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].

Overview - Guilin Fuda Co., Ltd. has signed two equity transfer agreements with Maschinenfabrik Alfing Kessler GmbH (ALFING) to transfer a total of 50% equity in Guilin Fuda Alfing Large Crankshaft Co., Ltd. in two phases, with the first phase involving a 25% transfer completed by May 23, 2025 [1][3] Progress Update - The company has agreed to make efforts to release its guarantee obligations for the joint venture within 60 working days after the signing of the equity transfer agreement. As of December 31, 2024, the actual guarantee amount for the joint venture was not disclosed, but the company has completed the necessary procedures to release these guarantees [3] - The company currently has no external guarantees other than those for its wholly-owned subsidiaries, and there are no overdue external guarantees [3]

Core Viewpoint - Fuda Co., Ltd. plans to establish a wholly-owned subsidiary, Guilin Fuda Drive Technology Co., Ltd., to take over the business of its existing subsidiary, New Energy Electric Drive, which will be subsequently deregistered [1][2] Group 1: Company Restructuring - The establishment of Guilin Fuda and the deregistration of New Energy Electric Drive will help the company optimize resource allocation and improve operational efficiency [2] - The new subsidiary will have independent legal status, facilitating related production and operational activities [2] - The transfer of employees from the New Energy Electric Drive to the new subsidiary will be conducted in accordance with national laws and regulations [2] Group 2: Financial Impact - The assets being contributed to the new subsidiary are valued at 475 million yuan (including tax) as per the asset evaluation report [1] - The contribution will consist of 470 million yuan allocated to the registered capital of the new subsidiary, with the remaining amount going to capital reserves [1] - The restructuring will not lead to significant changes in the company's consolidated financial statements or affect its business development and profitability [2][4] Group 3: Business Development - Fuda Co., Ltd. has been transitioning towards the new energy vehicle industry, focusing on new energy hybrid crankshafts and electric drive gears [2] - The company has secured multiple project allocations from major clients such as BYD, gaining entry into three strategic customer systems in 2024 [3] - Recent investments include a project for ultra-precision gears for electric drive systems and robotic transmission components in Pinghu Economic and Technological Development Zone [3]

Group 1 - Beixin Road and Bridge's application for issuing shares to specific targets has been approved by the Shenzhen Stock Exchange, pending approval from the China Securities Regulatory Commission [1] - Wangbian Electric's shareholders plan to reduce their holdings by a total of up to 2.99% of the company's shares, with specific reductions detailed for each shareholder [1] - Guotou Zhonglu is planning a major asset restructuring, leading to a suspension of its stock trading for up to 10 trading days [2] Group 2 - Baiotai has signed a licensing agreement with SteinCares for the commercialization of BAT2406 in Brazil and Latin America, with total payments potentially reaching up to $10 million [3] - Dongfang Bio has obtained two medical device registration certificates for its products, which are valid until June 1, 2030 [4] - Pulaike's subsidiary has received a new veterinary drug registration certificate [5] Group 3 - Wanyi Technology has signed an agreement to establish a joint laboratory with the Energy Research Institute, with a total research and development budget of 6 million yuan [6] - Yingboer plans to use up to 300 million yuan of idle funds for financial management [7] - Blue Biological has received two new veterinary drug registration certificates [8] Group 4 - Jinkai New Energy intends to inject up to 1.247 billion yuan into its wholly-owned subsidiary to enhance its operational capabilities [9] - China Pacific Insurance's assistant general manager's qualification has been approved [10] - Zhaoyan New Drug is reducing its registered capital and notifying creditors [11] Group 5 - Weili Medical plans to invest 37.5 million yuan in establishing a medical industry investment fund [12] - Hongbai New Materials has signed a deposit agreement for idle raised funds [13] - Tongyou Technology is applying for a credit limit of 10 million yuan from a bank [14] Group 6 - Warner Pharmaceutical's subsidiary has received approval for its magnesium sulfate raw material drug [15] - Fuda Co. plans to establish a wholly-owned subsidiary with a capital contribution of 475 million yuan [16] - Yabao Pharmaceutical has obtained a loan commitment letter for stock repurchase of up to 90 million yuan [17] Group 7 - Zhongyin Securities' chairman has resigned due to work adjustments [18] - Aili Home has terminated its share reduction plan ahead of schedule [19] - Samsung New Materials has appointed a new financial officer [20] Group 8 - Guobang Pharmaceutical's subsidiary has received EU GMP certification for its product [21] - Yipin Hong has received a drug registration certificate for its injection solution [22] - Wenzhou Hongfeng's subsidiary has obtained a utility model patent certificate [23] Group 9 - Cangge Mining plans to sign a financial service agreement with Zijin Mining Group [24] - Naipu Mining's application for convertible bonds has been accepted by the Shenzhen Stock Exchange [25] - Shenyang Machine Tool has completed its major asset restructuring [26] Group 10 - Xinlaifu plans to distribute a cash dividend of 5 yuan per 10 shares [27] - Jiashitang plans to distribute a cash dividend of 1.7 yuan per 10 shares [28] - Manbuer plans to distribute a cash dividend of 2.5 yuan per 10 shares [29] Group 11 - Guo Wang Yingda plans to distribute a cash dividend of 0.51 yuan per 10 shares [30] - Changsha Bank's shareholder plans to reduce holdings by up to 0.92% [31] - Hu Nong Commercial Bank plans to distribute a cash dividend of 1.93 yuan per 10 shares [32] Group 12 - Huaxiang Co. plans to distribute a cash dividend of 1.17 yuan per 10 shares [33]

