2025.09.17 9月16日晚，汇川技术公告称，2025年9月8日至15日，公司的实际控制人朱兴明通过大宗交易方式内部 转让960.21万股公司股份给其女儿朱瀚玥。按照公司披露的内部转让均价来计算，此次转让的股份价值 约7.70亿元。 本 文字数：1503，阅读时长大约3分钟 本次转让完成后，父女2021年所签署《赠与协议》项下的朱兴明相关义务已履行完毕。而赠与完成后， 朱兴明持有公司股票3499万股（占公司总股本的1.3%），持有深圳市汇川投资有限公司21.70%股权； 朱瀚玥持有公司股票2060.21万股（占公司总股本比例0.76%），持有汇川投资21.70%股权。 2021年7月，汇川技术发布实控人离婚的公告。公告称，朱兴明与钟进因感情破裂，已办理离婚手续。 根据协议约定，朱兴明分割其直接持有的7030.03万股汇川技术股票给钟进。如按照双方办理离婚手续 当日（即2021年7月8日）的收盘价76.67元/股来计算的话，朱兴明当时过户给钟进的股票约53.9亿元。 2021年9月，汇川技术公告称，朱兴明与朱瀚玥签署《赠与协议》。朱兴明将其直接持有的2060.21万股 公司股票、汇川投资21.7%股权无偿 ...

2025.09. 17 本文字数：1503，阅读时长大约3分钟 9月16日晚，汇川技术公告称， 2025年9月8日至15日， 公司的实际控制人朱兴明通过大宗交易方式内部转让960.21万股公司股份给其女儿朱瀚 玥。按照公司披露的内部转让均价来计算，此次转让的股份价值约7.70亿元。 不过，朱瀚玥因受赠股票及受赠股权而取得的表决权，将无条件地委托给朱兴明行使。 因此，赠与事项不会导致公司控制权发生变更，不会对公司治 理结构及持续经营产生影响。 据悉，朱兴明于1967年出生，湖南省岳阳人，大学本科就读于燕山大学无线电专业，毕业后以专业第一的成绩被保送燕山大学 攻读 研究生。研究生 毕业后， 朱兴明 来到深圳开启自己的事业，先后进入华为电气和美国EMERSON（艾默生）公司担任高层管理人员，最后出来创办自己的企业——汇 川技术。 朱兴明（图源汇川技术官方微信公众号） 2023年胡润全球富豪榜显示，朱兴明、朱瀚玥父女以190亿元财富排名全球富豪榜第1181名，当时的朱兴明也被称为"岳阳首富"。 2022年8月，汇川技术启动分拆子公司联合动力（全称：苏州汇川联合动力系统有限公司）境内上市的前期筹备工作。今年7月，联合动 ...

Core Viewpoint - The transfer of shares from Zhu Xingming to his daughter Zhu Hanyue has been completed, fulfilling the obligations under the gift agreement signed in 2021, and the control of the company remains unchanged [1][4][9]. Group 1: Share Transfer Details - On September 16, the company announced that Zhu Xingming transferred 9.6021 million shares to his daughter Zhu Hanyue through block trading, valued at approximately 770 million yuan [1]. - After the transfer, Zhu Xingming holds 34.99 million shares (1.3% of total shares) and 21.70% of the shares in Huichuan Investment, the largest shareholder of Huichuan Technology [1]. - Zhu Hanyue now directly holds 20.6021 million shares (0.76% of total shares) and 21.70% of Huichuan Investment [1]. Group 2: Background Information - The gift agreement between Zhu Xingming and Zhu Hanyue was signed in September 2021, following Zhu Xingming's divorce from Zhong Jin [2][5]. - The agreement included the transfer of 20.6021 million shares and 21.70% of Huichuan Investment to Zhu Hanyue, with the latter's share transfer completed in 2022 [7]. - Zhu Hanyue has committed to unconditionally delegate the voting rights obtained from the gifted shares and equity to Zhu Xingming [3][9]. Group 3: Company Overview - Huichuan Technology primarily provides core products and solutions for industrial automation, including frequency converters, servo systems, sensors, and industrial vision [5]. - As of September 17, 2025, Huichuan Technology's stock price has increased by over 40% year-to-date [7].

