通用自动化：实现收入88 亿元，同比增长17%，通用伺服系统/变频器/PLC&HMI/工业机器人（含精密 机械）分别实现收入37/27/9/6 亿元。 行业：止跌企稳。2025 年上半年，中国GDP 同比增长5.3%，制造业PMI 在49.1%-50.5%区间波动，政 策端持续加码设备更新和数字化转型，带动资本开支修复，制造业投资同比增长7.5%。据睿工业，上 半年中国工业自动化市场规模1486 亿元，同比增长1%，止跌企稳，OEM/项目型市场分别同比增长2%/ 下跌0.3%。 2025 年上半年，低压变频器/通用伺服/PLC 市场规模分别达136/113/84 亿元，分别同比增长 8%/7%/5%，工业机器人出货16.3 万台，同比增长16%。 投资要点 分板块来看：2025 年上半年，通用自动化逆势增长，新能源车业务规模持续放量 2025 上半年：营业收入205 亿元，同比增长27%；归母净利润29.7 亿元，同比增长40%；扣非归母26.7 亿元，同比增长29%。其中通用自动化/新能源汽车/智慧电梯分别实现营收88/90/23 亿元，同比增速分 别为17%/50%/-1%。 净利润增速高于收入增速主要是 ...

汇川技术 20250826 摘要 汇川技术 2025 年上半年营收 205 亿元，同比增长 27%，归母净利润 约 30 亿元，同比增长 40%，主要受益于新能源汽车和工业自动化业务 的增长，以及有效的费用控制和股权投资收益。 通用自动化板块营收 88 亿元，同比增长 17%，受益于锂电、包装等高 景气行业；新能源汽车板块营收 90 亿元，同比增长 50%，与多家国内 外车企合作；电梯业务营收 23 亿元，同比下滑 1%，受房地产市场影响。 汇川技术持续高强度研发投入，上半年达 20 亿元，同比增长 33%，占 收入比重约 10%，重点投入数字化、人形机器人、新能源汽车等战略业 务，同时严格控制三费，确保经营性现金流与利润匹配。 国际化进展总体慢于预期，但仍实现营收 13.2 亿，同比增长 39%，新 兴市场如越南、中东、泰国快速增长，发达市场通过行业定制方案与欧 洲头部客户合作取得突破。 公司维持 2025 年收入增长 10%-30%，归母净利润增长 5%-25%的经 营目标，新能源汽车业务海外定点项目增多，电控产品市占率目标 20%，预计该领域保持约 30%的增长。 Q&A 汇川技术在面对数字化和软件化趋 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of Yingbo Convertible Bonds, which have seen a price increase and a specific conversion premium rate [1] - Yingbo Convertible Bonds have a credit rating of "AA" and a maturity period of 6 years, with a tiered coupon rate starting from 0.30% in the first year to 2.00% in the sixth year [1] - The conversion price for the bonds is set at 17.43 yuan, with the conversion period starting on April 30, 2025 [1] Group 2 - Zhuhai Yingbo Electric Co., Ltd. was established in 2005 and focuses on the research and production of power systems for new energy vehicles [2] - The company was listed on the Shenzhen Stock Exchange in 2017, with the stock code 300681, and its main products include core components for new energy vehicles such as powertrains and electric drive systems [2] - For the first quarter of 2025, Yingbo reported a revenue of 545.8 million yuan, a year-on-year increase of 15.19%, and a net profit attributable to shareholders of 10.69 million yuan, up 26.29% year-on-year [2] - As of June 2025, the concentration of shareholders in Yingbo is relatively high, with 25,400 shareholders and an average holding of 7,241 shares per person, amounting to an average holding value of 203,400 yuan [2]