本报告依据中国资产评估准则编制 桂林福达股份有限公司拟对外投资涉及的 桂林福达股份有限公司部分资产价值 资产评估业务报告备案回执 (可扫描二维码查询备案业务信息) | 报告编码: | 1142020031202500487 | | | --- | --- | --- | | 合同编号: | HBBM2025-103 | | | 报告类型: | 非法定评估业务资产评估报告 | | | 报告文号: | 京信评报字(2025)第400号 | | | | 桂林福达股份有限公司拟对外投资涉及的桂林福达股份有限公司 部分资产价值资产评估报告 | | | 评估结论: | 420,280,031. 15元 | | | 评估报告日: | 2025年06月23日 | | | 评估机构名称: | 中京民信(北京)资产评估有限公司 | | | 签名人员: | 张峰 (资产评估师) | 正式会员 编号: 11130010 | | | 李新星 (资产评估师) 出版 E < > > E B > | 正式会员 编号: 42190022 | | 报告名称: | | | 张峰、李新星已实名认可 京信评报字（2025）第 400 号 中京| 评估 ...

关于转让合资公司股权进展暨解除关联担保的公告 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个别及连带责任。 一、概述 桂林福 达股份有 限公司（ 以下简称 "公司" ）于 2025 年 4 月 27 日与 Maschinenfabrik Alfing Kessler GmbH（以下简称"ALFING"）签署了两份《股 权转让协议》，协议约定，公司拟分两期（第一期转让 25%股权、第二期转让 25%股 权）将所持有的"桂林福达阿尔芬大型曲轴有限公司"（以下简称"合资公司"） 全部 50%股权转让给 ALFING。股权转让完成后，公司将不再持有合资公司的股权。 该事项经公司第六届董事会第二十四次会议审议通过，并同意授权公司管理层负责 办理本次股权转让的具体事宜。 截至 2025 年 5 月 23 日，第一期转让 25%股权的交易已完成。合资公司股权结构 调整为：ALFING 持有 75%股权，公司持有 25%股权。 证券代码：603166 证券简称：福达股份 公告编号：2025-033 桂林福达股份有限公司 具体内容详见公司分别于 202 ...

