本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【8月26日晚开勒股份发布2025年半年度报告，业绩与业务转型成果显著】8月26日晚，开勒股份 (301070)披露2025年半年度报告。上半年，公司营收1.37亿元，归母净利润1091.93万元，同比大增 280.42%。 开勒股份主营HVLS风扇，2023年拓展至新能源领域，2024年布局人工智能领域，形成双轮 驱动业务布局。 作为基石业务，HVLS风扇业务稳健。上半年营收1.07亿元，毛利率提至48.17%。自主 研发的风华大风扇已小批量生产。 公司聚焦风扇智能控制系统，推出双模式物联网集成，满足客户个 性化需求。 海外业务突破显著，上半年境外收入4464.46万元，占比32.61%，较上年提升11.69个百分 点。 公司采取"经销+直销"模式，完善海外运营体系，制定分级营销策略，抢占国际市场。 7月，开勒 股份拟增资1000万元控股豫资开勒，AI+业务成"第二增长曲线"。 并表后，豫资开勒加速团队和产品升 级，开勒股份推动战略转型，提升盈利能力。 开勒股份形成智慧政务、医疗、出行三场景协同的业务 格局。 智慧办公领域，大模型智能办公平台已多地 ...

并表后，豫资开勒将借助公司市场化的运作机制，加速团队建设和产品迭代升级以快速响应市场需求。 同时，开勒股份也得以推动公司战略转型目标的实现，提升公司核心竞争力和整体盈利能力。 当前，开勒股份正逐步形成智慧政务、智慧医疗、智慧出行三场景协同、多技术融合的业务格局。 8月26日晚，开勒股份（301070）发布2025年半年度报告。2025年上半年，公司实现营业收入1.37亿 元；实现归母净利润1091.93万元，较上年同期大幅增长280.42%。 公告显示，开勒股份主营业务为HVLS风扇，依托HVLS风扇业务积累的客户渠道和技术优势，公司于 2023年拓展业务至新能源领域，围绕锂离子电池应用技术，为国内外客户提供高品质锂电应用解决方 案。2024年，公司在稳健发展主营业务的基础上，通过与河南中豫产业投资集团有限公司建立深度合作 关系，以双方合资设立的河南豫资开勒智能科技有限公司(下称：豫资开勒)为载体重点布局人工智能领 域，实现公司从传统制造业向以AI+为代表的"新质生产力"的整体战略转型，现形成以HVLS风扇、锂 离子电池技术应用为基石业务和以人工智能为第二增长曲线的双轮驱动业务布局。 作为开勒股份的"压舱石" ...

截至3月31日，开勒股份股东户数5297.00，较上期增加10.31%；人均流通股8023股，较上期减少 9.34%。2025年1月-3月，开勒股份实现营业收入3791.28万元，同比减少20.13%；归母净利润-516.84万 元，同比增长44.54%。 分红方面，开勒股份A股上市后累计派现5809.97万元。近三年，累计派现2582.21万元。 机构持仓方面，截止2025年3月31日，开勒股份十大流通股东中，泉果旭源三年持有期混合A （016709）位居第四大流通股东，持股201.47万股，相比上期增加11.53万股。 8月25日，开勒股份涨3.02%，成交额2.20亿元。两融数据显示，当日开勒股份获融资买入额1979.39万 元，融资偿还2417.48万元，融资净买入-438.09万元。截至8月25日，开勒股份融资融券余额合计1.35亿 元。 融资方面，开勒股份当日融资买入1979.39万元。当前融资余额1.35亿元，占流通市值的3.12%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，开勒股份8月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 由新浪财经主办的第十一届金麒麟·金牌董秘评选火热进行中！评选期间推出《董秘说》专访活动，助 力投资者深入了解上市公司资本价值和发展战略。本期，董秘卢琪琪做客《董秘说》，带你走进开勒股 份>> 登录新浪财经APP 搜索【信披】查看更多考评等级 专题：金麒麟|2025金牌董秘评选 新浪财经：感谢卢总。作为董秘，您在企业中的角色核心是什么？ 金麒麟2025 金牌量就评步 第十一届 T真理 开勒股份董事会秘书 C 公司启动"Al+"战略转型，重点布局人工智能在 政务、医疗等场景的落地应用,实现从传统制造 业转向以AI+为代表的新质生产力的整体战略。 扫码看详情 新浪财经：欢迎卢总做客《董秘说》，请卢总先简单介绍一下公司的基本情况。 卢琪琪：大家好，非常感谢新浪财经《董秘说》的邀请。开勒股份主营业务为HVLS风扇的研发、生 产、销售、安装及相关技术服务。自2010年创立以来，公司始终致力于技术研发与创新，凭借丰富的市 场经验和广泛的客户基础，产品在国内市场产销规模居于行业领先地位。2024年度，公司实现营业收入 3.31亿元，其中HVLS工业风扇 ...