2025年8月5日消息，国家知识产权局信息显示，上海美仁半导体有限公司申请一项名为"电机相电流采样方 法及装置、芯片、电机控制器"的专利，公开号CN120428089A，申请日期为2024年02月。 专利摘要显示，本发明公开了一种电机相电流采样方法及装置、芯片、电机控制器，其中方法包括：在一 个脉冲调制周期中，获取多相桥臂的占空比；根据占空比确定待采样桥臂；在待采样桥臂对应的目标采样时段 内，采样待采样桥臂对应的电机相电压，并确定相应的电机中性点电压；其中，目标采样时段为待采样桥臂对 应的死区开始至续流完成前的时段；根据待采样桥臂对应的电机相电压和相应的电机中性点电压，确定待采样 桥臂对应的电机相电流。该方法能够无需移相和采样点计算实现对电机相电流的采样功能，算法简单且不会产 生谐波，相电流采样成本较低。 天眼查资料显示，上海美仁半导体有限公司，成立于2018年，位于上海市，是一家以从事软件和信息技术 服务业为主的企业。企业注册资本7800万人民币。通过天眼查大数据分析，上海美仁半导体有限公司财产线索 方面有商标信息8条，专利信息76条，此外企业还拥有行政许可1个。 ...

1. Report Core View - The company, Weili Transmission, has achieved accelerated development after its listing in 2023, making significant progress towards becoming a global leading transmission equipment manufacturer through strategic layouts and initiatives [24][25]. - The company has established a clear and systematic strategic plan for overseas market expansion, with service points in multiple key markets and has entered the qualified supplier lists of several international well - known wind power companies [28]. - The company's wholly - owned subsidiaries have received project approvals for the "Thousands of Townships and Villages Wind - Powered Action", which will promote the coordinated development of its new energy power generation and wind power transmission businesses [28]. 2. Summary by Directory 01. Research Basic Situation - The research object is Weili Transmission, and the reception time was on July 25, 2025. The company's vice - president and board secretary, Zhou Jianlin, received the investors [17]. 02. Detailed Research Institutions - The research institutions include Haitong Securities (a securities company), Qianhai Life Insurance (a life insurance company), and Boshi Fund (a fund management company) [18]. 04. Main Content Data Company Overview - Investors visited the company's exhibition hall, precision reducer factory, and speed - increaser intelligent factory. Zhou Jianlin introduced the company's growth history, main business, core products, and the latest progress of the speed - increaser intelligent factory [24]. Strategic Layout After Listing - In 2023, the company was listed on the ChiNext of the Shenzhen Stock Exchange. It increased investment in R & D and production capacity expansion. The first wind power speed - increaser was successfully assembled and tested in 2023, and the Z5503A wind power speed - increasing gearbox passed the certification. In 2024, the wind power speed - increaser business had small - batch shipments [24]. - In October 2024, the company signed cooperation agreements with Goldwind Technology to enhance R & D, production, and market capabilities [25]. Industry Barriers of Wind Power Speed - increasers - There are technical barriers (complex design, high precision requirements, and strict tests), capital barriers (large capital demand), customer and certification barriers (strict supplier access and long verification periods), and brand and talent barriers (difficult for new brands to gain trust and hard to form a team) [26]. R & D Investment - In 2023, the R & D expenses were 4,255.96 million yuan, and in 2024, they were 5,134.78 million yuan, a 20.65% increase from the previous year. The cumulative R & D investment in the past three fiscal years was 12,611.41 million yuan [26]. - As of March 31, 2025, the company had 203 authorized patents, including 31 invention patents [27]. Advantages of Speed - increaser Products - The company's wind power speed - increasers have advantages such as smooth meshing, low noise, good sealing, high efficiency, light weight, and low cost, due to advanced technology and processes [27]. Overseas Market Expansion - The company has set up global service points in key markets like Hamburg, Chennai, and Tokyo. It has entered the qualified supplier lists of international wind power companies such as Siemens - Gamesa, Enercon, and Adani [28]. Participation in "Thousands of Townships and Villages Wind - Powered Action" - The company's wholly - owned subsidiaries have received project approvals for a total installed capacity of 65MW of wind power generators, which will promote business synergy and market competitiveness [28].

Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023, marking a significant milestone in its development [1] - The company has made substantial investments in R&D and capacity expansion post-listing, with the first wind power gearbox successfully assembled and certified in 2023 [1][2] R&D Investment - R&D expenses for 2023 amounted to CNY 42.56 million, with a projected increase to CNY 51.35 million in 2024, reflecting a growth of 20.65% [2] - Cumulative R&D investment over the last three fiscal years totals CNY 126.11 million, with the company holding 203 authorized patents as of March 31, 2025 [2] Product Advantages - The company's wind power gearbox is recognized as a critical component in wind turbine technology, featuring advantages such as low noise, high efficiency, and lightweight design [3] - The gearboxes are manufactured using high-quality alloy steel and advanced processing techniques, ensuring durability and performance [3][4] Market Expansion - The company has established global service networks in key markets, including Hamburg, Chennai, and Tokyo, enhancing customer response capabilities [4] - It has successfully entered the supplier lists of major international wind power companies, including Siemens Gamesa and Adani [4] Industry Barriers - Key barriers in the wind power gearbox industry include high technical requirements, significant capital investment, stringent customer certification processes, and the need for brand reputation [2] Sustainable Development Initiatives - The company’s subsidiaries have received approvals for projects under the "Thousand Villages and Ten Thousand Towns Wind Action," with a total installed capacity of 65 MW, promoting the development of clean energy [4]

Group 1 - The core viewpoint of the news is the performance and characteristics of Yingbo's convertible bonds, which have seen a price increase and a specific premium rate [1] - Yingbo's convertible bonds have a credit rating of "AA" and a maturity period of 6 years, with a coupon rate that increases annually from 0.30% to 2.00% [1] - The conversion price for the bonds is set at 17.43 yuan, with the conversion period starting on April 30, 2025 [1] Group 2 - Zhuhai Yingbo Electric Co., Ltd. was established in 2005 and focuses on the research and production of power systems for new energy vehicles [2] - The company went public on the Shenzhen Stock Exchange in 2017, with the stock code 300681, and its main products include powertrains, power supply systems, and core components for new energy vehicles [2] - For the first quarter of 2025, Yingbo reported a revenue of 545.8 million yuan, a year-on-year increase of 15.19%, and a net profit attributable to shareholders of 10.69 million yuan, up 26.29% year-on-year [2] - As of June 2025, Yingbo has a concentrated shareholder structure with 25,400 shareholders, an average of 7,241 circulating shares per person, and an average holding amount of 203,400 yuan [2]

Core Insights - The Chinese automotive industry has made significant breakthroughs in recent years, particularly in the areas of new energy vehicles, showcasing technological innovation and market promotion that contribute to the global transition towards low-carbon and electric vehicles [2][3] Group 1: Technological Innovations - The automotive power system innovation is a core support for the low-carbon and electrification transition, with notable advancements in hybrid dedicated transmission efficiency and engine thermal efficiency reaching 46%, an increase of over 13 percentage points since 2020 [3] - Diesel engine thermal efficiency has surpassed 48%, improving by 4.3% compared to 2020, achieving international advanced levels [3] - Peak power density of drive motors has reached over 7000 kW/kg, with high-performance motor controllers based on silicon carbide devices achieving a power density of 45 kW/L, nearly a 50% increase since 2020 [3] Group 2: System Integration and Material Innovation - The automotive power system is evolving towards higher efficiency, integration, and intelligence, with a focus on multi-domain fusion and the integration of core drive units, high-voltage systems, battery management systems, and thermal management systems [3][4] - Material innovations such as silicon carbide, carbon fiber, and high-strength steel are being rapidly adopted, enhancing vehicle lightweighting and performance [4] - Advanced manufacturing processes like laser welding and 3D printing are improving production efficiency and product quality [4] Group 3: Artificial Intelligence and Smart Technologies - The application of artificial intelligence in automotive power systems is accelerating, transitioning from traditional electromechanical control to full-link intelligent control [4] - AI algorithms enable millisecond-level torque distribution, enhancing stability under extreme conditions, while intelligent thermal management systems optimize energy distribution [4] Group 4: Future Trends in Power Systems - The automotive power system is expected to undergo systemic reconstruction, focusing on control separation and soft-hard decoupling, enhancing user experience and R&D efficiency [9][10] - The shift from mechanical to intelligent electric drive is making power enhancement more cost-effective, allowing luxury car acceleration experiences to be available in mass-market models [9] - The integration of power systems and chassis is anticipated to improve vehicle space utilization and overall performance [10][11]