证券代码：603166 证券简称：福达股份 公告编号：2025-035 桂林福达股份有限公司 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 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。 重要内容提示： ●对外出资标的：桂林福达驱动科技有限公司（暂定名）。 ●对外出资金额：公司拟以非货币资产出资新设全资子公司，即以桂林福达股 份有限公司新能源电驱科技分公司业务所涉固定资产、在建工程及无形资产进行出 资。根据中京民信（北京）资产评估有限公司出具的《桂林福达股份有限公司拟对 外投资涉及的桂林福达股份有限公司部分资产价值资产评估报告》〔京信评报字 （2025）第 400 号〕，该部分资产于评估基准日 2025 年 5 月 31 日所表现的市场价 值为 47,491.65 万元（含税）。据此，公司拟以非货币资产出资金额 47,491.65 万 元，其中 47,000.00 万元计入新设全资子公司注册资本、剩余 491.65 万元计入资本 公积（相关税费按行政主管部门认定计入）。 ●拟注销的子、分公司：全资子 ...

二、董事会会议审议情况 1、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》。 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），同意注销桂林福达股份有限公司新能源电驱科技分公司。 证券代码：603166 证券简称：福达股份 公告编号：2024-034 桂林福达股份有限公司 第六届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 桂林福达股份有限公司（以下简称"公司"）第六届董事会第二十五次会议于 2025 年 6 月 23 日在公司三楼会议室采用现场和通讯相结合方式召开。本次会议通知 于 2025 年 6 月 13 日通过电话、电子邮件发出，会议由公司董事长黎福超先生召集 并主持，应出席本次会议的董事 9 名，实际出席会议的董事 9 名，其中 4 名董事通 过通讯表决方式参会，公司全部监事及高级管理人员列席了本次会议，本次会议的 召集、召开及出席的人员均符合《公司法》等有关法律、法规、部门规章和《公司 章程》的规定，合法、有 ...

Group 1 - The company plans to establish a wholly-owned subsidiary, Guilin Fuda Drive Technology Co., Ltd., to optimize its organizational structure and business layout, enhancing overall operational efficiency [1] - The new subsidiary will take over the business of Guilin Fuda's New Energy Electric Drive Technology branch, which will be subsequently dissolved [1] - The company intends to contribute non-monetary assets valued at 475 million yuan (including tax) to the new subsidiary, with 470 million yuan allocated to registered capital and the remaining 4.9165 million yuan to capital reserves [1] Group 2 - The company aims to further integrate existing resource allocation and optimize internal management by dissolving Changsha Fuda Crankshaft Co., Ltd. and Guilin Fuda's Taicang branch [2] - The business originally planned to be conducted by Changsha Fuda Crankshaft Co., Ltd. will be transferred to the wholly-owned subsidiary, Xiangyang Fuda Crankshaft Co., Ltd. [2]

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting stock selection to emphasize alpha over beta, with a focus on distinct individual stock characteristics [2]. Core Insights - The automotive sector experienced a slight decline in investment sentiment, with expectations for a rebound in demand towards the end of June due to increased marketing efforts. The industry is anticipated to enter a seasonal lull in July and August, followed by a surge in new product launches and seasonal sales towards the end of the year [2]. - The report highlights the importance of monitoring the impact of policies such as trade-in programs and changes in new energy vehicle purchase taxes on the industry [2]. Data Tracking - In April, wholesale passenger car sales reached 2.22 million units, a year-on-year increase of 11% but a month-on-month decrease of 10%. Retail sales for the same month were 1.59 million units, up 6% year-on-year but down 14% month-on-month [4]. - New energy vehicle deliveries from leading companies showed significant growth in May, with BYD delivering 380,000 units (up 15% year-on-year), and Li Auto and Xpeng also reporting substantial increases [4][19]. - The average discount rate in early June rose to 10.6%, reflecting a 0.4 percentage point increase from the previous period and a 2.9 percentage point increase year-on-year [4]. Market Performance - The automotive sector index fell by 2.57% this week, ranking 23rd out of 29 sectors. The overall market indices also showed declines, with the Shanghai Composite Index down 0.51% [7][28]. - The report notes that the automotive sector's price-to-earnings (PE) ratio stands at 31, indicating a relatively high valuation compared to historical averages [28][34].