Core Viewpoint - The transfer of shares between Zhu Xingming and his daughter Zhu Hanyue has been completed, fulfilling the obligations of the "Gift Agreement" signed in 2021, and the voting rights associated with the gifted shares will be unconditionally entrusted to Zhu Xingming [1][2][3]. Group 1: Share Transfer Details - On September 8-15, 2023, Zhu Xingming transferred 9.6021 million shares of Huichuan Technology to his daughter Zhu Hanyue through a block trade, valued at approximately 770 million yuan [1]. - After the transfer, Zhu Xingming holds 34.99 million shares (1.3% of total shares) and 21.70% equity in Huichuan Investment, while Zhu Hanyue holds 20.6021 million shares (0.76% of total shares) and 21.70% equity in Huichuan Investment [1][2]. - The "Gift Agreement" between Zhu Xingming and Zhu Hanyue was signed in September 2021, following Zhu Xingming's divorce from Zhong Jin in July 2021, during which he transferred 70.3003 million shares to Zhong Jin, valued at approximately 5.39 billion yuan based on the stock price at that time [2]. Group 2: Company Background and Performance - Huichuan Technology specializes in providing core products and solutions for industrial automation, including frequency converters, servo systems, sensors, and industrial vision [2]. - As of September 17, 2025, Huichuan Technology's stock price has seen an annual increase of over 40% [4]. - Zhu Xingming and Zhu Hanyue are ranked 1181st on the 2023 Hurun Global Rich List with a combined wealth of 19 billion yuan [5]. Group 3: Corporate Governance and Future Implications - The transfer of shares will not result in a change of control for Huichuan Technology, as Zhu Hanyue has unconditionally entrusted her voting rights to Zhu Xingming [3]. - The establishment of a new listed company, United Power, under Zhu Xingming and Zhu Hanyue's names has been initiated, further expanding their business portfolio [5][6].

Core Insights - Schneider Electric has launched the Modicon M310M motion controller, marking the introduction of a locally developed "golden four-piece set" solution for machine motion control, which includes a controller, servo, inverter, and human-machine interface [1] - The development of this solution took just over a year, showcasing the efficiency of the local R&D team [1] - The innovation process is driven by the need for high performance, controllable costs, and strong flexibility in response to the evolving demands of industrial users [3][4] Group 1: Innovation Goals - The new normal in innovation emphasizes high performance as a primary support for market competitiveness, with increasing expectations for product quality and reliability [3][4] - Controllable costs are crucial for enhancing market competitiveness, achieved through innovative processes and design optimizations without sacrificing quality [4] - Strong flexibility is necessary to meet diverse market demands, which can be accomplished through combinatorial innovation rather than merely increasing product variety [4][5] Group 2: Lean Innovation Practices - The lean innovation model extends the principles of lean production to the R&D phase, focusing on eliminating waste and optimizing resources throughout the innovation lifecycle [5][6] - The "golden four-piece set" exemplifies lean innovation by continuously refining technical solutions to achieve optimal resource allocation and efficiency [6][7] - The integration of customer feedback into the R&D process ensures that products meet the most genuine industry needs [6] Group 3: Local R&D and Market Adaptation - Schneider Electric has established five R&D centers in China, with a compound annual growth rate of over 18% in R&D investment since 2019, making China the only country with full business line R&D capabilities for the company [6] - The Industrial Automation China Center has rapidly advanced product development, launching over ten localized innovative products in just three years [6][7] - The "golden four-piece set" includes advanced products like the Harmony ET5 human-machine interface and the ATV305 inverter, designed to meet local market needs while maintaining high performance [7][9] Group 4: Performance and Cost Optimization - The Modicon M310M motion controller features advanced technology, including a 20-nanometer precision chip, enabling flexible installation and production line upgrades [9] - Cost optimization strategies focus on eliminating unnecessary expenditures while ensuring quality, exemplified by the ATV305 inverter's design that balances local needs with cost-effectiveness [9][10] - The TVDA architecture introduced in OEM projects enhances system design efficiency and product compatibility, further supporting lean innovation practices [10]

Core Viewpoint - The company has no current plans for research or acquisitions in the direction of robotic brains or general robot control systems, focusing instead on its strengths in industrial automation and related fields [1] Company Strategy - The company has established technical capabilities in industrial automation, particularly with automatic shuttle change devices for sewing machines and control systems for sewing equipment, demonstrating its ability in specific automation control scenarios [1] - The company adheres to a dual-driven development strategy of capital acquisitions and self-development, aiming to expand into areas like smart factories and cybersecurity that have synergistic effects with its existing intelligent electrical control business [1] - The company intends to further consolidate and enhance its core competitiveness through synergistic business interactions [1]

