2.2025 年上半年研发投入同比增长 4.23%，未来研发投入 增速是否会进一步提示？ 证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 编号：2025-023 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及人 | 线上参与恒帅股份（300969）2025 年半年度网上业绩说明会的 | | 员姓名 | 全体投资者 | | 时间 | 2025 年 09 月 04 日 15:30-16:30 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 董事长 许宁宁 | | | 董事、财务总监 张丽君 | | 上市公司接待人员 | 董事会秘书 廖维明 | | 姓名 | 独立董事 陈章明 | | | 保荐代表人 胡国木 | | | 1.公司在人形机器人、机器狗等新赛道重点拓展，未来在 | | 投资者关系活动主 | 这些领域的研发投入占比将如何调整？ | | 要内容介 ...

ADAS 智能清洗产业化持续加速，前瞻布局机器人第三增长曲线。L3+级别的Robotaxi、无人快递物流 小车等自动驾驶商业化应用加速落地，带来ADAS 智能清洗系统增量需求。公司相关产品已通过客户对 Waymo、美团、小马智行、滴滴、菜鸟、北美新能源客户等终端进行适配交样，目前主动感知清洗产 品已取得部分定点，预计会有更多的增量车型进入定点环节。同时，人形机器人、机器狗等领域客户属 于公司重点拓展的赛道之一，公司正在对接相关客户，以谐波磁场电机方案为基础，针对直线关节电 机、旋转关节电机、灵巧手电机定制化开发解决方案。 盈利预测：考虑到行业竞争压力加剧，我们将2025-2027 年公司归母净利润下调为2.2/2.7/3.4 亿元，对 应42/35/28 倍PE，维持"买入"评级。 风险提示：原材料价格波动；客户销量不及预期；行业竞争加剧。 事件：公司发布2025 年半年报。2025 年H1，公司实现收入4.3 亿元，同比-7%，归母净利润0.9 亿元， 同比-27%。其中2025Q2，公司实现收入2.3 亿元，同比+2%，环比+11%，归母净利润0.4 亿元，同 比-16%，环比+3%。 业绩符合预期，开拓 ...

恒帅股份分析师会议 调研日期：2025年08月29日 调研行业：汽车零部件 参与调研的机构：泉果基金、华安证券等 / 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ 机构调研pro小程序 DJvanbao.co ...

Group 1: Harmonic Magnetic Field Motor Technology - The company has developed harmonic motors that utilize harmonic magnetic fields, allowing for reduced motor size while maintaining the same output power, leading to significant material cost savings [2][4]. - The company has a long-term layout in the harmonic magnetic field motor technology field and has submitted multiple patent applications to establish a technological moat and competitive advantage [2][4]. - This technology is applicable in both micro-special motors and large motors, with broad application scenarios in industrial and automotive fields [3]. Group 2: Application and Validation of Technology - The harmonic magnetic field motor technology is being gradually applied in automotive, industrial automation, and humanoid robots, with a focus on developing customized solutions for linear joint motors, rotary joint motors, and dexterous hand motors [4]. - The company has successfully validated the technology through collaboration with Lenze, with the drum motor being the first product to enter mass production, demonstrating significant achievements in motor lightweighting, power enhancement, and cost optimization [5]. - As production scales expand, the company expects to see increasing benefits from economies of scale [5]. Group 3: Autonomous Driving and Robotics Development - The company is advancing its active perception cleaning system products, with commercial applications for L3+ level Robotaxi and unmanned delivery logistics vehicles gradually being realized [6]. - The company has begun industrial penetration of its products, adapting to various clients including Waymo, Meituan, and Didi, with expectations for more models to enter the designated business phase [6]. - The development pace of robotics differs from that of the automotive sector, necessitating dynamic adjustments to the robotics R&D team to better align with business characteristics [7][8].

