关于对上海鸣志电器股份有限公司 2024 年 年报问询函的回复 关于对上海鸣志电器股份有限公司 2024 年年报问询函的回复 众会字（2025）第 09501 号 上海证券交易所： 众华会计师事务所(特殊普通合伙)(以下简称"本所"或"会计师")由上海鸣志电 器股份有限公司（"鸣志电器"或"公司"）转来的《关于上海鸣志电器股份有限公 司 2024 年度报告的信息披露监管问询函》（上证公函[2025]0886 号）（"问询 函"）奉悉。会计师已对问询函中需要会计师说明的财务问题逐条进行了审慎核 查，现汇报说明如下： | 鸣志电器、公司 | 指 | 上海鸣志电器股份有限公司 | | --- | --- | --- | | 鸣志太仓 | 指 | 鸣志电器（太仓）有限公司 | | AMP | 指 | Applied Motion Products Inc. | | 美国 LIN | 指 | Lin Engineering Inc. | | 鸣志工业美洲 | 指 | Moons' Industries (America) Inc. | | 鸣志工业欧洲 | 指 | Moons' Industries Europe He ...

证券代码：603728 证券简称：鸣志电器 公告编号：2025-031 上海鸣志电器股份有限公司 关于上海证券交易所对公司 2024 年年度报告的 信息披露监管问询函的回复公告 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。 上海鸣志电器股份有限公司（以下简称"鸣志电器"或"公司"）于近日收 到上海证券交易所上市公司管理一部出具的《关于上海鸣志电器股份有限公司 2024 年年度报告的信息披露监管问询函》（上证公函【2025】0886 号，以下简 称"问询函"）。根据问询函的要求，公司与众华会计师事务所（特殊普通合伙） （以下简称"会计师"或"众华所"）就问询函所列问题进行逐一落实、核查， 现就问询函提及的问题答复如下： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致。如无特别说明，本回复中使用的简称或名词释义与《上海鸣志电器股份有 限公司 2024 年年度报告》一致。本回复（含表格）中金额单位，如无特别说明， 均为"人民币万元"。 问题一：关于经营业绩与产能情况。年报显示，2023 年、2024 ...

Investment Rating - The report assigns an "Increase Holding" rating for the industry [4]. Core Insights - The new cycloidal reducer is expected to become an alternative option following harmonic and planetary reducers, with significant investment opportunities emerging [2][4]. - The report highlights the advancements in cycloidal reducers, which are anticipated to address the performance shortcomings of harmonic and planetary reducers, particularly in humanoid robots [4]. Summary by Sections Industry Overview - The humanoid robot sector is experiencing rapid changes, with a focus on the development of lightweight and efficient cycloidal gear solutions [2][4]. Investment Recommendations - The report suggests monitoring companies such as Zhongchen Technology, Shuanghuan Transmission, and Landai Technology for rotary joint modules. For linear actuator modules, Hengli Hydraulic is recommended, along with Zhejiang Rongtai and Demais [4]. - In the motor segment, Mingzhi Electric is highlighted, while encoder companies to watch include Yapu Co. and Fengtiao Technology. For dexterous hands and sensors, Hanwei Technology and Zhaowei Electromechanical are recommended, and for structural components, Changying Precision is noted [4]. Technical Advancements - The report discusses the technical improvements in cycloidal reducers, which are expected to enhance their adoption in humanoid robots. The torque coverage has expanded from 10N·M to 140N·M, with a fivefold overload capacity [4]. - Companies like Hechuan Technology and Keda Li's subsidiary, Kemei, are making strides in lightweight cycloidal reducers, with weight reductions of up to 73% compared to traditional models [4]. Market Dynamics - The humanoid robot joint transmission solutions are entering a phase of refined adaptation, with the potential for precise selection based on joint load characteristics. This could lead to a collaborative ecosystem of various types of reducers, accelerating commercialization [4].

