Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on the anticipated growth in the humanoid robotics sector [8]. Core Insights - The company has shown significant revenue growth, with a 47.36% year-on-year increase in revenue to 407 million yuan for the first three quarters of 2025, and a 59.21% increase in net profit to 93.67 million yuan [5][6]. - The company is focusing on technological innovation and product development, having filed 23 new domestic patents in the first half of 2025, which strengthens its market position [7][8]. - The humanoid robotics industry is at a critical commercialization stage, and the company is well-positioned to benefit from this trend, potentially creating a second growth curve [7][8]. Financial Performance - For Q3 2025, the company reported a revenue of 155 million yuan, up 49.92% year-on-year, and a net profit of 40.25 million yuan, reflecting an 81.19% increase [5]. - The gross margin for the first three quarters of 2025 was 36.6%, with a net profit margin of 23.35%, indicating improved profitability [7]. - The company expects revenues of 566 million yuan, 848 million yuan, and 1.135 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 135 million yuan, 194 million yuan, and 256 million yuan [9][10]. Market Position and Strategy - The company is enhancing its focus on humanoid robotics by investing in core components and establishing a research and service center in Shanghai [7]. - Collaborations with industry leaders and the development of high-reliability products are expected to drive significant revenue growth [7][8]. - The company aims to leverage its technological advancements to expand into broader applications beyond robotics, enhancing its competitive edge [7].

Core Viewpoint - The stock of Greentec Harmonic has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 38.43%, indicating volatility in its market performance [1] Company Overview - Greentec Harmonic, established on January 13, 2011, and listed on August 28, 2020, is located in Suzhou, Jiangsu Province, and specializes in the research, design, production, and sales of precision transmission devices [1] - The company's revenue composition includes 78.33% from harmonic reducers and metal components, 16.56% from mechatronic products, 3.24% from intelligent automation equipment, and 1.87% from other sources [1] Financial Performance - For the period from January to September 2025, Greentec Harmonic reported a revenue of 407 million yuan, representing a year-on-year growth of 47.36%, and a net profit attributable to shareholders of 93.67 million yuan, reflecting a 59.21% increase [2] - Cumulatively, the company has distributed 194 million yuan in dividends since its A-share listing, with 85.79 million yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 52.87% to 31,800, while the average number of circulating shares per person decreased by 28.94% to 5,767 shares [2] - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 4.95 million shares, and new entrants like E Fund National Robot Industry ETF [3]

Core Viewpoint - The recent block trades of Green Harmony indicate a significant trading activity with a total transaction volume of 320,000 shares and a transaction value of 48 million yuan, reflecting a discount of 1.65% compared to the closing price on the same day [2] Trading Activity Summary - On November 10, Green Harmony recorded two block trades with a total volume of 320,000 shares and a total transaction value of 48 million yuan, with a transaction price of 150 yuan per share [2] - Over the past three months, the stock has seen a total of 15 block trades, accumulating a transaction value of 549 million yuan [2] Stock Performance Summary - The closing price of Green Harmony on the same day was 152.52 yuan, representing a decline of 2.56%, with a daily turnover rate of 1.92% and a total transaction amount of 541 million yuan [2] - The stock experienced a net outflow of 78.07 million yuan in main funds throughout the day, and over the past five days, the stock has declined by 4.38% with a total net outflow of 282 million yuan [2] Margin Financing Summary - The latest margin financing balance for Green Harmony is 1.087 billion yuan, which has decreased by 48.15 million yuan over the past five days, reflecting a decline of 4.24% [2]

Group 1 - On November 10, 2025, Green Harmony executed a block trade of 320,000 shares, with a transaction value of 48 million yuan, accounting for 8.16% of the total trading volume for the day [1] - The transaction price was 150 yuan, which represents a discount of 1.65% compared to the market closing price of 152.52 yuan [1] Group 2 - The block trade involved multiple brokerage firms, indicating a diverse participation in the transaction [2] - The trading volume and price suggest a strategic move by investors, potentially reflecting market sentiment towards Green Harmony [2]

Core Points - The company will hold an investor briefing on December 3, 2025, from 16:00 to 17:00 to discuss its Q3 2025 performance and financial results [2][3][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][4][5] - Investors can submit questions from November 26 to December 2, 2025, and the company will address common concerns during the briefing [2][4][6] Meeting Details - The investor briefing is scheduled for December 3, 2025, from 16:00 to 17:00 [5] - The location for the meeting is the Shanghai Stock Exchange Roadshow Center [5] - The meeting will be held in an online interactive format [3][5] Participation Information - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [4][5] - Questions can be pre-submitted via the Roadshow Center's website or through the company's email before the deadline [4][6] - After the briefing, the main content and details will be available for review on the Roadshow Center [6]

Core Viewpoint - The company, Suzhou Leader Drive Technology Co., Ltd., is set to hold a Q3 2025 earnings presentation on December 3, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The earnings presentation will take place on December 3, 2025, from 16:00 to 17:00 [5]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4][5]. - The format of the meeting will be an interactive online session, allowing for real-time communication with investors [3][4]. Group 2: Investor Participation - Investors can submit questions from November 26, 2025, to December 2, 2025, before 16:00, through the Roadshow Center website or via the company's email [6]. - The company will address commonly asked questions during the earnings presentation [3][6]. Group 3: Contact Information - For inquiries, investors can contact the company's securities department at phone number 0512-66566009 or via email at info@leaderdrive.com [6].

