证券代码：002362 证券简称：汉王科技 公告编号：2025-024 汉王科技股份有限公司 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。 项 目 本报告期 上年同期 营业收入 71,453.59 万元 比上年同期：10% - 18% 亏损：-6,000 万元至 -4,500 万元 归属于上市公司股东 比上年同期：-18.10% - 11.42% 亏损： -7,000 万元至-5,000 万元 扣除非经常性损益后 亏损：-5,501.51 万元 的净利润 比上年同期：-27.24% - 9.12% 基本每股收益 亏损：-0.2454 元/股至-0.1841 元/股 亏损：-0.2078 元/股 二、与会计师事务所沟通情况 本期业绩预告的相关财务数据未经会计师事务所审计。公司就业绩预告有 关事项与会计师事务所进行了预沟通，公司与会计师事务所在业绩预告方面不 存在分歧。 三、业绩变动原因说明 报告期内，公司部分业务因市场需求不足，收入有所下滑，但公司其他业 务线受益于新产品上市、品牌影响力提升，销售表现强劲，带动公司整体营业 收入同比增长，同时公司进一步精细化管 ...

Summary of Key Points Core Viewpoint The company has decided to conclude certain fundraising projects and reallocate surplus funds to new projects and to permanently supplement working capital, aligning with its future development needs and market conditions [1][20]. Fundraising Overview - The company raised a total of RMB 3 billion through the issuance of convertible bonds, with a net amount available for investment after deducting issuance costs [1][2]. - The total investment for the projects includes RMB 338,112 million, with RMB 300,000 million allocated from the raised funds [2][7]. Project Status and Fund Utilization - The "Annual Production of 6.5 Million Sets of Commercial Refrigeration Air Conditioning Intelligent Control Components Construction Project" and the "Annual Production of 5.05 Million Sets of High-Efficiency Energy-Saving Refrigeration Air Conditioning Control Components Technology Renovation Project" have reached their intended usable state [7][11]. - As of May 31, 2025, the total investment in these projects was RMB 124,662.71 million, achieving an investment progress of 83.84% [7][8]. - Surplus funds from these projects amount to RMB 30,972.62 million and RMB 30,688.49 million, respectively, which will be redirected to new projects and working capital [11][12]. New Project Details - The new project, "Zhejiang Sanhua Intelligent Drive Future Industry Center Construction Project," will utilize RMB 30,688.49 million from the surplus funds and aims to expand into the electric vehicle thermal management and bionic robot components sectors [13][14]. - The project will cover an area of 15.29 million square meters and is expected to enhance the company's production efficiency and innovation capabilities [17][18]. Market Context and Growth Potential - The global electric vehicle market is projected to grow significantly, with the penetration rate expected to rise from 6.7% in 2020 to 23.6% by 2024, driven by technological advancements and supportive policies [14][15]. - The bionic robot industry is also anticipated to enter a phase of mass consumption, with increasing applications in various sectors [15][16]. Company Position and Strategy - The company is a leading manufacturer in the automotive thermal management system components market, with a market share of 48.3% for electronic expansion valves and 65.6% for integrated components as of 2024 [18][19]. - The company emphasizes research and development, maintaining a strong focus on innovation and efficiency to ensure long-term growth and competitiveness [19][20].

中信证券股份有限公司 关于浙江三花智能控制股份有限公司募投项目结项并将节 余募集资金投入新项目及永久补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为浙江 三花智能控制股份有限公司（以下简称"三花智控"、"公司"）持续督导工作 的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司 自律监管指引第 13 号——保荐业务》等相关规定，对三花智控募投项目结项并 将节余募集资金投入新项目及永久补充流动资金的事项进行了审慎核查，发表如 下意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江三花智能控制股份有限公司公开 发行可转换公司债券的批复》（证监许可2021168 号）核准，公司向社会公开 发行 300,000.00 万元可转换公司债券，每张面值为人民币 100.00 元，按面值发 行。公司发行可转换公司债券共筹得人民币 300,000.00 万元，扣除发行费用 已经天健会计师事务所（特殊普通合伙）审验并出具了《验证报告》（天健验 2021277 号）。 为了规范募集资金 ...

2025年6月19日，国防科技大学公布最新研究成果，一款仅有蚊子大小的仿生机器人首次曝光，目前中文互 联网对于该微型机器人的报道并不多，能够检索的信息也普遍偏少。但可以肯定的是，随着全球局势的紧张加 剧，以仿生机器人、无人机，蜂群为代表的新型作战方式将成为未来的主流。 ▍ 对于国防科大仿生机器人 国外网友怎么看？ 虽然目前曝光的画面与视频内容有限，但国防科技大学打造的仿生蚊子机器人却引起了海外网友的关注，X平 台上更是形成了对这款机器人的讨论。 有网友以幽默的口吻调侃，这款仿生机器人如果未来兼容GPS加星链或GSM，在不考虑续航问题的前提下， 这款机器人会不会远程统治世界？部分网友则调侃"需要蚊帐了！" 不过也有网友从技术可行性角度提出质疑，"Elementary, Watson"指出，实现这样的设想需要巨大的设备体 积，考虑到当前的能量密度、光学、收发技术以及飞行部件本身，这一想法在实际操作中通常会遇到不小的困 难，尚不知技术团队是如何解决这些问题的。 著名英剧《黑镜》第三季第六集《全网公敌》当中，曾描述过"杀人蜜蜂"的场景。未来的英国，由于环境恶化 导致蜜蜂灭绝，政府启动"颗粒计划"，研发出机械人造蜂用于 ...

