证券代码：300969 证券简称：恒帅股份 公告编号：2025-040 宁波恒帅股份有限公司 第二届监事会第二十一次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 宁波恒帅股份有限公司（以下简称"公司"）第二届监事会第二十一次会议 于 2025 年 5 月 26 日在公司会议室以现场方式召开，会议通知于 2025 年 5 月 22 日以电子邮件与电话相结合的方式发出。经全体监事一致同意，豁免本次会议的 通知时限要求。本次会议由监事会主席邬赛红女士召集并主持，会议应到监事 3 人，实到监事 3 人。本次会议召集和召开程序及参会人员符合《公司法》及《公 司章程》的规定，表决所形成决议合法、有效。公司董事会秘书列席了会议。 二、监事会会议审议情况 出席会议的监事认真审议了下述议案，并以记名投票表决的方式审议通过如 下议案： （一）、审议通过了《关于进一步明确公司向不特定对象发行可转换公司债 券方案的议案》 逐项审议通过了本次向不特定对象发行可转换公司债券（以下简称"可转债"） 的发行具体方案，主要内容如下： 1、发行规模及发行数 ...

证券代码：300969 证券简称：恒帅股份 公告编号：2025-039 宁波恒帅股份有限公司 第二届董事会第二十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宁波恒帅股份有限公司（以下简称"公司"）第二届董事会第二十四次会议于 2025 年 5 月 26 日在公司会议室以现场的方式召开。会议通知于 2025 年 5 月 22 日 以电子邮件与电话相结合的方式发出。经全体董事一致同意，豁免本次会议的通知 时限要求。本次会议由公司董事长许宁宁先生召集并主持，会议应到董事 5 名，实 到董事 5 名，本次会议召集和召开程序及参会人员符合《公司法》及《公司章程》 的规定，表决所形成决议合法、有效。公司监事、高级管理人员列席了会议。 二、董事会会议审议情况 出席会议的董事认真审议了下述议案，并以记名投票表决的方式审议通过如下 议案： （一）、审议通过了《关于进一步明确公司向不特定对象发行可转换公司债券 方案的议案》 逐项审议通过了本次向不特定对象发行可转换公司债券（以下简称"可转债"） 的发行具体方案，主要内容如下： 1、发行 ...

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: Robotics Business Progress - The company is focusing on humanoid robots and has engaged with overseas clients to develop customized samples based on their technical solutions [2] - Plans to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements in humanoid robotics [2] Group 2: Tailgate Motor Market Share - The company is one of the early entrants in the tailgate motor market, with a deep understanding of market dynamics and product standards [3] - Revenue growth is driven by increased penetration in major clients and the acquisition of new customers [3] Group 3: Thailand Factory Development - The first phase of the Thailand factory focuses on cleaning pumps and motors, with plans to expand to more complex components as business grows [4] - The factory is expected to provide new growth momentum as production lines and customer orders are established [4] Group 4: Autonomous Driving Sector - The domestic autonomous driving sector is rapidly advancing from L2 to L3 levels, with many manufacturers making significant progress [5] - The company is actively communicating with both domestic and international clients to expand its business in this area [5] Group 5: Active Sensing Cleaning System Applications - Active cleaning technology is emerging in specific closed environments like ports and mines, although current application volumes are low [7] - Long-term prospects for active cleaning business in these environments are expected to grow as technology matures and market acceptance increases [7] Group 6: Gross Margin Trends - The company experienced a decline in gross margin due to concentrated rebates and short-term market strategies [7] - Recent quarters have shown stable gross margins, with plans to maintain stability through new customer development [7] Group 7: Competition in ADAS Active Sensing Cleaning System - The company has a first-mover advantage in the cleaning business with a strong technical foundation [7] - The overall market penetration is low, leading to limited competition primarily from foreign enterprises [7]

