Investment Rating - The industry investment rating is "Positive" (maintained) [2][6] Core Viewpoints - The humanoid robot industry is experiencing dual-driven growth from both industrial and capital sectors, accelerating the process of embodied intelligence industrialization [3] - The report anticipates that by 2030, the combined demand for humanoid robots in the manufacturing and domestic service sectors in China and the US will reach approximately 2.03 million units, representing a market space of about 318.5 billion RMB [3] - The overall market space for the entire industry chain is estimated to be around 300 billion RMB, with significant growth potential in core components such as planetary roller screws, harmonic reducers, and dexterous hands [3] Summary by Sections Recent Events - On June 25, Zhiyuan Robotics and Yushu Technology won a bid for a humanoid biped robot contract worth approximately 124 million RMB (including tax) [3] - Zhiyuan's bid includes a full-size humanoid biped robot with a budget of 78 million RMB, while Yushu's bid includes a small-size humanoid robot and other components with a budget of 46.05 million RMB [3] - On July 8, Yuwai New Materials announced that Zhiyuan's new venture plans to acquire at least 63.6% of its shares [3] - Cloud Deep announced the completion of nearly 500 million RMB in new financing on July 8 [3] Market Dynamics - The report highlights that the humanoid robot industry is entering a phase of rapid expansion, driven by both international giants and domestic leaders [3] - The demand for humanoid robots is expected to significantly increase, with the market for core components showing high value ratios, particularly in planetary roller screws and six-dimensional force sensors [3] Investment Recommendations - The report suggests focusing on established leaders and undervalued stocks, emphasizing the importance of management commitment, past performance validation, and future application scenarios [3] - Key recommended stocks include Shanghai Yanpu, Hangcha Group, and others across various segments such as complete machines, dexterous hands, and sensors [3][4]

Market Performance - On July 16, A-shares saw a slight decline, with the Shanghai Composite Index down 0.03% to 3503.78 points, the Shenzhen Component Index down 0.22% to 10720.81 points, and the ChiNext Index down 0.22% to 2230.19 points [1] Fund Manager Changes - In the past 30 days (June 16 - July 16), 440 fund managers have left their positions, with 8 announcements made on July 16 alone. Reasons for departure include job changes and personal reasons [3] - Notable fund manager Li Yuanbo from Fortune Fund has managed assets totaling 3.298 billion yuan, with a highest return of 121.90% on the HSBC Jintrust Technology Pioneer Stock Fund during his tenure [3] New Fund Managers - New fund manager Gui Zhenghui from Bosera Fund manages assets totaling 7.143 billion yuan, with a highest return of 77.93% on the Bosera CSI 300 Index C Fund over a tenure of 9 years and 174 days [4] Fund Research Activity - Bosera Fund conducted the most company research in the past month, engaging with 41 listed companies, followed by Jiashi Fund and Huaxia Fund, each with 39 companies [6] - The automotive parts industry was the most researched sector, with 143 instances, followed by communication equipment with 141 instances [6] Individual Stock Research - In the past month, Lexin Technology was the most researched stock, with 95 fund management companies participating, followed by Zhongji Xuchuang and Taotao Automotive with 75 and 63 respectively [8] - In the past week (July 8 - July 15), Zhongji Xuchuang led with 29 fund institution inquiries, followed by Shengshi Technology and Kefu Medical with 27 and 26 respectively [7]

Core Viewpoint - The future movements of high-tech companies continue to attract investor attention, particularly in the fields of smart manufacturing, AI chips, and humanoid robots [1][2]. Group 1: Company Research - Leading public funds such as China Europe Fund, E Fund, and Huatai-PB Fund have recently conducted intensive research on companies like Taotao Automotive, Juguang Technology, and Lexin Technology, focusing on their advancements in cutting-edge fields [2]. - Taotao Automotive, a high-tech enterprise specializing in electric vehicles and related products, is entering the humanoid robot industry to support its smart transformation [3][4]. - Juguang Technology, established in 2002, provides high-end analytical instruments and solutions across various industries, with a focus on the demand for mass spectrometers and the impact of "dual carbon" policies [5][6]. - Lexin Technology, a global fabless semiconductor company, has seen significant interest in its AI edge chips, which have generated revenues in the hundreds of millions, and emphasizes a diversified product strategy [7][8][9]. Group 2: Industry Trends - The investment community is particularly interested in the technological upgrade paths, policy implementation timelines, and the commercialization potential of new businesses in the high-tech sector [2]. - Companies are committed to steadily advancing their strategies while focusing on long-term technological accumulation and industry collaboration [2].

