Group 1 - The company Tianqi Co., Ltd. (002009.SZ) has recently participated in an investment in Galaxy General Robotics [1]

Core Viewpoint - Tianqi Automation Engineering Co., Ltd. plans to issue up to 120 million shares to raise no more than 977 million yuan for the construction of an intelligent manufacturing base for automotive equipment, the development of a robot embodiment intelligent system R&D center, and to supplement working capital [1][2] Group 1: Investment Projects - The intelligent manufacturing base project has a total investment of 497 million yuan, with 426 million yuan sourced from the raised funds, aiming to enhance the scale of manufacturing capabilities for coating process equipment and expand existing manufacturing capacity for automotive intelligent equipment [1] - The embodiment intelligent R&D project has a total investment of 309 million yuan, with 261 million yuan planned to be funded from the raised capital [2] Group 2: Industry Context and Company Position - The global automotive industry is rapidly transitioning towards intelligence and high-end production, with increasing demand for automation and intelligence in production processes [2] - Tianqi, with decades of experience in the automotive industry, possesses deep industry knowledge and technical accumulation, positioning itself well to capitalize on this trend [2] - The company’s intelligent equipment business has shown significant overseas expansion, with an order backlog of 1.32 billion yuan as of mid-2025, of which 54% are overseas orders [1] Group 3: Strategic Implications - The expansion of the intelligent manufacturing base is expected to enhance the company's delivery capabilities and responsiveness in overseas markets, reinforcing its irreplaceable position in the global automotive equipment supply chain [3] - The development of the embodiment intelligent system R&D center is anticipated to help the company capture high-value segments of automotive robot control systems, thereby increasing technical barriers and opening a second growth curve [3]

Core Viewpoint - Tianqi Co., Ltd. (002009) has confirmed its 22.4910% stake in Wuxi Youqi Intelligent Technology Co., Ltd., a joint venture established with Shenzhen UBTECH Robotics Corp. in September 2020, focusing on unmanned logistics solutions [1] Group 1: Company Overview - Wuxi Youqi specializes in providing unmanned logistics solutions, aiming to create an end-to-end automated logistics system based on unmanned vehicles and humanoid robots [1] - The collaboration between Tianqi and UBTECH involves the development of application solutions based on bipedal humanoid robots [1] Group 2: Recent Developments - At the CeMAT ASIA 2025 event held in October, Wuxi Youqi showcased its humanoid robot Walker S2, unmanned logistics vehicle Chitu α, and the Wali family of mobile robots, including unmanned forklifts and material handling robots [1] - The integration of these technologies forms a seamless collaboration covering four core scenarios: "warehousing, sorting, handling, and delivery," achieving a comprehensive unmanned logistics closed loop [1] - This development represents an upgrade to a full-stack unmanned logistics 2.0 system [1]

Core Viewpoint - Tianqi Co., Ltd. plans to raise up to RMB 977 million through a private placement to enhance production capacity and R&D despite a continuous decline in revenue over the past three years [1][3]. Group 1: Financial Performance - Tianqi's revenue has been declining for three consecutive years, with reported revenues of RMB 43.51 billion in 2022, RMB 36.16 billion in 2023 (down 16.89%), and RMB 29.60 billion in 2024 (down 18.14%) [4][5]. - The company reported a net profit of RMB 1.98 billion in 2022, but incurred losses of RMB 4.15 billion in 2023 and RMB 2.55 billion in 2024 [5]. - As of the end of Q3 2025, Tianqi had cash and cash equivalents of RMB 5.23 billion and short-term borrowings of RMB 12.63 billion, indicating a tight liquidity position [2][3]. Group 2: Business Segments - The smart equipment business remains the core segment, contributing approximately 70% of revenue and showing stable growth [2][10]. - The lithium battery recycling sector is facing challenges due to low market demand and competition, impacting revenue generation [5][10]. - The company is focusing on global expansion, with plans for a factory in Thailand to be operational by Q1 2026, and aims to increase overseas business contribution from 30% to potentially over 50% [10]. Group 3: Future Outlook - Despite recent financial struggles, the management expresses confidence in future growth, particularly in the smart equipment and lithium recycling sectors [10]. - The company anticipates significant revenue growth in the lithium recycling business by 2026, driven by the increasing demand for recycled materials [10]. - Tianqi's stock has recently experienced a surge, attributed to multiple growth catalysts including plans for a capital increase and advancements in robotics and lithium recycling [11].

