Core Viewpoint - Mingzhi Electric experienced a stock price decline of 2.00% on January 14, 2025, with a current share price of 71.51 yuan and a total market capitalization of 29.954 billion yuan [1] Group 1: Stock Performance - Year-to-date, Mingzhi Electric's stock price has decreased by 1.16%, with a 5-day decline of 1.13%, a 20-day increase of 11.13%, and a 60-day increase of 2.44% [1] - As of September 30, 2025, the number of shareholders increased by 16.10% to 63,300, while the average circulating shares per person decreased by 13.87% to 6,613 shares [2] Group 2: Financial Performance - For the period from January to September 2025, Mingzhi Electric reported a revenue of 2.043 billion yuan, reflecting a year-on-year growth of 11.66%, and a net profit attributable to shareholders of 49.8379 million yuan, up by 5.43% [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Mingzhi Electric has distributed a total of 170 million yuan in dividends, with 56.2602 million yuan distributed over the past three years [3] - As of September 30, 2025, notable institutional shareholders include E Fund National Robot Industry ETF, holding 5.6649 million shares, and Huaxia CSI Robot ETF, which increased its holdings by 861,600 shares to 4.6091 million shares [3]

11 January 2026 | 3:33PM HKT Equity Research Moons' Electric (603728.SS) D/G to Sell on continuously evolving dexterous hand technology roadmap and narrowed opportunity for coreless motor 603728.SS 12m Price Target: Rmb41.40 Price: Rmb73.26 Downside: 43.5% We downgrade Moons' Electric from Neutral to Sell with a 12-month target price of Rmb41.4, implying 43% downside vs. 7%/47% average downside for overall/Sell-rated names in our China Industrial Tech coverage. We revise down our global market share expecta ...

Core Viewpoint - Mingzhi Electric has shown a steady performance in stock price and financial growth, with a focus on automation and intelligent power solutions in the electric equipment industry [1][2]. Financial Performance - As of September 30, 2025, Mingzhi Electric achieved a revenue of 2.043 billion yuan, representing a year-on-year growth of 11.66% [2]. - The net profit attributable to shareholders for the same period was 49.8379 million yuan, reflecting a growth of 5.43% year-on-year [2]. - The company has distributed a total of 170 million yuan in dividends since its A-share listing, with 56.2602 million yuan distributed over the past three years [3]. Stock Market Activity - On January 9, 2025, Mingzhi Electric's stock price increased by 2.01%, reaching 73.43 yuan per share, with a trading volume of 124 million yuan [1]. - The stock has seen a year-to-date increase of 1.49%, a 5-day increase of 1.49%, a 20-day increase of 7.20%, and a 60-day increase of 3.06% [1]. - The company had a total market capitalization of 30.759 billion yuan as of the latest trading session [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 16.10% to 63,300, while the average number of circulating shares per person decreased by 13.87% to 6,613 shares [2]. - Notable institutional shareholders include E Fund National Robot Industry ETF and Huaxia CSI Robot ETF, with significant holdings and recent increases in shares [3].

Group 1 - The core viewpoint of the news is that Mingzhi Electric has shown positive financial performance with a notable increase in revenue and net profit, alongside significant trading activity in its stock [2][3] - As of January 6, Mingzhi Electric's stock price increased by 1.42%, with a trading volume of 758 million yuan, indicating strong market interest [1] - The financing data reveals that on January 6, the company had a net financing purchase of 5.17 million yuan, with a total financing balance of 520 million yuan, which is 1.71% of its market capitalization [1] Group 2 - For the period from January to September 2025, Mingzhi Electric achieved a revenue of 2.043 billion yuan, reflecting a year-on-year growth of 11.66%, and a net profit attributable to shareholders of 49.84 million yuan, up by 5.43% [2] - The company has distributed a total of 170 million yuan in dividends since its A-share listing, with 56.26 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 16.10% to 63,300, while the average circulating shares per person decreased by 13.87% to 6,613 shares [2]