Core Viewpoint - Shanghai Kepler Robotics Co., Ltd. is focusing on strategic partnerships with listed companies in the automotive and robotics supply chain rather than traditional financial investors to enhance its capabilities and resources in the humanoid robotics sector [6][10]. Financing and Investment - Kepler completed an A+ round of financing on July 9, 2023, with new investors including listed companies Taotao Automotive and Furande, alongside previous investors from its A and Pre-A rounds [6][7]. - The company aims to build an industrial chain resource and address key component shortages in humanoid robotics, emphasizing that financial investors may not provide the necessary industry empowerment [6][10]. Industry Collaboration - The seven listed companies involved in Kepler's financing primarily focus on upstream component manufacturing and material supply, which can be leveraged for humanoid robotics development [8]. - Kepler is forming joint ventures with some of its investors to enhance collaboration and resource integration, such as establishing a company focused on robotic dexterous hands [9]. Product Development Strategy - Kepler adopts a "hardware-first" approach, believing that a stable and cost-effective hardware foundation is crucial for success in the humanoid robotics market [12][13]. - The company is developing both bipedal humanoid robots and wheeled robots, with the latter being seen as a transitional form for factory deployment [16]. Market Potential and Challenges - The humanoid robotics market is expected to see significant growth, with Kepler projecting a production capacity of 500 units per year from its new assembly plant [17]. - The company anticipates that its humanoid robots will be commercially viable in industrial settings, particularly for repetitive tasks, despite current challenges in scaling production [14][18]. Financial Considerations - Kepler's pricing strategy aims to provide a cost advantage in the market, with its "Pioneer K2" robot priced at approximately $30,000, which is competitive compared to traditional labor costs [13][17]. - The company is cautious about overextending financially, focusing on product development and market readiness before pursuing large-scale financing [18].

证券代码：301345 证券简称：涛涛车业 公告编号：2025-036 浙江涛涛车业股份有限公司 第四届监事会第五次会议决议公告 2、审议并通过《关于2023年限制性股票激励计划首次授予部分第二个归属期及预 留授予部分第一个归属期归属条件成就的议案》 本公司及监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、会议召开情况 浙江涛涛车业股份有限公司（以下简称"公司"）以专人送达方式于2025年7月10 日发出第四届监事会第五次会议通知，会议于2025年7月14日在公司会议室以现场方式 召开。本次会议应出席监事3人，实际出席监事3人，会议由监事会主席朱飞剑召集并主 持。本次会议的召集、召开符合有关法律法规及《公司章程》的规定，决议合法有效。 二、会议审议情况 本次会议审议了如下议案： 1、审议并通过《关于调整2023年限制性股票激励计划授予价格的议案》 经审议，监事会认为：公司董事会本次对2023年限制性股票激励计划授予价格的调 整符合《上市公司股权激励管理办法》和公司《2023年限制性股票激励计划（草案）》 的相关规定，不会对公司的财务状况和经营成果产生实质性影响，决 ...

