Core Viewpoint - Top Group demonstrated resilience and forward-looking strategies in a complex market environment, achieving significant revenue and profit growth in 2024 [1] Financial Performance - In 2024, Top Group achieved operating revenue of 26.6 billion yuan, a year-on-year increase of 35.02% - The net profit attributable to shareholders reached 3.001 billion yuan, reflecting a year-on-year growth of 39.52% [1] Research and Development - R&D is a core driver for Top Group's industry leadership, with R&D expenses reaching 1.224 billion yuan in 2024 - The company successfully mass-produced various projects including air suspension systems, intelligent cockpit projects, integrated brake systems (IBS), and electric power steering (EPS) [1] Market Strategy - Top Group plans to enhance market share through continuous technological innovation, product platform strategies, and global production base expansion [2] - The company is focusing on the rapidly developing robotics industry, expanding key products and core technologies in the robotics supply chain [2] Competitive Advantage - Top Group has significant competitive advantages in the robotics actuator field, which is characterized by complex structures and technical density [2][3] - The company possesses self-research capabilities for various motors and has experience in integrating motors, reducers, and controllers, which supports its market share growth [3] Product Development - Top Group is advancing its product offerings in robotics, including linear actuators and rotating actuators, and is developing flexible hand motors [3] - The company is also actively laying out a platform product structure for robotics, including body structure components, sensors, foot shock absorbers, and electronic flexible skin [3]

Investment Rating - The industry rating is "Outperform the Market" [8][16] Core Viewpoints - The automotive sector is focusing on luxury vehicles and unmanned logistics, with a recommendation to pay attention to leading companies such as BYD, Geely, and Xiaomi for overall vehicle production, and to Seres and Li Auto for luxury vehicles [3][4] - The robotaxi segment has experienced significant adjustments, primarily influenced by trading factors rather than fundamental issues, with a focus on the upcoming operational effects of Tesla's robotaxi on June 12 [4][5] - The low-altitude economy is highlighted, particularly the unmanned aerial vehicle (UAV) sector, which is expected to shift from being part of unmanned logistics to an independent market leader if relevant policies are implemented in June [6] Summary by Sections Automotive Sector - The report emphasizes the ongoing pressure in the domestic market and the increasing competition, suggesting a focus on leading automotive companies and luxury vehicle manufacturers [4][3] - Key companies to watch include BYD, Geely, Xiaomi, Seres, and Li Auto [4] Robotaxi and Robotics - The report notes a significant adjustment in the robotaxi market, with a focus on the upcoming Tesla robotaxi operations and the potential for new market trends [4][5] - Recommendations include focusing on large-cap stocks related to Tesla and companies with strong industrial logic and future potential [5] Low-altitude Economy - The report suggests that the UAV sector is poised for growth, particularly if low-altitude policies are enacted, with a focus on companies like Zongheng and Green Energy Hui充 [6]

Core Insights - The report maintains an "Outperform" rating for the automotive sector, emphasizing the acceleration of RoboX commercialization and the focus on the sector's performance in Q2 2025 [1][3] - The automotive industry is transitioning towards electric and intelligent vehicles, with significant growth expected in the domestic market, particularly for new energy vehicles [11][12] Sales Tracking - In May 2025, retail sales of passenger cars in China reached 1.93 million units, a year-on-year increase of 13%, with cumulative retail sales for the year at 8.802 million units, up 9% [1] - Wholesale figures for the same month showed 2.329 million units, marking a 14% increase year-on-year, with cumulative wholesale sales for the year at 10.797 million units, up 12% [2] Market Performance - The automotive sector saw a 1.88% increase in May, outperforming the CSI 300 index by 0.04 percentage points, while the overall automotive sector has risen 29.05% since the beginning of 2025 [2] - The inventory warning index for automotive dealers in May 2025 was 52.7%, indicating improved market conditions as it decreased by 5.5 percentage points year-on-year [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components driven by electric and intelligent trends, highlighting companies like Leap Motor, Xpeng, and Geely for vehicle recommendations [3][11] - For intelligent components, companies such as Coboda, Huayang Group, and Junsheng Electronics are recommended, while for robotics, Top Group and Sanhua Intelligent Control are highlighted [3][11] Company Earnings Forecasts - Key companies are projected to have varying earnings per share (EPS) and price-to-earnings (PE) ratios, with Leap Motor expected to have an EPS of -0.05 in 2025 and a PE of -1126, while Geely is forecasted to have an EPS of 1.36 and a PE of 13 [4] Industry Outlook - The automotive industry is expected to maintain a 2% annual compound growth rate over the next 20 years, with new energy vehicle sales projected to reach 1.216 million units in 2024, reflecting a 37% increase [12][16] - The report anticipates that by 2025, the sales of new energy vehicles will exceed 1.5 million units, with a year-on-year growth of over 20% [21]