证券代码：688017 证券简称：绿的谐波 公告编号：2025-043 苏州绿的谐波传动科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 12 月 03 日 （星期三） 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 26 日（星期三）至 12 月 02 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 info@leaderdrive.com 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。 苏州绿的谐波传动科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2025 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company has shown significant revenue growth, achieving a revenue of 407 million yuan in Q1-Q3 2025, representing a year-on-year increase of 47.36%. The net profit attributable to the parent company reached 94 million yuan, up 59.21% year-on-year [1] - The gross margin has slightly declined to 36.60%, down 2.93 percentage points year-on-year, while the expense ratio has improved, decreasing by 4.26 percentage points to 17.14% [2] - The company is capitalizing on industry opportunities, particularly in the industrial robot sector, benefiting from the expansion of new energy vehicle production, recovery in the consumer electronics sector, and accelerated localization of semiconductor equipment. The humanoid robot segment is also progressing from research to small-scale production, opening new growth avenues [3] Financial Performance Summary - For 2025-2027, the company is projected to achieve revenues of 570 million, 827 million, and 1.197 billion yuan, with net profits of 120 million, 179 million, and 257 million yuan respectively. The corresponding EPS is expected to be 0.65, 0.97, and 1.40 yuan per share, with PE ratios of 231, 154, and 107 times [4][6]

苏州绿的谐波传动科技股份有限公司 2025 年第二次临时股东会会议资料 证券代码：688017 证券简称：绿的谐波 苏州绿的谐波传动科技股份有限公司 2025 年第二次临时股东会会议资料 会议召开时间：2025 年 11 月 17 日 苏州绿的谐波传动科技股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会会议资料目录 | 1．2025 年第二次临时股东会会议须知 （1） | | --- | | 2．2025 年第二次临时股东会会议日程 （3） | | 3．关于《关于取消监事会、变更注册资本并修订《公司章程》及其附件的议案》 | | 的议案 （4） | | 4. 关于《关于修订公司部分治理制度的议案》的议案 （6） | 苏州绿的谐波传动科技股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议 的顺利进行，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》"）《上市公司股东会规则》以及《苏州 绿的谐波传动科技股份有限公司公司章程 ...

Core Insights - The Chinese industrial robot industry is experiencing significant growth, with production reaching 595,000 units in the first three quarters of 2025, a year-on-year increase of 29.8%, surpassing the total production for 2024 [1] - Domestic brands are gaining market share over foreign brands in the industrial robot sector, with exports of industrial robots increasing by 54.9% [1] - The localization of key components such as controllers, servo systems, and reducers is enhancing cost efficiency and supply chain stability [1][3] Policy and Market Drivers - Multiple factors, including policies and demand, are driving the growth of the Chinese industrial robot industry, with initiatives like the "Robot+" application action plan promoting automation solutions [2] - The demand for automation solutions is increasing due to higher requirements for quality consistency and flexible manufacturing in the context of industrial upgrades [2] Rise of Domestic Robot Manufacturers - The success of domestic robot manufacturers is attributed to breakthroughs in core component technologies and a deep understanding of the local market [3] - Leading companies are enhancing their service strategies and responsiveness to customer needs, providing personalized technical support [3] - Acquisitions by top firms, such as Estun's purchase of UK-based TRIO and Germany's CLOOS, are strengthening their capabilities in high-end motion control and welding robots [3] Diverse Downstream Demand - The automotive sector remains a traditional market for industrial robots, driving demand for welding, handling, and painting processes [4] - The lithium battery manufacturing sector is increasingly utilizing robots for various tasks, including handling, assembly, and coating [4] - The electronics industry is also a significant area for robot applications, with rising automation needs in the 3C industry, particularly in chip and display manufacturing [4] AI Integration in Manufacturing - The integration of AI with components like vision systems and motion control algorithms is enhancing the spatial awareness and efficiency of industrial robots [5] - Generative AI is aiding in robot programming, making operations more flexible [5] - Competition in the industrial robot sector is shifting from individual device performance to overall cost-effectiveness of integrated hardware and software solutions [5] Performance Disparities in the Robot Sector - Leading companies are improving performance through technological advancements and cost control, while smaller firms face operational pressures [6] - Price competition in the existing market is impacting profitability for some manufacturers, leading to selective order management [6] - Companies with high technical barriers in the components sector are benefiting from increased market share due to domestic substitution [6] Investment Recommendations - The competitiveness of the Chinese industrial robot industry is improving through differentiated strategies and continuous innovation, with a focus on leading companies like Huichuan Technology and Estun, as well as component firms like Greentech Harmonic [7]