华鑫证券研报指出，自动化行业迎结构性机遇，智能化与国产替代驱动增长。尽管2024年OEM行业规 模同比下滑5%，但"新质生产力"政策与智能制造转型仍为行业开辟广阔空间，公司通过技术突破与渠 道优化，有望在结构性机遇中实现持续增长。作为运动控制领域的领军企业，公司依托国家级高新技术 企业和专精特新"小巨人"企业的双重资质，构建了强大的技术护城河。公司独创的"三轮驱动"战略 和"六化"产品体系，不仅优化了现有产品结构，更为未来发展提供了清晰路径，展现出技术领先与商业 落地的双重优势。此外，公司稳步推进海外布局，以科技创新驱动高端化，成熟产品线通过CE、UL等 国际认证，远销欧美、东南亚等地区，关键技术达国际领先水平，助力业务持续增长。考虑雷赛智能运 动控制领域核心技术优势明显，多元化布局拉动海外收入增长，首次覆盖，给予"买入"投资评级。 ...

Core Viewpoint - The financial performance of Xiechang Technology shows a decline in revenue and net profit, indicating potential challenges ahead for the company [2]. Financing Summary - On September 23, Xiechang Technology experienced a financing buy-in of 4.05 million yuan, with a net financing outflow of -1.16 million yuan, resulting in a total financing balance of 120 million yuan, which accounts for 10.56% of its market capitalization [1]. - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - There were no short-selling activities on September 23, with a short-selling balance of 0, also reflecting a high percentile level over the past year [1]. Financial Performance - For the first half of 2025, Xiechang Technology reported a revenue of 156 million yuan, a year-on-year decrease of 18.51%, and a net profit attributable to shareholders of 7.1 million yuan, down 73.26% year-on-year [2]. - As of June 30, 2025, the number of shareholders decreased by 5.46% to 9,578, while the average circulating shares per person increased by 5.77% to 3,073 shares [2]. Dividend and Shareholding - Since its A-share listing, Xiechang Technology has distributed a total of 24.85 million yuan in dividends [3]. - As of June 30, 2025, the eighth largest circulating shareholder is Baodao Growth Zhihang Stock A, holding 259,300 shares as a new shareholder [3].

Group 1 - The stock price of Kangping Technology closed at 38.16 yuan on August 18, 2025, down by 0.84 yuan, a decrease of 2.15% from the previous trading day [1] - The trading volume on that day was 98,344 hands, with a transaction amount of 373 million yuan [1] - Kangping Technology's main business includes the research, development, production, and sales of motors and related products, which are widely used in home appliances, power tools, and automotive electronics [1] Group 2 - On the evening of August 18, Kangping Technology announced that its board of directors approved a proposal to sign a share acquisition intention agreement [1] - The company plans to acquire a controlling stake in Suzhou Lingchen Collection Computer Co., Ltd. through cash [1] - The target company specializes in intelligent control systems and related components, with main products including motion control products and precision transmission products for various intelligent equipment [1] Group 3 - On August 18, the net inflow of main funds for Kangping Technology was 18.72 million yuan, with a cumulative net inflow of 79.28 million yuan over the past five trading days [1]

Revenue and Profit - The company achieved total revenue of 703 million yuan in the first half of 2025, representing a year-on-year increase of 14.21% [2] - The net profit attributable to shareholders was 63.38 million yuan, up 15.41% year-on-year [2] - The non-recurring net profit reached 44.22 million yuan, showing a significant increase of 45.08% year-on-year [2] - In Q2 alone, the revenue was 416 million yuan, a 16.54% increase year-on-year, with a net profit of 47.80 million yuan, up 18.48% [2] Main Business Composition - Revenue from spindle products was 454 million yuan, accounting for 64.56% of total revenue, with a gross margin of 34.64% [3] - Motion control products generated 134 million yuan in revenue, representing 19.09% of total revenue, with a gross margin of 41.42% [3] - Functional components like turntables and linear motors contributed 69.36 million yuan, making up 9.86% of total revenue, with a gross margin of 41.30% [3] - Core components for robots generated 12.21 million yuan, accounting for 1.74% of total revenue, but with a negative gross margin of -15.17% [3] Financial Indicators - Accounts receivable stood at 715 million yuan, a year-on-year increase of 23.21%, which is 862.5% of the latest annual net profit [5] - Interest-bearing debt was 838 million yuan, up 8.51% year-on-year, with an interest-bearing asset-liability ratio of 27.67% [5] - Cash and cash equivalents amounted to 99.33 million yuan, a 66.04% increase, but cash only constituted 3.59% of total assets [6] Cash Flow Situation - The cash flow situation is concerning, with cash equivalents making up only 12.96% of current liabilities, and the average operating cash flow over the past three years being 16.27% of current liabilities [6] Summary - Overall, the company's mid-2025 report indicates steady growth in revenue and net profit, particularly in non-recurring net profit [7] - However, the large scale of accounts receivable, high debt levels, and cash flow pressures are factors that require close attention from investors [7]

