Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is positioned as a leading domestic bearing manufacturer, strategically investing in high-growth sectors such as humanoid robots and EMB systems [2][3] - The company is expanding its humanoid robot components business, with a projected demand of approximately 2.1 million units in the US and China by 2030, representing a market space of about 314.6 billion RMB [2] - The company is optimizing its bearing product structure to meet emerging demands in AI and aerospace, aiming for high-quality growth [3] Summary by Sections Strategic Investments - The company has invested 1.5 billion RMB to enhance production capacity for planetary roller screws and micro ball screws, focusing on the embodied intelligence sector [2] - A strategic cooperation framework has been established with Hangzhou Xinjian to develop key components for various applications, including intelligent automotive systems and mechanical electronic braking systems [2] Business Performance - The company is improving its overseas operations, with a focus on mature and stable markets in Europe to reduce losses [3] - The EMB system is nearing mass production, with significant developments in the domestic market expected by 2026 [4] Financial Forecast - Revenue projections for 2025-2027 are 3.6 billion, 4.1 billion, and 5.1 billion RMB, with year-on-year growth rates of 10%, 15%, and 25% respectively [5] - The net profit attributable to the parent company is forecasted to be 150 million, 180 million, and 230 million RMB for the same period, reflecting growth rates of 64%, 21%, and 25% [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is positioned as a leading domestic bearing manufacturer, strategically investing in high-growth sectors such as humanoid robots and EMB systems [2][3] - The company is accelerating its layout in humanoid robot components, with an expected demand of approximately 2.1 million units in the US and China by 2030, representing a market space of about 314.6 billion RMB [2] - The company is optimizing its bearing product structure to meet emerging demands in AI and aerospace, aiming for high-quality growth [3] - The EMB system is nearing mass production, with the company having developed key components for various applications, expected to start order production in the second half of 2025 [4] Financial Summary - The company forecasts revenues of 3.59 billion, 4.12 billion, and 5.14 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10%, 15%, and 25% [5] - The projected net profit for 2025, 2026, and 2027 is 150 million, 182 million, and 228 million RMB, with growth rates of 64%, 21%, and 25% respectively [5] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 98, 81, and 64 [5]

Core Viewpoint - The article discusses the upcoming humanoid robot combat event organized by Yushu Technology, highlighting the significance of humanoid robots in the context of AI and advanced manufacturing, particularly focusing on the role of planetary roller screws as a core component in humanoid robots [1][3]. Summary by Sections Humanoid Robot Combat Event - Yushu Technology has announced the first humanoid robot combat event scheduled for May 25 in Hangzhou, featuring both performance and competitive segments [1]. - The performance segment will showcase humanoid robots engaging in traditional combat sports, while the competitive segment will involve four teams competing in real-time controlled matches [1]. Importance of Planetary Roller Screws - Planetary roller screws are identified as critical components that convert rotational motion into linear motion, affecting the precision and stability of humanoid robots [1]. - The main types of screws include trapezoidal screws, ball screws, and planetary roller screws, with the latter being favored for its high efficiency, precision, longevity, and load capacity, despite higher manufacturing costs [1][3]. Market Dynamics and Domestic Opportunities - The planetary roller screw market is currently dominated by foreign brands due to their technological lead and established customer bases, as domestic companies began developing these products only in the 1990s [3]. - Domestic leading companies are actively entering the planetary roller screw market, aiming for domestic substitution and growth opportunities in the humanoid robot sector [3]. Company Profiles Beite Technology - Established in 2002, Beite Technology specializes in automotive components and has a strong technical foundation in the industry [4][5]. - The company is expanding into the humanoid robot sector, leveraging its existing technology and product offerings to develop various screw products, including planetary roller screws [7][8]. Wuzhou Xinchun - Founded in 1999, Wuzhou Xinchun has over 20 years of experience in precision manufacturing and is transitioning into high-end applications, including components for humanoid robots [9][11]. - The company has developed several new products, including reverse planetary roller screws, and is focusing on high-end precision screw business as a new growth avenue [11]. Shuanglin Co., Ltd. - Established in 2000, Shuanglin Co., Ltd. specializes in automotive parts and is expanding into humanoid robot components, particularly reverse planetary roller screws [12][14]. - The company has successfully developed prototypes for humanoid robot joints and is establishing production lines for planetary roller screws [12][14]. Best - Founded in 1997, Best focuses on precision components and has extended its business into humanoid robots, developing high-precision screw products [15][17]. - The company is leveraging its subsidiary, Yuhua Precision Machinery, to enhance its technological capabilities in the screw industry [17]. Hengli Hydraulic - Established in 2005, Hengli Hydraulic specializes in hydraulic components and is advancing into linear actuators, including planetary roller screws [18][20]. - The company is investing significantly in R&D for its linear actuator project, which includes various screw products [20]. Slin Co., Ltd. - Founded in 2004, Slin Co., Ltd. is focusing on automotive bearings and is now entering the robot components market, particularly in harmonic reducers and actuators [21][23]. - The company is developing production lines for robot components, including planetary roller screws, to capitalize on the growing market [23].

