上海维宏电子科技股份有限公司 2025 年年度报告全文 上海维宏电子科技股份有限公司 2025 年年度报告 2026-018 2026 年 3 月 31 日 1 上海维宏电子科技股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 公司负责人汤同奎、主管会计工作负责人杜治付及会计机构负责人(会计 主管人员)杜治付声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 报告中所涉及未来的经营计划和经营目标等前瞻性陈述的，并不代表公 司的盈利预测，也不构成公司对投资者的实质承诺，能否实现取决于市场状 况变化等多种因素，存在不确定性，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司在发展过程中，存在市场竞争加剧的风险、薪酬上涨风险、毛利率 下降的风险、新产品研发风险、业务整合及商誉减值风险、核心技术人员流 失及核心技术泄密风险等风险因素，敬请广大投资者注意投 ...

临时公告 证券代码：300508 证券简称：维宏股份 公告编号：2026-019 上海维宏电子科技股份有限公司 上海维宏电子科技股份有限公司（以下简称"公司"）于 2026 年 3 月 30 日召开第五 届董事会第二十三次会议，审议通过了《关于公司 2025 年度利润分配预案的议案》，表 决结果：同意 9 票，反对 0 票，弃权 0 票。本议案已经公司董事会审议通过，尚需提交公 司 2025 年年度股东会审议。 二、利润分配和资本公积金转增股本方案的基本情况 （一）本次利润分配预案的基本内容 1．本次利润分配预案分配基准为 2025 年度。 关于公司 2025 年度利润分配预案的公告 特别提示： 2．根据容诚会计师事务所（特殊普通合伙）对公司 2025 年度财务报告出具的标准无 保留意见的审计报告，2025 年度，公司实现归属于上市公司股东的净利润 87,810,509.49 元；母公司实现净利润 88,486,199.24 元。因公司法定公积金已达到注册资本 50%以上， 故公司 2025 年未提取法定公积金，且不存在弥补亏损及提取任意公积金的情况。截至 2025 年 12 月 31 日，公司合并报表可供分 ...

证券代码：300508 证券简称：维宏股份 公告编号：2026-015 上海维宏电子科技股份有限公司 关于控股股东持股比例变动触及 1%整数倍暨减持计划实施完成的公告 本公司控股股东郑之开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。 持有本公司股份 24,258,680 股（占本公司总股本比例 22.30%）的股东郑之 开先生计划在本公告发布之日起的 15 个交易日之后的 3 个月内（2026 年 1 月 6 日-2026 年 4 月 3 日）以集中竞价交易方式和大宗交易方式减持本公司股份不超 过 1,256,400 股（占公告日公司总股本比例 1.1548%，公告日公司总股本 108,795,330 股），其中集中竞价减持不超过 418,800 股，大宗交易减持不超过 837,600 股。 公司近日收到郑之开先生出具的《关于股份变动触及 1%整数倍暨减持计划 实施完成的告知函》，获悉郑之开先生截至 2026 年 3 月 9 日已通过集中竞价方式 和大宗交易方式累计减持公司股份 1,239,180 股，占当前公司总股本的 1.1385%， 剩余股份不再减持，本次减持计 ...

证券代码：300508 证券简称：维宏股份 公告编号：2026-014 本次归属的首次授予部分限制性股票数量：1.50 万股，占目前公司总股本 的 0.0138% 本次符合归属条件的首次授予部分归属人数：1 人 本次归属的限制性股票不设限售期，激励对象为董事、高级管理人员的按 照相关规定执行。 上海维宏电子科技股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召 开了第五届董事会第十四次（临时）会议及第五届监事会第十二次（临时）会议， 审议通过了《关于 2024 年限制性股票激励计划首次授予部分第一个归属期符合归 属条件的议案》等相关议案。为避免 1 名董事触及短线交易行为，公司对 2024 年 限制性股票激励计划（以下简称"本激励计划"、"本次激励计划"或"本次股权 激励计划"）第二个归属期满足归属条件的 59 名激励对象共计 32.242 万股第二类 限制性股票分两批次办理归属登记事宜，其中第一批次已于 2025 年 8 月 11 日办 理完成归属登记手续并上市流通，剩余第二批次 1 名激励对象的可归属数量 15,000 股，待满足条件后办理归属登记手续。 截至本公告披露日，关于 2024 ...

