Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Report Core View - The report focuses on the research and development and business progress of Hengshuai Co., Ltd. in the automotive parts industry, especially highlighting the company's harmonic magnetic field motor technology and its application, as well as the development of active sensing cleaning system products and robot business [22][23][25]. 3. Summary by Relevant Catalog 3.1 Research Basic Situation - Research object: Hengshuai Co., Ltd. [17] - Industry: Automotive parts [17] - Reception time: August 29, 2025 [17] - Listed company reception personnel: Board Secretary Liao Weiming [17] 3.2 Detailed Research Institutions - Quanguo Fund (fund management company, represented by Chen Xiaoxiang) [18] - Hua'an Securities (securities company, represented by Liu Qianlin) [18] 3.3 Main Content Data - **Harmonic Magnetic Field Motor Technology**: The company's harmonic motor uses harmonic magnetic field, which can reduce motor volume, achieve lightweight, and save material costs compared with traditional motors. The company has long - term layout and technical accumulation in this field, and has submitted multiple invention patent applications. It has broad application scenarios in both industrial and automotive fields [22]. - **Harmonic Magnetic Field Motor Technology Application**: The company has gradually used this technology for product development in automotive, industrial automation, humanoid robots and other scenarios, and is customizing solutions for linear joint motors, rotary joint motors, and dexterous hand motors for related customers [23]. - **Verification of Harmonic Magnetic Field Motor Technology Advantages**: The drum motor jointly developed with Germany's Lenze, as the first mass - produced motor using this technology, has entered the mass - production ramp - up stage, and the technology has been fully verified in multiple aspects such as lightweight, power improvement, and cost optimization [24]. - **Progress of Active Sensing Cleaning System Products**: With the commercial application of L3 + level Robotaxi and unmanned express logistics vehicles, the company's related products have accelerated industrial penetration, passed customer adaptation and sampling for many terminals, and obtained some customer batch business fixed - points, with more incremental models expected to enter the fixed - point link in the future [25]. - **Robot Business Development**: The company may independently operate the robot R & D team according to industry trends. The R & D characteristics and operation mode requirements of the robot and automotive fields are different, which increases the industry entry threshold, and the future development of the robot business will face both opportunities and challenges [26].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but the Q2 performance showed signs of recovery with a sequential increase in revenue and net profit, indicating potential for future growth despite short-term challenges [3][4][7]. Financial Performance - In H1 2025, the company achieved revenue of 428 million yuan, a year-on-year decrease of 7.46%, and a net profit attributable to shareholders of 85 million yuan, down 26.79% year-on-year [3]. - For Q2 2025, the company reported revenue of 226 million yuan, a year-on-year increase of 1.92% and a sequential increase of 11.19%. The net profit for the same quarter was 43 million yuan, down 15.72% year-on-year but up 2.52% sequentially [3][4]. - The gross margin for Q2 2025 was 31.05%, a decrease of 5.15 percentage points year-on-year and 1.16 percentage points sequentially, primarily due to price reductions from downstream customers [4]. Competitive Advantages - The company possesses core competencies in technology research and development, cost control, customer coverage, product expansion, and capacity layout [5][6]. - It has a leading technological advantage in product development, automated production lines, and a platform strategy that enhances cost efficiency [6]. - The company has established deep partnerships with major automotive manufacturers and international Tier 1 suppliers, enhancing its market position [6]. Profit Forecast and Investment Rating - The profit forecasts for 2025-2027 have been adjusted to 215 million yuan, 264 million yuan, and 326 million yuan, respectively, with corresponding EPS of 1.92 yuan, 2.36 yuan, and 2.91 yuan [7]. - The company is recognized as a leader in the automotive micro-motor industry with significant growth potential and is actively expanding into robotics-related businesses, leading to a maintained "buy" rating [7].

