9月25日，恒帅股份涨5.01%，截至发稿，报142.81元/股，成交4.15亿元，换手率9.80%，总市值159.95 亿元。 截至发稿，柳军累计任职时间16年118天，现任基金资产总规模4669.72亿元，任职期间最佳基金回报 132.78%， 任职期间最差基金回报-45.64%。 李沐阳累计任职时间4年264天，现任基金资产总规模212.73亿元，任职期间最佳基金回报125.95%， 任 职期间最差基金回报-45.77%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，华泰柏瑞基金旗下1只基金重仓恒帅股份。中证2000（563300）二季度持有股数13.21万股， 占基金净值比例为0.45%，位居第一大重仓股。根据测算，今日浮盈赚取约89.96万元。 中证2000（563300）成立日期2023年9月6日，最新规模19.84亿。今年以来收益29.62%，同类排名 1781/4220；近一年收益70.31%，同类排名1160/3820； ...

中证2000（563300）成立日期2023年9月6日，最新规模19.84亿。今年以来收益28.72%，同类排名 1617/4222；近一年收益77.85%，同类排名1026/3804；成立以来收益30.74%。 中证2000（563300）基金经理为柳军、李沐阳。 截至发稿，柳军累计任职时间16年109天，现任基金资产总规模4669.72亿元，任职期间最佳基金回报 136.72%， 任职期间最差基金回报-45.64%。 李沐阳累计任职时间4年255天，现任基金资产总规模212.73亿元，任职期间最佳基金回报106.91%， 任 职期间最差基金回报-45.34%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月16日，恒帅股份涨5.32%，截至发稿，报97.88元/股，成交1.38亿元，换手率4.78%，总市值109.63亿 元。 资料显示，宁波恒帅股份有限公司位于浙江省宁波市江北区通宁路399号，成立日期2001年2月21日，上 市日期2021年4月12日，公司主 ...

Group 1 - The core viewpoint of the news is that Hengshuai Co., Ltd. has seen a significant increase in its stock price, with a rise of 5.18% to 88.37 yuan per share, and a total market capitalization of 9.897 billion yuan [1] - Hengshuai Co., Ltd. was established on February 21, 2001, and went public on April 12, 2021. The company specializes in the research, production, and sales of automotive motors and cleaning system products based on fluid technology [1] - The main business revenue composition of Hengshuai Co., Ltd. includes cleaning products at 46.88%, motor products at 44.88%, other products at 7.14%, and additional revenue at 1.10% [1] Group 2 - From the perspective of fund holdings, one fund under Huatai-PineBridge has a significant position in Hengshuai Co., Ltd., with the Zhongzheng 2000 fund holding 132,100 shares, accounting for 0.45% of the fund's net value, making it the largest holding [2] - The Zhongzheng 2000 fund was established on September 6, 2023, with a latest scale of 1.984 billion yuan. It has achieved a year-to-date return of 27.41% and a one-year return of 68.81% [2] - The fund manager, Liu Jun, has a tenure of 16 years and 101 days, managing assets totaling 466.972 billion yuan, with the best fund return during his tenure being 136.82% [3]

Group 1: Company Overview - The company primarily engages in the research, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor technology solutions [2] - The main production base is located in Ningbo, with additional production bases established in locations such as Qingyuan, Shenyang, Wuhan, the USA, and Thailand to serve distant customers [3] Group 2: Financial Performance - In 2024, the company's main business revenue reached 950.51 million CNY, with the cleaning business accounting for 46.3%, motor business for 45.6%, and other businesses for 8.1% [3] Group 3: Market and Product Insights - The traditional cleaning business has established a certain market share domestically, with growth primarily dependent on acquiring new customers [4] - The company has secured projects for active cleaning systems, with an expected production capacity of 250,000 units per year based on mass production progress [4] - Active perception cleaning systems are designed for advanced autonomous driving, requiring more complex and higher-value products compared to traditional systems [5] Group 4: Profitability and Challenges - Profit margins are subject to fluctuations due to market conditions, business structure, exchange rate changes, and raw material prices [6] - The cleaning system's profit margin is significantly influenced by market dynamics, while the motor and cleaning pump products maintain relatively stable margins even in challenging periods [6] Group 5: Research and Development - The company has developed a skilled R&D team with expertise in mechanical, electronic, control, industrial software, sensors, and intelligent manufacturing [8] - The core R&D team possesses extensive industry experience, and the company actively recruits external talent to enhance its capabilities [8]

Group 1: Company Overview and Business Structure - In 2024, the company's main business revenue was 950.51 million yuan, with cleaning services accounting for 46.3% and motor business for 45.6% of total revenue, while other businesses contributed 8.1% [2] - The company aims to expand into automotive safety and comfort motor products, industrial automation, humanoid robot applications, intelligent driving cleaning systems, and new energy vehicle thermal management systems [3] Group 2: Market Trends and Product Demand - Unique exterior designs and practical functions in electric vehicles attract potential buyers, with products like hidden door handles and electric tailgates expected to maintain stable or growing market demand [3] - The average sales price of motors has remained stable in the first half of the year, as prices are already at relatively low levels, preventing severe price competition in the industry [3] Group 3: Business Strategy and Risk Management - The company emphasizes prudent management of accounts receivable risks, focusing on careful project and client selection to control the scale of long-term accounts [4] - Plans to expand the customer base while maintaining stable relationships with emerging clients to enhance market share [4] Group 4: Production Capacity and Technological Development - The company plans to produce 250,000 sets of gas-liquid mixed cleaning systems annually, with some capacity allocated to production in Thailand, adjusting based on customer demand [5] - The company is developing harmonic magnetic field motors, which offer advantages such as high power density, compact size, and reduced material costs, positioning them well for future customized solutions in the robotics sector [5] Group 5: Competitive Landscape and Pricing Strategy - The company collaborates with leading clients, maintaining a stable pricing system, with annual price reductions being reasonable and normal [5] - To mitigate the impact of price adjustments from automotive manufacturers, the company will focus on technological innovation, cost reduction, and improved internal management [5]

