1 昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 关 于 再 次 延 期 回 复 上 海 证 券 交 易 所 《 关 于 对 昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 收 购 股 权 及 增 资 事 项 的 问 询 函 》 的 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昆吾九鼎投资控股股份有限公司（以下简称"公司"或"九鼎投资"）于 2025 年 8 月 12 日收到上海证券交易所《关于对昆吾九鼎投资控股股份有限公司收购股权 及增资事项的问询函》（上证公函【2025】1216 号，以下简称《问询函》），要求公 司在 5 个交易日内披露对问询函的回复，详见公司于 2025 年 8 月 13 日披露的《关于 对昆吾九鼎投资控股股份有限公司收购股权及增资事项的问询函》（临 2025-045）。 公司收到《问询函》后高度重视，积极组织相关各方对《问询函 ...

Core Viewpoint - The threshold for entering the robotics industry has significantly lowered, leading to a surge of diverse companies from various sectors attempting to manufacture robots, raising questions about the sustainability and viability of this trend [4][5][6]. Group 1: Industry Trends - The nature of "building robots" is changing, evolving from a complex task to a more accessible one, where assembling a robot is becoming a reality rather than a joke [3][6]. - The number of humanoid robot-related companies in China reached 834 by late July 2025, with over half having registered capital exceeding 10 million [6][11]. - The growth in registrations of humanoid robot companies surged by over 180% in the first half of 2025 compared to the previous year [6]. Group 2: New Players and Cross-Industry Involvement - Companies from various backgrounds, including traditional manufacturing and investment sectors, are entering the robotics field, such as Vision Technology and Jiuding Investment [4][5][13]. - Midea Group, leveraging its ownership of KUKA, is developing humanoid robots for home and factory applications, showcasing a strategic approach to robotics [15]. - Automotive companies like GAC Group are also entering the robotics space, emphasizing the technological synergies between automotive and robotics [15]. Group 3: Technological Advancements - The availability of standardized components for robots, such as sensors and actuators, has made it easier for companies to assemble robots [6][11]. - Domestic suppliers are beginning to break the monopoly of foreign brands in critical components like harmonic reducers and planetary roller screws [8][9]. - The development of specialized components, such as the BrainCo bionic hand and advanced laser radar from Hesai Technology, indicates significant progress in the robotics supply chain [7][8]. Group 4: Market Dynamics and Challenges - The influx of capital into the robotics sector has led to a competitive environment, with many companies seeking to establish themselves amid rising expectations [6][19]. - Despite the enthusiasm, the integration of various components and ensuring system stability remains a significant challenge for the industry [19][20]. - The industry is still in its early commercial stages, with many companies relying on external funding rather than self-sustaining business models [21]. Group 5: Future Outlook - The future of the robotics industry may lead to a diverse ecosystem where specialized companies coexist, focusing on niche applications while core component suppliers support the overall market [21]. - The successful companies will likely be those that can identify real-world applications and maintain resilience in a capital-intensive environment [21].

Core Insights - The robot industry is witnessing a surge of diverse players entering the market, ranging from traditional manufacturing companies to investment firms and even liquor producers, indicating a significant shift in the landscape of robotics [2][3][9] - The barriers to entry for building robots have decreased, with a growing number of companies providing standardized components, making it easier for various industries to participate in robot manufacturing [3][8] - The market is experiencing a rapid increase in the number of humanoid robot-related companies, with 834 existing firms as of late July 2025, and a year-on-year growth of over 180% in registrations [3][8] Industry Trends - The emergence of specialized suppliers for critical robot components, such as sensors and actuators, is facilitating the assembly of robots from off-the-shelf parts, leading to the concept of "building a robot" becoming more feasible [4][8] - Companies like Hesai Technology are leading in the production of 3D laser radar for robots, with significant sales figures indicating a robust demand for such components [4][8] - The domestic market is beginning to break the monopoly of foreign manufacturers in key components like harmonic reducers and planetary roller screws, with local firms investing heavily in R&D [6][8] Investment Activity - Numerous companies in the robotics sector have secured new rounds of financing, indicating strong investor interest and confidence in the industry's growth potential [3][8] - Notable investments include Jiuding Investment's acquisition of a controlling stake in a robot core component company and Kweichow Moutai's investment in a robotics startup [2][9] Company Strategies - Traditional manufacturers, such as Zhongjian Technology, are pivoting towards robotics to find new growth opportunities, while companies like Midea Group leverage existing robotics expertise from their subsidiary KUKA [10][11] - Automotive companies are also entering the robotics space, emphasizing the technological synergies between automotive and robotics, as seen with GAC Group's humanoid robot [11][12] Market Dynamics - The industry is characterized by a mix of established players and new entrants, each with different motivations, from seeking new revenue streams to enhancing existing product lines [9][10] - The competition is expected to lead to a diverse ecosystem where specialized companies focus on niche applications, while a few giants may dominate the general humanoid robot market [16]