Core Insights - The electric vehicle (EV) market in China has entered a new phase of comprehensive market development, with significant advancements in power system innovation supporting the low-carbon and electrification transition of the automotive industry [1][2]. Industry Overview - In 2024, China's automotive production and sales are expected to exceed 31 million units, with exports reaching 5.86 million units, maintaining the global lead [1]. - New energy vehicle (NEV) sales have reached 12.87 million units, with a penetration rate surpassing 40%, and the overall NEV market penetration has now reached 44% [1][2]. - In the first five months of the year, the automotive industry in China has shown strong growth, with production and sales reaching 12.83 million and 12.73 million units, respectively, reflecting year-on-year increases of 12.7% and 10.9% [1]. Technological Advancements - Significant breakthroughs in power system technology have been achieved, with hybrid dedicated transmission efficiency improving and hybrid engines reaching thermal efficiencies of 46%, a 13 percentage point increase since 2020 [3]. - Diesel engines have also improved, achieving thermal efficiencies over 48%, marking a 4.3 percentage point increase since 2020 [3]. - Electric drive technology has seen peak power density of drive motors exceeding 7000 watts per kilogram, and high-performance motor controllers based on silicon carbide devices achieving power densities of 45 kW per liter, nearly a 50% improvement since 2020 [3]. Characteristics of Power System Innovation - The automotive power system is evolving towards higher efficiency, integration, and intelligence, characterized by three main features: 1. Deeper system integration and multi-domain fusion, enhancing the compactness and efficiency of power systems [4]. 2. Innovations in materials and processes, with the introduction of silicon carbide, carbon fiber, and advanced manufacturing techniques like 3D printing, improving vehicle performance and production efficiency [5]. 3. Empowerment of power systems through artificial intelligence, enabling intelligent control and enhanced performance under extreme conditions [5].

Summary of the Conference Call for Feilong Co., Ltd. Company Overview - **Company**: Feilong Co., Ltd. - **Industry**: Liquid Cooling Pumps, Robotics, Automotive Components Key Points and Arguments Liquid Cooling Pump Business - Feilong Co., Ltd. has nearly monopolized the domestic market for liquid cooling pumps, with high technical barriers and profit margins significantly exceeding traditional automotive businesses. It is projected that revenue from the liquid cooling sector will exceed 100 million yuan by 2025, indicating substantial domestic and international market potential, which could yield profits several times that of the main business [2][4][5] - The company has achieved remarkable progress in the liquid cooling pump sector, with a high market share and capacity utilization rate. The profit margins in this area are much higher than those in traditional automotive sectors [4][9] Robotics Business - The robotics segment of Feilong Co., Ltd. faces significant expectation gaps, with the market lacking sufficient awareness of its potential. The company plans to leverage its existing products, including motor controllers, to enter the industrial internet platform and extend into modules and liquid cooling products, which could become new growth drivers [2][6] - Feilong Co., Ltd. has strong motor capabilities, developed through long-term research in electronic water pumps, which positions it well for expanding its robotics business [6][8] Server Electronic Water Pump Sector - Feilong Co., Ltd. has established itself as a market leader in the server electronic water pump sector and has successfully expanded into overseas markets. The company plans to extend its product line towards modules, potentially including reducers or screw rods, which may require mergers or partnerships [2][7] Financial Performance - For 2025, Feilong Co., Ltd. expects to achieve a net profit of over 400 million yuan, with the potential for higher profits when considering the liquid cooling and robotics businesses. The current valuation is approximately 8 billion yuan, with a price-to-earnings ratio of less than 20, indicating high growth expectations for the coming years [3][9][10] - The automotive business is projected to maintain a compound annual growth rate of 15% to 20% over the next three years, providing a solid foundation for overall financial performance [3][9] Investment Recommendation - Investment in Feilong Co., Ltd. is recommended due to its low valuation, high growth potential, and strong customer relationships, particularly with companies like Xiaomi, Chery, and Xpeng. The company’s ability to extend into modules and its strong motor capabilities are expected to enhance stock value [10][11] - The market currently underestimates the stock's potential, but as time progresses, its value is expected to be recognized, presenting a strong buying opportunity during any market corrections [11] Additional Important Insights - The domestic market potential for liquid cooling pumps is estimated to be over 1 billion yuan, while the international market could reach 4 to 5 billion yuan, totaling several billion in revenue if the company captures a significant market share [5]