Core Viewpoint - 德昌电机控股 has established two joint ventures with Shanghai Mechanical and Electrical, aiming to serve the domestic humanoid robot market, which is expected to enhance its capabilities in manufacturing core components for humanoid robots [1] Group 1: Company Developments - 德昌电机控股's stock rose over 3%, currently trading at 23.6 HKD with a transaction volume of 47.21 million HKD [1] - The joint ventures consist of a design and manufacturing company where 德昌电机控股 holds a 51% stake, and a sales company where Shanghai Mechanical and Electrical holds the majority [1] - The products to be developed include joints for the waist, hips, knees, and ankles, as well as dexterous hand actuators and sensors [1] Group 2: Industry Outlook - According to Cathay Haitong, 德昌电机控股 has a strong foundation in motor design and manufacturing, and the collaboration with Shanghai Mechanical and Electrical is expected to enhance its financial strength and capabilities in non-motor components [1] - The partnership is anticipated to strengthen 德昌电机控股's ability to develop core component systems for humanoid robots, indicating a positive long-term development outlook for the company in this sector [1]

消息面上，近期，根据德昌电机控股公告披露，公司与上海机电成立两个合资公司，其中设计制造公司 由德昌电机控股51%，销售公司由上海机电控股，德昌电机持股49%。成立两个合资公司的主要目的是 服务国内人形机器人市场。拟开发的产品包括腰部、胯部关节、膝关节和踝关节，以及灵巧手执行器和 传感器。 国泰海通认为，德昌电机在电机设计制造领域积累深厚，与上海机电合作，资金实力、非电机零部件的 能力都有望加强，开发人形机器人核心零部件系统的能力有望进一步加强。该行看好德昌电机控股进一 步进军人形机器人零部件制造之后的长期发展前景。 智通财经APP获悉，德昌电机控股(00179)涨超3%，截至发稿，涨2.83%，报23.6港元，成交额4721.16万 港元。 ...

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7月31日 狀態: 新提交 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* 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年8月1日 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 | | ...

Investment Rating - The investment rating for the company is "Accumulate" [6][10]. Core Views - The report highlights that the company, 德昌电机控股, has formed a joint venture with 上海机电 to enter the humanoid robot joint market, leveraging decades of collaboration to enhance efficiency in this sector [2][10]. - The company is expected to face revenue pressure in the first quarter of the 2025-2026 fiscal year, with a reported revenue decline of 2% year-on-year to $915 million [10]. Financial Summary - Total revenue projections are as follows: - 2025A: $3,815 million - 2026E: $3,751 million - 2027E: $4,096 million - 2028E: $4,475 million - The revenue growth rates are projected at 5%, -4%, 3%, 9%, and 9% respectively [4]. - Gross profit and net profit forecasts are: - Gross profit for 2025A: $851 million, with a projected increase to $1,029 million by 2028E - Net profit for 2025A: $263 million, expected to grow to $355 million by 2028E, reflecting growth rates of 15%, 7%, 15%, and 10% respectively [4][10]. - The company’s PE ratio is projected to be 5.57 for 2025A, increasing to 8.44 by 2028E, while the PB ratio is expected to rise from 0.51 to 0.83 over the same period [4]. Market Data - The current stock price is HKD 25.40, with a 52-week price range of HKD 10.00 to HKD 26.00 [6][7]. - The current market capitalization is approximately HKD 23,734 million [7]. Investment Recommendation - The report maintains a positive outlook on the long-term development prospects of 德昌电机控股 in the humanoid robot components manufacturing sector, with a target price set at HKD 30.61 based on a 13x PE for the fiscal year 2025 [10].

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index down 0.08% to 24,498.95 points and a total turnover of HKD 236.41 billion [1] - The Hang Seng Tech Index rose by 0.56% to 5,448.85 points, indicating a positive trend in technology stocks [1] - Analysts from Dongwu Overseas Strategy Team maintain a cautiously optimistic view on Hong Kong stocks, suggesting potential inflows of new capital and a focus on dividend stocks and undervalued stocks [1] Blue Chip Performance - Li Auto-W (02015) led blue-chip stocks with a 9.73% increase, closing at HKD 124.1, contributing 24.08 points to the Hang Seng Index [2] - Other notable performers included China Biologic Products (01177) up 5.9% and Hansoh Pharmaceutical (03692) up 4.39% [2] - Conversely, Chow Tai Fook (01929) and New Oriental-S (09901) saw declines of 3.55% and 2.47%, respectively, negatively impacting the index [2] Sector Highlights - The biotechnology sector was notably strong, with innovative drug stocks leading the gains, such as Lepu Biopharma-B (02157) up 24.66% and CanSino Biologics (09926) up 10.71% [3][4] - The robotics sector also showed significant activity, with companies like Delta Electronics (00179) rising 14.54% [4] - Lithium stocks experienced gains, with Ganfeng Lithium (01772) up 5% and Tianqi Lithium (09696) up 4.38% [5] Gold Market Dynamics - The gold market faced pressure as spot gold prices fell below USD 3,330, influenced by a stronger dollar and reduced safe-haven demand [7] - Gold stocks collectively declined, with Lingbao Gold (03330) down 5.2% and Shandong Gold (01787) down 3.75% [6][7] Notable Stock Movements - Changfei Optical Fiber (06869) surged 19.61% to HKD 24.4, driven by positive developments in the optical module sector [8] - Fenbi (02469) rose 18.79% following the launch of its AI-based exam preparation system [9] - Dechang Electric (00179) reached a new high with a 14.54% increase, attributed to new joint ventures aimed at enhancing its engineering capabilities [10] - China Software International (00354) increased by 12.75%, benefiting from government support for the HarmonyOS application ecosystem [11]

