Group 1: R&D Investment and Focus Areas - The company is focusing on humanoid robots and industrial automation, with an emphasis on harmonic magnetic field motor technology and new magnetic materials [2][3] - R&D expenditure for the first half of 2025 was CNY 15,485,222.39, representing a year-on-year increase of 4.23% [3] - Future R&D investments will be adjusted based on business strategy, market conditions, and project needs to maintain technological leadership [3] Group 2: Customer Base and Market Expansion - The company aims to reduce customer concentration by actively exploring new markets for automotive motor technology and increasing the number of new customers [3] - Continuous development of new customers and projects is underway to secure more quality orders while maintaining stable relationships with existing clients [3] Group 3: Production and Supply Chain Strategy - The Thai production base is progressing well, with some equipment testing completed and initial production expected to ramp up after the New Year [4][5] - The establishment of the Thai base is part of the company's strategy to mitigate international trade friction and expand production capacity to meet global demand [5] - The company is implementing a vertical integration strategy by developing and manufacturing upstream core processes and materials, enhancing supply chain control and cost efficiency [5]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、募集资金现金管理专用结算账户的开立情况 | 证券代码：300969 | 证券简称：恒帅股份 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：123256 | 债券简称：恒帅转债 | | 宁波恒帅股份有限公司 关于注销部分募集资金现金管理专用结算账户的公告 宁波恒帅股份有限公司（以下简称"公司"） 为进行募集资金现金管理，开 设了募集资金现金管理专用结算账户，具体内容详见公司于 2022 年 4 月 12 日、 2022 年 4 月 15 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于开立闲置 募集资金现金管理专用结算账户的公告》（公告编号：2022-010）（公告编号： 2022-012）。 二、部分募集资金现金管理专用结算账户的注销情况 鉴于部分现金管理专用结算账户已不再使用且无下一步使用计划，公司已于 近日办理完毕部分账户的注销手续，公司本次注销的专用结算账户的具体账户信 息如下： | 1 | 宁波恒帅股份有限 | 170031888 | | 华 ...

Core Insights - The company reported a revenue of 430 million yuan for H1 2025, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 90 million yuan, down 27% year-on-year [1] - In Q2 2025, the company achieved a revenue of 230 million yuan, a year-on-year increase of 2% and a quarter-on-quarter increase of 11%, with a net profit of 40 million yuan, down 16% year-on-year but up 3% quarter-on-quarter [1] - The automotive market showed resilience with national sales reaching 15.65 million units in H1 2025, an increase of 11% year-on-year [1] Business Segments - Cleaning Business: Revenue was 200 million yuan, down 7% year-on-year, primarily due to intensified cost competition in the automotive sector. The company is advancing its proactive sensing cleaning systems and gradually commercializing autonomous driving applications [1] - Motor Business: Revenue was 190 million yuan, down 6% year-on-year. The company has expanded its product offerings in the fields of invisible door handles and charging doors, with future potential for higher integration system products and exploring "1+N" product opportunities in various applications [1] Cost Management - The company achieved a gross margin of 31.6% in H1 2025, a decrease of 4.9 percentage points year-on-year, and a net profit margin of 19.8%, down 5.2 percentage points year-on-year. In Q2 2025, the gross margin was 31.1%, down 1.2 percentage points quarter-on-quarter, and the net profit margin was 19.0%, down 1.6 percentage points quarter-on-quarter [2] - The company is implementing upstream integration to reduce costs, with a new magnetic material molding production line now capable of small-batch production, laying the foundation for new motor development [2] Industry Trends - The ADAS intelligent cleaning system is accelerating its industrialization, driven by the commercialization of L3+ level Robotaxi and unmanned logistics vehicles, leading to increased demand for the company's products [3] - The company is adapting its products for clients such as Waymo, Meituan, Xiaoma Zhixing, Didi, Cainiao, and North American new energy customers, with expectations for more models to enter the designated phase [3] - The company is also focusing on humanoid robots and robotic dogs, developing customized solutions based on harmonic magnetic field motor technology for various applications [3] Profit Forecast - Due to increased competitive pressure in the industry, the company's net profit forecasts for 2025-2027 have been revised down to 220 million, 270 million, and 340 million yuan, corresponding to PE ratios of 42, 35, and 28 times, respectively, while maintaining a "buy" rating [3]

恒帅股份分析师会议 调研日期：2025年08月29日 调研行业：汽车零部件 参与调研的机构：泉果基金、华安证券等 / 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ 机构调研pro小程序 DJvanbao.co ...

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]