Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has officially announced its entry into the robotics field, outlining its industrial positioning, core advantages, assembly lines, and product development in robotic applications [5] - The company's robotics strategy is a three-pronged approach: "R&D design + manufacturing services + application scenarios" [6] - The company has showcased nine types of robots covering various industrial, commercial, and service scenarios, with four developed in-house [19] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 50,604 million yuan, with a year-on-year growth rate of 14.5% [4] - Net profit attributable to the parent company is projected to be 2,777 million yuan for 2025, reflecting a year-on-year growth of 58.4% [4] - Earnings per share (EPS) is expected to be 0.40 yuan for 2025, with a projected PE ratio of 22 [4] Business Strategy - The company aims to leverage its precision manufacturing advantages from the consumer electronics sector to create a global, all-process intelligent component processing and assembly super factory [6] - It plans to develop a comprehensive hardware service matrix to help clients achieve systematic cost reductions [6] - The company has established strategic partnerships with leading firms in the robotics industry to accelerate the commercialization of humanoid robots [24][26] Product Development - The company has developed various robots, including the "Walker," "Rock," "Linglong," and "Lingyue," each designed for specific applications such as industrial production and household services [23] - The company has also partnered with the Beijing Humanoid Robot Innovation Center to enhance its capabilities in robot application scenario development [24] Market Positioning - The company is positioned as a leading one-stop AI terminal hardware manufacturing platform, transitioning from a product manufacturer to a solution provider [5] - It has a robust pipeline of strategic collaborations with over 30 partners in the humanoid robotics supply chain [24][27]

7月2日，《财富》（中文版）发布了2025年中国最具影响力的商界女性榜单（Most Powerful Women，简称MPW）。这份榜单始于2010年，在过去的十多 年里，中国商界几乎所有重要的女性领导者都在其中有迹可循。 立讯精密的王来春连续第三年位列榜首。曾经是流水线工人的王来春创立了立讯精密，并将其从一家小型代工厂发展为《财富》世界500强企业。 "果链"企业的女性创始人们在今年的榜单上引人瞩目。 和王来春一同登上这份榜单的同行还包括蓝思科技的周群飞和领益智造的曾芳勤。她们在全球政 治经济局势复杂多变的背景下，通过全球产能布局、核心技术创新、多元化客户结构、积极切入新能源汽车和人工智能（AI）硬件等新赛道，来应对不 确定性。立讯精密在一份声明中表示：公司始终将风险控制前置到战略决策中。 "果链"不仅仅是一套难以被复制的制造生态系统，更是中国制造向中国创造跃升过程的缩影，彰显了中国企业在地缘政治动荡中的定力与韧性。 中国的创意经济在数字技术的驱动下展现出巨大活力。 由高准担任首席财务官的字节跳动是全球最重要的社交媒体公司，估值已经超过3,000亿美元，该 公司也在AI赛道上加紧步伐，其豆包大模型成为自De ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - On June 26, 2025, the company held a robot strategy launch event, showcasing its "trinity" strategic layout in the robotics industry, four core advantages, assembly lines, product matrix, and the latest achievements in the development of robot application scenarios [2][6] - The company is a leading global supplier of AI terminal hardware, focusing on providing comprehensive intelligent manufacturing services and solutions to global customers. The launch event signifies the company's further focus on cutting-edge fields such as "human-eye-folding" to build comprehensive product solution capabilities in the future AI terminal market [2][6] Summary by Relevant Sections Company Overview - The company is positioned as a global leader in AI terminal hardware, emphasizing the integration of applications, solutions, and services in the context of vertical integration in the future AI terminal market [12] Robotics Strategy - The company defines its robotics business as "trinity" intelligence, focusing on core component and assembly design, comprehensive hardware services, and complete industrial application scenario development. The company has accumulated relevant technology since 2009 and has established a full-chain system for precision components, core modules, joint assemblies, complete machine assembly, and performance testing [12] Financial Projections - The projected net profits for the company from 2025 to 2027 are estimated to be 2.437 billion, 2.947 billion, and 3.987 billion respectively [12]

Core Viewpoint - The performance of the A-share market is mixed, with the China Securities Rare Earth Industry Index showing a slight increase, indicating a positive trend in the rare earth sector [1] Group 1: Index Performance - The China Securities Rare Earth Industry Index rose by 0.11% to 1828.49 points, with a trading volume of 26.247 billion yuan [1] - Over the past month, the index has increased by 10.62%, by 4.54% over the last three months, and by 15.35% year-to-date [2] Group 2: Index Composition - The index includes companies involved in rare earth mining, processing, trading, and applications, reflecting the overall performance of listed companies in the rare earth industry [2] - The top ten weighted companies in the index are: Northern Rare Earth (13.23%), China Rare Earth (5.63%), Lingyi Technology (5.01%), China Aluminum (4.97%), Greeenmei (4.94%), Baotou Steel (4.79%), Wolong Electric Drive (4.6%), Goldwind Technology (4.5%), Xiamen Tungsten (4.22%), and Shenghe Resources (3.86%) [2] Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (51.69%), followed by the Shenzhen Stock Exchange (47.71%) and the Beijing Stock Exchange (0.60%) [2] - In terms of industry composition, raw materials account for 64.65%, industrials for 27.98%, and information technology for 7.37% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 20% [3] - Public funds tracking the rare earth industry include various ETFs from companies such as Harvest, Huatai-PB, and E Fund [3]