（文章来源：证券日报） 证券日报网讯 8月20日晚间，九鼎投资发布公告称，公司及子公司不存在逾期担保。 ...

担保对象及基本情况 | | | 被担保人名称 本次担保金额 | 1,000.00 | 江西紫恒建设工程有限公司 万元 | | | --- | --- | --- | --- | --- | --- | | 担 保 | 对 | | | | | | 象 | | 实际为其提供的担保余额 | 1,000.00 | | 万元（含本次） | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 证券代码：600053 证券简称：九鼎投资 公告编号：2025-048 昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 关 于 对 全 资 子 公 司 提 供 担 保 的 进 展 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （一）基本情况 ...

证券代码：600053 证券简称：九鼎投资 编号：临 2025-047 昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 关 于 延 期 回 复 上 海 证 券 交 易 所 《 关 于 对 昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 收 购 股 权 及 增 资 事 项 的 问 询 函 》 的 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昆吾九鼎投资控股股份有限公司（以下简称"公司"或"九鼎投资"）于 2025 年 8 月 12 日收到上海证券交易所《关于对昆吾九鼎投资控股股份有限公司收购股权 及增资事项的问询函》（上证公函【2025】1216 号，以下简称《问询函》），要求公 司在 5 个交易日内披露对问询函的回复，详见公司于 2025 年 8 月 13 日披露的《九鼎 投资关于收到<上海证券交易所关于对昆吾九鼎投资控股股份有限公司收购股权及增 资事项 ...

Core Viewpoint - Jiuding Investment announced a significant acquisition of a 53.29% stake in Nanjing Shenyuan Intelligent Technology Co., Ltd. for 213 million yuan, raising concerns over the valuation and financial health of both companies [2] Group 1: Acquisition Details - The acquisition involves Jiuding Investment spending 213 million yuan to gain control of Nanjing Shenyuan, which will become a subsidiary post-transaction [2] - Nanjing Shenyuan specializes in core components for robots, such as six-dimensional force sensors, but reported only 2.088 million yuan in revenue and a net loss of 5.73 million yuan in 2024 [2] - The valuation of Nanjing Shenyuan surged from 200 million yuan in December 2023 to 300 million yuan, reflecting a 50% premium [2] Group 2: Financial Implications - As of the end of Q1 2025, Jiuding Investment had cash reserves of only 249 million yuan, meaning this acquisition would consume 85% of its cash [2] - The company's traditional sectors, private equity investment and real estate development, are experiencing losses, with a combined loss of 26.5 million yuan in 2024 and an expected loss of 4.4 to 5.5 million yuan in the first half of 2025 [2] Group 3: Regulatory Concerns - The Shanghai Stock Exchange raised three critical questions regarding the acquisition: the fairness of the transaction valuation, the necessity of acquiring a loss-making asset at a high premium, and whether this could be seen as a means to siphon off company resources [2]

