恒帅股份公告，2025年上半年营业收入4.28亿元，同比下降7.46%。净利润8465.54万元，同比下降 26.79%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with forward-looking statements not constituting profit forecasts or substantial commitments - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - Forward-looking statements regarding future development plans are subject to uncertainties and do not constitute profit forecasts or substantial commitments to investors[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's overall structure, comprising eight main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports - The report contains eight main chapters, clearly structured for investor review[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company and subsidiary names, regulatory bodies, financial units, and automotive industry-specific terminology, ensuring accurate understanding of the report's content - The reporting period refers to January 1, 2025, to June 30, 2025[14](index=14&type=chunk) - The company's wholly-owned subsidiaries include Qingyuan Hengshuai, Shenyang Hengshuai, Hengshuai Automotive Inc. (USA), Tongning Electronics, Wuhan Hengshuai, Hengshuai Industry (Thailand) CO.,LTD., and Hengshuai (Singapore) PTE.LTD.[14](index=14&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=Company%20Profile) Ningbo Hengshuai Co., Ltd. (Stock Abbreviation: Hengshuai Shares, Stock Code: 300969) is listed on the Shenzhen Stock Exchange, with Xu Ningning as its legal representative - Company stock abbreviation: **Hengshuai Shares**, stock code: **300969**, listed on: **Shenzhen Stock Exchange**[16](index=16&type=chunk) - The company's legal representative is **Xu Ningning**[16](index=16&type=chunk) [Contact Persons and Information](index=6&type=section&id=Contact%20Persons%20and%20Information) This section provides contact information for the Company Secretary, Liao Weiming, and Securities Affairs Representative, Jiang Yu, including address, phone, fax, and email, to facilitate investor communication - The Board Secretary is **Liao Weiming**, and the Securities Affairs Representative is **Jiang Yu**, with contact phone and fax both **0574-87050870**[17](index=17&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure and placement locations, or registration status. In April 2025, the company implemented its 2024 profit distribution plan, including cash dividends and capital reserve capitalization, increasing total share capital to 112 million shares - The company's registered address, office address, information disclosure and placement locations, and registration status remained unchanged during the reporting period[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - The company's 2024 equity distribution plan was: a cash dividend of **4.0 yuan (tax inclusive) per 10 shares**, and a capitalization of **4 shares per 10 shares** from capital reserves[22](index=22&type=chunk) - After the equity distribution, the company's total share capital increased from **80 million shares** to **112 million shares**[22](index=22&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue and net profit both decreased year-on-year, with net profit attributable to shareholders of listed companies falling by 26.79%. Total assets and net assets attributable to shareholders of listed companies increased Key Accounting Data and Financial Indicators (Year-on-Year Change) | Indicator | Current Period (yuan) | Prior Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 428,351,970.14 | 462,868,254.66 | -7.46% | | Net Profit Attributable to Parent Company Shareholders | 84,655,428.72 | 115,637,586.72 | -26.79% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains/Losses | 75,467,520.20 | 108,457,435.26 | -30.42% | | Net Cash Flow from Operating Activities | 86,706,566.42 | 101,180,140.87 | -14.30% | | Basic Earnings Per Share (yuan/share) | 0.76 | 1.03 | -26.21% | | Diluted Earnings Per Share (yuan/share) | 0.76 | 1.03 | -26.21% | | Weighted Average Return on Net Assets | 6.41% | 10.07% | -3.66% | Key Accounting Data and Financial Indicators (Period-End Change) | Indicator | Current Period-End (yuan) | Prior Year-End (yuan) | Period-End vs. Prior Year-End Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,908,066,800.65 | 1,575,683,629.51 | 21.09% | | Net Assets Attributable to Parent Company Shareholders | 1,337,954,736.21 | 1,283,015,193.54 | 4.28% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=8&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, there were no differences in net profit and net assets disclosed in financial reports under International Accounting Standards or overseas accounting standards compared to Chinese Accounting Standards - The company reported no differences in net profit and net assets under domestic and overseas accounting standards[24](index=24&type=chunk)[25](index=25&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to 9.19 million yuan, primarily from government grants, fair value changes of financial assets, and gains/losses from disposal of financial assets and liabilities Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Description | | :--- | :--- | :--- | | Government grants recognized in current profit or loss | 4,941,961.00 | Excluding government grants closely related to the company's normal business operations, compliant with national policies, enjoyed according to established standards, and having a continuous impact on the company's profit or loss | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 5,878,521.82 | | | Other non-operating income and expenses apart from the above | -9,534.83 | | | Less: Income tax impact | 1,623,039.47 | | | Total | 9,187,908.52 | | Part III Management Discussion and Analysis [Main Business Activities During the Reporting Period](index=9&type=section&id=Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of automotive motor and fluid technology products, aiming to be a global leader in automotive motor technology solutions. Business is divided into motor, electric module, driving vision cleaning system, and thermal management system segments. The company possesses synchronous R&D capabilities with clients and actively invests in intelligent driving and new energy vehicles - The company's main business is the R&D, production, and sales of automotive motor and fluid technology products, aiming to be a global leader in the automotive motor technology solutions industry[29](index=29&type=chunk) - Business is divided into four units: motor business, electric module business, driving vision cleaning system, and thermal management system business[29](index=29&type=chunk) - The company possesses synchronous R&D capabilities with clients, providing system solutions for automation, intelligence, and clear vision applications[29](index=29&type=chunk) [Main Business and Products](index=9&type=section&id=Main%20Business%20and%20Products) The company's fluid technology products include driving vision cleaning systems (including ADAS sensor cleaning) and thermal management systems (including cooling manifolds, electronic water pumps), with cleaning product revenue decreasing by 7.33% year-on-year. Motor technology products include tailgate and side door motors, fan motors, and electric modules like invisible door handle actuators and charging port actuators, with motor product revenue decreasing by 5.77% year-on-year. The company has made breakthroughs in harmonic magnetic field motor technology and new magnetic materials, applying them to new fields such as humanoid robots - Driving vision cleaning system business includes automotive washer pumps, cleaning system products, and active perception cleaning systems for intelligent vehicle Advanced Driver-Assistance Systems (ADAS) sensors[30](index=30&type=chunk) - Thermal management system business includes cooling manifolds and electronic water pumps for new energy vehicle thermal management systems[30](index=30&type=chunk) Fluid Technology Product Revenue | Product Type | 2025 H1 Revenue (10,000 yuan) | Year-on-Year Decrease | | :--- | :--- | :--- | | Cleaning Products | 20,079.08 | 7.3

