Core Viewpoint - The company has terminated significant investment projects in the lithium battery structural components sector due to a fundamental shift in market expectations and overcapacity concerns, reflecting a need to reassess its expansion strategy [1][2][3] Group 1: Project Termination and Market Conditions - The company announced the termination of a 1 billion yuan investment project in Yichun, Jiangxi, which was initially planned in March 2023 amid a booming lithium battery market [1] - The actual investment at the time of termination was only 4.96% of the planned amount, with 49.64 million yuan already spent primarily on equipment that will be relocated [1][2] - The company had previously terminated another 500 million yuan project in Yibin, Sichuan, citing a need to concentrate resources on key business areas [1][2] Group 2: Financial Performance and Challenges - In 2024, the company reported revenue of 7.129 billion yuan, an 18.45% year-on-year increase, and a net profit of 254 million yuan, a staggering 493.77% increase [2] - However, the company's total liabilities reached 8.432 billion yuan, with a debt-to-asset ratio of 73.80%, significantly above the healthy level for manufacturing firms [2] - The company has faced continuous negative operating cash flow for five years, with cash and cash equivalents at 1.026 billion yuan, only covering 17.28% of current liabilities [2] Group 3: Strategic Shifts and New Ventures - The company is experiencing pressure from major clients like CATL and BYD, which have strong bargaining power, affecting the company's cash flow and payment terms [3] - Alongside project terminations, the company has also delayed other projects, such as the annual production of 900 million lithium battery tops, pushing the completion date from the end of 2024 to the end of 2025 [3][4] - The company has initiated a new venture into humanoid robot precision components, although this segment has contributed minimally to revenue, highlighting the uncertainty in its strategic pivot [4]

Group 1 - The controlling shareholders of Zhenyu Technology (300953), Jiang Zhenlin and Hong Ruidi, along with their concerted parties, increased their shareholding from 45.9300% to 46.1638% [1] - After excluding repurchased shares, the shareholding ratio was diluted from 46.9279% to 46.8796% due to the conversion of convertible bonds and the annual equity distribution for 2024 [1]

证券代码：300953 证券简称：震裕科技 公告编号：2025-072 宁波震裕科技股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例 被动变动的公告 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、宁波震裕科技股份有限公司（以下简称"公司"）控股股东、实际控制 人蒋震林先生、洪瑞娣女士及其一致行动人宁波震裕新能源有限公司、宁波聚信 投资合伙企业（有限合伙）（以下简称"控股股东、实际控制人及其一致行动人"） 本次持股比例由 45.9300%被动增加至 46.1638%，剔除回购股份后持股比例由 46.9279%被动稀释至 46.8796%，系可转换公司债券（以下简称"可转债"）转 股及公司 2024 年年度权益分派所致。 2、本次控股股东、实际控制人及其一致行动人持股比例被动变动，不会使 公司控股股东、实际控制人发生变化，亦不会对公司治理结构及持续经营产生重 大影响。 一、本次持股比例变动情况 截至 2025 年 4 月 17 日，公司总股本 124,543,649 股（包含回购股份数量 2,648,525 股，将用于实施员工持股计划 ...

Summary of Conference Call Records Company and Industry Involved - **Companies**: - Zhenyu Technology (震裕科技) - Tianyang Technology (天阳科技) - Yongtai Technology (永太科技) - **Industries**: - Robotics - Lithium Battery Materials - Stablecoins and Credit Card Services Key Points and Arguments Zhenyu Technology 1. **Entry into Robotics**: The company is fully entering the robotics field starting from lead screws, planning to build a fully automated production line by 2025. The focus is on precision components and components for robotics, leveraging experience from the new energy vehicle industry [1][2] 2. **Production Capacity**: Two semi-automated production lines for planetary roller screws have been established, with an average daily capacity of 100 sets. A fully automated production line is planned for 2025 to enhance consistency and stability in large-scale production [2] 3. **Product Development**: The company has successfully developed micro lead screw products and received small batch orders for precision components. Some robotic products have already been delivered in small quantities, generating revenue [3] Tianyang Technology 1. **Demand for Stablecoins**: There is a strong demand for stablecoins in the real economy, particularly in cross-border e-commerce and trade, due to their advantages over traditional bank settlements [5][7] 2. **Stablecoin Credit Card Product**: The company is promoting a credit card product that allows users to recharge using stablecoins. The technology for integrating blockchain stablecoin wallets is mature [8] 3. **Market Position**: Tianyang Technology is ranked first in the domestic credit card sector, with over 20 years of development history, establishing itself as a key partner in the payment ecosystem [9] Yongtai Technology 1. **Lithium Battery Material Profitability**: The profitability of the lithium battery materials sector is gradually improving, with a 34% year-on-year increase in structural component revenue in Q1 2025. The company expects continued rapid growth in revenue and profitability due to scale effects [4] 2. **Supply and Demand Balance**: The supply-demand balance for lithium hexafluorophosphate is improving, with a concentration of supply and steady growth in demand from the power and energy storage sectors [11] 3. **Production Efficiency**: The company has increased its production capacity for liquid dual fluorine to 67,000 tons per year, with rising utilization rates and reduced production costs due to process optimization [12] Other Important but Potentially Overlooked Content - The integration of stablecoins into credit card systems is seen as a significant innovation that could enhance transaction efficiency in international trade [7] - The focus on automation and efficiency in production lines across all companies indicates a broader industry trend towards technological advancement and cost reduction [4][12]

