汇川技术 20250826 摘要 汇川技术 2025 年上半年营收 205 亿元，同比增长 27%，归母净利润 约 30 亿元，同比增长 40%，主要受益于新能源汽车和工业自动化业务 的增长，以及有效的费用控制和股权投资收益。 通用自动化板块营收 88 亿元，同比增长 17%，受益于锂电、包装等高 景气行业；新能源汽车板块营收 90 亿元，同比增长 50%，与多家国内 外车企合作；电梯业务营收 23 亿元，同比下滑 1%，受房地产市场影响。 汇川技术持续高强度研发投入，上半年达 20 亿元，同比增长 33%，占 收入比重约 10%，重点投入数字化、人形机器人、新能源汽车等战略业 务，同时严格控制三费，确保经营性现金流与利润匹配。 国际化进展总体慢于预期，但仍实现营收 13.2 亿，同比增长 39%，新 兴市场如越南、中东、泰国快速增长，发达市场通过行业定制方案与欧 洲头部客户合作取得突破。 公司维持 2025 年收入增长 10%-30%，归母净利润增长 5%-25%的经 营目标，新能源汽车业务海外定点项目增多，电控产品市占率目标 20%，预计该领域保持约 30%的增长。 Q&A 汇川技术在面对数字化和软件化趋 ...

事件：公司发布25 年中报，25H1 营收205 亿元，同比+27%，归母净利润29.7 亿元，同比+40%，扣非 净利润26.7 亿元，同比+29%；毛利率30.2%，同比-1.5pct，归母净利率14.5%，同比+1.4pct。其中： 25Q2 营收115 亿元，同比+19％，归母净利润16.5 亿元，同比+26%，扣非净利润14.4 亿元，同比 +13%，毛利率29.6%，同比-0.2pct，归母净利率14.3%，同比+0.8pct。归母略超预期，主要系股权投资 项目公允价值变动+欧元升值；扣非业绩整体符合市场预期。 通用自动化：下游复苏趋势明确、多方案并施再现强劲α。公司25H1/25Q2 通用自动化业务收入88/47 亿元，同比+17%/+7%。1）行业层面：根据MIR，25Q2 OEM/项目型市场销售额同比 +0.5%/-2.7%（25Q1分别为+3.3%/+1.8%）。2）公司层面：面对关税等外部不确定性，通过1）对TOP 客户组织迭代，成立传动产品线；2）成立IFA 部门打造工厂级解决方案；3）继续实施扎寨子计划布局 下沉市场。分产品看，25Q2低压变频/交流伺服/PLC&HMI 销售额分别同 ...

在工业自动化市场止跌企稳的背景下，公司通用自动化业务实现营收88亿元，同比增长17%。 核心产品市场份额持续领跑：通用伺服系统国内市占率32%（位列第 一），低压变频器市占率22%（位列第一），SCARA机器人市占率20.4%（位列第一）。报告期内，公司推出EVO700系列高性能中型PLC、U系列协作机器人等新 品，高精度丝杠+导轨在高端机床实现进口替代，激光测距传感器、力学传感器等新产品在物流、锂电等行业快速落地，多产品组合解决方案优势进一步凸显。 受房地产新开工面积收缩影响，智慧电梯业务上半年营收23亿元，同比微降1%，但公司通过拓展海外市场（跨国客户全球主流梯型变频器独家供应）、发力旧梯更 新与后服务市场，对冲新梯需求下滑压力；轨道交通业务营收2.2亿元，同比基本持平，济南地铁7号线、9号线永磁牵引系统订单落地，智能环控解决方案、车载空 调设备等新业务试点推进，为后续增长打开空间。 上半年，公司研发投入19.66亿元，同比增长33.47%，研发费用率9.58%；研发人员达6118人，占员工总数40%，新增申请专利121项，累计获得专利及软件著作 权3128项。 在工业AI、人形机器人等前沿领域，公司完成 ...