Core Viewpoint - The humanoid robot sector in the A-share market is experiencing significant growth, with multiple companies showing strong stock performance and advancements in technology related to humanoid robots. Group 1: Company Highlights - Daye Co., Ltd. (大业股份) reported a stock price of 15.49 CNY, with a daily increase of +10.01%. The company is in the market research and development phase for its humanoid robot dexterous hand using special steel wire technology, which may be applied to the robot's joint traction lines [1]. - Tianqi Co., Ltd. (天奇股份) has a stock price of 23.63 CNY, up by +10.00%. The company is collaborating deeply with UBTECH Robotics to provide AI-enabled and embodied intelligence solutions for humanoid robots, promoting their application in industrial scenarios [2]. - Wuzhou Xinchun (五洲新春) has a stock price of 22.19 CNY, with a daily increase of +9.99%. The company is a core supplier of bearings and ball screws for humanoid robots, having begun mass supply of RV and harmonic reducer bearings and received orders for planetary roller screws [3]. - Boke Co., Ltd. (步科股份) reported a stock price of 145.99 CNY, with a significant increase of +20.00%. The company provides core solutions for humanoid robot joint drives, developing high torque density motors [4]. - Sanhua Intelligent Control (三花智控) has a stock price of 35.69 CNY, up by +10.03%. The company is engaged in ongoing R&D in the field of electromechanical actuators for robots and is a potential core supplier of rotary and linear actuators [5]. - Haichang New Materials (海昌新材) reported a stock price of 30.98 CNY, with a daily increase of +19.98%. The company specializes in powder metallurgy parts for robot joints and is focusing on products related to humanoid robot dexterous hands through its subsidiary [6]. - Zhejiang Rongtai (浙江荣泰) has a stock price of 117.81 CNY, up by +10.00%. The company supplies mica insulation components for Tesla vehicles, with its insulation material technology expected to extend to thermal protection and insulation for humanoid robot motors and batteries [7]. - Henggong Precision (恒工精密) reported a stock price of 98.09 CNY, with a daily increase of +13.11%. The company focuses on precision machining parts, with its "one-piece flow" core components applicable to robot joints [8]. - Green Harmonic (绿的谐波) has a stock price of 191.10 CNY, up by +9.19%. The company is a leader in harmonic reducers, with products being core components for robot rotary joints and is actively developing new types of reducers for humanoid robots [9]. - Anpeilong (安培龙) reported a stock price of 137.30 CNY, with a daily increase of +10.95%. The company is a leading domestic pressure sensor manufacturer, with MEMS pressure sensors and infrared sensors applicable for robot environmental perception and interaction [10].

Core Insights - The humanoid robot sector is experiencing significant growth, with multiple companies such as Boke Co., Hualing Cable, and others reaching their stock price limits recently, indicating strong market interest and optimism [1] - The establishment of the Standardization Technical Committee for Humanoid Robots and Embodied Intelligence by the Ministry of Industry and Information Technology is a crucial step towards enhancing high-quality standards and promoting the application of humanoid robot technologies [1] Market Analysis - According to Dongfang Securities, advancements in motion control for humanoid robots are expected to accelerate by 2025, with mass production becoming a key focus in 2026 [2] - Open Source Securities highlights that the industry will transition from "0-1" to "1-10" by 2025, emphasizing the importance of technological convergence and the need to identify certainty in technology advancements [2] Industry Segmentation 1. **Core Components**: The main components of humanoid robots include reducers, servo motors, and controllers, which significantly contribute to the overall manufacturing cost. The demand for high-precision reducers is expected to rise, with domestic manufacturers approaching international standards [3] 2. **Sensors and Actuators**: The demand for sensors, including tactile and visual sensors, is growing exponentially. Companies are increasing R&D investments in MEMS sensors and related technologies, which are crucial for enhancing the robots' sensory capabilities [4] 3. **Overall Integration and Software Algorithms**: While hardware forms the foundation, software algorithms provide the essential functionality. Companies that can integrate hardware and software effectively are anticipated to lead the market, especially in the field of embodied intelligence [5]