Macro Insights - The Caixin China Manufacturing PMI fell to 48.3 in May, marking the first contraction since October of the previous year, with production and new orders both dropping to their lowest levels since December 2022 and October 2022 respectively [3] - The OECD has revised down its global GDP growth forecast for 2025 to 2.9%, previously at 3.1%, and also lowered the 2026 forecast from 3.0% to 2.9% [4] Bond Market Insights - In May, the issuance of ETFs experienced a decline for the fourth consecutive month, with only 11.068 billion units issued, the lowest in five months, while bond funds dominated the market with a 55.07% share [6] Corporate Alerts - Longshan City Investment announced that its chairman is under investigation for serious violations of discipline and law [7] - The Shaanxi Xixian New Area Development Group has 70.399 billion yuan in restricted assets, accounting for 88.87% of its net assets, with overdue financing amounts reaching 443 million yuan [8] - Shenzhen Longguang Holdings announced that its restructuring and grace period proposals were not approved, with total debts of 27.8532 billion yuan as of April 30, 2025 [9] - The Qinhan New City project has generated only 8.1 million yuan in revenue against an expected 260.2 million yuan due to macroeconomic slowdown [10] - Wenzhou Public Utilities Group reported an increase in borrowings of 3.824 billion yuan, representing 29.52% of its net assets as of the end of the previous year [11] Stock Market Insights - The Shenzhen Component Index and ChiNext Index will undergo sample adjustments, effective June 16, with multiple stocks being added [13] - NIO reported a Q1 2025 adjusted net loss of 6.279 billion yuan, compared to a net loss of 4.903 billion yuan in the same period last year [15] Industry Alerts - The Ministry of Commerce responded to the EU's proposed restrictions on Chinese companies participating in public procurement for medical devices, condemning it as a discriminatory measure [36] - The National Federation of Industry and Commerce's automotive dealers' association called for a resistance against "involutionary" competition, particularly price wars [37] - The domestic refined oil prices have increased for the fourth time this year, with gasoline and diesel prices rising by 65 yuan and 60 yuan per ton respectively [39] - The China Coal Transportation and Marketing Association reported weak coal consumption since April, with high inventory levels and declining prices [40]

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - In May 2025, new energy vehicle deliveries from various manufacturers totaled 311,797 units, representing a year-on-year increase of 53% and a month-on-month increase of 41%. Zeekr led the sales with 46,538 units, showing a year-on-year increase of 150% and a month-on-month increase of 239% [5]. - Cumulative deliveries of new energy vehicles from domestic manufacturers reached 1,143,627 units by May 2025, reflecting a year-on-year increase of 327% [5]. - The report highlights that battery components are the most valuable parts of electric vehicles, suggesting a focus on upstream supply chains due to stable delivery growth from new energy vehicle manufacturers [5]. Summary by Sections Industry Basic Data - The electric vehicle industry comprises 300 listed companies with a total market capitalization of 48,588.68 billion and a circulating market capitalization of 42,362.62 billion [2]. Relative Index Performance - The absolute performance of the industry over the past month is 2.5%, with a 6-month performance of -8.5% and a 12-month performance of 3.3%. The relative performance shows a 0.6% increase over the past month, a -6.5% decrease over 6 months, and a -3.5% decrease over 12 months [3]. Delivery Performance - The report details the delivery performance of various new energy vehicle manufacturers in May 2025, with significant year-on-year growth for brands like Xiaopeng (230%), Li Auto (17%), and others, indicating a robust market demand [5].

关于终止对外投资的进展公告 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 证券代码：300953 证券简称：震裕科技 公告编号：2025-071 二、协议书主要内容 甲方：宜春经济技术开发区管理委员会 乙方：宁波震裕科技股份有限公司 1、合同解除 甲乙双方同意解除 2023 年 5 月 23 日签订的《投资合同书》和《补充合同》。 宁波震裕科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开 了第五届董事会第五次会议，审议通过了《关于终止对外投资的议案》，公司决 定终止在江西宜春投资建设的新能源电池壳体生产项目。公司已就解除相关投资 协议与宜春经济技术开发区管理委员会进行协商无原则性障碍，并后续将签署书 面解除协议。具体内容详见公司于 2025 年 4 月 22 日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的《关于终止对外投资的公告》（公告编号： 2025-053）。现将相关事项进展情况公告如下： 一、终止对外投资进展情况 近日，公司与宜春经济技术开发区管理委员会签署了《解除合同协 ...

