Core Viewpoint - The legal opinion letter addresses the price adjustment of the 2021 restricted stock incentive plan for Suzhou Green's Harmonic Drive Technology Co., Ltd, confirming that the necessary approvals and procedures have been followed for the adjustment [1][2][4]. Group 1: Approval and Authorization of Price Adjustment - The company has completed the necessary procedures for the price adjustment of the restricted stock incentive plan, including resolutions and independent opinions from the board and supervisory committee [2][3]. - The independent directors and supervisory committee have verified and provided opinions on the relevant matters of the incentive plan [3]. Group 2: Details of Price Adjustment - The adjustment of the grant price for the incentive plan is from 41.99 yuan per share to 41.89 yuan per share, following the company's profit distribution and other capital changes [3][4]. - The company has distributed cash dividends based on its total share capital in previous years, which necessitated the adjustment of the grant price [3]. Group 3: Information Disclosure - The company is required to disclose relevant resolutions and information regarding the price adjustment in a timely manner, in compliance with applicable laws and regulations [3][4]. - The company has fulfilled its information disclosure obligations related to the price adjustment as of the date of the legal opinion letter [4].

证券代码：688017 证券简称：绿的谐波 公告编号：2025-030 苏州绿的谐波传动科技股份有限公司 关于调整公司 2021 年限制性股票激励计划授予价格的公告 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、准确性和完整性依法承担法律责任。 苏州绿的谐波传动科技股份有限公司（下称"绿的谐波"或"公司"）于 2025 年 7 月 14 日召开第三届董事会第七次会议和第三届监事会第六次会议，审 议通过了《关于调整公司 2021 年限制性股票激励计划授予价格的议案》，现将有 关事项说明如下： 一、公司 2021 年限制性股票激励计划已履行的决策程序和信息披露情况 （九）2024 年 8 月 9 日，公司披露了《关于 2021 年限制性股票激励计划首 次授予部分第二个归属期及预留授予部分第一个归属期归属结果暨股份上市公 告》，首次授予部分第二个归属期及预留授予部分第一个归属期归属股票的上市 流通日为 2024 年 8 月 14 日。 （一）2021 年 9 月 30 日，公司召开首届董事会第十九次会议，会议审议通 过了《关于公司<2021 年限制性股票激励计 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 8519-1300 传真：(86-10) 8519-1350 junhebj@junhe.com 北京市君合律师事务所 关于苏州绿的谐波传动科技股份有限公司 2021 年限制性股票激励计划授予价格调整事项的 法律意见书 致：苏州绿的谐波传动科技股份有限公司 北京市君合律师事务所（以下简称"本所"）为在北京市司法局注册设立并 依法执业的律师事务所。 本所受苏州绿的谐波传动科技股份有限公司（以下简称"公司""上市公司" 或"绿的谐波"）的委托，担任绿的谐波 2021 年限制性股票激励计划（以下简称 "本次激励计划"）的专项法律顾问，依据《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 司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券交易所科创板股 票上市规则》（以下简称"《上市规则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以下简称"《自律监管指南》"）以及中华人民共和 国（以下简称"中国"，包括中国大陆地区、香港特别行政区、 ...

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]

