证券代码：300953 证券简称：震裕科技 公告编号：2025-120 宁波震裕科技股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 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。 宁波震裕科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召 开第五届董事会第九次会议、第五届监事会第七次会议，审议通过了《关于使用 闲置募集资金进行现金管理的议案》，同意公司募投项目实施主体暨全资子公司 在确保不影响募集资金投资项目建设、不影响公司正常运营及确保资金安全的情 况下，使用不超过人民币 2.5 亿元（含本数）的闲置募集资金进行现金管理，使 用期限自董事会审议通过之日起 12 个月内有效。在上述额度和期限内，资金可 循环滚动使用。具体内容详见公司于 2025 年 10 月 28 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于使用闲置募集资金进行现金管理的公告》。 （公告编号：2025-104）。 一、本次使用闲置募集资金购买现金管理产品的情况 近期，公司全资子公司宁波震裕汽车部件有限公司（以下简称"宁波震裕汽 车部件" ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector continues to rebound, entering an upward channel, with the core company index rising by 5.54%, outperforming the broader market [12][11] - Multiple factors contributed to the unexpected strength of the rebound, including prior adjustments in the sector, advancements in Tesla's Optimus robot, and anticipated supportive policies from the U.S. government [4][12] - The year 2026 is projected to be a milestone for humanoid robot mass production, with significant catalysts expected [4][40] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot sector index and leading stocks have shown a continued rebound, with the core company index increasing by 5.54% during the week of December 1 to December 5, 2025 [12][11] - The top five performers included Hengli Hydraulic (+11.53%), Siling Co. (+10.07%), and Wuzhou Xinchun (+9.24%) [12][14] Optimus Robot Development - Tesla's Optimus robot is progressing towards mass production, with recent demonstrations showcasing its running capabilities, achieving speeds of 2.5-3 m/s [5][16] - The U.S. government is expected to introduce supportive policies for the robot industry, which may accelerate development and enhance market confidence [31][33] - The domestic industrialization process is also speeding up, with leading companies preparing for capital market entry [34][38] Investment Opportunities - Key investment opportunities are identified in the supply chain, including components such as head assemblies, bearings, and structural parts [27][30] - Specific companies recommended for investment include Lens Technology, Minth Group, and Wuzhou Xinchun, among others [6][30] - The report emphasizes the importance of technological upgrades and supply chain integration to support mass production [27][30]

Core Viewpoint - The report highlights the challenges faced by the lithium battery industry due to intense competition leading to price declines that have surpassed cash costs for many companies [1][2]. Industry Overview - The lithium battery supply chain has seen significant expansion, with market shares for domestic anode, cathode, electrolyte, and separator materials projected to reach 90%, 97%, 85%, and 83% respectively by the end of 2024 [1][2]. - Financially, the net profit margins for various materials in Q4 2024 are concerning, with cathode materials at -2.2%, anode materials at 1.9%, separators at -22%, electrolytes at 0.6%, and copper foil at -4.2%, indicating widespread losses across the industry [2]. Government and Industry Response - The Ministry of Industry and Information Technology (MIIT) has organized discussions to address irrational competition in the battery sector, emphasizing the need for policy measures to regulate capacity and enhance product quality [1][3]. - Industry associations have held multiple meetings to combat internal competition, fostering a consensus among companies to improve the situation [3]. Market Outlook - There is optimism for price increases and performance recovery, as processing fees for key materials have risen significantly, with increases of 215% for lithium hexafluorophosphate and 245% for vinyl carbonate since the second half of the year [3]. - The production of battery cells and materials has shown a positive trend, with a 7% month-on-month increase in November for cell production and a 2-3% increase for material production, driven by demand recovery [3]. Investment Recommendations - The report suggests a positive outlook for the industry, recommending investments in segments with strong certainty and potential for growth, particularly in electrolytes, additives, copper foil, and lithium iron phosphate [4]. - Specific companies to watch include Huasheng Lithium Battery, Jiayuan Technology, Putailai, and others, indicating a focus on firms positioned to benefit from the anticipated recovery [4].

