Company Focus - Ge Weidong subscribed for 1 billion yuan of Jianghuai Automobile's private placement shares [2] - Semiconductor Manufacturing International Corporation (SMIC) reported a net profit of 1.223 billion yuan for Q4 2025, a year-on-year increase of 23.2% [2] - Hengdian Film's box office for three Spring Festival films, including "Fast and Furious Life 3," remains uncertain, and the company may apply for a trading suspension if stock prices rise significantly [3] - China Tungsten High-Tech plans to invest 145 million yuan in a new PCB drill needle project with an annual capacity of 30 million units [3] Investment & Contracts - Yiyi Co. terminated the acquisition of 100% equity in Hangzhou Gao Ye Jia You Hao Duo Mao Pet Food Co., Ltd. due to changes in the target company's business conditions [9] - Jiangsu New Energy plans to issue convertible bonds to raise no more than 1.24 billion yuan [18] Shareholding Changes & Buybacks - Wang Jianfeng, a shareholder of Runbei Aerospace, plans to reduce holdings by up to 3% [13] - Liu Chengyan, a director of Wangsu Technology, intends to reduce holdings by no more than 1.07% [14] Operations & Performance - Huichuan Technology expects a net profit increase of 16%-26% in 2025, with good growth in the electric vehicle business [15] - China Railway Construction recently won major contracts totaling 451.42 billion yuan [16] - The company "Ningde Times" successfully issued 5 billion yuan in green technology innovation bonds [20]

报告期内，公司营业收入取得较好增长，主要系:①受下游客户定点车型放量等因素影响，新能源汽车 业务收入同比实现较好增长；②受下游行业结构性增长、公司多产品解决方案与上顶策略持续深化等因 素影响，通用自动化业务收入同比实现较好增长；③受益于跨国客户及后服务市场的持续耕耘，智慧电 梯业务同比略有增长。 报告期内，公司研发费用增速高于收入同比增速，主要原因系：①公司持续提升核心技术竞争力，加快 产品升级迭代；②加大海外产品、软件与数字化产品的开发投入；③加大智能机器人、数字能源、智能 底盘等战略新业务投入。 格隆汇2月10日丨汇川技术(300124.SZ)公布，预计2025年营业收入429.68亿元—466.7亿元，比上年同期 增长16%—26%，归属于上市公司股东的净利润49.71亿元—54亿元，比上年同期增长16%—26%，扣除 非经常性损益后的归属于上市公司股东的净利润47.62亿元—51.66亿元，比上年同期增长18%—28%。 ...

另外，公司预计全年实现营业收入约为429.68亿—466.72亿元，同比增长16%—26%。 汇川技术表示，报告期内，公司营业收入取得较好增长，主要系受下游客户定点车型放量等因素影响， 新能源汽车业务收入同比实现较好增长；受下游行业结构性增长、公司多产品解决方案与上顶策略持续 深化等因素影响，通用自动化业务收入同比实现较好增长；受益于跨国客户及后服务市场的持续耕耘， 智慧电梯业务同比略有增长。 北京商报讯（记者 王蔓蕾）2月10日晚间，汇川技术（300124）发布2025年度业绩预告显示，公司预计 全年实现归属净利润约为49.71亿—54亿元，同比增长16%—26%。 ...

（记者 王晓波） 每经头条（nbdtoutiao）——10倍价差刷屏！"外国人来华就医"火了，三位亲历者这样说⋯⋯ 每经AI快讯，汇川技术2月10日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润约49.71亿 元~54亿元，同比增长16%~26%。业绩变动主要原因是，受下游客户定点车型放量等因素影响，新能源 汽车业务收入同比实现较好增长；受下游行业结构性增长、公司多产品解决方案与上顶策略持续深化等 因素影响，通用自动化业务收入同比实现较好增长；受益于跨国客户及后服务市场的持续耕耘，智慧电 梯业务同比略有增长。 ...

Core Viewpoint - In its announcement, the company expects a net profit attributable to shareholders of 4.971 billion to 5.4 billion yuan for 2025, representing a year-on-year growth of 16% to 26% [1] Group 1: Financial Performance - The company reported good growth in operating revenue, primarily driven by the ramp-up of designated models from downstream customers in the new energy vehicle sector [1] - The general automation business also saw significant revenue growth due to structural growth in the downstream industry and the deepening of multi-product solutions and top-tier strategies [1] - The smart elevator business experienced slight revenue growth, benefiting from ongoing efforts in multinational customer engagement and the after-service market [1]