Sales Performance - Group sales declined by 2%[7] - APG's sales decreased mainly due to an unfavorable customer mix in China and competitive pricing pressures[7] - IPG's sales improved slightly amid mixed regional market and customer dynamics[7] - Asia-Pacific IPG sales declined due to keen price competition and customer program delays[19, 22] - EMEA IPG sales were boosted by new launches and replenishment orders[20] - Americas IPG sales faced softer demand in some product segments, partially offset by increased sales for high-precision piezo motors[20] Automotive Products Group (APG) - APG's sales were negatively impacted by reduced demand for non-domestic car brands in China, partially offset by accelerating sales to domestic car brands[11] - APG faced market-driven pricing adjustments[11] - APG experienced phasing out of certain programs[11] Industry Products Group (IPG) - IPG and its customers faced keen price competition and certain customers delayed programs[22] Joint Ventures - Joint venture agreements signed with Shanghai Mechanical & Electrical Industrial Co, Ltd (SMEIC) on 16 July, 2025[27] - Johnson Electric supplies components to the Shenzhen joint venture, including motors and planetary reducers[27] Exchange Rates - CAD weakened against the USD by 1.2%[33] - CNY weakened against the USD by 1.2%[33] - EUR strengthened against the USD by 5.2%[33]

Market Overview - Hong Kong stocks experienced a pullback after an initial rise, with the Hang Seng Index closing down 0.29% at 24,517.76 points and a total trading volume of 258.95 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.18% to 8,861.39 points, while the Hang Seng Tech Index decreased by 0.24% to 5,418.4 points [1] - Shenwan Hongyuan remains optimistic about investment opportunities in Hong Kong and A-share markets, predicting that Hong Kong will play a crucial role in the restructuring of the global financial order [1] Blue Chip Performance - Anta Sports (02020) led blue-chip stocks, rising 2.28% to 91.85 HKD, contributing 4.55 points to the Hang Seng Index [2] - Other notable performers included Kuaishou-W (01024) up 2.13% and Trip.com Group-S (09961) up 1.59%, while Shenzhou International (02313) and Zhongsheng Holdings (00881) saw declines of 2.75% and 2.67%, respectively [2] Sector Highlights - Large tech stocks showed mixed results, with Kuaishou rising over 2% and Baidu nearly 1%, while Tencent fell 0.19% [3] - The humanoid robot sector is gaining traction, with Shengye rising nearly 15% following positive developments [3] - The innovative drug sector remains active, with Lijun Pharmaceutical rising 13% amid ongoing interest in new drug procurement [4][5] Innovative Drug Sector - The 11th batch of national drug procurement has started, focusing on mature "old drugs" while excluding innovative drugs [5] - Analysts believe that the current innovative drug market is driven by value reassessment, with domestic investors increasing their positions through Hong Kong Stock Connect [5] Stablecoin Activity - China San San Media (08087) surged 72.73% after announcing plans to apply for a stablecoin license in Hong Kong, which will officially take effect on August 1 [6] - The global regulatory framework for stablecoins is expected to lead to significant industry growth [6] New Consumption Trends - New consumption stocks showed varied performance, with Guoquan (02517) up 7.29% and Hu Shang Ayi (02589) up 1.99%, while Gu Ming (01364) fell 4.26% [7] - Guoquan expects a net profit of approximately 180 to 210 million RMB for the first half of 2025, representing a year-on-year increase of 111% to 146% [7] Notable Stock Movements - Weiyali (00854) saw a dramatic increase of 288.34% after resuming trading, reaching a peak of 33.2 HKD [8] - Chongqing Machinery (02722) rose 14.06% following news of NVIDIA resuming sales of its H20 chip in China [9] - Jiufang Zhitu Holdings (09636) increased by 10.06% as it plans to issue shares for strategic investments [10] - Quzhi Group (00917) fell 12.06% after announcing a share placement at a discount to its market price [11]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [1] Core Views - The long-term confidence in the humanoid robot industry remains unchanged, with a positive outlook on Tesla's humanoid robot supply chain [3][4] - Tesla's Robotaxi service has officially launched in Austin, Texas, marking a new phase in the commercialization of autonomous driving technology [6][7] Summary by Sections Industry Performance - The automotive sector underperformed the market, with a 1-month decline of 1.4% and a 3-month decline of 2.6%, while the 12-month performance showed a gain of 30.6% [2][14] - The overall market, represented by the CSI 300 index, increased by 2.6% over the same period [2] Humanoid Robots - The production progress of Tesla's Optimus is significantly influenced by technological innovation and supply chain factors [4] - The report emphasizes the importance of component manufacturers that can adapt to Tesla's evolving design requirements, recommending companies with strong technological capabilities and cost control [4][7] Robotaxi Launch - Tesla's Robotaxi service is currently operating with approximately 10 upgraded Model Y vehicles, charging a fixed rate of $4.2 per trip [6][7] - The service is in a verification phase for its business model, with plans to expand the fleet and service area in the future [6][7] Recommended Stocks - The report recommends several companies based on their potential in the humanoid robot and automotive sectors, including: - Dual Lin Co., Rongtai Co., and Kaidi Co. for their advantages in component manufacturing [7][41] - New Spring Co., Wencan Co., and Aikodi for their roles in the supply chain [7][41] - Recommended stocks also include Keite Co. and Jun Chuang Technology for their strategic positions in the market [7][41] Company Focus and Earnings Forecast - The report provides earnings forecasts for several companies, indicating a positive outlook with "Buy" ratings for: - Dual Lin Co. with an EPS forecast of 1.24 for 2024 and a PE ratio of 39.52 [9][43] - Leedick with an EPS forecast of 1.22 for 2024 and a PE ratio of 47.96 [9][43] - Jianghuai Automobile with an EPS forecast of 0.12 for 2024 and a PE ratio of 348.25 [9][43]

