Vi e w p o i n t | 23 Nov 2025 16:28:09 ET │ 12 pages China Humanoid Robot What's New from Citi 2025 Industrial Tour: Likely Exponential Production Growth in 2026 See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that ...

Core Viewpoint - The stock of Greentech Harmonic has shown a significant increase in revenue and profit, indicating strong business performance and investor interest in the automation equipment sector [2][3]. Financial Performance - As of September 30, Greentech Harmonic reported a revenue of 407 million yuan, a year-on-year increase of 47.36% [2]. - The net profit attributable to shareholders reached 93.67 million yuan, reflecting a growth of 59.21% compared to the previous year [2]. - The company has distributed a total of 194 million yuan in dividends since its A-share listing, with 85.79 million yuan distributed over the last three years [3]. Stock Market Activity - On November 21, Greentech Harmonic's stock price rose by 2.08% to 144.87 yuan per share, with a trading volume of 294 million yuan [1]. - The stock has increased by 34.19% year-to-date, but has seen a decline of 9.17% over the past 20 trading days [1]. - The company has appeared on the stock market's "Dragon and Tiger List" once this year, with the last occurrence on January 14 [1]. Shareholder Structure - As of September 30, 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]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 8.96 million shares, an increase of 4.95 million shares from the previous period [3]. - New institutional investors include E Fund National Robot Industry ETF and Huaxia CSI Robot ETF, which have recently acquired shares in the company [3]. Business Overview - Greentech Harmonic, established on January 13, 2011, specializes in the research, design, production, and sales of precision transmission devices [1]. - The company's main revenue sources include harmonic reducers and metal components (78.33%), mechatronic products (16.56%), and intelligent automation equipment (3.24%) [1]. - The company operates within the mechanical equipment sector, specifically in automation equipment and robotics [1].

Core Viewpoint - The 2025 LeadeRobot China Robot Industry Awards aims to identify and honor leaders in the robotics industry, particularly in humanoid robots and embodied intelligence, as the industry transitions from technology demonstration to commercial application [1][3]. Group 1: Industry Overview - 2025 is seen as the year of mass production for humanoid robots, with the industry moving towards commercial viability [3]. - China is the largest market for industrial robots, with a production of 595,000 units in the first three quarters of 2025, surpassing the total production for 2024 [3]. - Industrial robots are widely applied across 52 major industries and 143 sub-industries in China, enhancing productivity and efficiency in various sectors [3]. Group 2: Award Categories - The awards will recognize companies in various categories, including humanoid robots, industrial robots, service robots, and core components, focusing on innovation and market impact [5][6]. - The awards aim to highlight companies that have made significant contributions to the development of robotics technology and its applications in real-world scenarios [5][6]. Group 3: Specific Awards - The "Commercial Landing Pioneer Award" and "Order Explosion Award" will showcase companies that have successfully demonstrated commercial viability in humanoid robots [8]. - The "Performance Excellence Award" will honor teams that achieve breakthroughs in stability, adaptability, and precision in humanoid robots [9]. - The "Data and Scene Contribution Award" will recognize those who build essential datasets and algorithms for training smarter robots [10]. Group 4: Industrial Robot Awards - The "High-end Application Award" will celebrate successful applications in critical fields like semiconductors and aerospace, encouraging innovation in high-end manufacturing [12][13]. - The "Collaborative Robot Innovation Award" will focus on the evolution of robots into collaborative entities that can safely interact with humans [14]. - The "Flexible Manufacturing System Integration Innovation Award" will acknowledge companies that excel in integrating logistics robots into responsive manufacturing systems [15]. Group 5: Service and Special Robots - The "Medical Robot Market Leader Award" will recognize companies that address clinical pain points and achieve successful commercialization in medical robotics [17]. - The "Commercial Robot Global Expansion Award" will honor companies that successfully establish a presence in international markets [19]. - The "Special Robot Application Award" will focus on robots that perform reliably in extreme conditions, showcasing their capabilities beyond traditional environments [20]. Group 6: Core Components Awards - The "Leading Market Share Award for Robot Reducers" will recognize companies with leading market shares in critical components like harmonic reducers [22]. - The "Integrated Joint Performance Breakthrough Award" will honor innovations in integrated joints that enhance robot efficiency and performance [23]. - The "Sensor Fusion Innovation Award" will celebrate advancements in multi-sensor integration that improve robots' decision-making capabilities [26]. Group 7: Industry Service Awards - The "Robot Research Contribution Award" will honor institutions and teams that achieve breakthroughs in foundational technologies for robotics [29]. - The "Outstanding Contribution Award for Industry Service" will recognize organizations that enhance industry efficiency through various professional services [30]. Group 8: Leadership Awards - The "Leading Entrepreneur Award in China's Robot Industry" will celebrate individuals who have significantly contributed to the growth and global competitiveness of the robotics sector [31]. - The "Outstanding Young Entrepreneur Award in Embodied Intelligence" will focus on emerging leaders who drive innovation in the field [33]. Group 9: Rankings - The "Top 50 Leading Enterprises in China's Robot Industry" will provide a comprehensive overview of the industry's key players based on commercial success and technological depth [34]. - The "Top 50 New Stars in the Era of Embodied Intelligence" will identify high-growth potential companies in the emerging field of embodied intelligence [35].