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-079 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 1 / 3 回购股份的价格上限进行调整，回购价格上限由不超过 13.18 元/股（含）调整为 不超过 13.16 元/股（含）；按回购资金总额的上限及回购股份价格上限测算，预 计回购股份数量约为 30,395,136 股，占公司当前总股本的 0.43%；按回购资金总 额的下限及回购股份价格上限测算，预计回购股份数量约为 15,197,569 股，占公 司当前总股本的 0.22%，具体回购股份的数量以回购期满时实际回购的股份数量 为准。 广东领益智造股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股份回购方案概述 广东领益智造股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开第 六届董事会第十一次会议，审议通过了《关于回购公司股份方案的议案》，同意 公司以自有资金及回购专项贷款回购部分公司股份；回购股份的种类为公 ...

| 证券代码：002600 | 证券简称：领益智造 公告编号：2025-080 | | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | 广东领益智造股份有限公司 关于 2025 年第二季度可转换公司债券转股情况暨股份变动 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会出具的《关于同意广东领益智造股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕1452 号）核准， 并经深圳证券交易所（以下简称"深交所"）同意，广东领益智造股份有限公司 （以下简称"公司"）向不特定对象发行可转债 21,374,181 张，每张面值为人民 币 100 元，募集资金总额不超过人民币 213,741.81 万元（含本数）。 （二）可转换公司债券上市情况 经深交所同意，公司 213,741.81 万元可转换公司债券已于 2024 年 12 月 6 日 起在深交所挂牌交易，债券简称"领益转债"，债券代码"127107"。 （三）转股价格调 ...

Summary of Key Points from Conference Call Records Industry Overview - The robotics industry is experiencing an upward trend, with significant developments in automation and technology applications in various sectors, particularly in consumer electronics and automotive industries [1][2][3]. Company Insights: Lingyi Technology - Lingyi Technology has established a core position in the robotics ecosystem due to its long-term experience in consumer electronics manufacturing, particularly in process and material understanding, rapid response, and precision manufacturing capabilities [1][2]. - The company has formed partnerships with institutions like Beijing Guochuang Center and Zhiyuan to enhance data collection and application processes, facilitating the scaling of humanoid robot applications [1][3]. - Lingyi's business strategy encompasses a comprehensive range from foundational materials to component manufacturing, ODM design, and deployment of robotic solutions [2][3]. Tesla's Impact on the Automotive Industry - Tesla's automated delivery model is driving significant changes in policies and business models within the automotive sector, with the U.S. sandbox regulatory model serving as a reference for global practices [1][4]. - The insurance aspect in the RoboTaxi sector is critical, with Tesla leveraging its own insurance company to address coverage issues during the vehicle's temporary registration phase, while other manufacturers must collaborate with third-party insurers [1][6]. - The application of automated delivery technology in vehicle assembly can significantly enhance quality inspection efficiency and yield economic benefits, potentially saving millions in labor costs annually for high-capacity production lines [1][7]. Market Dynamics and Future Outlook - The market expectations for Tesla's Optimus robot have dropped to historical lows, with projections for thousands of units this year and tens of thousands next year, although the leadership under Musk is expected to maintain the development trajectory [2][16]. - Domestic humanoid robot companies are anticipated to make significant advancements in the second half of the year, with new product launches expected from companies like Yushu Technology and ByteDance [2][18]. - The robotics sector has shown resilience, rebounding quickly after negative news, indicating a buildup of momentum and increased trading volume as new capital flows into the sector [2][17]. Other Notable Companies: DingTai Technology - DingTai Technology is a leader in the PCB drilling needle market, with a market share increase from 19% in 2020 to 26.5% in 2023, driven by AI technology and server upgrades [1][9]. - The company’s revenue from drilling tools is projected to grow by 14.3% in 2024, with significant contributions from high-performance PCB drilling needles [1][9]. - DingTai's grinding and polishing materials business is also performing well, with a 30.7% revenue increase expected in 2024, supported by rising demand in the PCB sector [1][10]. Conclusion - The robotics and automotive industries are undergoing transformative changes driven by technological advancements and strategic partnerships. Companies like Lingyi Technology and DingTai Technology are positioned to capitalize on these trends, while Tesla continues to influence regulatory frameworks and market expectations. The outlook for humanoid robotics remains optimistic, with anticipated product launches and market growth in the near future [1][2][3][4][9][10][16][18].

