Core Viewpoint - Zhongding Co., Ltd. has begun supplying rubber components to Chery's Moja robots and harmonic reducers to Efort Industrial Robots, generating some revenue, although it is currently minor and will not significantly impact the company's performance for the year [1] Group 1 - The company has provided rubber parts for Chery's Moja robots [1] - The company has supplied harmonic reducers for Efort Industrial Robots [1] - The revenue from these new business lines is currently small [1] Group 2 - The new business activities have started generating income [1] - The impact on the company's overall performance for the current year is expected to be minimal [1]

Core Viewpoint - The stock price of Efort has shown a slight increase of 0.68% year-to-date, but has experienced fluctuations in recent trading days, indicating volatility in investor sentiment and market conditions [2]. Group 1: Stock Performance - As of September 10, Efort's stock price decreased by 2.03%, trading at 26.58 CNY per share with a total market capitalization of 13.869 billion CNY [1]. - Year-to-date, Efort's stock has increased by 0.68%, with a 0.30% decline over the last five trading days, a 7.52% increase over the last 20 days, and a 6.32% increase over the last 60 days [2]. Group 2: Financial Metrics - For the first half of 2025, Efort reported a revenue of 508 million CNY, representing a year-on-year decrease of 25.20%, and a net profit attributable to shareholders of -152 million CNY, down 83.12% year-on-year [2]. - The company's main business revenue composition includes 72.77% from robot systems, 22.86% from system integration, and 4.36% from other sources [2]. Group 3: Shareholder Information - As of June 30, 2025, Efort had 32,400 shareholders, a decrease of 4.32% from the previous period, with an average of 16,107 circulating shares per shareholder, an increase of 4.52% [2]. - The top ten circulating shareholders include the newly added 华夏中证机器人ETF, holding 4.6737 million shares, while Hong Kong Central Clearing Limited has exited the top ten list [3].

证券代码：688165 证券简称：埃夫特 公告编号：2025-062 埃夫特智能机器人股份有限公司 关于注销部分募集资金专项账户的公告 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。 公司已根据有关法律法规及《上市公司募集资金监管规则》《上海证券交易 所科创板上市公司自律监管指引第 1 号——规范运作》的规定，结合公司实际情 况制定了《募集资金管理办法》，对募集资金的存储、审批、使用、管理与监督 做出了明确的规定，以在制度上保证募集资金的规范使用。根据上述相关法律、 行政法规、部门规章、规范性文件及公司制度的规定，公司对首次公开发行股票 募集资金采取了专户存储管理，与保荐机构、实施募投项目的子公司以及存放募 集资金的商业银行签订了《募集资金专户存储三方监管协议》《募集资金专户存 储四方监管协议》。 注 1：2024 年 11 月和 2024 年 12 月，公司履行董事会、监事会和股东大会审议程序，同意公司 首次公开发行股票募集资金投资项目全部结项，并将剩余募集资金投资"埃夫特机器人超级工厂 暨全球总部项目"；2024 年 12 ...

Core Viewpoint - Efort expects a nearly 20% year-on-year increase in industrial robot shipments in the first half of 2025, surpassing the overall market growth rate [1] Group 1: Company Performance - The increase in shipments is primarily driven by the electronics manufacturing sector and the automotive and auto parts industries [1] - The number of robots used in electronics manufacturing applications has increased by over 50% year-on-year [1] - The number of robots used in the automotive and auto parts applications has grown by over 40% year-on-year [1]

证券代码：688165 证券简称：埃夫特 公告编号：2025-061 埃夫特智能机器人股份有限公司 关于召开 2025 年半年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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 16 日（星期二）下午 15:00-16:30 （网址：http://roadshow.eastmoney.com/luyan/4886961） 二、说明会召开的时间、召开方式、地点 （一）会议召开时间：2025 年 9 月 16 日（星期二）下午 15:00-16:30 （二）会议召开方式：视频直播和网络文字互动方式 会议召开方式：视频直播和网络文字互动方式 会议召开地点：东方财富路演中心 （三）会议召开地点：东方财富路演中心 （网址：http://roadshow.eastmoney.com/luyan/4886961） 投 资 者 可 于 2025 年 9 月 15 日 （ 星 期 一 ） 16:00 前 通 过 公 司 邮 箱 ir@efort.com.cn 进行提问，公司 ...

