2、本次解除限售股份上市流通日为 2026 年 3 月 27 日（星期五）。 一、首次公开发行网下配售股份概况 根据中国证券监督管理委员会《关于同意苏州汇川联合动力系统股份有限公 司首次公开发行股票注册的批复》（证监许可〔2025〕1450 号），公司首次公开 发行人民币普通股（A 股）股票 288,574,910 股，并于 2025 年 9 月 25 日在深圳 证券交易所创业板上市。首次公开发行股票完成后，公司总股本为 2,404,790,910 股，其中限售条件流通股/非流通股数量为 2,237,919,220 股，占发行后总股本的 比例为 93.06%；无限售条件流通股数量 166,871,690 股，占发行后总股本的比例 为 6.94%。 证券代码：301656 证券简称：联合动力 公告编号：2026-005 苏州汇川联合动力系统股份有限公司 关于首次公开发行网下配售限售股上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次上市流通的限售股为苏州汇川联合动力系统股份有限公司（以下简 称"公司"）首次公开发行网下配售 ...

国泰海通证券股份有限公司 关于苏州汇川联合动力系统股份有限公司 首次公开发行网下配售限售股上市流通的核查意见 分采用比例限售方式，网下投资者承诺其获配股票数量的 30%（向上取整计算） 限售期限为自发行人首次公开发行并上市之日起 6 个月。即每个配售对象获配的 股票中，70%的股份无限售期，自首次发行股票在深交所上市交易之日起即可流 通；30%的股份限售期为 6 个月，限售期自首次发行股票在深交所上市交易之日 起开始计算。 本次网下发行共有 36,757,327 股的限售期为 6 个月，占网下发行总量的 30.00%，占本次公开发行股票总量的 12.74%。 除上述承诺外，本次申请上市流通的网下配售股股东无其他特别承诺。截至 本核查意见出具日，持有公司网下配售限售股的股东在限售期内严格遵守了上述 承诺，不存在相关承诺未履行影响本次限售股上市流通的情况。 国泰海通证券股份有限公司（以下简称"保荐人"）作为苏州汇川联合动力系 统股份有限公司（以下简称"联合动力"或"公司"）首次公开发行股票并在创业板 上市的保荐人，根据《证券发行上市保荐业务管理办法（2025 年修正）》《深 圳证券交易所创业板股票上市规则（202 ...

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 30.24 CNY, based on a projected PE of 54X for 2026 [6][28]. Core Insights - The company is a leading player in the new energy vehicle (NEV) drive control sector, continuously expanding its product lines and enhancing its global competitiveness through overseas market penetration [2][3]. - The company has established a strong competitive advantage in the NEV drive system market, with significant growth in installed capacity and market share for its products [4][17]. - Revenue projections for the company indicate substantial growth, with total revenues expected to reach 21.26 billion CNY in 2025, 26.59 billion CNY in 2026, and 32.03 billion CNY in 2027, reflecting year-on-year growth rates of 31.4%, 25.1%, and 20.4% respectively [5][27]. Financial Summary - Total revenue for 2023 is reported at 9.365 billion CNY, with a projected increase to 16.178 billion CNY in 2024, and further growth to 21.258 billion CNY in 2025 [5]. - Net profit attributable to shareholders is expected to grow from 186 million CNY in 2023 to 1.159 billion CNY in 2025, with corresponding growth rates of 203.9% and 23.9% [5][27]. - The company’s earnings per share (EPS) are projected to increase from 0.08 CNY in 2023 to 0.48 CNY in 2025 [5][28]. Market Position - The company holds a market share of 10.5% in NEV stator installations, ranking second overall and first among third-party suppliers, with an installed capacity of 2.005 million units in 2025 [4][17]. - In the NEV electronic control segment, the company also ranks second with a market share of 8.7%, achieving an installed capacity of 1.335 million units [4][17]. - The company’s OBC (On-Board Charger) installations are projected to reach 625,000 units in 2025, marking a significant year-on-year growth of 39.1% and a market share of 5.1% [4][21]. Competitive Advantages - The company has developed a comprehensive technology matrix that covers the entire product chain from materials to software algorithms, establishing a strong technical barrier [18]. - Significant scale effects are achieved through deep cooperation with major domestic manufacturers, enhancing production efficiency and reducing costs [19]. - The company demonstrates a high responsiveness to customer needs, enabling it to meet diverse market demands effectively [19][20]. Revenue Forecasts - The drive segment is expected to generate revenues of 18.17 billion CNY in 2025, with growth rates of 30.0%, 25.0%, and 20.0% projected for the following years [20]. - The power segment is anticipated to achieve revenues of 2.793 billion CNY in 2025, with growth rates of 40.0%, 25.0%, and 22.5% for the subsequent years [24]. Overall Profitability - The overall gross margin is expected to decline slightly due to rising raw material costs and market competition, with projections of 16.00%, 15.70%, and 15.60% for the years 2025 to 2027 [20][24].

