分红方面，热威股份A股上市后累计派现4.82亿元。 融券方面，热威股份9月23日融券偿还0.00股，融券卖出600.00股，按当日收盘价计算，卖出金额1.40万 元；融券余量4100.00股，融券余额9.53万元，超过近一年60%分位水平，处于较高位。 资料显示，杭州热威电热科技股份有限公司位于浙江省杭州市滨江区长河街道建业路576号，成立日期 2002年4月16日，上市日期2023年9月11日，公司主营业务涉及电热元件和组件的研发、生产及销售。主 营业务收入构成为：民用电器电热元件80.98%，新能源汽车电热元件8.40%，商用电器/工业装备电热元 件7.91%，配件及其他1.75%，其他(补充)0.96%。 截至6月30日，热威股份股东户数1.47万，较上期减少12.26%；人均流通股2724股，较上期增加 13.97%。2025年1月-6月，热威股份实现营业收入9.85亿元，同比增长8.91%；归母净利润1.61亿元，同 比增长14.27%。 9月23日，热威股份涨1.48%，成交额6966.09万元。两融数据显示，当日热威股份获融资买入额538.37 万元，融资偿还729.22万元，融资净买入-190 ...

Core Insights - The report maintains a positive outlook on the home appliance components sector, highlighting a potential for growth driven by technological advancements and market demand [3][5]. - The report emphasizes the importance of the company's strong customer base, including major clients like Midea and Samsung, which contributes to stable demand and long-term partnerships [28]. - The report identifies the company's diverse manufacturing capabilities and rapid supply advantages as key strengths that support sustainable growth [32][31]. Company Overview - The company, Hangzhou Rewei Electric Heating Technology Co., Ltd., specializes in the research, production, and sales of electric heating components and assemblies, with products used in various applications including household appliances and new energy vehicles [10][15]. - The company's product categories include electric heating elements for household appliances, commercial appliances, industrial equipment, and new energy vehicles, catering to a wide range of applications [15][16]. Financial Performance - The company's revenue has shown a rapid growth trend in recent years, with net profits maintaining steady growth, indicating a healthy financial position [20][22]. - The revenue from new energy vehicle heating elements has been increasing year by year, reflecting the company's successful expansion into this growing market [22]. Industry Analysis - The home appliance industry in China has shown resilience, with retail sales reaching 453.7 billion yuan in the first half of 2025, a year-on-year increase of 9.2% [35]. - The global new energy vehicle market is also expanding, with sales reaching 9.1 million units in the first half of 2025, a year-on-year growth of 28% [36]. - The report notes that the global electric heating element industry is centered in North America, Europe, and Asia-Pacific, with China rapidly developing its capabilities and becoming a significant player in the market [41]. Competitive Landscape - The report highlights that the company ranks as the third-largest electric heating element manufacturer globally, indicating a strong competitive position [43]. - Key competitors include Zoppas Industries and Oriental Electric, with the company holding a market share of 5.83% in 2021 [42].

Core Viewpoint - The company, Hotway Co., Ltd. (603075), is focusing on expanding its business in three main segments: consumer electric heating components, new energy vehicle heating components, and industrial/commercial heating components, with a strong emphasis on technological development and market expansion [1][2]. Business Segments - The company reported stable growth across all three business segments in the first half of 2025, driven by market expansion, new product development, and optimization of production processes [1]. - The consumer electric heating components segment is increasing its product categories and regional market share [1]. - The new energy vehicle heating components segment is enhancing its technological research and application while expanding its domestic and international customer base [1]. - In the industrial/commercial heating components sector, the company aims to deepen cooperation with leading industry clients and explore different technological applications [1]. Financial Performance - For the first half of 2025, the company achieved a total revenue of 985 million yuan, representing an 8.91% year-on-year increase, and a net profit attributable to shareholders of 161 million yuan, up 14.27% year-on-year [2]. - The second quarter of 2025 saw a revenue of 531 million yuan, a 9.21% increase year-on-year, and a net profit of approximately 91.78 million yuan, reflecting a 9.98% year-on-year growth [2]. - The company's gross profit margin stands at 31.75%, with a debt ratio of 30.47% [2]. Market Expansion and Strategy - The company is actively pursuing an internationalization strategy, with ongoing efforts to expand its overseas business despite challenges such as inflation and high interest rates affecting international revenue growth [1][2]. - The company is evaluating potential new production bases in Europe and North America based on market demand and future developments [2]. Innovation and R&D - The company is committed to continuous investment in smart manufacturing and automation to enhance efficiency [1]. - It plans to apply for new core patents as needed based on development requirements and technological reserves [1]. Product Development - The company is developing energy-saving technologies and compact designs for high-end household electric heating components, including heat pump water heaters and smart kitchen appliances [1].

Core Viewpoint - The report highlights the financial performance and operational strategies of Hangzhou Heatwell Electric Heating Technology Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit, alongside a focus on innovation and market expansion in the electric heating components sector. Financial Performance - The company achieved a revenue of CNY 985.31 million, representing an 8.91% increase compared to CNY 904.73 million in the same period last year [2][3] - The total profit reached CNY 181.34 million, up 13.86% from CNY 159.26 million year-on-year [2][3] - The net profit attributable to shareholders was CNY 160.60 million, a 14.27% increase from CNY 140.55 million in the previous year [2][3] - The net cash flow from operating activities surged by 299.01% to CNY 141.80 million, primarily due to early sales of receivables [2][3] Industry Overview - China's home appliance exports showed resilience, with a total export volume of 221.35 million units, up 3.5%, and an export value of CNY 352.46 billion, increasing by 1.4% [3] - The retail sales of home appliances (excluding 3C products) reached CNY 453.70 billion, reflecting a 9.2% year-on-year growth [3] - The growth in the domestic appliance market is driven by policy support, consumption upgrades, and technological innovation [3] Business Strategy - The company adheres to a dual-market strategy, focusing on both domestic and international markets, emphasizing product quality and customer service [3][4] - Continuous investment in R&D has led to the development of new products and the expansion of product categories, particularly in the emerging clean appliance sector [3][4] - The company has established strategic partnerships with global appliance leaders, enhancing its market position and driving innovation [3][4] Product Segmentation - The company specializes in electric heating components for various applications, including household appliances, commercial equipment, industrial machinery, and new energy vehicles [4][5] - Key clients include major brands such as Midea, Haier, Samsung, and Bosch, ensuring a stable demand for its products [5][6] Operational Efficiency - The company employs a flexible production model to meet diverse customer needs, optimizing resource allocation and enhancing production efficiency [8][9] - It has established multiple production bases in China and Thailand, facilitating efficient production and delivery [8][9] Competitive Advantages - The company possesses strong technical capabilities, a loyal customer base, and a diversified manufacturing capacity, which contribute to its competitive edge in the electric heating market [10][11] - Quality management systems and certifications ensure high product standards and reliability [12][13]