Core Insights - The industrial robot price war in China has led to profit margins dropping below 15%, while customers are increasingly demanding smarter, more stable, and more tailored solutions [1] - Efort's recent announcement of acquiring 10.16 million square meters of industrial land for a "robot super factory and global headquarters project" signifies a strategic move to break through the competitive landscape by focusing on "technology foundation + large-scale manufacturing" [1][2] Group 1: Strategic Location and Timing - Efort's new facility is located in Wuhu, which is its operational base, benefiting from a complete industrial chain that includes core components and system integration, thus reducing logistics and collaboration costs [3] - The domestic industrial robot sales exceeded 300,000 units in 2023, but the localization rate for high-end six-axis robots remains below 30%, indicating a significant market opportunity for Efort to capture high-end customized orders [3] - The super factory will not only expand physical space but also upgrade production models, incorporating digital production lines and flexible manufacturing units to enhance efficiency and reduce costs [3][8] Group 2: Technological Foundation - The "intelligent robot general technology foundation" project, which received a 50 million yuan subsidy, aims to address common industry challenges such as scene adaptation, flexible control, and ecological collaboration [4][5] - This technology foundation serves as the underlying operating system for robots, facilitating quicker adaptation to various production scenarios and improving interoperability among different systems [4] Group 3: Comprehensive Development - The project will include a research and development center focused on core technology innovation, a production base utilizing advanced automation, a display center for showcasing products, and a service center for comprehensive customer support [8] - Efort's strategy shifts from merely selling robots to providing intelligent production line solutions, enhancing customer efficiency and cost reduction, which is crucial for standing out in a competitive market [8]

Core Insights - The mechanical arm is a key component of robotic technology and industrial intelligence, integrating multiple disciplines to assist or replace human labor in high-precision, repetitive, or hazardous tasks [1][2] - China's mechanical arm market is projected to reach 19.34 billion yuan in 2024, driven by technological innovations and expanding applications across various sectors [1][12] - The industry is characterized by a competitive landscape where international brands maintain high-end market dominance while local companies accelerate their rise through cost-effectiveness and customization [1][12][16] Industry Overview - The mechanical arm, also known as a robotic arm, is an electromechanical device that mimics human arm functions, capable of performing various industrial tasks and intelligent operations [2][3] - The mechanical arm consists of five subsystems: drive system, mechanical structure, perception system, control system, and interaction system, which work together to execute complex tasks [3][4] Development Policies - Recent policies in China, such as the "14th Five-Year Plan for Robot Industry Development," aim to enhance the robot density in manufacturing by 2025 and promote the application of mechanical arms in over 20 key sectors [6][7] - A series of supportive policies have created a comprehensive ecosystem for the mechanical arm industry, facilitating technological research, scene validation, and large-scale commercialization [6][7] Industry Chain - The mechanical arm industry chain in China is tightly integrated, with upstream focusing on core components and materials, midstream on manufacturing and system integration, and downstream on applications in various sectors [8][9] - The domestic production rate of key components like harmonic reducers and servo systems has significantly increased, although some high-end components still rely on imports [8][9] Current Market Analysis - The mechanical arm market in China is expected to grow steadily, with a projected market size of 20.89 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) [12][16] - The demand for mechanical arms is expanding into new sectors such as healthcare and agriculture, driven by automation needs and technological advancements [12][15] Competitive Landscape - The competitive structure of the mechanical arm industry features a triad of local companies rapidly gaining ground, international giants maintaining high-end market positions, and differentiated competition in niche segments [12][16] - Local companies like Estun and Huichuan Technology are leveraging cost advantages and rapid iteration to replace imports in various applications [12][16] Future Trends - The mechanical arm industry is expected to evolve towards deeper integration of intelligence, flexibility, and ecosystem development, with AI and multi-modal perception technologies driving this transformation [13][14] - Applications are set to expand beyond traditional industrial uses into healthcare, agriculture, and extreme environments, creating new market opportunities [15][16] - The industry is likely to see increased collaboration across the supply chain, with a focus on domestic production and global market expansion, aiming for over 30% of the global market share by 2030 [16]