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

Core Viewpoint - The company has experienced a significant increase in orders from the robotics industry since the beginning of the fourth quarter, although these orders still represent a small proportion of its overall revenue [1] Group 1: Company Performance - The company reported a substantial revenue base of approximately 6.6 billion yuan in the first three quarters [1] - The production scheduling has shown a month-on-month increase over the past two months due to robust downstream orders [1] Group 2: Industry Trends - There has been a noticeable growth in orders for dexterous hand components and assemblies within the robotics sector [1]

Core Viewpoint - The company has experienced a significant increase in orders from the robotics industry since the fourth quarter, particularly in the components and parts for dexterous hands, although these orders still represent a small proportion of the overall business revenue [1] Group 1: Business Performance - The company's main business revenue was approximately 6.6 billion yuan in the first three quarters [1] - Despite the rapid growth in robotics-related orders, they still account for a minimal share of the total revenue [1] - The company has seen a month-on-month increase in production scheduling over the past two months due to robust downstream orders [1]

Core Viewpoint - The company has diversified its equipment supply chain to mitigate risks associated with international relations affecting delivery times and technical service responsiveness [1] Group 1: Supply Chain Management - The company has achieved a diversified layout in its equipment supply chain, with a significant portion of production line equipment sourced from domestic brands [1] - Most of the imported equipment's core manufacturing and technical service processes have been localized [1] - The company has prepared mature alternative solutions for critical equipment to ensure overall supply chain risk remains controllable [1] Group 2: Competitive Positioning - The company acknowledges the competitive advantage of domestic brands like Yizhiming, which offer "close service" and quick response times [1] - Investors are encouraged to directly inquire with relevant companies regarding their equipment offerings and services [1]

Group 1 - The company is a core supplier of robotic joint assemblies for Tesla [1] - Inquiry about the involvement in high-precision injection molding manufacturing [1] - Questions raised regarding the introduction of domestic brands like Yizhiming for injection equipment and their advantages over Japanese equipment in terms of delivery cycles and maintenance costs [1] Group 2 - The company is considering increasing the replacement of domestic equipment [1]

Group 1 - The company (300953.SZ) is inquiring about the use of magnesium alloy semi-solid injection molding technology from Yizhiming (300415) in the manufacturing of humanoid robot joints or reducer shells [1] - The company has not confirmed whether it has entered the sampling or customer validation stage for this technology [1]

Core Insights - Zhenyu Technology's stock price decreased by 2.12% on November 21, with a trading volume of 643 million yuan [1] - The company reported a significant increase in revenue and net profit for the first nine months of 2025, with revenue reaching 6.593 billion yuan, a year-on-year growth of 31.47%, and net profit of 412 million yuan, a year-on-year increase of 138.93% [2] Financing and Margin Trading - On November 21, Zhenyu Technology had a financing buy-in amount of 37.78 million yuan and a financing repayment of 75.50 million yuan, resulting in a net financing outflow of 37.72 million yuan [1] - The total financing and margin trading balance for Zhenyu Technology was 743 million yuan, with the financing balance accounting for 3.05% of the circulating market value, which is below the 50th percentile level over the past year [1] - The company had a margin trading balance of 2.738 million yuan, which is above the 70th percentile level over the past year, indicating a relatively high level of short selling activity [1] Shareholder and Dividend Information - As of November 20, the number of shareholders for Zhenyu Technology was 21,200, a decrease of 4.16% from the previous period, while the average circulating shares per person increased by 4.34% to 5,864 shares [2] - Since its A-share listing, Zhenyu Technology has distributed a total of 70.50 million yuan in dividends, with 40.43 million yuan distributed over the past three years [3] - Notable changes in institutional holdings include a decrease in shares held by Yongying Advanced Manufacturing Mixed Fund and Penghua Carbon Neutrality Theme Mixed Fund, while Hong Kong Central Clearing Limited and Southern CSI 1000 ETF entered as new shareholders [3]