Core Insights - The stepper motor industry in China has seen significant growth, with the market size increasing from 1.739 billion yuan in 2016 to an expected 3.89 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 10.59% [1][9] - The Chinese government is actively supporting the industry through policies aimed at technological innovation and standardization, which is expected to further boost market demand [1][9] - The global stepper motor market is projected to reach $2.411 billion by 2029, with a growth of 1.7% year-on-year in 2024 [8] Industry Overview - Stepper motors convert electrical pulse signals into corresponding angular or linear displacements, making them essential in various applications [4] - The industry has evolved from its origins in the 19th century to a critical component in modern automation and precision control systems [5][6] - The stepper motor industry is characterized by a diverse supply chain, including raw materials, manufacturing, and various application sectors such as industrial automation and consumer electronics [7] Market Dynamics - The stepper motor market in China is expanding rapidly due to the transformation of the manufacturing sector and increasing consumer demands for quality and performance [1][9] - The industrial automation sector is a key application area for stepper motors, which are used for precise control in mechanical systems [8] - The Chinese industrial automation market is projected to grow from 165.7 billion yuan in 2017 to 273.9 billion yuan by 2024, with a CAGR of 7.44% [8] Competitive Landscape - The global stepper motor market is dominated by Japanese companies, which account for over 70% of hybrid stepper motor production and 65% of permanent magnet stepper motors [9][10] - Chinese companies are increasingly competitive, with leading firms like Jiangsu Leili, Dingzhi Technology, and Mingzhi Electric making significant strides in technology and market share [12][14] - The industry is transitioning from standardized products to customized, high-performance solutions, driven by the need for deeper understanding of application scenarios [12] Future Trends - The future of stepper motors is expected to focus on high precision and dynamic response through the integration of advanced control algorithms and high-resolution encoders [17] - There is a trend towards smart motors that integrate control functions and communication capabilities, simplifying system design and enhancing performance [18] - Customization and the use of new materials will be crucial for meeting the specific demands of emerging applications in sectors like medical devices and aerospace [19]

Group 1 - The Robot ETF (562500) has risen by 0.29% as of 10:02 AM, showing strong buying interest after an initial dip, indicating robust trading sentiment in the sector [1] - Key holdings include Keri Technology leading with a 3.95% increase, followed by Green Harmony rising 3.40%, with other stocks like Xinjie Electric and Mingzhi Electric also experiencing gains [1] - The trading volume exceeded 460 million yuan within the first 30 minutes of opening, reflecting high market activity and continued validation of the sector's strong growth potential [1] Group 2 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots, facilitating investor access to the entire robot industry chain [2]

Group 1 - The National Robot Industry Index (980022) has shown a slight increase of 0.11% as of December 31, 2025, with notable gains from companies such as Boke Co., Ltd. (688160) up by 9.51% and iFlytek (002230) up by 2.68% [1] - The Ministry of Industry and Information Technology, along with three other departments, has issued the "Implementation Plan for Digital Transformation in the Automotive Industry," which aims to accelerate the application of artificial intelligence in key areas, promoting the large-scale use of intelligent robots in processes like welding, spraying, and assembly [1] - Huajin Securities indicates that by 2025, humanoid robots will enter a critical stage of industrialization, transitioning from the "0-1" phase to the "1-10" phase, with the demand for complex scene interactions driving an increase in component requirements [1] Group 2 - The top ten weighted stocks in the National Robot Industry Index (980022) as of November 28, 2025, include companies such as Double Ring Transmission (002472) and Ecovacs (603486), collectively accounting for 40.47% of the index [2] - The Robot ETF Penghua (159278) closely tracks the National Robot Industry Index, reflecting the price changes of listed companies related to the robot industry on the Shanghai and Shenzhen stock exchanges [1][3]

Group 1 - The stock of Boke Co., Ltd. surged over 18%, reaching a new high [1] - Haoshi Electromechanical increased by more than 10% [1] - Wanxiang Qianchao experienced a straight limit-up [1] - Mingzhi Electric and Founder Electric both saw significant gains [1]

Group 1 - The humanoid robot concept stocks experienced a significant surge in the afternoon trading session on December 30, with notable increases in share prices [1] - Boke Co., Ltd. saw its stock price rise over 18%, reaching a new high, while Haoshi Electromechanical increased by more than 10% [1] - Wanxiang Qianchao's stock hit the daily limit, and other companies such as Mingzhi Electric and Founder Electric also saw their stock prices rise [1]

