Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The demand for lawn and pool robots is surging due to technological upgrades, with domestic companies competing vigorously [5] - The global lawn mower market is projected to reach $10 billion by 2024, with a compound annual growth rate (CAGR) of 2% from 2013 to 2023 [3] - The penetration rate of robotic lawn mowers is expected to increase significantly, driven by advancements in technology [3][29] Summary by Sections 1. Overseas Lawn Demand and Market Size - The lawn care culture in Europe and the U.S. has led to a substantial market for lawn mowers, with 180 million private gardens [3][12] - The global lawn mower market is expected to reach approximately $10.8 billion in 2024, with a CAGR of 2.1% from 2013 to 2023 [13][15] 2. Rapid Iteration of Boundaryless Smart Lawn Mowers - The introduction of RTK satellite differential positioning technology has significantly improved the performance of robotic lawn mowers, leading to a sales explosion [3][30] - By the first half of 2025, global sales of robotic lawn mowers are expected to grow by 327% year-on-year, reaching 2.34 million units [29] 3. Competitive Landscape of the Robotic Lawn Mower Industry - Traditional leaders like Husqvarna and Worx still hold significant market share, but domestic companies such as Ninebot, Ecovacs, and Mamotion are rapidly gaining ground [40][42] - Domestic companies are leveraging technological advantages and innovative product iterations to capture market share in overseas markets [42] 4. Pool Robot Market Dynamics - The global pool robot market is projected to reach $2.5 billion by 2024, with a CAGR of 16% from 2019 to 2024 [6] - The penetration rate of pool robots is expected to rise from 18% in 2019 to 26% in 2024, with further growth anticipated by 2029 [6] 5. Investment Recommendations - The report suggests focusing on companies like Stone Technology, Guangfeng Technology, and Ecovacs, which are well-positioned to benefit from the technological advancements in the industry [5]

Core Insights - The pneumatic tools market is experiencing a recovery after a decline in 2022, with a projected global market size of $12.463 billion in 2024, reflecting a year-on-year growth of 6.26% [1][13] - The Chinese pneumatic tools market is also expected to grow, with a projected output value of 14.279 billion yuan in 2024, representing a year-on-year increase of 12.04% [1][14] Industry Overview - Pneumatic tools are widely used in various sectors such as automotive, home appliances, construction materials, and furniture decoration due to their high efficiency, portability, safety, and ease of maintenance [1][13] - The industry faced challenges in 2020-2021 due to raw material price fluctuations and supply chain disruptions, which increased demand in the DIY market [1][13] Market Dynamics - The global pneumatic tools market saw a decline in 2022 due to reduced consumer spending in Europe and the US, inventory buildup from previous large-scale purchases, and proactive inventory optimization by distributors [1][13] - As of the second half of 2023, inventory levels have returned to reasonable ranges, signaling the start of a new replenishment cycle [1][13] Competitive Landscape - The global pneumatic tools industry is mature, with established international brands dominating the high-end market, while domestic Chinese companies primarily operate under OEM or ODM models [1][14] - Notable domestic companies include Zhejiang Fengli Intelligent Technology Co., Nanjing Tengya Precision Technology Co., and Zhejiang Rongpeng Pneumatic Tools Co. [1][14] Industry Barriers - The pneumatic tools industry has high technical barriers due to the need for specialized knowledge in product development, mold design, and process improvement, which directly affects product durability and quality [1][7] Development Trends - Future trends indicate that pneumatic tools will integrate digital technologies, including sensors and IoT, for remote monitoring and fault prediction, alongside advancements in automation and precision [1][17]

