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].

Group 1 - The A-share automotive sector has shown strong performance, with companies such as Qin'an Co., Ltd. and Joyson Electronics reaching the daily limit increase [1] - Other companies like Wan'an Technology, Mingke Precision, and New Coordinates also previously hit the daily limit increase, indicating a positive trend in the sector [1] - Companies such as Haon Automotive Electric, Xinhongye, Tianqimo, and Rongtai Co., Ltd. have also seen significant gains, reflecting overall bullish sentiment in the automotive industry [1]

北 京 大 成 律 师 事 务 所 关 于 江 苏 嵘 泰 工 业 股 份 有 限 公 司 2025 年 员 工 持 股 计 划 之 法 律 意 见 书 北 京 大 成 律 师 事 务 所 www.dachenglaw.com 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, ZT International Center, No.10, Chaoyangmen Nandajie Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 | 五、结论意见 11 | | --- | 北京大成律师事务所 关于江苏嵘泰工业股份有限公司 2025 年员工持股计划之 dacheng.com dentons.cn 释 义 本《法律意见书》中，除非另有说明，下列词语具有如下含义： | 公司、嵘泰股份 | 指 | 江苏嵘泰工业股份有限公司 | | --- | --- | --- | | 员工持股计划、本次 | 指 | 江苏嵘泰工业股份有限公司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。 证券代码：605133 证券简称：嵘泰股份 公告编号：2025-028 江苏嵘泰工业股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 重要内容提示： ●会议召开时间：2025 年 5 月 20 日(星期二)上午 10:00-11:00 ● 会 议 召 开 地 点 ： 上 海 证 券 报 · 中 国 证 券 网 （ 网 址 ： https://roadshow.cnstock.com） ●会议召开方式：网络互动 ●投资者可于 2025 年 5 月 13 日（星期二）至 5 月 19 日（星期一），通过 公司邮箱 wei.chen@rtco.com.cn 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 江苏嵘泰工业股份有限公司（以下简称"公司"）已于 2025 年 4 月 19 日发 布了公司 2024 年年度报告，2025 年 4 月 29 日发布了公司 2025 年第一季度报告， 为便于广大投资者更全面深入地了解公司2024年度暨 ...

深圳价值在线咨询顾问有限公司 关于 江苏嵘泰工业股份有限公司 2025 年员工持股计划（草案） 之 二〇二五年五月 | 二、备查文件地点 33 | | --- | 深圳价值在线咨询顾问有限公司 独立财务顾问报告 第一章 释 义 独立财务顾问报告 深圳价值在线咨询顾问有限公司 独立财务顾问报告 在本报告中，如无特殊说明，下列简称具有如下含义： | 释义项 | | 释义内容 | | --- | --- | --- | | 嵘泰股份、公司、上市公司 | 指 | 江苏嵘泰工业股份有限公司 | | 子公司 | 指 | 本公司控制或者实际控制的具有独立法人资格的公 | | | | 司，包括全资子公司、控股子公司 | | 本次员工持股计划、员工持股 | 指 | 江苏嵘泰工业股份有限公司 2025 年员工持股计划 | | 计划 | | | | 本次员工持股计划草案 | 指 | 《江苏嵘泰工业股份有限公司 2025 年员工持股计划 | | | | （草案）》 | | | | 《深圳价值在线咨询顾问有限公司关于江苏嵘泰工 | | 本报告、本独立财务顾问报告 | 指 | 业股份有限公司 2025 年员工持股计划（草案）之独 | | ...

江苏嵘泰工业股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 21 日 中国·扬州 1 | 2024 | 年年度股东大会议程 | 3 | | --- | --- | --- | | 股东大会会议须知 | | 4 | | 2024 | 年度董事会工作报告 | 5 | | 2024 | 年度监事会工作报告 | 14 | | 2024 | 年年度报告及摘要 | 17 | | 2024 | 年度财务决算报告 | 18 | | 关于 | 2024 | 年年度利润分配及公积金转增股本方案的预案 24 | | 关于 | 2024 | 年度董事、监事及高级管理人员薪酬的议案 25 | | 关于向银行申请综合授信额度的议案 | | 26 | | 关于续聘会计师事务所的议案 | | 27 | | 关于《公司 | 2025 | 年员工持股计划（草案）》及其摘要的议案 30 | | 关于《公司 | 2025 | 年员工持股计划管理办法》的议案 31 | | 关于提请股东大会授权董事会办理公司 | | 2025 年员工持股计划相关事宜的议案32 | | 2024 | 年度独立董事述职报告 | 34 | 目 录 2 ...