Group 1 - Fenglong Co., Ltd. (002931) is located in Shaoxing, Zhejiang, specializing in precision manufacturing with core businesses in garden machinery, automotive parts, and hydraulic systems. The company has accumulated full-chain production capabilities and multiple patented technologies. By the end of 2025, humanoid robot leader UBTECH will complete its acquisition of a controlling stake in Fenglong, making it UBTECH's first subsidiary listed in A-shares. This acquisition represents a deep industrial synergy, as UBTECH needs mature manufacturing capabilities to support mass production, which Fenglong can provide for core components like joints and transmission systems [1][1][1] - Haoshi Electromechanical (300503) is headquartered in Guangzhou, Guangdong, and is a key player in the core components of humanoid robots, focusing on the research and development of frameless torque motors, harmonic reducers, and six-dimensional torque sensors. The company is a core supplier for Yuzhu Technology, with its components applied in the joint drive systems of quadruped and humanoid robots. Additionally, it has partnered with UBTECH to establish an innovation center for humanoid robots, tackling core technologies like six-dimensional sensors [2][2][2] - Tianqi Co., Ltd. (002009) is based in Wuxi, Jiangsu, and focuses on humanoid robot research in the industrial manufacturing sector, avoiding the C-end household scene. The company has established a joint venture with UBTECH to share core technologies and has built the first automotive working condition robot training base in Wuxi. It has signed long-term agreements with multiple automotive manufacturers, becoming a practical player in the commercialization of humanoid robots [3][3][3] Group 2 - Wuzhou Xinchun (603667) is a leading company in China that has achieved mass production of planetary roller screws, which are critical for the joint transmission of humanoid robots. The company has become an indirect first-level supplier to Tesla's Optimus through Hangzhou Xinjian Transmission, and its products meet international standards. It has also successfully entered the supply chains of major domestic clients like Huawei and ByteDance [4][4][4] - Zhejiang Rongtai (603119) is based in Jiaxing, Zhejiang, originally a leader in new energy vehicle insulation materials and a core supplier to Tesla. Starting in 2025, the company will enhance its humanoid robot business through acquisitions, including the acquisition of Diz Precision, which specializes in ball screws and electric cylinders, core components for humanoid robot joints [5][5][5] - Zhaowei Electromechanical (003021) is headquartered in Shenzhen, Guangdong, and specializes in micro transmission and drive systems, achieving technological breakthroughs in humanoid robot dexterous hands. The company has deeply penetrated the supply chains of leading humanoid robot companies like Tesla and Figure, supplying key components such as dexterous hand modules and micro hollow cup motors [6][6][6] Group 3 - Wolong Electric Drive (600580) is a leading company in the domestic motor sector, with a strong layout in humanoid robot joint power systems. It is the exclusive supplier of frameless torque motors for UBTECH's Walker S2 humanoid robot, which is a core power component for joint operation [7][7][7] - Orbbec (688322) is a domestic leader in the 3D vision field, providing critical visual perception capabilities for robots. The latest dual-camera 3D module it developed is used in UBTECH's Walker S2 humanoid robot, aiding in precise sorting operations in industrial scenarios [8][8][8] - Shangwei New Materials (688585) is based in Shanghai and specializes in high-performance materials. It is the exclusive supplier of adhesives for UBTECH's Walker S2 humanoid robot, providing carbon fiber joint adhesives and lightweight structural materials essential for the robot's stability and lifespan [9][9][9] Group 4 - Mingzhi Electric (603728) focuses on precision motors and motion control, being the only manufacturer globally to achieve mass production of slotless hollow cup motors. These motors are suitable for humanoid robot dexterous hands and finger joints, having been validated by Tesla's Optimus Gen2 [10][10][10] - Zhucheng Technology (301280) specializes in precision connector research and has established a significant presence in the robot industry chain. It is the exclusive supplier of connectors for UBTECH's entire series of humanoid robots, ensuring stable control and signal transmission [11][11][11] - Far East Co., Ltd. (600869) is based in Wuxi, Jiangsu, and provides key supporting components for humanoid robots, including robot cables and batteries. Its cables have been adapted for various joint movements in humanoid robots, and its cylindrical battery packs have been successfully integrated into industrial quadruped robots [12][12][12]