经济观察网 2025年8月24日，通用电梯(300931)发布2025年半年度报告，2025年上半年实现营业收入 1.56亿元，同比下降40.91%；实现净利润-1789.23万元，同比下降14411.44%；基本每股收益-0.0745 元；加权平均净资产收益率ROE为-2.87%。 ...

人民财讯8月24日电，通用电梯（300931）8月24日晚间披露2025年半年报，上半年实现营业收入1.56亿 元，同比下降40.91%；归母净利亏损1789.23万元，上年同期归母净利润12.5万元。报告期内营业收入 下降主要系受市场竞争等因素影响，公司产品销售数量及单价下降所致。 ...

Group 1 - In the first seven months of this year, Jiangsu's private enterprises achieved an import and export volume of 1.47 trillion yuan, contributing 1.4 percentage points to the province's overall trade growth, showcasing the resilience and vitality of private enterprises in foreign trade [1] - Private foreign trade enterprises in Jiangsu are enhancing their export resilience through structural optimization, focusing on technology-intensive and green product transformations [2] - Companies like Kangli Elevator and Nantong Kaixuan Sports Goods are innovating their products and expanding their international market presence, with significant export figures reported [2] Group 2 - The green economy is becoming a new growth area for private enterprises, with companies like Wuxi Quanyu Electronics and Wuxi Kaiyuan Household Products expanding their overseas business, particularly in Europe and Japan [3] - The implementation of RCEP has significantly reduced tariffs for companies, enhancing their competitiveness in international markets [3] Group 3 - The flexibility of private enterprises allows them to quickly adapt to changes in overseas markets, leading to successful orders in niche markets, such as inflatable swimming pools and outdoor sports products [4] - Companies like Zhangjiagang Fojijia Food and Suzhou Taoyun Amusement Equipment are leveraging innovative products to capture overseas market opportunities [5][4] Group 4 - Policy support and precise services are crucial for the sustainable development of private foreign trade enterprises, with customs authorities providing guidance and facilitating efficient customs clearance [6][7] - The proactive disclosure policy by customs has helped companies avoid penalties and improve compliance, enhancing their operational efficiency [7] - Companies like New World Pump and HuGong Intelligent Technology are benefiting from credit advantages and policy support, leading to significant export growth [8][6]

Core Viewpoint - The acquisition of a 51% stake in Shanghai Yunshi Zhibang Information Technology Co., Ltd. by the company marks a strategic move to enhance its capabilities in smart transportation and smart city solutions, positioning itself for future growth in the evolving elevator industry [1][3]. Group 1: Company Strategy - The company has completed the acquisition of a controlling stake in Yunshi Zhibang, which specializes in smart transportation and smart city solutions, thus becoming a new subsidiary and will be included in the company's consolidated financial statements [1]. - The acquisition is seen as a significant step in exploring new business areas and achieving synergies in market development, which will facilitate the company's industrial transformation and upgrade [3]. - The company is also implementing a stock incentive plan to bind the interests of core employees, aiming to enhance competitiveness and performance [3]. Group 2: Industry Trends - The elevator industry is undergoing a transformation towards smart and green technologies, with smart elevators utilizing sensors and connected devices for remote monitoring and predictive maintenance, leading to increased safety and reduced energy consumption [2]. - The Chinese elevator market is expected to exceed 709 billion yuan by 2027, driven by urbanization, renovation, and smart technology advancements [2]. - The rise of AI technology is reshaping the elevator industry, transforming elevators from mere transportation tools into intelligent terminals that enhance efficiency, safety, and energy savings [1][2]. Group 3: Technological Integration - The core team of Yunshi Zhibang possesses strong expertise in IoT, cloud computing, big data, AI, blockchain, and digital twins, which will enhance the company's value-added service capabilities throughout the product lifecycle [2]. - The company's focus on smart manufacturing and investment in smart maintenance and services reflect its commitment to improving service capabilities in the elevator "aftermarket" [2]. Group 4: Long-term Vision - The strategic moves indicate the company's determination to deepen its transformation and strengthen its internal growth drivers, aiming to transition from a traditional elevator manufacturer to a comprehensive solution provider in high-end equipment and smart services [4]. - These initiatives are expected to lay a solid foundation for long-term development and potentially open up a second growth curve, reshaping the company's valuation logic [4].