（文章来源：证券日报） 证券日报网讯 12月30日，天奇股份发布公告称，公司股票（证券简称：天奇股份，证券代码： 002009）于 2025 年 12 月 29 日、12 月 30 日连续两个交易日内收盘价格涨幅偏离值累计达到 21.15%， 根据《深圳证券交易所交易规则》的有关规定，属于股票交易异常波动的情况。经核查，公司控股股 东、实际控制人及其一致行动人不存在关于本公司的应披露而未披露的重大事项。 ...

Group 1 - Fenglong Co., Ltd. (002931) is located in Shaoxing, Zhejiang, specializing in precision manufacturing with core businesses in garden machinery, automotive parts, and hydraulic systems. The company has accumulated full-chain production capabilities and multiple patented technologies. By the end of 2025, humanoid robot leader UBTECH will complete its acquisition of a controlling stake in Fenglong, making it UBTECH's first subsidiary listed in A-shares. This acquisition represents a deep industrial synergy, as UBTECH needs mature manufacturing capabilities to support mass production, which Fenglong can provide for core components like joints and transmission systems [1][1][1] - Haoshi Electromechanical (300503) is headquartered in Guangzhou, Guangdong, and is a key player in the core components of humanoid robots, focusing on the research and development of frameless torque motors, harmonic reducers, and six-dimensional torque sensors. The company is a core supplier for Yuzhu Technology, with its components applied in the joint drive systems of quadruped and humanoid robots. Additionally, it has partnered with UBTECH to establish an innovation center for humanoid robots, tackling core technologies like six-dimensional sensors [2][2][2] - Tianqi Co., Ltd. (002009) is based in Wuxi, Jiangsu, and focuses on humanoid robot research in the industrial manufacturing sector, avoiding the C-end household scene. The company has established a joint venture with UBTECH to share core technologies and has built the first automotive working condition robot training base in Wuxi. It has signed long-term agreements with multiple automotive manufacturers, becoming a practical player in the commercialization of humanoid robots [3][3][3] Group 2 - Wuzhou Xinchun (603667) is a leading company in China that has achieved mass production of planetary roller screws, which are critical for the joint transmission of humanoid robots. The company has become an indirect first-level supplier to Tesla's Optimus through Hangzhou Xinjian Transmission, and its products meet international standards. It has also successfully entered the supply chains of major domestic clients like Huawei and ByteDance [4][4][4] - Zhejiang Rongtai (603119) is based in Jiaxing, Zhejiang, originally a leader in new energy vehicle insulation materials and a core supplier to Tesla. Starting in 2025, the company will enhance its humanoid robot business through acquisitions, including the acquisition of Diz Precision, which specializes in ball screws and electric cylinders, core components for humanoid robot joints [5][5][5] - Zhaowei Electromechanical (003021) is headquartered in Shenzhen, Guangdong, and specializes in micro transmission and drive systems, achieving technological breakthroughs in humanoid robot dexterous hands. The company has deeply penetrated the supply chains of leading humanoid robot companies like Tesla and Figure, supplying key components such as dexterous hand modules and micro hollow cup motors [6][6][6] Group 3 - Wolong Electric Drive (600580) is a leading company in the domestic motor sector, with a strong layout in humanoid robot joint power systems. It is the exclusive supplier of frameless torque motors for UBTECH's Walker S2 humanoid robot, which is a core power component for joint operation [7][7][7] - Orbbec (688322) is a domestic leader in the 3D vision field, providing critical visual perception capabilities for robots. The latest dual-camera 3D module it developed is used in UBTECH's Walker S2 humanoid robot, aiding in precise sorting operations in industrial scenarios [8][8][8] - Shangwei New Materials (688585) is based in Shanghai and specializes in high-performance materials. It is the exclusive supplier of adhesives for UBTECH's Walker S2 humanoid robot, providing carbon fiber joint adhesives and lightweight structural materials essential for the robot's stability and lifespan [9][9][9] Group 4 - Mingzhi Electric (603728) focuses on precision motors and motion control, being the only manufacturer globally to achieve mass production of slotless hollow cup motors. These motors are suitable for humanoid robot dexterous hands and finger joints, having been validated by Tesla's Optimus Gen2 [10][10][10] - Zhucheng Technology (301280) specializes in precision connector research and has established a significant presence in the robot industry chain. It is the exclusive supplier of connectors for UBTECH's entire series of humanoid robots, ensuring stable control and signal transmission [11][11][11] - Far East Co., Ltd. (600869) is based in Wuxi, Jiangsu, and provides key supporting components for humanoid robots, including robot cables and batteries. Its cables have been adapted for various joint movements in humanoid robots, and its cylindrical battery packs have been successfully integrated into industrial quadruped robots [12][12][12]

