Core Viewpoint - The domestic power battery installation capacity reached 56.6 GWh in March this year, with a year-on-year and month-on-month growth of over 61%, where lithium iron phosphate batteries accounted for over 82% of the total, marking a significant increase in demand and technological upgrades in the industry [1][2][3]. Group 1: Development of High-Pressure Lithium Iron Phosphate - High-pressure lithium iron phosphate is becoming the mainstream product, with powder compact density reaching approximately 2.60 g/cm³ and electrode compact density around 2.75 g/cm³ [4][5]. - The evolution of lithium iron phosphate has progressed to the fourth generation, with earlier generations (first to third) having lower compact densities [3][5]. - The market is shifting towards higher density products due to increasing performance requirements, with some leading companies already investing in fourth and fifth generation products [5][6]. Group 2: Market Demand and Technological Advancements - By 2025, the demand for high-pressure lithium iron phosphate products is expected to rise due to enhanced requirements for battery cycle life and the maturity of ultra-fast charging technologies [7][8]. - Major companies like CATL and others are actively developing fast-charging batteries, indicating a strong market push for high-pressure lithium iron phosphate [9][10]. - The competition is intensifying as companies strive to improve battery performance while maintaining high energy density, leading to a technological arms race in the industry [11][12]. Group 3: Financial Performance of Key Players - Companies like Fulin Precision have reported significant revenue growth attributed to high-pressure lithium iron phosphate materials, with a revenue increase of 47.02% year-on-year and a net profit growth of 173.11% [13][14]. - Hunan Youneng and Longpan Technology are also focusing on high-pressure lithium iron phosphate, with varying degrees of success in production and sales [15][16][17]. - The financial performance of these companies indicates a trend where those with advanced high-pressure lithium iron phosphate technologies are gaining a competitive edge in the market [22]. Group 4: Price Trends and Market Dynamics - Since the fourth quarter of 2024, there has been a noticeable increase in the prices of lithium iron phosphate products, particularly high-pressure variants, with price increases expected to continue into 2025 [24][27]. - The price of high-pressure lithium iron phosphate is projected to rise by 500-1500 RMB per ton, with a premium of 2000-3000 RMB over standard third-generation products [27][28]. - The supply-demand balance for high-pressure lithium iron phosphate is expected to remain tight in the short term, indicating potential for sustained price premiums [28]. Group 5: Future Outlook and Strategic Considerations - The transition towards high-pressure lithium iron phosphate is expected to catalyze a reshaping of the industry, with increased production capacity anticipated post-2026 [28]. - Companies that have mastered the technology for high-pressure lithium iron phosphate will need to optimize production efficiency and secure customer relationships to maintain their market position [30][32]. - The competitive landscape may lead to price reductions as companies vie for market share, potentially eroding the premium pricing advantage of high-pressure lithium iron phosphate [32].

Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88% year-on-year, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with various automakers planning to launch competitively priced electric vehicles in the coming years [6][37] - The report discusses the implications of carbon emission regulations, noting that a shift to a three-year average assessment period for emissions targets could alleviate pressure on automakers and allow for better planning and execution of new model launches [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88% year-on-year, with a penetration rate of 17.1% [15] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23] New Model Launches - Stellantis plans to introduce multiple new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] Carbon Emission Regulations - The European Parliament has approved a revision of carbon emission regulations, shifting to a three-year average assessment, which is seen as beneficial for the industry [53] - Stellantis believes that relaxing the assessment timeline can prevent panic pricing strategies in late 2025 [54] - BMW is confident in meeting the revised emission targets, having already exceeded previous goals [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]

Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88%, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with Stellantis and Renault planning to launch multiple affordable B-segment electric vehicles by the end of 2024 [6][37] - The report discusses the impact of carbon emission regulations, noting that the EU has revised its assessment method to consider a three-year average from 2025 to 2027, which may alleviate immediate pressure on automakers [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88%, with a penetration rate of 17.1% in Europe. The Renault 5 model was the best-selling B-segment electric vehicle [15][18] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23][25] - Chinese automakers are increasing PHEV exports to mitigate the impact of tariffs, with BYD's sales in Europe rising by 124% [5][32] New Model Launches - Stellantis plans to launch several new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] - BMW is set to begin production of the iX3 by the end of 2025, with a series of NEUE KLASSE models to follow [46] Carbon Emission Regulations - The EU's revised carbon emission assessment method is expected to provide automakers with more time to meet targets, with a focus on increasing BEV penetration rates [53] - Stellantis believes that the revised timeline will prevent panic pricing in Q4 2025 [54] - Renault emphasizes the importance of reducing costs to maintain competitiveness in the electric vehicle market [55] - Volkswagen anticipates continued pressure in 2025, despite the regulatory changes [57] - BMW expresses confidence in meeting carbon emission targets due to its current BEV penetration rate [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]

Group 1: Company Overview and Strategy - The company is focusing on the development of intelligent robots and related precision mechanical components, including electric joints and reducers [1][2][3] - The company aims to upgrade its main business from traditional precision machining to intelligent control and mechatronics [3][4] - The company is actively expanding its production capacity for lithium iron phosphate batteries and related upstream materials to enhance market share [4] Group 2: Production and R&D - The production of robot electric joint modules has begun with small-scale trial production [2][5] - The company holds patents in various fields related to robot electric joint modules, including harmonic reducers and planetary reducers [2][3] - The company has made significant investments in R&D and has prepared technical personnel for the development of key components for humanoid robots [5][6] Group 3: Market Position and Financial Performance - In 2024, the company's overseas revenue accounted for 1.90% of total revenue, indicating a strong focus on the domestic market [5] - The company is committed to enhancing its management and operational efficiency to drive performance and value growth [4][6] - The company is optimistic about the future of the robot industry and is preparing for significant growth in this sector [4][6] Group 4: Collaborations and Partnerships - The company has established a joint venture with ZhiYuan Robotics to develop humanoid robot applications and expand market reach [5][6] - Due to confidentiality agreements, specific details about collaborations with major clients like Huawei cannot be disclosed [5][6]

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 本所律师已经按照《公司法》《证券法》《股东会规则》及《公司章程》的要求对公 司 2024 年年度股东大会的真实性、合法性发表法律意见，法律意见书中不存在虚假、严 重误导性陈述及重大遗漏，否则愿意承担相应的法律责任。 北京市康达律师事务所 关于富临精工股份有限公司 2024 年年度股东大会的法律意见书 法律意见书 本所律师同意将本法律意见书作为公司 2024 年年度股东大会的必备文件公告，并依 法对本所出具的法律意见承担责任。 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 康达股会字【202 ...

3、本次股东大会采用现场投票与网络投票表决相结合的方式表决。 一、会议召开和出席情况 2024年年度股东大会决议公告 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。 特别提示： 1、本次股东大会没有否决、增加或变更议案的情况发生； 2、本次股东大会不涉及变更前次股东大会决议的情况； 证券代码：300432 证券简称：富临精工 公告编号：2025-035 富临精工股份有限公司 （1）现场会议时间：2025年5月19日（星期一）下午14:30； （一）会议召开情况 2025年4月29日，富临精工股份有限公司（以下简称"公司"）董事会以公 告形式通知召开公司2024年年度股东大会。详见中国证监会指定的创业板信息披 露网站上的公告。本次会议具体召开情况如下： 1、会议召集人：公司董事会。 （2）网络投票时间：2025年5月19日； 2、会议召开方式：采取现场投票与网络投票相结合的方式。 3、会议召开日期和时间： 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5 月19日上午9:15-9:25，上午9:30-11:30和下午13:00-15:00； ...

智通财经APP获悉，民生证券发布研报称，人形机器人板块正从主题投资迈向成长投资，2025年有望成 为全球量产元年。技术端，大模型突破通用性瓶颈，DeepSeek低成本训练范式加速AGI落地；产业端， 特斯拉、英伟达、华为等科技巨头密集布局；政策端，政府工作报告明确，培育具身智能等未来产业， 大力发展智能机器人。预计2025年全球出货量将达万台级别，2027年特斯拉目标产能突破百万台，产业 链长期成长空间打开。 民生证券主要观点如下： 产业逻辑：AI赋能+巨头入局，三重驱动强化趋势 1)技术基座升级：非具身大模型实现任务分解与规划，具身大模型直接输出高频动作指令，AGI终极形 态下机器人将具备单模型闭环、主动理解与强适应能力。 2)场景成本突破：特斯拉Optimus将率先导入超级工厂，车端供应链复用推动售价降至2-3万美元，远期 规模效应下成本有望进一步下探。 3)政策密集催化：2025年政府工作报告首次将具身智能纳入未来产业培育，地方政策围绕技术攻关、产 业集群、应用示范三方面加码，形成"中央定调-地方落实"的立体支持体系。 供给维度：全球产业巨头形成多维共振 1)特斯拉：2025年计划出货数千台，2027年 ...