Core Insights - The company has shown strong performance in its general automation business, achieving approximately 8.8 billion yuan in revenue for the first half of 2025, representing a 17% year-on-year growth, significantly outpacing the industry average of 1% growth [2][4]. Group 1: Business Performance - The company has successfully capitalized on high-demand sectors such as new energy vehicle components, lithium batteries, logistics equipment, and electric engineering machinery, leading to substantial order growth [2][4]. - The company has implemented a multi-product sales strategy, enhancing its offerings in servo systems and low-voltage frequency converters, which has contributed to its market share growth [2][4]. Group 2: Product Development - The company has increased investment in medium and large PLC products, which are crucial for high-end applications, and currently holds a market share of approximately 5.1% in China, ranking sixth [3]. - The iFA platform, an integrated factory automation software, allows seamless integration from equipment to production lines, significantly reducing debugging costs and time for industrial clients [4]. Group 3: Research and Development - The company plans to allocate 8% to 10% of its revenue to R&D, focusing on software development, overseas market products, and humanoid robotics [5][7]. - The company is actively developing components for humanoid robots, including motors and actuators, tailored to manufacturing scenarios [7]. Group 4: Elevator Business Outlook - The elevator business is considered mature, with plans to enhance growth through international expansion and comprehensive solutions for elevator systems [8]. - The company aims to tap into the after-service market for elevators, driven by the increasing demand for maintenance and upgrades in China's growing elevator stock [8].

近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.09.16 | 4.99 | 0.08 | 271.89 | | 2025.09.15 | 4.98 | 0.20 | 355.74 | | 2025.09.12 | 5.01 | 0.38 | 192.47 | | 2025.09.11 | 4.99 | 0.85 | 182.37 | | 2025.09.10 | 4.99 | 4.95 | 1366.87 | | 2025.09.09 | 4.99 | 0.44 | 601.09 | | 2025.09.08 | 5.02 | 0.34 | 415.79 | | 2025.09.05 | 4.99 | 6.30 | 1477.46 | | 2025.09.04 | -5.01 | 8.47 | -1140.45 | | 2025.09.03 | 1.46 | 14.45 | 177.76 | | 2025.09.02 | 5.00 | 0.48 | 733.58 | | 2025.09.01 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's Q2 performance in 2025 met expectations, with revenue and profit showing both year-on-year and quarter-on-quarter growth. The company capitalized on structural opportunities in emerging industries to offset declines in the photovoltaic sector while maintaining its position as the No. 2 player in the domestic servo system market. Overall profitability remains robust [2][11]. - The company has made significant progress in its humanoid robot core components, including joint modules, frameless torque motors, hollow cup motors, and dexterous hands. Most clients have achieved progress, and several large commercial orders have been secured, leading to substantial revenue growth. The company plans to initiate trial production and small-scale manufacturing of 15 new dexterous hand products in Q3 2025 [2][11]. Financial Performance - In H1 2025, the company achieved revenue of 891 million, a year-on-year increase of 8.28%. The net profit attributable to the parent company was 119 million, up 2.22% year-on-year. For Q2 2025, revenue reached 501 million, a year-on-year increase of 13.40%, with net profit of 63 million, up 2.19% year-on-year [6][11]. - The company's gross margin slightly improved to 38.78%, with a year-on-year increase of 0.67 percentage points. The sales net profit margin was 13.94%, down 0.42 percentage points year-on-year [11]. Business Segments - The company continues to deepen its customer needs in traditional advantageous industries while capturing structural opportunities in emerging sectors. The revenue growth rates for various segments in H1 2025 were 19.3% for servo systems, -4.1% for stepper systems, and 11.3% for programmable logic controllers [11]. - The control technology segment has seen significant growth, with PLC product revenue increasing by 44.09% year-on-year [11]. Future Outlook - The company is optimistic about the development of its humanoid robot business and plans to continue its innovation-driven strategy, focusing on high-end servo product research and solutions in cutting-edge fields. The projected net profits for 2025 and 2026 are 257 million and 317 million, respectively, with corresponding PE ratios of 60x and 48x [11].

Core Viewpoint - The company, Magpowr (002851), emphasizes the importance of servo systems in industrial automation for precise control, highlighting its advancements in the mid-to-low-end servo market while acknowledging the need for improvements in high-end applications [1] Group 1: Company Developments - The company has made breakthroughs in the mid-to-low-end servo market, particularly in sectors such as 3C electronics, machine tools, robotics, and lithium battery packaging [1] - Future focus will be on enhancing core technologies in servo systems, including material processes and control algorithms, to reduce the gap with international brands [1] Group 2: Industry Insights - Servo systems are critical for adjusting motor speed and position, widely used in automation equipment [1] - There is significant room for improvement in domestic servo systems regarding response speed, dynamic precision, and anti-interference capabilities, especially in high-end fields like semiconductor manufacturing and precision machine tools [1]