Core Viewpoint - Sanhua Intelligent Controls experienced a decline on its first day of trading in Hong Kong, opening down over 7% and closing at HKD 22.50 per share, a decrease of 0.13% from its initial offering price of HKD 22.53 [2][4]. Group 1: Company Overview - Sanhua Intelligent Controls was listed on the Shenzhen Stock Exchange in 2005 and specializes in the research, manufacturing, and sales of refrigeration and air conditioning electrical components, as well as automotive components [4]. - The company is actively developing bionic robot electromechanical actuators to seek further growth in this sector [4]. Group 2: Financial Performance - In the first quarter of this year, Sanhua Intelligent Controls reported revenue of CNY 7.669 billion, representing a year-on-year increase of 19.10% [4]. - The net profit attributable to the parent company was CNY 903 million, reflecting a year-on-year growth of 39.47% [4]. Group 3: Fundraising and Investment Plans - The company aims to raise approximately HKD 77.4 billion from its global offering, which will be allocated for technology research and development, upgrading existing products, and expanding production facilities [4]. - Planned investments include the development of new materials and products, as well as enhancing automation in production for both automotive and refrigeration components [4]. Group 4: Bionic Robotics Focus - In the bionic robotics sector, Sanhua Intelligent Controls is concentrating on electromechanical actuators, which consist of core components such as servo motors, reduction gears, and encoders [5]. - The company is collaborating with clients on product development and mass production, with future applications expected in industries such as industrial, education, medical, and service sectors [5].

Core Viewpoint - Sanhua Intelligent Control is approaching its Hong Kong IPO, with a global offering of 360.33 million H-shares and expected net proceeds of approximately HKD 7.741 billion for global R&D and capacity expansion [1][2]. Group 1: IPO Details - The IPO subscription period is from June 13 to June 18, with 25.22 million shares available for public offering in Hong Kong, accounting for 7% of the total offering [2]. - The price range for the H-shares is set between HKD 21.21 and HKD 22.53, with the final price expected to be announced by June 19 [2]. - The company has attracted 17 cornerstone investors, including Schroders and Singapore's sovereign fund, with total subscriptions amounting to approximately USD 562 million (around HKD 4.409 billion) [3]. Group 2: Business Overview - Sanhua Intelligent Control operates primarily in two sectors: refrigeration and air conditioning components, and automotive thermal management system components [1][4]. - The company has a significant market share, holding approximately 45.5% of the global refrigeration control components market and ranking fifth in the automotive thermal management system components market with a 4.1% share [4]. Group 3: Financial Performance - The company has seen continuous growth in net profit over the past decade, increasing from CNY 605 million in 2015 to an estimated CNY 3.099 billion in 2024 [4]. - In Q1 of this year, Sanhua Intelligent Control reported revenue of CNY 7.669 billion, a year-on-year increase of 19.1%, and a net profit of CNY 903 million, up 39.47% [5]. Group 4: Future Growth Strategies - The company is exploring a third growth area in the bionic robotics sector, with plans to develop bionic robot electromechanical actuators [5]. - Sanhua Intelligent Control aims to integrate customer product development and iteration processes to achieve mass production in the bionic robotics field [5].

Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. (Sanhua Intelligent) is set to launch an IPO on the Hong Kong Stock Exchange, with a target fundraising amount of approximately HKD 76.43 billion to HKD 81.18 billion, and the expected listing date is June 23, 2025 [1][3]. Company Overview - Sanhua Intelligent was established in September 1994 and is located in Shaoxing, Zhejiang Province. The company has a registered capital of approximately RMB 3.7 billion and is primarily owned by Sanhua Holdings Group and Zhejiang Sanhua Green Energy Industrial Group [3]. - The company is listed on the Shenzhen Stock Exchange under the code "002050" since June 2005, with a market capitalization of approximately RMB 943 billion as of June 13, 2025 [3]. IPO Details - The IPO price range is set between HKD 21.21 and HKD 22.53 per share, with a total of 360.33 million shares to be issued. The median price of HKD 21.87 suggests a total fundraising of approximately HKD 78.74 billion [1]. - Sanhua Intelligent has secured 18 cornerstone investors who have collectively subscribed to approximately USD 562 million (around HKD 44.09 billion) of the offering [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was RMB 213.48 billion, RMB 245.58 billion, and RMB 279.47 billion, respectively. The gross profit for the same years was approximately RMB 54.62 billion, RMB 67.35 billion, and RMB 76.21 billion [5][6]. - Net profit figures for the same years were approximately RMB 26.08 billion, RMB 29.34 billion, and RMB 31.12 billion [5]. Product and Market Reach - Sanhua Intelligent specializes in manufacturing components for refrigeration and air conditioning control, as well as automotive thermal management systems. The company is also expanding into emerging fields such as bionic robot electromechanical actuators [4]. - The company's products are distributed across over 80 countries and regions globally, with 48 production facilities, including 13 overseas factories located in the Americas, Europe, and Asia [5]. Production Capacity - The total production capacity for refrigeration and air conditioning components was approximately 539 million, 534 million, and 576 million units for the years 2022, 2023, and 2024, respectively. The production output for these years was approximately 452 million, 495 million, and 537 million units [7]. - For automotive components, the total production capacity was approximately 203 million, 255 million, and 282 million units, with production outputs of approximately 170 million, 232 million, and 245 million units for the same years [7].

