国浩律师（杭州）事务所 关 于 浙江涛涛车业股份有限公司 2023 年限制性股票激励计划 调整授予价格、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 条件成就暨作废部分限制性股票的 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年七月 关于浙江涛涛车业股份有限公司 2023 年限制性股票激励计划 调整授予价格、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暨作废部分限制 性股票的法律意见书 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 致： ...

Core Viewpoint - Kepler Robotics has adopted a unique financing strategy by attracting investments primarily from A-share listed companies in the automotive and robotics sectors, rather than traditional venture capital, to enhance its industrial capabilities and resources [1][7]. Financing Strategy - Kepler completed an A+ round of financing on July 9, 2023, bringing in two listed companies, Taotao Automotive and Furande, following previous rounds that included five other companies in the automotive and robotics supply chain [1][5]. - The CFO of Kepler emphasized that the focus this year is on building industrial chain resources and addressing key component shortages in humanoid robots, rather than seeking financial investors who may not provide industry empowerment [1][7]. Industry Collaboration - The seven listed companies involved in Kepler's financing are primarily engaged in upstream component manufacturing and materials supply, with one focused on downstream distribution [2]. - Kepler is collaborating with these companies to enhance various aspects of humanoid robotics, such as precision in joint movement control, environmental perception, and lightweight materials for robots [3][4][5]. Product Development and Market Strategy - Kepler is developing two types of robots: bipedal humanoid robots and wheeled robots, with the latter serving as a transitional form for factory deployment [14]. - The company aims to leverage partnerships with industry leaders to co-develop core components, ensuring that the robots meet industrial standards for performance and cost [8][14]. Market Positioning and Cost Efficiency - The pricing strategy for Kepler's humanoid robot, "Pioneer K2," is set at approximately $30,000 (around 220,000 RMB), which is competitive compared to other robots priced between 500,000 to 700,000 RMB [9][15]. - Kepler's robots are designed to operate in industrial settings, where the cost sensitivity is high, and the company anticipates a return on investment (ROI) within two years based on labor cost comparisons [14][15]. Production Capacity and Future Outlook - Kepler expects to ship around 100 units this year, with a target of scaling up to 1,000 units next year, supported by a new assembly factory in Foshan with an annual capacity of approximately 500 units [15]. - The company is focused on ensuring product quality through in-house manufacturing capabilities rather than relying on third-party production [15].

Core Insights - 26 companies listed on the ChiNext board have released their performance forecasts for the first half of the year, with 19 companies expecting profit increases, representing 73.08% of the total [1] - The overall proportion of companies reporting positive forecasts is 80.77%, with 2 companies expecting profits and 1 company forecasting losses [1] Performance Forecast Summary - Among the companies with positive forecasts, 7 are expected to see net profit growth exceeding 100%, while 4 companies anticipate growth between 50% and 100% [1] - Han Yu Pharmaceutical is projected to have the highest net profit growth, with a median increase of 1567.36% [1] - Other notable companies include Chuanjin Nuo and Longyuan Technology, with expected net profit growth of 167.27% and 137.44% respectively [1] Company Performance Highlights - The following companies are highlighted for their significant expected profit increases: - Han Yu Pharmaceutical (Code: 300199) - Expected net profit growth: 1567.36%, Latest closing price: 18.24, Year-to-date change: 41.51%, Industry: Pharmaceutical [1] - Chuanjin Nuo (Code: 300505) - Expected net profit growth: 167.27%, Latest closing price: 19.95, Year-to-date change: 40.94%, Industry: Basic Chemicals [1] - Longyuan Technology (Code: 300105) - Expected net profit growth: 137.44%, Latest closing price: 8.11, Year-to-date change: 7.79%, Industry: Environmental Protection [1] - Other companies with notable growth include Chenguang Biotech, Feirongda, Boteng Co., and Huizhong Co. [1]

Group 1: Company Performance - The company achieved a revenue of 639 million yuan in Q1, representing a year-on-year growth of 22.96% [3] - The net profit for Q1 was 86.21 million yuan, showing a significant year-on-year increase of 69.46% [3] - The basic earnings per share were reported at 0.7900 yuan, with a weighted average return on equity of 2.70% [3] Group 2: Market Activity - The stock price of Taotao Automotive reached a historical high, with a recent increase of 1.60% to 145.70 yuan, and a total market capitalization of 15.828 billion yuan [2] - The stock has recorded 14 trading days of new highs in the past month, with a trading volume of 388,400 shares and a turnover of 56.1665 million yuan [2] - The latest margin trading balance for the stock was 225 million yuan, with a financing balance of 224 million yuan, reflecting a 9.91% increase over the past 10 days [2] Group 3: Industry Overview - The overall automotive industry experienced a slight decline of 0.12%, with 92 stocks rising and 190 stocks falling [2] - Among the rising stocks, Meichen Technology, Songzhi Co., and Jifeng Co. had notable increases of 8.29%, 5.78%, and 3.34% respectively [2] - The target price set by Guotai Haitong Securities for the company was 124.32 yuan as of July 1 [2] Group 4: Future Projections - The company anticipates a net profit between 310 million yuan and 360 million yuan for the first half of the year, indicating a year-on-year change of 70.34% to 97.81% [3]

