7月5日，深圳。一场名为"灵巧新境界"的发布会，将具身智能领域的核心部件——灵巧手，推至产业聚 光灯下。在现场，一只只"手"引来重重围观，更触发了阵阵惊叹。它们有着接近人手的轮廓与纹理，表 面覆盖着一层柔软的电子皮肤。指令之下，能与人猜拳互动，也能轻松抓起15公斤的哑铃，更能完成人 手难以企及的多指节精巧弯曲。这只手不是科幻道具，而是深圳兆威机电股份有限公司（下称"兆威机 电"）历经912天研发淬炼而成的新一代"灵巧手"。 "真触感"是基础。覆盖在指尖、手心与手背的柔性电子皮肤，集成了多维度的传感器阵列，让灵巧手不 仅"形似"，更在"感知"上趋近于人。记者在发布会现场产品体验区，亲手触摸了灵巧手的电子皮肤，灰 色硅胶材质带来的柔软质感，以及几可乱真的人形指纹，让记者真切感受到了机械与生物边界的模糊。 算法，让它能在我完成动作前，就通过我的肌肉微动做出预判并实现超前反应。"如果说高灵活是"灵巧 手"的王牌，那么高负载则是其面向广阔应用场景的入场券。当LM06型号的灵巧手轻松举起15公斤的哑 铃时，其单指可负载1000克的硬核实力，预示着它将有能力在工业自动化、仓储物流、智慧医疗乃至家 庭服务等领域"大显身手"。 ...

Core Viewpoint - The Hong Kong stock market is rapidly becoming a prime location for domestic robotics companies to raise funds, with 10 robotics and related industry companies filing for IPOs this year [1][2]. Group 1: Market Dynamics - The favorable financing environment in Hong Kong, characterized by a higher acceptance of emerging technology companies and lower listing thresholds, has attracted robotics firms [2][7]. - The clustering of robotics companies in Hong Kong reflects their critical development phase, necessitating capital market support to accelerate commercialization [2]. Group 2: Company Positioning - Companies are strategically positioning themselves as leaders in their respective niches, with firms like Geek+ aiming to be the "first stock" in the AMR (Autonomous Mobile Robot) sector, while others like Standee Robotics target industrial intelligent mobile robots [3][4]. - Geek+ is recognized as the global leader in warehouse fulfillment AMR solutions, with a projected revenue ranking it as the largest provider by 2024, serving 806 global clients and delivering 56,000 units [3]. - Standee Robotics is positioned as the fifth largest provider of industrial intelligent mobile robots, holding a market share of 3.2% [3]. Group 3: Financial Performance - Many of the recently listed robotics companies are currently unprofitable, with seven out of ten companies applying for IPOs reporting losses, highlighting the competitive and high-investment nature of the industry [6][7]. - Specific losses include Geek+ and Estun, each projected to lose over 800 million RMB in 2024 due to limited demand and increased competition in the mobile warehousing and manufacturing sectors [6]. - The overall market for industrial robots in China is expected to decline by 5% in 2024, influenced by reduced investments in downstream sectors like photovoltaics and lithium batteries [6]. Group 4: Strategic Importance of IPOs - Listing on the Hong Kong stock exchange provides essential funding for robotics companies to enhance technology development, market expansion, and brand building [7]. - The ability of Hong Kong to accommodate unprofitable companies for IPOs offers a significant opportunity for robotics firms that require substantial upfront investment [7]. - The relatively short IPO process in Hong Kong is a key factor driving robotics companies to seek listings there, facilitating the formation of a comprehensive robotics sector that attracts investor attention [7].