证券代码：300124 证券简称：汇川技术 公告编号：2026-004 深圳市汇川技术股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 公司未就本次业绩预告有关事项与会计师事务所进行预沟通，本次业绩预告未经会 计师事务所预审计。 三、业绩变动原因说明 1.报告期内，公司营业收入取得较好增长，主要系:①受下游客户定点车型放量等 因素影响，新能源汽车业务收入同比实现较好增长；②受下游行业结构性增长、公司多 产品解决方案与上顶策略持续深化等因素影响，通用自动化业务收入同比实现较好增长； 1 ③受益于跨国客户及后服务市场的持续耕耘，智慧电梯业务同比略有增长。 2.预计的业绩： 亏损 扭亏为盈 同向上升 同向下降 3.业绩预告情况表 | | 本报告期 | 上年同期 | | --- | --- | --- | | | 万元 4,296,750.44 万元—4,667,159.96 | 3,704,095.21 万元 | | | 比上 ...

Core Viewpoint - The Hong Kong IPO market is experiencing a surge of activity from leading companies in the renewable energy sector, with multiple firms submitting listing applications to the Hong Kong Stock Exchange in early 2026, reflecting a trend towards "A+H" dual-platform listings [2][19]. Group 1: Companies Submitting IPO Applications - EVE Energy submitted its listing application to the Hong Kong Stock Exchange on January 2, aiming to raise funds for overseas capacity construction, including a factory in Hungary [2]. - Wanbang Digital Energy submitted its listing application on January 4, having restructured its business to focus on smart charging equipment and microgrid systems [5]. - Penghui Energy announced its H-share issuance and submitted its main board listing application on January 5, focusing on energy storage, power, and consumer batteries [7]. - Chint Electric announced its plan to issue H-shares and aims to become the first "A+H" listed company in Wenzhou, enhancing its international strategy and financing channels [9]. - Yuanxin Energy submitted its main board listing application on January 9, showing significant revenue growth from 435 million yuan in 2023 to 1.144 billion yuan in 2024 [11]. - Huichuan Technology disclosed its plan to issue H-shares on January 19, potentially joining the "A+H" listing trend [12]. Group 2: Industry Trends and Strategic Considerations - The collective move of energy companies to list in Hong Kong reflects deep strategic considerations regarding transformation and globalization [14]. - Companies are transitioning from merely selling equipment to providing comprehensive solutions, enhancing their business models to be scalable and replicable [15]. - Global expansion is a key driver for these companies, with Yuanxin Energy expecting overseas revenue to exceed 30% by 2026, having already signed contracts with clients in multiple countries [16]. - The "A+H" dual-platform model is becoming standard for many A-share listed companies, with several firms planning H-share listings in early 2026 [18]. - The surge in IPOs is influenced by favorable policies, improved market conditions, and the need for companies to optimize their capital structures and financing strategies [19]. - The increasing number of energy companies joining the "A+H" model is reshaping the global competitiveness of Chinese energy firms, transitioning from product exports to operational services [20].

Core Insights - The global humanoid robot industry is predominantly led by China, which houses over 110 companies, accounting for more than 50% of the total 220 humanoid robot manufacturers worldwide [1] - China excels in hardware and integration segments, while the US leads in the "brain" segment, focusing on AI models and software [4][5] - China has filed approximately five times more humanoid robot patents than the US, with a total of 7,705 patents, indicating a strong emphasis on innovation and technology development [6] - The competition among China, the US, and Japan in the humanoid robot industry is characterized by distinct strategies and market focuses [9] Industry Overview - Major listed companies in China's humanoid robot sector include Huichuan Technology, Sanhua Intelligent Control, Lens Technology, Hengli Hydraulic, Top Group, Linying Intelligent Manufacturing, Zoomlion Heavy Industry, and Jinli Permanent Magnet [1] - The global humanoid robot industry is expected to reach a market size of 861 billion yuan by 2027, with China aiming for a fully controllable supply chain and over 70% localization of core components [9][11] Competitive Landscape - Chinese companies like Zhiyuan Robotics and UTree Technology are rapidly advancing in mass production and cost control, while US firms like Boston Dynamics and Tesla focus on core technology breakthroughs [11][12] - The strategic direction for Chinese firms includes low-cost strategies to expand into consumer and industrial markets, while US companies are investing heavily in AI and technology development [11] - Japan's approach is centered on precision manufacturing and specialized components, targeting healthcare and industrial applications [9][11] Patent and Innovation - China leads in humanoid robot patent applications, with 7,705 patents compared to the US's 1,561 and Japan's 1,102, showcasing its dominance in core technology areas [6] - The focus of Chinese patents includes body structure, intelligent perception, and drive control, indicating a comprehensive approach to technology development [6] Market Projections - By 2027, the humanoid robot market is projected to achieve significant growth, with China aiming for a market scale of 861 billion yuan and the US targeting over 40% of the global market share [9][11]

