Market Overview - The electric motor sector increased by 0.76% compared to the previous trading day, with Sanxie Electric leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Sanxie Electric (code: 920100) closed at 90.90, up 14.15% with a trading volume of 83,700 shares and a transaction value of 736 million [1] - Fangzheng Electric (code: 002196) closed at 10.33, up 10.01% with a trading volume of 644,800 shares and a transaction value of 647 million [1] - Jiangte Electric (code: 002176) closed at 10.24, up 4.07% with a trading volume of 1,859,800 shares and a transaction value of 1889 million [1] - Other notable performers include Ananda (code: 603350) up 3.36% and Mingzhi Electric (code: 603728) up 2.49% [1] Fund Flow Analysis - The electric motor sector experienced a net outflow of 1.8 billion from institutional investors, while retail investors saw a net inflow of 733 million [2] - Notable stocks with significant fund flows include Fangzheng Electric with a net inflow of 229 million from institutional investors, despite a net outflow of 101 million from speculative funds [3] - Jiangte Electric also saw a net inflow of 146 million from institutional investors, with a net outflow of 40.62 million from speculative funds [3]

Group 1 - The company Jiangsu Leili (300660) reported that as of September 10, 2025, the total number of shareholders is 49,457 [1]

证券代码：300660 证券简称：江苏雷利 公告编号：2025-070 江苏雷利电机股份有限公司 关于召开 2025 年第二次临时股东会的提示性公告 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。 江苏雷利电机股份有限公司（以下简称"公司"）已于 2025 年 9 月 2 日在巨 潮资讯网上刊登了《关于召开 2025 年第二次临时股东会的通知》（公告编号： 2025-067）。本次股东会将通过现场会议与网络投票相结合的形式召开。根据中 国证监会相关规定，现将有关事宜提示如下： 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会。 2、股东会的召集人：江苏雷利电机股份有限公司董事会。 3、会议召开的合法、合规性：本次股东会的召集、召开符合有关法律、行 政法规、部门规章、规范性文件和公司章程的规定。 4、召开会议时间： （1）现场会议召开时间：2025 年 9 月 17 日（星期三）14:30。 （2）网络投票时间：2025 年 9 月 17 日 其中，通过深圳证券交易所（以下简称"深交所"）交易系统网络投票时间 为：2025 年 9 月 17 ...

Core Viewpoint - Jiangsu Leili Electric Co., Ltd. has shown significant stock performance and growth in revenue and profit, indicating a positive outlook for the company in the electric motor industry [1][2]. Financial Performance - As of August 29, 2025, Jiangsu Leili reported a revenue of 1.958 billion yuan, representing a year-on-year growth of 20.71%, and a net profit attributable to shareholders of 186 million yuan, with an increase of 8.45% [2]. - The company's stock price has increased by 100.92% year-to-date, with a recent 5-day increase of 3.13%, a 20-day increase of 8.26%, and a 60-day increase of 40.07% [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 12.42% to 46,800, while the average circulating shares per person increased by 14.18% to 9,536 shares [2]. - The top ten circulating shareholders include new entrants and increased holdings from existing shareholders, indicating a shift in institutional interest [3]. Business Overview - Jiangsu Leili specializes in the research, production, and sales of various electric motors and components, with a revenue composition that includes stepper motors (31.65%), MA motors and components (22.70%), and DC motors (14.07%) among others [2]. - The company was established on April 29, 2006, and went public on June 2, 2017, operating within the electric equipment industry [2].