Group 1 - Pingzhi Information has been selected as the eighth candidate for the "2025 China Unicom General Server Centralized Procurement Project" with a bid amount of approximately 451 million yuan [1] - The project involves the procurement of general servers primarily for cloud computing infrastructure [1] - Pingzhi Information was established in November 2002 and focuses on communication equipment, computing power, and operator equity products [1] Group 2 - Betta Pharmaceuticals has submitted an application for the issuance of H shares and listing on the Hong Kong Stock Exchange [2] - Betta Pharmaceuticals was founded in January 2003 and specializes in the production and sales of innovative drugs [2] Group 3 - Guangli Micro plans to sign an agreement with Zhejiang University to establish a joint research center for silicon photonics technology and measurement equipment [3] - The company will invest no less than 15 million yuan over three years for the center's development [3] - Guangli Micro was founded in August 2003 and provides a range of services including integrated circuit manufacturing and design [3] Group 4 - Shanhe Pharmaceutical's controlling shareholder and actual controller has changed due to the passing of Yin Zhenglong, with his wife and daughter inheriting shares [4] - After the change, Wu Changhong holds 20.172% of the total shares, while Yin Zhiya holds 6.724% [4] - Shanhe Pharmaceutical was established in April 2001 and focuses on the research, production, and sales of pharmaceutical excipients [5] Group 5 - Hengwei Technology plans to acquire 75% of Shanghai Shuhang Information Technology Co., Ltd. through a combination of share issuance and cash payment [6] - The acquisition will make Shuhang Technology a subsidiary of Hengwei Technology [6] - Hengwei Technology was founded in March 2003 and specializes in intelligent system solutions [7] Group 6 - Shougang Co. intends to repurchase its A-shares for an amount between 260 million yuan and 520 million yuan [8] - The repurchase will be used for implementing an equity incentive plan [8] - Shougang Co. was established in October 1999 and focuses on the production and sales of steel products [9] Group 7 - Pulit plans to build a 6GWh sodium-ion battery production base in Sichuan with a total investment of approximately 800 million yuan [10] - The project will be constructed in two phases, with the first phase having a capacity of 2GWh [10] - Pulit was founded in October 1999 and specializes in high polymer new materials and battery production [10] Group 8 - Saisir has proposed a cash dividend of 3.1 yuan per 10 shares for its A-share shareholders [10] - Saisir was established in May 2007 and focuses on the research, manufacturing, and sales of new energy vehicles [10] Group 9 - Guangyang Co. plans to establish a wholly-owned subsidiary for the development of precision components for robots [11] - The investment is part of a project to produce high-end components for new energy vehicles and robots [11] - Guangyang Co. was founded in April 1995 and specializes in precision components for various vehicles and equipment [11] Group 10 - Conch New Materials intends to acquire a 51% stake in North China Industrial Plastics Co., Ltd. for approximately 95.27 million yuan [12] - The acquisition will make North China Plastics a subsidiary of Conch New Materials [12] - Conch New Materials was established in October 1996 and focuses on the production and sales of plastic profiles and aluminum profiles [12] Group 11 - Daikin Heavy Industries has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [13] - The company specializes in the production and sales of offshore wind power equipment [13] - Daikin Heavy Industries was founded in September 2003 [13] Group 12 - Tengya Precision plans to invest up to 8 million USD to establish a subsidiary in Vietnam for the production of garden robots and electric tools [14] - The project will involve leasing a factory in Dong Nai Province [14] - Tengya Precision was established in August 2000 and focuses on power tools and building hardware [15] Group 13 - Luoxin Pharmaceutical plans to raise up to 207 million yuan through a private placement for innovative drug research and development [16] - The funds will primarily support clinical research for specific innovative drugs [16] - Luoxin Pharmaceutical was founded in May 1998 and specializes in pharmaceutical product development [17] Group 14 - *ST Guohua's subsidiary has become the first candidate for a project with a bid of 236 million yuan [18] - The project involves a 90-day construction period [18] - *ST Guohua was established in May 1986 and focuses on mobile network security [19] Group 15 - Su Chen Technology plans to acquire 60% of Likong Technology for a total price of 192 million yuan [20] - The acquisition will make Likong Technology a secondary subsidiary of Su Chen Technology [20] - Su Chen Technology was founded in February 2006 and specializes in CAE software development [21] Group 16 - Qingmu Technology's major shareholder plans to reduce their stake by up to 276,000 shares [22] - The reduction is due to the shareholder's financial needs [22] - Qingmu Technology was established in August 2009 and provides comprehensive e-commerce operation services [23] Group 17 - Tongda Sea plans to acquire 40% of Jiangsu Sufuda Data Technology Co., Ltd. for 25.64 million yuan [24] - The acquisition will result in Tongda Sea holding 100% of Sufuda [24] - Tongda Sea was founded in March 1995 and provides information technology services for electronic government affairs [24] Group 18 - Rongsheng Development has signed a memorandum of cooperation to promote the development of the seaplane industry [25] - The cooperation will focus on infrastructure construction and talent training [25] - Rongsheng Development was established in December 1996 and specializes in real estate development [26] Group 19 - Jinma Amusement plans to repurchase 16.52% of its subsidiary for 60 million yuan [28] - The repurchase will convert the subsidiary into a wholly-owned entity [28] - Jinma Amusement was founded in November 2007 and focuses on amusement facilities and projects [28] Group 20 - Huilv Ecology plans to acquire 49% of Junheng Technology for 1.127 billion yuan [29] - The acquisition will make Junheng Technology a wholly-owned subsidiary [29] - Huilv Ecology was established in January 1990 and specializes in optical communication products and landscape engineering [30]

