Group 1 - The annual general meeting of Shanghai Mingzhi Electric Co., Ltd. was held on May 30, 2025, with no resolutions rejected [2] - The meeting was presided over by Director Cheng Jianguo due to the absence of Chairman Chang Jianming [2][3] - The meeting adopted a combination of on-site and online voting methods, complying with the Company Law and the Articles of Association [2] Group 2 - Out of 9 current directors, 3 attended the meeting, while 6 were absent due to work reasons [3] - 1 out of 3 supervisors attended the meeting, with 2 absent for work reasons [3] - The company secretary was present at the meeting [3] Group 3 - All proposed resolutions were approved, including the 2024 Board of Directors' work report, the 2024 Supervisory Board's work report, and the 2024 financial settlement report [4][5] - The profit distribution plan for 2024 was also approved, along with the annual report and its summary [5] - The resolutions regarding the confirmation of director and supervisor remuneration for 2024 and 2025 were passed [5][6] Group 4 - The reappointment of Zhonghua Accounting Firm as the auditing institution for 2025 was approved [6] - Resolutions concerning related party transactions for 2024 and anticipated transactions for 2025 were also approved [6] - The company and its subsidiaries were authorized to apply for comprehensive credit lines from banks [6]

证券代码：603728 证券简称：鸣志电器 公告编号：2025-029 | 1、出席会议的股东和代理人人数 | 579 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 276,775,310 | | 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 | 66.0746 | | 份总数的比例（%） | | 上海鸣志电器股份有限公司 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 5 月 30 日 (二) 股东大会召开的地点：上海市闵行区盘阳路 59 弄 7 幢 16 号（近联友路） (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： (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。 本次会议由公司董事会召集，公司董事长常建鸣先生因公无法参加会议，经 公司董事一致同意推选董事程建国先生主持会议。会议采用 ...

Group 1 - The legal opinion letter is issued by Shanghai Jintiancheng Law Firm regarding the 2024 annual general meeting of Shanghai Mingzhi Electric Co., Ltd. [1] - The meeting is convened by the company's board of directors, and the notice was published 20 days prior to the meeting date [2][3] - The meeting took place on May 30, 2025, with both on-site and online voting options available for shareholders [3][6] Group 2 - A total of 579 participants attended the meeting, representing 276,775,310 shares, which accounts for 66.0746% of the total voting shares [3][6] - The on-site attendees included 11 shareholders, all of whom were verified to have valid attendance qualifications [3] - Online voting was conducted through the Shanghai Stock Exchange's system, with 568 shareholders participating, representing 2,583,925 shares or 0.6168% of the total [6] Group 3 - All agenda items discussed at the meeting were within the authority of the shareholders' meeting and consistent with the notice [6] - The voting results showed that 276,619,810 shares (99.9438%) were in favor of the proposals, while 121,100 shares (0.0437%) opposed, and 34,400 shares (0.0125%) abstained [6][10] - The voting results for small shareholders indicated a similar trend, with 20,115,685 shares (99.2329%) in favor [7][10] Group 4 - The legal opinion concludes that the convening, procedures, qualifications of attendees, and voting results of the meeting comply with relevant laws and regulations [14][15] - All resolutions passed during the meeting are deemed legal and valid [14][15]

上海市锦天城律师事务所 关于上海鸣志电器股份有限公司 2024 年年度股东大会 的 法律意见书 上海市锦天城律师事 务所 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海鸣志电器股份有限公司 2024 年年度股东大会的 法律意见书 致：上海鸣志电器股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海鸣志电器股份有限 公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以下简称 "本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公 司法》）、《上市公司股东大会规则》等法律、法规、规章和其他规范性文件以 及《上海鸣志电器股份有限公司章程》（以下简称《公司章程》）的有关规定， 出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的相关事项进行了必 要的核查和验证，审查了本所律师认为出具该法律意见书所需审查的相关文件、 资料，并参加了公司本次股东大会的全过程。 鉴此，本所律师根据 ...

Core Insights - In 2024, companies listed on the Shanghai Stock Exchange (SSE) are expected to exceed 1 trillion yuan in R&D investment, accounting for nearly 40% of the national R&D expenditure, showcasing strong innovation capabilities [1] - The embodiment of intelligent technology is becoming a new engine for industrial upgrading, with SSE-listed companies continuously breaking through key core technologies and launching innovative products and solutions [1] Company Highlights - Ningbo Keli Sensor Technology Co., Ltd. has developed a six-dimensional force sensor that acts as the "tactile nerve" for robots, achieving a coupling error of less than 1.0%, significantly below the industry average [2] - Shanghai Weir Semiconductor Co., Ltd. has introduced advanced CMOS image sensors, such as the OG09A10, utilizing Nyxel® near-infrared technology to provide clear images even in low-light conditions, achieving over 20% growth in high-end smartphone and automotive sectors [2] - Shanghai Mingzhi Electric Co., Ltd. has made significant advancements in robotic joint modules and hollow cup motors, reducing energy consumption and thermal loss while maintaining competitive pricing [2][3] R&D Investment Trends - Mingzhi Electric's R&D expenses increased from 152 million yuan in 2020 to 242 million yuan in 2024, with the R&D investment ratio rising from 6.87% to over 10% [5] - Keli Sensor has invested approximately 20 million yuan in sensor technology for embodiment intelligence over the past two years, with around 10% of total R&D dedicated to this area [5] - Wolong Electric Drive Group Co., Ltd. reported R&D spending of 805 million yuan in 2024, representing 3.95% of revenue, focusing on breakthroughs in various fields including bionic robots and electric aviation [5] Market Applications and Impact - The application of embodiment intelligence technology is reshaping various industries, from industrial automation to healthcare and logistics [6] - Keli Sensor's six-dimensional force sensor enhances efficiency in industrial robots and aids in personalized rehabilitation plans in healthcare [6] - Weir Semiconductor's image sensors have gained a significant market share in high-end smartphones and automotive sectors, ranking second globally in automotive image sensors in 2024 [6] - Wolong Electric's collaboration with COMAC on electric aviation technology has led to significant advancements in eVTOL applications for urban air transport and emergency rescue [6] Future Outlook - The market for embodiment intelligence is entering a deep cultivation phase, with ongoing improvements needed in hardware lightweighting, software intelligence, and hardware-software collaboration [6]