浙江涛涛车业股份有限公司监事会 关于 2023 年限制性股票激励计划首次授予部分 第二个归属期及预留授予部分第一个归属期 归属条件成就和归属名单的核查意见 2、本次拟归属的 73 名激励对象（首次授予激励对象 61 名，预留授予激励 对象 45 名，其中 33 名既是首次授予激励对象也是预留授予激励对象）不存在 最近 12 个月内被深圳证券交易所认定为不适当人选的情形；不存在最近 12 个 月内被中国证监会及其派出机构认定为不适当人选的情形；不存在最近 12 个月 内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采取市场禁入 措施的情形；不存在具有法律法规规定不得参与上市公司股权激励的情形，符 合《公司法》《证券法》等法律、法规和规范性文件以及《公司章程》规定的 任职资格，符合《管理办法》《上市规则》等法律、法规和规范性文件规定的 激励对象条件，符合本次激励计划规定的激励对象范围，其作为公司本次激励 计划激励对象的主体资格合法、有效。 综上所述，公司监事会同意为本次符合条件的 73 名激励对象办理 417,330 股限制性股票归属事宜。 浙江涛涛车业股份有限公司监事会 2025 年 7 月 15 日 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-035 浙江涛涛车业股份有限公司（以下简称"公司"）以电子邮件的方式于2025 年7月10日发出第四届董事会第七次会议通知，会议于2025年7月14日在公司会议 室以现场结合通讯方式召开。本次会议应出席董事7人，实际出席董事7人，其中 以通讯表决方式出席会议的董事有张建新、陈东坡、陈军泽。公司监事、高级管 理人员列席了本次会议。会议由董事长曹马涛先生召集并主持。本次会议的召集、 召开符合有关法律法规及《公司章程》的规定，决议合法有效。 二、会议审议情况 本次会议审议了如下议案： 浙江涛涛车业股份有限公司 第四届董事会第七次会议决议公告 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、会议召开情况 1、审议并通过《关于调整2023年限制性股票激励计划授予价格的议案》 经审议，董事会同意公司根据2024年前三季度和2024年年度权益分派方案的 实施情况，按照《上市公司股权激励管理办法》和公司《2023年限制性股票激励 计划（草案）》的相关规定及公司2023年第二次临时股东大会的授权，对2023 年 ...

Meeting Overview - The fourth meeting of the supervisory board of Zhejiang Taotao Vehicle Co., Ltd. was held on July 14, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1]. Agenda Items - The supervisory board approved the adjustment of the grant price for the 2023 restricted stock incentive plan, stating that it complies with relevant regulations and will not materially affect the company's financial status or operating results [1]. - The board agreed that the conditions for the second vesting period of the initial grant and the first vesting period of the reserved grant have been met, allowing the company to proceed with the related matters for eligible incentive objects [2]. - The board approved the cancellation of 37,440 shares of restricted stock that were granted but not vested due to the departure of three incentive objects, in accordance with relevant regulations [2][3].

一、本次激励计划已履行的决策程序 于公司<2023年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股东大会授权 董事会全权办理公司限制性股票激励计划相关事宜的议案》，公司独立董事对本 次激励计划的相关议案发表了独立意见。 证券代码：301345 证券简称：涛涛车业 公告编号：2025-033 浙江涛涛车业股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江涛涛车业股份有限公司（以下简称"公司"）于2025年7月14日召开第 四届董事会第七次会议、第四届监事会第五次会议，审议通过了《关于调整2023 年限制性股票激励计划授予价格的议案》。根据公司《2023年限制性股票激励计 划（草案）》（以下简称"本次激励计划"或《激励计划（草案）》）的规定， 董事会同意将2023年限制性股票激励计划的授予价格由24.16元/股调整为22.17 元/股。现将相关事宜公告如下： 于公司<2023年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年限制性股票激励计划实施考核 ...

证券代码：301345 证券简称：涛涛车业 公告编号：2025-032 浙江涛涛车业股份有限公司 关于2023年限制性股票激励计划首次授予部分 第二个归属期及预留授予部分第一个归属期归属条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 1、激励方式：第二类限制性股票。 重要内容提示： 1、本次符合第二类限制性股票归属条件的激励对象共计 73 名，其中首次授 予部分激励对象符合条件的共 61 名，预留授予部分激励对象符合条件的共 45 名 （其中 33 名对象本次同时归属首次及预留授予部分限制性股票）。 2、本次归属第二类限制性股票数量为 417,330 股，占目前公司总股本的 0.38417%。其中首次授予部分共 300,330 股，预留授予部分共 117,000 股。 3、本次归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 4、本次限制性股票归属价格(权益分派调整后)：22.17 元/股。 浙江涛涛车业股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日召开 第四届董事会第七次会议、第四届监事会第五次会议，审议通过《 ...