Core Viewpoint - The company has initiated the development of its first batch of robotic joint precision transmission products, involving six products for two clients [2] Group 1: Company Developments - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the R&D and industrialization of robotic joint precision transmission products [2] - The product platform planning has been preliminarily completed, including categories such as harmonic reducers, planetary reducers, brushless motors, and controllers [2] - Standardization and platform design have been achieved for various product categories, including platform models, diameters, gear ratios, and controller types [2] Group 2: Business Segments - The company's business includes automotive parts and new energy storage [2] - The automotive parts segment focuses on the R&D, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [2] - The company is also developing non-road transmission/drive system products, including electric drive systems for construction machinery and various tractor systems [2] - The company is expanding its export business for components such as gears, shafts, housings, aluminum die-cast parts, cast iron parts, and forgings [2] - The new energy storage business encompasses power generation side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [2]

Group 1: Automotive Components Business - The company focuses on the research, production, and sales of automotive transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [1] - The company is actively developing non-road transmission/drive system products, including electric drive systems for construction machinery and high-power tractors [2] - The company has expanded its international market, increasing direct exports of CVT products and developing electric vehicle (EV) reducers [2] Group 2: Commercial Vehicle Transmission Business - The light truck transmission business is steadily developing existing manual transmission products while actively developing electric products, covering P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with related products gradually entering mass production [2] Group 3: Non-Road Transmission/Drive Systems - The company is focusing on the development of electric drive systems for construction machinery and high-power tractors, with new product research and customer development progressing simultaneously [2] Group 4: New Energy Storage Business - The company has operational independent energy storage power stations in Zhaoqing and Yiwu, with installed capacities of 100MW/200MWh and 100MW/200MWh, respectively [3] - Additional energy storage projects are under construction in Guangdong and Zhejiang, which will further increase revenue from the energy storage business [3] Group 5: Robotics Components Business - The company established Zhejiang Wanyiyang Robotics Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robots [4] - Initial product platform planning has been completed, including standardization and platform design for various types of products [4]

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Yigao Optoelectronics, aiming to enhance its product matrix and create a dual business model for growth [2][8][9]. Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments to 12 transaction parties [5]. - The specific transaction price is yet to be determined, but it is not expected to constitute a major asset restructuring [5]. - Yigao Optoelectronics is projected to contribute nearly 40% to Qin'an's net profit in 2024, indicating a significant performance enhancement from the acquisition [5]. Group 2: Financial Performance of Yigao Optoelectronics - Yigao Optoelectronics reported revenues of 105 million yuan in 2023, 254 million yuan in 2024, and 78.92 million yuan in the first five months of 2025 [9]. - The net profits for the same periods were 29.92 million yuan, 67.10 million yuan, and 19.49 million yuan respectively [9]. - The company's total assets increased from 3.19 billion yuan in 2023 to 5.23 billion yuan by May 31, 2025 [10]. Group 3: Qin'an Co., Ltd. Performance Overview - Since its listing in May 2017, Qin'an's revenue has fluctuated, with 2024 revenue projected at 1.6 billion yuan compared to 1.22 billion yuan in 2017 [12]. - The company's net profit has shown minimal growth, from 180 million yuan in 2017 to an estimated 200 million yuan in 2024, with several years of decline and losses in between [12]. - As of June 27, 2023, Qin'an's market capitalization was 7.231 billion yuan [14].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 57,678.96 million RMB, representing a year-on-year growth of 25.97% [5] - The overall gross profit margin for 2024 was 20.61%, indicating a healthy operational performance [5] - The proposed dividend plan for 2024 includes a cash dividend of 1.60 RMB per 10 shares and a capital increase of 4 shares for every 10 shares held, with a total cash dividend distribution of approximately 30,435,104.00 RMB [7] Group 2: Talent and Technology - The company has established a robust incentive mechanism for core technical personnel, ensuring their stability [5] - As of the end of 2024, the company holds a total of 201 patents, including 11 invention patents and 190 utility model patents [6] Group 3: International Expansion - The company has set up wholly-owned and holding subsidiaries in Thailand and Mexico, with a total investment of approximately 22,900 million RMB planned for the Thailand project [6] - The acquisition of three companies in Germany (Dico Precision, Dico Trading, and Dico Germany) was successfully completed in 2024, enhancing the company's international market presence [7] Group 4: Supply Chain and Client Relations - The company acts as a secondary supplier for automotive parts used in Huawei's and BYD's vehicles, confirming its role in the supply chain [5] - The company is focused on developing the European market through its wholly-owned subsidiary in Germany, aiming to meet the demands of overseas clients [5]

