Group 1 - The robotics sector is experiencing significant activity, with the Yushun Robotics Concept Index rising over 5% and the Robotics ETF (562500) increasing by 1.14% during early trading [1] - Major stocks in the sector include Zhongdali De, which surged by 8.55%, and Jiangsu Leili, Jingpin Special Equipment, and Mingzhi Electric, all of which saw gains exceeding 6% [1] - The liquidity in the Robotics ETF was notable, with a turnover rate of 3.51% and a total transaction volume of 550 million yuan within the first half hour of trading, indicating strong market interest [1] Group 2 - Human-shaped robot companies are entering a phase of business growth, highlighted by significant procurement orders, including a 120 million yuan order from China Mobile and a 90.51 million yuan project from Mi Yi (Shanghai) Automotive Technology [1] - The human-shaped robot sector is experiencing a recovery in sentiment, driven by previous market corrections and positive developments in the domestic and international robotics supply chain [1] - The completion of IPO counseling by Yushun Technology is expected to attract widespread attention and further stimulate capital expenditure across the industry [1]

Investment Rating - The report indicates a positive investment outlook for the humanoid robot industry, highlighting significant growth potential driven by policy support and technological advancements [3][10]. Core Insights - The humanoid robot industry is experiencing rapid development, with government policies emphasizing embodied intelligence as a key focus for future industrial growth [10]. - Major companies are investing heavily in humanoid robotics, leading to accelerated technological progress and market expansion [3][8]. - The production of humanoid robots is set to increase significantly, with projections estimating a global market size of 150 billion yuan by 2029 [3][17]. Summary by Sections 1. Emergence of the Humanoid Robot Industry - The humanoid robot sector is entering a phase of industrialization, with advancements in AI enhancing interaction and learning capabilities [6][8]. 2. Harmonic Reducers: Acceleration of Domestic Production - Domestic manufacturers are ramping up production of harmonic reducers, which are critical components for humanoid robots [22][39]. 3. Planetary Roller Screws: Breakthrough in Domestic Production - The planetary roller screw market is expanding, with increasing applications in various industries, including automotive and robotics [56][68]. 4. Frameless Torque Motors: Domestic Performance Surpassing Expectations - Domestic frameless torque motors are showing competitive advantages in performance and cost, contributing to the overall growth of the humanoid robot market [28][29]. 5. Dexterous Hands: Technological Iteration and Upgrades - The development of dexterous hands is crucial for enhancing the functionality of humanoid robots, with ongoing technological improvements [22][28]. 6. Six-Dimensional Torque Sensors: Continuous Cost Reduction - The market for six-dimensional torque sensors is expected to grow as costs decrease, making them more accessible for humanoid robot applications [22][28]. 7. Market Potential and Production Plans - Companies like Tesla and Figure AI are planning significant production increases, with Tesla aiming for 5000 units in 2025 and up to 1 million units by 2029 [17][19].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4]. Core Insights - The company is deeply engaged in the industrial automation sector, focusing on robotic components and expanding into medical imaging, new energy manufacturing, and logistics packaging, forming a "1+N" strategic industry layout. The imminent mass production of humanoid robots is expected to benefit the company due to its integrated production capabilities for drives and motors [4]. - The company is positioned as a leader in the domestic robotic motor market, with significant advancements in its core products, particularly the frameless torque motors, which are crucial for humanoid robots. The global market for these motors is projected to grow rapidly, with an expected market size of RMB 1.7 billion in 2025 and RMB 41 billion by 2030, reflecting a CAGR of 88% from 2025 to 2030 [4][6]. - The company has seen a recovery in HMI sales, with a market share of 3% in 2023, and is actively enhancing its product offerings and supply chain to mitigate geopolitical risks. The company anticipates gradual business recovery through continuous product iteration and optimization [8]. Financial Summary - The company’s revenue is projected to grow from RMB 506 million in 2023 to RMB 1,031 million by 2027, with a steady increase in net profit from RMB 61 million in 2023 to RMB 113 million in 2027 [11]. - The earnings per share (EPS) is expected to rise from RMB 0.72 in 2023 to RMB 1.34 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 119.03 in 2023 to 63.88 in 2027, indicating improving valuation metrics [7][11]. - The company is increasing its investment in sales and R&D, with a focus on long-term growth, which is expected to lead to a gradual recovery in profit margins [8].

