出品：新浪财经上市公司研究院 作者：君 2026年1月19日，大华股份控股子公司浙江华睿科技股份有限公司（下称"华睿科技"或"公司"）向联交所主板提交上市申请，中金公司为独家保荐人。 近年来，华睿科技的收入及净利润波动剧烈，盈利质量较差。2025年前三季度，尽管华睿科技的经调整净利润实现扭亏，但盈利高度依赖政府补助，扣除 政府补助后的经调整净利润仍然亏损。同时，华睿科技的毛利率显著低于同行，可能存在"以价换量"的情况。 截至2025年9月末，华睿科技的存货余额较2024年末大幅增长54.65%，增速约是收入的2倍，占流动资产的比例为35.22%，显著高于同行业可比上市公司。 在存货大量积压、周转效率下降的情况下，华睿科技计提存货跌价准备的比例却持续下降，且显著低于同行业可比上市公司，可能存在计提存货跌价准备 不及时、不充分的情形。 研发薪酬垫底比销售低27% 根据官网介绍，华睿科技是一家专注于机器视觉与移动机器人（AMR）产品研发、生产和销售的专业性公司。其产品与解决方案广泛应用于物流、汽 车、3C、锂电、光伏和医药等行业，机器视觉产品包含工业相机、线扫相机、智能相机、智能传感器、3D工业相机和镜头等系列产品 ...

Group 1: Hong Kong Stock Exchange Developments - Hong Kong Stock Exchange (HKEX) has released a discussion paper regarding the potential transition to a T+1 settlement cycle for the secondary stock market, which aims to reduce capital occupation and enhance market liquidity [1][2] - The discussion paper indicates that the transition to T+1 settlement presents both benefits and challenges, with the goal of improving the efficiency of the trading environment for investors [1] Group 2: Market Financing Activities - In the first half of the year, the Hong Kong stock market has seen a total refinancing amount of HKD 173.8 billion, representing a year-on-year increase of 227%, surpassing the total refinancing amounts of the previous three years [2] - Initial Public Offerings (IPOs) in the same period raised HKD 105.5 billion, indicating that refinancing activities were nearly two-thirds higher than IPO fundraising [2] - Placement has emerged as the primary method for refinancing, accounting for HKD 135.8 billion or 78% of the total refinancing amount [2] Group 3: Company Listings - Xilei Co., Ltd. plans to issue H-shares and list on the HKEX to enhance its international brand image and competitiveness as part of its global strategy [3] - Dahua Technology has announced the intention to spin off its subsidiary, Zhejiang Huirui Technology, for a listing on the Hong Kong Stock Exchange, focusing on machine vision and mobile robotics [4] - This move is expected to broaden the financing channels for Huirui Technology and strengthen its international brand presence [4] Group 4: Market Performance - As of July 16, the Hang Seng Index closed at 24,517.76, reflecting a decrease of 0.29% [5] - The Hang Seng Tech Index and the National Enterprises Index also experienced slight declines of 0.24% and 0.18%, respectively [5]

Core Viewpoint - Dahua Technology is advancing the independent listing of its subsidiary, Zhejiang Huari Technology Co., Ltd., by shifting its proposed listing location from domestic exchanges to the Hong Kong Stock Exchange, aiming to enhance its financing capabilities and brand effect [1][2]. Group 1: Company Developments - Dahua Technology's board has approved the adjustment of Huari Technology's listing location to the Hong Kong Stock Exchange and authorized management to prepare for the overseas listing [1]. - The company transferred assets related to its robotics business to Huari Technology in December 2020, and initiated the domestic spin-off listing in September 2021 [1]. - Dahua Technology currently holds a 32.58% stake in Huari Technology, which focuses on machine vision and mobile robotics [1]. Group 2: Financial Performance - In 2024, Dahua Technology reported a revenue of 32.181 billion yuan, a slight decrease of 0.12% year-on-year, with a net profit of 2.906 billion yuan, down 60.53% [2]. - The innovative business segment, including Huari Technology, generated a revenue of 5.566 billion yuan, reflecting a year-on-year growth of 13.44%, with a gross margin of 32.35%, down 2.62 percentage points [2]. Group 3: Market Expansion - The decision to list Huari Technology in Hong Kong is part of Dahua Technology's strategy to expand into international markets and enhance global visibility [3]. - In 2024, Dahua Technology achieved overseas revenue of 16.294 billion yuan, a growth of 6.31%, accounting for 50.63% of total revenue, surpassing domestic revenue [3]. - In the first quarter of 2025, the company reported a revenue of 6.256 billion yuan, a year-on-year increase of 1.22%, and a net profit of 0.653 billion yuan, up 16.45% [3].

Core Viewpoint - Dahua Technology Co., Ltd. plans to adjust the listing location of its subsidiary, Huarui Technology, from domestic stock exchanges to the Hong Kong Stock Exchange, aiming to enhance its financing capabilities and brand effect [1] Group 1: Company Actions - The board of Dahua Technology approved the adjustment of Huarui Technology's listing location on July 15, 2025 [1] - The management of Dahua Technology and Huarui Technology has been authorized to carry out preliminary preparatory work for the listing [1] Group 2: Business Focus - Huarui Technology specializes in machine vision and mobile robotics [1] - The spin-off listing is expected to benefit Huarui Technology in terms of financing and brand recognition [1] Group 3: Current Status - The listing adjustment is still in the planning stage, indicating a level of uncertainty regarding the outcome [1]