Summary of Huari Precision's Conference Call Company Overview - **Company**: Huari Precision - **Industry**: Tool manufacturing, specifically focusing on general tools and humanoid robotics Key Points and Arguments 1. **Profit Growth and Valuation**: Huari Precision is expected to achieve a profit of 200 million yuan by 2025, indicating a significant undervaluation at a current PE ratio of around 20 times, with a potential market capitalization reaching 10 billion yuan [2][3][7] 2. **Market Position in Humanoid Robotics**: As a key member of the Yushu supply chain, Huari Precision has a strong competitive advantage in the humanoid robotics sector, highlighted by hosting the first humanoid robotics forum in Hunan Province, showcasing its industry status [2][3] 3. **Strategic Transformation**: The company is expanding into an intelligent tool platform, targeting the intelligent software market, which is projected to be worth hundreds of billions, with low marginal costs and attractive profit margins [2][4] 4. **Industry Trends**: The tool industry is experiencing two main trends: a reduction in foreign investment and accelerated import substitution, with domestic companies gradually replacing foreign brands. By 2025, the import share is expected to drop to 23%-24% [2][5] 5. **Financial Milestones**: Huari Precision has invested over 1.2 billion yuan in fixed assets since its listing, with production capacity expected to ramp up starting in 2025, leading to economies of scale [2][6] 6. **Performance in Key Sectors**: The company is seeing growth in military, energy, humanoid robotics, and automotive parts sectors, with military revenue projected to increase significantly due to domestic production trends [3][15] 7. **Integrated Solutions**: Huari Precision has introduced an integrated tool solution that enhances efficiency and reduces costs, marking a significant innovation in the high-end tool market [11][12] 8. **AI and Digital Manufacturing**: The company is advancing in AI-enabled smart manufacturing, with its digital tool platform recognized as a benchmark project in Hunan Province, indicating a strong future growth potential in this area [18] 9. **Future Market Potential**: The humanoid robotics market is projected to reach 70 billion yuan by 2027, with Huari Precision potentially capturing a 30% market share, translating to significant profit contributions [19][20] Additional Important Insights - **Foreign Investment Trends**: Foreign companies in the Chinese tool market are experiencing a contraction, with significant revenue declines noted for major players like Kennametal [8] - **Domestic Market Dynamics**: Domestic companies, particularly private enterprises like Huari Precision, are gaining market share in both mid-range and high-end segments, while state-owned enterprises are losing ground due to inefficiencies [9] - **Customer Engagement**: Huari Precision's comprehensive service offerings, including full-package contracts and extensive product categories, enhance customer loyalty and operational efficiency [12][13] Investment Recommendation - **Strong Buy Rating**: Given the company's growth potential across various sectors and its current low valuation, a strong buy rating is recommended, positioning Huari Precision as a top investment choice in the humanoid robotics sector [21]

Market Performance - The general equipment sector increased by 2.99% on August 4, with Slinjet leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Top Gainers - Slinjet (688115) closed at 74.90, up 17.36% with a trading volume of 27,900 lots and a transaction value of 195 million [1] - Huarui Precision (688059) closed at 62.38, up 13.77% with a trading volume of 80,700 lots and a transaction value of 477 million [1] - Huadong CNC (002248) closed at 10.11, up 10.01% with a trading volume of 247,500 lots and a transaction value of 246 million [1] Top Losers - Jikang Technology (830879) closed at 30.23, down 4.85% with a trading volume of 102,800 lots and a transaction value of 325 million [2] - Xun'an Technology (834950) closed at 25.27, down 3.77% with a trading volume of 42,500 lots and a transaction value of 106 million [2] - Jingjiang Technology (688627) closed at 92.44, down 1.70% with a trading volume of 25,400 lots and a transaction value of 235 million [2] Capital Flow - The general equipment sector saw a net inflow of 2.176 billion in main funds, while retail funds experienced a net outflow of 1.138 billion [2][3] - The top stocks by main fund inflow included Changsheng Bearing (300718) with a net inflow of 368 million, and Wuzhou Xinchun (603667) with a net inflow of 343 million [3] Individual Stock Analysis - Changsheng Bearing (300718) had a main fund net inflow of 368 million, representing 13.46% of its total trading volume, while retail funds saw a net outflow of 348 million [3] - Wuzhou Xinchun (603667) had a main fund net inflow of 343 million, accounting for 24.82% of its trading volume, with retail funds experiencing a net outflow of 164 million [3]