Group 1: Company Overview and Financial Performance - Ningbo Zhenyu Technology Co., Ltd. specializes in precision progressive stamping molds and downstream precision components, with a comprehensive manufacturing system [1][2] - In 2024, the company achieved a revenue of CNY 7.129 billion, a year-on-year increase of approximately 18.45%, and a net profit of CNY 254 million, up about 494% [2] - The revenue from lithium battery components reached CNY 4.24 billion, a growth of 30%, while the motor core revenue was CNY 1.51 billion, a decline of about 12% [2] Group 2: Business Strategy and 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 manufacturing [1][2] - The strategic framework is described as "one body, two wings, and four dimensions," indicating a diversified approach to growth [2] - The company plans to build a fully automated production line for planetary roller screws in 2025, enhancing production consistency and scalability [5][7] Group 3: Risk Management and Future Outlook - The company warns that the growth in emerging industries, such as robotics, may involve significant investment risks due to long development cycles and market uncertainties [1][4] - Despite the promising growth in the lithium battery sector, the company anticipates that the revenue contribution from robotics will remain small in the near term [7][8] - The management expects continued revenue growth across all business units in 2025, driven by domestic economic recovery [8] Group 4: Operational Efficiency and Cost Management - The company has improved operational efficiency through refined management practices, resulting in a decrease in employee numbers while increasing revenue [4] - The first quarter of 2025 saw a revenue of CNY 1.793 billion, a year-on-year increase of approximately 24.24% [2] - The company is focused on enhancing cash flow management, with expectations of improvement in operating cash flow due to better profitability and receivables management [7]

Core Insights - Zhenyu Technology (震裕科技) held a product launch event on May 28, showcasing its latest advancements in humanoid robot components [1] - The company focuses on precision progressive stamping molds and downstream precision structural components, with applications in various industries including home appliances, new energy lithium batteries, automotive, and industrial control [1] - A wholly-owned subsidiary, Ningbo Martin Robotics Technology Co., Ltd., was established in September 2024 to focus on the design and manufacturing of precision components for humanoid robots [1] Group 1 - The chairman of Zhenyu Technology emphasized that the demand for emerging industries ultimately revolves around materials, structures, and manufacturing capabilities [2] - The company is not starting from scratch in the robotics sector but leveraging existing capabilities to build a new technological framework [2] - The actuator is identified as a critical component for the mass production of humanoid robots, requiring reliability, low cost, and the ability to be manufactured in bulk [2] Group 2 - Zhenyu Technology has developed a range of products in its robotics business, including planetary roller screw, linear actuators, robotic dexterous hands, and precision components for skeletons [2] - The company has established two semi-automated production lines for planetary roller screws, achieving an average daily capacity of 100 sets [2] - A comprehensive testing laboratory for screws has been set up to independently verify key parameters such as lead accuracy and transmission efficiency [2] Group 3 - Building on its expertise in reverse planetary roller screws, Zhenyu Technology has successfully designed and developed multiple linear actuator products [3] - The newly launched actuator system includes four self-developed modules: roller screw, lightweight reducer, high-density motor core, and integrated drive control module [3] - The company is steadily advancing collaborations with domestic and international humanoid robot manufacturers, with products validated by multiple clients and generating sales revenue [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown significant improvement in profitability from lithium battery structural components and has a promising outlook for its robotics business [4][6]. - The company has established a solid foundation in precision manufacturing and is expanding into the emerging field of humanoid robotics, with successful product testing and small-scale deliveries [4][6][58]. Summary by Sections Company Overview - The company, Zhenyu Technology, started as a precision mold manufacturer and has evolved to focus on precision lithium battery structural components and electric motor cores, while also venturing into humanoid robotics [4][19]. - The company was listed on the Shenzhen Stock Exchange in 2021 and has been expanding its business since then, including the establishment of a subsidiary for robotics in 2024 [4][6]. Financial Performance - In 2023, the company reported revenue of 6,019 million yuan, a year-on-year increase of 4.63%, but a net profit of 43 million yuan, down 58.73% year-on-year due to various operational challenges [4][23]. - The company expects significant revenue growth in the coming years, with projected revenues of 91.14 billion yuan in 2025, 114.54 billion yuan in 2026, and 140.51 billion yuan in 2027 [12][25]. Market Position and Growth - The company has maintained a stable market share in the lithium battery structural component sector, with revenues from this segment increasing from 23.7 billion yuan in 2021 to 57.5 billion yuan in 2024 [7][43]. - The global market for lithium battery structural components is projected to grow significantly, with estimates of 557.4 billion yuan by 2025 [42]. Robotics Business Development - The company has made strides in the robotics sector, establishing a subsidiary and developing key components such as planetary roller screws and linear actuators, with successful testing and initial deliveries to clients [58][63]. - The humanoid robotics market is expected to grow substantially, with projections indicating a market size of 642.22 billion yuan by 2030 [54][56].