伴随巴西圣保罗工厂正式投产，首辆哈弗H6 GT下线，长城汽车（601633）全球化战略进入新阶段。这 背后是长城汽车以连续三年超百亿元研发投入和近5万项专利构筑的技术地基。从产能输出到技术生态 输出，其打造的"研产供销服"全价值链出海模式，为中国汽车产业高质量全球化发展提供了可复制的路 径。 ● 龚梦泽 熊永红 保持高研发投入 "早在国内汽车产业仍普遍依赖'引进来'阶段，长城汽车就选择了难而正确的道路。"长城汽车董事长魏 建军表示，长城汽车把盈利持续投入到底层技术攻关，不为短期业绩牺牲技术积累，从一颗螺丝、一套 模具做起，逐步攻克动力总成、"三电"、智能驾驶、氢能、热成型等关键领域，实现核心技术自主可 控。 长城汽车保持对核心技术的长期投入。公司2024年研发支出达104亿元，并连续3年突破百亿元。其中近 四成资金投向新能源与智能化关键领域。持续的高强度投入转化为显著的技术成果：不仅专利储备丰硕 ——2025年上半年新增授权专利2962项（新能源相关专利占比37.8%），累计申请总量逼近5万项大 关。 更重要的是，公司实现了核心技术自主突破，其混动、纯电、氢能三轨并行的技术路线日趋成熟。标志 性的Hi4电混四 ...

Core Viewpoint - The official launch of the Haval H6 GT at the new factory in São Paulo marks a new phase in Great Wall Motors' globalization strategy, supported by significant R&D investments and a robust patent portfolio [1][2]. R&D Investment - Great Wall Motors has maintained high R&D investments, with 2024 spending projected to reach 10.4 billion yuan, continuing a trend of over 10 billion yuan for three consecutive years [2]. - Nearly 40% of the R&D budget is allocated to key areas such as new energy and intelligent technology, resulting in substantial technological achievements, including nearly 50,000 patent applications [2]. Technological Advancements - The company has achieved breakthroughs in core technologies, with a mature technology route encompassing hybrid, pure electric, and hydrogen energy systems [3]. - The Hi4 electric hybrid four-wheel drive system meets diverse needs, and the Hi4-G heavy-duty hybrid technology has undergone rigorous testing over 5 million kilometers [3]. - Strategic vertical integration has led to over 70% self-sufficiency in core components, enhancing cost advantages [3]. Quality Control - Great Wall Motors emphasizes quality control throughout the R&D ecosystem, with advanced facilities such as a 5.1 billion yuan multi-angle safety collision laboratory [3][4]. - The company’s manufacturing processes, including a fully enclosed stamping line and high automation rates, ensure superior product quality [4]. Globalization Strategy - The São Paulo factory represents a milestone in the company's globalization strategy, transitioning from product export to a comprehensive local ecosystem [4]. - The company has developed an ethanol plug-in hybrid system tailored to Brazil's unique market, showcasing its intelligent manufacturing capabilities [4]. Financial Performance - In the first half of 2025, Great Wall Motors sold 15,700 vehicles in Brazil, a year-on-year increase of 19.8%, significantly outpacing the local industry average [4]. - The company’s international strategy has led to over 20 million vehicles exported and projected overseas revenue exceeding 45.3 billion yuan in 2024, with higher gross margins than domestic operations [5]. Future Outlook - Great Wall Motors anticipates that its technological reserves in new energy and intelligent sectors will enter a harvest phase, with the Brazilian factory expected to drive significant revenue growth [5][6]. - The company’s approach exemplifies the successful transformation of China's manufacturing industry through substantial R&D investments and localized value creation [6].

长城汽车 以技术创新重构竞争格局 ...

Group 1 - The relationship between intellectual property (IP) protection and technological innovation is complex and non-linear, requiring a balanced approach that considers industry diversity and economic development stages [1][3] - The U.S. faces significant costs related to patent litigation, amounting to $30 billion annually, which do not translate into increased R&D investment [2] - The U.S., EU, and Japan dominate global IP exports, accounting for approximately 84% of the total, with the U.S. alone representing about 45% of global IP exports [3] Group 2 - The U.S. government plays a crucial role in public knowledge creation and technological innovation, having invested over $5 trillion in R&D over the past 70 years [4] - China is encouraged to develop an IP system that emphasizes development orientation, balancing IP protection with technological diffusion [5] - Policies should prevent market power abuse and ensure a balance between the interests of IP creators and public access, especially in critical industries [6]

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产 业融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投 资风险及本公司所披露的风险因素，审慎作出投资决定。 江西艾芬达暖通科技股份有限公司 （江西省上饶市上饶经济技术开发区兴业大道 97 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （浙江省杭州市五星路 201 号） 江西艾芬达暖通科技股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 江西艾芬达暖通科技股份有限公司 招股意向书 一、上市的目的 艾芬达是一家专业从事 ...