Group 1: Company Overview and Business Model - The company specializes in the research, production, sales, installation, and technical services of HVLS fans, which are large fans designed for high volume and low speed, primarily used in large spaces requiring ventilation and cooling [2][3] - Since its establishment in 2010, the company has focused on technological innovation, developing several core patented technologies, including permanent magnet synchronous motor technology and advanced safety design concepts [2][3] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 331 million, with HVLS industrial fans contributing CNY 244 million, accounting for 73.76% of total revenue, and a gross margin of 36.95% [3] - The company's overseas revenue accounted for 23.31% in 2024, indicating potential for further international market expansion [3] Group 3: Market Dynamics and Future Growth - The demand for HVLS fans is influenced by macroeconomic conditions, seasonal demand, and technological trends, with demand expanding during economic upturns and contracting during downturns [4] - The company plans to enhance its product offerings through R&D and IoT upgrades, targeting diverse application scenarios to meet customer needs [4] Group 4: Strategic Initiatives - The company is actively pursuing international expansion by establishing subsidiaries in India, Mexico, and Singapore to penetrate Southeast Asia, the Middle East, and Western markets [4] - The "AI+" strategic transformation aims to shift from traditional manufacturing to new productivity models, focusing on AI applications in various sectors [4][5] Group 5: Smart Governance and Healthcare Solutions - The company is advancing smart governance through its subsidiary, which launched an intelligent government office platform featuring document processing, knowledge retrieval, and multilingual translation capabilities [6] - In the healthcare sector, the company is developing solutions that enhance data management and decision-making processes in hospitals, including an integrated training and inference platform [7] Group 6: Future Business Development Plans - In 2025, the company will continue to deepen its HVLS fan and lithium battery technology applications, focusing on high-quality market users and consolidating its industry leadership [10] - The company aims to enhance product value through innovation and expand its market reach, particularly in overseas markets [10]

Macro Strategy - The report emphasizes the "lighthouse effect" of the minimum wage system, which can increase residents' income and create a spillover effect for higher income groups, thus promoting income growth for low-income individuals [1][8] - Historical data indicates that during periods of rapid minimum wage increases, the overall labor remuneration share in GDP also rises significantly, with the fastest growth occurring during the "12th Five-Year Plan" period, where the average annual increase was around 13% [1][8] - Recent adjustments to minimum wage standards in various regions, such as Fujian and Guangdong, have seen increases ranging from 7.6% to 14.2% [1][8] - The report suggests setting quantitative growth targets for minimum wage similar to those established during the "12th Five-Year Plan" to ensure it grows at a rate above economic growth [1][8] - It advocates for a differentiated minimum wage system that considers industry, occupation, and skill levels to better reflect the intrinsic value differences of various jobs [1][8] Fixed Income - The report discusses the launch of the first batch of Sci-Tech bond ETFs, which is expected to enhance the demand for Sci-Tech bonds and improve market liquidity [2][9] - The issuance of these ETFs is anticipated to attract long-term capital from institutional investors, aligning with policy goals to invigorate investments in the technology innovation sector [2][12] - The report highlights that the underlying bonds in the ETFs are primarily AAA-rated, indicating high credit quality, and the majority of issuers are state-owned enterprises [10][12] Company Analysis Jinlong Automobile (600686) - The company is projected