智通财经APP获悉，机器人概念股涨幅居前，截至发稿，德昌电机控股(00179)涨6.47%，报30.62港元； 三花智控(02050)涨6.16%，报34.46港元；优必选(09880)涨3.39%，报113港元；越疆(02432)涨3.29%，报 40.2港元。 消息面上，据报道，特朗普政府力推机器人产业发展。据三位知情且匿名透露细节的人士透露，美国商 务部长霍华德·卢特尼克一直在与机器人行业的CEO会面，并全力以赴加速行业发展。据两位知情人士 透露，政府正在考虑明年发布关于机器人的行政命令。据一位熟悉规划的人士透露，美国交通部也正准 备宣布机器人工作组，可能在年底前成立。该部门发言人未回应置评请求。 花旗最新研报表示，2026年全球人形机器人产量将进入指数级增长阶段，预计至少较2025年翻倍。产业 链各环节增长路径明确，上游核心部件单机价值量高、需求刚性，整机企业订单与量产进度加速，行业 正从技术验证迈向规模量产，具备高确定性的长期投资价值。 ...

Group 1 - The core viewpoint of the article highlights the increasing governmental support for the robotics industry in the U.S., indicating a shift from private sector involvement to clear governmental backing, with potential executive orders expected next year [1] - The U.S. Department of Commerce emphasizes the importance of robotics and advanced manufacturing for bringing critical production back to the U.S., reflecting a strategic focus on the "reshoring" of manufacturing [1] - The article suggests that the robotics sector is becoming a key battleground for competition among major economies, following the trend set by artificial intelligence [1] Group 2 - The stock performance of various robotics-related companies shows significant gains, with 德昌电机控股 up 6.05% and 三花智控 up 5.67%, indicating strong market interest in this sector [2] - Year-to-date performance for these companies is notable, with 德昌电机控股 showing a 196.40% increase and 优必选 up 103.82%, reflecting robust investor confidence [2] - The overall market sentiment towards robotics stocks is positive, as indicated by the MACD golden cross signal formation, suggesting a continuation of upward momentum [2]

Core Viewpoint - Despite facing challenges such as macroeconomic downturns and uncertainties in global trade tariffs, the company reported stable financial performance with a 3% year-on-year increase in profit attributable to shareholders and maintained its interim dividend at 17 Hong Kong cents per share, consistent with the previous year [2] Financial Performance - For the first half of the fiscal year 2025/26 (ending September 30, 2025), the company's total revenue was $1.8335 billion, a slight decrease of 1% from $1.8542 billion in the same period last year; excluding foreign exchange effects, revenue fell by 2% [2][4] - Gross profit reached $440.7 million, with a gross margin increase from 23.6% to 24.0%, primarily due to lower direct labor costs, tighter raw material prices, and favorable foreign exchange movements, which offset pressures from price reductions and rising wages [2][4] - Net profit attributable to shareholders increased by 3% to $133.3 million, with fully diluted earnings per share at 14.21 cents; adjusted EBITDA was $158.7 million, accounting for 8.7% of revenue [2][4] Cash Flow and Financial Position - The company reported strong operating free cash flow, rising from $144.4 million to $174.5 million, mainly due to a decrease in working capital [2][4] - As of September 30, 2025, cash reserves stood at $932.5 million, with a total debt-to-capital ratio of 11%, down 1 percentage point from the end of the previous year; net cash was $572.8 million, and interest coverage improved to 21.3 times [3][4] Business Segments - The automotive products segment, which is the core business, accounted for 84% of total revenue, experiencing a 3% decline in fixed exchange rates; the Asia-Pacific region saw a 6% drop, primarily due to market share loss among joint ventures in China [5] - The industrial products segment represented 16% of total revenue, remaining stable year-on-year in fixed exchange rates, with varied regional performance: a 7% increase in Europe, the Middle East, and Africa, while Asia-Pacific and the Americas saw declines of 5% and 3%, respectively [5] Strategic Initiatives - The company is adjusting its business by integrating production processes, focusing on highly automated assembly lines and digital processes, and shifting new business development towards rapidly expanding Chinese manufacturers [6] - The company is actively pursuing new opportunities in the context of the global automotive industry's electrification transition and trade policy changes, including a joint venture with Shanghai Mechanical & Electrical Co., Ltd. to focus on high-performance humanoid robot components [6]

致：香港交易及結算所有限公司 公司名稱: Johnson Electric Holdings Limited 德昌電機控股有限公司* 呈交日期: 2025年12月1日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00179 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,760,000,000 | HKD | | 0.05 HKD | | 88,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,760,000,000 | HKD | | 0.05 HKD | ...