Core Insights - The six-dimensional force sensor is a key component for solving motion control challenges in humanoid robots, with several A-share listed companies engaged in a "arms race" in this field [1][2][3] - The production cost of six-dimensional force sensors is currently high, but there is a strong demand for cost reduction as the humanoid robot industry rapidly advances [1][9] - The price of six-dimensional force sensors is expected to decrease significantly from over 20,000 yuan to around 2,000 yuan with mass production [1][10] Industry Competition - Jiuding Investment plans to acquire a 53.29% stake in Nanjing Shenyuan Intelligent Technology for 213 million yuan, highlighting the competitive landscape in the six-dimensional force sensor market [2] - More than ten listed companies are competing in the six-dimensional force sensor sector, with companies like Donghua Testing and Minxin Co. actively developing and customizing sensors for various robot manufacturers [2][3] - Companies such as Haoshi Electromechanical and Zhongding Co. are focusing on the development of core components for humanoid robots, indicating a strategic shift towards this technology [3] Market Potential - The demand for six-dimensional force sensors is expected to surge due to the expanding application scenarios for humanoid robots, particularly in the aging economy and smart home sectors [5][8] - According to IDC, the commercial sales volume of humanoid robots in China is projected to reach approximately 2,000 units in 2024, with a global forecast of 18,000 units by 2025 [7] - The market for six-dimensional force sensors is anticipated to exceed hundreds of millions of yuan by 2030, with humanoid robots being the primary application area [8] Cost Reduction Strategies - The high production costs of six-dimensional force sensors stem from technical challenges, material costs, and limited application scale [9] - Companies are exploring MEMS technology to significantly reduce costs, as it allows for mass production of sensors [9] - The production line planned by Ice Zero Technology aims to achieve a capacity of 2 million units, potentially lowering the cost of six-dimensional force sensors to about one-tenth of the current industrial product price [10]

Core Viewpoint - A wave of industry mergers and acquisitions led by private equity (PE/VC) funds is emerging, with firms transitioning from "capital hunters" to "industry operators" as they seek new growth avenues through strategic acquisitions [1][2]. Group 1: Recent Mergers and Acquisitions - JD Capital announced plans to acquire a 53.2897% stake in Nanjing Shenyuan Intelligent Technology Co., Ltd. for 213 million yuan, marking its entry into the humanoid robot industry [1]. - Other notable transactions include Qiming Venture Partners' acquisition of Tianmai Technology and Meihua Venture's investments in ST Luton and Mengjie Co., indicating a trend of PE/VC firms actively participating in industry mergers [2][3]. Group 2: Policy Background - The trend is supported by the "Six Merger Policies" issued by the China Securities Regulatory Commission, which encourages listed companies to pursue cross-industry mergers for transformation and growth [2]. - The policies aim to facilitate private equity funds in acquiring listed companies to promote industry integration [2]. Group 3: Market Dynamics - The increasing activity of investment institutions reflects a growing demand for new development paths among companies in changing market conditions, as well as a positive outlook on the potential value of certain industries [3][5]. - The current environment presents challenges in various investment stages, prompting PE/VC firms to explore merger opportunities as a new avenue for growth [3]. Group 4: Challenges and Considerations - JD Capital's acquisition has drawn scrutiny due to both companies experiencing losses and the cross-industry nature of the deal, raising questions about the rationale and fairness of the transaction [4]. - Concerns exist regarding the integration of PE/VC firms into operational roles, particularly regarding management philosophy differences and industry understanding [4]. Group 5: Future Trends - The ongoing optimization of the policy environment is expected to provide greater certainty for PE/VC firms in achieving exits and participating in industry integration [5]. - The future will likely see deeper integration of capital and industry, with PE/VC firms taking on more active roles in strategic planning, market expansion, and technology acquisitions [5].

Core Viewpoint - Jiuding Investment (600053) experienced a significant decline in stock price, closing at 18.35 yuan on August 15, 2025, down 5.8% from the previous day [1] Group 1: Stock Performance - On August 15, 2025, Jiuding Investment's stock price fell to 18.35 yuan, with a trading volume of 356,400 hands and a total transaction amount of 664 million yuan [1] - The stock's turnover rate was 8.22%, indicating a moderate level of trading activity [1] - Over the past five days, the stock has seen fluctuations, with a peak closing price of 21.64 yuan on August 13, 2025, and a notable drop of 9.98% on August 14, 2025 [2] Group 2: Capital Flow - On August 15, 2025, the net outflow of main funds was 33.34 million yuan, accounting for 5.02% of the total transaction amount [1] - Retail investors contributed a net inflow of 21.76 million yuan, representing 3.28% of the total transaction amount [1] - The financing data showed a net repayment of 720,000 yuan on the same day, with a total financing balance of 232 million yuan [3] Group 3: Financial Metrics - Jiuding Investment's total market capitalization is 7.955 billion yuan, significantly lower than the industry average of 23.424 billion yuan [5] - The company reported a net profit of -33.27 million yuan for the first quarter of 2025, reflecting a year-on-year decline of 737.4% [5] - The company's return on equity (ROE) stands at -1.27%, compared to the industry average of 28.08% [5]