Core Insights - The direct current micro special motor industry is experiencing steady growth in China, driven by increasing automation in manufacturing and expanding application fields [1][2][4] - In 2024, China's production of direct current micro special motors is projected to reach 15.5 billion units, with a demand of 13.5 billion units and a market size of 288.63 billion yuan, reflecting a slight increase from 2023 [1][2] - The industry is characterized by a competitive landscape involving multinational corporations, foreign enterprises, and domestic companies [5][6] Industry Definition and Classification - Direct current micro special motors are defined as motors with a diameter less than 160mm or a height not exceeding 90mm, with a rated power of less than 750W or having special performance and applications [2] - They are classified into permanent magnet DC motors and armature DC motors, and further into brushed and brushless DC motors [2] Current Development Status - The industry originated in developed countries like Germany and Switzerland, rapidly developed in Japan, and is now expanding in developing countries due to rising application demands [2][4] - The application fields have broadened from audio equipment and home appliances to include garden tools, medical devices, industrial automation, new energy vehicles, and robotics [1][2] Market Size and Projections - The market size for direct current micro special motors in China is expected to reach 296.42 billion yuan by 2025, with production and demand projected to grow to 16 billion units and 13.8 billion units, respectively [1][2] Industry Chain - The upstream of the industry includes raw materials such as copper, steel, enameled wire, and castings; the midstream involves R&D and manufacturing; and the downstream applications span consumer electronics, industrial automation, medical devices, and new energy sectors [4] Competitive Landscape - The global direct current micro special motor industry is highly concentrated, primarily dominated by companies from Europe, Japan, and China, with advanced technology still residing in developed nations [4][5] - Major global players include Nidec, Denso, Mitsuba, Minebea, Ziehl-Abegg, Ebm-Papst, Mabuchi, and Maxon Motor [4] Domestic Market Dynamics - Chinese companies in the direct current micro special motor sector include Wolong Electric, Dayang Electric, Innovera, Jiangsu Leili, Jinlong Electromechanical, and others [6] - Despite advancements in technology, domestic companies still face challenges in market competitiveness compared to international counterparts [5] Future Development Trends - The industry is adapting to national policies and economic conditions, focusing on strategic adjustments and optimization of industrial structure, manufacturing technology, production modes, and product performance [7]

Core Viewpoint - Jiangsu Leili Electric Co., Ltd. has shown significant stock performance and financial growth, with a notable increase in share price and revenue in recent periods [1][2]. Financial Performance - As of September 10, Jiangsu Leili's stock price increased by 2.33% to 52.78 CNY per share, with a total market capitalization of 23.6 billion CNY [1]. - Year-to-date, the stock price has risen by 94.97%, with a 5-day increase of 5.71%, a 20-day increase of 9.23%, and a 60-day increase of 46.73% [1]. - For the first half of 2025, the company reported revenue of 1.958 billion CNY, representing a year-on-year growth of 20.71%, and a net profit of 186 million CNY, up 8.45% year-on-year [2]. Shareholder Information - As of August 29, the number of shareholders decreased by 12.42% to 46,800, with an average of 9,536 circulating shares per shareholder, an increase of 14.18% [2]. - The company has distributed a total of 960 million CNY in dividends since its A-share listing, with 464 million CNY distributed in the last three years [3]. Business Overview - Jiangsu Leili specializes in the research, production, and sales of various electric motors and components, with its main revenue sources being household appliance motors (57.12%), automotive motors (19.34%), industrial control motors (12.97%), and medical equipment motors (6.26%) [2]. - The company is classified under the power equipment industry, specifically in the motor sector, and is involved in several concept sectors including reducers and automotive thermal management [2]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include Yongying Advanced Manufacturing Mixed Fund and Huaxia CSI Robot ETF, with changes in their holdings indicating active interest in the company [3].

