桂林福达股份有限公司2025 年半年度报告 公司代码：603166 公司简称：福达股份 桂林福达股份有限公司 2025 年半年度报告 1 / 164 桂林福达股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 四、 公司负责人王长顺、主管会计工作负责人张海涛及会计机构负责人（会计主管人员）邬金 金声明：保证半年度报告中财务报告的真实、准确、完整。 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 十、 重大风险提示 报告期内， ...

Core Insights - Fuda Co., Ltd. (603166) reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 937 million yuan, a year-on-year growth of 30.26%, and a net profit attributable to shareholders of 146 million yuan, reflecting a remarkable increase of 98.77% [1] Revenue Growth - The revenue growth is primarily attributed to the increased demand for passenger car crankshafts, particularly in the hybrid crankshaft market [1]

Core Insights - The company reported a revenue of 937 million yuan for the first half of 2025, representing a year-on-year increase of 30.26% [1] - The net profit attributable to shareholders reached 146 million yuan, showing a significant year-on-year growth of 98.77% [1] - The net profit excluding non-recurring gains and losses was 134 million yuan, reflecting a year-on-year increase of 90.30% [1] - The basic earnings per share stood at 0.23 yuan [1] Revenue and Profit Analysis - The increase in revenue is attributed to a rise in operating profit driven by higher sales [1] - The substantial growth in net profit is primarily due to the increase in operating income [1]

Summary of Key Points from Conference Call Industry Overview - The robotics sector is expected to experience significant growth in the third and fourth quarters of 2025, with a notable increase in automotive sales anticipated to start in September 2025. [1][2] - The market is likely to respond early to these developments, with October being a critical beta node for the industry. [1][3] Core Companies and Investment Opportunities - **Key Companies to Watch**: - **Fuda Co.** and **Haoneng Co.** are highlighted as core stocks in the robotics sector. [1][8] - Other notable mentions include **Meihu Co.**, **Xining Co.**, and **Aikedi Co.** as potential beneficiaries of upcoming catalysts. [1][9] - **Investment Strategy**: - Focus on pure robotics beta companies, undervalued high-growth firms, and companies with high single-unit value and low penetration rates. [1][4] - Specific recommendations include **Dakebi**, **Huguang**, and **Wuxi Zhenhua** for their growth potential. [1][4] Company-Specific Insights - **Fuda Co.**: - Recently acquired Changman Technology, which has exceeded production capacity expectations, indicating strong customer demand. [11] - **Haoneng Co.**: - A leader in the robotics reducer sector, with plans to exceed one million units in production capacity by 2026. [12][13] - **Shanghai Yanpu**: - Showed significant performance improvement in Q2, with expectations for continued growth in 2026. [14] - **Anpeilong**: - Successfully entered the robotics field, leveraging its position as a secondary supplier for Tesla. [15] - **Fosai Technology**: - Focused on lightweight materials and has established production capacity in Mexico, with expectations for a turnaround in 2026. [16] - **Huguang Co.**: - Anticipated to achieve record performance in Q4 2025, with involvement in Xiaomi's robotics projects. [17] - **Lidai Technology**: - Expected to see significant order growth, with a projected doubling of profits this year. [18] - **Qin'an Co.**: - Actively transitioning into the robotics sector through acquisitions and partnerships. [19] Market Trends and Catalysts - The automotive and robotics industries are experiencing a price stabilization phase, with new electric vehicle models set to launch from July to September 2025. [2] - The upcoming Tesla shareholder meeting in November 2025 is expected to showcase advancements in humanoid robotics, further stimulating market interest. [5][6] Financial Performance and Projections - **Meihu Co.**: - Anticipated to benefit from significant orders from major clients, with a production capacity of 50,000 reducers expected to increase to 100,000. [24] - **Aikedi Co.**: - Projected to enhance its valuation through the acquisition of Zhuoerbo, with a focus on robotics applications. [25][26] - **Xiling Power**: - Recently secured a significant order from Xiaomi, indicating strong growth potential in the robotics sector. [31] Conclusion - The robotics sector is poised for growth, driven by technological advancements and strategic partnerships. Investors are encouraged to focus on key players with strong fundamentals and growth potential in this evolving market. [7][20]