Core Viewpoint - Haoshi Electromechanical Co., Ltd. reported a revenue of approximately 703 million yuan for the first half of 2025, representing a year-on-year growth of 14.21%, and a net profit attributable to shareholders of 63.38 million yuan, up 15.41% year-on-year [2][3] Financial Performance - Revenue for the reporting period was 703,223,171.69 yuan, compared to 615,705,227.09 yuan in the same period last year, reflecting a growth of 14.21% [3] - Net profit attributable to shareholders was 63,382,376.16 yuan, an increase from 54,917,914.03 yuan, marking a growth of 15.41% [3] - Net profit excluding non-recurring gains and losses was 44,215,093.71 yuan, up 45.08% from 30,476,870.25 yuan [3] - Basic and diluted earnings per share were both 0.21 yuan, an increase of 16.67% from 0.18 yuan [3] - The weighted average return on equity was 5.13%, up from 4.88% [3] Business Segments - The core business of high-end equipment manufacturing includes CNC machine tools, robots, and core components for new energy vehicles, with significant growth in demand across these sectors [4] - The spindle products achieved rapid growth, generating over 450 million yuan in sales, a year-on-year increase of 27.17%, accounting for 64.56% of total operating revenue [4] - The robot core functional components business saw sales revenue of 12.21 million yuan, a remarkable growth of 127%, representing 1.74% of the main business revenue [5] Market Dynamics - The demand for specialized processing equipment in the PCB industry has significantly increased due to rapid growth in AI computing infrastructure and continuous upgrades in consumer electronics [4] - The company has successfully developed a range of core components for intelligent robots, achieving full domestic production and breaking reliance on imports [6] - The products, including harmonic reducers and joint modules, cater to various industries such as automotive manufacturing, metal products, food and beverage, and logistics, indicating a broad application scope [6]

Core Viewpoint - The company has completed the conclusion of certain fundraising projects and plans to permanently supplement its working capital with the remaining funds, while also terminating some fundraising projects and continuing to manage the remaining funds in a dedicated account [2][10]. Fundraising Basic Situation - The company raised a total of RMB 161,846.38 million from its initial public offering, with a net amount of RMB 153,596.90 million after deducting issuance costs [2][3]. - As of June 30, 2025, the company has invested RMB 101,216.57 million, representing 65.90% of the committed investment [3]. Fundraising Project Status - The "East China R&D and Technical Service Center Construction Project" has been concluded, with remaining funds of RMB 3,211.84 million to be used for working capital after settling outstanding payments [5][10]. - The "East China Machine Vision Industrial Park Construction Project" has been terminated due to delays in obtaining necessary permits and changes in market demand, with a total planned investment of RMB 30,659.78 million [5][10]. Project Termination Reasons - The termination of the "East China Machine Vision Industrial Park Construction Project" is attributed to the expansion of downstream product demand beyond the original project scope and the company's comprehensive product line upgrade [9][10]. - The project was initially planned to meet specific market needs, but the evolving market landscape has necessitated a reevaluation of the project’s viability [9][10]. Future Plans - The company intends to seek new investment projects while continuing to evaluate existing projects for potential additional investments [10]. - The remaining funds from the terminated project will continue to be managed in accordance with fundraising management requirements [10]. Internal Review Process - The board of directors and the supervisory board have approved the conclusion of certain fundraising projects and the management of remaining funds, ensuring compliance with relevant regulations [11][12]. Sponsor Institution Opinion - The sponsor institution supports the company's decisions regarding the conclusion and management of fundraising projects, affirming that these actions align with the company's operational realities and long-term strategy [12][13].

江苏协昌电子科技股份有限公司 Jiangsu Xiechang Electronic Technology Co., Ltd. （张家港市凤凰镇港口工业园华泰路 1 号） 首次公开发行股票并在创业板上市 之上市公告书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 股票简称：协昌科技 股票代码：301418 二零二三年八月 江苏协昌电子科技股份有限公司 上市公告书 特别提示 江苏协昌电子科技股份有限公司（以下简称"本公司"、"发行人"、"公 司"或"协昌科技"）股票将于 2023 年 8 月 21 日在深圳证券交易所创业板上 市。该市场具有较高的投资风险。创业板公司具有业绩不稳定、经营风险高、退 市风险大等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的 投资风险及本公司所披露的风险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板上市招股说明书中的相同。 1 江苏协昌电子科技股份有限公司 上市公告书 第一 ...