Core Viewpoints - The automotive sector is expected to continue its upward trend, driven by three main themes: AI robotics, AI intelligence, and favorable market conditions [4][8] - The market showed strong performance in the automotive sector, with passenger vehicles and components leading the gains, influenced by better-than-expected adjustments in US-China tariffs and previous significant corrections in the automotive market [4][8] Weekly Review Summary - In the second week of May, the number of compulsory insurance policies reached 443,000 vehicles, reflecting a week-on-week increase of 6.5% and a month-on-month increase of 29.8% [2][7] - The SW automotive index rose by 2.4%, with the best-performing segments being SW passenger vehicles (+4.4%) and SW automotive components (+2.2%), while commercial vehicles and motorcycles showed declines [2][7] Key Industry Changes - Weipai New Energy launched the 2025 model of the Gaoshan vehicle, equipped with the Coffee Pilot Ultra intelligent driving assistance system [3][7] - BYD was added to the Hang Seng Technology Index [3][7] - Geely Automobile reported Q1 2025 revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [3][7] - The acquisition of 100% equity in Wuhu Changpeng was completed, and the company was renamed Wuhu Top [3][7] - Baolong Technology's second phase of the 4.8MW distributed photovoltaic project in Ningguo was completed and accepted [3][7] Sector Configuration Recommendations - The company maintains a positive outlook for 2025, focusing on three main themes: AI robotics, AI intelligence, and favorable market conditions, with the robotics theme expected to have the highest elasticity in May [5][8] - Recommended stocks for the AI robotics theme include Top Group, Junsheng Electronics, and Precision Forging Technology [5][8] - For the AI intelligence theme, preferred stocks include Xpeng Motors, Li Auto, and Xiaomi in Hong Kong, and Seres, SAIC Motor, and BYD in A-shares [5][8] - The favorable market conditions theme includes recommendations for bus manufacturers like Yutong Bus and heavy-duty trucks like China National Heavy Duty Truck and Weichai Power [5][8] Market Performance Tracking - The automotive sector ranked third in A-shares and first in Hong Kong this week, with strong performances in passenger vehicles and components [12][21] - The automotive sector's performance in the SW index showed significant gains, with passenger vehicles leading the way [15][21] Sales Data Overview - In April, the total number of passenger vehicles insured was 443,000, with a year-on-year increase of 29.8% [44] - New energy vehicles accounted for 222,000 units, with a penetration rate of 50.2% [44]

证券代码：300969 证券简称：恒帅股份 公告编号：2025-035 宁波恒帅股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的进展公告 宁波恒帅股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日召开了第二 届董事会第二十一次会议、第二届监事会第十九次会议，审议通过了《关于使用 部分闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资金投资 项目建设和公司正常运营的情况下，使用不超过人民币 12,000 万元的闲置募集 资金进行现金管理，期限自公司董事会审议通过之日起 12 个月内有效，该事项无 需提交股东大会审议。在上述额度和期限范围内，资金可循环滚动使用。具体内 容详见公司于 2025 年 4 月 3 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关 于使用部分闲置募集资金进行现金管理的公告》。 受托方 产品名称 产品类型 认购金 额（万 元） 起息日 到期日 预期年 化收益 率 是否 到期 赎回 理财 收益 （万 元） 杭州银行 杭州银行 "添利 宝"结构 性存款产 品 （TLBB20 2506844 ） 保本浮动 型 1,000. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit are experiencing a temporary decline due to pressure on both business segments, particularly in traditional cleaning and motor businesses, which are affected by intensified competition and fluctuations in downstream customer demand [5][6] - The company reported Q1 2025 revenue of 203 million yuan, a year-on-year increase of 16.04% and a quarter-on-quarter increase of 21.44%, with a net profit of 42 million yuan, up 35.48% year-on-year and 16.71% quarter-on-quarter [4][5] Summary by Sections Business Performance - Revenue decline is primarily due to the overall operating environment and fluctuations in downstream customer demand, with traditional cleaning facing intensified competition and a short-term decline in the motor segment [5] - The company's gross margin for Q1 was 32.22%, a year-on-year increase of 4.57 percentage points, indicating stability despite the pressure from traditional cleaning system products [5] Future Outlook - The company is expected to see revenue growth from new products such as electric motors and proactive sensing cleaning systems, which are anticipated to drive profitability upward [5][6] - Revenue projections for 2025 to 2027 are estimated at 1.101 billion, 1.337 billion, and 1.702 billion yuan respectively, with corresponding net profits of 239 million, 290 million, and 385 million yuan [7][10] Product Development - The traditional cleaning business faces challenges, but proactive sensing cleaning products are expected to open new market opportunities [8] - The motor business is expanding into various electric motor types, including high-torque harmonic brushless motors and other automotive applications, with significant projects already secured in the EPB field [8] Strategic Initiatives - The company is actively adjusting its customer structure to address the pressures in the cleaning business and is focusing on the commercialization of its micro-motor technology and intelligent cleaning solutions [7][8]