Core Viewpoint - Hengshuai Co., Ltd. has experienced a decline in stock price and financial performance, with significant changes in shareholder structure and financing activities [1][2][3] Financing Activities - On August 26, Hengshuai's stock price fell by 3.23%, with a trading volume of 173 million yuan. The financing buy-in amount was 19.19 million yuan, while the financing repayment was 17.08 million yuan, resulting in a net financing buy of 2.11 million yuan. The total financing and securities balance reached 181 million yuan [1] - The current financing balance of 181 million yuan accounts for 6.43% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [1] - There were no securities sold or repaid on August 26, with the securities balance also at zero, placing it above the 70th percentile level over the past year [1] Financial Performance - For the period from January to March 2025, Hengshuai reported an operating income of 203 million yuan, a year-on-year decrease of 16.04%. The net profit attributable to shareholders was 41.80 million yuan, down 35.48% year-on-year [2] Shareholder Structure - As of August 20, the number of shareholders for Hengshuai reached 8,069, an increase of 2.80% from the previous period. The average circulating shares per person decreased by 2.73% to 3,762 shares [2] - The company has distributed a total of 124 million yuan in dividends since its A-share listing, with 84 million yuan distributed over the past three years [3] - The top ten circulating shareholders include several funds, with the largest being China Europe Enjoy Life Mixed A, holding 920,400 shares, an increase of 100 shares from the previous period [3]

Group 1 - The latest stock price of Hengshuai Co., Ltd. is 91.91 yuan, an increase of 5.61 yuan or 6.50% from the previous trading day [1] - The stock reached a maximum of 92.40 yuan and a minimum of 86.90 yuan during the trading session, with a total transaction amount of 420 million yuan [1] - Hengshuai Co., Ltd. is primarily engaged in the research, development, production, and sales of automotive components, including automotive motors and cleaning systems [1] Group 2 - The company operates in the automotive parts manufacturing industry, involving sub-sectors such as robotics and automotive thermal management [1] - On August 15, the company announced on an interactive platform that its self-developed harmonic magnetic field motor technology has entered the industrialization expansion stage and is gradually being applied to new product development [1] - This technology is expected to meet the industry's demand for new application scenarios and higher performance in the motor sector [1] Group 3 - Fund flow data indicates that Hengshuai Co., Ltd. experienced a net inflow of 10.14 million yuan from main funds on that day, with a cumulative net inflow of 66.79 million yuan over the past five days [1]

