Group 1 - The company, Zhongrong Electric, has business plans in the humanoid robot sector, indicating a strategic interest in this emerging technology [1] - Currently, the company does not have any product applications in the humanoid robot field, suggesting that it is still in the planning or development stage [1]

Group 1 - The company has business plans in the humanoid robot sector, indicating a strategic interest in this emerging technology [2] - Currently, the company does not have any product applications in the humanoid robot field, suggesting that it is still in the planning or development stage [2]

（文章来源：证券日报） 证券日报网讯中熔电气9月3日在互动平台回答投资者提问时表示，维迪技术确为公司客户，但公司未知 产品的具体终端客户。 ...

证券日报网讯中熔电气9月3日在互动平台回答投资者提问时表示，截至2025年8月29日，公司股东人数 为11，565户。 （文章来源：证券日报） ...

Group 1 - Zhongrong Electric experienced a stock price increase of 6.85%, closing at 110.30 yuan on September 3 [1] - A significant block trade occurred, with a total transaction volume of 444,000 shares and a transaction amount of 36.67 million yuan [1] - The first transaction price was 82.59 yuan, with a total of 444,000 shares traded, resulting in a premium rate of -25.12% [1] Group 2 - In the last three months, Zhongrong Electric has recorded one block trade with a total transaction amount of 36.67 million yuan [1] - Over the past five trading days, the stock has increased by 23.57%, with a net inflow of 283 million yuan from main funds [1]

9月3日，中熔电气大宗交易成交44.4万股，成交额3667万元，占当日总成交额的3.17%，成交价82.59元，较市场收盘价110.3 元折价25.12%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-03 | 301031 | 中熔电气 | 82.59 | 44.40 | | 3,667.00 中信证券股份有限 | 中原证券股份有限 | | | | | | | | 公司西安未央路证 | 公司陕西分公司 | | | | | | | 券营业部 | | | ...

人民财讯9月3日电，中熔电气（301031）9月3日在互动平台表示，公司在人形机器人领域有业务规划， 目前暂未有产品应用。 ...

Core Viewpoint - The company has business plans in the humanoid robot sector, but currently does not have any product applications [1] Group 1 - The company is exploring opportunities in the humanoid robot market [1] - There are no existing products related to humanoid robots at this time [1]

Summary of Zhongrong Electric's Conference Call Company Overview - **Company**: Zhongrong Electric - **Industry**: Electric components for automotive and renewable energy sectors Key Financial Performance - **Revenue**: Achieved 839 million CNY in H1 2025, a 100% year-on-year increase [3] - **Net Profit**: 135 million CNY, reflecting strong growth [3] - **Gross Margin**: 40.05%, up by 1.6 percentage points year-on-year [3] - **New Product Sales**: Sales of the new product, "extreme fuse," reached 107 million CNY, a 116% increase, driven by the rollout of the 800V platform in new energy vehicles [2][3] Business Segments New Energy Vehicles - **Sales Contribution**: New energy vehicle sales accounted for 16.3% of total sales, significantly above industry average growth rates [2][7] - **Market Share**: Increased market share due to the application of extreme fuses in new platforms and rising demand for the 800V platform [2][7] International Market - **Growth Expectations**: Anticipated growth in overseas markets, with certain models expected to start production in October or November 2025 [2][11] - **Key Clients**: European luxury brands and Volvo are set to begin production, with production lines prepared [11] Product Development and Strategy Extreme Fuse - **Growth Projection**: Expected to achieve over 250% revenue growth for the year, despite high dependency on Tesla, which has fluctuating sales [2][14] - **Market Trends**: The 800V platform is becoming a trend, increasing the application probability of extreme fuses [16] High Voltage Distribution Box - **Strategic Importance**: Identified as a key strategic business for the short to medium term, with ongoing development and acquisition of a sensor company [4][25] - **Sales Timeline**: Expected to generate sales in 2025, but currently focused on technical alignment with clients [4][25] Market Dynamics - **Domestic Market Performance**: Company growth outpaced the automotive industry, which grew by approximately 30%, with Zhongrong's automotive business growing over 52% [8] - **Competitive Landscape**: The trend of concentration in the parts industry favors leading companies, and Zhongrong aims to increase its market share [9] Future Outlook Gross Margin Expectations - **Stability**: Gross margin expected to remain stable despite high raw material prices, supported by product structure adjustments and automation investments [4][6] - **Long-term Projections**: Significant increases in gross margin to the 40-45% range are deemed challenging under current economic conditions [6] International Expansion - **Future Sales Guidance**: While specific quantitative guidance for next year is not available, a general improvement is anticipated [10] - **Collaboration with Key Clients**: Ongoing partnerships with major clients like Delta and Weidi in the HVDC market, with expectations for strong performance [21][23] Challenges and Strategies Wind and Solar Storage Market - **Performance**: Growth in this segment is below industry average, with a focus on high-quality clients to maintain margins [18] - **Market Strategy**: Adjusting strategies to improve market performance as the photovoltaic industry stabilizes [18] Research and Development - **New Product Development**: Focus on ECU and robotics, with ongoing R&D efforts but no immediate sales expected [26] - **Investment in Production Capacity**: Continued investment in the Thailand factory, with multiple production lines expected to be operational by the end of 2025 [27] Management Changes - **Leadership Transition**: New general manager with international experience expected to enhance the company's global competitiveness [28] Cost Management - **Incentive Expenses**: Effective control of stock incentive expenses, with projections for lower costs in the coming years [29]

Market Overview - The Shanghai Composite Index fell by 0.45% on September 2, with six industries experiencing gains, led by the banking and public utilities sectors, which rose by 1.95% and 0.99% respectively [1] - The total net outflow of funds from the two markets was 151.27 billion yuan, with only four industries seeing net inflows [1] Industry Performance - The banking sector had the highest net inflow of funds, totaling 3.417 billion yuan, contributing to its 1.95% increase [1] - The public utilities sector also saw a net inflow of 936 million yuan, with a daily increase of 0.99% [1] - The electronic industry experienced the largest net outflow of funds, amounting to 34.544 billion yuan, and was the third largest decline sector with a drop of 3.85% [2][1] Electronic Industry Analysis - Within the electronic industry, 467 stocks were tracked, with only 31 stocks rising and 432 stocks declining [2] - The top three stocks with the highest net inflow were Kosen Technology (2.58 billion yuan), Zhongrong Electric (1.63 billion yuan), and Yingshi Innovation (1.53 billion yuan) [2] - Conversely, the stocks with the largest net outflows included Lankai Technology (1.04 billion yuan), Haowei Group (1.036 billion yuan), and Lingyi Zhizao (1.012 billion yuan) [2] Fund Flow in Electronic Sector - The electronic sector's fund inflow list included Kosen Technology with a gain of 9.99% and a turnover rate of 29.43%, followed by Zhongrong Electric with a decline of 7.60% [2][4] - The outflow list was led by Lankai Technology, which fell by 7.10% with a significant outflow of over 1 billion yuan [4]