Group 1: Robotics Industry Developments - Yushu Technology announced the opening of its first offline store in Beijing on December 31, showcasing products like the Yushu Go2 quadruped robot and G1 humanoid robot [6] - Analysts predict that the humanoid robot market in China could reach 870 billion yuan by 2030, with key components such as harmonic reducers and low-voltage drivers being highlighted [6] - UBTECH plans to acquire 43% of Fenglong Co. for 1.665 billion yuan, aiming to enhance its supply chain and strengthen its competitive edge in the humanoid robot sector [6][11] - The establishment of the humanoid robot and embodied intelligence standardization committee by the Ministry of Industry and Information Technology is expected to accelerate mass production in the first half of 2026 [9][18] Group 2: Stock Market Reactions - Haichang New Materials experienced a stock surge, reaching a limit up on December 30, attributed to its involvement in the humanoid robot sector [8][9] - Tianqi Co., a strategic partner of UBTECH, received significant orders and also saw its stock hit the limit up on December 30 [11] - Companies like Wuzhou New Spring and Sanhua Intelligent Control reported stock increases of 20.52% and 16.98% respectively, driven by developments in the humanoid robot market [14][24] - Wanxiang Qianchao's stock rose by 34.33% over five days, reflecting its strategic shift towards the robotics industry [27] Group 3: Technological Innovations - The integration of PEEK materials in humanoid robots is expected to see a significant increase in demand, with over 50 prototype models anticipated to be released globally by 2025 [35] - The trend towards integrated design in micro-motors, which are crucial components of robots, is expected to create opportunities for companies in this sector [33] - The establishment of a comprehensive product matrix by companies like Buke Co. is aimed at enhancing their competitiveness in the robotics market [17]

天奇股份12月30日公告，公司股票于2025年12月29日、12月30日连续两个交易日内收盘价格涨幅偏离值 累计达到21.15%，属于股票交易异常波动情况。公司前期披露的信息不存在需要更正、补充之处，近 期经营情况及内外部经营环境未发生重大变化。公司正在筹划2025年度向特定对象发行A股股票事项， 该事项尚需提交公司股东会审议，以及深圳证券交易所审核通过并经中国证券监督管理委员会同意注册 后方可正式实施，能否顺利实施尚存在不确定性。公司不存在应披露而未披露的重大事项。 ...