中信证券股份有限公司 关于浙江五洲新春集团股份有限公司 2024年度持续督导报告书 | 上市公司：浙江五洲新春集团股份有限公司（以下简称"五洲新春"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：杨帆 | 联系电话：021-20262211 | | 保荐代表人姓名：唐凯 | 联系电话：025-83261252 | 经中国证券监督管理委员会《关于核准浙江五洲新春集团股份有限公司非公 开发行 A 股股票的批复》（证监许可［2022］2136 号）核准公司非公开发行不 超过 90,368,678 股。公司本次实际非公开发行 A 股股票 40,298,507 股，每股发 行价格为人民币 13.40 元，募集资金总额为人民币 539,999,993.80 元，减除发行 费用（不含增值税）人民币 8,776,509.43 元后，募集资金净额 531,223,484.37 元。 上述款项已于 2023 年 7 月 20 日到账，天健会计师事务所（特殊普通合伙）对专 户的募集资金到账情况进行了验资，并出具了"天健验（202 ...

中信证券股份有限公司关于 浙江五洲新春集团股份有限公司 持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 5 月 | 公司名称 | 浙江五洲新春集团股份有限公司 | | --- | --- | | 公司简称 | 五洲新春 | | 证券代码 | 603667.SH | | 注册地址 | 新昌县七星街道泰坦大道 199 号 | | 办公地址 | 新昌县七星街道泰坦大道 199 号 | | 法定代表人 | 张峰 | | 实际控制人 | 张峰、俞越蕾 | | 经营范围 | 生产、销售：轴承及配件、汽车零配件、五金、车床零部件；货物进 出口；技术进出口。（依法须经批准的项目，经相关部门批准后方可 | | | 开展经营活动） | | 年度报告披露时间 | 年年度报告于 年 月 年年度报告于 2022 2023 4 27 日披露；2023 2024 | | | 年 4 月 26 日披露；2024 年年度报告于 2025 年 4 月 28 日披露 | | 董事会秘书 | 彭耀辉 | | 联系电话 | 0575-86339263 | 一、发行人基本情况 二、本次发行情况概述 经中国证券监督管理委员 ...

中信证券股份有限公司 （四）现场检查时间 关于浙江五洲新春集团股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对浙江五洲新春集团股份有限公司（以下简称"五洲新春""公司" "上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 杨帆、唐凯 （三）现场检查人员 杨帆 2025 年 4 月 22 日、2025 年 5 月 19 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 此外，因 2024 年度信息披露问题，公司 ...

香港恒生指数收涨0.62% 恒生科技指数涨0.51% 智通财经5月21日电，香港恒生指数收涨0.62%，恒生科技指数涨0.51%。美图公司涨超18%，赤峰黄金 涨超13%，宁德时代、万国数据涨超10%；毛戈平、中通快递跌超5%。 ...

五洲新春2024年年度股东大会见证法律意见书 ? 报备文件 五洲新春 2024 年年度股东大会决议 证券代码：603667 证券简称：五洲新春 公告编号：2025-041 浙江五洲新春集团股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 05 月 20 日 (二)股东大会召开的地点：浙江省绍兴市新昌县泰坦大道 199 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 45.0090 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 是 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 审议结果：通过 表决情况： 股东类型 同意 反对 弃权 票数 比例 （%） 票数 比例 票数 比例 （%） （%） A股 164,798,740 99.9468 54,080 0.0327 33,500 0.02 ...

证券代码：603667 证券简称：五洲新春 公告编号：2025-041 浙江五洲新春集团股份有限公司 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 05 月 20 日 (二)股东大会召开的地点：浙江省绍兴市新昌县泰坦大道 199 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 539 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 164,886,320 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 45.0090 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 是 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：2024 年度董事会工作报 ...

国浩律师（上海）事务所 关 于 浙江五洲新春集团股份有限公司 2024 年年度股东大会 之 见证法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China T. +86 21 52341668 F. +86 21 52341670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2025 年 5 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于浙江五洲新春集团股份有限公司 2024 年年度股东大会之见证法律意见书 致：浙江五洲新春集团股份有限公司 浙江五洲新春集团股份有限公司（以下简称"公司"）2024 年年度股东大会于 2025 年 5 月 20 日 14 时 00 分在浙江省绍兴市新昌县泰坦大道 199 号公司会议室 召开，国浩律师（上海）事务所（以下简称"本所"）接受公司的委托，指派秦桂 森律师、罗端律师（以下简称"本所律师"）对本次会议进 ...