（编辑 袁冠琳） 证券日报网讯 万通智控9月18日发布公告，在公司回答调研者提问时表示，公司上半年净利润显著增长 的主要原因是上半年公司产品销售结构优化，特别是高毛利率的传感器及数字信息控制设备业务实现营 业收入1.96亿元，较上年同期大幅增长65.61%，由于该业务毛利率较高（56.54%），故公司净利润增长 显著。 ...

Group 1: Company Overview and Performance - The company secretary, Li Bin, introduced the company's history, development strategy, and main business operations, along with a report on the performance for the first half of 2025 [2] - The company's net profit significantly increased due to optimized sales structure, particularly in high-margin sensor and digital information control equipment, achieving revenue of 1.96 billion yuan, a 65.61% increase compared to the same period last year [2] - The gross margin for this high-margin business is 56.54%, contributing to the notable net profit growth [2] Group 2: Research and Development - The company invested a total of 23.83 million yuan in R&D in the first half of 2025, reflecting a 7.63% increase from the previous year [2] - A dedicated team has been established to collaborate with Shenming Aosi, focusing on joint research and development, with chip design expected to be completed soon [2] - The company is currently in discussions with Zhejiang University regarding the development of embodied intelligence technologies, still in the feasibility study phase with no specific products yet [2]

Core Viewpoint - The company, Wantong Intelligent Control, has signed an exclusive sales and cooperation agreement with Shanghai Shenming Aosi Semiconductor Technology Co., Ltd. to produce and sell boards based on the Fellow1 chip in the field of embodied intelligence [1][2]. Group 1: Agreement Details - The agreement allows Wantong Intelligent Control to manufacture and sell boards using the Fellow1 chip, with procurement based on sales performance and market expectations [1]. - Wantong Intelligent Control must inform Shenming Aosi before initiating any design projects with clients, and both parties will share a customer coding system [1][2]. - The exclusive authorization period is set for five years, with the possibility of renewal or termination six months prior to expiration [2]. Group 2: Industry Context and Future Plans - The intelligent driving and robotics industries are experiencing significant growth, prompting leading automotive companies to explore robotics [2]. - Wantong Intelligent Control aims to leverage its strengths in large model chips, sensors, and sales channels to accelerate product deployment in the field of embodied intelligence [2]. - The company has set development goals for the next three years, focusing on digital and intelligent products, optimizing product structure, and expanding into the embodied intelligence perception field [3]. Group 3: Financial Performance - In the first half of the year, Wantong Intelligent Control reported a net profit of 87.75 million to 99.86 million yuan, representing a year-on-year growth of 45% to 65% [3]. - The increase in profit is attributed to product structure optimization and a higher proportion of high-margin sensor and digital information control device businesses [4]. - The growth in the passenger vehicle TPMS business is driven by the expanding aftermarket replacement market, while the commercial vehicle market shows stable demand [4].

Group 1 - Yongxi Investment recently conducted research on a listed company, specifically Wantong Zhikong, which achieved a revenue of 279 million yuan in Q1 2025, with the highest gross margin of 53.18% from sensors and digital information control devices [1] - The product structure of Wantong Zhikong is continuously optimized, with a growing proportion of revenue coming from high-margin products [1] - The growth of NLP sensors in the commercial vehicle sector is significantly driven by policies in Europe, the United States, and China, which have introduced relevant regulations [1] - Wantong Zhikong's NLP sensors possess technical advantages such as low power consumption, miniaturization, and lightweight design [1] - The company has established a market value management system, implementing share buybacks and a restricted stock incentive plan [1] - Currently, there are no specific plans for mergers and acquisitions, but the company will continue to monitor potential targets [1] Group 2 - Zhejiang Yongxi Investment Management Co., Ltd. was established in November 2015, with a registered and paid-in capital of 30 million yuan, and has been registered as a private investment fund manager [2] - The company focuses on providing specialized asset management and wealth management services, with decision-makers and advisory teams having over 20 years of experience in the securities and futures market [2] - Yongxi Investment currently manages a total asset scale of approximately 500 million yuan across six funds, including two securities investment funds and four equity investment funds [2]