Group 1 - The core viewpoint of the news is that Efort has shown a positive stock performance with a 3.30% increase year-to-date and a notable rise in recent trading days, indicating investor interest and market activity [2] - As of September 4, Efort's stock price was 27.27 CNY per share, with a market capitalization of 14.229 billion CNY and a trading volume of 185 million CNY [1] - The company has experienced significant fluctuations in its financial performance, with a reported revenue of 508 million CNY for the first half of 2025, reflecting a year-on-year decrease of 25.20%, and a net profit loss of 152 million CNY, down 83.12% year-on-year [2] Group 2 - Efort's main business segments include industrial robot systems (72.77% of revenue), system integration (22.86%), and other supplementary services (4.36%) [2] - The company is categorized under the machinery and equipment industry, specifically in automation equipment and robotics, and is associated with concepts such as reducers, humanoid robots, and Industry 4.0 [2] - As of June 30, 2025, Efort had 32,400 shareholders, a decrease of 4.32% from the previous period, with an average of 16,107 circulating shares per shareholder, an increase of 4.52% [2][3]

Market Overview - The automation equipment sector experienced a decline of 0.9% on September 2, with Sytack leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the automation equipment sector included: - Kaidi Co., Ltd. (605288) with a closing price of 95.48, up 10.00% and a trading volume of 52,100 shares [1] - Bojie Co., Ltd. (002975) also rose by 10.00% to close at 58.08 with a trading volume of 20,100 shares [1] - Efort Intelligent Equipment Co., Ltd. (688165) increased by 8.93% to 27.93 with a trading volume of 527,900 shares [1] - Conversely, Sytack (301568) saw a significant decline of 8.27%, closing at 48.39 with a trading volume of 103,700 shares [2] - Other notable decliners included: - Jiejin Technology (688025) down 7.97% to 134.83 [2] - Zhihua Laser (300747) down 7.41% to 31.36 [2] Capital Flow - The automation equipment sector saw a net outflow of 1.957 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.172 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing interest despite institutional selling [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - TuoSiDa (300607) with a net inflow of 164 million yuan from institutional investors [3] - Green Harmonic (688017) had a net inflow of 119 million yuan [3] - Efort (688165) experienced a net inflow of 82 million yuan [3] - In contrast, Sytack (301568) faced a net outflow of 540 million yuan from institutional investors [3]

Group 1 - The core viewpoint indicates a positive sentiment towards the robotics sector, driven by new orders from domestic Tier 1 suppliers and expectations for improvements in the V3 program and production ramp-up [1] - The recent recovery in orders from key suppliers and the anticipation of new actuator orders from customers suggest a potential rebound in the T-chain supply chain, with a likelihood of returning orders as designs are confirmed [1] - The market is particularly focused on Chery Robotics, which is seen as a leader in humanoid product development among domestic manufacturers, with an important event expected at the 3.18 press conference [1] Group 2 - The Penghua Robotics ETF closely tracks the National Robotics Industry Index, which reflects the price changes of listed companies in the robotics sector [2] - As of September 2, 2025, the National Robotics Industry Index saw a strong increase of 1.88%, with notable gains from constituent stocks such as Hanwei Technology (up 11.50%) and Nanwang Technology (up 10.36%) [2] - The top ten weighted stocks in the National Robotics Industry Index account for 41.12% of the index, with companies like Stone Technology and Ecovacs leading the list [2]