Core Insights - The article highlights the development of the Zengcheng Low Carbon Headquarters Park as a hub for technology-driven enterprises, focusing on fostering innovation and providing financial support to small and medium-sized enterprises (SMEs) [1][9] Group 1: Financial Support and Ecosystem - The park has attracted over 20 financial institutions, including commercial banks and investment funds, creating a comprehensive capital empowerment system for enterprises from startup to maturity, with over 2 billion yuan in financing provided in 2024 alone [1][3] - Various financing products are offered, including short-term credit products tailored for SMEs, with online approval processes allowing loans to be disbursed within three days [2][3] - The park has issued over 20 billion yuan in loans to resident companies, supporting numerous enterprises with financing exceeding 10 million yuan each [3] Group 2: Innovation and Entrepreneurship - The park has hosted the China Innovation and Entrepreneurship Competition for three consecutive years, serving as a significant platform for resource aggregation and providing financing connections for winning projects [7][8] - The integration of advanced technologies such as digital twins and AI in companies like Guangdong Yuan Neng Xing Tai demonstrates the park's focus on facilitating the commercialization of innovative research [7][8] Group 3: Comprehensive Services - The park has established six public service platforms to cater to the diverse needs of enterprises at different stages, including talent introduction, entrepreneurial incubation, and technology-market connections [9] - A collaborative initiative with various financial and securities institutions aims to create a nurturing environment for companies preparing for public listings, with 14 companies currently in the pipeline for potential listing [9][10]

Core Insights - Huzhou has made significant progress in implementing the "Lucid waters and lush mountains are invaluable assets" concept over the past 20 years, transitioning from an ecological civilization "pioneer" to a "demonstration" city, and achieving a shift from extensive economic growth to green and low-carbon development [1][3] Group 1: Ecological and Environmental Achievements - Huzhou has established over 130 ecological civilization construction standards, with 13 local standards elevated to national standards [3] - The city has seen a 57.03% improvement in PM2.5 concentration and a 56.51% increase in air quality over the past years, with the water quality entering Taihu Lake maintaining Class III or above for 17 consecutive years [3][4] - Huzhou has been recognized as the first city in China to achieve full coverage of national ecological civilization demonstration zones at the district and county levels [3] Group 2: Economic Transformation and Innovation - Huzhou's energy consumption per unit of GDP has decreased by approximately 48% over the past 20 years, while the number of high-tech enterprises has surged from 58 in 2008 to 2,071 in 2024 [4] - The city has focused on transforming its industrial structure, reducing the number of battery companies from 175 to 16, while increasing sales revenue by 14 times [4] - Huzhou is developing a "2+8" high-energy platform system, focusing on emerging industries such as new energy vehicles, semiconductors, and biomedicine [5] Group 3: Social and Economic Equity - The income disparity among urban and rural residents in Huzhou has narrowed to 1.53, significantly lower than national and provincial averages, making it one of the most balanced development regions in China [6] - Innovative models have been introduced to promote dual income growth for village collectives and farmers, with 95% of administrative villages achieving over 800,000 yuan in annual operating income [6] - The city has attracted nearly 43,000 young people to rural areas since 2022, contributing to a sustainable development model that transforms ecological resources into green capital [6]

Group 1 - The company announced the approval of two proposals during the 16th meeting of the fourth Supervisory Board, including the use of raised funds to replace pre-invested project funds and expenses related to issuance [2] - The second proposal involves the use of part of the idle raised funds for cash management [2]