证券代码：300508 证券简称：维宏股份 公告编号：2026-013 上海维宏电子科技股份有限公司 关于2023年限制性股票激励计划第二个归属期第二批次归属结果 暨股份上市的公告 本次归属数量：3.6 万股，占目前公司总股本的 0.0331% 本次归属人数：1 人 本次归属的限制性股票不设限售期，激励对象为董事、高级管理人员的按 照相关规定执行。 上海维宏电子科技股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日召 开了第五届董事会第十四次（临时）会议及第五届监事会第十二次（临时）会议， 审议通过了《关于2023年限制性股票激励计划第二个归属期符合归属条件的议案》 等相关议案。为避免 1 名董事触及短线交易行为，公司对 2023 年限制性股票激励 计划（以下简称"本激励计划"、"本次激励计划"或"本次股权激励计划"）第二 个归属期满足归属条件的71名激励对象共计56.484万股第二类限制性股票分两批 次办理归属登记事宜，其中第一批次已于 2025 年 8 月 11 日办理完成归属登记手 续并上市流通，剩余第二批次 1 名激励对象的可归属数量 36,000 股，待满足条件 后办理归属登记手续。 ...

Summary of Weihong Co., Ltd. Conference Call Company Overview - **Company**: Weihong Co., Ltd. (维宏股份) - **Industry**: Robotics and Industrial Control Systems Key Points Industry and Market Dynamics - March 2023 is expected to see significant catalysts with the release of Tesla's "T" and the V3 humanoid robot, particularly focusing on the dexterous hand, which is the most challenging engineering aspect [2][3] - The robotics sector is currently experiencing a pullback due to global risk aversion, but valuations are now at a relatively attractive level [3] Financial Performance and Projections - For 2024, Weihong is projected to achieve revenue of approximately 470 million CNY and a profit of 66 million CNY, with a long-term gross margin maintained above 50% [2][4] - The company anticipates a significant increase in micro motor shipments, with expectations of 300,000 to 500,000 units by 2026, potentially capturing a 20% market share in the domestic market [2][9] Product and Service Offerings - Weihong's core products include integrated motion controllers, motion control cards, and servo drivers, with a focus on industrial control system integration [4] - The company has a strong presence in laser cutting (20% market share, second in the country) and is the market leader in the engraving sector [5] Competitive Positioning - Weihong's acquisition of Hanm Electronics allows it to enter the humanoid robot motor sector, enhancing its capabilities in both drive control and motor integration [6][10] - The company’s competitive advantage lies in its ability to integrate drive control with motor capabilities, which is crucial for the high precision required in dexterous hand applications [10][19] Research and Development - Weihong invests heavily in R&D, with a research expense ratio of approximately 25%, and over half of its workforce dedicated to R&D [12][26] - The company has developed proprietary CAD/CAM software to enhance its technological moat [2][12] Customer Base and Market Strategy - Hanm Electronics has a strong customer base, including leading firms in automotive, consumer electronics, and semiconductors, with nearly 10 major clients in the dexterous hand sector [7][8] - The company aims to provide high integration modules that reduce system integration workload for clients, appealing to those with limited in-house capabilities [35][36] Future Outlook - The market is expected to see a shift from outsourcing motors to outsourcing small modules and potentially entire dexterous hand assemblies, indicating a trend towards greater supply chain specialization [37] - The ASP for dexterous hand motors is estimated at around 10,000 CNY, while the module ASP is approximately 30,000 CNY, suggesting significant business elasticity for Weihong [38] Risks and Considerations - The company faces competition from established players in the robotics and automation sectors, including both domestic and international firms [21][20] - The overall market sentiment is cautious, but the upcoming catalysts in March may provide a rebound opportunity for the stock [39] This summary encapsulates the key insights from the conference call, highlighting Weihong's strategic positioning, financial outlook, and market dynamics within the robotics industry.