Fundraising Overview - The company, Shanghai Buke Automation Co., Ltd., has received approval from the China Securities Regulatory Commission to issue A-shares to specific investors, raising a total of approximately RMB 464.99 million, with a net amount of RMB 456.61 million after deducting issuance costs [1][2]. Special Account Establishment - The company has established a special account for the funds raised, which will be exclusively used for the storage and management of the raised funds, specifically for the "Intelligent Manufacturing Production Base Construction Project" [2][3]. Tripartite Supervision Agreement - A tripartite supervision agreement has been signed among the company, the underwriting institution (Guotai Junan Securities Co., Ltd.), and the bank (China Construction Bank, Shenzhen Nanshan Branch) to ensure proper management and usage of the raised funds [3][5]. Regulatory Compliance - The management of the raised funds will comply with relevant laws and regulations, including the Shanghai Stock Exchange's self-regulatory guidelines, ensuring that the funds are not used for any purposes other than those specified in the agreement [3][4]. Monitoring and Reporting - The underwriting institution will conduct regular monitoring of the fund usage, with at least one on-site investigation every six months to ensure compliance with the agreement and proper fund management [5][6].

Group 1 - The legal opinion letter from Grandall Law Firm (Shenzhen) confirms the compliance of the issuance process and subscription objects for Shanghai Buke Automation Co., Ltd.'s A-share stock issuance [1][2] - The issuance has received necessary approvals and authorizations from the company's internal governance and regulatory bodies, including the Shanghai Stock Exchange and the China Securities Regulatory Commission [4][5] - The issuance process involved sending subscription invitations to 445 eligible investors, with a final subscription price set at 68.06 yuan per share, raising a total of approximately 465 million yuan [6][8] Group 2 - The final subscription involved 14 investors, all of whom met the necessary qualifications and did not exceed the limit of 35 participants as per regulatory requirements [9][12] - The subscription agreements and related legal documents were deemed valid and compliant with relevant laws and regulations, ensuring a fair and just issuance process [9][12] - The company is required to complete the share registration and listing procedures and fulfill its information disclosure obligations following the issuance [12]

Core Viewpoint - Shanghai Buke Automation Co., Ltd. is conducting a private placement of A-shares, raising approximately RMB 464.99 million through the issuance of 6,832,206 shares at a price of RMB 68.06 per share, with the funds aimed at enhancing the company's capital structure and supporting its business operations [7][9][28]. Group 1: Issuance Details - The total number of shares issued in this private placement is 6,832,206 shares, with a total fundraising amount of RMB 464,999,940.36, after deducting issuance costs of RMB 8,390,694.08, resulting in a net fundraising amount of RMB 456,609,246.28 [7][9]. - The issuance price is set at RMB 68.06 per share, which is determined based on the average trading price of the company's shares over the 20 trading days prior to the pricing date [8][9]. - The shares issued will be subject to a six-month lock-up period post-issuance, during which the investors cannot transfer their shares [11][22]. Group 2: Compliance and Approval - The issuance has complied with relevant internal decision-making procedures and has received approval from the China Securities Regulatory Commission (CSRC) [4][6]. - The company has confirmed that all board members and senior management have signed off on the issuance report, ensuring the accuracy and completeness of the information provided [1][2]. - The issuance process has been verified by the underwriting firms and legal counsel, confirming adherence to applicable laws and regulations [22][24]. Group 3: Investor Participation - A total of 14 investors participated in the issuance, all of whom are compliant with the relevant regulations and have signed subscription agreements with the company [9][11]. - The investors include various asset management firms and individual investors, with the largest subscription amount being RMB 1,500,000 from a private equity fund [15][20]. - The company has ensured that no related parties, including major shareholders and management, participated in the issuance, maintaining compliance with regulatory requirements [21][22]. Group 4: Impact on Company Structure - Following the issuance, the company's total share capital will increase to 90,832,206 shares, with the newly issued shares representing 7.52% of the total share capital [28]. - The issuance is expected to enhance the company's financial strength and optimize its capital structure, thereby improving its debt repayment capacity [28]. - The company does not anticipate any significant changes to its business structure as a result of this issuance, as it will continue to focus on its existing core operations [28].