Group 1 - The company held a shareholders' meeting on November 17, 2025, at its headquarters in Suzhou, with all board members present [2][3]. - The meeting was conducted in accordance with the Company Law and the company's articles of association, utilizing both on-site and online voting methods [2][3]. - All current directors and supervisors attended the meeting, ensuring full representation [3]. Group 2 - Two significant resolutions were passed: the cancellation of the supervisory board and changes to the registered capital, along with amendments to the company's articles of association [3][4]. - The first resolution required a special majority, receiving over two-thirds of the valid votes from attending shareholders [4]. - The meeting was legally witnessed by Jiangsu Century Tongren Law Firm, confirming the legality of the meeting's procedures and resolutions [4].

Core Viewpoint - The 2025 Second Zhongguancun Embodied Intelligence Robot Application Competition successfully showcased cutting-edge embodied intelligent robot technologies and their application potential, contributing to the cultivation of new productive forces and the construction of future industrial ecosystems [1][16]. Group 1: Event Overview - The competition took place on November 17-18 in Beijing, focusing on the theme "Embodied Intelligence, Application Future" [1]. - Organized by the Zhongguancun Science City Management Committee, the event attracted top research teams, innovative enterprises, and industry experts from both domestic and international backgrounds [1][5]. Group 2: Competition Structure - The competition emphasized practical applications in various scenarios, including home services, commercial services, industrial manufacturing, and emergency response [5]. - It featured three core tracks: Embodied Intelligence Model Capability Challenge, Embodied Intelligence Scene Application Competition, and Academic Frontiers & Industrial Ecosystem, with nearly twenty independent tasks [5][7]. Group 3: Technical Highlights - The first track focused on breakthroughs in "embodied brain" and "embodied small brain" capabilities, utilizing the RoboBrain2.0 model for optimization in spatial understanding and task planning [7][9]. - The second track assessed robots' integrated capabilities in perception, decision-making, and action within physical environments, with tasks designed to replicate real-world working conditions [9][11]. - The third track showcased innovations in multi-legged robots, wheeled robots, and soft robots, highlighting the complete innovation chain from basic research to industrial application [13]. Group 4: Event Impact - The competition served as a platform for showcasing technological advancements and fostering collaboration between academia and industry, enhancing the vitality of the embodied intelligence ecosystem [16]. - The event concluded with an AfterParty that facilitated discussions on industry trends and technological innovations, promoting cross-disciplinary interactions [15].

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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 17 日 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 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 （二） 股东大会召开的地点：苏州市吴中区木渎镇尧峰西路 68 号苏州绿的谐波 传动科技股份有限公司公司会议室。 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 172 | | --- | --- | | 普通股股东人数 | 172 | | 2、出席会议的股东所持有的表决权数量 | 80,701,100 | | 普通股股东所持有表决权数量 | 80,701,100 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 44.0195 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量 ...