JOHNSON ELECTRIC HOLDINGS LIMITED 德 昌 電 機 控 股 有 限 公 司* (Incorporated in Bermuda with limited liability) （在百慕達註冊成立之有限公司） （Stock Code 股份代號：179） NOTIFICATION LETTER 通 知 信 函 Should you have any queries in relation to this letter, please call the telephone hotline of the Hong Kong Share Registrar at (852) 2862 8688 during business hours from 9:00 a.m. to 6:00 p.m. Monday to Friday, excluding Hong Kong public holidays or send an email to johnsonelectric.ecom@computershare.com.hk. Yours faithfully, For and on beha ...

(Incorporated in Bermuda with limited liability) （在百慕達註冊成立之有限公司） （Stock Code 股份代號：179） JOHNSON ELECTRIC HOLDINGS LIMITED 德 昌 電 機 控 股 有 限 公 司* NOTIFICATION LETTER 通 知 信 函 Dear Registered Shareholders, Johnson Electric Holdings Limited ("Company") — Notice of Publication of Interim Report 2025/26 ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.johnsonelectric.com and the HKEXnews website at www. ...

Financial Performance - Total revenue for Johnson Electric Holdings Limited was $1,833 million, a decrease of 1% compared to the same period last year[8]. - Gross profit amounted to $441 million, representing 24.0% of total revenue, up from 23.6% in the previous year[8]. - Adjusted EBITDA was $159 million, or 8.7% of total revenue, down from 9.5% in the previous year[8]. - Net profit attributable to shareholders increased by 3% to $133 million, or $0.1421 per share[8]. - Basic net profit decreased by 8% to $123 million after excluding unrealized gains or losses related to exchange rate fluctuations and restructuring costs[8]. - Free cash flow from operations was $174 million, compared to $144 million in the previous year[8]. - For the first half of the 25/26 fiscal year, total revenue decreased by $20.7 million or 1% to $1,833.5 million compared to the previous year[24]. - Adjusted EBITDA margin decreased from 9.5% to 8.7%, with adjusted EBITDA of $158.7 million for the first half of the fiscal year[23]. - For the six months ended September 30, 2025, the company reported revenue of $1,833,483 thousand, a decrease of 1.1% compared to $1,854,168 thousand for the same period in 2024[116]. - The operating profit was $156,235 thousand, down from $157,854 thousand, reflecting a decrease of 1.0% year-over-year[116]. - Net profit attributable to shareholders for the period was $133,263 thousand, an increase of 2.0% from $129,613 thousand in the previous year[116]. - Basic earnings per share for the period was 14.40 cents, compared to 14.05 cents for the same period last year, showing a growth of 2.5%[116]. Segment Performance - The automotive products segment accounted for 84% of total revenue, with a revenue decline of 3% at constant exchange rates[10]. - The industrial products segment represented 16% of total revenue, with stable sales compared to the previous year[13]. - Automotive product segment revenue decreased by 3% to $1,542 million, maintaining an 84% share of total revenue[28]. - For the industrial products segment, revenue remained flat compared to the first half of the 24/25 fiscal year, accounting for 16% of total group revenue[33]. - The industrial products segment saw a 5% revenue decline in the Asia-Pacific region, attributed to intense price competition[37]. - In Europe, the industrial products segment experienced a 7% revenue increase due to replenishment orders and new product launches[37]. - In the Americas, the industrial products segment's revenue decreased by 3%, mainly due to weak customer demand and the end of life cycle for certain projects[37]. Cash Flow and Liquidity - Free cash flow from operations rose from $144 million to $174 million, driven by a decline in working capital, which outweighed the increase in capital expenditures[16]. - The company maintains a strong financial position with net cash of $572.8 million as of September 30, 2025[23]. - Cash and cash equivalents increased by $141.9 million to $932.5 million as of September 30, 2025, compared to $790.6 million on March 31, 2025[62]. - Operating cash flow for the six months ended September 30, 2025, was $317,906 thousand, compared to $262,094 thousand in 2024, representing a 21.3% increase[123]. - Net cash from operating activities increased to $290,001 thousand in 2025 from $222,780 thousand in 2024, reflecting a growth of 30.2%[125]. Debt and Financing - As of September 30, 2025, the total debt-to-capital ratio was 11%, with cash reserves of $932 million[8]. - The company's total debt-to-capital ratio remains stable at 11%, with cash reserves of $932 million as of September 30, 2025[17]. - The total loan amount as of September 30, 2025, was $359,683 thousand, slightly up from $359,335 thousand on March 31, 2025, indicating a marginal increase of 0.1%[169]. - The company secured a $400 million financing agreement in August 2023, which includes $200 million in term loan financing and $200 million in