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company's revenue and profit are under pressure due to challenges in both business segments, with traditional cleaning facing intensified competition and the motor segment experiencing a short-term decline. The company has also paused supply to some overdue customers due to accounts receivable risk and payment term management considerations [5][7] - The Q1 2025 financial results show a revenue of 203 million yuan, down 16.04% year-on-year and 21.44% quarter-on-quarter, with a net profit of 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [4][5] - The company is focusing on expanding its product offerings in the cleaning and motor sectors, with new products expected to drive profitability in the long term. The proactive sensing cleaning products are anticipated to enhance market share and revenue growth [6][8] Summary by Sections Business Performance - The revenue decline is primarily attributed to the overall operating environment and fluctuations in downstream customer demand, particularly in the traditional cleaning business. The motor segment has also seen a short-term decline [5] - The gross margin for Q1 was 32.22%, a decrease of 4.57 percentage points year-on-year and 0.28 percentage points quarter-on-quarter, influenced by the pressure on traditional cleaning system products [5][10] Financial Forecast - Revenue projections for 2025 to 2027 are estimated at 1.101 billion yuan, 1.337 billion yuan, and 1.702 billion yuan, respectively, with corresponding net profits of 239 million yuan, 290 million yuan, and 385 million yuan [7][10] - The company is expected to maintain a price-to-earnings ratio (P/E) of 27.76x, 22.84x, and 17.25x for the years 2025 to 2027 [7][10] Product Development - The traditional cleaning business faces challenges, while proactive sensing cleaning is expected to open new opportunities. The company plans to expand its partnerships with automotive manufacturers and enhance its global production layout [8] - The motor business is leveraging its core technologies to expand into various electric motor categories, including high-torque harmonic brushless motors and other automotive applications [8]

Group 1: Company Growth Drivers - The main growth driver for the company's traditional cleaning business is the acquisition of new customers, as the domestic market share is already established and unlikely to change significantly in the short term [2] - The company plans to gradually deploy a production capacity of 250,000 sets per year for the gas-liquid mixed active cleaning system based on the progress of mass production [2] - In the electric motor sector, the company has accumulated a good reputation and market share in the automotive four-door and two-cover areas, with ongoing expansion of new electric motor products expected to create additional market space [3] Group 2: Market Competition Landscape - The small motor market is tightly packed, making it difficult for too many competitors to enter, resulting in a less competitive environment [4] - High technical barriers in small motor technology development pose significant challenges for component manufacturers, shaping the competitive landscape [4] - The narrow market scenarios targeted by small motors lack sufficient attractiveness to draw in numerous competitors [4] Group 3: Robotics and ADAS Developments - The company is focusing on humanoid robot opportunities and has engaged with overseas clients, creating samples based on its technical solutions [5] - Plans to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements in humanoid robots are underway [5] - The ADAS active perception cleaning system is positioned as a key growth driver, with existing projects secured with clients like Waymo and Meituan [6] Group 4: New Energy Business and Revenue Contribution - The company is actively integrating existing technologies with the new energy vehicle sector, with projected revenue from new energy vehicle components reaching 280.82 million yuan in 2024, accounting for 29.54% of the main business revenue [6] - The electric motor sector continues to expand due to rising electrification demands and significant opportunities for domestic replacements [6] Group 5: Challenges and Opportunities in the Electric Motor Industry - The electric motor market is expanding with increasing demand for electric vehicles, presenting both challenges and opportunities [6] - The rise of new markets, such as robotics, is seen as a future growth area for the electric motor industry [6] - The company aims to continuously develop new products and expand into new markets and customers to enhance its technological advantages and core competitiveness [6]

Core Viewpoint - The company Hengshuai Co., Ltd. (300969) has shown a positive stock performance with a closing price of 60.24 yuan, reflecting a 3.9% increase as of May 12, 2025 [1] Group 1: Stock Performance - As of May 12, 2025, Hengshuai Co., Ltd. reported a closing price of 60.24 yuan, which is an increase of 3.9% [1] - The trading volume on that day was 17,100 shares, with a total transaction amount of 102 million yuan [1] - The turnover rate for the stock was recorded at 5.65% [1] Group 2: Shareholder Information - As of May 9, 2025, the total number of shareholders for Hengshuai Co., Ltd. was 9,138 accounts, including credit accounts [3][4][5] Group 3: Fund Flow Information - On May 12, 2025, the net inflow of main funds into Hengshuai Co., Ltd. was 3.5153 million yuan, accounting for 3.46% of the total transaction amount [6][7] - Retail investors experienced a net outflow of 3.3% of the total transaction amount, while speculative funds saw a net outflow of 0.16% [7]