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。 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，审 议通过了《关于注销全资子公司及分公司的议案》，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。截止2025 年7月3日，公司已完成桂林福达股份有限公司太仓分公司的注销手续。 具体内容详见公司分别于2025年6月24日、2025年7月4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）、《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》（公告 编号：2025-036）。 近日，公司收到长沙经济技术开发区管理委员会出具的《登记通知书》，对长沙福达曲轴有限公司的注 销登记申请予以登记，注销登记手续已办理完毕。 长沙福达曲轴有限公司注销完成后，将不再纳入公司合并报表范围 ...

证券代码：603166 证券简称：福达股份 公告编号：2025-038 桂林福达股份有限公司 关于注销全资子公司的进展公告 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。 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，审议通过了《关于注销全资子公司及分公司的议案》， 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。截止 2025 年 7 月 3 日， 公司已完成桂林福达股份有限公司太仓分公司的注销手续。 具体内容详见公司分别于 2025 年 6 月 24 日、2025 年 7 月 4 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）、《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》（公告编号：2025-036）。 近日，公司收到长沙经济技 ...

Investment Rating - The report does not explicitly state an investment rating for the automotive industry or the embodied intelligence sector Core Insights - The embodied intelligence sector is entering a rapid implementation phase as of 2025, with multiple manufacturers planning mass production of robots across various applications [12][16][18] - The automotive industry is actively integrating embodied intelligence into its supply chain, leveraging existing technological advancements and manufacturing capabilities [34][37] - Government policies across various provinces are increasingly supportive of the embodied intelligence and robotics industries, aiming to foster innovation and market expansion [17][21][18] Summary by Sections 1. Rapid Development of Embodied Intelligence - The period from 2020 to 2025 marks a significant evolution in embodied intelligence, driven by advancements in AI and robotics, particularly following the release of OpenAI's ChatGPT3 [11] - Major manufacturers like Tesla and Xiaomi are entering the market, with Tesla predicting a production capacity of over 5,000 units by 2025 and 50,000 units by 2026 [13][16] - The demand for robots in various sectors is projected to grow significantly, with manufacturing being a primary area for automation due to its repetitive tasks [25][27] 2. Integration of Automotive and Embodied Intelligence - The automotive industry is leveraging its existing technological expertise in areas such as sensor fusion and control algorithms to facilitate the development of embodied intelligence [34][37] - Over ten automotive manufacturers are actively pursuing the embodied intelligence sector through self-development and strategic investments [36][37] - The shared supply chain for components like sensors and chips between automotive and robotics sectors is expected to reduce costs and enhance production efficiency [43][49] 3. Government Support and Policy Framework - Various provinces, including Shenzhen and Beijing, have introduced policies to support the development of embodied intelligence, focusing on technology breakthroughs and ecosystem building [17][21][18] - The policies aim to create a conducive environment for innovation, with specific targets for industry scale and technological advancements by 2027 [18][21] - The report highlights a collaborative approach among regions to drive the growth of the embodied intelligence sector, emphasizing the importance of technology and market integration [18][21]