Core Viewpoint - WanTong Intelligent Control (300643) has shown a positive trend in its profitability despite a slight decline in revenue, driven by high-margin product sales and strategic market positioning in the commercial vehicle sector [2][5]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 279 million yuan, with a notable performance in various product lines: sensors and digital information control devices generated 61.32 million yuan with a gross margin of 53.18%, metal hoses generated 167 million yuan with a gross margin of 28.36%, and tire valves and other products generated 49.18 million yuan with a gross margin of 22.81% [2]. - The company's main revenue for Q1 2025 was 268 million yuan, representing a year-on-year decline of 3.99%, while the net profit attributable to shareholders was 36.93 million yuan, an increase of 36.36% year-on-year [5]. - The company reported a net profit of 34.99 million yuan after deducting non-recurring items, reflecting a year-on-year increase of 42.96% [5]. Group 2: Market Position and Product Development - The growth of the company's NLP sensors in the commercial vehicle sector is significantly influenced by regulatory policies, such as the UN/ECE Regulation in Europe mandating TPMS for new heavy vehicles starting July 2024, and similar initiatives in the US and China [3]. - The company’s NLP sensors are characterized by low power consumption, miniaturization, and ease of installation, which have been patented and recognized by major fleets in Europe and the US, leading to bulk shipments [3]. Group 3: Corporate Governance and Strategic Initiatives - The company has implemented a market value management system aimed at enhancing investment value and maintaining shareholder rights, including a share buyback program that acquired 827,900 shares between February and May 2024 [4]. - Currently, there are no plans for mergers or acquisitions, but the company remains open to opportunities that align with its core business and strategic direction [5].

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 279 million CNY, with the following gross margins: - Sensors and digital information control devices: 53.18% [1] - Metal hoses: 28.36% [1] - Valves and other tire products: 22.81% [2] - The revenue share of high-margin products continues to increase, enhancing the company's overall profit margin [2] Group 2: Market Drivers and Technology - Policy drivers significantly impact the growth of the company's sensors, with new regulations in Europe and the U.S. promoting the installation of tire pressure monitoring systems (TPMS) in commercial vehicles [2] - The company's sensors are characterized by low power consumption, miniaturization, lightweight design, and ease of installation, which have been patented [2] Group 3: Value Management and Shareholder Engagement - The company established a value management system on April 22, 2025, aimed at enhancing investor returns and maintaining compliance with regulations [2] - A share buyback program was implemented from February 22, 2024, to May 20, 2024, totaling 82.79 million shares [2] - The company is currently executing a restricted stock incentive plan initiated in October 2022 [2] Group 4: Future Plans - There are currently no plans for mergers or acquisitions, but the company will continue to monitor potential targets that align with its strategic direction [2]

Group 1: Company Overview and Strategy - The company introduced its history, development strategy, and main business during the investor relations activity [1] - The company has been supplying small batches of its NLP products to European and American clients since 2022, with full-scale production expected to begin by the end of 2024 [1] Group 2: Competitive Advantages - The company's NLP products feature unique technology, low power consumption, high cost-effectiveness, and easy installation, which saves on labor costs compared to traditional products [1] - The company has established a strong brand presence in the mature European and American markets due to its technological advantages [2] Group 3: Market Performance and Growth - Revenue from the sensor and digital information control equipment segment grew by 29.79% in 2024 and 41.17% in Q1 2025, primarily driven by the passenger vehicle TPMS business [2] - The TPMS sensors can adapt to over 95% of vehicles on the market, indicating strong competitiveness [2] Group 4: Globalization and Trade Relations - The company has localized production through the establishment of a factory in Thailand and acquisitions in Germany, Czech Republic, the United States, and Shanghai, mitigating trade dispute risks [2] - Despite recent easing of US-China trade tensions, the company remains cautious and advises investors to be aware of investment risks [2] Group 5: Research and Development Initiatives - The company signed an agreement with Zhejiang University to establish a joint research center, committing at least 31 million RMB for the development of intelligent automotive and embodied intelligent systems [2] - Current research focuses on intelligent automotive pressure sensors, AI sensors, and big data models for vehicles [2] Group 6: Future Plans - The company currently has no plans for refinancing [2]

Financial Performance - In Q1 2025, the company reported total revenue of ¥268,090,638.90, a slight decrease of 3.99% year-on-year, while net profit attributable to shareholders increased by 36.36% to ¥36,934,826.12 [1] - Revenue from high-margin products, such as sensors and digital information control devices, reached ¥86,565,853.35, marking a growth of 41.17% compared to the same period last year [1] R&D and Strategic Focus - The company plans to invest no less than ¥10 million over the next three years in collaboration with Zhejiang University for the development of intelligent automotive and embodied intelligence systems [3] - R&D expenses in Q1 2025 decreased by 16.7%, primarily due to pending agreements for overseas commissioned research [3] - The company holds 262 patents, including 163 invention patents, with a focus on digital information control devices and sensors [2] Market Opportunities - The company’s unique NLP sensor technology is expected to begin mass supply in 2025, with a gross margin exceeding 60% [4] - The TPMS product can cover 95% of vehicle models, with significant growth anticipated in the North American market, followed by Europe and China [6] Industry Trends - The company’s subsidiary WMHG is the only global provider of gas-tight solutions based on band-wound welded hoses, which positions it favorably as emission standards tighten [6] - The market for the company's valve products remains stable, contributing to overall business resilience [6]