Market Performance - The Guosen humanoid robot index decreased by 3.88% during the week of May 26-30, underperforming compared to the CSI 300 index by 2.79 percentage points and the Shanghai Composite index by 3.85 percentage points, with a year-to-date increase of 8.4% [1][4] - Notable stock performances include: - Top Group down 3.95% - Sanhua Intelligent Control down 4.58% - Zhongding Holdings down 5.6% - Yilun Shares down 5.07% - Beite Technology up 2.99% - Shuanglin Shares down 8.67% - Best down 5.62% - Zhejiang Rongtai down 7.73% - Xiangxin Technology down 6.27% - Slin Shares up 9.42% [1][4][6] Industry Dynamics - Elon Musk announced that the Optimus humanoid robot is expected to walk on Mars by 2027 [7] - Yushu Technology has changed its name and is set to launch a new robot [8] - Multiple companies, including Tesla and Xiaoma Zhixing, have released plans related to Robotaxi [8][9] - Honor has entered the humanoid robot field [8] - Zhijidong and Guangdong Province have established a joint laboratory for embodied intelligent robots [8] - The Galaxy General has launched a product-level end-to-end navigation model, TrackVLA, marking the large-scale application of humanoid robots [8] - The Embodied Intelligence Data Alliance has been established [8] - Daimeng's new tactile sensor debuted in the U.S. and received orders [8] Government News - Guangdong has established an intelligent industry fund with a target size of 10 billion yuan [26] - Shanghai Pudong has released 16 support policies for the embodied intelligence industry, with individual project support up to 200 million yuan [27] - The Longgang District in Shenzhen has unveiled the first government-affiliated agency for artificial intelligence and robotics [28] Financing Dynamics - Lumos Robotics completed an angel++ round of financing, raising nearly 200 million yuan [29] - Kepler Robotics completed a Pre A+ round of financing [30] - Digua Robotics announced a $100 million A round of financing [31] - UniX AI completed several hundred million yuan in angel and angel+ rounds [33] - Runyang Technology plans to invest up to 300 million yuan in Fourier Technology [34] - LeXiang Technology completed a billion-level angel+ round of financing [35] - Sichuan Embodied Technology completed several million yuan in angel round financing [36] - LeDong Robotics plans to list on the Hong Kong main board [37]

