Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the field of humanoid robotics, specifically focusing on the development and technology of dexterous hands, referred to as "灵巧手" (Lingqiao Shou) in the notes. Core Points and Arguments 1. **Comprehensive Research on Dexterous Hands** The report provides an in-depth analysis of the structure, technology directions, and key participants in the dexterous hand market, highlighting the significant market potential and technological advancements expected in the coming years [1][2][6]. 2. **Market Dynamics and Investment Opportunities** The rapid iteration and innovation in dexterous hand technology are expected to create substantial investment opportunities. The market is projected to see significant enhancements in functionality and applications over the next couple of years [2][6]. 3. **Key Components of Dexterous Hands** The dexterous hand is primarily composed of four major modules: drive, transmission, control, and perception. The trend is leaning towards hybrid mechanical solutions that balance freedom of movement and load capacity [2][4][6]. 4. **Technological Challenges and Innovations** The development of tactile sensors and the integration of various sensing technologies are crucial for enhancing the dexterous hand's performance. Current technologies are still in a multi-route development phase, with significant room for innovation [3][4][6]. 5. **Cost Structure and Market Pricing** The pricing for dexterous hands currently ranges from 50,000 to 100,000 yuan, with expectations to decrease to between 5,000 and 30,000 yuan as production scales up. The cost structure is estimated to have a reasonable material cost of around 20% [5][6][44]. 6. **Key Players and Recommendations** Recommended companies include 雷赛智能 (Leisai Intelligent) and 赵威基电 (Zhaowei Electric), which are noted for their capabilities in both dexterous hand solutions and component supply [6][44]. 7. **Future Market Potential** By 2030, the market for dexterous hands is projected to reach approximately 900 billion yuan, with significant contributions from key components like sensors and micro actuators. Major companies are expected to see profit contributions ranging from 500 million to 700 million yuan [44][45]. 8. **Technological Trends in Dexterous Hands** The industry is observing a shift towards more sophisticated designs that incorporate higher degrees of freedom and improved precision. The performance of dexterous hands is currently estimated to meet only 30-40% of the required standards, indicating a need for further development [12][39]. Other Important but Possibly Overlooked Content 1. **Diverse Technological Approaches** Various driving and transmission methods are being explored, including direct drive and hybrid systems, each with its advantages and challenges [13][14][25]. 2. **Sensor Technology Development** The integration of tactile sensors is critical for the dexterous hand's functionality, with ongoing developments in pressure sensors and visual-tactile systems [27][30][32]. 3. **Market Segmentation and Product Differentiation** There is a clear distinction between local manufacturers and independent firms, with local firms focusing on high-performance solutions while independent firms tend to adopt a more gradual approach to product development [34][39]. 4. **Performance Metrics** Key performance indicators for dexterous hands include degrees of freedom, precision, load capacity, and sensory feedback, which are essential for their operational effectiveness [10][11][12]. 5. **Future Innovations and Material Development** The potential for new materials to enhance the dexterous hand's performance is being explored, particularly in the context of reducing weight and increasing durability [24][25][30]. This summary encapsulates the key insights and projections regarding the dexterous hand technology and its market implications, providing a comprehensive overview for stakeholders interested in this emerging field.

Core Viewpoint - The Hong Kong stock market is experiencing a surge in IPOs from robotics companies, driven by a combination of low entry barriers and a growing demand for humanoid robots, with significant capital inflow observed in the first half of 2025 [1][4][8] Group 1: Market Trends - In the first half of 2025, 12 robotics companies have submitted IPO applications to the Hong Kong Stock Exchange, including both emerging firms and established players [1] - The robotics sector has seen a financing amount of 23.2 billion yuan in the first five months of 2025, surpassing the total of 20.9 billion yuan for the entire year of 2024 [1] - The Hong Kong market has completed 42 IPOs in the first half of 2025, raising over 107 billion HKD, a 22% increase compared to the previous year [4] Group 2: Company Performance - Companies like Ubiquity Robotics and Yujian Technology, which went public in Hong Kong, reported significant losses, with Ubiquity's net loss reaching 1.265 billion yuan in 2023 [3][4] - Among the 12 robotics companies applying for IPOs, 10 are currently unprofitable, indicating a trend of losses within the industry [3] - Established companies like Zhaowei Electromechanical and Estun have also faced challenges, with Estun reporting a net loss of 810 million yuan in 2024 [6][7] Group 3: Investment Opportunities - The Hong Kong Stock Exchange has introduced new regulations allowing unprofitable companies to list, which has attracted many robotics firms seeking funding [4][8] - The "A+H" listing strategy allows profitable A-share companies to access international capital markets, facilitating their expansion into the humanoid robotics sector [5][8] - The humanoid robotics market is projected to reach a demand of approximately 2 million units by 2030, with a market size of around 570 billion yuan, indicating significant growth potential [4]