Core Viewpoint - Tengya Precision Industry (301125.SZ) has approved the establishment of a production base in Vietnam, indicating a strategic expansion into Southeast Asia [1] Investment Details - The company will use its own or self-raised funds to set up a wholly-owned subsidiary in Vietnam through its Singapore subsidiary, TOUATECHNOLOGYPTE.LTD [1] - The total investment is expected to not exceed 8 million USD, covering the establishment and operation of the overseas company, factory construction, equipment procurement, and working capital [1] - The actual investment amount will be subject to final approval by Chinese and local authorities [1] Contractual Agreements - Tengya Precision has signed a deposit contract with V.P.S COMPANY LIMITED to lease a factory and office building located in Dong Nai Province, Vietnam [1] - The lease is for a facility situated at Road 8, Renfu Industrial Zone, Renze County [1]

Core Viewpoint - The company has announced plans to establish a wholly-owned subsidiary in Vietnam through its Singapore subsidiary, TOUA TECHNOLOGY PTE LTD, with an investment not exceeding 8 million USD for the construction of a production base [1] Group 1: Investment Details - The total investment amount for the Vietnam production base is expected to be up to 8 million USD, which includes the establishment and operation of the overseas company, factory construction, equipment procurement, and working capital [1] - The company has signed a deposit contract with V.P.S COMPANY LIMITED to lease a facility in Vietnam, specifically in Dong Nai Province, covering an area of 12,897.02 square meters [1] Group 2: Lease Agreement - The lease term for the facility is set for five years, with a monthly rent of 63,840.15 USD and a deposit of 383,000 USD [1]

Group 1 - The company Tengya Precision Engineering (SZ 301125) held its third fourth board meeting on September 29, 2025, to discuss the investment in building a production base in Vietnam and signing a deposit contract [1] - For the fiscal year 2024, the company's revenue composition is as follows: General equipment manufacturing accounts for 75.88%, metal products account for 22.48%, and others account for 1.65% [1] - As of the report date, Tengya Precision Engineering has a market capitalization of 2.8 billion yuan [1]