Core Viewpoint - The simultaneous release of refinancing optimization measures by Shanghai, Shenzhen, and Beijing stock exchanges marks a significant transformation in China's capital market, aimed at enhancing capital allocation efficiency and reshaping the A-share market landscape [1]. Group 1: Policy Framework and Differences - The policy frameworks of the three exchanges are highly similar, focusing on "supporting the strong, limiting the weak, promoting innovation, and enhancing convenience and regulation" [2]. - Shanghai Stock Exchange emphasizes "main board" characteristics, tailoring financing rules for large, mature technology companies [2]. - Shenzhen Stock Exchange adopts a bolder stance on supporting technology innovation, easing fundraising restrictions for growth-oriented enterprises [2]. - Beijing Stock Exchange focuses on "innovative small and medium-sized enterprises," addressing their financing challenges with flexible policies [2]. Group 2: Strategic Insights on Separate Announcements - The decision to release policies on the same day rather than a joint announcement reflects the nuanced wisdom of tiered regulation in China's capital market [3]. - Different market positioning allows each exchange to cater to the unique characteristics and needs of the enterprises they serve, avoiding a one-size-fits-all approach [3]. - The simultaneous release creates a strong policy resonance, reinforcing market perception of deepening capital market reforms while maintaining the distinct identities of each exchange [3]. Group 3: Deep Impacts on Market Perception - The new measures aim to shift the long-standing fear of "blood-sucking" effects of refinancing, which was believed to drain market funds and destabilize the market [4]. - The principle of "supporting the strong, limiting the weak" will act as a catalyst for market differentiation, favoring quality companies, especially in hard technology, while raising barriers for poorly performing firms [4]. - The policy directs resources towards "new productive forces," providing strong support for leading companies in sectors like semiconductors, AI, biomedicine, and high-end manufacturing [5]. - Allowing companies that have experienced stock price declines to raise funds through methods like private placements and convertible bonds offers a lifeline to solid businesses facing temporary challenges [6]. - A complete regulatory loop is established, tightening post-fundraising supervision while relaxing initial approvals, transforming refinancing from a mere "money-raising tool" to an "engine" for corporate development [7]. Group 4: Implications for Investors - The coordinated actions of the three exchanges signify the entry of China's refinancing mechanism into a "precise drip irrigation" era, providing tailored financing support for different types of enterprises [8]. - Investors are advised to focus on genuinely innovative and well-governed companies while avoiding those that merely chase trends without substance [8]. - The transformation of refinancing from a "blood-sucking machine" to a "blood-producing pump" is expected to enhance the value discovery function of the A-share market, leading to a healthier and more vibrant capital market [8].

Core Viewpoint - In recent trading, Huichuan Technology's stock price increased by 2.03%, reaching 78.41 yuan per share, with a total market capitalization of 212.74 billion yuan [1]. Group 1: Stock Performance - As of February 10, Huichuan Technology's stock has risen by 4.09% year-to-date, with a 3.95% increase over the last five trading days, a 0.10% increase over the last 20 days, and a 10.30% increase over the last 60 days [1]. - The stock experienced a net inflow of 31.63 million yuan from major funds, with significant buying and selling activity noted [1]. Group 2: Company Overview - Huichuan Technology, established on April 10, 2003, and listed on September 28, 2010, is headquartered in Longhua District, Shenzhen, Guangdong Province [1]. - The company specializes in providing core components for industrial automation, including frequency converters, servo systems, PLC/HMI, high-performance motors, sensors, machine vision, and industrial robots, as well as electric drive and power systems for the new energy vehicle industry and traction and control systems for the rail transit industry [1]. Group 3: Financial Performance - For the period from January to September 2025, Huichuan Technology achieved operating revenue of 31.663 billion yuan, representing a year-on-year growth of 24.67%, and a net profit attributable to shareholders of 4.254 billion yuan, reflecting a year-on-year increase of 26.84% [2]. - The company has distributed a total of 7.945 billion yuan in dividends since its A-share listing, with 3.267 billion yuan distributed over the past three years [3]. Group 4: Shareholder Information - As of January 30, 2025, Huichuan Technology had 155,000 shareholders, a decrease of 2.62% from the previous period, with an average of 15,471 circulating shares per shareholder, an increase of 2.69% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 484 million shares, an increase of 9.8141 million shares from the previous period [3].