to achieve revenues of 25 billion, 26.8 billion, and 28.5 billion yuan for 2025-2027, reflecting year-on-year growth of 9%, 7%, and 7% respectively [4][14] - The net profit forecast for the same period is 4.4 billion, 6.4 billion, and 8.3 billion yuan, indicating substantial growth of 182%, 45%, and 28% year-on-year [4][14] - The report notes that the company has seen a significant increase in export sales, with a 52.4% year-on-year increase in H1 2025 [13][14] Kaile Co., Ltd. (301070) - Kaile is recognized as a leading enterprise in the HVLS fan industry, with a strategic shift towards AI applications expected to drive future revenue growth [5][15] - The company anticipates revenues of 3.73 billion, 4.50 billion, and 5.84 billion yuan from 2025 to 2027, with net profits projected at 0.42 billion, 0.72 billion, and 1.07 billion yuan respectively [5][15] - The report highlights the company's collaboration with Henan provincial investment groups to expand AI applications in various sectors, including healthcare and governance [5][15] Zhongji Xuchuang (300308) - The company expects a net profit of 36.0 to 44.0 billion yuan for H1 2025, representing a year-on-year increase of 52.6% to 86.6% [6][17] - The demand for AI computing power is driving significant growth in the optical module market, with expectations for continued strong capital expenditure from major cloud service providers [6][17] - The report indicates that Zhongji Xuchuang is well-positioned to benefit from the increasing demand for 800G and 1.6T technologies, with a leading position in the optical module sector [6][17]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8][60]. Core Insights - The company is a leading player in the HVLS fan industry in China and is transitioning towards AI-driven business models, which are expected to contribute significantly to revenue growth in the coming years [8][60]. - The company is leveraging partnerships with state-owned enterprises in Henan to expand its AI applications in various sectors, including government, healthcare, and autonomous vehicles [8][60]. - Revenue projections for the company are optimistic, with expected revenues of 3.73 billion, 4.50 billion, and 5.84 billion yuan for 2025, 2026, and 2027 respectively, alongside significant growth in net profit [8][60]. Summary by Sections 1. Company Overview - The company, established in 2010, is a leader in the HVLS (High Volume Low Speed) fan industry, with a strategic shift towards AI and other innovative production capabilities post-IPO in 2021 [13][18]. 2. AI Business Expansion - The AI business is primarily developed through a joint venture with the Henan state-owned investment group, focusing on applications in government, healthcare, and autonomous vehicles [8][35]. - The AI+ government initiative includes a partnership with People's Daily to enhance public document writing efficiency, targeting over 48 million civil servants in China [38][40]. - In healthcare, the company is capitalizing on the strong medical resources in Henan, providing AI solutions for hospital upgrades and research assistance [43][46]. - The autonomous vehicle sector is seeing gradual commercialization, with the company collaborating with the Henan Automotive Industry Investment Group to develop technologies for various autonomous vehicle applications [47][51]. 3. Financial Projections - The company anticipates a revenue decline in 2024 to 3.31 billion yuan, followed by a recovery and growth trajectory in subsequent years, with net profit expected to rebound significantly by 2025 [27][58]. - The revenue breakdown indicates that HVLS fans will continue to dominate sales, but new AI ventures are projected to gain traction and contribute to overall growth [58][59]. 4. Market Position - The HVLS fan market is expected to grow steadily, with the company holding a leading market share and actively expanding into international markets [54][55]. - The report highlights the energy efficiency of HVLS fans compared to traditional cooling solutions, positioning the company favorably in the context of rising energy costs and environmental concerns [54][56].