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

Investment Rating - The report maintains a "Buy" rating for several companies in the automotive sector, including 双林股份, 雷迪克, 江淮汽车, 爱柯迪, 赛力斯, 北特科技, 新泉股份, 嵘泰股份, 开特股份, 骏创科技, and 易实精密 [12][40]. Core Insights - 恒而达's acquisition of SMS marks a significant trend in the industry towards upstream equipment integration, particularly in high-precision CNC grinding machines [4][5]. - 吉利汽车's plan to fully privatize 极氪 aims to enhance internal integration and reduce costs, with expected savings of 10% to 20% in R&D expenditures [8][9]. - The automotive sector is experiencing a robust sales increase, with 吉利集团's total sales reaching 946,627 units in Q1 2025, a year-on-year increase of 31% [9]. Summary by Sections Market Performance and Valuation - The automotive sector's index rose by 1.8%, lagging behind the broader market, which increased by 2.0% [17]. - The automotive industry's PE ratio stands at 31.0, while the PB ratio is at 2.8, indicating a relatively high valuation compared to historical levels [26]. Company Announcements and Industry News - 吉利汽车 announced plans to acquire all shares of 极氪, which will lead to a complete merger and enhance competitive strength in the smart electric vehicle sector [50]. - 恒而达's acquisition of SMS is expected to accelerate the development of intelligent CNC equipment and core components [5][6]. Investment Recommendations - The report recommends focusing on companies with strong R&D capabilities and self-controlled equipment, such as 双林股份 and 嵘泰股份, as they are likely to outperform in the market [6][10]. - The report highlights the importance of new vehicle launches, with 吉利's recent models showing strong market performance and contributing to profitability [9][10].

证券代码：605133 证券简称：嵘泰股份 江苏嵘泰工业股份有限公司 2025 年员工持股计划管理办法 江苏嵘泰工业股份有限公司 二〇二五年五月 第一章 总则 第一条 为规范江苏嵘泰工业股份有限公司（以下简称"嵘泰股份"或"公司"） 2025 年员工持股计划（以下简称"员工持股计划"、"本次员工持股计划"或"本计 划"）的实施，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民 共和国证券法》（以下简称"《证券法》"）《关于上市公司实施员工持股计划试点的指 导意见》（以下简称"《指导意见》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》（以下简称"《自律监管指引第 1 号》"）等相关法律、行政法规、 规章、规范性文件和《江苏嵘泰工业股份有限公司章程》（以下简称"《公司章程》"） 《江苏嵘泰工业股份有限公司 2025 年员工持股计划（草案）》之规定，特制定《江苏 嵘泰工业股份有限公司 2025 年员工持股计划管理办法》（以下简称"本管理办法"）。 第二章 员工持股计划的主要内容 第二条 员工持股计划的基本原则 （一）依法合规原则 公司实施本次员工持股计划，严格依照法律、行政法规的规 ...

证券代码：605133 证券简称：嵘泰股份 江苏嵘泰工业股份有限公司 2025 年员工持股计划 （草案） 江苏嵘泰工业股份有限公司 二〇二五年五月 一、公司本次员工持股计划须经公司股东大会通过后方可实施，本次员工持 股计划能否获得公司股东大会批准，存在不确定性。 二、有关本次员工持股计划的具体资金来源、出资金额、实施方案等属初步 结果，能否完成实施，存在不确定性。 三、员工遵循依法合规、自愿参与、风险自担原则参与本次员工持股计划。 若员工认购金额较低时，本次员工持股计划存在不成立或者低于预计规模的风险。 江苏嵘泰工业股份有限公司 2025 年员工持股计划（草案） 声 明 本公司及董事会全体成员保证本次员工持股计划及其摘要不存在虚假记载、 误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律 责任。 1 江苏嵘泰工业股份有限公司 2025 年员工持股计划（草案） 风险提示 四、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注 意投资风险。 2 江苏嵘泰工业股份有限公司 2025 年员工持股计划（草案） 特别提示 一、江苏嵘泰工业股份有限公司（以下简称"嵘泰股份"或"公司"）202 ...