Core Insights - The company, Haoshi Electromechanical, reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 1,143.20 million yuan, a year-on-year growth of 18.10% [2] - The net profit attributable to the parent company was 121.58 million yuan, reflecting a substantial year-on-year increase of 50.40% [2] - The company's non-recurring net profit was 97.07 million yuan, showing a remarkable growth of 102.52% year-on-year [2] Revenue Breakdown - The spindle products, particularly those used in the chip sector, generated sales revenue of 758.00 million yuan, marking a year-on-year increase of 30.32% and accounting for 66.31% of the main business revenue [2] - Sales of PCB drilling machine spindles and PCB forming machine spindles saw significant growth, with PCB spindles alone achieving sales revenue of 169.13 million yuan, an impressive year-on-year increase of 83.99% [2]

Group 1 - The company emphasizes the importance of the national "14th Five-Year Plan" in guiding the hydrogen energy industry and plans to increase R&D investment in the new energy vehicle sector [2] - The company aims to leverage its resources in R&D, manufacturing, customer relations, and branding to deepen collaboration with related enterprises in the industry chain, focusing on continuous breakthroughs in the performance, lifespan, and cost of hydrogen fuel cell air compressors [2] - Currently, the company does not have any products in the nuclear fusion energy sector [2]

Core Insights - The company has developed a complete and independent design, manufacturing, and testing technology for high-speed centrifugal air compressors, primarily for hydrogen fuel cell vehicles and power generation systems [1] - Multiple series of fuel cell air compressor products have been developed, including DK-GF110, DK-GF150, DK-GF180, DK-GF220, and DK-GF300, which cater to fuel cell systems with power requirements ranging from 50 to 240 kW [1] - The company is also researching energy recovery hydrogen fuel cell air compressors, with three models currently in the testing phase, featuring high efficiency and a recovery rate of over 30% for exhaust energy [1] Product Development - The company has completed the development of several series of fuel cell air compressors, which have seen limited sales and are not expected to significantly impact overall performance [1] - The energy recovery series includes models DK-GF150-3.0T, DK-GF180A-T, and DK-GF300A-T, designed with features such as oil-free lubrication and high reliability [1] - The energy recovery system is equipped with a variable cross-section turbine that effectively recovers energy from exhaust, enhancing the overall efficiency of the fuel cell systems [1]

Core Insights - The report emphasizes the importance of proactive discovery in the financial market rather than merely relaying information [1] Macroeconomic News Summary - The Ministry of Commerce highlights the Chinese government's commitment to joining the CPTPP, aiming to enhance economic integration in the Asia-Pacific region [4] - Shenzhen supports the establishment of cooperation mechanisms between the Shenzhen Stock Exchange and major exchanges in sovereign fund countries/regions [4] - The Central Financial Office stresses that building a strong financial nation is essential for promoting high-quality development and supporting Chinese-style modernization [4] Industry Latest Developments - The demand for virtual power plants is increasing in the context of new power systems, with related stocks including Guodian Nanzi (600268) and Xiexin Energy (002015) [6] - The ongoing development and standardization of 6G technology is expected to create opportunities in the industry, with related stocks such as Sega Technology (002796) and Guolan Testing (301289) [6] - SK Hynix's HBM4 has increased in price by 50% compared to the previous generation, indicating potential expansion opportunities in the HBM industry chain, with related stocks including Shannon Chip (300475) and Zhaoyi Innovation (603986) [6] Focus on Listed Companies - Zoomlion (000157) has successfully developed multiple iterations of its autonomous robots in the embodied intelligence field [8] - Wuzhi Electromechanical (300503) has completed the development of several series of fuel cell air compressor products [8] - Xinzhoubang (300037) focuses primarily on lithium-ion battery electrolyte business and does not directly produce lithium iron phosphate cathode materials [8] - Lixing Co., Ltd. (300421) has signed a strategic cooperation agreement with Zhejiang Rongtai to collaborate in key areas such as rolling body applications for industrial robots [8] Market Review and Outlook - On November 6, the market showed a strong upward trend, with the Shanghai Composite Index rising by 0.97% and the Shenzhen Component Index increasing by 1.73% [10] - The overall market sentiment improved significantly, with nearly 2900 stocks rising, and the trading volume in the Shanghai and Shenzhen markets reached 1.89 trillion yuan, an increase of over 180 billion yuan from the previous trading day [10] - The semiconductor industry chain experienced a strong rally, with storage chips and CPOs leading the gains, and several related stocks hitting the daily limit or rising over 10% [10] - The report indicates that the market's focus is shifting towards growth styles, particularly in technology sectors such as semiconductors and computing hardware [10][11]

