Group 1: Report Basic Information - The research object is Hengshuai Co., Ltd., belonging to the automotive parts industry, and the reception time was September 4, 2025. The listed company's reception staff included Chairman Xu Ningning, Director and CFO Zhang Lijun, Board Secretary Liao Weiming, Independent Director Chen Zhangming, and Sponsor Representative Hu Guomu [16] - The detailed research institutions were all investors who participated online in Hengshuai Co., Ltd.'s (300969) 2025 semi - annual online performance briefing [19] Group 2: Core Views - The company will expand into new tracks such as humanoid robots and industrial automation, continuously strengthen R & D investment in harmonic magnetic field motor technology and new magnetic materials, and has achieved some technological breakthroughs and obtained relevant patents [23] - The company's R & D expenditure in the first half of 2025 was 15,485,222.39 yuan, a year - on - year increase of 4.23%. Future R & D investment plans will be comprehensively considered based on multiple factors [24] - The company will actively explore other markets for vehicle motor technology, increase the number of new customers and sales revenue to reduce customer concentration, and continue to develop new customers and projects [25] - The Thai production base is progressing smoothly, with some equipment commissioning completed and some customers having completed factory inspections. Some products are expected to enter the production ramp - up period after the new year [26] - The company is implementing a vertical integration strategy of the industrial chain, investing in R & D and self - production of magnetic materials, and bringing injection molding and stamping processes into the self - production system [27]