Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 145 to 155 million yuan for the first half of 2025, representing a year-on-year increase of 97.1% to 110.7% [5] - The company has officially reached production capacity of 30,000 sets of screw rods, which is a significant milestone for its robotics business [7] - The company has adjusted its profit forecast for 2025 to 331 million yuan, up from a previous estimate of 311 million yuan, reflecting strong growth in its traditional business and potential in robotics [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 1,648 million yuan in 2024 to 2,545 million yuan in 2025, with a year-on-year growth rate of 54.5% [6] - The net profit attributable to shareholders is expected to increase from 185 million yuan in 2024 to 331 million yuan in 2025, with a year-on-year growth rate of 78.9% [6] - The company's earnings per share is forecasted to rise from 0.29 yuan in 2024 to 0.51 yuan in 2025 [6]

[Guilin Fuda Co., Ltd. 2025 Semi-Annual Performance Forecast Announcement](index=1&type=section&id=Guilin%20Fuda%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast%20Announcement) [Key Performance Indicators Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates significant H1 2025 performance growth, with net profit attributable to shareholders projected to increase **97.15% to 110.74%** Performance Forecast Comparison | Indicator | 2025 H1 Forecast (RMB) | 2024 H1 Actual (RMB) | Year-over-Year Growth Rate | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | RMB 145 million - RMB 155 million | RMB 73.55 million | +97.15% to +110.74% | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | RMB 132 million - RMB 142 million | RMB 70.49 million | +87.26% to +101.44% | - The forecasted performance has not been audited by a certified public accountant[2](index=2&type=chunk) [Drivers of Performance Growth](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Increase) Performance growth is primarily driven by core business expansion in the new energy vehicle market, effective internal cost reduction and efficiency improvement initiatives, and one-time investment gains from asset disposal - Market demand growth: The company's new energy crankshaft business revenue increased year-over-year, benefiting from the growing new energy vehicle market, particularly hybrid crankshafts[4](index=4&type=chunk) - Internal cost reduction and efficiency improvement: The company achieved effective cost reduction and efficiency gains through continuous quality and efficiency enhancement initiatives and strict expenditure control[4](index=4&type=chunk) - Increased investment income: Resource allocation was optimized, and investment income increased through the transfer of a 25% equity stake in a joint venture[4](index=4&type=chunk) [Risk Warning and Disclaimer](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast is based on preliminary, unaudited financial department calculations, with final accurate data subject to the official 2025 semi-annual report, urging investors to note investment risks - This performance forecast represents preliminary calculations by the company's finance department based on professional judgment and has not yet been audited by a certified public accountant[5](index=5&type=chunk) - The final accurate financial data will be subject to the company's officially disclosed "2025 Semi-Annual Report," and investors are advised to be aware of investment risks[6](index=6&type=chunk)

