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]

中国经济网北京6月19日讯兆威机电（003021）(003021.SZ)昨晚公告称，公司已于2025年6月18日向香港 联合交易所有限公司(以下简称"香港联交所")递交了发行境外上市外资股(H股)并在香港联交所主板挂牌 上市(以下简称"本次发行并上市")的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请材 料。该申请材料为公司按照香港证券及期货事务监察委员会(以下简称"香港证监会")及香港联交所的要求 编制和刊发，为草拟版本，其所载资料可能会适时作出更新和修订。 公司本次发行并上市尚需取得中国证券监督管理委员会、香港证监会和香港联交所等相关政府机关、监 管机构、证券交易所的批准、核准或备案，该事项仍存在不确定性。 兆威机电于2025年6月13日披露了关于公司股东减持计划实施完成的公告。据该公告，公司股东共青城清 墨创业投资合伙企业(有限合伙)(以下简称"清墨投资")于2025年6月5日至2025年6月11日合计减持公司股份 3,200,000股，占总股本比例的1.33%，其中集中竞价交易减持均价为103.64元/股，大宗交易减持均价为 92.30元/股。经计算，清墨投资7天套现3.23亿元。 | 股东 ...

Company Overview - Shenzhen Zhaowei Electromechanical Co., Ltd. (Zhaowei) has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International and Deutsche Bank as joint sponsors [1] - Zhaowei is an integrated provider of micro drive and transmission system solutions, targeting high-growth sectors such as smart vehicles, robotics, consumer technology, medical technology, and advanced industrial manufacturing [3] Industry Insights - The integrated micro drive and transmission system market in China has grown from RMB 20.3 billion in 2020 to an estimated RMB 33.2 billion by 2024, reflecting a compound annual growth rate (CAGR) of 13.0% [4] - The market is projected to reach RMB 72.6 billion by 2029, with an increased CAGR of 17.3% from 2025 to 2029, driven by industrial upgrades and technological advancements [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, Zhaowei reported revenues of approximately RMB 1.152 billion, RMB 1.206 billion, and RMB 1.525 billion, respectively [4] - The corresponding net profits for the same years were approximately RMB 150 million, RMB 180 million, and RMB 225 million [4] - The company has achieved a gross margin of 29.1% in 2022, which is expected to improve to 31.2% by 2024 [6]

发行上市的申请并刊发申请资料的公告 证券代码：003021 证券简称：兆威机电 公告编号：2025-036 深圳市兆威机电股份有限公司 关于向香港联交所递交境外上市外资股（H 股） https://www1.hkexnews.hk/app/sehk/2025/107456/documents/sehk25061 801173_c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107456/documents/sehk25061 801174.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行并上市的 相关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料均不构成也 不得视作对任何个人或实体收购、购买或认购公司本次发行并上市的境外上市外 1 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。 深圳市兆威机电股份有限公司（以下简称"公司"）已于 2025 年 6 月 18 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外 资股（H 股）并在香港联交所主板挂牌上市（以下简称" ...

据港交所文件：深圳市兆威机电（003021）股份有限公司向港交所提交上市申请书。 ...