Core Viewpoint - Yushu Technology has completed its IPO guidance work and plans to apply for an IPO in China, marking a significant step towards becoming the first humanoid robot company listed in A-shares, which is expected to drive new development opportunities in the entire robotics industry chain [1] Group 1: IPO and Market Potential - The completion of Yushu Technology's IPO guidance reflects the accelerated capitalization of the robotics industry, showcasing a precise match between capital efficiency and technology cycles [1] - Yushu Technology's post-C round financing valuation reached 12 billion yuan, with major investments from China Mobile, Tencent, Alibaba, and others [1] - The market size for embodied intelligence in China is projected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market, while the humanoid robot market is expected to reach 8.239 billion yuan, representing about 50% of the global market [1] Group 2: Industry Collaboration and Supply Chain - The IPO of Yushu Technology is anticipated to lead to increased orders for related supply chain companies, fostering a positive ecosystem through upstream and downstream collaboration [2] - The humanoid robot industry encompasses various segments, with core components and sensors, AI algorithms, and application scenarios being critical areas of focus [3] - Yushu Technology's capitalized progress is expected to positively impact its supply chain partners through collaboration in supply chain cooperation, technology research, and market expansion [3] Group 3: Strategic Partnerships - Yushu Technology has established stable partnerships with several listed companies, including Giant Star Legend and Zhongdali De, enhancing its commercial application capabilities [3] - A joint venture, Yuxing Entertainment Technology Co., Ltd., has been formed between Yushu Technology and Giant Star Legend to develop globally influential interactive smart robot products [4] - The first product from this collaboration, "Giant Star Dog," has secured over 120 million yuan in orders, demonstrating the commercial potential of the "IP + robot + AI" integration model [5] Group 4: Supply Chain Contributions - Key suppliers for Yushu Technology include Zhongdali De, which provides core components, and Lingyun Light, which collaborates on developing embodied intelligence solutions [5][6] - Other suppliers include Aobo Zhongguang for 3D visual sensors, Zhaoyi Innovation for NOR Flash chips, and Weilan Lithium for lithium batteries [7] - Companies like iFlytek and Baotong Technology are also collaborating with Yushu Technology to enhance AI voice interaction and develop industrial robots for various applications [9]

Core Viewpoint - The company has completed the "Industrial Artificial Intelligence Algorithm and Software Platform R&D Project" and will allocate the remaining funds to other fundraising projects, optimizing resource allocation and improving the efficiency of fund usage [1][10]. Fundraising Basic Information - The company raised a total of RMB 1,973.70 million from the initial public offering of 90 million shares at a price of RMB 21.93 per share, with a net amount of RMB 1,805.28 million after deducting issuance costs [2]. - An additional 13.5 million shares were issued through the exercise of the over-allotment option, raising an extra RMB 296.06 million, resulting in a net amount of RMB 275.26 million after costs [3]. Fundraising Project Status - The company has approved the use of excess funds for various projects, including the "Technology and Development Reserve Fund" and the "Visual + AI Virtual Reality Content Production Center" [4][5]. Fund Usage and Surplus Situation - The "Industrial Artificial Intelligence Algorithm and Software Platform R&D Project" has been completed, leading to a surplus in funds due to effective management and optimization of project expenditures [6][8]. Reasons for Fund Surplus - The surplus is attributed to careful project management, optimization of R&D paths, and effective cash management of idle funds, which generated additional income [8]. Planned Use of Surplus Funds - The surplus funds will be redirected to the "Industrial Artificial Intelligence Taihu Industrial Base" for construction and equipment expenses [9]. Impact of Fund Allocation Changes - The decision to conclude the project and reallocate surplus funds is seen as a prudent move that aligns with the company's operational realities and long-term development goals, benefiting shareholders [10]. Special Opinions - The sponsor institution has confirmed that the decision to conclude the project and reallocate funds has followed necessary approval procedures and complies with relevant regulations [11][12].