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, including basic elements such as issuer, scale, underlying stock, and project status. The actual issuance terms and progress may change, and investors are advised to refer to the final prospectus and consult the lead underwriters [1]. 3. Summary of Key Information New Projects This Week - Fuda Holdings Group Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 1.2 billion yuan and the underlying stock being Fuda Co., Ltd. (603166.SH). The lead underwriter is Zhongde Securities, and the exchange update date is July 11, 2025 [2]. - Zijin Mining Investment (Shanghai) Co., Ltd.'s 2025 private exchangeable corporate bond project for professional investors received exchange feedback, with a proposed issuance scale of 700 million yuan and the underlying stock being Jiangnan Chemical Industry Co., Ltd. (002226.SZ). The lead underwriter is CITIC Securities, and the exchange update date is July 8, 2025 [2]. Project Status Table - The report lists the status of multiple private exchangeable bond projects as of July 11, 2025, including details such as bond name, lead underwriter, scale, underlying stock, project status, and update date. Projects are divided into two categories: "passed" and "feedback received" [3].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [19]. Core Insights - The core insight revolves around the concept of "anti-involution," focusing on resolving supply-demand mismatches, with a shift in policy emphasis from demand stimulation to supply control. The approval for new production capacity is expected to become more challenging, and unique products that can stimulate potential demand are crucial for breaking the "price war" [3][4]. - Companies like Fuda Co., Ltd. and Jifeng Co., Ltd. are highlighted for their strong operational performance and growth potential, driven by expanding product lines and market demand [5][7]. Summary by Relevant Sections Anti-Involution - The core of anti-involution is to address supply-demand mismatches, with future policies likely focusing on controlling supply rather than stimulating demand. The approval for new production capacity may become increasingly difficult, and there may be a need to activate idle existing capacity. Unique products that can stimulate demand, such as Xiaomi's YU7, are seen as key to breaking the cycle of price wars [3][4]. Fuda Co., Ltd. - Fuda Co., Ltd. is expected to achieve operational performance of 65 to 75 million yuan in Q2, with a year-on-year growth rate of 70% to 80%. The growth is primarily driven by the continuous ramp-up of BYD's crankshaft production and successful expansion into crankshaft business with companies like Seres and Chery. Additionally, the company is making strides in new business areas, with a significant contribution expected from the production of 10,000 sets of reverse planetary roller screws [5]. Jifeng Co., Ltd. - Jifeng Co., Ltd. is in a phase of continuous performance realization, with Q1 earnings around 100 million yuan and Q2 expected to grow to 120 to 130 million yuan. The growth is driven by domestic seat business, with significant contributions from models like Li Auto's L6 and NIO's ES6 and EC6. The company is positioned to capitalize on the domestic seat market, with substantial growth potential anticipated [7]. Great Wall Motors - Great Wall Motors is projected to have strong Q2 performance, with sales increasing by 56,000 units compared to Q1. The estimated net profit for Q2 is expected to rise from 1.7 billion yuan in Q1 to nearly 4.2 billion yuan. The company is also expected to benefit from various transformations in the second half of the year, including new vehicle launches and significant advancements in smart driving technology [8].

Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Viewpoints - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Industry Overview - Humanoid robots have completed the basic functionality phase and are now focusing on software generalization and hardware optimization for commercial applications [3][4]. - The iterative direction for hardware includes high load capacity, lightweight design, high thermal dissipation, low energy consumption, stability, flexibility, and cost reduction [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report highlights the advantages of cycloidal reducers over traditional planetary and harmonic reducers, particularly in high-load scenarios [4][5]. Market Potential - The global market for cycloidal reducers is expected to reach 17 billion RMB by 2029, with significant penetration in humanoid robot joints anticipated [5]. - The report estimates that the market for humanoid robot cycloidal reducers could exceed 14 billion RMB by 2030, indicating substantial growth potential [5]. Key Companies and Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to benefit from technological upgrades in the humanoid robot sector [6][7].

Investment Rating - The report maintains an "Outperform" rating for the industry [2][7]. Core Insights - The humanoid robot industry is transitioning from product definition to functional realization and commercialization, focusing on the optimization and coupling of hardware and software [3][4]. - Cycloidal reducers are expected to become a new iteration direction for humanoid robots, offering higher precision and load capacity compared to planetary and harmonic reducers [4][5]. - The market for new cycloidal reducers in humanoid robots is projected to exceed 14 billion RMB by 2030, driven by advancements in structure, materials, and components [5]. Summary by Sections Market Trends - The humanoid robot sector has completed the basic functionality phase and is now focusing on software and hardware upgrades [3]. - The report highlights the need for improvements in load capacity, lightweight design, heat dissipation, energy efficiency, stability, flexibility, and cost reduction in hardware [4]. Reducer Technology - Cycloidal reducers are characterized by high reduction ratios, efficiency, precision, and load capacity, making them suitable for humanoid robot joints [4][5]. - The report discusses the advantages and disadvantages of various reducer types, including harmonic, planetary, RV, and cycloidal reducers, emphasizing the unique benefits of cycloidal reducers in high-load applications [22][23]. Investment Recommendations - The report recommends companies with capabilities in precision reducers and gear processing, such as Shuanghuan Transmission, Haoneng Co., Fuda Co., Jingzhuan Technology, and Landai Technology, as they are well-positioned to capitalize on the growth in the humanoid robot market [6][7].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

