Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant growth potential driven by policy support and technological advancements [3][10]. Core Insights - The humanoid robot industry is experiencing rapid development, with government policies emphasizing embodied intelligence as a key focus for future industrial growth [10]. - Major companies are investing heavily in humanoid robotics, leading to accelerated technological progress and market expansion [3][8]. - The production of humanoid robots is set to increase significantly, with projections estimating a global market size of 150 billion yuan by 2029 [3][17]. Summary by Sections 1. Emergence of the Humanoid Robot Industry - The humanoid robot sector is entering a phase of industrialization, with advancements in AI enhancing interaction and learning capabilities [6][8]. 2. Harmonic Reducers: Acceleration of Domestic Production - Domestic manufacturers are ramping up production of harmonic reducers, which are critical components for humanoid robots [22][39]. 3. Planetary Roller Screws: Breakthrough in Domestic Production - The planetary roller screw market is expanding, with increasing applications in various industries, including automotive and robotics [56][68]. 4. Frameless Torque Motors: Domestic Performance Surpassing Expectations - Domestic frameless torque motors are showing competitive advantages in performance and cost, contributing to the overall growth of the humanoid robot market [28][29]. 5. Dexterous Hands: Technological Iteration and Upgrades - The development of dexterous hands is crucial for enhancing the functionality of humanoid robots, with ongoing technological improvements [22][28]. 6. Six-Dimensional Torque Sensors: Continuous Cost Reduction - The market for six-dimensional torque sensors is expected to grow as costs decrease, making them more accessible for humanoid robot applications [22][28]. 7. Market Potential and Production Plans - Companies like Tesla and Figure AI are planning significant production increases, with Tesla aiming for 5000 units in 2025 and up to 1 million units by 2029 [17][19].

Core Viewpoint - The announcement details the release of share pledges by the actual controller of Shanghai Huapei Digital Energy Technology (Group) Co., Ltd., indicating a positive liquidity situation for the controller and the company overall [1]. Summary by Sections Share Pledge Release Situation - The actual controller, Mr. Wu Huailai, holds 24,692,616 shares, representing 7.29% of the total share capital. After releasing 9,540,000 shares from pledge, the total pledged shares are now 0, which is 0.00% of his holdings and the company's total share capital [1]. - The release of the pledge occurred on July 16, 2025, and the released shares accounted for 38.64% of his holdings and 2.82% of the company's total share capital [1]. Pledged Shares Situation of Major Shareholders - As of the announcement date, the major shareholder, Huajian Investment Management Co., Ltd., and its concerted parties have a total of 65,040,000 pledged shares, which is 37.05% of their total holdings and 19.21% of the company's total share capital [1]. - The total pledged shares before the release were 74,580,000, which represented 51.86% of the total shares held by Huajian Investment and its concerted parties [2].

| 占公司总股本比例 | 2.82% | | --- | --- | | 解除质押时间 | 2025 年 7 月 16 日 | | 持股数量 | 24,692,616 股 | | 持股比例 | 7.29% | | 剩余被质押股份数量 | 0 股 | | 剩余被质押股份数量占其所持股份比例 | 0.00% | | 剩余被质押股份数量占公司总股本比例 | 0.00% | 注：吴怀磊先生本次解除质押的 9,540,000 股，为 2024 年 9 月 26 日质押的 9,540,000 股。 重要内容提示： 一、本次股份解除质押的情况 公司于近日接到公司实际控制人吴怀磊先生的通知，获悉其将所持有本公司 的部分股份办理了解除质押业务。具体事项如下： | 股东名称 | 吴怀磊 | | --- | --- | | 本次解除质押股份 | 9,540,000 股注 | | 占其所持股份比例 | 38.64% | 截至本公告日，上海华培数能科技（集团）股份有限公司（以下简称"公 司"）实际控制人吴怀磊先生直接持有公司股份 24,692,616 股，占公司 总股本的 7.29%。本次解除质押 9,540,000 股后，所持有公司 ...