Investment Rating - The report maintains an "Outperform" rating for the robotics industry as of June 29, 2025 [1]. Core Insights - The robotics index outperformed the market, increasing by 4.9%, surpassing the Shanghai Composite Index by 3.0 percentage points and the CSI 300 Index by 2.9 percentage points, while lagging behind the ChiNext Index by 0.8 percentage points [5][12]. - Linyi Intelligent Manufacturing held a strategic conference showcasing its "three-in-one" strategy in robotics, aiming to become a top three global manufacturer in embodied intelligent hardware, with 16 partners and over 100 intended orders [5][16]. - Galaxy General completed a financing round of 1.1 billion yuan, led by CATL, enhancing its strategic collaboration for the application of embodied intelligent models [5][18]. - Stand Robotics submitted its IPO application to the Hong Kong Stock Exchange, aiming to provide customized robotic solutions for smart factories [5][20]. - Lingbao CASBOT secured nearly 100 million yuan in angel financing, focusing on the integration of technology, products, and scenarios [5][21]. - Feixi Technology announced the completion of a Series C financing round, with funds allocated for expansion, research and development, and ecosystem development [5][23]. Summary by Sections Market Review - The robotics index rose by 4.9% during the week of June 23-29, 2025, outperforming major indices [12]. Industry Dynamics - Linyi Intelligent Manufacturing's strategic conference highlighted its commitment to becoming a leading player in the robotics sector, with a focus on core components and comprehensive hardware services [5][16]. - The upcoming release of Grok 4 by xAI is anticipated to enhance competitive positioning in the AI-driven robotics market [5][18]. - Stand Robotics is set to enhance its market presence through its IPO, focusing on R&D and expanding its service network [5][20].

Core Viewpoint - Liyi Intelligent Manufacturing officially enters the robotics sector, aiming to leverage its existing consumer electronics business to support the development of robotics as a new growth curve [1][3]. Company Positioning and Strategy - The company aims to become a top 3 global manufacturer of embodied intelligent hardware, focusing on three core areas: core component and assembly design, comprehensive hardware services, and complete industrial application scenario development [1][3]. - Liyi plans to offer a one-stop service for core components and modules, achieving over 50% cost reduction through a systematic and comprehensive "slimming center" approach [1][3]. Market Potential and Industry Context - The humanoid robotics industry is compared to the early stages of the smartphone market, with a potential market size reaching trillions [3][5]. - Current industry challenges include a lack of standardization, leading to inefficiencies in design and production [3]. Production Capabilities and Partnerships - Liyi has established multiple production lines for key components such as lead screws, hollow cup motors, and reducers, providing complete assembly services for various robotic applications [3][4]. - The company has signed a strategic cooperation agreement with the National Innovation Center, aiming to support the scaling of humanoid robots and provide key components [4]. Long-term Vision and Investment - The company views the robotics sector as a long-term investment opportunity, similar to its previous ventures in consumer electronics and new energy vehicles [5][6]. - Liyi's robotics business is expected to drive demand for new materials, with potential profitability within three years, although significant long-term investment is required [6].

Core Viewpoint - The humanoid robot industry is transitioning from manual assembly to automated production lines, with companies like Zhifang and Lingyi Zhizao planning to scale up production significantly by 2028 and 2033 respectively [1][2][3]. Group 1: Industry Trends - The first mass-produced humanoid robot, the AlphaBot 2, has been launched, signaling the start of large-scale production in China [2]. - Companies are increasingly investing in production lines, with Lingyi Zhizao announcing plans to invest 50 million yuan in key components and assembly upgrades for humanoid robots [3]. - The domestic humanoid robot market is maturing, with prices significantly lower than overseas due to a large domestic demand and a competitive supply chain [4]. Group 2: Supply Chain Dynamics - Supply chain manufacturers are now more willing to collaborate with humanoid robot manufacturers as production scales up, addressing previous hesitations due to low order volumes [2][3]. - The supply chain for humanoid robots overlaps significantly with that of electric vehicles and consumer electronics, with 40%-50% of components shared [4]. - Standardization of components is a major challenge, as many suppliers struggle with custom orders, leading to inefficiencies and higher costs [6][7]. Group 3: Production Challenges - Achieving standardized production for humanoid robots is complex, with issues such as non-standardized components and high assembly costs hindering mass production [6][8]. - The assembly process is complicated, requiring precise matching of hardware design and algorithm design to ensure consistency across units [8]. - Companies are exploring new materials to reduce weight and improve performance, with innovations like gallium nitride being considered for use in motors [9].