投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他（电话会议） 参与单位名称及人 员姓名 安信基金：倪瑞超；国金证券：陈传红 时间 2026 年 2 月 26 日 地点 公司会议室 上市公司接待人员 姓名 董事会秘书：廖维明 投资者关系活动主 要内容介绍 公司业务及经营情况交流 问题一：请谈下公司目前经营情况，传统主业未来的主要增长 驱动？ 答：目前公司战略核心是夯实现有业务，兼顾基本盘稳固与 长远突破蓄力。电机方面，新产品有序拓展，助力业务矩阵多 元化发展；现有电机品种拓展单车附加值，实现电机带动其他 部件的"1+N"总成化发展趋势。清洗业务，持续优化客户结构， 通过主动清洗领域拓展，持续优化该产品的盈利水平。 问题二：请介绍下公司的谐波磁场电机技术特点？ 证券代码：300969 证券简称：恒帅股份 | | 答：谐波磁场电机技术属于电机领域的底层技术变革，相 | | --- | --- | | | 比传统电机，谐波磁场电机具备诸多优势：(1) 电机轻量化。 | | | 谐波磁场电机的体积、重量、材料耗用相应减少，功率密度会 | | | 基 ...

Core Viewpoint - The company, Hengshuai Co., is focusing on solidifying its existing business while preparing for long-term breakthroughs, emphasizing a dual strategy of maintaining stability and pursuing growth opportunities [1] Group 1: Business Strategy - The core strategy of the company is to strengthen its existing business while balancing stability and long-term growth [1] - In the motor segment, new products are being developed systematically to diversify the business matrix [1] - The company aims to enhance the value-added per vehicle by expanding existing motor varieties, promoting a "1+N" integration trend for motors and other components [1] Group 2: Cleaning Business - The cleaning business is focused on optimizing the customer structure and improving profitability through proactive expansion in the cleaning sector [1]

Business Structure - The company's core business consists of cleaning services (46.3% revenue share) and motor products (45.6% revenue share), with other businesses accounting for 8.1% [2][3]. Motor Product Development - The company plans to expand its motor product offerings, focusing on new categories such as in-vehicle motors and chassis motors, with significant investments in high-torque harmonic brushless motors and various automotive systems [3][4]. Competitive Landscape - The traditional cleaning business faces intense competition and price wars, making profitability challenging for new entrants. In contrast, the micro-motor market is currently stable with high technical barriers, limiting the number of competitors [3][4]. ADAS System Progress - The company has secured mass production projects for its ADAS sensor cleaning systems with clients like Waymo and Meituan, targeting an annual production capacity of 250,000 units, with some production planned in Thailand [4]. Technology Pathways - The ADAS sensor cleaning products utilize various cleaning methods, including liquid, gas, and gas-liquid mixed cleaning, with the latter offering superior cleaning performance despite higher costs due to complex structures [4]. Thermal Management Business - The company has developed a range of thermal management products, including electronic circulation pumps and valves, with rapid growth in production for North American clients [4]. Strategic Expansion - The company is actively diversifying its business beyond the automotive sector, exploring opportunities in industrial automation and humanoid robotics to create new market spaces for long-term growth [4].

Group 1: Research Basic Information - The research object is Hengshuai Co., Ltd., belonging to the automotive parts industry, and the reception time was April 7, 2025. The company's board secretary, Liao Weiming, received the visitors [17] Group 2: Detailed Research Institutions - Participating institutions include China - Europe Fund (fund management company, with relevant personnel including Zhong Ming, Wang Ying, etc.), Penghua Fund (fund management company, with relevant personnel including Yan Siqian, Huang Yisong, etc.), and Minsheng Securities (securities company, with relevant personnel including Bai Ru, Cui Yan, etc.) [18] Group 3: Main Content Company's Business Overview - In 2024, the automotive industry was generally stable and improving. The company focused on cleaning and motor businesses, took multiple measures to develop business, strengthened R & D, and improved production management. The main business income was 950.51 million yuan, a 4.31% increase from the previous year, and the net profit attributable to shareholders of the listed company was 213.71 million yuan, a 5.75% increase [22] - The cleaning and motor businesses were basically equal. The cleaning business declined year - on - year, while the motor business remained stable and its proportion increased. Domestic sales accounted for about 60%, and exports accounted for about 40%, with little change in the ratio [23] Q&A - **Motor Business Expansion Plan**: The company will continue existing strategies and explore emerging motor and fluid products, focusing on expanding in - vehicle and chassis motor varieties, and has obtained batch project approvals for EPB motors [23][24] - **Application of Harmonic Magnetic Field Motor Technology**: The technology has been applied to logistics system roller motors and is in the mass - production ramp - up phase. In the automotive field, it has limited mass - production scale but has potential for future applications [25] - **Application of Harmonic Magnetic Field Motor Technology in Cleaning Business**: Traditional cleaning business has low demand for new technologies currently, but there may be applications in high - level autonomous driving scenarios [25][26] - **Outlook for Cleaning Business**: The traditional cleaning business faces competition and short - term growth pressure, while the ADAS cleaning system business has good market prospects with the development of L3+ intelligent driving [26] - **Impact of Tariff Policy Changes**: The company closely monitors overseas tariff policies, has a small direct - sales business proportion in the US market (2.7% in 2024), and uses EXW, FOB and other quotation methods, so the impact of tariff increases is currently small [26][27] - **ADAS Active Sensing Cleaning System Business**: The company has obtained batch project approvals from customers such as Waymo and Meituan, and will configure an annual production capacity of 250,000 sets of gas - liquid mixing cleaning systems, with some production in Thailand [28]