本报讯(记者李昱丞)近日，深圳市兆威机电（003021）股份有限公司(以下简称"兆威机电")在深圳召开 新品发布会，正式推出新一代仿人灵巧手产品——DM17和LM06系列，公司董事长李海周、副董事长 谢燕玲、董事兼总经理叶曙兵、董事兼副总经理李平、首席专家陈毅东等出席发布会，为新品发布站 台。 据介绍，兆威机电新一代灵巧手以类人手为设计目标，在传动系统、电机矩阵、控制系统等方面均实现 了技术突破。产品采用了高精度微小模数齿轮、微型滚珠丝杆等核心部件，具备高精度、高效率、大负 载力、低噪声等特点。同时，公司创新性地采用移相与电流采样重构技术，确保电机稳定运行，并推出 力触混合控制技术、高性能传感器解决方案，实现自适应抓握和多模态触觉感知。此外，灵巧手还配备 了便捷的人机交互界面，内置标准动作库，进一步提升了用户体验。 在新品发布环节，兆威机电展示了新一代灵巧手的多项性能。灵巧手展现出灵活的抓握能力以及如人手 般的感知能力和承重能力。此外，灵巧手还具备VR手势识别能力。通过连接VR设备，当人戴上VR眼 镜做出动作时，灵巧手能够实时、精准地做出相应动作，复现人类手势，进一步拓展了灵巧手在虚拟交 互领域的应用潜力。 ...

Summary of Conference Call Records Industry Overview - The records discuss the competitive landscape of the dexterous hand market, focusing on the products from Zhaowei and Xingdong Era, particularly their direct-drive technologies and design challenges [1][2][3]. Key Points and Arguments Product Pricing and Competitiveness - Zhaowei's new dexterous hand is priced at 128,000 yuan, which is competitive compared to its main competitor, Xingdong Era, priced around 100,000 yuan [3][4]. - The pricing strategy is justified given the product's nearly 20 degrees of freedom and enhancements in tactile feedback, gear lifespan, motor performance, and software control [1][2]. Technological Innovations - Zhaowei employs linear motors and screw drives for its finger joints, achieving a design that closely mimics human hand structure with three finger joints [1][6]. - The direct-drive technology allows for independent control of each joint, simplifying algorithm calculations and enhancing the potential for imitation and reinforcement learning [5][12]. Design Challenges - Space limitations are a critical challenge in the design of dexterous hands. Zhaowei has innovatively used linear stepper motors to keep the height of the power unit under 2 centimeters, allowing for a compact design [9][10]. - Current direct-drive dexterous hands face constraints related to the size of micro motors and reducers, which can compromise performance [10][11]. Performance and User Experience - Both dexterous hands demonstrated acceptable heat generation during testing, indicating efficient thermal management [13]. - In terms of tactile sensing, Zhaowei's products utilize high-quality sensors, with the 17-degree-of-freedom version featuring advanced tactile sensors capable of sensing normal and tangential forces [15]. Future Directions - The future focus includes developing smaller, high-precision power modules and applying these technologies in large model robots for data collection and model training [12]. - The anticipated growth in the direct-drive dexterous hand market is expected as these technologies evolve [12]. Cost Considerations - While both dexterous hands are priced similarly, Zhaowei's higher costs are attributed to the extensive use of screws, including stepper trapezoidal screws and ball screws, which are more expensive than the components used by Xingdong [14]. Supplier Dynamics - The choice of suppliers for Tesla's fourth-generation dexterous hand will significantly influence its design and pricing strategy, with a preference for suppliers that can provide high torque, compact size, and cost-effective solutions [18]. Additional Important Insights - The design of finger joint lengths is crucial for achieving natural movement and grip capabilities, with Zhaowei aiming to keep joint lengths around 2.5 centimeters for optimal functionality [8]. - The market currently lacks small-sized harmonic reducers, which could enhance efficiency in dexterous hand designs [16]. This summary encapsulates the critical insights from the conference call records, highlighting the competitive dynamics, technological advancements, and future prospects within the dexterous hand industry.