Core Viewpoint - The company Sanhua Intelligent Control is accelerating its listing in Hong Kong, establishing an "A+H" share structure, and is recognized as a leading manufacturer in the refrigeration and automotive thermal management sectors [1][2]. Financial Performance - Sanhua Intelligent Control reported revenues of approximately RMB 213.48 billion, RMB 245.58 billion, and RMB 279.47 billion for the years 2022, 2023, and 2024 respectively, with corresponding profits of about RMB 26.08 billion, RMB 29.34 billion, and RMB 31.12 billion [3][4]. - The company plans to distribute cash dividends totaling RMB 13 billion in the first nine months of 2024, with a recent dividend of RMB 2.5 per 10 shares [1][3]. Business Segments - The company operates two main business segments: refrigeration and air conditioning components, and automotive components, with revenue contributions of approximately 64.8% and 35.2% respectively in 2022 [4][5]. - The CAGR for the refrigeration and air conditioning components from 2020 to 2024 is 14.48%, while the automotive components segment has a CAGR of 46.55% during the same period [6][7]. Market Position - According to Frost & Sullivan, Sanhua Intelligent Control holds a 45.5% market share in the global refrigeration control components market and ranks fifth in the automotive thermal management system components market with a 4.1% share [1][3]. Strategic Initiatives - The company is actively expanding into the bionic robotics sector, focusing on electromechanical actuators, which are essential components for bionic robots [8][10]. - A planned investment of no less than RMB 3.8 billion is set for the development of a research and production base for electromechanical actuators and domain controllers in Qiantang District [9][10]. Financial Health - As of the end of 2024, the company reported total liabilities of RMB 168.35 billion and total assets of RMB 363.55 billion, indicating a relatively high debt level [11][12]. - The company's cash and cash equivalents decreased to RMB 3.444 billion by the end of 2024, raising concerns about liquidity amid significant R&D investments of RMB 1.352 billion [12].

Review Report Your Partner I Phillip Securities (Hong Kong) Ltd 研究部五月研究報告回顧 Hong Kong | INVESTNOTES REPORTS REVIEW 行業： 汽車 & 航空 (章晶) 公用事業、商品、銀行（李曉然） TMT & 半導體 (陶然) TMT、半導體、消費、醫療（李浩然） 汽車 & 航空 (章晶) 公司持續優化全球工廠的運營效能，鞏固各地工廠之工藝的垂直整合能力，打造標 杆工廠並推廣其管理模式。例如在墨西哥、泰國等地工廠綜合能力得到顯著改善並 得以穩健的基礎上，綜合運用北美、泰國、中國各地的優勢資源，降低北美當地運 誉成本。值得一提的是. 公司持續提升北美及歐洲區業務的現地化生產率. 從而使 關稅和地緣政治因素所造成的影響和不確定性保持在可控範圍之內,並增強了產品 在當地的競爭力。 於本月本人發佈了敏實集團(425.HK)，拓普集團(601689.CH)和萬豐奧威(002085.CH) 的更新報告。於其中,我們重點推薦敏實集團和拓普集團。 2024 年敏實集團實現總收入 231.5 億元（人民幣，下同）,同比+12.8% ...

江苏聚杰微纤科技集团股份有限公司 1 | | 3、介绍下公司目前的主业？ | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 公司目前主要研发、生产、销售超细纤维制成品，仿皮面料、 | | | | | | | | | | | 功能性面料、无尘净洁面料及制品。产品主要应用场景有运动服 | | | | | | | | | | | 饰面料；汽车内饰产品；电子产品外表包装；无尘洁净车间耗材 | | | | | | | | | | | 等等。 | | | | | | | | | | | 4、公司主业后面增长预期情况？ | | | | | | | | | | | 公司对未来的发展前景还是相对乐观，其中运动服饰面料销 | | | | | | | | | | | 售很平稳，汽车内饰面料，电子产品面料相对有较好的增长预期。 | | | | | | | | | | 日期 | 2025 5 月 16 | 年 | 月 | 15 | 日至 | 2025 | 年 | 5 | 日 | 2 编号：2025-009 | | ☑ ...