绿的谐波 法律意见书 江苏世纪同仁律师事务所 关于苏州绿的谐波传动科技股份有限公司 2025 年第二次临时股东大会的法律意见书 致：苏州绿的谐波传动科技股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证监会《上 市公司股东会规则》等法律、法规和规范性文件以及《公司章程》的规定，本所 受贵公司董事会的委托，指派本所律师出席贵公司 2025 年第二次临时股东大会， 并就本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、表决程 序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所律师认为出具法律意见所必须查阅的文件，并对有关问题进行了 必要的核查和验证。 本法律意见书仅供公司 2025 年第二次临时股东大会之目的使用。本所律师 同意将本法律意见书随贵公司本次股东大会决议一并公告，并依法对本法律意见 书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集、召开程序 （一）本次股东大会由董事会召集。 ...

Core Insights - The article emphasizes the global competition centered around "embodied intelligence" that has fully commenced by 2025, highlighting advancements in robotics and AI integration across various countries and companies [1][2] - It notes that 2025 marks a pivotal year for China's robotics industry, showcasing the growth of leading Chinese companies and innovative startups that are making significant contributions to the global supply chain [1][2] Industry Trends - The concept of "embodied intelligence" is becoming mainstream, transitioning from laboratory research to practical applications in various industries, indicating a shift from "software intelligence" to "embodied intelligence" [2] - The demand in the robotics market is evolving from "scale application" to "high-quality development," with a focus on collaborative intelligent agents capable of multi-scenario decision-making [2] Event Highlights - The Sixth China Robotics Industry Annual Conference is scheduled for December 18-19, 2025, in Hangzhou, aiming to serve as a critical gathering for the industry to mobilize towards the "embodied intelligence" era [3] - The conference will feature discussions on the strategic needs of companies, providing a platform for listed companies to enhance their market value and for pre-IPO companies to accelerate their listing processes [6][7] Strategic Insights - The event will release authoritative rankings such as "Top 50 Leading Chinese Robotics Companies," which will serve as a credibility booster for listed companies and a significant asset for those seeking to go public [6][7] - The conference will address the balance between specialized and general-purpose robotics, exploring how companies can position themselves in the evolving landscape of embodied intelligence [9][10] Value Proposition - The conference aims to not only witness industry changes but also actively shape the future of the robotics sector through resource allocation and ecosystem integration [11][13] - It will facilitate direct interactions between companies and key decision-makers from government, large enterprises, and investment institutions, promoting strategic partnerships and investments [13] Agenda Overview - The two-day agenda will include expert reports on technological breakthroughs and discussions on practical methodologies for industry leaders, ensuring a comprehensive understanding of the current and future landscape [14][15] - Interactive sessions and exhibitions will provide opportunities for showcasing cutting-edge technologies and fostering collaboration among industry participants [15]

Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company benefits from the booming demand for industrial robots, increased penetration of harmonic reducers in application scenarios, and proactive expansion and market share enhancement strategies, which continuously promote positive operational performance [2][13]. - The revenue from humanoid robot business is expected to continue to grow significantly, with steady progress in screw verification. The company is actively advancing product development and commercialization in the embodied intelligence sector [2][13]. - The company achieved a revenue of 407 million in the first three quarters of 2025, representing a year-on-year increase of 47.36%, and a net profit attributable to the parent company of 94 million, up 59.21% year-on-year [6][13]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 155 million, a year-on-year increase of 49.92%, and a net profit of 40 million, up 81.19% year-on-year. The net profit after deducting non-recurring items was 33 million, reflecting a year-on-year increase of 79.20% [6][13]. - The gross profit margin for the first three quarters of 2025 was 36.60%, a decrease of 2.93 percentage points year-on-year, while the net profit margin improved to 23.35%, an increase of 1.64 percentage points year-on-year [13]. Market Trends - The overall output of domestic industrial robots reached 594,800 units in the first nine months of 2025, a year-on-year increase of 29.80%. The company’s harmonic reducers, as core components, directly benefit from this trend [13]. - The company is positioned to capture core customers in the humanoid robot sector, with some leading manufacturers entering small-batch trial production stages [13]. Future Outlook - The company is expected to achieve net profits of 118 million and 156 million in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 227x and 173x [13].