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry [5][9]. Core Insights - The report emphasizes the growth potential in humanoid robots and AI infrastructure, highlighting strategic partnerships and technological advancements in these sectors [1][2][3][4][17][24]. - The report identifies key companies and segments within the humanoid robot supply chain, suggesting a focus on specific components such as joint modules, dexterous hands, and sensors for investment opportunities [4][9]. Industry Dynamics - Humanoid Robots: Huawei signed a comprehensive strategic cooperation agreement with UBTECH on May 12, 2025, to enhance collaboration in technology development and application scenarios [1][17]. - AI Infrastructure: Major telecom operators initiated the construction of a computing power internet experimental network on May 17, 2025, aimed at improving the accessibility of computing resources across industries [24][30]. Company Dynamics - Notable company activities include Xinjie Electric establishing an industrial investment fund focused on robotics and related fields on May 19, 2025 [2][33]. - On May 12, 2025, Yujian Technology signed a strategic cooperation agreement with Tencent Cloud to enhance the application of humanoid robots in various sectors [31]. Key Companies and Investment Focus - The report highlights specific companies for investment consideration in the humanoid robot sector, including: - Joint Modules: Hengli Hydraulic, Huichuan Technology, Zhenyu Technology, and Lens Technology [4]. - Sensors: Hanwei Technology [4]. - AI Infrastructure: Companies like Hanzhong Precision Machinery and Ice Wheel Environment are noted for their potential benefits from increased capital expenditure in data centers [4]. Market Performance - The report provides a summary of recent market performance for key companies, indicating fluctuations in stock prices and overall market trends within the humanoid robot and AI infrastructure sectors [16][35].

截至2025年5月21日 13:29，中证数字经济主题指数(931582)下跌0.38%。成分股方面涨跌互现，均胜电子(600699)领涨5.53%，德赛西威(002920)上涨3.59%， 纳思达(002180)上涨2.16%；兆易创新(603986)领跌6.21%，鸣志电器(603728)下跌1.87%，龙芯中科(688047)下跌1.60%。数字经济ETF(560800)下跌0.26%， 最新报价0.76元。流动性方面，数字经济ETF盘中换手0.77%，成交588.54万元。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况 不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) 近日，国家数据局综合司印发了《数字中国建设2025 年行动方案》，要求各地区结合实际认真贯彻落实。 长江证券指出，我国金融开放战略持续推进，在政策支持下，跨境支付领域持续发展。当前，外部环境更趋复杂严峻，单边主义、保护主义加剧，多边贸易 体制受阻，关税壁垒增多，冲击了全球产业链供应链稳定。在此背景下，《行动方案》的提出，或将加速我国跨境金融系统建设，中国 ...

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of stabilization in revenue for Q1 2025, with a slight increase in net profit [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.416 billion, a year-on-year decrease of 4.99%, and a net profit attributable to shareholders of 78 million, down 44.53% [1]. - For Q1 2025, the company reported revenue of 595 million, a year-on-year decline of 2.16%, while net profit attributable to shareholders increased by 10.82% to 7 million [1]. - The revenue decline in 2024 was primarily due to overall adjustments in downstream demand, but there are expectations for gradual recovery and stabilization in revenue as demand improves [1]. Group 2: Profitability and Cost Structure - The gross margin for 2024 was 37.68%, an increase of 0.49 percentage points year-on-year, while Q1 2025 saw a gross margin of 36.87%, a decrease of 1.21 percentage points [2]. - The operating expense ratio increased to 33.79% in 2024, up 2.63 percentage points year-on-year, and further rose to 35.89% in Q1 2025, an increase of 2.70 percentage points [2]. - The increase in fixed costs due to new capacity additions contributed to the pressure on profitability, despite the revenue decline [1]. Group 3: Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 112 million and 141 million, respectively, reflecting a year-on-year growth of 43.63% and 26.14% [2]. - The expectation for 2027 is a net profit of 172 million, representing a year-on-year growth of 22.04% [2]. - The company is focusing on rapid development in downstream sectors such as intelligent manufacturing, which may provide growth opportunities despite weak demand in traditional industries [2].

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].