Group 1 - The humanoid robot industry chain has become a popular area for institutional research since the second quarter, with 52 companies being investigated by over 100 institutions each [1] - Among the companies, Zhongkong Technology has attracted significant attention, with 390 institutions conducting research on it since the second quarter [3] - Zhongkong Technology has launched its first self-developed humanoid robots, "Navigator 1" and "Navigator 2 NAVIAI," and plans to integrate its third-generation humanoid robot with DeepSeek's multimodal model Janus Pro for enhanced environmental perception and human-robot interaction [3] Group 2 - Lens Technology is actively expanding into new fields such as humanoid robots, AI glasses, and XR headsets, with 208 institutions conducting research on it since the second quarter [4] - Lens Technology has been involved in the smart robot sector since 2016, developing industrial robots like six-axis robots and AOI visual inspection robots, and is now focusing on core components for humanoid robots [4] - Fulin Precision has also garnered attention from 160 institutions, focusing on opportunities in the smart robot sector and key components like precision mechanical parts and robotic electric joints [4] - Fulin Precision has made advancements in the research and development of intelligent electric joint modules and has begun small-scale production of related products [4]

Core Insights - The public's interest in humanoid robots has surged following Tesla's release of a dancing robot video, leading to increased institutional research into the humanoid robot industry in China [1] Company Summaries - Zhongkong Technology (688777) has established a robot product business system in 2024, achieving revenue of 56.01 million yuan and signing new orders worth 167 million yuan. The company focuses on applications in process industries, including inspection and operation robots, and plans to implement AI-driven humanoid robots in high-risk industrial scenarios [2] - Zhaowei Electromechanical (003021) launched a dexterous hand product in November 2024, featuring 17 degrees of freedom and multi-modal sensing capabilities. The company aims to accelerate the commercialization of this product and enhance its technological leadership through AI-driven innovations [3] - Fulin Precision (300432) is a leader in the automotive precision parts sector and has begun small-scale production of key hardware for robots. The company plans to invest 110 million yuan in 2025 to build a production line for intelligent electric joints, anticipating rapid growth in related businesses [3][4] Industry Trends - The application of humanoid robots in industrial settings is gaining traction, with potential expansions into logistics, elder care, and healthcare. The commercial viability of these robots is expected to be significant [5] - The Ministry of Industry and Information Technology has issued guidelines for the innovation and development of humanoid robots, aiming to establish a competitive industrial ecosystem by 2027. The humanoid robot industry is projected to be a trillion-yuan market, indicating a strategic push towards this emerging sector [6]

Group 1 - The humanoid robot industry is experiencing increased institutional interest, with 52 companies being researched by over 390 institutions since Q2, indicating a strong trend towards commercialization and long-term development opportunities in the sector [1][2][3] - Companies like 中控技术 (Zhongkong Technology) and 蓝思科技 (Lens Technology) are actively investing in humanoid robot technology, with Zhongkong Technology planning to invest in a humanoid robot innovation center and launch its self-developed humanoid robots [1][2] - 富临精工 (Fulian Precision) is focusing on the development of key components for humanoid robots, including precision mechanical parts and intelligent electric joints, to capitalize on the growing demand in the robotics market [2][3] Group 2 - 领益智造 (Lingyi iTech) is accelerating its research and production of critical components for AI and robotics, providing essential hardware solutions for humanoid robots [3][4] - Companies are enhancing their technological capabilities and product offerings to meet the demands of the humanoid robot market, with 创世纪 (Genesis) and 安培龙 (Amperelong) developing customized products and sensors for robotic applications [4]