Core Viewpoint - The company is actively expanding its business in HVLS fans, artificial intelligence, and smart governance, while facing challenges in revenue and profitability in the recent quarter [2][8]. Group 1: HVLS Fan Business - The HVLS fan business is the company's main revenue source, achieving a revenue of 244 million yuan in 2024 with a gross margin of 36.95% [2]. - The company holds a leading position in the domestic HVLS fan industry and aims to increase its overseas market share, which currently accounts for 23.31% of total revenue [2]. Group 2: Artificial Intelligence Initiatives - The company is leveraging its joint venture, Henan Yuzhi Kaile Intelligent Technology Co., Ltd., to advance AI applications in smart office, smart travel, and smart healthcare [3]. - The AI solutions provided are designed to ensure data security and compliance while enhancing operational efficiency [3]. Group 3: Smart Driving Collaboration - A cooperation agreement was signed with the Henan Provincial Automotive Industry Investment Group to promote digital and intelligent upgrades in the automotive sector, focusing on autonomous driving technology [4]. - The collaboration aims to develop technologies related to unmanned vehicles and logistics [4]. Group 4: Smart Governance Developments - In April 2025, the company launched a large model government integrated machine in collaboration with People's Daily Online, enhancing its offerings in smart governance [5]. - The "Deep Language Future" smart governance machine is designed for local deployment and ensures data security and compliance with government regulations [6]. Group 5: AI Medical Solutions - The AI medical segment focuses on providing various solutions for different medical applications, including smart hospital renovations and AI-assisted research platforms [7]. - Collaborations with major hospitals and health institutions are underway to enhance clinical and research capabilities using AI technologies [8]. Group 6: Financial Performance - In Q1 2025, the company reported a main revenue of 37.91 million yuan, a year-on-year decrease of 20.13%, while the net profit attributable to shareholders was -5.17 million yuan, an increase of 44.54% year-on-year [8]. - The company’s debt ratio stands at 16.59%, with investment income of 1.17 million yuan and a gross margin of 41.76% [8].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 331 million yuan, with HVLS fan sales and related installation services contributing 244 million yuan, accounting for approximately 74% of total revenue [2] - The industrial and commercial energy storage business generated revenue of 49.61 million yuan, representing about 15% of total revenue [2] - In 2024, overseas market revenue reached 77.18 million yuan, making up 23.31% of total revenue [6] Group 2: Business Strategy and Development - For 2025, the company plans to deepen its focus on HVLS fan business and lithium battery technology applications, aiming to expand high-quality market users through technological innovation and personalized services [3] - The company will accelerate its strategic transformation, promoting AI+ applications in smart office, smart travel, and smart healthcare sectors [4] - The company aims to enhance product value in the HVLS fan business through technological innovation and product upgrades, while in the lithium battery sector, it focuses on high-quality customized solutions [4] Group 3: AI+ Initiatives - In the smart office sector, the company has launched an AI intelligent document processing platform, which is currently deployed in various government and enterprise units [5] - In the smart healthcare field, the company developed the "Lingxi" medical model for assisting medical research and writing, and has implemented AI solutions in several top-tier hospitals [5] - The smart travel initiative involves collaboration with leading companies in the field of autonomous driving to build an operational service platform for smart travel [5] Group 4: International Market Expansion - The company is expanding its international presence through a distribution model in key markets such as Singapore, India, and Mexico [6] - Future strategies include localizing marketing efforts and establishing overseas sales teams to enhance brand influence and market share [6]

Core Insights - The company reported a revenue of 37.91 million yuan in Q1 2025, with a net profit attributable to shareholders of -5.17 million yuan, showing a year-on-year improvement in loss by 4.15 million yuan [1] - In 2024, the company achieved a revenue of 331 million yuan and a net cash flow from operating activities of 43.64 million yuan, representing a year-on-year growth of 19.83% [1] - The company increased its R&D investment to 22.75 million yuan in 2024, a growth of 26.51% compared to the previous year [1] Business Structure Optimization - The company's revenue from the HVLS fan segment decreased by 18.22% in 2024 due to reduced market demand, but it maintained its market leadership through resource optimization and product upgrades [2] - The commercial energy storage business saw a significant revenue increase of 224.62% year-on-year, reaching 49.61 million yuan, driven by strategic market positioning and technological innovation [2] - The company is actively pursuing a strategic transformation towards artificial intelligence, focusing on applications in smart office, smart travel, and smart healthcare [2] AI Product Development - The company is leveraging its joint venture, Yuzhi Kaile, to develop AI-related businesses, focusing on sectors with high data security needs such as government, healthcare, education, and finance [3] - AI products are designed in a "soft and hard integration" manner, providing clients with secure and controllable environments for research and computation [3] Commercialization of AI Solutions - In the smart office sector, the company partnered with People’s Daily to create an AI document processing platform, which has been deployed in various government and enterprise units [4] - In the smart healthcare sector, the company launched an AI medical writing and research platform, enhancing research efficiency and quality, and has implemented its AI-assisted platforms in several top-tier hospitals [4] - The company plans to continue focusing on its HVLS fan and lithium battery technology application businesses while accelerating its strategic transformation in AI applications [4]