华锐精密最新一期业绩显示，截至2025一季报，公司营业总收入2.22亿元、同比增长30.48%，归属净利 润2922.40万元，同比增长70.00%，扣非净利润2823.04万元，同比增长71.29%，流动比率1.876、速动比 率1.212、资产负债率46.08%。 天眼查商业履历信息显示，株洲华锐精密工具股份有限公司，成立于2007年，位于株洲市，是一家以从 事通用设备制造业为主的企业。企业注册资本6225.7112万人民币，实缴资本3000万人民币。公司法定 代表人为肖旭凯。 金融界消息 截至2025年7月29日收盘，华锐精密（688059）报收于57.59元，下跌1.82%，换手率 3.48%，成交量3.03万手，成交金额1.74亿元。 通过天眼查大数据分析，株洲华锐精密工具股份有限公司共对外投资了3家企业，参与招投标项目39 次，知识产权方面有商标信息110条，专利信息113条，此外企业还拥有行政许可72个。 资金流向方面，今日主力资金净流出1474.05万元，占比成交额8.45%。其中，超大单净流出537.90万 元、占成交额3.08%，大单净流出936.15万元、占成交额5.37%，中单净流出流 ...

Core Viewpoint - The precision tool industry is poised for growth due to the rising demand from emerging manufacturing sectors, particularly in humanoid robotics, which requires high-quality precision tools for efficient and cost-effective production [1][2]. Group 1: Industry Insights - The humanoid robotics industry faces challenges in achieving high hardness and precision, necessitating stringent performance requirements for precision tools, including micron-level dimensional tolerances and nanometer-level surface quality [2]. - The market for precision tools in humanoid robotics is projected to reach between 7 billion to 12.6 billion by 2027, assuming that tools account for 5% to 9% of the processing costs [1]. - The precision tool industry benefits from high user stickiness, as the cost of tools represents only 1% to 4% of manufacturing costs, but their quality directly impacts the precision and surface finish of the processed components [3]. Group 2: Company Developments - Huari Precision has maintained a research and development investment ratio of 6.69% of its revenue in 2024, enabling it to enter the mid-to-high-end market traditionally dominated by European, American, and Japanese tool manufacturers [2]. - The company has begun receiving small batch orders from leading humanoid robotics firms, indicating its growing presence in this emerging market [2]. - Huari Precision is also exploring opportunities in the semiconductor industry, which demands extremely high quality and minimal defect rates, further diversifying its customer base [3].

Group 1 - The 2025 Humanoid Robot Advanced Manufacturing Technology Forum was held in Zhuzhou, Hunan Province, focusing on the integration of precision manufacturing and joint revolution to accelerate the development of the humanoid robot industry [1] - The global humanoid robot market is projected to reach $2.03 billion in 2024, with an expected annual compound growth rate of over 45% in the next five years [1] - Yushu Technology aims to develop humanoid robots with autonomous decision-making and generalized operational capabilities within the next 5 to 10 years, relying on advancements in large models, data collection, intelligent perception, and durability [1] Group 2 - Key challenges in the commercialization of humanoid robots include the precision, efficiency, and low-cost manufacturing of core components such as dexterous joints and lightweight bionic structures [2] - The advanced manufacturing of humanoid robots must overcome high hardness and high precision requirements, necessitating micro-level dimensional tolerances and nano-level surface characteristics [2] - Huari Precision, a leading domestic comprehensive tool supplier, is developing precision processing tools for core components in humanoid robot manufacturing, contributing to the innovation of advanced manufacturing technology in this field [2]