Financial Performance - Total revenue for Johnson Electric Holdings Limited reached $3.64 billion, with a net profit of $263 million[5]. - Group revenue totaled $3,648 million, down 4% from the previous year, with a gross profit of $843 million, representing a gross margin of 23.1%[38]. - Adjusted EBITDA was $344 million, accounting for 9.4% of revenue, an increase from 9.0% in the previous year[38]. - Net profit attributable to shareholders increased by 15% to $263 million, with basic net profit adjusted for non-cash foreign exchange changes at $274 million, up 9%[43]. - The company's revenue for the fiscal year 24/25 decreased by $166.6 million or 4% to $3,647.6 million compared to $3,814.2 million in the fiscal year 23/24[104]. - The automotive product segment's revenue was $3,072.4 million, accounting for 84% of total revenue, which represents a decrease of $137.8 million or 4% from the previous year[104]. - The industrial product segment's revenue was $575.2 million, making up 16% of total revenue, reflecting a decline of $28.8 million or 5% compared to the prior fiscal year[104]. - The group's operating profit for the fiscal year 24/25 was $305.9 million, an increase of $20.6 million or 7.2% compared to the previous fiscal year[119]. - Shareholders' profit for the fiscal year 24/25 was $262.8 million, up by $33.6 million or 15% from $229.2 million in the previous fiscal year[120]. - The adjusted net profit for the fiscal year 24/25 was $274.0 million, reflecting an increase from $252.0 million in the previous fiscal year[121]. Revenue Breakdown - Revenue breakdown shows 84% from automotive products and 16% from industrial products[6]. - Geographical revenue distribution: Americas 32%, Asia-Pacific 37%, EMEA 31%[8][13]. - The automotive products segment generated revenue of $3,072 million, a decrease of 3% year-over-year, primarily due to economic downturns and declining consumer confidence[36]. - The industrial products segment faced challenges with revenue of $575 million, down 5% year-over-year, due to weak demand in post-pandemic conditions[40]. - The automotive products segment is focusing on innovative technologies for electrification and safety improvements while offering competitive value propositions[37]. Innovation and Technology - The company emphasizes innovation and technology leadership, investing significantly in automation and digital transformation[25]. - Johnson Electric is committed to providing innovative drive solutions that enhance the quality of life for end users[12]. - The new Integrated Thermal Management System (ITMS) reduces weight by 25% and assembly time by 20%, while extending the range by 15%-20% in cold weather conditions[58]. - The advanced DC pump for cold plate liquid cooling reduces energy costs by 10% and extends the lifespan of data centers by up to five years[60]. - The company is focusing on developing products that reduce greenhouse gas emissions and energy consumption in the automotive sector[50]. - The company's innovative technologies help customers achieve success in reducing consumption and waste, improving energy efficiency, and lowering carbon emissions[54]. - The company is committed to addressing climate change by enhancing the performance of products in new energy vehicles[52]. - The company is integrating advanced digital technologies, including artificial intelligence, to lower costs and improve efficiency[47]. Sustainability and ESG - The company achieved an 81% reduction in Scope 2 carbon emissions compared to the 22/23 fiscal year baseline, exceeding the recent target of a 65% reduction[84]. - Renewable electricity usage increased to 83%, up from 53% the previous year, with renewable energy usage rising from 44% to 69%[84]. - The MSCI ESG rating improved from "A" to "AA," placing the company in the top 7% of the automotive parts industry[90]. - The company was included in the S&P Global Sustainability Yearbook (China) 2024, ranking in the top 15 among peers in the automotive parts category[91]. - The company has maintained a "B" score in the CDP climate change assessment and improved its water security score by two levels to "B"[89]. - The company has been a constituent of the Hang Seng Sustainable Development Corporate Benchmark Index since 2018 and became part of the FTSE4Good Index Series in June 2024[92]. - The company aims to achieve 100% renewable energy usage by the fiscal year 25/26, demonstrating its commitment to sustainability[99]. Market Challenges and Risks - The geopolitical environment