Core Viewpoint - The company, Zhenyu Technology, is focusing on the development of precision components for smart hands, transmission mechanisms, and drive mechanisms, leveraging its expertise in the mold industry and motor core stamping resources accumulated over the years [1] Group 1: Company Focus Areas - The company is emphasizing the layout of smart hand structural components (skeletons) [1] - The company is developing transmission mechanisms, including micro rolling screw, micro ball screw, worm gear, and micro gearbox [1] - The company is also working on drive mechanisms, specifically brushless slotless motors [1]

Core Viewpoint - The company, Zhenyu Technology, is set to start the construction of its Serbia factory in June 2024, having officially commenced production in November 2023, focusing primarily on the stamping business for drive motor cores [1] Group 1: Company Developments - The Serbia factory will primarily engage in the stamping business for drive motor cores, with plans to expand into other business areas [1] - The company is currently planning investments in overseas regions such as Mexico, based on the progress of new business and customer requirements [1]

Core Viewpoint - The company, Zhenyu Technology, is leveraging its expertise in precision manufacturing to develop components for humanoid robots, indicating a strategic expansion into the robotics industry [1] Group 1: Industry Insights - The robotics industry requires a significant amount of precision components, which aligns with the company's capabilities in precision mold manufacturing [1] - The company has begun independent research and development of planetary roller screws and other precision parts necessary for humanoid robots since the second half of 2023 [1] Group 2: Company Capabilities - The company's established precision manufacturing system in the field of precision progressive stamping molds ensures it can provide comprehensive solutions to clients [1] - The company has extensive experience in the complete development cycle of the new energy vehicle industry, which contributes to its ability to ensure quality consistency and continuous cost reduction in large-scale production of precision components [1]

答:公司2024年6月开始启动塞尔维亚工厂的建设，今年11月份已正式投产，目前以驱动电机铁芯冲压业 务为主，预留了拓展其他业务的空间。同时，公司根据新业务的进展及相关客户的要求，目前正计划在 墨西哥等海外区域投资布局。 格隆汇12月12日丨震裕科技(300953.SZ)在投资者关系中表示，有被问到:公司海外生产基地布局的情 况？ ...

答:公司2024年6月开始启动塞尔维亚工厂的建设，今年11月份已正式投产，目前以驱动电机铁芯冲压业 务为主，预留了拓展其他业务的空间。同时，公司根据新业务的进展及相关客户的要求，目前正计划在 墨西哥等海外区域投资布局。 格隆汇12月12日丨震裕科技(300953.SZ)在投资者关系中表示，有被问到:公司海外生产基地布局的情 况？ ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 6.593 billion CNY, representing a year-on-year growth of approximately 31.47% [1] - The net profit attributable to shareholders reached 412 million CNY, with a year-on-year increase of about 138.93% [1] - The net profit excluding non-recurring items was 398 million CNY, showing a year-on-year growth of approximately 153.42% [1] - Revenue from lithium battery structural components grew by over 45% in the first three quarters [1] Group 2: Future Outlook - The company expects strong growth in the fourth quarter of 2025 and into 2026, driven by robust demand in the downstream energy storage battery market [2] - The company aims to maintain the growth momentum of structural components in 2026, targeting a similar growth rate as in 2025 [3] Group 3: New Business Development - The company has established a subsidiary focused on the design and manufacturing of precision components for humanoid robots, leveraging its expertise in ultra-precision mechanical parts [1][4] - The company has begun independent research and development of components required for humanoid robots, including planetary roller screws and motor components [4] - The company has seen a noticeable increase in orders from the robotics sector, particularly for dexterous hand components [5] Group 4: Production and Technological Advancements - The company has made significant progress in product iteration, achieving a 22.5% weight reduction and a 13% decrease in surface temperature for its actuator modules [6] - The company has launched its Serbian factory, which began operations in June 2024, primarily focusing on the stamping of motor core components [8] Group 5: Market Risks - The humanoid robot industry is still in its early stages, and while the company is optimistic about long-term growth, there are significant uncertainties and investment risks involved [5][8]

证券代码：300953 证券简称：震裕科技 公告编号：2025-121 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 近日，公司全资子公司苏州范斯特机械科技有限公司（以下简称"苏州范斯 特"）使 ...

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].