东吴证券股份有限公司 关于南京腾亚精工科技股份有限公司 委托关联方代付定金合同相关款项暨关联交易的核查意见 南京腾亚精工科技股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召开第三届董事会第四次会议，审议通过了《关于委托关联方代付定金合同相 关款项暨关联交易的议案》。 （二）关联关系情况 亚德凯为南京腾亚机器人科技有限公司（以下简称"南京机器人"）的全资 子公司，公司控股股东南京腾亚实业集团有限公司（以下简称"腾亚集团"）持 有南京机器人 30.3659%的股权，公司实际控制人乐清勇先生持有南京机器人 18.2951%的股权，公司副董事长李梦先生担任执行事务合伙人的企业南京冠裕创 业投资合伙企业（有限合伙）持有南京机器人 14.7969%的股权，根据《深圳证 券交易所创业板股票上市规则》的相关规定，亚德凯为公司的关联法人，本次代 付事项构成关联交易。 （三）审议程序 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为公司 首次公开发行股票并在创业板上市的保荐机构，根据《深圳证券交易所创业板股 票上市规则》、《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公 司规范运作》 ...

证券代码：301125 证券简称：腾亚精工 公告编号：2025-070 南京腾亚精工科技股份有限公司 第三届董事会第四次会议决议公告 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。 一、董事会会议召开情况 南京腾亚精工科技股份有限公司（以下简称"公司"）第三届董事会第四次 会议通知于 2025 年 9 月 26 日以电子邮件方式送达至全体董事，会议定于 2025 年 9 月 29 日以现场会议结合通讯的方式召开。本次会议由公司董事长孙德斌先 生召集并主持，会议应出席董事 9 名，实际出席董事 9 名（其中独立董事王兴松 先生、檀国民先生以通讯方式出席了本次会议）。全体高级管理人员列席了本次 会议。本次会议的召集和召开程序符合《中华人民共和国公司法》（以下简称"《公 司法》"）、《南京腾亚精工科技股份有限公司章程》（以下简称"《公司章程》"） 等的有关规定，会议决议合法、有效。 二、董事会会议审议情况 1、审议通过了《关于投资建设越南生产基地并签署定金合同的议案》 根据公司整体战略规划，为进一步完善公司全球化战略布局，拓展国际市场， 快速响应客户需求，公司拟使用 ...

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。 南京腾亚精工科技股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召开第三届董事会第四次会议，审议通过了《关于投资建设越南生产基地并签 署定金合同的议案》，同意公司使用自有资金或自筹资金通过新加坡全资子公司 TOUA TECHNOLOGY PTE. LTD.（以下简称"新加坡公司"）在越南设立全资 孙公司 Vietnam Toua Technology Company Limited（暂定名，最终以当地主管部 门核准登记为准，以下简称"越南公司"）投资建设越南生产基地，并与 V.P.S COMPANY LIMITED（以下简称"V.P.S"）签署《定金合同》，拟向其租赁位 于越南同奈省仁泽县仁富仁泽 2 工业区 8 号路的厂房、办公楼等。现将具体情况 公告如下： 一、对外投资概述 （一）基本情况 根据公司整体战略规划，为进一步完善公司全球化战略布局，拓展国际市场， 快速响应客户需求，公司拟使用自有资金或自筹资金通过新加坡公司在越南设立 全资孙公司越南公司投资建设越南生产基地。投资总额预计不超过 8 ...

证券代码：301125 证券简称：腾亚精工 公告编号：2025-072 南京腾亚精工科技股份有限公司 关于委托关联方代付定金合同相关款项暨关联交易 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。 一、关联交易概述 （一）关联交易基本情况 根据公司整体战略规划，为进一步完善公司全球化战略布局，拓展国际市场， 快速响应客户需求，公司拟使用自有资金或自筹资金通过新加坡全资子公司 TOUA TECHNOLOGY PTE. LTD.（以下简称"新加坡公司"）在越南设立全资 孙公司 Vietnam Toua Technology Company Limited（暂定名，最终以当地主管部 门核准登记为准，以下简称"越南公司"）投资建设越南生产基地，并与 V.P.S COMPANY LIMITED（以下简称"V.P.S"）签署《定金合同》，向其租赁位于 越南同奈省仁泽县仁富仁泽 2 工业区 8 号路的厂房、办公楼等。具体内容详见公 司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于投资建设越南生产 基地并签署定金合同的公告》（公告编号：2025-0 ...