Summary of Key Points from Conference Call Records Company and Industry Overview - **Company**: Yushu Technology (宇树科技) - **Industry**: Humanoid Robotics Core Insights and Arguments - Yushu Technology is expected to exceed 1 billion RMB in revenue for 2025, with over 1 billion RMB already achieved in the first half of the year, indicating strong growth momentum and capital market potential [1][6] - The G1 humanoid robot is projected to have a shipment of 5,000 units in 2025, with the full-size H1-2 robot primarily targeting industrial applications priced between 400,000 to 500,000 RMB [1][2] - The sales of consumer-grade robotic dogs (ToB) are significantly higher than industrial-grade (ToC), with both categories generating similar sales amounts; industrial-grade averages in the low hundreds of thousands RMB, while consumer-grade is priced around 10,000 to 20,000 RMB [2][10] - The domestic investment opportunities in the robotics sector are highlighted, particularly with the stock of Upwind New Materials (上纬新材) increasing by 416% since July 9, 2025, with a market capitalization of 16.2 billion RMB [1][5] Important Developments - Yushu Technology is accelerating its listing process on the Sci-Tech Innovation Board, with a strong order backlog and leading profitability in the global humanoid robotics sector [1][6] - The company has signed a formal contract with Huari Precision (华瑞精密), which is a key player in Yushu's supply chain, benefiting from the acceleration of domestic substitution and increased production capacity of the G1 model [1][20] - Huari Precision's net profit is expected to grow by 70% year-on-year in Q1 2025, with an annual forecast of 200 million RMB, indicating a low valuation with a P/E ratio of approximately 25 [3][15] Market Trends and Future Outlook - The humanoid robot market is projected to have a shipment of 1 million units globally by 2027, with a market space of approximately 7 billion RMB for specialized tools [3][22] - The investment potential in the domestic supply chain is significant, with Upwind New Materials potentially reaching a market cap of 30 billion RMB, based on comparisons with leading domestic humanoid robotics companies [5][7] - The upcoming Advanced Manufacturing Technology Forum for Humanoid Robots will gather industry leaders to discuss efficient and cost-effective manufacturing processes [21] Additional Insights - The development of Yushu's full-size robots is slower compared to the small humanoid robots due to technical challenges and user demand [8] - The company is actively developing a new humanoid robot with at least 26 degrees of freedom, targeting markets such as research, education, and cultural tourism, with a planned release in 2025 [9] - The industrial-grade robotic products are focusing on enhancing cost-effectiveness and expanding application scenarios, including inspections in hazardous environments [11] Conclusion - Yushu Technology and its associated supply chain companies, particularly Huari Precision and Changsheng Bearing (长盛轴承), present significant investment opportunities in the rapidly growing humanoid robotics market, driven by strong sales growth, innovative product development, and favorable market conditions [1][12][20]

Summary of the Conference Call on Yushu Technology and Industry Chain Company and Industry Overview - **Company**: Yushu Technology - **Industry**: Robotics, specifically quadruped and humanoid robots - **Key Supplier**: Huarui Precision, a tool and integrated solution provider Core Insights and Arguments 1. **Order Demand and Production Challenges**: Yushu Technology is experiencing overwhelming order demand, leading to production bottlenecks in core components such as motors, reducers, and LiDAR. This has resulted in product quality issues, necessitating improvements in tool quality and process optimization to meet market demand [1][3][4] 2. **Market Position**: Yushu Technology holds a leading position in the quadruped robot market, with 2023 sales accounting for nearly 70% of the global market share and 41% in revenue. The company is also expanding into the humanoid robot market, aiming to become a leader in this sector [1][5][7] 3. **Production Timeline**: Yushu Technology is expected to enter mass production of humanoid robots by the end of 2024, with projected sales of 5,000 units, comparable to competitors like Tesla and Zhiyuan Tongxing [1][7] 4. **AGI Development Perspective**: Yushu Technology believes that AGI (Artificial General Intelligence) should be based on training with vertical domain data to form a general model. The company aims to leverage its hardware advantages and technology reuse effects to explore unique development paths in humanoid robotics [1][14][20] Additional Important Insights 1. **Huarui Precision's Role**: Huarui Precision is positioned as a key player in the supply chain, providing stable and reliable tools and technical support to help Yushu Technology enhance its core component production capacity [1][4][21] 2. **Financial Projections for Huarui Precision**: Huarui Precision is expected to achieve significant growth, with projected revenue of 10.5 billion yuan in 2025, a nearly 40% year-on-year increase. The humanoid robot tool market is anticipated to reach 7 billion to 12.6 billion yuan by 2027 [3][23][30] 3. **Market Dynamics**: The tool industry is witnessing a shift with foreign companies retracting and domestic firms like Huarui Precision gaining market share. Huarui is expected to benefit from this trend, with a projected market value increase due to its integrated solutions [22][24][25] 4. **Technological Advantages**: Yushu Technology's humanoid robots feature high degrees of freedom, with the G1 model exceeding twenty degrees of freedom, allowing for unique movements that are difficult for humans to replicate [8][10][11] 5. **Future Market Supply and Demand**: The humanoid robot market is expected to face supply challenges until 2025-2026, with Yushu Technology strategically positioned to meet emerging demands through rapid product launches and application expansion [12][13] Conclusion Yushu Technology is poised for significant growth in the humanoid robotics market, supported by strong order demand and strategic partnerships with suppliers like Huarui Precision. The company’s focus on technological innovation and market responsiveness positions it well to capitalize on future opportunities in the AGI landscape.