Market Overview - The market is expected to continue rising in August, driven by liquidity conditions[5] - As of July 28, the Wind All A Index surpassed its peak from October 8 of the previous year, indicating a bullish market sentiment[5] Market Drivers - The upward market movement is attributed to ample incremental capital and improved supply-demand dynamics, particularly in cyclical stocks[7] - Recent trends show a significant increase in public and retail investor participation, with new fund issuance in June reaching nearly 30 billion, the highest monthly level since 2022[8] Investment Strategy - The report recommends focusing on large financial and technology assets, highlighting the potential for banks and insurance companies to benefit from reduced economic risks and lower liability costs[9] - Technology assets are suggested for contrarian trading due to their low trading congestion, with historical performance showing a strong correlation with trading dynamics[9] Key Stock Recommendations - The August stock selection includes: Hong Kong Tech 50 ETF, Fuda Co., Su Neng Co. (automotive), Zhujiang Co., Core International (trading), Wanhua Chemical, Dongcai Technology (chemicals), and others[17] - The report emphasizes the importance of sectors like steel and pharmaceuticals, which are expected to perform well due to demand recovery and policy support[9] Risks - Potential risks include unexpected economic downturns and insufficient policy support, which could impact market performance[18]

Group 1 - Fuda Co., Ltd. has experienced a continuous decline in stock price for six consecutive trading days, with a cumulative drop of -6.08% [1] - Founded in 1995, Fuda Co., Ltd. is a national high-tech enterprise focused on high-end manufacturing, primarily engaged in the research, production, and sales of engine crankshafts, precision forgings, new energy electric drive gears, automotive clutches, spiral bevel gears, and high-strength bolts [1] - Qianhai Kaiyuan Jiaxin Mixed A Fund has entered the top ten shareholders of Fuda Co., Ltd. in the second quarter of this year, marking a new investment [1] Group 2 - The year-to-date return of Qianhai Kaiyuan Jiaxin Mixed A Fund is 47.23%, ranking 29th among 1845 similar funds [2] - The fund manager, Wu Guoqing, has a background in economics and management from Tsinghua University and has held various positions in fund management since joining Qianhai Kaiyuan Fund Management Co., Ltd. in 2015 [3][4] - Wu Guoqing has managed multiple funds, including the Qianhai Kaiyuan Dingshui Bond Fund and the Qianhai Kaiyuan Core Resource Flexible Allocation Mixed Fund, demonstrating extensive experience in fund management [4]

Investment Rating - The report recommends investment in companies such as Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing [2][4] Core Insights - The report emphasizes that reducers are the core components of humanoid robot joints, ensuring high precision and stability in motion control [2][9] - The humanoid robot precision reducer market is expected to grow steadily, with domestic manufacturers enhancing their supply capabilities [2][19] - Different types of reducers (harmonic, RV, planetary, and cycloidal) have distinct characteristics and applications, with cycloidal reducers emerging as a promising option for high-load joints [2][88] Summary by Sections 1. Reducers as Core Components - Reducers are essential for reducing speed and increasing torque in humanoid robots, connecting the power source to the execution structure [9][14] - The market for reducers in China is projected to reach approximately 144.8 billion yuan in 2024, with a steady growth rate of 4% to 5% over the past five years [19] 2. Demand Differentiation and Application of Cycloidal Reducers - The report identifies a growing application space for cycloidal reducers, which offer significant torque increase relative to cost and size [2][88] - Tesla's Optimus Gen2 utilizes a combination of planetary and harmonic reducers, highlighting the trend towards hybrid solutions in humanoid robots [76][80] 3. Prominent Companies and Technological Collaboration - Fuda Co., Ltd. is positioned as a leading player in the precision reducer market, with significant growth in revenue and net profit driven by the demand for new energy vehicles [99] - Jinguan Technology is expanding its footprint in the reducer market through joint ventures and product diversification [103] - Shuanghuan Transmission's subsidiary, Huandong Technology, is a key player in the RV reducer segment, contributing to the company's overall growth [108] - Zhongding Sealing is investing heavily in the humanoid robot sector, focusing on the production of harmonic reducers and joint assemblies [114] 4. Investment Recommendations - The report suggests focusing on leading companies in the reducer market, including Fuda Co., Ltd., Jinguan Technology, Shuanghuan Transmission, and Zhongding Sealing, while also monitoring emerging players like Haoneng Co., Ltd. and Landai Technology [2][4]