一、概述 桂林福达股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日召开的第六 届董事会第二十五次会议，分别审议通过了《关于以非货币资产出资设立全资子公 司并注销分公司的议案》《关于注销全资子公司及分公司的议案》，同意公司以非 货币资产出资设立全资子公司桂林福达驱动科技有限公司（暂定名），并注销桂林 福达股份有限公司新能源电驱科技分公司；同意注销全资子公司长沙福达曲轴有限 公司和桂林福达股份有限公司太仓分公司。为提高工作效率，董事会授权公司管理 层负责上述相关工作。 具体内容详见公司于2025年6月24日在上海证券交易所网站（www.sse.com.cn） 披露的《福达股份关于以非货币资产出资设立全资子公司并注销全资子公司和分公 司的公告》（公告编号：2025-035）。 二、进展情况 证券代码：603166 证券简称：福达股份 公告编号：2025-036 桂林福达股份有限公司 关于设立全资子公司和注销子、分公司的进展公告 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个别及连带责任。 注册资本：47000 万人民币 住 ...

Group 1 - The core viewpoint of the report is that the demand for ball screws will increase due to the rise in domestic high-end machine tool and equipment production, as well as the development of the electric vehicle sector and humanoid robots [1][2] - Ball screws are a critical linear motion component with high technical barriers, and the domestic production rate is lower compared to other core components [1] - The report recommends specific companies such as Fuda Co., Ltd. (603166.SH) and Beite Technology (603009.SH), while also suggesting to pay attention to Shuanglin Co., Ltd. (300100.SZ), Wuzhou Xinchun (603667.SH), Rongtai Co., Ltd. (605133.SH), and Zhenyu Technology (300953.SZ) [1] Group 2 - The humanoid robot market presents significant demand, with ball screws accounting for approximately 19% of the value of humanoid robots [2] - The potential market for planetary roller screws is expected to exceed 45 billion yuan by 2030, driven by the demand from humanoid robots [2] - European companies dominate the market, with significant room for domestic replacement, as major global manufacturers hold substantial market shares in China [2]

Core Viewpoint - The dexterous hand market is expected to grow significantly, reaching $1.706 billion in 2024 and projected to increase to $1.921 billion in 2025 and $3.036 billion by 2030, driven by the demand for humanoid robots that require more advanced dexterous hands with higher degrees of freedom [2][11]. Market Overview - The dexterous hand market is anticipated to reach 760,100 units in 2024, with projections of 861,800 units in 2025 and 1,412,100 units by 2030, reflecting a compound annual growth rate (CAGR) of 10.38% and 9.59% respectively [28][29]. Driving Solutions - The mainstream driving solutions include underactuated, external/mixed, and electric drives, with a shift from hollow cup motors to brushless gear motors. Underactuated designs sacrifice precision for cost reduction and faster deployment, while electric drives are favored for their modular design and high precision [3][11][45]. - Tesla's third-generation dexterous hand has replaced some hollow cup motors with brushless gear motors, indicating a potential shift in motor solutions [3][11]. Transmission Solutions - Transmission solutions encompass gear/worm gear, linkages, screws, and tendon-driven systems, each with its advantages and disadvantages. The tendon + screw composite transmission can enhance transmission precision while maintaining flexibility, exemplified by Tesla's third-generation dexterous hand [4][5][51]. Perception Solutions - Multi-modal perception is a defined trend, with force/torque sensors evolving towards strain gauge types and flexible sensors focusing on enhancing sensitivity and stability. MEMS pressure sensors, particularly resistive types, are becoming more prevalent in dexterous hand applications [6][66][74]. Industry Trends - Both domestic and international products are increasingly pursuing high degrees of freedom and multi-modal perception, highlighting the industry's development trends. Investment recommendations include companies involved in reducers and screw chains, such as Fuda Co., Zhejiang Rongtai, and Wuzhou Xinchun [8][11]. Future Outlook - The iteration of Tesla's dexterous hand clearly indicates a mainstream shift towards tendon-driven systems, achieving a doubling of degrees of freedom, transmission upgrades, drive switching, and breakthroughs in multi-modal perception [7][11].