Group 1: Company Overview - The company operates in two main business segments: automotive parts and new energy storage [1] - The automotive parts segment includes the R&D, production, and sales of transmission and drive system products for passenger vehicles, commercial vehicles, and new energy vehicles [1] - The new energy storage segment focuses on power-side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [1] Group 2: Passenger Vehicle Transmission Business - In 2024, the company's direct export sales of passenger vehicle transmission products saw a significant year-on-year increase [2] - The company is actively developing overseas clients to sustain revenue growth from international markets [2] - There is a strong push for electric vehicle (EV) reducers and related products, contributing to increasing sales [2] Group 3: Commercial Vehicle Transmission Business - The light truck transmission business is expanding with a focus on both manual and electric products, including P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with production and sales expected to grow as client models are launched [2] Group 4: New Energy Storage Business - The company has operational independent storage power stations in Zhaoqing, Guangdong (100MW/200MWh) and Yiwu, Zhejiang (100MW/200MWh) [3] - These projects leverage the company's extensive experience in design, integration, construction, and operation within the energy storage sector [3] - New project developments are underway in Guangdong, Hainan, and Zhejiang provinces to further enhance the new energy storage business [3] Group 5: Robotics Components Business - A dedicated team for the industrialization of robotic reducers has been established to enhance product offerings [4] - The company is focusing on the development and integration of harmonic reducers and planetary reducers to improve market share [4]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the automotive and robotics industries, focusing on companies involved in automotive parts and robotics technology. Key Points and Arguments Automotive Parts Companies 1. Many automotive parts companies are seen as solid investment opportunities due to their strong core businesses providing valuation support [2][3] 2. The performance of light parts companies is expected to reach a valuation increase of over 20 times, driven by advancements in robotics [3] 3. The company "Huguang" has transitioned from losses to explosive growth since last year, indicating a strong recovery [2] Robotics Sector 1. The robotics market is still in its early stages, with significant room for growth as companies work on optimizing lightweight designs [6] 2. The company "Aikubi" is undergoing a transformation, focusing on precision manufacturing, which differentiates it from traditional iron companies [5] 3. There is a strong expectation for the robotics sector to gain strategic importance in economic productivity, supported by government initiatives [15] Client Relationships and Orders 1. Major clients like "Cyrus" are expected to drive demand for robotics, with the company expanding its business from automotive to robotics [4] 2. Recent orders received by companies indicate a significant increase in production capacity, with expectations for thousands of units to be ordered [16] 3. Companies are actively engaging with both domestic and international clients to expand their market presence [22] Financial Projections 1. The company "Huawei" is projected to achieve a 30% growth in earnings from 2023 to 2025, driven by strong demand for its products [18] 2. "Xushou" has a long-standing relationship with major clients, which positions it well for future orders and growth [20] 3. The overall revenue for the robotics sector is expected to see substantial growth, with projections indicating a doubling of revenue by 2027 [27] Market Dynamics 1. The recent market adjustments are attributed to profit-taking after significant gains, rather than fundamental weaknesses in the sector [14] 2. The anticipated production ramp-up in the robotics sector is expected to create a competitive landscape where only a few companies will secure substantial orders [10] Emerging Opportunities 1. Companies like "Beite Technology" and "Huaxin Original" are highlighted as potential investment opportunities due to their unique market positions and growth prospects [11][12] 2. The integration of robotics into various sectors, including automotive and industrial applications, is seen as a key growth driver [19] Additional Important Content - The call emphasizes the importance of understanding the supply chain dynamics and the need for companies to adapt to changing market conditions [10][17] - There is a focus on the technological advancements in robotics, which are expected to enhance operational efficiency and product offerings [24][25] This summary encapsulates the key insights and projections discussed during the conference call, highlighting the potential for growth and investment opportunities within the automotive and robotics industries.

请发行人：（1）说明外部人员作为股权激励对象的原因及合理性，是否存在股份代持或其他利益安排；（2）说明历史上存在股东人数经穿透计算后实际超过二 百人是否存在重大违法违规风险。同时，请保荐人发表明确意见。 文/梧桐兄弟 2月12日，深交所公布对成都正恒动力股份有限公司创业板IPO终止审核的决定，直接原因是公司及保荐机构东吴证券撤回申报。公司上市申请在2023年6月9日获 得审核通过，但迟迟未提交注册，直至IPO终止。公司本次IPO拟募资4.8693亿元。 一、上市委会议现场问询的主要问题 1.主营业务问题。根据发行人申报材料，发行人主营产品发动机缸体等主要应用于传统燃油汽车，也可应用于混合动力新能源汽车领域。报告期各期，发行人传统 燃油乘用车领域的销售收入分别为38,918.50万元、46,790.77万元、52,009.94万元，占主营业务收入比例分别为71.63%、74.67%、73.19%；新能源汽车领域的销售 收入分别为680.78万元、1,905.93万元、5,129.29万元，占主营业务收入比例分别为1.25%、3.04%、7.22%。 请发行人： （1）结合燃油汽 车未来市场空间、主要客户在新能源 ...