Group 1: Market Overview - US stock markets rose, with the Dow Jones up 0.43%, Nasdaq up 0.09%, and S&P 500 up 0.27%. Notable stock movements included Tesla rising 4.73% and Nvidia up 0.75% [1] - The Shanghai Composite Index reached a new high, boosting market confidence and potentially attracting more capital into the market, with expectations of a continued upward trend [3] Group 2: Industry Insights - The ice-making industry in Henan is experiencing a surge in demand due to high temperatures, with some factories producing nearly 300 tons of ice daily, leading to a doubling of sales. The market for ice products is projected to exceed 63 billion yuan by 2026 [4] - Coal futures saw a significant increase, with coking coal rising 3.98% and coking coal up 3.44%. The demand for coal is expected to rise due to seasonal factors and policy changes aimed at reducing excess production capacity [5] - JD.com is entering the short drama market, indicating a strategic focus on this growing sector, with competitive salaries offered to attract top talent [5][6] - The micro-short drama market in China is projected to reach 505 billion yuan by 2024, surpassing annual box office revenues for films, with a compound annual growth rate of 19.2% expected [6] Group 3: Company Announcements - Baosteel plans to adjust the price of rare earth concentrate for Q3 2025 to 19,109 yuan per ton [9] - Guosheng Financial Holdings expects a net profit of 150 million to 220 million yuan for the first half of the year, a year-on-year increase of 236.85% to 394.05% [9] - The expected net profit for Sailyus in the first half of the year is between 2.7 billion to 3.2 billion yuan, reflecting a significant year-on-year increase of 66.20% to 96.98% [9] - WuXi AppTec anticipates an adjusted net profit of approximately 6.315 billion yuan for the first half of the year, a year-on-year increase of about 44.43% [9] Group 4: Emerging Technologies - Chengdu Hanhai Fusion Energy is set to witness a milestone event on July 18, marking the completion of China's first linear fusion device, HHMAX-901, which signifies a major breakthrough in the commercialization of controlled nuclear fusion [8]

Core Insights - The company has successfully completed its A+ round of financing, attracting investments from Furan De and Taotao Automotive, marking the third financing update in the past six months [1] - The company aims to leverage the sales channels and operational experience of Taotao Automotive to establish an independent brand in North America, initiating its global commercial expansion [1] Investment and Partnerships - The company has attracted a total of seven listed company investors, including Furan De, Taotao Automotive, Zhaofeng Co., Hanwei Technology, Qiaofeng Intelligent, Keli Sensor, and Weichuang Electric [2] - The strategic partnerships with these companies focus on enhancing various technical aspects of humanoid robots, such as control precision, environmental perception, and manufacturing accuracy [3][4] Product Development - The company has developed two humanoid robot models, the Pioneer K1 and Pioneer K2, with the latter being its fifth-generation product, standing 175 cm tall and weighing 75 kg, capable of working for eight hours on a one-hour charge [6] - The robots are designed for diverse applications, including smart manufacturing, logistics, security patrols, and educational purposes [6] Market Challenges - The company acknowledges multiple challenges in the commercialization of humanoid robots, including insufficient scene adaptability, high cost control difficulties, fragmented channel networks, and the lack of unified global market standards [6][7] - The company aims to build a "technology-channel-market" integrated approach to develop customized application solutions tailored to different regional markets [7]

Group 1 - A total of 18 companies listed on the ChiNext board have released their performance forecasts for the first half of the year, with 13 companies expecting profit increases, 1 company expecting to turn a profit, 1 company expecting a profit decrease, and 1 company expecting a loss [1][3] Group 2 - The performance forecast details include various companies with significant expected profit growth, such as: - Hanyu Pharmaceutical (300199) with a projected profit increase of 1567.36% [2] - Chuanjin Nuo (300505) with a projected profit increase of 167.27% [2] - Chenguang Biotech (300138) with a projected profit increase of 117.36% [2] - Huizhong (300371) with a projected profit increase of 100.00% [2] - Taotao Automotive (301345) with a projected profit increase of 84.08% [2] Group 3 - Companies with performance forecasts indicating a decrease or loss include: - Zairun (301636) with a projected profit decrease of 5.43% [2] - Yuyou Green Energy (301590) with a projected profit decrease of 6.57% [2] - Juguang (300203) with a projected loss of 205.37% [2]