Investment Rating - Industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights a new round of market momentum driven by advancements in robotics, particularly in humanoid robots, with a projected global demand of approximately 2 million units by 2030 [4][19] - Key recommended stocks include Xinjie Electric, Beite Technology, Hanwei Technology, Zhaowei Electromechanical, Hengli Hydraulic, and Nuwei Co., among others [2][4] - The report emphasizes the importance of tracking the humanoid robot sector, which is entering a critical growth phase [3][4] Summary by Sections Humanoid Robots - The humanoid robot industry is expected to see significant growth, with major projects and partnerships emerging, such as the procurement project by China Mobile for humanoid biped robots worth 124 million [9][19] - Companies like Tesla and Figure are ramping up production, with Figure planning to increase its humanoid robot output by three times in the upcoming months [10][19] Photovoltaic Equipment - The report notes an accelerated penetration of N-type technology, enhancing the competitive edge of leading companies in the sector [20] - It suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [20] Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20] - Key players in this space include companies involved in lithium battery systems and integrated storage solutions [20] Semiconductor Equipment - The semiconductor equipment market is projected to reach 140 billion by 2030, with a growing share from domestic manufacturers [4][20] Automation - The automation market is expected to grow significantly, with a market size of approximately 40 billion, projected to reach 55.7 billion by 2026 [4][20] Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that have integrated hydrogen production capabilities [21] Engineering Machinery - The report suggests monitoring leading companies in the engineering machinery sector, emphasizing those with product, scale, and cost advantages [4][20]

Group 1 - The global humanoid robot market is projected to see sales of 1.24 million, nearly 3.4 million, and over 5 million units in 2025, 2030, and 2035 respectively, with corresponding market sizes of 63.39 billion, over 640 billion, and over 4000 billion yuan [1][2] - The CAGR for humanoid robot sales from 2025 to 2030 is approximately 94%, and from 2030 to 2035 is about 71%, indicating significant growth potential in the mid to long term [1][2] - The global multi-finger dexterous hand market is expected to exceed 5 billion USD by 2030, with a CAGR of 64.6% from 2024 to 2030 [2][3] Group 2 - China is rapidly catching up in the dexterous hand market, with companies like Yinshi Robotics and Aoyi Technology showing strong competitiveness [3] - In 2024, the sales volume of dexterous hands in China is expected to be 0.57 thousand units, with a CAGR of 90% projected until 2030, reaching over 340 thousand units [2][3] - The market share of dexterous hands in North America, Europe, and Asia-Pacific in 2024 is projected to be 32.56%, 25.25%, and 37.92% respectively [3] Group 3 - Key trends in dexterous hand technology include lightweight design, high biomimicry and freedom, primarily motor-driven systems, and a shift towards direct drive and composite transmission methods [4] - Recommended stocks in the dexterous hand and related components sector include Leisai Intelligent, Shuanglin Co., Wuzhou Xinchun, and Zhenyu Technology, among others [5]

Core Viewpoint - The robot industry is experiencing a rush for IPOs, with companies racing against time to list, particularly in the Hong Kong market, while the A-share market is relatively slower in comparison [1][5][32]. Group 1: IPO Trends and Market Dynamics - Over 10 companies in the robot industry have disclosed plans to list in Hong Kong, with June being a peak month for submissions [2]. - Companies like Sanhua Intelligent Control and Geekplus have successfully listed in Hong Kong, raising significant capital [2][5]. - The A-share market is characterized by a slower pace, with companies like Jiekar Robot still in the inquiry stage [2][5]. Group 2: Financial Performance and Market Position - Among the 12 companies currently pursuing IPOs, three A-share companies are opting for A+H share structures, while eight are targeting Hong Kong [7]. - Stone Technology leads in market share, with a global share of 16.4% and a domestic share of 21.6%, while Estun and Zhaowei Electric follow [11]. - Zhaowei Electric shows the best financial performance, with revenue growth from 1.15 billion to 1.52 billion yuan from 2022 to 2024 [13]. Group 3: Capital Market Characteristics - The Hong Kong market is more accommodating to unprofitable companies, providing a faster listing pathway, while the A-share market emphasizes profitability and stability [5][6]. - The capital market is witnessing a shift towards established companies with proven commercial potential, leading to a concentration of investment in top-tier firms [33][34]. Group 4: Competitive Landscape and Future Outlook - The competitive landscape is divided into three tiers, with top-tier companies like Stone Technology and Geekplus leading the IPO rush due to their market dominance and technological advantages [30]. - The industry faces challenges such as high costs, fragmented markets, and the need for sustainable profitability, which could impact future IPO success [34][38].