Investment Rating - The report maintains an "Outperform" rating for the humanoid robot industry [4]. Core Insights - The production rhythm of Tesla's humanoid robot Optimus is becoming clearer, and with the continuous layout of major players both domestically and internationally (such as Figure, Zhiyuan, Huawei, Yuzhu, Xiaomi), the humanoid robot industry is expected to accelerate its implementation, with 2025 likely marking the industry's explosive growth point [3]. - Investment opportunities are identified in various segments: assembly segment (Top Group, Sanhua Intelligent Control), reducer segment (Shuanghuan Transmission, Precision Forging Technology, Zhongding Holdings), sensor segment (Lingyun Shares), and other related companies (Yinlun Shares, Junsheng Electronics, Ruihu Mould, Meili Technology) [3]. Market Performance - The Guosen humanoid robot index fell by 3.88% during the week of May 26-30, underperforming the CSI 300 index by 2.79 percentage points and the Shanghai Composite Index by 3.85 percentage points, while year-to-date it has risen by 8.4% [1][11]. - Key companies such as Top Group, Sanhua Intelligent Control, and Zhongding Holdings experienced declines of 3.95%, 4.58%, and 5.6% respectively, while Beite Technology saw an increase of 2.99% [1][11]. Industry Dynamics - Elon Musk announced that the Optimus humanoid robot is expected to walk on Mars by 2027, with SpaceX planning to launch a spacecraft carrying the robot next year [21]. - Yuzhu Technology has changed its name and is set to launch a new robot with 26 degrees of freedom, priced below $10,000 [25]. - Various companies, including Tesla and Xiaoma Zhixing, are releasing plans related to Robotaxi, indicating a growing interest in autonomous vehicle technology [22][23]. Key Company Earnings Forecast and Investment Ratings - Top Group (601689.SH): Outperform, last closing price 49.30 CNY, market cap 85.7 billion CNY, EPS 1.78 for 2024A, PE 28 for 2024A [4]. - Sanhua Intelligent Control (002050.SZ): Outperform, last closing price 25.85 CNY, market cap 96.5 billion CNY, EPS 0.83 for 2024A, PE 31 for 2024A [4]. - Shuanghuan Transmission (002472.SZ): Outperform, last closing price 31.83 CNY, market cap 27 billion CNY, EPS 1.21 for 2024A, PE 26 for 2024A [4]. - Zhongding Holdings (000887.SZ): Outperform, last closing price 17.19 CNY, market cap 22.6 billion CNY, EPS 0.95 for 2024A, PE 18 for 2024A [4].

Investment Rating - The report rates the humanoid robot industry as "Outperform the Market" [4] Core Views - The production rhythm of Tesla's humanoid robot Optimus is becoming clearer, and with the continuous layout of domestic and foreign giants (such as Figure, Zhiyuan, Huawei, Yushu, Xiaomi), the humanoid robot industry is expected to accelerate its landing, with 2025 likely being the starting point for industry explosion, presenting opportunities for industrial upgrades [3][4] Market Performance - The Guosen Humanoid Robot Index fell by 3.88% during the week of May 26-30, underperforming the CSI 300 Index by 2.79 percentage points and the Shanghai Composite Index by 3.85 percentage points, while it has risen by 8.4% year-to-date [1][11] - Key companies such as Top Group, Sanhua Intelligent Control, and Zhongding Holdings experienced declines of 3.95%, 4.58%, and 5.6% respectively, while Beite Technology saw an increase of 2.99% [1][11] Industry Dynamics - Elon Musk stated that the Optimus humanoid robot will walk on Mars by 2027 [21] - Yushu Technology has changed its name and is set to launch a new robot with 26 degrees of freedom priced below $10,000 [25] - Various companies, including Tesla and Xiaoma Zhixing, are releasing plans related to Robotaxi [22][23] - The establishment of the Embodied Intelligence Data Alliance aims to promote the rapid development of embodied intelligence in various sectors [35] Key Company Profit Forecasts and Investment Ratings - Top Group: Outperform the Market, with an EPS of 1.78 for 2024 and 2.04 for 2025, PE ratios of 28 and 24 respectively [4] - Sanhua Intelligent Control: Outperform the Market, with an EPS of 0.83 for 2024 and 1.00 for 2025, PE ratios of 31 and 26 respectively [4] - Shuanghuan Transmission: Outperform the Market, with an EPS of 1.21 for 2024 and 1.50 for 2025, PE ratios of 26 and 21 respectively [4] - Zhongding Holdings: Outperform the Market, with an EPS of 0.95 for 2024 and 1.15 for 2025, PE ratios of 18 and 15 respectively [4]