Summary of Zhaowei Electromechanical Conference Call Company Overview - Zhaowei Electromechanical has launched two new dexterous hands: DM17 and LM06, targeting different applications in home and industrial settings respectively [2][3]. Product Features and Applications - **DM17**: - Designed for home use with 17 degrees of freedom - Utilizes linear motor drive - Finger pressure ranges from 5 to 12 Newtons - Capable of enduring over one million cycles - Available for purchase on JD.com and Zhaowei's official website [4][5]. - **LM06**: - Designed for factory repetitive tasks with 6 active degrees of freedom - Grip strength of 200 Newtons and fingertip pressure of 15 to 20 Newtons - Aimed at high-load scenarios [4][5]. Technical Advancements - Zhaowei has developed three types of brushless hollow cup motors and a micro ball screw linear drive module, achieving over 30% efficiency improvement and a module efficiency greater than 95% [7]. - The company has also made significant advancements in tactile sensors, achieving a collection frequency of over 100 Hz and a lifespan exceeding 1 million cycles [10]. Market Position and Competitive Landscape - DM17 is positioned as a leading product in the market with 17 active degrees of freedom, while competitors like Linxingqiao offer 18 to 21 degrees [11]. - The tactile sensor technology varies among manufacturers, with Zhaowei adopting piezoresistive and piezoelectric technologies, while others like Mingxingqiao use capacitive solutions [12][13]. Industry Development Stage - The dexterous hand industry is currently in a standardization and ecosystem-building phase, with a trend towards higher degrees of freedom and enhanced multi-modal perception capabilities [14]. - The cost of dexterous hands is decreasing as the industry matures, with products like Mingxingqiao's priced at 8,800 Yuan and Huilin's at 2,999 Yuan [15]. Future Outlook - Zhaowei plans to continue developing the DM series with models DM18, DM19, and DM20, focusing on increasing degrees of freedom and collaborative ecosystem development [8]. - The company has applied for 26 patents and is involved in setting industry standards, maintaining a fully self-developed core component strategy [9]. Valuation and Investment Potential - Zhaowei's current market capitalization is approximately 24.7 billion Yuan, with a reasonable valuation of its main business at around 10 billion Yuan [20]. - If Zhaowei establishes itself as a dexterous hand module provider, the expected unit value could reach 50,000 Yuan, reflecting a potential market for 60,000 units [20][21]. Key Factors for Industry Growth - Continuous exploration of products and downstream application scenarios, along with industry standards and ecosystem cooperation, are critical for the development of the dexterous hand industry [18]. Potential Participants in the Industry - Future participants may include leading humanoid robot manufacturers and third-party companies specializing in dexterous hands, providing standardized products to robot manufacturers [19].

Core Viewpoint - The launch of ZWHAND, a new generation of bionic dexterous hands by Zhao Wei Electromechanical, marks a significant advancement in robotic hand technology, transitioning from single-point breakthroughs to system upgrades, providing mature solutions for various applications in embodied intelligence [1][2][3]. Group 1: Product Features - The new generation dexterous hands include three models: LM06 (6 micro motors), DM17 (17 micro motors), and DM20 (20 micro motors), showcasing a leap in technology and design [2][3]. - The dexterous hands feature 17 to 20 degrees of freedom, enabling precise actions such as grasping, bending, and swinging, along with a self-learning function for various applications [2][3]. - The integration of flexible electronic skin on the contact surfaces of the dexterous hands allows for realistic tactile feedback, simulating human touch and enhancing human-machine interaction [2][3]. Group 2: Technological Advancements - The design of the new dexterous hands is inspired by the intricate structure of human hands, utilizing Zhao Wei Electromechanical's proprietary joint-integrated power module and biomimetic principles for unprecedented flexibility and precision [3]. - Advanced micro hollow cup motors are employed in the dexterous hands, providing a compact yet powerful and responsive driving system tailored for different usage scenarios [3]. - The proprietary compliant control algorithm developed by Zhao Wei Electromechanical enables the dexterous hands to perform various grasping tasks accurately in complex environments, adjusting grip strength and angle based on the object's characteristics [3]. Group 3: Market Applications - The dexterous hands are positioned as key technologies for humanoid robots, facilitating the transition towards intelligent and human-like functionalities [4]. - In industrial production, the dexterous hands can adapt to complex environments, enhancing efficiency and quality in sectors like electronics and automotive manufacturing [4]. - The dexterous hands also have significant potential in hazardous environments, allowing robots to perform delicate and dangerous tasks, thereby ensuring the safety of human operators [4]. Group 4: Future Development - Zhao Wei Electromechanical plans to continue focusing on the research and development of dexterous hands and their key components, investing in critical technologies to drive product upgrades [6]. - The company aims to accelerate the commercialization of the new generation dexterous hand drive modules and complete hand systems, reinforcing its technological leadership and market position [6]. - Future enhancements will include optimizing material selection, miniaturizing motors, and improving mechanical design to increase power density, dexterity, and durability [6].