Core Viewpoint - Wang Yiwen, a fund manager, oversees five funds, with the best performance in Q2 2025 being the Huashang Shengshi Growth Mixed Fund, which achieved a net value increase of 2.42% [1][2]. Fund Performance Summary - **Huashang Shengshi Growth Mixed Fund (630002)**: - Size: 30.96 billion - Annualized Return: 14.15% - Q2 2025 Increase: 2.42% - Top Holding: Zijin Mining - Daily Net Value Ratio: 7.26% [2] - **Huashang South Strategy Selected Mixed Fund (630008)**: - Size: 6.97 billion - Annualized Return: 7.48% - Q2 2025 Increase: 2.26% - Top Holding: Zijin Mining - Daily Net Value Ratio: 6.05% [2] - **Huashang Future Theme Mixed Fund (000800)**: - Size: 3.69 billion - Annualized Return: -1.56% - Q2 2025 Increase: 1.87% - Top Holding: Yingmei Mining - Daily Net Value Ratio: 6.08% [2] - **Huashang Industry Opportunity Mixed Fund A (019690)**: - Size: 0.61 billion - Annualized Return: 13.98% - Q2 2025 Increase: 0.43% - Top Holding: Zhongben International - Daily Net Value Ratio: 4.14% [2] - **Huashang Industry Opportunity Mixed Fund C (019691)**: - Size: 0.35 billion - Annualized Return: 13.33% - Q2 2025 Increase: 0.31% - Top Holding: Zhongxin International - Daily Net Value Ratio: 4.14% [2] Wang Yiwen's Fund Management Performance - Cumulative Return for Huashang Strategy Selected Mixed Fund (630008) during Wang Yiwen's tenure: 47.88% - Average Annualized Return: 7.82% - Total Adjustments in Heavy Holdings: 42 times, with a success rate of 59.52% (25 profitable adjustments) [2]. Heavy Holdings Adjustment Cases - **Mingzhi Electric (603728)**: - Buy Quarter: Q1 2022, Sell Quarter: Q1 2024 - Estimated Return: 173.01%, Company Performance Decline: -18.38% [5]. - **Yongxing Materials (002756)**: - Buy Quarter: Q1 2021, Sell Quarter: Q1 2021 - Estimated Return: 81.70%, Company Performance Increase: 243.83% [6]. - **Kowell (688551)**: - Buy Quarter: Q4 2021, Sell Quarter: Q4 2024 - Estimated Return: -47.81%, Company Performance Increase: 93.22% [7].

Group 1 - The robotics sector is experiencing significant activity, with the Yushun Robotics Concept Index rising over 5% and the Robotics ETF (562500) increasing by 1.14% during early trading [1] - Major stocks in the sector include Zhongdali De, which surged by 8.55%, and Jiangsu Leili, Jingpin Special Equipment, and Mingzhi Electric, all of which saw gains exceeding 6% [1] - The liquidity in the Robotics ETF was notable, with a turnover rate of 3.51% and a total transaction volume of 550 million yuan within the first half hour of trading, indicating strong market interest [1] Group 2 - Human-shaped robot companies are entering a phase of business growth, highlighted by significant procurement orders, including a 120 million yuan order from China Mobile and a 90.51 million yuan project from Mi Yi (Shanghai) Automotive Technology [1] - The human-shaped robot sector is experiencing a recovery in sentiment, driven by previous market corrections and positive developments in the domestic and international robotics supply chain [1] - The completion of IPO counseling by Yushun Technology is expected to attract widespread attention and further stimulate capital expenditure across the industry [1]

Investment Rating - Industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights a new round of market momentum driven by advancements in robotics, particularly in humanoid robots, with a projected global demand of approximately 2 million units by 2030 [4][19] - Key recommended stocks include Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] - The report emphasizes the importance of tracking the humanoid robot sector, which is entering a critical growth phase [3][4] Summary by Sections Humanoid Robots - The humanoid robot industry is expected to see significant growth, with major projects and partnerships emerging, such as the procurement project by China Mobile for humanoid biped robots worth 124 million [9][19] - Companies like Tesla and Figure are ramping up production, with Figure planning to increase its humanoid robot output by three times in the upcoming months [10][19] Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, enhancing the competitive edge of leading companies in the sector [20] - It suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [20] Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20] - Key players in this space include companies involved in lithium battery systems and integrated storage solutions [20] Semiconductor Equipment - The semiconductor equipment market is projected to reach 140 billion by 2030, with a growing share from domestic manufacturers [4][20] Automation - The automation market is expected to grow significantly, with a market size of approximately 40 billion, projected to reach 55.7 billion by 2026 [4][20] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated hydrogen production capabilities [21] Engineering Machinery - The report suggests monitoring leading companies in the engineering machinery sector, emphasizing those with product, scale, and cost advantages [4][20]