Core Viewpoint - The company, United Power, is set to achieve significant technological breakthroughs across various levels, including systems, components, and materials by 2025, as stated in their response to investor inquiries on an interactive platform [2]. Group 1: Technological Breakthroughs - In terms of systems, the company is developing an integrated multi-in-one powertrain technology that can be expanded up to twelve-in-one [2]. - For components, advancements include direct cooling heat dissipation technology for motor stators and high-speed planetary gear technology [2]. - Regarding materials, the company is focusing on lightweight materials technology, specifically high-toughness and high-corrosion-resistant magnesium alloy casings [2]. Group 2: Intellectual Property - By 2025, the company expects to obtain over ten invention patents related to various technologies, including heat dissipation structures, chargers for electric vehicles, motor rotors, and motor controllers [2].

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of United Power, indicating a slight decline in stock price and notable trading volume on January 27, with a focus on its financing activities and business operations [1][2]. Group 2 - As of January 27, United Power's stock price decreased by 0.22%, with a trading volume of 227 million yuan. The financing buy-in amounted to 14.47 million yuan, while the financing repayment was 18.06 million yuan, resulting in a net financing outflow of 3.60 million yuan. The total financing and securities balance reached 255 million yuan [1]. - The current financing balance of United Power is 255 million yuan, which represents 5.65% of its market capitalization. There were no securities sold or repaid on the same day, indicating no short-selling activity [1]. - United Power, established on September 30, 2016, is located in Suzhou, Jiangsu Province, and aims to become a leading global provider of intelligent electric vehicle components and solutions. Its main products include electric drive systems (86.85% of revenue) and power systems (12.64% of revenue) [1]. - As of November 28, the number of shareholders for United Power was 65,600, a decrease of 7.30% from the previous period, while the average circulating shares per person increased by 7.88% to 2,542 shares [2]. - For the period from January to September 2025, United Power reported a revenue of 14.53 billion yuan, reflecting a year-on-year growth of 35.52%, and a net profit attributable to shareholders of 792 million yuan, marking a 38.38% increase [2]. - As of September 30, 2025, among the top ten circulating shareholders, Changcheng Jiujia Innovation Growth Mixed A (004666) was the eighth largest shareholder, having acquired 517,300 shares as a new investor [2].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）担保的基本情况 为满足日常经营和发展需要，2026 年 1 月 26 日，苏州汇川联合动力系统股 份有限公司（以下简称"公司"或"联合动力"）与招商银行股份有限公司苏州 分行（以下简称"招商银行苏州分行"）签署了《最高额不可撤销担保书》。公司 为全资子公司汇川联合动力（香港）投资有限公司（以下简称"香港联合动力"） 向招商银行苏州分行申请授信提供最高债权本金额为人民币 1 亿元的连带责任 保证（以下简称"本次担保"）。 证券代码：301656 证券简称：联合动力 公告编号：2026-004 苏州汇川联合动力系统股份有限公司 关于为全资子公司提供担保的进展公告 1．成立日期：2022 年 9 月 19 日 本次担保后，公司为香港联合动力提供担保的情况如下表所示： （二）内部决策程序 | 香港 联合 | | | | | | | --- | --- | --- | --- | --- | --- | | 例 | 股 | | 方 | 担 | | | | 比 | | 持 | 保 | | | 率 | ...

Core Viewpoint - Huichuan Technology is advancing its internationalization strategy by planning an H-share IPO on the Hong Kong Stock Exchange, aiming to establish a dual financing platform and enhance its global brand influence [3][4]. Group 1: Company Overview - Founded in 2003 by Zhu Xingming and a group of partners, Huichuan Technology has evolved from a single product focus on variable frequency drives to a leader in various sectors, including industrial automation, new energy electric control, and robotics [9][11]. - The company reported a revenue of 31.663 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 24.67%, with a net profit of 4.254 billion yuan, up 26.84% [4]. Group 2: Strategic Moves - The planned H-share IPO is seen as a critical step in Huichuan's strategy to create a dual financing platform and expand its international presence [4][20]. - The company aims to leverage its expertise in power electronics and automation to accelerate its energy storage business, which is currently a small segment of its overall revenue, contributing only 0.6% [13][18]. Group 3: Market Position and Challenges - Huichuan Technology's growth has slowed, with a projected growth rate of 21.77% for 2024, down from over 50% in previous years, reflecting increasing market pressures [13][22]. - The company faces challenges in its general automation business due to market saturation and competition from foreign giants like Siemens, while the new energy vehicle sector is also experiencing profit margin pressures [11][12]. Group 4: Energy Storage Business - The energy storage sector is viewed as a potential "third growth curve" for Huichuan Technology, with plans to achieve a scale of over 1 billion yuan in this segment [13][18]. - The company has made significant strides in energy storage, including a major contract for 4.3GW of PCS equipment, positioning it among the top 10 global suppliers in terms of shipment volume [16][18]. Group 5: Future Goals - Huichuan Technology has set ambitious targets for its energy storage business, aiming for a market share of over 5% by 2026 and to be among the top three global players by 2028 [20][21]. - The company is also focusing on integrating hardware and software solutions to create a comprehensive digital energy ecosystem, emphasizing the importance of energy flow and information flow convergence [18][20].