Overview - The company, Ningbo Hengshuai Co., Ltd., is issuing convertible bonds totaling RMB 327.59 million (32,759,000,000 yuan) [2][13] - The bonds will be listed on the Shenzhen Stock Exchange under the name "Hengshuai Convertible Bonds" with the code "123256" [2][6] - The bonds have a maturity period from May 29, 2025, to May 28, 2031, with a conversion period from December 5, 2025, to May 28, 2031 [2][19] Company Information - Ningbo Hengshuai Co., Ltd. was established on February 21, 2001, and is located in Ningbo, Zhejiang Province [7] - The company specializes in automotive manufacturing, focusing on the research, development, and production of automotive electric motors and fluid technology products [9][10] - The registered capital of the company is RMB 112 million [7] Shareholder Structure - As of the end of 2024, the total share capital of the company is 80 million shares, with 73.35% being restricted shares [8] - The controlling shareholder is Hengshuai Investment, which holds 53.5851% of the shares [11][12] - The actual controllers of the company are Xu Ningning and Yu Guomei, who together control 74.1428% of the shares [12] Financial Information - The company reported a net profit of RMB 1.66 million for the year 2024, an increase from RMB 955,650 in 2023 [11] - The total assets of Hengshuai Investment, the controlling shareholder, were RMB 28.18 million as of the end of 2024 [11] Bond Details - The bonds will have a face value of RMB 100 each and will be issued at this price [13][19] - The interest rates for the bonds are set at 0.20% for the first year, 0.40% for the second year, 0.80% for the third year, and 1.50% for the fourth year [19] - The bonds will not be secured by any collateral [3][4] Use of Proceeds - The proceeds from the bond issuance will be used for the expansion and research and development of automotive micro-motors and cooling systems, with a total project investment of RMB 453.53 million [17]

Core Viewpoint - The company is focusing on the development of humanoid robots and expanding its market presence while facing challenges in its traditional cleaning business and motor segment [1][2][3] Group 1: Business Development - The company emphasizes the importance of the humanoid robot industry chain and is engaging with overseas clients to develop customized solutions [1] - Plans are in place to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements in humanoid robotics [1] - The company aims to diversify its market approach to gain customer recognition and expectations [1] Group 2: Financial Performance - In Q1 2025, the company's revenue decreased to 203 million yuan, a decline of 16.04% year-on-year, while net profit attributable to shareholders fell to 41.8 million yuan, down 35.48% [2] - The traditional cleaning business continues to face pressure, and the motor business has also experienced a short-term decline due to overdue customer payments [2] Group 3: Product Strategy - The company plans to explore new motor categories and fluid products, focusing on four main business units to enrich its product offerings [3] - Future product development will target in-car motors and chassis motors, with significant investment in various motor types and related technologies [3]

Group 1: Business Outlook - The company's cleaning business is divided into traditional cleaning and ADAS cleaning systems, with a strong market share in traditional cleaning but facing competitive pressure for short-term growth [2] - The ADAS cleaning system business is expected to have a promising market outlook as L3+ level autonomous driving technologies, such as Robotaxi and unmanned delivery vehicles, become industrialized [2] Group 2: Production Capacity and Clientele - The company has secured mass production projects for ADAS cleaning systems with clients like Waymo and Meituan, planning to produce 250,000 units per year, with some capacity allocated to Thailand [3] - Production capacity will be adjusted based on client demand to optimize regional production layouts and enhance market responsiveness [3] Group 3: Motor Business Expansion - The company plans to expand its motor business by developing new electric motor categories and fluid products, focusing on four business units to create a diverse product range [3] - Recent growth in the motor business is attributed to a focus on vehicle body applications, with future plans to target in-car and chassis motor varieties [3] Group 4: Impact of Tariff Policies - The company monitors overseas market tariff policies and economic changes closely, with direct sales to the U.S. accounting for only 2.7% of total business in 2024, minimizing tariff impact [4] - The company employs EXW and FOB pricing strategies for exports, further reducing the effect of rising tariffs [4] Group 5: Profit Margin Trends - The company's gross margin is expected to decline in 2024 due to accounting changes, competitive pricing pressures, and raw material cost fluctuations [5] - Long-term cost competition remains a core concern in the automotive industry, with the company aiming to maintain stable and favorable gross margins through cost advantages and core competencies [5] Group 6: Future of ADAS Systems - The ADAS system is crucial for enhancing driving safety, prompting automakers to accelerate the adoption and upgrade of ADAS technologies, which will expand consumer demand [5] - The company's proactive positioning in the ADAS cleaning system market is anticipated to drive significant growth in the future [5]