公司董事肖泳林先生保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 广州市昊志机电股份有限公司（以下简称"公司"或"本公司"）于 2025 年 9 月 18 日在巨潮资讯网（www.cninfo.com.cn）上披露了《关于公司部分董事 减持股份的预披露公告》，公司董事肖泳林先生计划自减持计划公告披露之日起 15 个交易日后 3 个月内，通过集中竞价交易或大宗交易的方式减持公司股份不 超过 290,000 股（占总股本比例 0.09%），具体内容详见相关公告。 近日，公司收到董事肖泳林先生的《关于股份减持计划实施完毕的告知函》： 肖泳林先生于 2025 年 11 月 6 日通过集中竞价方式减持公司股份 290,000 股（占 总股本比例 0.09%）；截至本公告披露日，肖泳林先生上述减持计划已实施完毕。 现将具体情况公告如下： 一、减持计划的实施进展情况 证券代码：300503 证券简称：昊志机电 公告编号：2025-084 广州市昊志机电股份有限公司 关于公司部分董事减持计划实施完毕的公告 二、其他相关说明 ...

Core Viewpoint - The company, Haoshi Electromechanical, has a diverse product range that includes various types of spindles and machinery components, which are widely used in high-end manufacturing sectors such as 3C electronics, precision molds, new energy vehicles, and aerospace [1] Product Range - The company offers products including PCB drilling machines, forming machines, slicing machines, CNC metal/glass engraving and milling machine spindles, CNC lathe spindles, and various types of mechanical spindles [1] - Core components such as five-axis machine spindles, turntables, and linear motors are integral to the operation of advanced five-axis machine tools [1] Industry Applications - The products are extensively applied in multiple high-tech industries, providing reliable technical support for high-end equipment manufacturing [1]

Core Viewpoint - The company has developed a complete and independent technology for the design, manufacturing, and testing of high-speed centrifugal air compressors, primarily for hydrogen fuel cell vehicles and fuel cell power generation systems [1] Product Development - The company has completed the development of multiple series of fuel cell air compressor products, including DK-GF110, DK-GF150, DK-GF180, DK-GF220, and DK-GF300, which can meet the needs of fuel cell systems ranging from 50 to 240 kW [1] - These products have seen limited sales, with revenue not significantly impacting the company's overall performance at this stage [1] Research and Innovation - The company is actively pursuing research and development of energy recovery hydrogen fuel cell air compressors, having developed models DK-GF150-3.0T, DK-GF180A-T, and DK-GF300A-T [1] - The energy recovery series features oil-free lubrication, high efficiency, high reliability, long lifespan, and high vibration resistance, with a variable cross-section turbine energy recovery system that can effectively recover over 30% of the energy from exhaust gases [1] - These energy recovery products are currently in the testing and verification phase [1]

Core Viewpoint - The stock of Haoshi Electromechanical has shown significant volatility, with a year-to-date increase of 56.57% but a recent decline over the past five trading days [1][2]. Group 1: Stock Performance - As of November 6, Haoshi Electromechanical's stock price rose by 2.07% to 29.54 CNY per share, with a total market capitalization of 9.105 billion CNY [1]. - The stock has experienced a trading volume of 93.7574 million CNY, with a turnover rate of 1.33% [1]. - Year-to-date, the stock has seen a 56.57% increase, while it has decreased by 4.22% over the last five trading days and 2.22% over the last twenty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Haoshi Electromechanical reported a revenue of 1.143 billion CNY, reflecting an 18.10% year-on-year growth, and a net profit attributable to shareholders of 122 million CNY, which is a 50.40% increase [2]. - The company has distributed a total of 100 million CNY in dividends since its A-share listing, with 16.2219 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Haoshi Electromechanical was 41,100, a decrease of 4.30% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.32% to 5,859 shares [2]. - Notable institutional holdings include the E-Fonda National Robot Industry ETF, which is the fourth-largest shareholder with 6.4035 million shares, an increase of 5.3728 million shares from the previous period [3].