Core Viewpoint - Naxin Micro (02676) has seen a stock increase of over 5%, currently trading at 144.9 HKD, following the announcement of a deep collaboration with Union Power (301656) for the mass production of two highly integrated chips for electric vehicle platforms [1] Group 1: Partnership and Product Development - Naxin Micro has announced a partnership with Union Power, a leading provider of components and solutions for smart electric vehicles, focusing on two integrated chips: isolation sampling and logic ASC [1] - The collaboration has resulted in the mass production of these chips for Union Power's next-generation electric drive platform [1] Group 2: Technical Innovations - The isolation sampling chip integrates high-voltage LDO, isolation sampling amplifier, and isolation comparator into a single chip, significantly reducing the number of external components required [1] - This innovation supports high-precision isolation voltage sampling, rapid over/under voltage protection, and miniaturized design for electric drive systems [1] Group 3: Cost and Efficiency Benefits - The custom logic ASC chip includes multiple logic devices and supports frequency detection, simplifying interface design while enhancing system integration and miniaturization [1] - The design also lowers the BOM (Bill of Materials) cost, contributing to the optimization of functional safety architecture for electric drive and main drive systems [1]

Core Viewpoint - The article highlights the growth and strategic direction of Huichuan Technology, emphasizing its transition from a low-price strategy to a focus on innovation and high-quality products, alongside its plans for international expansion through an H-share listing in Hong Kong [3][10][12]. Company Background - Huichuan Technology was founded in Shenzhen by Zhu Xingming and former Huawei Electric employees in 2003 after the sale of Huawei Electric to Emerson [1]. - The company has grown to a market capitalization of 200 billion RMB, positioning itself as a leading player in the industrial automation sector [1]. Financial Performance - For the first three quarters of 2025, Huichuan Technology reported revenues of 316.63 billion RMB, a year-on-year increase of 24.67%, and a net profit of 42.54 billion RMB, up 26.84% [10]. - The company is projected to achieve nearly 46 billion RMB in revenue and 5.5 billion RMB in net profit by 2025 [3]. Strategic Initiatives - Huichuan Technology is shifting away from low-price market strategies, which are seen as detrimental to profitability and innovation [3]. - The company plans to issue H-shares to enhance its international presence and diversify financing channels [3][12]. Product Development and Market Position - Huichuan Technology has established itself as a leader in the domestic inverter market and has expanded into servo systems and PLC products, achieving a market share of 15.9% in servo motors [7]. - The company has diversified its product offerings to include robotics, sensors, and precision machinery, providing comprehensive solutions to clients [8]. Future Growth Areas - The company is entering the humanoid robotics and energy storage sectors, aiming to capitalize on emerging market opportunities [10][11]. - Huichuan Technology has previously ranked third in the domestic market for energy storage PCS products and is actively forming strategic partnerships in the energy sector [11]. International Expansion - The company is focusing on international market development, with strategies to enhance brand presence and build a global operational platform [12]. - The upcoming IPO in Hong Kong is part of Huichuan's strategy to strengthen its international brand image and competitive position [12].

Group 1 - The core point of the news is that United Power experienced a decline in stock price by 1.14% on January 19, with a trading volume of 249 million yuan and a net financing purchase of approximately 951 million yuan for the day [1][2] - As of January 19, the total margin balance for United Power is 265 million yuan, which accounts for 5.72% of its market capitalization [2] - The company reported a revenue of 14.525 billion yuan for the period from January to September 2025, representing a year-on-year growth of 35.52%, and a net profit attributable to shareholders of 792 million yuan, reflecting a growth of 38.38% [2] Group 2 - United Power's main business involves becoming a leading global provider of intelligent electric vehicle components and solutions, with its primary products including electric drive systems and power systems [2] - As of November 28, 2025, the number of shareholders for United Power is 65,600, which is a decrease of 7.30% from the previous period, while the average circulating shares per person increased by 7.88% to 2,542 shares [2] - Among the top ten circulating shareholders, Changcheng Jiujia Innovation Growth Mixed A (004666) is the eighth largest shareholder, having newly acquired 517,300 shares [3]