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has completed the cancellation of 7,000 stock options for one incentive object who has left the company, in accordance with its 2024 stock option and restricted stock incentive plan [1][4][5] Summary by Sections Approval Procedures for the Incentive Plan - On August 7, 2024, the company held meetings to approve the draft of the 2024 stock option and restricted stock incentive plan [2] - The internal announcement of the incentive plan's beneficiaries took place from August 8 to August 17, 2024, with no objections received [2] - The second extraordinary shareholders' meeting on August 28, 2024, approved the incentive plan and subsequent meetings confirmed the granting of stock options and restricted stocks [2][3] Cancellation of Stock Options - The cancellation of stock options was due to the departure of an incentive object, who no longer met the eligibility criteria, resulting in the cancellation of 7,000 stock options [3][4] Completion of Cancellation - The cancellation process has been confirmed by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. [4] Impact on the Company - The cancellation of stock options complies with relevant laws and regulations and will not materially affect the company's financial status or operational results [5]

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。 证券代码：003021 证券简称：兆威机电 公告编号：2025-037 深圳市兆威机电股份有限公司 关于 2024 年股票期权与限制性股票激励计划的 部分股票期权注销完成的公告 深圳市兆威机电股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开第三届董事会第十次会议和第三届监事会第九次会议，并于 2025 年 5 月 19 日 召开 2024 年年度股东会审议通过了《关于回购注销部分限制性股票及注销部分 股票期权的议案》，同意公司注销 1 名激励对象已获授但尚未行权的股票期权数 量 7,000 份。公司已于近日在中国证券登记结算有限责任公司深圳分公司办理完 成上述股票期权注销事宜，现将相关事项公告如下： 一、2024 年股票期权与限制性股票激励计划已履行的相关审批程序 （一）2024 年 8 月 7 日，公司召开第三届董事会第三次会议及第三届监事 会第三次会议，审议通过了《关于公司<2024 年股票期权与限制性股票激励计划 （草案）>及其摘要的议案》等相关议案。公司董事会薪酬与考核委员会审议并 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [3][8]. Core Insights - The company has launched a new generation of dexterous hands, ZWHAND, focusing on various applications of embodied intelligence. The DM17 model features a direct drive solution with 17 degrees of freedom and a fingertip pressure range of 5-12N, while the LM06 model has 6 degrees of freedom and a fingertip pressure range of 15-20N, with a total grip strength of 200N [4][5]. - The new dexterous hands demonstrate significant advancements over previous models, including a highly integrated design, improved efficiency and torque stability with new motor technology, and enhanced sensitivity with integrated flexible electronic skin [5]. - The company is actively building an ecosystem around its dexterous hands, having signed agreements with leading robotics firms and component suppliers. It has also submitted an application for H-share listing to raise funds for technology development and capacity expansion [5]. - Profit forecasts for the company indicate net profits of 270 million RMB, 350 million RMB, and 420 million RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20%, 31%, and 19%. The expected EPS for the same years is 1.1 RMB, 1.5 RMB, and 1.8 RMB, corresponding to P/E ratios of 89x, 69x, and 58x [5][7]. Financial Summary - The company is projected to achieve revenues of 1.88 billion RMB, 2.25 billion RMB, and 2.78 billion RMB for 2025, 2026, and 2027 respectively, with corresponding operating profits of 302 million RMB, 389 million RMB, and 466 million RMB [9]. - The net profit for 2023 is estimated at 180 million RMB, with a growth of 19.55% year-on-year, and is expected to reach 421 million RMB by 2027 [7][9].

Core Insights - The article highlights the significant advancements in embodied intelligence, particularly focusing on the launch of ZWHAND's new generation of bionic dexterous hands by Zhao Wei Electromechanical, marking a major technological breakthrough in Shenzhen's robotics industry [2][5]. Group 1: Product Development - The new generation of ZWHAND dexterous hands has transitioned from research and design to mass production, indicating a shift towards commercial applications for both consumer and industrial markets [2]. - The new dexterous hands feature enhanced bionic performance, a more ergonomic design, and a core component lifespan exceeding 10,000 hours, ensuring reliability and safety [4]. Group 2: Product Features - The product matrix has been expanded to include two series: LM06 and DM17, catering to different industrial needs with distinct characteristics such as high flexibility and load capacity [4]. - The company is building an open-source ecosystem by sharing tools and resources necessary for the development and application of dexterous hands, including hardware communication standards and 3D models [4]. Group 3: Market Position and Strategy - Zhao Wei Electromechanical is leveraging its technological advantages in micro-drive systems to establish a competitive position in the industry, with plans for international expansion and dual listing preparations [5][6]. - The company anticipates a 35.15% year-on-year growth in overseas revenue for 2024, with dexterous hands being standardized components for multiple international clients [6]. Group 4: Collaborative Efforts - The company has signed strategic cooperation memorandums with 12 enterprises to promote the application of dexterous hand technology, indicating a commitment to building an open ecosystem [6].