| 证券代码：688059 | 证券简称：华锐精密 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118009 | 转债简称：华锐转债 | | 株洲华锐精密工具股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： 累计转股情况：株洲华锐精密工具股份有限公司（以下简称"公司"）向 不特定对象发行的可转换公司债券"华锐转债"自 2022 年 12 月 30 日开始转股， 截至 2025 年 6 月 30 日，"华锐转债"累计转股金额 231,000 元，转股数量 2,464 股，占"华锐转债"转股前公司已发行股份总额的 0.0056%。 本季度转股情况：2025 年 4 月 1 日至 2025 年 6 月 30 日期间，"华锐转 债"转股金额 2,000 元，转股数量 20 股，占"华锐转债"转股前公司已发行股份 总额 0.00005%。 未转股可转债情况：截至 2025 年 6 月 30 日，"华锐转债"尚未转股的可 转债金额为 ...

Summary of Key Points Core Viewpoint - The company, Zhuzhou Huari Precision Tools Co., Ltd., has announced the interest payment schedule for its convertible bonds, which will begin on June 24, 2025, following the issuance of 4 million convertible bonds in 2022, totaling 400 million yuan [1][2]. Group 1: Convertible Bond Issuance Overview - The company issued 4 million convertible bonds with a face value of 100 yuan each, totaling 400 million yuan, with a maturity period of six years from June 24, 2022, to June 23, 2028 [1][2]. - The coupon rates for the bonds are structured as follows: 0.30% for the first year, 0.50% for the second year, 1.00% for the third year, 1.80% for the fourth year, 2.50% for the fifth year, and 3.00% for the sixth year [1][2]. Group 2: Interest Payment Details - The interest payment for the third year will be calculated for the period from June 24, 2024, to June 23, 2025, at a rate of 1.00%, resulting in an interest payment of 1.00 yuan per bond (before tax) [3][4]. - The interest payment dates are set as follows: the record date for interest payment is June 23, 2025; the ex-dividend date is June 24, 2025; and the payment date is also June 24, 2025 [4][5]. Group 3: Tax Implications for Investors - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net payment of 0.80 yuan per bond after tax [5]. - Non-resident enterprises holding the bonds are exempt from corporate income tax on the interest income until December 31, 2025, allowing them to receive the full interest amount of 1.00 yuan per bond [5]. Group 4: Contact Information - The company and its associated institutions have provided contact details for inquiries regarding the bond issuance and interest payments [6].

Group 1 - The company's credit rating remains at "A+" with a stable outlook for both the company and the convertible bonds [1][2] - The tracking credit rating report was issued by Zhongceng Pengyuan on June 16, 2025, confirming the previous ratings [2] - The previous credit rating was conducted on June 24, 2024, with the same results [1][2] Group 2 - The company issued convertible bonds to unspecified investors in June 2022 [1] - The rating agency conducted a comprehensive analysis of the company's operational status and related industries [2]