股票代码：688160 股票简称：步科股份 上海步科自动化股份有限公司 （中国（上海）自由贸易试验区申江路 5709 号、秋月路 26 号 3 幢北侧三楼） 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假 记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法 律责任。 保荐人（主承销商） 中国（上海）自由贸易试验区商城路 618 号 联席主承销商 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 2023 年度向特定对象发行 A 股股票 二〇二五年七月 发行情况报告书 发行人全体董事、监事、高级管理人员声明 全体董事签字： ________________________ ________________________ 唐 咚 池家武 ________________________ ________________________ 王石泉 曹 海 韩 玲 彭钦文 胡红智 上海步科自动化股份有限公司 年 月 日 1 ________________________ ________________________ ________________________ ...

关 于 上海步科自动化股份有限公司 2023 年度向特定对象发行 A 股股票 发行过程和认购对象合规性的 法律意见书 深圳市深南大道 6008 号特区报业大厦 42、41、31DE、2403、2405 层 邮编：518034 电话/Tel: （+86）（755） 8351 5666 传真/Fax: （+86）（755） 8351 5090 网址:http://www.grandall.com.cn 国浩律师（深圳）事务所 关于 二〇二五年七月 | 第一节 | 声 明 | 3 | | --- | --- | --- | | 第二节 | 正 文 | 4 | | 一、本次发行的批准和授权 4 | | | | 二、本次发行的发行过程和发行结果 5 | | | | 三、本次发行认购对象的合规性 7 | | | | 四、结论意见 9 | | | | 第三节 | 签署页 | 10 | 国浩律师（深圳）事务所 法律意见书 国浩律师（深圳）事务所 上海步科自动化股份有限公司 2023 年度向特定对象发行 A 股股票 发行过程和认购对象合规性的 法律意见书 GLG/SZ/A2422/FY/2025-817 致：上海步科自动化股份 ...

目 录 | 一、验资报告 ………………………………………………………… 第 1—2 | | --- | | 页 | | 二、附件 ………………………………………………………………第 | 3—11 | 页 | | --- | --- | --- | | （一）注册资本及实收股本变更前后对照表 ………………………第 | | 3 页 | | （二）验资事项说明 …………………………………………… 第 | 4—5 | 页 | | （三）银行询证函和进账单复印件 ………………………………第 | 6-7 | 页 | | （四）本所执业证书复印件…………………………………………第 | 8 | 页 | | （五）本所营业执照复印件 ……………………………………… | 第 9 | 页 | | （六）本所注册会计师执业证书复印件 ………………………第 | 10-11 | 页 | 验 资 报 告 天健验〔2025〕3-45 号 上海步科自动化股份有限公司： 我们接受委托，审验了贵公司截至 2025 年 7 月 10 日 12 时止的新增注册资 本及实收股本情况。按照法律法规以及协议、章程的要求出资，提供真实、合法、 完整的验资资料 ...

证券代码：688160 证券简称：步科股份 公告编号：2025-040 上海步科自动化股份有限公司 关于公司开立募集资金专项账户并签订募集资金专户存储 三方监管协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会于 2025 年 5 月 16 日出具的《关于同意上海步 科自动化股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1045 号），同意公司 2023 年度向特定对象发行 A 股股票（以下简称"本次发行"或"本 次向特定对象发行"）。公司本次向特定对象发行人民币普通股 6,832,206 股，发 行价格为每股人民币 68.06 元，共募集资金人民币 464,999,940.36 元，扣除发行 费用人民币 8,390,694.08 元，实际募集资金净额为人民币 456,609,246.28 元。上 述资金到位情况已经天健会计师事务所（特殊普通合伙）审验，并出具了天健验 〔2025〕3-45 号《验资报告》。 二、本次《募集资金专户存储三方监管协议》 ...