Core Viewpoint - The company Zhaowei Electromechanical is set to list on the Hong Kong Stock Exchange, aiming to leverage its leading position in the integrated micro-drive and drive system industry, which is experiencing significant growth due to the rise of smart vehicles, humanoid robots, and consumer electronics [1][10]. Company Overview - Zhaowei Electromechanical, founded in 2001, is a leading provider of integrated micro-drive and drive system solutions, primarily serving high-growth sectors such as smart vehicles, robotics, consumer technology, medical technology, and advanced manufacturing [1][2]. - The company has launched three major proprietary product platforms, including high-performance servo motors, drum motors, and dexterous hands, targeting high-potential industries [1]. Financial Performance - The company has demonstrated steady revenue growth, with revenues of approximately RMB 11.52 billion, RMB 12 billion, and RMB 15.25 billion from 2022 to 2024, respectively [4]. - Gross profits for the same period were RMB 3.35 billion, RMB 3.49 billion, and RMB 4.76 billion, with net profits of RMB 1.5 billion, RMB 1.8 billion, and RMB 2.25 billion, indicating a consistent upward trend [4]. - The gross margin improved from 29.1% in 2022 to 31.2% in 2024, while net profit margins were 13.1%, 14.9%, and 14.8% for the same years [4]. Market Position - Zhaowei Electromechanical ranks first in China and fourth globally in the integrated micro-drive and drive system industry, holding a market share of 3.9% in China, significantly higher than the second-place competitor at 1.4% [3][9]. - The company holds 382 relevant patents, the highest in the Chinese market for this sector, reflecting its strong focus on research and development [3]. Industry Growth - The integrated micro-drive and drive system industry is projected to grow from RMB 782 billion in 2020 to RMB 1,113 billion by 2024, with a compound annual growth rate (CAGR) of 9.2% [6]. - In China, the industry is expected to expand from RMB 203 billion in 2020 to RMB 332 billion by 2024, with a CAGR of 13.0% [7]. Competitive Landscape - The top five market participants in China's integrated micro-drive and drive system industry are expected to hold a combined market share of approximately 9.0% by 2024, with Zhaowei Electromechanical leading at 3.9% [9]. - The industry has high entry barriers due to its interdisciplinary nature, requiring strong research and design capabilities, which creates a natural protective barrier for established companies [9].

Core Viewpoint - Zhaowei Electromechanical (003021.SZ) aims for a dual listing in Hong Kong to raise funds for the development of its self-branded products, particularly in the field of dexterous robotic hands, amidst a competitive landscape in the humanoid robotics sector [2][3][8]. Company Overview - Zhaowei Electromechanical is recognized as the leading provider of integrated micro-drive systems in China and the fourth globally, with significant sales in sectors such as smart vehicles, embodied robotics, consumer and medical technology, and advanced manufacturing [2][4]. - The company has established long-term partnerships with major industry players like Bosch, BYD, Li Auto, and Changan [2]. Financial Performance - Zhaowei's revenue from sales in the new energy vehicle sector reached approximately 683 million yuan, accounting for 44% of its total revenue [2]. - The company has shown steady financial growth, with a compound annual growth rate (CAGR) of 15% in revenue over the past three years, projecting a revenue of 1.525 billion yuan in 2024, a year-on-year increase of 26.42% [11]. Market Trends - The market for embodied robotics is expected to grow significantly, with a projected CAGR of 77%, reaching a market size of 162 billion yuan by 2029 [2]. - The humanoid robotics sector has seen increased competition, with several companies, including Zhaowei, launching their own dexterous hands, which are critical components in humanoid robots [9][10]. Product Development - Zhaowei launched its first-generation dexterous hand product in November 2024, featuring 17 degrees of freedom, which garnered significant industry attention [6][7]. - The company has developed a second-generation dexterous hand with 20 degrees of freedom, designed for complex gripping actions and high reliability over extended use [7]. Funding and Expansion Plans - The funds raised from the Hong Kong listing will primarily be used for the development of dexterous hands and other platform products, as well as for expanding production capacity and establishing a global sales network [3][8]. - Zhaowei aims to enhance its global competitiveness in humanoid robotics through strategic partnerships and potential acquisitions [8]. Competitive Landscape - The dexterous hand market is becoming increasingly crowded, with numerous companies entering the space, which raises commercialization uncertainties for Zhaowei [9][10]. - Major players in the humanoid robotics sector are leaning towards in-house development of dexterous hands, which may impact Zhaowei's market opportunities [10].

