六期股权激励计划预留授予的11名激励对象因个人原因离职，均已不具备激 励资格，其已获授但尚未行权的股票期权51,657份（第二、三个行权期分别为25,828 份、25,829份）将被注销；37名激励对象2024年度绩效考核结果为"B"，本期个人 层面实际可行权比例为90%，其第二个行权期已获授但不能行权的股票期权5,881 份将被注 ...

证券代码：300124 证券简称：汇川技术 公告编号：2025-055 深圳市汇川技术股份有限公司 关于第七期股权激励计划首次授予部分股票期权 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。 二、股票期权注销情况 经中国证券登记结算有限责任公司深圳分公司审核确认，公司已于2025年9月1 1 特别提示： 1．深圳市汇川技术股份有限公司（以下简称"公司"）本次注销的股票期权 数量为625,876份。 2．经中国证券登记结算有限责任公司深圳分公司审核确认，公司已于2025年 9月1日完成上述股票期权的注销手续。 一、本次注销部分股票期权已履行的程序 公司于2025年8月22日召开了第六届董事会第十一次会议，审议通过了《关于 注销第七期股权激励计划首次授予部分股票期权的议案》。 第七期股权激励计划首次授予的23名激励对象因个人原因离职，均已不具备激 励资格，其已获授但尚未行权的股票期权528,000份（每个行权期各132,000份）将 被注销；153名激励对象2024年度绩效考核结果为"B"，本期个人层面实际可行权 比例为90%，其本期已获授但不能行 ...

证券代码：300124 证券简称：汇川技术 公告编号：2025-053 深圳市汇川技术股份有限公司 关于第六期股权激励计划首次授予部分股票期权 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。 特别提示： 1．深圳市汇川技术股份有限公司（以下简称"公司"）本次注销的股票期权 数量为316,056份。 2．经中国证券登记结算有限责任公司深圳分公司审核确认，公司已于2025年 9月1日完成上述股票期权的注销手续。 一、本次注销部分股票期权已履行的程序 公司于2025年8月22日召开了第六届董事会第十一次会议，审议通过了《关于 注销第六期股权激励计划首次授予部分股票期权的议案》。 截至本激励计划首次授予股票期权第二个行权期结束，实际行权人数775人， 共计行权2,900,505份；未行权及未完全行权人数共计18人，到期未行权的股票期权 26,419份将被注销。 第六期股权激励计划首次授予的32名激励对象因个人原因离职，均已不具备激 励资格，其已获授但尚未行权的股票期权238,350份（第三、四个行权期各119,175 份）将被注销；123名激励对象20 ...

Core Viewpoint - Three companies listed on the ChiNext board reported a decrease in shareholder accounts as of August 31, with notable declines in the number of shareholders for Naipu Mining Machine, Huichuan Technology, and Guangwei Composite Materials [1][2] Group 1: Shareholder Account Changes - Naipu Mining Machine reported the largest decline in shareholder accounts, with a total of 9,387 accounts, down 16.69% from August 20, and has seen a cumulative increase of 0.73% in stock price since the concentration of shares began [1][2] - Huichuan Technology's shareholder accounts decreased by 0.44% to 149,618, with a cumulative stock price increase of 8.93% during the same period [1][2] - Guangwei Composite Materials had 75,100 shareholder accounts, reflecting a decrease of 0.16%, and a cumulative stock price increase of 1.49% since the concentration of shares began [1][2] Group 2: Market Performance and Trends - Naipu Mining Machine has experienced a cumulative decline of 25.98% in shareholder accounts over four consecutive periods [2] - The average stock price increase for concentrated shares since August 21 is 3.72%, with Huichuan Technology, Guangwei Composite Materials, and Naipu Mining Machine showing increases of 8.93%, 1.49%, and 0.73% respectively [2] - In terms of industry, the mechanical equipment sector has the highest concentration of shares among the reported companies, with two stocks listed [2]

Macro Insights - The recent appreciation of the Renminbi against the US dollar and a basket of currencies has been notable, with a 0.4% increase observed on August 28-29 [2] - The manufacturing PMI for August showed a slight recovery to 49.4% from 49.3% in July, indicating marginal improvement in manufacturing activity [3] - The non-manufacturing business activity index rose to 50.3% from 50.1% in July, suggesting a stable outlook for the service sector [3] Investment Strategy - The technology sector is experiencing increased investor interest, with TMT transaction volume exceeding 40% of total market activity, indicating a shift towards fundamental-driven market behavior [5] - The report suggests focusing on sectors benefiting from Renminbi appreciation, such as consumption, non-bank financials, and electric new energy, which are currently at relatively low valuations [5] - The report emphasizes the importance of maintaining flexibility in investment strategies, particularly in the context of market volatility and sector rotation [8] Company Performance - Alibaba's Q1 FY26 revenue reached 247.7 billion yuan, a year-on-year increase of 1.8%, with adjusted EBITA declining by 13.7% [14] - Huichuan Technology reported a 26.73% increase in revenue for H1 2025, reaching 20.509 billion yuan, with a net profit of 2.968 billion yuan, up 40.15% [18] - Zhonggu Logistics experienced a 41.6% increase in net profit for H1 2025, despite a 7.0% decline in revenue, attributed to high demand in the foreign trade container leasing market [19] Sector Analysis - The beverage sector showed strong sales performance, with revenue growth of 22.8% in Q2 2025, while the snack food sector faced challenges with a 0.3% decline [12] - The insurance sector is seeing a shift towards high-yield stocks, with the average allocation to FVOCI stocks increasing by 1.3 percentage points to 4.2% [10] - The real estate sector is under pressure, with China Overseas Development reporting a 4% decline in revenue for H1 2025, but maintaining a strong project pipeline for future growth [22]

Core Viewpoint - 汇川技术 has shown strong financial performance with significant growth in revenue and net profit, alongside notable trading activity in its stock, indicating investor interest and confidence in the company [1][2]. Financial Performance - For the first half of 2025, 汇川技术 reported revenue of 20.51 billion yuan, representing a year-on-year increase of 26.73% [2]. - The net profit attributable to shareholders reached 2.968 billion yuan, reflecting a year-on-year growth of 40.15% [2]. Stock Trading Activity - On August 29, 汇川技术's stock price increased by 1.69%, with a trading volume of 4.839 billion yuan [1]. - The company experienced a net financing purchase of 50.91 million yuan on the same day, with total financing and margin trading balance reaching 3.307 billion yuan [1]. - The financing balance of 3.292 billion yuan accounts for 1.63% of the circulating market value, indicating a high level of investor engagement [1]. Shareholder Information - As of August 29, 汇川技术 had 149,600 shareholders, a slight decrease of 0.44% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.44% to 15,783 shares [2]. Dividend Distribution - Since its A-share listing, 汇川技术 has distributed a total of 7.945 billion yuan in dividends, with 3.267 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 474 million shares, a decrease of 41.497 million shares from the previous period [3]. - The fifth largest circulating shareholder is E Fund's ChiNext ETF, which increased its holdings by 1.5543 million shares to 49.3616 million shares [3].