and global trade uncertainties continue to pose significant challenges for the company, with potential impacts on supply chains and international relations[45]. - The products affected by the increased import tariffs currently account for a mid-single-digit percentage of the group's total revenue[47]. - The company actively manages risks through proactive supervision and flexible business processes, with a risk management committee analyzing existing and potential risks quarterly[178]. - Key risks identified include strategic, operational, financial, and sustainability risks, with specific concerns around supply chain, cybersecurity, and global economic conditions[180]. - The company faces risks in emerging markets due to political, regulatory, social, and economic fluctuations, but overcoming these challenges can yield significant returns and strengthen global operations[192]. Employee Engagement and Development - Over 1,700 students graduated from the company's technology academy, and more than 400 children participated in the Little Engineers program[85]. - The company was recognized as one of the "2024 Asia's Best Employers" by HR Asia, reflecting its commitment to employee engagement and development[85]. - The company focuses on attracting and retaining talent, addressing workforce stability amid demographic changes[199]. - The company is retraining employees to maintain productivity and adaptability in response to technological trends and regulatory changes[191]. Financial Health and Capital Management - Cash reserves stood at $791 million as of March 31, 2025, with total debt to capital ratio at 12%[39]. - The company's cash position as of March 31, 2025, was $790.6 million, down from $809.9 million a year earlier[103]. - Total debt decreased significantly from $560.8 million to $359.3 million, resulting in a net cash position of $431.3 million[103]. - The company's market capitalization increased to $1,881.2 million from $1,294.6 million year-over-year[103]. - The debt-to-capital ratio improved to 12% from 18% in the previous year, indicating a stronger balance sheet[103]. - The group maintained investment-grade ratings with a stable outlook from both Moody's and S&P as of March 31, 2025[143]. Strategic Initiatives - Strategic acquisitions have been made over the past two decades to enhance technology and strengthen market position[29]. - The company aims to diversify its customer and product portfolio through internal development, joint ventures, and targeted acquisitions to mitigate adverse market changes[183]. - The company emphasizes the importance of optimizing production capacity and maintaining a flexible global operational footprint to respond to changing customer demands and regulatory factors[184]. - The company is focused on innovation and intellectual property development to improve product cost and production efficiency, ensuring competitiveness in the market[191]. - The company implements strategic in-sourcing of the supply chain and dual sourcing to stabilize supply and alleviate cost pressures[197].

Summary of the Conference Call for 德昌电机控股 Company Overview - 德昌电机控股 specializes in actuator assemblies, including motors and most components, dexterous hands, and hollow cup motors [1] Financial Performance - For the fiscal year ending Q1 2025, the company reported revenue of $36.5 million, a year-over-year decrease of 4.4% [2] - Net profit reached $2.6 million, reflecting a year-over-year increase of 14.6% [2] - Gross margin was reported at 23.1%, an increase of 0.8 percentage points year-over-year [2] - The company declared a dividend of $0.73 million, with a payout ratio of approximately 28% [3] Product Development and Market Strategy - The company is currently providing samples to clients in both China and the United States [2] - A cost-reduced and standardized joint product is expected to be launched in September during the A3 event [2] - The company is entering the AIDC liquid cooling sector, having released a liquid cooling pump designed to assist clients in building high-density computing environments [3] - These new products are characterized by their small size, stable flow rates, and compatibility with multiple GPU architectures [3] Capital Expenditure and Risks - Currently, there is minimal capital expenditure (Capex) planned, pending downstream progress [2] - Approximately 5% of revenue is subject to U.S. tariffs, indicating a potential risk [3] - Due to tariff risks, related Capex for local production may see a slight increase [3]