Core Insights - Hengshuai Co., Ltd. (300969) reported a closing price of 91.91 yuan as of August 15, 2025, reflecting a 6.5% increase with a turnover rate of 15.27% and a trading volume of 46,400 lots, amounting to 420 million yuan in transaction value [1] Financial Performance - For Q1 2025, the company recorded total operating revenue of 203 million yuan, a year-on-year decrease of 16.04% - The net profit attributable to shareholders was 41.80 million yuan, down 35.48% year-on-year - The non-recurring net profit was 36.49 million yuan, a decline of 38.93% year-on-year - The current ratio stood at 4.850, the quick ratio at 4.340, and the debt-to-asset ratio at 15.86% [1] Company Background - Established in 2001, Hengshuai Co., Ltd. is located in Ningbo and primarily engages in the manufacturing of electrical machinery and equipment - The company has a registered capital of 112 million yuan and a paid-in capital of 59.31 million yuan - The legal representative of the company is Xu Ningning [1][2] Investment and Intellectual Property - Hengshuai Co., Ltd. has made investments in 7 external enterprises and participated in 12 bidding projects - The company holds 2 trademark registrations and 99 patents, along with 9 administrative licenses [2]

Group 1 - The core viewpoint of the article is that Hengshuai Co., Ltd. has entered the industrialization expansion phase for its self-developed harmonic magnetic field motor technology, which is being gradually applied in new product development [1] - The entire motor industry is continuously expanding new application scenarios and presenting more stringent performance requirements, which will drive industry growth and the popularization of new technologies [1] - The promotion of new technologies will be influenced by multiple factors, including scale, cost, and manufacturing difficulty [1]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **Samarium Iron Nitride (SmFeN)** material as a fourth-generation rare earth permanent magnet material, highlighting its advantages over traditional materials like Neodymium Iron Boron (NdFeB) [1][5][6]. Core Insights and Arguments - **High Profitability of Hengshuai Co.**: Hengshuai Co. has achieved a net profit margin of **20%**, leading the A-share market, and is recognized for its R&D-driven approach and innovative products [2][4]. - **Advantages of SmFeN**: SmFeN offers **low cost**, **high reliability**, **lightweight**, and **high efficiency**. It does not contain heavy rare earth elements, which mitigates price volatility issues [1][5]. - **Performance Comparison**: The theoretical maximum magnetic energy product of SmFeN is approximately **40 MGOe**, with a Curie temperature of **470°C**, significantly higher than NdFeB's **310°C**, making it suitable for high-temperature applications [1][8]. - **Market Potential**: The market for SmFeN is projected to reach **10 billion RMB** by **2030**, driven by the growth of humanoid robots and the increasing demand for lightweight and high-temperature resistant materials [3][14][15]. Additional Important Content - **Current Market Recognition**: The market's understanding of stepper motors remains at a basic level, primarily due to perceptions of motors as standardized industrial products. However, the unique requirements in robotics create opportunities for new technologies [3][4]. - **Challenges in Large-Scale Adoption**: The large-scale use of SmFeN is currently limited by the maturity of preparation and forming processes, as well as production efficiency challenges [11][12]. - **Investment Recommendations**: Hengshuai Co. is highlighted as a leading investment opportunity in the stepper motor and SmFeN material sectors, with suggestions to also monitor other companies involved in SmFeN [17]. - **Future Applications**: SmFeN is expected to expand into high-temperature, cost-sensitive fields such as robotics, where it can effectively address heat dissipation and demagnetization issues [18][19][20]. Conclusion - The SmFeN material and stepper motors represent a significant growth opportunity in the market, with advancements in technology and increasing demand for high-performance materials driving future developments [16][20].