Core Viewpoint - Shenzhen Zhaowei Electromechanical Co., Ltd. has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking the beginning of its new journey in the Hong Kong market [2] Company Overview - Zhaowei Electromechanical is a leading provider of integrated micro drive and transmission system solutions, ranked first in China and fourth globally by revenue according to Frost & Sullivan [2] - The company has developed a unique process system in injection molding, powder metallurgy, metal powder injection molding, and precision metal processing, establishing a full-chain capability from mold design to intelligent integrated system development [4] - Zhaowei Electromechanical has launched three major platform-based proprietary brand products, including high-performance servo motors, drum motors, and dexterous hands, targeting high-potential industries such as advanced manufacturing and humanoid robotics [5] Industry Growth - The integrated micro drive and transmission system market in China has grown from 20.3 billion yuan in 2020 to 33.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 13.0%. It is expected to reach 72.6 billion yuan by 2029, with a further increase in CAGR to 17.3% from 2025 to 2029 [3] - The industry is characterized by high interdisciplinary attributes, significant barriers to entry regarding precision, customer certification requirements, and capital-intensive R&D investments [3] Financial Performance - Zhaowei Electromechanical has shown significant business growth, with revenues of 1,152.5 million yuan, 1,205.9 million yuan, and 1,524.6 million yuan for the years 2022, 2023, and 2024, respectively [6] - The company's net profit for 2022, 2023, and 2024 was 150.5 million yuan, 179.9 million yuan, and 225.4 million yuan, respectively, with an adjusted net profit increasing from 152.8 million yuan in 2022 to 230.7 million yuan in 2024 [7] - As of the first quarter of 2025, Zhaowei Electromechanical's revenue increased from 312.4 million yuan in the same period of 2024 to 367.5 million yuan [6]

Group 1: Company Listings - Haitan Flavor Industry officially listed on the Hong Kong Stock Exchange on June 19, with a closing price of HKD 36.5, a slight increase of 0.55%, and a market capitalization of HKD 213.1 billion [1] - Zhaowei Electromechanical submitted its prospectus to the Hong Kong Stock Exchange on June 18, targeting high-growth sectors such as smart vehicles and advanced manufacturing, with projected revenues of CNY 1.152 billion, CNY 1.206 billion, and CNY 1.525 billion from 2022 to 2024 [2] - Diguantong International Investment, founded by former Hong Kong Stock Exchange CEO Li Xiaojia, submitted a listing application on June 18, aiming to connect global capital with small and micro enterprises, with a total issuance scale of CNY 4.61 billion expected by December 31, 2024 [3] - Meige Intelligent announced its submission to the Hong Kong Stock Exchange on June 19, focusing on high-performance intelligent modules, with projected revenues of CNY 2.306 billion, CNY 2.147 billion, and CNY 2.941 billion from 2022 to 2024 [4] Group 2: Market Performance - The Hang Seng Index closed at 23,237.74 on June 19, reflecting a decline of 1.99% [5] - The Hang Seng Tech Index closed at 5,088.32, down 2.42% [5] - The National Enterprises Index closed at 8,410.94, decreasing by 2.13% [5]