Core Viewpoint - Huayang Intelligent (301502.SZ) is focusing its R&D efforts on frameless motor technology, with ongoing progress in the project and an emphasis on market application and customer demand assessment [1] R&D Progress - The company is advancing its frameless motor R&D project in an orderly manner [1] - There has not yet been a realization of product mass production [1] Market Application - The company is continuously monitoring the market applications of related products [1] - Customer demand is being evaluated to align with the development of the technology [1]

证券之星消息，12月18日电机板块较上一交易日下跌1.15%，祥明智能领跌。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。电机板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 618809 | 神力股份 | 10.94 | 1.96% | 2.45万 | 2681.66万 | | 301502 | 华阳智能 | 42.87 | 1.16% | 6007.0 | 2575.00万 | | 300907 | 康平科技 | 28.61 | 0.74% | 1.41万 | 4035.62万 | | 002576 | 通达动力 | 16.38 | 0.61% | 2.70万 | 4433.56万 | | 301023 | 奕帆传动 | 35.50 | 0.60% | 7206.07 | 2557.69万 | | 002892 | 科力尔 | 12.49 | 0.48% | 6.46万 | 8044.50万 | | 600416 | ...

Core Viewpoint - Huayang Intelligent's large-dose high-viscosity continuous injection device is currently in the functional prototype verification stage, and the company is collaborating with clients on foundational drug delivery research. The commercialization of this product is closely tied to the drug approval process, and since the related drug is still in the early research phase, it will not impact the company's revenue in the short term [1] Group 1 - The large-dose high-viscosity continuous injection device is in the functional prototype verification stage [1] - The company is working with clients on foundational drug delivery research [1] - The commercialization of the product is linked to the drug approval process [1] Group 2 - The related drug is still in the early research phase [1] - The product will not have a short-term impact on the company's revenue [1]

Financial Performance - Revenue in the first three quarters decreased by 14.52%, but net profit attributable to shareholders in Q3 increased by 61.24%, and non-recurring net profit surged by 107.84%. The improvement in profitability is attributed to effective cost and expense management despite declining revenue [1] - Financial expenses increased by 224.45% year-on-year, while sales and management expenses decreased by 35.33% and 21.40%, respectively. The rise in financial expenses is mainly due to interest from structured deposits, while the decrease in sales and management expenses is due to reduced advertising costs and lower operational expenses [2] Core Business Operations - The micro-special motor and components business accounted for 92.63% of revenue in the first half of the year. However, sales volume and prices have shown a temporary decline due to structural pressure in downstream markets such as home appliances and medical devices [2] - The precision injection drug delivery device business represented 6.36% of revenue in the first half. The development of high-viscosity continuous injection devices is ongoing, currently in the functional prototype verification stage, with commercialization closely tied to the drug approval process [2] - Accounts receivable increased by 24.06% year-on-year, significantly outpacing revenue decline. The increase is attributed to delayed pricing cycles and outstanding payments from clients. The company has implemented measures to enhance credit management and payment assessment mechanisms [3] Research and Development - The focus for 2025 is on the core technology of frameless motors, with ongoing development and market application assessments. Product mass production has not yet been achieved [3] - R&D expenses decreased by 15.43% year-on-year, primarily due to management optimization and efficiency improvements. This reduction will not impact the progress of key projects such as frameless motors and high-viscosity injection devices [3]

Core Insights - The 2025 14th Annual Conference on the Development of Listed Companies and the Hainan Free Trade Port Opportunities Exchange Conference will be held in Haikou, Hainan from December 11 to 13, 2025, focusing on the development opportunities for listed companies [1] - Wu Wenjing, the Secretary of the Board of Jiangsu Huayang Intelligent Equipment Co., Ltd. (stock code: 301502), was awarded the title of "2025 Best Secretary of the Board of the Growth Enterprise Market," highlighting the company's governance level and development potential [1][3] Company Overview - Huayang Intelligent is committed to the core values of "Quality Achieves Development, Innovation Creates the Future" and aims for a strategic goal of "Centennial Huayang, 10 Billion Market Value," steadily progressing in the precision motor and medical device sectors [3] - The company has established three production bases and four wholly-owned subsidiaries, holding qualifications such as two national high-tech enterprises and one provincial enterprise technology center, which solidify its foundation for high-quality development [3] Business Performance - In the motor industry, Huayang Intelligent serves leading home appliance companies like Midea, Gree, Haier, Hisense, and Aux, becoming a core supplier due to its strong technology and product quality [4] - The medical device segment has successfully developed precision drug delivery devices such as electronic injection pens and micro-infusion pumps, which are used for various medications, and has established long-term partnerships with well-known pharmaceutical companies [4] - The company successfully went public on the Shenzhen Stock Exchange's Growth Enterprise Market on February 2, 2024, marking a new chapter in its capitalized development [4] Future Outlook - Wu Wenjing's recognition is seen as a milestone in her career and reflects Huayang Intelligent's emphasis on standardized operations and investor relations management [4] - The company plans to leverage this recognition to further develop micro-special motors and transmission technologies, expand into smart home and smart medical applications, and enhance innovation in drug delivery devices to deliver better performance for investors and society [4]

（文章来源：证券日报） 证券日报网讯 12月12日，华阳智能在互动平台回答投资者提问时表示，无框电机可应用于机器人、协 作机器人及高端医疗器械等领域。公司无框电机研发项目正在有序推进中，同时公司也持续关注相关产 品的市场应用，及时了解市场动向，并对客户需求进行研判，敬请关注后续定期报告及相关公告。另外 公司目前与美的集团的业务主要为白色家电相关电机产品，尚未进入机器人领域供应链；且公司目前尚 没有立项研发空心杯电机，也未收购芯片企业，相关信息请以公司在指定媒体披露的公告为准。 ...

Group 1 - The company, Huayang Intelligent, responded to investor inquiries regarding the number of shareholders, referring to previous replies for information [2]

Core Viewpoint - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical Co., Ltd. and acquire control of Anhui Taida New Materials Co., Ltd. through a combination of issuing shares and cash payment, which is expected to constitute a major asset restructuring according to regulations [1] Group 1 - The transaction will not lead to a change in the actual controller of the company and does not constitute a restructuring listing [1] - The company has applied for a trading suspension, which will start on December 8, 2025, and is expected to last no more than 10 trading days [1]

Core Viewpoint - Huayang Intelligent (301502.SZ) is steadily advancing its frameless motor project as planned, and it has not yet been applied to humanoid robots [1] Group 1 - The company is currently focused on the development of its frameless motor project [1] - The project is progressing according to schedule [1] - There is no current application of the frameless motor in humanoid robots [1]

Core Viewpoint - Huayang Intelligent (301502.SZ) is steadily advancing its frameless motor project as planned, and it has not yet been applied to humanoid robots [1] Group 1 - The company is making progress on its frameless motor project [1] - The project is currently on schedule [1] - There is no current application of the technology in humanoid robots [1]