8月28日，恒帅股份（股票代码：300969）披露2025年半年度报告。报告期内，公司在车用电机技术与 流体技术领域持续深耕，尽管受行业竞争加剧影响营收利润同比略有调整，但在机器人技术研发、电子 水泵客户定点及充电小门总成订单拓展上取得显著进展，同时通过全球化产能布局与技术创新，为长期 发展筑牢根基。报告显示，2025年上半年，恒帅股份实现营业收入4.28亿元；净利润8465.54万元；扣非 净利润7546.75万元。 充电小门总成订单同样表现亮眼，成为电动模块业务的重要支撑。公司在电动模块领域持续推进"电机 +执行器"的总成化拓展，在充电小门领域已实现总成化产品突破，通过集成电机驱动与智能控制功 能，满足新能源汽车充电场景的便捷性与安全性需求，相关产品已获得客户认可并形成订单。同时，公 司在隐形门把手领域也实现"电机+执行器"的产品拓展，未来计划在更多应用场景发掘"1+N"产品开拓 机会，通过提升集成度进一步增强客户黏性与单车价值量。 业务运营层面，公司聚焦车用电机与流体技术两大核心领域，形成"电机业务、电动模块业务、驾驶视 觉清洗系统、热管理系统"四大业务单元。2025年上半年，清洗类产品实现收入2.01 ...

根据市场公开信息及8月28日披露的机构调研信息，知名私募呈瑞投资近期对5家上市公司进行了调研， 相关名单如下： 1）仙琚制药 （呈瑞投资参与公司电话会议） 仙琚制药2025年中报显示，公司主营收入18.69亿元，同比下降12.56%；归母净利润3.08亿元，同比下 降9.26%；扣非净利润2.67亿元，同比下降19.52%；其中2025年第二季度，公司单季度主营收入8.61亿 元，同比下降21.72%；单季度归母净利润1.64亿元，同比下降12.89%；单季度扣非净利润1.23亿元，同 比下降34.15%；负债率16.73%，投资收益-961.69万元，财务费用-488.5万元，毛利率63.16%。 调研纪要：珀莱雅2025年半年度分红方案现金分红总额占归母净利润的比例提升到接近40%，未来将保 持优秀、可持续的分红。公司筹划港股上市，旨在全球化发展，提供充足资金支持，提升品牌形象和知 名度，增强股东回报。董事会新增独立董事范明曦女士和职工代表董事，新聘任董事会秘书薛霞女士。 2025年上半年毛利率提升至73.38%，销售费用率增加因品牌投入加大。大单品策略取得显著成效，未 来将继续迭代和品类延展。彩棠品牌深 ...

编号：2025-021 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动类 | □媒体采访 | □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | 其他（电话会议） 东吴证券：刘力宇；东北证券：周兴武；耕霁（上海）投资： | | | | 王立、张俊龙；光大永明资产：蒋冰；锦洋投资：刘玉恩；瑞 民私募证券：黄鹏；国海证券：陈飞宇；国金证券：刘向欣、 | | | | 冉婷、江莹、宋源峰；国投证券：李春阳、王逊、何冠男；国 | | | | 信证券：孙树林；和谐健康保险：朱之轩；前海基金：祁滕； | | | | 华泰证券：张端锋；君和资本：金搏扬；开域投资：刘千琳； | | | 参与单位名称及人 | 开源证券：赵旭杨；凯昇资本：陈龙；昆仑健康保险：周志鹏； | | | 员姓名 | 民生证券：崔琰；鹏华基金：闫思倩；呈瑞投资：杨类禹；道 | | | | 合私募基金：任宇航；新传奇私募基金：周雪；宏鼎财富：李 | | | | 小斌；前海华杉投资：申玉婷、段永强；万家基金：郑中天； | | | | 西部证券：邱策宇；兴 ...