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company is expected to achieve a significant increase in net profit for the first half of 2025, with estimates ranging from 310 million to 360 million yuan, representing a year-on-year growth of 70.34% to 97.81% [2]. - The company's Q2 net profit is projected to be between 224 million and 274 million yuan, reflecting a year-on-year increase of 71% to 109% [4]. - The company is expanding into the humanoid robotics sector through a strategic partnership with K-Scale, which has led to the successful launch of the K-Bot humanoid robot [5]. Financial Performance - The company forecasts revenues of 3.823 billion yuan, 4.767 billion yuan, and 5.944 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28.4%, 24.7%, and 24.7% [6]. - The projected net profits for the same years are 668 million yuan, 836 million yuan, and 1.043 billion yuan, with growth rates of 54.9%, 25.2%, and 24.7% respectively [6]. - The earnings per share (EPS) are expected to be 6.15 yuan, 7.70 yuan, and 9.60 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 22.1, 17.7, and 14.2 [6]. Market Position and Strategy - The company has demonstrated improved operational efficiency, with a notable increase in gross margins for its main products, driven by scale effects and effective cost control [4]. - The introduction of new electric golf cart models has diversified the product line, allowing the company to cater to a broader customer base and various scenarios, thereby enhancing revenue potential [4]. - The company plans to establish a research institute in Zhangjiang, Shanghai, to attract industry talent and collaborate with leading robotics firms to enhance its technological capabilities [5].

Core Viewpoint - The company, TaoTao Automotive, is expected to see significant profit growth in the first half of 2025, with a projected net profit increase of 70.34% to 97.81% year-on-year, driven by improved operational efficiency and product diversification [2][3]. Financial Performance - The forecast for the first half of 2025 indicates a net profit of between 310 million to 360 million yuan, with non-recurring gains impacting the net profit by approximately 2.8 million yuan, leading to a core net profit of 307 million to 357 million yuan, reflecting a growth of 71.97% to 99.96% year-on-year [2]. - In Q2 2025, the net profit is expected to be between 224 million to 274 million yuan, showing a year-on-year increase of 71% to 109% [3]. Growth Drivers - The company has achieved a significant increase in sales revenue and profit, attributed to enhanced gross margins on main products and effective cost control measures [3]. - The upcoming holiday shopping seasons in Europe and the U.S. are anticipated to further boost performance in the second half of the year, alongside new product iterations and expanded market channels [3]. Product Development - The company has made substantial advancements in its electric golf cart offerings, introducing a range of high-value products that cater to diverse customer needs and scenarios [3]. - A strategic partnership with K-Scale has been established to enter the humanoid robotics sector, with plans to set up a research institute in Shanghai to attract industry talent and enhance technological integration [3]. Investment Outlook - Revenue projections for 2025 to 2027 are 3.823 billion, 4.767 billion, and 5.944 billion yuan, respectively, with year-on-year growth rates of 28.4%, 24.7%, and 24.7% [4]. - Expected net profits for the same period are 668 million, 836 million, and 1.043 billion yuan, with growth rates of 54.9%, 25.2%, and 24.7% [4]. - The company is rated as a "Buy" with a target price based on a favorable earnings growth outlook and relatively low valuation multiples [4].

Group 1 - The A-share market has seen an acceleration in the disclosure of semi-annual performance forecasts, with 54 companies announcing their forecasts as of July 6, 2025, indicating a slight increase of 11 companies, 3 companies turning losses into profits, 4 companies maintaining profits, and 21 companies expecting profit growth [1][4] - Companies like Taotao Automotive (301345) have expressed confidence in continued growth for the second half of the year, expecting a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [2][4] - Jingbeifang (002987) experienced significant stock price fluctuations after intensive institutional research, with a cumulative price deviation exceeding 20% over three consecutive trading days [2][4] Group 2 - Chipong Micro (芯朋微) expects a revenue of approximately 630 million yuan for the first half of 2025, an increase of about 176 million yuan or 38% year-on-year, with a net profit forecast of around 90 million yuan, reflecting a growth of approximately 104% [4] - Daotong Technology (道通科技) anticipates a net profit of 460 million to 490 million yuan for the first half of 2025, representing a year-on-year growth of 19% to 26.76% [4] - Changchuan Technology (长川科技) projects a net profit of 360 million to 420 million yuan for the first half of 2025, indicating a year-on-year increase of 67.54% to 95.46% due to rapid growth in the integrated circuit industry and strong customer demand [5]