Group 1 - Jiangsu Leili Electric Co., Ltd. experienced a stock price increase of 5.64% on September 8, reaching 52.63 CNY per share, with a trading volume of 247 million CNY and a turnover rate of 1.07%, resulting in a total market capitalization of 23.533 billion CNY [1] - The company, established on April 29, 2006, and listed on June 2, 2017, specializes in the research, production, and sales of household appliances, automotive micro-special motors, intelligent components for medical instruments, industrial control motors and components, and related parts [1] - The revenue composition of Jiangsu Leili includes: 57.12% from household appliance motors and components, 19.34% from automotive motors and parts, 12.97% from industrial control motors and components, 6.26% from medical and sports health motors and components, and 4.30% from other sources [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Jiangsu Leili, having increased its holdings by 717,200 shares in the second quarter, totaling 1.6727 million shares, which represents 0.37% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 64.953 billion CNY, achieving a year-to-date return of 22.9% and ranking 1832 out of 4222 in its category; over the past year, it has returned 59.53%, ranking 1314 out of 3795 [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 307 days, managing a total fund size of 94.976 billion CNY, with the best fund return during the tenure being 137.42% and the worst being -17.29% [3]

Core Insights - The humanoid robot sector index increased by 28.66% in the first half of 2025, significantly outperforming other tech sectors like AI and new energy vehicles, with total market capitalization rising from 1.17 trillion yuan to 6.03 trillion yuan, a 415% increase [1] - The performance of the humanoid robot sector shows a divergence, with core component companies leading due to technological breakthroughs and economies of scale, while system integration companies face challenges such as high R&D costs and long payment cycles [2] Company Performance - Among 16 major listed companies in Jiangsu, 12 reported profits while 4 incurred losses, with total R&D investment amounting to 689 million yuan [1] - Leading companies in core components, such as reducers, motors, and screws, have maintained gross margins above 35%, while system integrators struggle with profitability [2] - Green Harmonic, a leader in harmonic reducers, achieved revenue and net profit growth in the first half of the year, with R&D investments leading to a unique technology that extends the reducer's testing life to 12,000 hours and reduces costs by 30%-50% compared to imports [2] R&D and Innovation - Jiangsu Leili produces key components like "joints and dexterous hands," which account for 20%-30% of the total cost of humanoid robots, and has increased R&D expenses by 14.51% year-on-year [3] - Hengli Hydraulic views investments in emerging sectors as a "second curve" for growth, with projections of revenue reaching 80 million to 100 million yuan from new industrial screw products [3] - Companies are actively investing in R&D to enhance their technological capabilities and product offerings, with a focus on advanced technologies like hollow cup motors and planetary roller screws [3] Market Trends - The humanoid robot sector is experiencing rapid growth driven by policy support, capital investment, and technological advancements, with applications expanding from industrial to service sectors [4][5] - Companies like Estun and Tianqi are launching humanoid robots for industrial applications, indicating a shift towards practical deployment in various sectors [4] - The market for humanoid robots is projected to grow significantly, with predictions that the period from 2025 to 2027 will be crucial for companies to establish their technologies in broader commercial service areas [5] Investment and Financing - The humanoid robot industry has seen over 24 billion yuan in financing by July 2025, surpassing the total for the previous year, indicating strong market interest [6] - New players in the complete machine sector are emerging, with significant investments and product launches aimed at various applications, including banking and education [6] - Companies are forming strategic partnerships and making investments to strengthen their positions in key components and core technologies, as seen with Baoxin Technology's investment in Suzhou Jicui Intelligent Manufacturing [5][6] Challenges and Future Outlook - New entrants face challenges related to technological iteration and mass production capabilities, with the industry moving towards standardized production processes [7] - The valuation logic in the capital market is shifting from speculative concepts to performance-based metrics, emphasizing the importance of scalable revenue and positive cash flow [7]