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the robotics industry, specifically humanoid robots and their joint actuation systems, which rely heavily on efficient motors [1][4]. Core Insights and Arguments - **Key Components**: Efficient motors, particularly frameless torque motors, are critical for humanoid robot joint actuation modules. Future developments will integrate more precise feedback and control mechanisms to meet complex task requirements [1][4]. - **Technological Barriers**: The motor industry faces significant technological barriers, including the need for high-grade materials like silicon steel and rare earth magnets, as well as challenges in precision winding and magnetic circuit design [1][5]. - **Efficiency Improvements**: Efficient motors optimize energy conversion by reducing iron loss, copper loss, leakage magnetic loss, magnetic resistance, and mechanical losses, leading to significant differences in design goals and performance compared to ordinary motors [1][6]. - **Types of Motors**: Commonly used motors in humanoid robots include brushless DC hollow cup motors, standard brushless DC motors, and frameless torque motors. Hollow cup motors are particularly suited for dexterous applications due to their coreless rotor structure, which eliminates eddy current losses [1][7][9]. - **Market Size**: The market for frameless torque motors was approximately $600-700 million in 2022, indicating a growing demand, although it remains relatively small compared to other motor types [2][14]. Additional Important Content - **Production Challenges**: The automation of hollow cup motor production faces challenges related to quality and batch production. Currently, most production is semi-automated, with full automation still difficult to achieve [1][10][12]. - **Application Areas**: Hollow cup motors are primarily used in high-end medical devices and household appliances, with potential growth driven by the increasing demand for humanoid robots [1][13]. - **Future Trends**: The development of new technologies such as axial flux motors and harmonic field motors is expected to meet specific performance and size requirements in applications like humanoid robots and electric vehicles [1][16][19]. - **Investment Opportunities**: Investors are advised to monitor advancements in motor technologies and their applications, particularly in harmonic reducers and various types of gear reducers, to identify potential investment opportunities in the evolving motor industry [1][21].

高转矩密度+低转矩波动+强过载能力+散热属性是电机的核心能力指标。机器人在各种复杂环境中完成 搬运、抓取、行走等任务，需要较大的力矩来驱动，如智元远征A2 Max机器人关节峰值扭矩达 450Nm。而受限于机器人尺寸较小，关节电机则需要拥有单位密度下较高的转矩输出能力。在工业机械 臂、手术机器人等需要完成精密操作的机器人系统中，关节电机对低齿槽转矩的要求很高。在诸如腿足 关节等与环境频繁交互的关节中，电机常处于周期性的短时高过载工况，峰值转矩需求高达额定转矩需 求的5-10倍。同时当电机处于过载工况时，绕组具有极高的损耗密度，短时内会产生巨大的热量。因 此，高性能机器人关节电机需要拥有良好耐高温和散热属性。 谐波磁场电机迎曙光 智通财经APP获悉，国金证券发布研报称，高性能机器人关节电机需要拥有良好耐高温和散热属性，高 转矩密度+低转矩波动+强过载能力+散热属性是电机的核心能力指标。谐波磁场磁路设计将电机体积缩 小一半，实现功率密度的跃迁，有望持续打开工业及人形机器人应用空间。机器人对高扭高温电机需求 驱动下，谐波磁场电机商业化有望加速，同时第四代磁材钐铁氮应用空间打开，关注重点谐波磁场电机 和钐铁氮产业链。 ...

Core Viewpoint - The article discusses the recent surge in the robotics sector in the secondary market, driven by advancements in AI applications and significant events related to Tesla's Optimus Gen3, which has catalyzed interest and investment in related companies [2][4]. Summary by Sections Market Performance - The robotics sector in the secondary market has experienced a significant uptrend from July to August, indicating a strong market sentiment towards AI and robotics [2]. Catalysts for Growth - Key catalysts include: 1. Tesla's Optimus Gen3 revealing more hardware details and ongoing factory audits, leading to a rise in related stocks [4]. 2. The acquisition of listed company Shangwei New Materials by Zhiyuan Robotics, which resulted in a remarkable stock increase [4]. 3. Yushu Technology's IPO process, with a market valuation exceeding 100 billion, also contributing to the sector's growth [4]. - Additional events such as WAIC 2025, 2025 WRC, and local government support policies have further stimulated the market [4]. Technological Innovations - The article highlights several technological advancements related to Tesla's Optimus Gen3, including: 1. New lightweight materials and enhanced dexterity in robotic hands, which are expected to improve performance and reduce costs [8]. 2. The introduction of MIM (Metal Injection Molding) technology, which is anticipated to benefit from the new motor designs and has led to stock price increases for related companies [9]. 3. The exploration of axial flux motors, which promise higher efficiency and alignment with lightweight requirements, although commercialization may take time [11][12]. Industry Insights - The article notes that several companies in the supply chain are experiencing stock price increases due to their involvement with Tesla's projects, including those focusing on gears and actuators [13]. - The performance of key suppliers, such as Harmonic Drive, has been mixed, with some facing declines due to disappointing earnings reports [13]. Future Outlook - The article suggests that the robotics sector is poised for further growth, with numerous companies in the supply chain expected to benefit from ongoing developments and innovations in humanoid robotics [18][19].