Core Viewpoints - The mechanical industry is expected to outperform the market, with a focus on high-quality leading companies and structural growth opportunities [15][5][24] - The industry is undergoing a transformation driven by domestic upgrades, self-sufficiency, and accelerated overseas development [15][20] Industry Overview and Outlook - The core equipment localization is fundamental for the rise of the industry, breaking through bottlenecks in high-end equipment is essential for true autonomy and industrialization [15] - The trend of industrial upgrading is inevitable, with advancements in digitalization and energy transformation enhancing social efficiency and reducing costs [15] - The development of exports is transitioning from point to surface, with competitive manufacturing enterprises moving from import substitution to export substitution [15] Investment Strategy - The report recommends focusing on emerging growth sectors and export-driven leading companies, particularly in areas such as humanoid robots, AI infrastructure, and coal chemical equipment [25][26] - Key recommended stocks include Huace Testing, Guodian Measurement, and Yizhiming, among others [24][2] Key Recommendations - The report highlights specific companies for investment, including: - Humanoid Robots: Hengli Hydraulic, Huichuan Technology, and Zhenyu Technology [26] - AI Infrastructure: Yingliu Technology and Haomai Technology [28] - Engineering Machinery: Hengli Hydraulic, XCMG, and Sany Heavy Industry [29] - Nuclear Power Equipment: Jiadian Co., Zhongmi Holdings, and Jiangsu Shentong [29] - General Equipment: Huichuan Technology, Green Harmonic, and Baichu Electronics [29] Performance Tracking - In June, the mechanical industry index rose by 2.82%, outperforming the CSI 300 index by 0.32 percentage points, with stable valuation levels [6][11] - The manufacturing PMI index for June was reported at 49.70%, indicating a slight improvement [6][12] Financial Projections - The report provides forecasts for key companies, indicating resilience in operations, with expected revenue and profit growth across various sectors [31] - For example, Hengli Hydraulic is projected to achieve a revenue of 27.68 billion yuan in Q2 2025, with a net profit of 7.96 billion yuan [31]

Industry Overview - The humanoid robot industry is at a "dawn moment" with mass production beginning, driven by investments from tech giants like Tesla, Huawei, and Figure AI, indicating a significant acceleration in industry iteration and breakthroughs [1][7] - The demand for humanoid robots is increasing due to aging populations and rising labor costs, suggesting a transition from B2B to B2C markets with vast future market potential [1][6] Investment Highlights - From January 2024 to June 26, 2025, the humanoid robot index has outperformed the Wind All A index multiple times, driven by technological breakthroughs and policy catalysts, creating a positive cycle of "policy-financing-orders" [2][12] - The supply side of the humanoid robot industry is rapidly flourishing, with leading companies like Tesla and Figure AI pushing for product iterations and commercial applications, particularly in industrial settings [2][21] Production Plans - The second half of 2025 is a critical window for mass production validation, with a goal to achieve "batch production" and cultivate globally influential companies [3][47] - Tesla plans to produce 10,000 Optimus robots in 2025, with monthly production capacity expanding to 1,000 units, while Figure AI aims for 12,000 units annually from its automated production line [3][47] Software and Hardware Development - AI large models are crucial for humanoid robots, but currently represent the weakest link in the development chain, necessitating breakthroughs in software to match hardware advancements [3][19] - The precision reducer market is expected to see significant growth due to humanoid robots, potentially bringing hundreds of billions in incremental revenue [3][21] Demand Dynamics - The global labor market is tightening due to aging populations, increasing the demand for robots to replace human labor, particularly in elder care [6][21] - The humanoid robot market is projected to reach $20 billion by 2030, indicating substantial future growth potential [6][22] Investment Recommendations - Focus on companies entering or already part of Tesla's supply chain, as the industrialization process of Tesla's Optimus robot is well-defined [7] - Monitor Huawei's early-stage supply chain developments, which hold significant potential for growth [7] - Pay attention to companies that can produce core components at lower costs, as this will be key to the widespread adoption of humanoid robots [7]