云南煤业能源股份有限公司2025 年半年度报告摘要 公司代码：600792 公司简称：云煤能源 云南煤业能源股份有限公司 云南煤业能源股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 http://www.sse.com.cn 网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 | | 第二节 公司基本情况 | | | | --- | --- | --- | --- | | | 公司股票简况 | | | | 股票种类 | 股票上市交易所 股票简称 | | 股票代码 变更前股票简称 | | A股 | 上海证券交易所 云煤能源 | 600792 | *ST马龙 | | 联系人和联系方式 | 董事会秘书 | | 证券事务代表 | | 姓名 | 戚昆琼 | | 丁舒 | | 电话 | 0871-68758679 | 0871-68758679 | | | | 云南省昆明市安宁市草铺镇安 | | 云南省昆明市安宁市草铺镇安 | | 办公地址 | | | | | | 宁产业园区 | | 宁产业园区 | | 电子信箱 | ymny600 ...

Core Viewpoint - Honeywell expresses strong confidence in the Chinese market and plans to increase investments in China [1] Group 1: Company Overview - Honeywell, founded in 1885, is a global high-tech enterprise with four major business groups: Aerospace, Intelligent Industrial, Intelligent Buildings, and Energy & Sustainability [1] - All of Honeywell's business groups are currently established in China [1] Group 2: Event Participation - This year marks Honeywell's third consecutive participation in the China International Supply Chain Promotion Expo (Chain Expo) and the 90th anniversary of its entry into the Chinese market [1] - The Chain Expo serves as an important platform for Honeywell to showcase its innovative technologies and solutions [1] Group 3: Strategic Intent - Honeywell aims to strengthen collaboration with Chinese enterprises and enhance synergy within the industrial chain [1] - The company views China as a crucial component of its global strategy and a core engine for innovation and development [1] - Honeywell anticipates further deepening its collaboration with China's industrial chain to promote technological innovation and industrial upgrades, contributing to a more low-carbon, flexible, and resilient global supply chain system [1]

一、持续推进各业务条线项目建设，提升公司收入规模 公司目前已形成本部特种功能材料产品及服务、华秦航发航天航空零部件智 能加工与制造、华秦光声声学超材料及声学仪器、上海瑞华晟航空航天用陶瓷基 复合材料、安徽汉正超细晶零部件生产制造五大业务主体，产品矩阵进一步优化， 将更好覆盖产业链需求，提升公司业务规模和盈利能力，推动公司可持续发展。 现归属于上市公司股东的净利润 14,564.03 万元，较上年同期下降 32.45%。 公司 2025 年上半年经营业绩较上年同期变动的主要原因包括： 新换代的关键阶段，跟研试制产品收入占比逐步提高，但由于尚未定型批产，受 工艺路线优化、新建产线调试及良品率爬坡等因素影响，新型号产品暂未实现规 模化生产，试制成本较高。 段，规模化生产能力逐步释放。但在此期间，建设期资本化支出、试运行成本及 未达产产线的运营成本较高，对整体盈利水平造成阶段性压力。 投入加大，研发材料消耗、研发人力成本、外部协作费用及实验测试支出均呈现 显著增长。短期内将对盈利水平产生一定影响，但上述投入将有效巩固公司的技 术壁垒，为长期可持续发展构建坚实的核心竞争力基础。 陕西华秦科技实业股份有限公司 陕西华秦科 ...

箭牌家居集团股份有限公司 2025 年半年度报告 | 证券代码：001322 | 证券简称：箭牌家居 | | 公告编号：2025- | | | --- | --- | --- | --- | --- | | 045 | | | | | | 箭牌家居集团股份有限公司 | | | | | | 一、重要提示 | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | 资者应当到证监 | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | 非标准审计意见提示 | | | | | | □适用 ?不适用 | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | □适用 ?不适用 | | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | | □适用 ?不适用 | | | | | | 二、公司基本情况 ...

财报显示，上半年瑞声科技经营性现金流入为28.9亿元，同比增长9.1%。截至2025年6月30日，集团净 资产负债率为4.7%，账面现金为77.5亿元。 8月21日，瑞声科技（2018.HK）在新加坡发布2025年中期业绩报告，集团上半年收入为人民币133.2亿 元，同比增长18.4%，再创新高。净利润同比大幅提升63.1%至8.76亿元，主要由于光学业务盈利性持续 改善，以及精密结构件业务的高速增长。 瑞声科技管理层在会上表示，上半年无论是营收还是净利都体现了比较良好的增长态势，预计下半年的 营收增速不会低于上半年。很有信心持续提升毛利率水平，今年集团整体毛利率不会低于去年的 22.1%，声学业务的毛利率也预计不低于去年30.2%的水平。 声学上半年收入35.2亿元 SLS大师级和同轴扬声器出货超1700万只 2025上半年，瑞声科技声学业务稳步增长，收入35.2亿元，同比增长1.8%。毛利率为27.2%，伴随下半 年更多中高端项目爬坡，毛利率将稳定提升。 瑞声科技声学业务市场份额进一步提升：SLS大师级和同轴扬声器继续引领中高端市场，上半年出货超 过1,700万只，同比增长接近40%，行业首创大师级同轴对 ...