证券代码：603121 证券简称：华培动力 公告编号：2025-029 上海华培数能科技（集团）股份有限公司 2025 年半年度业绩预告 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、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）每股收益：0.18 元。 三、本期业绩预减的主要原因 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润为 1,800.00 万元到 2,400.00 万元，与上年同期（法定披露数据）相比，将减 少 3,729.08 万元到 4,329.08 万元，同比减少 60.84%到 70.63%。 1 本期业绩预告适用于实现盈利，且净利润与上年同期相比下降 50%以上 的情形。 上海华培数能科技（集团）股份有限公司（以下简称"公司"）预计 2025 年半年度实现归属于母公司所有者的净利润为 1,800.00 万元到 2,400.00 万元，与上年同期（法定披露数据）相比，将减少 3 ...

Summary of Huapei Power's Conference Call Company Overview - **Company**: Huapei Power - **Industry**: Automotive Components and Sensors Key Points Business Performance and Financials - Huapei Power's powertrain business maintains a gross margin of 28%-30% through cost reduction and efficiency improvements, contributing approximately 200 million RMB in net profit annually, providing stable cash flow for the company [2][3][4] - The annual revenue for the powertrain business is expected to fluctuate between 1 billion to 1.2 billion RMB, with a slight growth of 2%-5% anticipated, influenced by the automotive industry's overall economic environment [3][5] - The automotive sensor product line includes over 80 models across pressure, magnetic, and temperature categories, with a per vehicle value of approximately 2,000 RMB [2][6] Market Expansion and Client Base - The company is actively expanding its client base to include Japanese and Korean manufacturers, as well as domestic small turbocharger assembly plants [2][5] - Huapei Power has received approval for passenger vehicle supply and plans to enter the passenger vehicle market, although mass production will take 2-3 years [2][6] Production and Technology - The company has advantages in automated production, which is crucial for meeting the higher stability and quality demands of passenger vehicle sensors compared to commercial vehicle sensors [2][7] - Huapei Power has deep expertise in MEMS and glass micro-melting technologies, achieving fully automated production for automotive sensors [11][12] International Operations and Challenges - A temporary decline in overseas revenue is attributed to increased localization by overseas clients, with the company compensating by increasing supply to domestic clients [8][9] - The company is establishing overseas production bases in Europe and North America, with over 95% progress, to mitigate tariff impacts and enhance local service capabilities [9][10] Strategic Vision and Future Plans - Huapei Power views automotive and robotics as "large actuators," aiming to transition from a component supplier to a small and then large integrator [12][13] - The company plans to achieve 1.5 billion RMB in sales from its sensor business next year and is targeting the actuator segment, such as motors, as a future growth area [13][14] - The long-term goal is to reach 10 billion RMB in sales by 2030 through continuous mergers and acquisitions, leveraging past experiences to enhance integration capabilities [19] Robotics Sector Development - Huapei Power is developing its robotics sensor business through self-research, acquisitions, and participation in national funds, focusing on six-dimensional force sensors and flexible sensors [10][18] - The company is also working on next-generation products and has plans for automated production processes to meet future demand [17][19] Customer Base and Product Applications - The primary customers for the six-dimensional force sensors include major manufacturers, military research institutes, and automotive OEMs like BYD and Xiaomi [14] - In single robots, the market price for six-dimensional force sensors is around 12,000 to 13,000 RMB, with potential installations of multiple sensors per robot [15][16] Conclusion - Huapei Power is strategically positioned in the automotive components and sensors market, with a clear focus on expanding its product offerings and market reach while maintaining robust financial performance and exploring new growth avenues in robotics.