Investment Rating - The report maintains a "Buy" rating for Minth Group (425.HK) and Top Group (601689.CH) [2][4] - Top Group is given an "Accumulate" rating with a target price of 59.1 CNY [8] Core Insights - Minth Group is projected to achieve total revenue of 23.15 billion CNY in 2024, representing a year-on-year increase of 12.8%, with a net profit of 2.32 billion CNY, up 21.9% [2] - Top Group is expected to realize operating revenue of 26.6 billion CNY in 2024, a year-on-year increase of 35.02%, with a net profit of 3.001 billion CNY, up 39.52% [6][8] - Both companies are focusing on optimizing operational efficiency and expanding into new markets, including electric vehicle wireless charging and robotics [3][7] Summary by Sections Minth Group - The company has improved its gross margin to approximately 28.9%, up 1.5 percentage points year-on-year, driven by increased profitability in its plastic and battery box segments [2] - Cash flow has improved, allowing the company to resume dividends and share buybacks, reflecting management's confidence in future growth [4] Top Group - The company has faced challenges such as increased competition and raw material price fluctuations, but has managed to maintain a net profit margin of 11.3%, up 0.4 percentage points year-on-year [6] - Plans for capacity expansion include new factories in China and Mexico, with a focus on the rapidly growing robotics sector [7][8]

证券代码：601689 证券简称：拓普集团 公告编号：2025-054 宁波拓普集团股份有限公司 2024年年度权益分派实施公告 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。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/12 | － | 2025/6/13 | 2025/6/13 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 14 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 重要内容提示： 每股分配比例 A 股每股现金红利0.519元 相关日期 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,737,835,580股为基数，每股派发现金红利 0.519元（含税），共计 ...

Group 1 - The Ministry of Industry and Information Technology and other departments have launched the 2025 New Energy Vehicle (NEV) initiative to promote NEV usage in rural areas, focusing on quality and reliable models [1] - The initiative includes exhibitions, test drives, and collaboration with after-sales service, charging service, insurance, and financial service companies to enhance the NEV ecosystem in rural regions [1] - Policies such as tax reductions and incentives for vehicle trade-ins will encourage manufacturers to expand their product offerings and improve service levels in rural markets [1] Group 2 - Dongxing Securities notes that the automotive industry is experiencing intensified competition, impacting profitability and cash flow, but leading companies are still showing improvements in net profit and operating cash flow [2] - The release of new vehicles during auto shows and the ongoing effects of new policies are expected to gradually improve the performance of automotive companies in the second quarter [2] - Recommended companies for investment include SAIC Motor, Jianghuai Automobile, BYD, Changan Automobile, and others within the automotive and related sectors [2]

Core Viewpoint - The China Securities Index for Intelligent Electric Vehicles has shown a slight increase recently, but it has experienced declines over the past month, three months, and year-to-date, indicating a challenging market environment for the sector [2]. Group 1: Index Performance - The China Securities Intelligent Electric Vehicle Index rose by 0.1% to 3119.44 points with a trading volume of 30.695 billion yuan [1]. - Over the past month, the index has decreased by 0.08%, by 9.91% over the last three months, and by 0.34% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in various aspects of the intelligent electric vehicle industry, such as power systems, perception systems, decision systems, execution systems, communication systems, vehicle production, and aftermarket services [2]. - The top ten weighted companies in the index are BYD (18.67%), CATL (14.52%), Luxshare Precision (6.34%), Huichuan Technology (5.06%), Will Semiconductor (4.39%), Great Wall Motors (4.05%), iFlytek (3.21%), Sanhua Intelligent Control (2.78%), EVE Energy (2.67%), and Top Group (2.37%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (72.55%), followed by the Shanghai Stock Exchange (26.72%) and the Beijing Stock Exchange (0.73%) [2]. - In terms of industry composition, consumer discretionary accounts for 36.33%, industrials for 34.99%, information technology for 21.34%, materials for 6.61%, and communication services for 0.73% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Public funds tracking the intelligent electric vehicle index include several ETFs, such as Hua Bao CSI Intelligent Electric Vehicle ETF and E Fund CSI Intelligent Electric Vehicle ETF [3].