Core Viewpoint - Haozhi Electromechanical is a leading enterprise in the domestic high-end machine tool core component manufacturing sector, with strong R&D capabilities and a focus on various advanced equipment segments, including humanoid robots and artificial intelligence [1][5]. Group 1: Company Overview - Haozhi Electromechanical was established on December 14, 2006, and listed on the Shenzhen Stock Exchange on March 9, 2016, with its headquarters in Guangzhou, Guangdong Province [1]. - The company specializes in the R&D, design, production, sales, and maintenance of high-end equipment core components, including mid-to-high-end CNC machine tools and robots [1]. Group 2: Financial Performance - In Q3 2025, Haozhi Electromechanical achieved a revenue of 1.143 billion yuan, ranking 18th out of 51 in the industry, while the industry leader, Juxing Technology, reported revenue of 11.156 billion yuan [2]. - The net profit for the same period was 122 million yuan, placing the company 17th in the industry, with the top performer, Juxing Technology, reporting a net profit of 2.211 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 55.66%, slightly up from 55.24% year-on-year, which is higher than the industry average of 38.24% [3]. - The gross profit margin for Q3 2025 was 37.46%, an increase from 35.19% year-on-year, exceeding the industry average of 26.36% [3]. Group 4: Executive Compensation - The chairman, Tang Xiuqing, received a salary of 3.2964 million yuan in 2024, a significant increase of 2.7594 million yuan from 2023 [4]. - The general manager, Lei Qun, earned 3.0421 million yuan in 2024, up by 1.6086 million yuan from the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.30% to 41,100, while the average number of circulating A-shares held per shareholder increased by 5.32% to 5,859.31 [5]. - The top circulating shareholder, E Fund National Robot Industry ETF, increased its holdings by 5.3728 million shares [5]. Group 6: Market Outlook - The company is positioned as a leader in the core component manufacturing sector for mid-to-high-end machine tools, with a strong R&D capability [5]. - The expected revenue for 2025-2027 is projected to be 1.439 billion, 1.863 billion, and 2.339 billion yuan, respectively, with net profits of 121 million, 173 million, and 222 million yuan [5].

Summary of Haoshi Electromechanical Conference Call Company Overview - **Company**: Haoshi Electromechanical - **Industry**: PCB (Printed Circuit Board) and Robotics Key Financial Performance - **Revenue Growth**: Revenue for the first three quarters of 2025 reached 1.66 billion yuan, a year-on-year increase of 102.52% [2][3] - **Net Profit**: Net profit significantly increased, with a net profit of 122 million yuan for the first nine months, up 50% year-on-year [3][18] - **R&D Investment**: R&D expenditure reached 87 million yuan, indicating a strong commitment to innovation [2][3] Business Segments PCB Drilling and Forming Machines - **Market Position**: Haoshi holds over 60% market share in the domestic PCB drilling and forming machine sector, benefiting from AI and consumer electronics upgrades [2][4][10] - **Sales Performance**: PCB electronic spindle sales volume was approximately 40,000 to 50,000 units, generating around 300 million yuan in revenue, an 80% increase year-on-year [15][17] - **Future Projections**: Expected revenue for 2026 is projected to reach 2.3 billion yuan with a net profit target of 300 million yuan [4][20] Robotics - **Focus Area**: Haoshi Robotics, established in October 2024, specializes in harmonic reducers and has initiated collaborations with companies like Nissin Technology and New Star [6] - **Strategic Plan**: The "N+1+3" strategy includes harmonic reducers, collaborative robots, and three application products [6] - **Market Entry**: Small batch orders have been delivered to domestic automotive manufacturers, with larger orders anticipated by 2026 [6] Industrial Core Components - **Partnerships**: Collaborating with Zhejiang Fengze to produce linear guides, expecting 70 million yuan in revenue this year and over 100 million yuan next year [8] - **Growth in Linear Elevator Business**: Significant growth is anticipated in the linear elevator segment [8] Cost Control and Profitability - **Gross Margin**: The company maintains a gross margin exceeding 40%, attributed to economies of scale and R&D investments [9][28] - **Cost Management**: Continuous improvements in technology and cost control have been effective, with plans to increase prices for certain products due to high demand [9] Market Dynamics - **Demand Surge**: The PCB drilling business faces a demand surge, with monthly delivery delays of approximately 2,000 units due to capacity constraints [7] - **Competitive Landscape**: Haoshi competes primarily with foreign manufacturers in the PCB sector [10] Future Outlook - **2026 Expectations**: Revenue is expected to reach around 2.3 billion yuan, with a net profit goal of 300 million yuan, indicating enhanced profitability [20] - **Technological Advancements**: The harmonic reducer technology has shown significant improvements in precision and noise reduction, positioning the company for growth in industrial robotics and electric vehicle charging markets [21] Additional Insights - **Cash Flow**: The company maintains a positive operating cash flow with no immediate funding needs, supported by bank loans for capital expenditures [23] - **Product Development**: Ongoing development in various product lines, including traditional products like lathes and milling machines, is expected to sustain growth [24] This summary encapsulates the key points from the conference call, highlighting Haoshi Electromechanical's strong financial performance, market position, strategic initiatives, and future growth prospects.