Core Viewpoint - Shanghai Huapei Power Technology (Group) Co., Ltd. announced a cash dividend distribution of 0.20 CNY per share, totaling 67,706,743.00 CNY based on a total share capital of 338,533,715 shares [1][2][4] Summary by Relevant Sections Dividend Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting on May 15, 2025 [1] - The cash dividend of 0.20 CNY per share is inclusive of tax [1] Relevant Dates - The record date for shareholding is June 26, 2025 - The last trading day is June 27, 2025 - The ex-dividend date is June 27, 2025 [1] Implementation of Distribution - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [1] - Shareholders who have completed designated transactions can receive cash dividends on the payment date, while those who have not will have their dividends held until the transaction is completed [1] Taxation on Dividends - For individual shareholders holding unrestricted circulating shares, the actual cash dividend is 0.20 CNY per share, with different tax implications based on holding periods [2][3] - For Qualified Foreign Institutional Investors (QFII), a 10% withholding tax applies, resulting in an actual cash dividend of 0.18 CNY per share [3][4] - Other institutional investors and corporate shareholders are responsible for their own tax payments, with a pre-tax cash dividend of 0.20 CNY per share [4] Contact Information - Shareholders can inquire about the dividend distribution through the board office at the provided contact number [4]

上海华培数能科技（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。 证券代码：603121 证券简称：华培动力 公告编号：2025-028 重要内容提示： 每股分配比例 A 股每股现金红利0.20元 相关日期 | 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 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 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 15 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。 3. 分配方案： 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交 ...

证券代码：603121 证券简称：华培动力 公告编号：2025-027 上海华培数能科技（集团）股份有限公司 关于为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、担保情况概述 （一）担保基本情况 为满足武汉华培的生产经营需要，2025年6月18日，公司与招商银行股份有 限公司武汉分行（以下简称"招商银行"）签署《最高额不可撤销担保书》（编 号：127XY250606T00005303），为武汉华培向招商银行申请最高额为人民币壹亿 叁仟万元整的银行授信提供连带责任保证担保。本次担保事项不存在反担保情况。 截至本公告披露日，公司已实际为武汉华培提供的担保余额为16,000.00万元（不 含本次）；本次担保后，公司实际对控股子公司提供的担保余额为57,676.10万 元。本次新增担保金额未超过此前董事会及股东大会授权的担保额度。 （二）本次担保事项履行的决策程序 1 被担保人名称及是否为上市公司关联人：武汉华培动力科技有限公司 （以下简称"武汉华培"），系上海华培数能科技（集团）股 ...

Core Viewpoint - The company has provided a guarantee for its wholly-owned subsidiary, Wuhan Huapei, to secure a bank credit line of up to RMB 130 million, which is essential for the subsidiary's operational needs [1][2][4]. Summary by Sections Guarantee Overview - The company signed an irrevocable guarantee agreement with China Merchants Bank for Wuhan Huapei to apply for a maximum credit line of RMB 130 million [1][2]. - The total guarantee amount provided by the company to Wuhan Huapei before this announcement was RMB 160 million, and after this guarantee, the total will be RMB 576.76 million [1][2][6]. - There are no counter-guarantees associated with this guarantee [2][5]. Decision-Making Process - The board of directors approved the guarantee during meetings held on April 23, 2025, and May 15, 2025, allowing for a total guarantee limit of RMB 115 million for the year 2025 [1][4]. Subsidiary Information - Wuhan Huapei is a wholly-owned subsidiary of the company, holding 100% equity [2][3]. - Recent financial data for Wuhan Huapei shows total assets of RMB 869.35 million and total liabilities of RMB 352.24 million as of March 31, 2025 [3]. Guarantee Agreement Details - The guarantee covers the principal balance of loans and other credit amounts provided by the bank, with a maximum guarantee amount of RMB 130 million [3][5]. - The guarantee period extends from the effective date of the guarantee until the expiration of the loans or credit agreements plus an additional three years [4]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to support the daily operations of Wuhan Huapei, which is under effective management by the company [4][6]. - The board has assessed the subsidiary's ability to repay its debts, indicating that the risk associated with the guarantee is manageable [4][6]. Total External Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 115 million, which represents 93.37% of the company's latest audited net assets [5][6]. - The company has no overdue external guarantees [6].

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]