Group 1: Harmonic Magnetic Field Motor Technology - The company has developed harmonic motors that utilize harmonic magnetic fields, allowing for reduced motor size while maintaining the same output power, leading to significant material cost savings [2][4]. - The company has a long-term layout in the harmonic magnetic field motor technology field and has submitted multiple patent applications to establish a technological moat and competitive advantage [2][4]. - This technology is applicable in both micro-special motors and large motors, with broad application scenarios in industrial and automotive fields [3]. Group 2: Application and Validation of Technology - The harmonic magnetic field motor technology is being gradually applied in automotive, industrial automation, and humanoid robots, with a focus on developing customized solutions for linear joint motors, rotary joint motors, and dexterous hand motors [4]. - The company has successfully validated the technology through collaboration with Lenze, with the drum motor being the first product to enter mass production, demonstrating significant achievements in motor lightweighting, power enhancement, and cost optimization [5]. - As production scales expand, the company expects to see increasing benefits from economies of scale [5]. Group 3: Autonomous Driving and Robotics Development - The company is advancing its active perception cleaning system products, with commercial applications for L3+ level Robotaxi and unmanned delivery logistics vehicles gradually being realized [6]. - The company has begun industrial penetration of its products, adapting to various clients including Waymo, Meituan, and Didi, with expectations for more models to enter the designated business phase [6]. - The development pace of robotics differs from that of the automotive sector, necessitating dynamic adjustments to the robotics R&D team to better align with business characteristics [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in H1 2025 met expectations, with revenue of 430 million yuan, down 7% year-on-year, and a net profit of 90 million yuan, down 27% year-on-year. In Q2 2025, revenue was 230 million yuan, up 2% year-on-year and up 11% quarter-on-quarter, with a net profit of 40 million yuan, down 16% year-on-year and up 3% quarter-on-quarter [1] - The company is expanding its application scenarios, particularly in the automotive sector, which saw a national sales increase of 11% year-on-year in H1 2025. The cleaning business generated 200 million yuan in revenue, down 7% year-on-year, while the motor business generated 190 million yuan, down 6% year-on-year [1][2] - The company is focusing on cost reduction and efficiency improvement, achieving a gross margin of 31.6% and a net profit margin of 19.8% in H1 2025, both down year-on-year [2] - The company is accelerating the industrialization of ADAS intelligent cleaning systems and is strategically positioning itself in the robotics sector, targeting applications in autonomous driving and logistics [3] Financial Summary - For 2025, the company is projected to achieve a revenue of 1.107 billion yuan, with a year-on-year growth rate of 15%. The net profit is expected to be 221 million yuan, with a year-on-year growth rate of 3.2% [5] - The company's earnings per share (EPS) is projected to be 1.97 yuan for 2025, with a price-to-earnings (P/E) ratio of 42.4 times [5] - The company’s total assets are expected to reach 2.114 billion yuan by 2025, with a total liability of 637 million yuan [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2025 performance met expectations, with a revenue of 226 million yuan, a year-on-year increase of 1.92%, and a quarter-on-quarter increase of 11.19%. However, the net profit attributable to shareholders decreased by 15.72% year-on-year [7] - The company is recognized as a leader in the micro-motor industry, with long-term growth potential due to its competitive advantages in technology research and development, cost control, customer coverage, product expansion, and capacity layout [7] Financial Performance Summary - In Q2 2025, the company achieved total revenue of 428 million yuan, a year-on-year decrease of 7.46%, and a net profit of 85 million yuan, a year-on-year decrease of 26.79% [7] - The gross margin for Q2 2025 was 31.05%, down 5.15 percentage points year-on-year, primarily due to price reductions from downstream customers [7] - The company’s operating expenses ratio for Q2 2025 was 10.34%, a decrease of 1.19 percentage points quarter-on-quarter [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 215 million yuan, 264 million yuan, and 326 million yuan respectively, with corresponding EPS of 1.92 yuan, 2.36 yuan, and 2.91 yuan [7] - The price-to-earnings ratio for 2025-2027 is projected to be 43.59 times, 35.41 times, and 28.69 times respectively [7]

Core Business Progress - The company has made significant breakthroughs in robot technology research and development, focusing on harmonic magnetic field motor technology, which has advantages such as high power density, compact size, cost savings, low electromagnetic interference, and long lifespan [1] - The harmonic magnetic field motor technology has already achieved mass production in collaboration with Lenze on drum motors and is entering a ramp-up phase [1] - The company is customizing solutions for humanoid robots, including linear joint motors, rotary joint motors, and dexterous hand motors, aiming to create new growth areas in industrial automation and humanoid robots [1] Fluid Technology and Electric Pump Business - The electronic water pump business has become a core growth point, securing key customer contracts due to its efficient heat management and low power consumption [2] - The company is gradually configuring a production capacity of 1.5 million electronic water pumps to meet mass production demands [2] - The company is also expanding into integrated solutions in the thermal management field, enhancing product value and market competitiveness [2] Financial Performance - In the first half of 2025, the company achieved a revenue of 428 million yuan and a net profit of 84.65 million yuan, with a non-recurring net profit of 75.47 million yuan [4] - The company’s cleaning products generated a revenue of 201 million yuan, while motor products generated 192 million yuan during the same period [3] Research and Development - The company invested 15.49 million yuan in R&D in the first half of 2025, a year-on-year increase of 4.23%, focusing on harmonic magnetic field motors, new magnetic materials, electronic pump optimization, and intelligent cleaning systems [3] - The company holds a total of 64 patents, including 18 invention patents, showcasing its strong technical capabilities and product quality control [5] Future Outlook - The company plans to continue focusing on core automotive components, increase the industrialization of robot technology, and expand the market for electronic pumps and charging door assemblies [5] - The company aims to leverage global capacity layout and technological innovation to achieve performance recovery amid the trends of automotive electrification and intelligence [5]