Core Insights - Tesla's Optimus humanoid robot has sparked a global supply chain frenzy, with four notable A-share companies—Zhaowei Electromechanical, Leisai Intelligent, Mingzhi Electric, and Jiangsu Leili—gaining attention as they enter Tesla's robot supply chain [1][2] - The focus of these companies is on the lucrative market for dexterous hands, with projections indicating a market size nearing 100 billion yuan by 2030 if humanoid robot production exceeds 3 million units [2][3] Company Strategies - Zhaowei Electromechanical has adopted a dual approach of product development and ecosystem building, launching its first dexterous hand product in November 2024 and establishing a subsidiary dedicated to dexterous hand technology [5][6] - Leisai Intelligent has been proactive, forming multiple subsidiaries focused on high-density motors and dexterous hand solutions, and has already secured several commercial orders, indicating significant growth potential [6][7] - Jiangsu Leili is taking a more cautious approach, leveraging academic resources for dexterous hand R&D while exploring various technical routes, including cable-driven designs [7][8] - Mingzhi Electric, while less visible in the dexterous hand market, has established itself as a potential supplier for Tesla's hollow cup motors, with expectations for mass supply starting in Q1 2026 [8][12] Technical Comparisons - The dexterous hands from Zhaowei and Leisai both feature 20 degrees of freedom, but differ in their actuation methods, with Zhaowei using direct drive and Leisai employing a linkage system [10][11] - Leisai's dexterous hand boasts a superior load capacity of 40 kg per hand and 10 kg per finger, making it particularly suited for industrial applications [11][12] - Pricing strategies vary, with Zhaowei's products priced between 40,000 to 50,000 yuan, while Leisai's offerings are expected to be under 10,000 yuan, highlighting competitive positioning in the market [12] Financial Performance - In the first half of 2025, Zhaowei Electromechanical reported a revenue of 787 million yuan, a 21.93% increase, while Leisai Intelligent achieved 891 million yuan, an 8.28% increase [13][14] - Jiangsu Leili, despite being the largest in terms of revenue, reported a negative free cash flow of -17.5 million yuan, indicating financial challenges [13][14] - Mingzhi Electric experienced a 32.66% decline in net profit due to operational challenges, while Zhaowei and Leisai demonstrated strong cash flow positions, essential for future investments [14]

Core Insights - Tesla's Optimus humanoid robot has sparked significant interest in the supply chain, particularly for four A-share companies: Zhaowei Electromechanical, Lead Intelligent, Mingzhi Electric, and Jiangsu Leili, as they are now part of Tesla's robot supply chain [1] - The focus of these companies has shifted towards the lucrative market of dexterous hands, with a projected market size nearing 100 billion yuan by 2030, driven by the anticipated production of over 3 million humanoid robots [2][3] Company Strategies - Zhaowei Electromechanical has adopted a dual approach of product development and ecosystem building, launching its first dexterous hand product in November 2024 and establishing a subsidiary dedicated to this technology [4] - Lead Intelligent has been proactive, forming multiple subsidiaries focused on high-density motors and dexterous hand solutions, and has already secured several commercial orders [5] - Jiangsu Leili is taking a more cautious approach, leveraging academic resources for dexterous hand development while exploring various technical routes [6] - Mingzhi Electric has gained recognition as a potential supplier for Tesla's hollow cup motors but has not yet made significant moves in the dexterous hand market [7] Technical Comparisons - The dexterous hands from Zhaowei Electromechanical and Lead Intelligent both offer 20 degrees of freedom, while Jiangsu Leili's design boasts 22 degrees, indicating a competitive edge in flexibility [9][10] - Lead Intelligent's dexterous hand can support a load of up to 40 kg, significantly higher than its competitors, which positions it favorably for industrial applications [10] - Pricing strategies vary, with Zhaowei Electromechanical's products priced between 40,000 to 50,000 yuan, while Lead Intelligent aims to keep its offerings under 10,000 yuan [11] Financial Performance - In the first half of 2025, Zhaowei Electromechanical reported a revenue of 787 million yuan, a 21.93% increase, while Lead Intelligent achieved 891 million yuan, an 8.28% increase [12] - Jiangsu Leili, despite being the largest in terms of revenue, reported a negative free cash flow of -17.5 million yuan, indicating financial strain [12][13] - Mingzhi Electric experienced a 32.66% decline in net profit due to operational challenges, highlighting the competitive pressures within the industry [13]