宁波恒帅股份有限公司 市值管理制度 2025 年 8 月 宁波恒帅股份有限公司 市值管理制度 宁波恒帅股份有限公司 市值管理制度 第一章 总则 第一条 为加强宁波恒帅股份有限公司（以下简称"公司"）市值管理，切 实推动公司投资价值提升，增强投资者回报，维护投资者利益，根据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《上市 公司监管指引第 10 号——市值管理》等法律法规、规范性文件和《公司章程》 等规定，制定本制度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升投 资者回报能力和水平而实施的战略管理行为。 第三条 公司应当牢固树立回报股东意识，采取措施保护投资者尤其是中小 投资者利益，诚实守信、规范运作、专注主业、稳健经营，以新质生产力的培育 和运用，推动经营水平和发展质量提升，并在此基础上做好投资者关系管理，增 强信息披露质量和透明度，必要时积极采取措施提振投资者信心，推动公司投资 价值合理反映公司质量。 第四条 市值管理的基本原则包括： （一）合规性原则：公司应当在严格遵守相关法律法规、规范性文件、自律 监管规则以及《公司章程》等内部规章制度的前提下开 ...

宁波恒帅股份有限公司 董事、高级管理人员离职管理制度 2025 年 8 月 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范宁波恒帅股份有限公司（以下简称"公司"）董事、高级管 理人员离职相关事宜，确保公司治理结构的稳定性和连续性，维护公司及股东的 合法权益，公司根据《中华人民共和国公司法》（以下简称"《公司法》"）等 法律法规、规范性文件及《宁波恒帅股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）、高级管理人员因任期届满、 辞职、被解除职务或其他原因离职的情形。 第二章 离职情形与程序 第三条 公司董事和高级管理人员可以在任期届满以前辞职，董事和高级管 理人员辞职应当向公司提交书面辞职报告，辞职报告中应说明辞职原因，公司收 到辞职报告之日辞职生效，公司将在两个交易日内披露有关情况。 第四条 如存在下列情形，在改选出的董事就任前，原董事仍应当依照法律、 行政法规、部门规章和《公司章程》的规定，继续履行董事职责，但存在相关法 规另有规定的除外： （一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低 于 ...

宁波恒帅股份有限公司 信息披露暂缓与豁免管理制度 二〇二五年八月 第一章 总 则 第一条 为规范宁波恒帅股份有限公司（以下简称："公司"）和其他信息披 露义务人信息披露暂缓、豁免行为，加强信息披露管理，保护投资者合法权益， 根据《中华人民共和国证券法》、《上市公司信息披露管理办法》、《上市公司信息 披露暂缓与豁免管理规定》、《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》等法律、法规、规范性文件的有关规定和《宁波恒帅 股份有限公司章程》（以下简称："公司章程"）的有关规定，结合公司的实际情 况，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称："中国证监会"）和深 圳证券交易所（以下简称："深交所"）规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实 ...

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]

资金流向方面，今日主力资金净流入1014.22万元，占比成交额2.42%。其中，超大单净流入2510.31万 元、占成交额5.98%，大单净流出1496.09万元、占成交额3.57%，中单净流出流出2616.38万元、占成交 额6.24%，小单净流入1602.17万元、占成交额3.82%。 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。企业注册资本11200万人民币，实缴资本5931.43万人民币。公司法定代表 人为许宁宁。 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99条，此外企业还拥有行政许可9个。 来源：金融界 金融界消息 截至2025年8月15日收盘，恒帅股份（300969）报收于 ...

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].