Core Insights - Embodied intelligence has emerged as a new high ground in technological competition, a new track for future industries, and a new engine for economic development. The global embodied robotics industry is experiencing strong growth and has a promising outlook. It is expected that by 2025, the global robotics market will reach $47.7 billion, with industrial robots accounting for $13.86 billion and service robots for $21.92 billion, maintaining a compound annual growth rate of over 20% for the next five years [1][2]. Group 1: Industry Growth and Trends - The embodied intelligence sector is witnessing active innovation, particularly in automotive manufacturing, where significant potential exists. Some companies have already achieved profitability [1]. - By 2025, certain Chinese companies are expected to transition towards high-quality development, forming a complete closed loop of research, manufacturing, and application in niche areas, while accelerating global expansion [1]. - Chinese enterprises are continuously breaking through technological bottlenecks in heavy-duty industrial robots and automotive industrial robots, with the potential to "overtake" competitors [1]. Group 2: Conference Overview - The "2025 China Embodied Intelligence Robotics Industry Conference and Exhibition" will be held from August 13-15, 2025, at the Shanghai New International Expo Center, aiming to create a one-stop value connection platform [2]. - The conference is expected to attract over 200 exhibiting brands, more than 20,000 attendees, and over 20 professional purchasing groups, facilitating the entire embodied intelligence industry chain from raw materials to system integration [2][7]. Group 3: Conference Highlights - Highlight 1: The conference will promote technological innovation by gathering top global experts, scholars, and industry leaders to showcase the latest achievements in embodied intelligence and automotive technology [11]. - Highlight 2: It will deepen academic interaction, providing opportunities for researchers in embodied intelligence and automotive engineering to exchange ideas and stimulate interdisciplinary innovation [12]. - Highlight 3: The event aims to connect the upstream and downstream of the embodied intelligence and automotive industry chain, integrating chip development, vehicle manufacturing, and component supply [14]. - Highlight 4: The conference will explore new business models, bridging communication between embodied intelligence projects and capital, supporting startups and innovative companies in the automotive sector [15]. Group 4: Agenda Overview - The conference agenda includes key discussions on industry trends, policy interpretations, and technical frameworks related to embodied intelligence and its applications in the automotive sector [17]. - Sessions will cover challenges and opportunities for automotive parts companies transitioning to embodied intelligence, as well as investment opportunities in the sector [18].

Group 1 - The A-share robotics concept stocks are experiencing strong fluctuations, with notable gains in several companies [1] - Dayfa Precision Machinery reached its daily limit increase, while Zhaowei Electromechanical and Xinhan New Materials rose over 5% [1] - Other companies such as Obsidian Optics, Fulian Precision Engineering, Jiangnan Yifan, Chaojie Co., Shuanglin Co., and Green Harmonics also saw significant increases [1]

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].

Investment Rating - The report maintains an "Outperform" rating for the industry [3][4][8]. Core Insights - The report highlights significant developments in the humanoid robotics sector, including strategic partnerships and government support, which are expected to drive growth and innovation [1][2][3][4][19]. - The establishment of a 10 billion yuan investment fund in Hubei province aims to accelerate the development of humanoid robotics and AI technologies [23]. - The report emphasizes the importance of supply chain positioning and the identification of key players in the humanoid robotics market, suggesting a focus on companies with strong capabilities in various components [3][4]. Industry Dynamics - Humanoid Robotics: - Strategic collaborations, such as the one between Shanghai Robotics Institute and Madi Technology, are set to enhance the application of humanoid robots in healthcare and elder care [15]. - Companies like Junpu Intelligent and ByteDance are making strides in production and technology, with ByteDance achieving a production milestone of 1,000 robots in 2.5 years [19][16]. - Government Initiatives: - The Central Financial Committee has proposed measures to promote high-quality development in the marine economy, which may indirectly benefit robotics through enhanced technological capabilities [2][24]. - The establishment of the AI Infrastructure and the China-ASEAN AI Innovation Cooperation Center is expected to boost investment in AI-related sectors [25]. Key Companies and Investment Focus - The report identifies several key companies for investment consideration, including: - Humanoid Robotics: Focus on suppliers like Hengli Hydraulic, Huichuan Technology, and Zhaowei Machinery [3][4]. - AI Infrastructure: Companies such as Hanzhong Precision Machinery and Ice Wheel Environment are highlighted for their potential growth due to increasing AI demand [3][4]. - The report also notes the rapid development of the low-altitude economy and its implications for various sectors, including logistics and surveying [4][26]. Company Performance and Forecasts - The report provides earnings forecasts and investment ratings for several companies, indicating a generally positive outlook for those rated "Outperform" [8][30]. - Notable companies include: - Green Harmony (688017.SH): Outperform rating with a projected EPS increase from 0.33 to 0.50 yuan [30]. - Huichuan Technology (300124.SZ): Outperform rating with an expected EPS growth from 1.60 to 2.01 yuan [30]. - Zhaowei Machinery (003021.SZ): Outperform rating with EPS forecasted to rise from 0.94 to 1.11 yuan [30].