航天晨光股份有限公司2025 年半年度报告 公司代码：600501 公司简称：航天晨光 航天晨光股份有限公司 航天晨光股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人赵康、主管会计工作负责人邓泽刚及会计机构负责人（会计主管人员）秦瑞声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告"第三节管理层讨论与分析"中描述了可能存在的风险，敬请投资者查阅。 十一、 其他 □适用 √不适用 航天晨光股份有限公司2025 年半年度报 ...

金属软管业务作为公司传统优势板块，报告期内实现收入3.05亿元。该业务竞争壁垒持续巩固，全资子 公司WMHG作为全球唯一拥有带状缠绕焊接软管气密解决方案的企业，客户覆盖沃尔沃、斯堪尼亚、 戴姆勒、一汽解放、重汽等国内外头部车企，且随着国内国六排放标准深化及欧洲"欧7"标准临近，高 规格气密金属软管需求有望逐步释放。 研发与产品创新方面，公司持续加大技术投入，报告期内研发费用2382.79万元，同比增长7.63%，重点 推进NLP低功耗传感器、蓝牙气路监测传感器等新品研发。其中，NLP传感器凭借低功耗、长通信距离 优势，已在商用车车队管理中批量应用；云传感器系统实现"去工具化"操作，门店通过手机即可完成数 据编程，大幅提升服务效率。此外，公司与浙江大学合作建设具身智能感知联合研发中心，目前已进入 项目可行性研究阶段，预计2—3个月内完成可研，未来有望在智能感知技术领域形成新突破。此外与上 海深明奥思半导体科技有限公司签订了《板卡具身智能领域独家授权销售及合作合同》，未来5年，深 明奥思将授权万通智控在具身智能大模型域控领域，制作并独家销售基于深明奥思的大模型芯片Fellow 1制作的板卡。 展望未来，公司将聚焦 ...

Summary of WanTong Intelligent Control Conference Call Company Overview - WanTong Intelligent Control specializes in sensors, valve stems, and metal hoses, with a significant focus on commercial vehicle tire pressure monitoring systems (TPMS) and new low power (NLP) products [2][3][4] Key Industry Insights - The company has seen significant growth in new products such as sensors and vehicle networking products (MLP), with a notable increase in orders for commercial vehicle NLP products, which have a gross margin of 60%-70% [2][5] - The domestic promotion of commercial vehicle TPMS is lagging behind passenger vehicles, but companies like SF Express and JD.com are beginning to adopt these systems [2][7] - The impact of the US-China trade war on exports is limited due to localized production bases in the US, Czech Republic, Germany, and Thailand, which allows for quick adaptation to local market needs [2][8] Financial Performance - WanTong Intelligent Control expects a profit growth target of 20%-30% annually over the next two to three years [2][8] - In Q1 2025, TPMS-related products saw a growth of 41%, surpassing the previous year's growth of 36% [9][10] - The metal hose business experienced a decline of approximately 10% in Q1 2025, with further analysis needed to understand the reasons [11] Product Development and Innovation - The NLP product is unique to WanTong Intelligent Control in China, allowing for external installation on commercial vehicle tires without disassembly, which is crucial for reducing labor costs in Western markets [5][6] - The company is collaborating with Zhejiang University on a robotics project, focusing on temperature and pressure sensors, electronic skin, and pneumatic muscles, with a research report expected to be completed soon [3][17] Market Dynamics - The adoption of TPMS in the domestic market follows a pattern where the US leads, followed by Europe, and then China, with commercial vehicles currently lacking mandatory standards [7] - The company is strategically focusing on the aftermarket for passenger vehicle TPMS, with 80%-90% of products sold overseas, primarily in the aftermarket due to better pricing and shorter payment cycles [10] Acquisition and Growth Strategy - The acquisition of Westphalia has been successful, with the company quickly achieving profitability due to its strong foundation and stable customer base, including major commercial vehicle manufacturers [12][14] - The European market has faced challenges due to external factors like the Russia-Ukraine conflict, impacting revenue but not significantly affecting profits [13] Future Outlook - WanTong Intelligent Control is optimistic about the growth of its TPMS products and the potential of its NLP technology in the commercial vehicle sector, with plans for long-term investment in robotics and AI applications [2][17]

Core Viewpoint - WanTong Intelligent Control (300643) has shown a positive trend in its profitability despite a slight decline in revenue, driven by high-margin product sales and strategic market positioning in the commercial vehicle sector [2][5]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 279 million yuan, with a notable performance in various product lines: sensors and digital information control devices generated 61.32 million yuan with a gross margin of 53.18%, metal hoses generated 167 million yuan with a gross margin of 28.36%, and tire valves and other products generated 49.18 million yuan with a gross margin of 22.81% [2]. - The company's main revenue for Q1 2025 was 268 million yuan, representing a year-on-year decline of 3.99%, while the net profit attributable to shareholders was 36.93 million yuan, an increase of 36.36% year-on-year [5]. - The company reported a net profit of 34.99 million yuan after deducting non-recurring items, reflecting a year-on-year increase of 42.96% [5]. Group 2: Market Position and Product Development - The growth of the company's NLP sensors in the commercial vehicle sector is significantly influenced by regulatory policies, such as the UN/ECE Regulation in Europe mandating TPMS for new heavy vehicles starting July 2024, and similar initiatives in the US and China [3]. - The company’s NLP sensors are characterized by low power consumption, miniaturization, and ease of installation, which have been patented and recognized by major fleets in Europe and the US, leading to bulk shipments [3]. Group 3: Corporate Governance and Strategic Initiatives - The company has implemented a market value management system aimed at enhancing investment value and maintaining shareholder rights, including a share buyback program that acquired 827,900 shares between February and May 2024 [4]. - Currently, there are no plans for mergers or acquisitions, but the company remains open to opportunities that align with its core business and strategic direction [5].

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 279 million CNY, with the following gross margins: - Sensors and digital information control devices: 53.18% [1] - Metal hoses: 28.36% [1] - Valves and other tire products: 22.81% [2] - The revenue share of high-margin products continues to increase, enhancing the company's overall profit margin [2] Group 2: Market Drivers and Technology - Policy drivers significantly impact the growth of the company's sensors, with new regulations in Europe and the U.S. promoting the installation of tire pressure monitoring systems (TPMS) in commercial vehicles [2] - The company's sensors are characterized by low power consumption, miniaturization, lightweight design, and ease of installation, which have been patented [2] Group 3: Value Management and Shareholder Engagement - The company established a value management system on April 22, 2025, aimed at enhancing investor returns and maintaining compliance with regulations [2] - A share buyback program was implemented from February 22, 2024, to May 20, 2024, totaling 82.79 million shares [2] - The company is currently executing a restricted stock incentive plan initiated in October 2022 [2] Group 4: Future Plans - There are currently no plans for mergers or acquisitions, but the company will continue to monitor potential targets that align with its strategic direction [2]