金融界消息 截至2025年8月13日收盘，恒帅股份（300969）报收于91.01元，上涨0.01%，换手率 14.4%，成交量4.37万手，成交金额3.92亿元。 资金流向方面，今日主力资金净流出1314.15万元，占比成交额3.35%。其中，超大单净流入1102.72万 元、占成交额2.81%，大单净流出2416.88万元、占成交额6.17%，中单净流出流出455.68万元、占成交 额1.16%，小单净流入1769.83万元、占成交额4.52%。 通过天眼查大数据分析，宁波恒帅股份有限公司共对外投资了7家企业，参与招投标项目12次，知识产 权方面有商标信息2条，专利信息100条，此外企业还拥有行政许可9个。 来源：金融界 恒帅股份最新一期业绩显示，截至2025一季报，公司营业总收入2.03亿元、同比减少16.04%，归属净利 润4180.08万元，同比减少35.48%，扣非净利润3648.80万元，同比减少38.93%，流动比率4.850、速动比 率4.340、资产负债率15.86%。 天眼查商业履历信息显示，宁波恒帅股份有限公司，成立于2001年，位于宁波市，是一家以从事电气机 械和器材制造业为主的企业 ...

Summary of the Conference Call for Hengshuai Co., Ltd. Industry and Company Overview - Hengshuai Co., Ltd. specializes in the automotive cleaning systems and micro-motor industry, covering four main modules: motors, electric modules, driving vision cleaning systems, and thermal management [2][4] - The company is controlled by Yu Guomei and Xu Ningning, who hold a combined 71.5% of the shares [6] Financial Performance - In 2024, Hengshuai achieved a revenue of 960 million yuan, representing a 4% year-on-year increase [2][7] - The net profit attributable to shareholders was 210 million yuan, up 6% year-on-year [2][7] - The micro-motor segment contributed the largest revenue share, accounting for 45% of total revenue [7] - Non-mainland China business revenue constituted 39% of total income [7] - Gross margin was 34.8%, down 1.5 percentage points year-on-year, while net profit margin improved by 0.3 percentage points to 22.2% [2][7] Market Trends and Growth Opportunities - The automotive micro-motor market is expected to grow from 16.6 billion USD in 2024 to 20.4 billion USD by 2031, with a compound annual growth rate (CAGR) exceeding 3% [2][8] - The demand for micro-motors in electric vehicles (EVs) is significantly higher than in traditional fuel vehicles, with an average of 115 micro-motors per high-end EV compared to 10-60 in fuel vehicles [8] Product Development and Future Directions - Hengshuai plans to enter the humanoid robot motor sector, leveraging its advanced harmonic magnetic field modulation technology, which is expected to see a CAGR of over 1,000% from 2025 to 2027 [4][12] - The company has filed multiple patents related to harmonic magnetic field modulation motors and is focusing on core materials like rare earth magnetic materials to enhance its technological depth and cost control [4][12] - Projected net profits for 2025, 2026, and 2027 are 240 million yuan, 290 million yuan, and 390 million yuan, respectively, with a three-year CAGR of 27.6% [3][4][12] Client Base and Collaborations - Hengshuai has a diverse client base, including major automotive companies such as BMW, Ford, and SAIC General, and has established partnerships for its ADAS active perception cleaning systems with companies like Weimar and Meituan [2][10][9] Additional Insights - The company has successfully developed an ADAS active perception cleaning system, which is increasingly in demand as the penetration rate of L2 and above vehicles in China is expected to reach 62% by 2025 [10] - The company has expanded its product offerings to include "motor + actuator" solutions in areas like invisible door handles and charging ports, indicating a strategy to explore new product opportunities [9]

截至8月6日收盘，人形机器人概念上涨3.31%，位居概念板块涨幅第6，板块内，251股上涨，华密新材 30%涨停，豪森智能、海昌新材等20%涨停，杭齿前进、中大力德、内蒙一机等涨停，南京聚隆、奥比 中光、索辰科技等涨幅居前，分别上涨15.94%、14.49%、13.94%。跌幅居前的有芯朋微、海晨股份、 恒帅股份等，分别下跌3.35%、2.73%、1.91%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 5.97 | 辅助生殖 | -1.60 | | 中船系 | 5.26 | 细胞免疫治疗 | -1.55 | | 兵装重组概念 | 4.66 | 肝炎概念 | -1.54 | | MLOps概念 | 3.60 | 流感 | -1.41 | | 国产航母 | 3.35 | CRO概念 | -1.38 | | 人形机器人 | 3.31 | 医药电商 | -1.38 | | 减速器 | 2.91 | 仿制药一致性评价 | -1.30 | | 工业母机 | 2.69 | 减肥药 | -1.27 | ...