中国国际金融股份有限公司 关于凌云光技术股份有限公司 部分募投项目结项并将节余募集资金用于其他募投项目事项的 核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为凌 云光技术股份有限公司（以下简称"凌云光"或"公司"）首次公开发行股票并在 科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集 资金监管规则》《上海证券交易所科创板股票上市规则》《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》等相关法律、法规和规范性文件的规定， 对凌云光部分募集资金投资项目（以下简称"募投项目"）结项并将节余募集资金 用于其他募投项目事项进行了核查，具体核查情况如下： 一、募集资金的基本情况 根据中国证券监督管理委员会《关于同意凌云光技术股份有限公司首次公开发 行股票注册的批复》（证监许可〔2022〕719号）核准同意，公司首次公开发行人民 币普通股（A股）9,000万股（超额配售选择权行使前），每股发行价格为21.93元。 募集资金总额为人民币197,370.00万元，扣除发行费用（不含增值税）人民币 16,841.67万元，募集资金净额为人民币180,528.33万 ...

证券代码：688400 证券简称：凌云光 公告编号：2025-084 凌云光技术股份有限公司 关于部分募投项目结项 并将节余募集资金用于其他募投项目的公告 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。 凌云光技术股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日召开 了第二届董事会第二十二次会议，全票通过了《关于部分募投项目结项并将节余 募集资金用于其他募投项目的议案》，同意公司募集资金投资项目（以下简称"募 投项目"）"工业人工智能算法与软件平台研发项目"结项，并将节余募集资金 用于其他募投项目。保荐机构中国国际金融股份有限公司（以下简称"保荐机构"） 对上述事项出具了明确同意的核查意见，本议案无需提交股东会审议。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意凌云光技术股份有限公司首次公开 发行股票注册的批复》（证监许可〔2022〕719号）核准同意，公司首次公开发 行人民币普通股（A股）9,000万股（超额配售选择权行使前），每股发行价格为 21.93元。募集资金总额为人民币197,3 ...

南财智讯11月17日电，凌云光公告，公司于2025年11月17日召开第二届董事会第二十二次会议，审议通 过《关于部分募投项目结项并将节余募集资金用于其他募投项目的议案》，同意将募投项目"工业人工 智能算法与软件平台研发项目"结项，该项目已达到预期目标。截至2025年11月17日，该项目募集资金 承诺投资总额为29,000.00万元，累计投入金额为23,874.89万元，待支付款项为505.32万元，利息收入和 理财产品投资收益扣除手续费后净额为1,345.18万元，预计节余募集资金金额为5,964.97万元。公司拟将 节余资金用于募投项目"工业人工智能太湖产业基地"的工程建设费用和软硬件设备购置费用等资本性支 出。待支付款项完成支付且节余募集资金转出后，公司将注销相关募集资金专户。 ...

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]

证券日报网讯凌云光11月14日在互动平台回答投资者提问时表示，截至2025年11月10日，公司股东 27271户。 ...

Core Points - The company, Lingyun Optics, announced its first share buyback through the Shanghai Stock Exchange, repurchasing 17,515 shares, which represents 0.0038% of its total share capital of 460.9767 million shares [2] Summary by Category - **Company Actions** - Lingyun Optics has initiated a share buyback program, purchasing a total of 17,515 shares [2] - The buyback accounts for 0.0038% of the company's total share capital [2] - **Market Context** - The announcement was made on the evening of November 4, indicating the company's proactive approach in managing its capital structure [2]

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。 重要内容提示： | 回购方案首次披露日 | 2024/11/29 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 5,000.00万元~10,000.00万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 17,515股 | | 累计已回购股数占总股本比例 | 0.0038% | | 累计已回购金额 | 50.02万元 | | 实际回购价格区间 | 28.49元/股~28.63元/股 | 一、回购股份的基本情况 证券代码：688400 证券简称：凌云光 公告编号：2025-083 凌云光技术股份有限公司 关于以集中竞价交易方式 第四次回购公司股份的进展公告 2025 年 9 月 19 日，公司召开第二届董事会第十九次会议审议通过了《关于调 整第四次回购计划回购股份价格上限的议案》，同意将公司第四次回购计 ...