Group 1 - The global humanoid robot market is projected to see sales of 1.24 million, nearly 3.4 million, and over 5 million units in 2025, 2030, and 2035 respectively, with corresponding market sizes of 63.39 billion, over 640 billion, and over 4000 billion yuan [1][2] - The CAGR for humanoid robot sales from 2025 to 2030 is approximately 94%, and from 2030 to 2035 is about 71%, indicating significant growth potential in the mid to long term [1][2] - The global multi-finger dexterous hand market is expected to exceed 5 billion USD by 2030, with a CAGR of 64.6% from 2024 to 2030 [2][3] Group 2 - China is rapidly catching up in the dexterous hand market, with companies like Yinshi Robotics and Aoyi Technology showing strong competitiveness [3] - In 2024, the sales volume of dexterous hands in China is expected to be 0.57 thousand units, with a CAGR of 90% projected until 2030, reaching over 340 thousand units [2][3] - The market share of dexterous hands in North America, Europe, and Asia-Pacific in 2024 is projected to be 32.56%, 25.25%, and 37.92% respectively [3] Group 3 - Key trends in dexterous hand technology include lightweight design, high biomimicry and freedom, primarily motor-driven systems, and a shift towards direct drive and composite transmission methods [4] - Recommended stocks in the dexterous hand and related components sector include Leisai Intelligent, Shuanglin Co., Wuzhou Xinchun, and Zhenyu Technology, among others [5]

Investment Rating - The report maintains an "Outperform" rating for the industry [3][4][8]. Core Insights - The report highlights the rapid development and increasing demand for humanoid robots, with significant investments and strategic partnerships emerging in the sector [1][2][3]. - The establishment of a 10 billion yuan investment fund in Hubei province aims to accelerate the growth of the humanoid robot industry and enhance technological innovation [23]. - The AI infrastructure is expected to see continued capital expenditure growth driven by increasing demand for data centers, benefiting companies involved in gas turbines and chillers [3][4]. Industry Dynamics - Humanoid Robots: Strategic collaborations and significant orders are being reported, such as the partnership between Shanghai Robotics Institute and Madi Technology, and a 50-unit order secured by Junpu Intelligent [1][16]. - Government Initiatives: The Central Financial Committee has proposed measures to promote high-quality development in the marine economy, which is expected to enhance the overall economic structure [2][24]. - AI Infrastructure: The China-ASEAN AI Innovation Cooperation Center has commenced operations, indicating a push for cross-border data flow and resource allocation [25]. Company Dynamics - Key companies to watch include Dingyang Technology, Anhui Heli, and others, with a focus on their roles in the humanoid robot supply chain [3][4]. - Junpu Intelligent has successfully secured a batch order for humanoid robots, validating its product's market adaptability [16]. - ByteDance has achieved a milestone of producing over 1,000 robots in two and a half years, indicating strong growth potential in the humanoid robotics sector [19]. Key Company Earnings Forecast and Valuation - Companies such as Green's Harmonics, Huichuan Technology, and others have been rated as "Outperform" with projected earnings per share (EPS) growth for 2024 and 2025 [8][30]. - The report provides detailed earnings forecasts and price-to-earnings (PE) ratios for various companies, indicating a positive outlook for the industry [30].

证券代码：603728 证券简称：鸣志电器 公告编号：2025-030 上海鸣志电器股份有限公司 2024年年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/17 | － | 2025/6/18 | 2025/6/18 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 30 日的2024年年度股东大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公 司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本418,882,500股为基数，每股派发现金 红利0.024元（含税），共计派发现金红利10,053,180.00元。 三、相关日期 | 股 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [4][7]. Core Views - The integration of artificial intelligence and logistics is being actively promoted in China, with significant developments in humanoid robots and the upcoming launch of Tesla's Robotaxi pilot program [1][2][14]. - The report highlights the rapid advancements in AI infrastructure and the potential for increased efficiency in logistics and other sectors through AI applications [2][24]. Summary by Sections Industry Dynamics - The humanoid robot F.03 from Figure has officially started walking as of May 27, 2025 [15]. - The establishment of the Embodied Intelligence Data Alliance in Shanghai on May 29, 2025, aims to enhance data services in various sectors [16]. - Tesla plans to launch a Robotaxi pilot service in Austin, Texas, in June 2025, initially deploying 10 Model Y vehicles [14][29]. Government News - The National Postal Bureau is accelerating the application of AI in the postal industry, aiming to create benchmark products [24]. - The Zhejiang Province has released implementation opinions to promote intelligent computing cloud innovation from 2025 to 2027 [28]. Company Dynamics - Double Lin Co. plans to raise no more than 1.5 billion yuan through a private placement for various projects [28]. - Zhiyuan Robotics has secured a new round of investment led by a state-owned capital investment platform [21]. Key Companies and Investment Outlook - The report identifies key companies in the humanoid robot sector, including suppliers of joints, sensors, and other components, emphasizing the importance of strong market positions [3][6]. - Companies such as Green Harmonic, Huichuan Technology, and others are highlighted for their potential growth in the AI infrastructure sector [7][31]. Market Performance - The report provides a detailed performance review of key companies, noting fluctuations in stock prices and market trends over recent weeks [13][31].