revolving credit financing[170]. Shareholder Returns - The board declared an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218, to be distributed on January 6, 2026[18]. - The company announced an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218, to be paid on January 6, 2026[109]. - The company distributed cash dividends amounting to $52.086 million for the fiscal year 2023/24, reflecting its commitment to returning value to shareholders[121]. Governance and Compliance - The company continues to comply with corporate governance standards as outlined in its annual report[91]. - The board of directors remains unchanged except for the resignation of a non-executive director on July 17, 2025[94]. - The company has complied with the standard code of conduct as per the listing rules, confirming adherence for the six months ending September 30, 2025[96]. - The interim performance report for the six months ending September 30, 2025, has been reviewed by the audit committee and the company's auditor[97]. Market and Economic Conditions - The company expects moderate revenue growth in the second half of the fiscal year, despite uncertainties in the macroeconomic outlook[19]. - In the Asia-Pacific region, revenue decreased by 6%, primarily due to a decline in demand for non-local automotive brands and pricing measures to maintain competitiveness[32]. - Revenue in Europe, the Middle East, and Africa slightly decreased by 1%, with declines in cooling management and closure systems offset by growth in brake systems and oil pumps[32]. - In the Americas, revenue also slightly decreased by 1%, driven by weak demand from several customers, although this was offset by growth in powder metal components and cooling management products[32]. Asset Management - Inventory increased by $63.9 million to $595.7 million as of September 30, 2025, with inventory days rising to 78 days from 67 days[49]. - Accounts receivable remained stable at $816.9 million, with days sales outstanding decreasing to 68 days from 70 days[51]. - Accounts payable increased by $75.2 million to $807.1 million, with days payable outstanding rising to 100 days from 86 days[53]. - The company reported a total of $36,554 thousand in other non-current assets as of September 30, 2025, an increase from $26,961 thousand as of March 31, 2025[142]. Risks and Hedging - The company faces commodity price risk primarily from fluctuations in copper, steel, silver, and aluminum prices, which can be managed through appropriate contract terms[88]. - The company has implemented cash flow hedging contracts to mitigate copper price risk where feasible[89]. - The company reported a fair value change of $22.9 million in derivative instruments designated as cash flow hedges during the period[150]. - The net gain from commodity and foreign exchange contracts recognized in the income statement for the first half of the fiscal year 25/26 was $14.6 million, compared to $15.6 million for the same period in the previous fiscal year[154]. Employee Compensation and Share Plans - The total remuneration for directors was $5,180 thousand for the six months ended September 30, 2025, compared to $3,297 thousand in 2024, reflecting a significant increase of 57%[199]. - Senior management compensation totaled $9,359 thousand for the same period, up from $5,689 thousand in 2024, marking a rise of 64%[199]. - The company approved a new restricted and performance-linked share unit plan on July 13, 2023, replacing the previous plan from July 9, 2015, to enhance employee incentives[179]. - The total number of unvested shares granted under the share unit plan is 16,951,000, representing 1.81% of the issued shares[105].

Group 1 - The core viewpoint highlights the increasing prominence of domestic robot manufacturers in the global humanoid robot competition, supported by government policies and growing application orders [1][2] - As of November 2025, leading domestic robot companies are expected to accumulate over 2.4 billion in orders, with more than 20,000 units already ordered [1] - Tesla has delayed its production target for the Optimus humanoid robot, reducing its goal from 5,000 units to 2,000-3,000 units for Q4 2025, which may shift the certainty of mass production towards domestic manufacturers [1] Group 2 - Recent adjustments in the robot sector are attributed to Tesla's postponement of the Optimus V3 release and production plans, raising concerns about the overall mass production progress and scale of humanoid robots [2] - Companies like Tesla, Figure, and Xiaopeng are still iterating on technology and advancing the mass production process, while others like Yushu Technology are accelerating their IPOs [2] - The humanoid robot sector is expected to enter a phase of scale production from 2026, with further catalysts anticipated for the robot industry chain companies [2]