Summary of Conference Call Notes Industry Overview - The notes primarily focus on the humanoid robot market and related companies, highlighting key players and their developments in the sector [1][2][3][4][5]. Key Companies and Developments - **Weihong Co., Ltd.**: Its subsidiary, Hanm Electronics, supplies high ASP (Average Selling Price) motors to Yushun, indicating strong market positioning [1]. - **KZ Co., Ltd.**: A leader in TPU structural components for new energy vehicles, has entered the T-robot shock-absorbing components and foot assembly market. The company has provided nearly 10,000 products to Xiaopeng, Zhiyuan, and YS [2]. - **Kedali**: Recognized as a strong contender in the harmonic drive segment, expected to become a core supplier in the Beta and V4 eras [2]. - **Wanshan Qianchao**: A core supplier of T-robot bearings and new universal joints, with a production unit ASP of 10,000 yuan and an expected 15% ASP increase due to new lightweight skeletons [2]. - **Tianzhun Technology**: Collaborates with NVIDIA on the Jetson Thor platform, achieving breakthroughs in physical AI, and is a core supplier for major companies like Zhiyuan and Fourier [3]. - **Beite Technology**: Focuses on hand and body screw drives with low expectations but high certainty in performance [4]. - **Zhejiang Rongtai**: Has established connections from screw drives to actuators, with ASP improvements and high certainty in product delivery [4]. - **Henghui Security**: Positioned as a key player in the T-robot clothing segment, emphasizing unique consumable logic [4]. Industry Trends and Innovations - **Tesla**: Actively training action-conditioned world models using millions of hours of real-world video, indicating a significant investment in AI and robotics [4]. - **Honor**: Plans to launch its first humanoid robot at the 2026 Mobile World Congress in Barcelona, aiming to be the first mobile phone company to enter the humanoid robot market [4]. - **Yushun**: Recently launched the Unitree As2, a manned quadruped robot with a range of over 4 hours when unloaded and over 13 km with a 15 kg load [5]. - **Shangxing Technology**: Integrated OpenClaw with Yushun's robotic system to enhance autonomous decision-making capabilities [5]. Financial Insights - **KZ Co., Ltd.**: The main business includes acquisitions contributing to a profit of 200 million yuan [2]. - **Zhenyu Technology**: Expected to generate nearly 100 million yuan in robot business revenue by 2025 [4]. - **Molded Technology**: Produces T-robot plastic parts with a unit ASP of 1,000-1,500 USD and a net profit of over 600 million yuan [4]. Additional Notes - The information presented is based on market rumors and does not represent personal opinions or investment advice, urging caution in interpretation [1][6].

Investment Rating - The report maintains a "Buy" rating for the automotive industry and highlights the potential of the humanoid robot sector [2][8]. Core Insights - The humanoid robot segment has shown strong performance, with a 2.23% increase in the Huaxin Humanoid Robot Index from February 9-13, 2026, and a cumulative return of 117.3% since 2025 [16]. - The report emphasizes the significance of the recent Spring Festival Gala showcasing humanoid robots, which demonstrated advanced capabilities in cluster control and dynamic movement, indicating a positive outlook for the sector [5][6]. - The commercial aerospace sector is experiencing a dual acceleration phase, marked by technological breakthroughs and substantial capital inflows, particularly following the successful recovery of the Long March 10 rocket's first stage [7]. Summary by Sections Humanoid Robot Sector - The humanoid robot index's trading volume accounted for 17.5% of the CSI 2000 index, indicating a high level of market engagement [16]. - Key components such as actuators, sensors, and lightweight materials are highlighted as critical areas for investment, with specific companies recommended for each component [9][10]. - Notable performers in the humanoid robot sector include Wanlong Magnetic Plastic, Rifa Precision Machinery, and Tianqi Co., with significant price increases observed [24]. Automotive Sector - The automotive index rose by 1.7% from February 9-13, 2026, outperforming the broader market by 1.4 percentage points [34]. - The commercial vehicle index saw a notable increase of 6.3%, while the passenger vehicle index rose by 1.2% [37]. - The report identifies key companies such as Jingzhu Technology and Changyuan Donggu, which have shown substantial price increases, while others like Guansheng Co. have faced declines [42]. Industry Data Tracking - Retail sales of passenger vehicles in China increased by 54% year-on-year during the first week of February 2026, indicating strong consumer demand [56]. - Wholesale figures also reflect a 46% year-on-year increase, suggesting robust supply chain performance [60]. - The report notes fluctuations in commodity prices, with copper, aluminum, and rubber prices decreasing during the reporting period [63].

Core Viewpoint - The company has appointed Mr. Du Zhifu as the new Chief Financial Officer, effective immediately following the board's approval [1] Group 1 - The fifth board of directors held its 22nd (temporary) meeting on February 6, where the appointment was approved [1] - The term of the newly appointed CFO will last until the end of the current board's term [1]

Core Viewpoint - The company announced the appointment of Mr. Du Zhifu as the new Chief Financial Officer, effective from the date of the board meeting on February 6, 2026, until the end of the current board's term [1] Group 1 - The fifth board of directors held its 22nd (temporary) meeting to review and approve the proposal for the appointment of the Chief Financial Officer [1] - Mr. Du Zhifu was nominated by the General Manager and passed the qualification review by the board's nomination committee and the audit committee [1] - Mr. Du possesses the necessary professional capabilities to fulfill the responsibilities of the CFO and meets all relevant qualifications without any disqualifying circumstances [1]