Group 1: Xianju Pharmaceutical - The company's main revenue for the first half of 2025 was 1.869 billion yuan, a year-on-year decrease of 12.56% [1] - The net profit attributable to shareholders was 308 million yuan, down 9.26% year-on-year [1] - The gross profit margin stood at 63.16%, with a debt ratio of 16.73% [1] Group 2: Proya - Proya's cash dividend plan for the first half of 2025 accounted for nearly 40% of net profit attributable to shareholders, indicating a commitment to sustainable dividends [2] - The company is planning a Hong Kong stock listing to support global development and enhance brand image [2] - The gross profit margin increased to 73.38%, while sales expense ratio rose due to increased brand investment [2] Group 3: Nengke Technology - Nengke Technology reported growth in AI product and service revenue, supported by external environment and internal strategies [3] - The gross profit margin improved due to adjustments in business and product structure, focusing on high-margin sectors [3] - The company plans to increase R&D investment to maintain rapid iteration and enhance market share [3] Group 4: Hengshuai Co., Ltd. - Hengshuai's core strategy focuses on consolidating existing business while exploring long-term breakthroughs [4] - The company is expanding new products in the motor sector and optimizing customer structure in cleaning services [4] - Collaborations with international partners are underway to develop and mass-produce new technologies [4] Group 5: Shuanglin Co., Ltd. - Shuanglin has full-process capabilities in linear modules and screw manufacturing, with ongoing deliveries to leading new energy vehicle companies [5] - The company plans to achieve an annual production capacity of 100,000 sets for rolling screw by the end of October 2025 [5] - Revenue from new energy electric drive reached 440 million yuan, a year-on-year increase of 93.78% [5]

Financial Performance - The company achieved a revenue of 428 million yuan in the first half of 2025, a year-on-year decline of 7.46% [3] - The net profit attributable to the parent company was 30.42 million yuan, down 26.79% year-on-year [3] - The non-recurring net profit was 84.66 million yuan, reflecting a decrease of 30.42% compared to the previous year [3] Business Challenges and Strategies - The traditional cleaning business is currently under pressure, facing challenges in both revenue and gross profit [3] - Future focus will be on proactive cleaning business investments and customer expansion to establish technological barriers and new product development [3] - The motor business showed signs of recovery in Q2, with a warming trend in revenue [3] Technology and Product Development - The company is advancing its harmonic magnetic field motor technology, which offers advantages such as lightweight design, reduced material consumption, and cost optimization [4] - The first mass-produced product using this technology is a drum motor developed in collaboration with Lenze, which is entering the ramp-up phase [4] - The company is targeting applications in automotive, industrial automation, and humanoid robots with this technology [4] Material and Production Innovations - Research on rare earth permanent magnetic materials is crucial for the company's future development and cost control [4] - The company aims to enhance its vertical integration strategy by focusing on the industrialization of harmonic magnetic field motor technology [4] Thermal Management and Robotics - In thermal management, the company has achieved mass production of cooling manifold products and is scaling up production for electronic water pumps [4] - The robotics sector is expected to adapt its development pace to meet the fast-paced demands of the industry, potentially leading to independent operations for the robotics R&D team [5]

每经AI快讯，恒帅股份8月28日发布公告称，公司第三届第二次董事会会议于2025年8月27日在公司会 议室以现场的方式召开。会议审议了《关于2025年半年度报告及其摘要的议案》等文件。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ （记者 王晓波） ...

智通财经APP讯，恒帅股份(300969.SZ)发布2025年半年度报告，该公司营业收入为4.28亿元，同比减少 7.46%。归属于上市公司股东的净利润为8465.54万元，同比减少26.79%。归属于上市公司股东的扣除非 经常性损益的净利润为7546.75万元，同比减少30.42%。基本每股收益为0.76元。 ...