Summary of Key Points from the Conference Call Industry and Company Overview - The focus is on the robotics sector and specifically on 德昌电机控股 (Deka Motor Holdings), a leading global micro-motor company [1][13] - The robotics sector is expected to see a new market trend from Q4 2025 to Q1 2026, driven by small batch orders and the release of Tesla's third-generation humanoid robot [1][3] Core Insights and Arguments - **Technological Advancements**: Tesla's third-generation humanoid robot will feature significant technological upgrades, including: - Gearbox changes from harmonic to cycloidal gearboxes [4] - Motor upgrades from frameless torque motors to axial flux motors and harmonic field motors [6] - Increased degrees of freedom in hand design from 11 to 22 [6] - **Investment Recommendations**: Key companies to watch include: - **拓普集团 (Top Group)**: Estimated market value of approximately 100 billion, with significant rebound potential [7] - **浙江荣泰 (Zhejiang Rongtai)**: A stable supplier in the T-chain with high positioning [7] - **双环传动 (Shuanghuan Transmission)**: Collaborating with Tesla on gearbox development, benefiting from the rise in electrification [7][8] - **Market Dynamics**: The automotive and robotics sectors are experiencing volatility due to policy uncertainties and capital rotation pressures, but the long-term outlook for embodied intelligence remains positive [3] Financial Performance and Projections - **德昌电机控股 Financials**: - Revenue for FY 2025 is projected at $3.65 billion, a 4.5% decrease year-on-year, while net profit is expected to rise by 14.2% to $260 million [14] - The company has a balanced revenue distribution across regions: Asia (40%), Americas (32%), and Europe/Middle East/Africa (30.7%) [14] - FY 2026 profit forecast is $270 million, with a PE ratio of 14.4, indicating a potential 50% upside [2][14] Emerging Business Opportunities - **Robotics and Liquid Cooling**: The company is expanding into humanoid robots and liquid cooling systems, which are expected to provide new growth avenues [13][24] - **Market Potential**: The global humanoid robot joint assembly market is projected to reach approximately $20 billion by 2028 [21] Competitive Positioning - **Micro-Motor Market Share**: 德昌电机控股 holds an 18% market share in the global passenger vehicle micro-motor market, being the only Chinese company among the top five manufacturers [20] - **Technological Edge**: The company leverages vertical integration and a global production layout to maintain competitive advantages in cost and technology [20][22] Future Outlook - **Automotive Sector**: The automotive business, which constitutes 85% of revenue, is expected to face challenges in 2026 but is projected to recover by 2027 [25][16] - **Commercial Sector**: The commercial business is anticipated to stabilize, with slight revenue growth expected in FY 2026 [26] - **Emerging Business Contributions**: Robotics and liquid cooling are expected to start contributing to revenue from FY 2027 [27] Valuation and Investment Rating - The company is rated as a strong buy with a target price of HKD 43.6, reflecting a nearly 50% upside based on a 20x PE ratio for FY 2026 [28]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating which companies saw the largest increases and decreases in ownership percentages among investors [1][2]. Summary by Category Increase in Holdings - Maanshan Iron & Steel Co., Ltd. (00323) saw the largest increase in ownership percentage, rising by 0.90% to a total of 16.56% [2]. - Guofu Hydrogen Energy (02582) and XPeng Inc. (09868) both increased by 0.70%, with their latest holdings at 15.15% and 19.48% respectively [2]. - Over the last five trading days, Guofu Hydrogen Energy (02582) experienced the most significant increase of 7.57%, bringing its total to 15.15% [3]. - Other notable increases include Giant Star Legend (06683) with a 4.97% rise to 17.88% and InnoCare Pharma Limited (09606) with a 3.28% increase to 27.68% [3]. Decrease in Holdings - Shandong Molong Petroleum Machinery Co., Ltd. (00568) had the largest decrease in ownership, dropping by 1.61% to 58.05% [2]. - Beijing Jingcheng Machinery Electric Company Limited (00187) and Qiu Tai Technology (01478) also saw significant decreases of 0.95% and 0.76%, with their latest holdings at 50.50% and 8.73% respectively [2]. - In the last five trading days, the largest decrease was observed in Hang Seng China Enterprises Index (02828), which fell by 5.47% to 2.63% [3]. - Other companies with notable decreases include the Tracker Fund of Hong Kong (02800) and ZTE Corporation (00763), which decreased by 2.06% and 1.70% respectively [3].