Summary of Fengli Intelligent's Conference Call Company Overview - **Company**: Fengli Intelligent Technology Co., Ltd. - **Industry**: Precision gear manufacturing, robotics, and intelligent drive systems Key Financial Metrics - **2024 Revenue**: 505 million CNY, up 17.56% year-on-year [2][4] - **Net Profit**: 15.6573 million CNY, down 23.5% year-on-year [2][4] - **Operating Cash Flow**: 43.3059 million CNY, down 5.68% year-on-year [2][4] - **Total Assets**: 1.315 billion CNY, up 7.46% year-on-year [4] - **Net Assets**: 977 million CNY, up 0.66% year-on-year [4] - **R&D Investment**: 20.64 million CNY, up 19.1% year-on-year [2][4] Product and Market Focus - **Main Products**: Small modulus gears, precision reducers (harmonic and planetary), components, new energy transmission gears, and pneumatic tools [3][9] - **Applications**: New energy vehicles, robotics, smart home, medical devices, electric tools, remote control systems, and low-altitude economy [3] - **Key Clients**: BYD, Dongfeng, Xindong Jiyuan, Yushu, and others [2][9] Investment Projects and Progress - **Investment Projects**: Significant progress in precision gear manufacturing and new energy precision transmission gear projects, both over 99% complete [2][7] - **R&D Center Upgrade**: Progress at 44.28% [2][7] Strategic Focus Areas - **Five Strategic Tracks**: 1. Smart home drives 2. New energy transmission gears 3. Cabin intelligent drives 4. Precision reducers 5. Lightweight pneumatic tools [2][10] Revenue Performance by Sector - **New Energy Transmission Sector**: Revenue down 73.5% year-on-year [4][16] - **Gear Revenue**: Up 21% year-on-year [4][17] - **Pneumatic Tool Components**: Up 22% year-on-year [4][17] - **Precision Reducers**: Up 21% year-on-year [4][17] - **New Energy Transmission Products**: Revenue up 275% [4][17] Challenges and Risks - **Net Profit Decline Reasons**: - Increased depreciation due to new projects - Rising personnel costs from new divisions - Decreased government subsidies and bank interest income [12] Future Development Plans - **Vision**: "Sustainable Innovation International Brand" with a focus on expanding into international markets [14] - **Business Expansion**: Emphasis on new energy vehicles, industrial robotics, smart home, and medical devices [14] Additional Insights - **Patent Portfolio**: 254 patents, including 18 invention patents [2][6] - **Domestic vs. International Revenue**: Both domestic and international revenue shares increased by 17% year-on-year [18] - **Gross Margin Changes**: Gear gross margin stable, while precision reducers' gross margin decreased by 3% [19] - **Expense Trends**: Sales expenses up 17%, management expenses down 2%, financial expenses up 56% due to reduced interest income [20]

Group 1 - Fengli Intelligent has experienced a decline for five consecutive trading days, with a cumulative drop of -7.12% [1] - The company, Zhejiang Fengli Intelligent Technology Co., Ltd., was established in 1995 and is listed under the stock code 301368 [1] - Penghua Carbon Neutrality Theme Mixed A Fund has entered the top ten shareholders of Fengli Intelligent, marking its new entry in the first quarter of this year [1] Group 2 - The Penghua Carbon Neutrality Theme Mixed A Fund has achieved a year-to-date return of 63.09%, ranking 6th among its peers out of 4,447 funds [2] - The fund's performance over the past year shows a growth of 76.85% [2] - The fund manager, Yan Siqian, has a background in securities analysis and has held various managerial positions in different funds since joining Penghua Fund Management in January 2022 [3][4]

Group 1: Revenue and Profit Growth - The main drivers for the company's revenue and net profit growth in 2024 include leveraging existing high-quality customer resources and expanding product lines into new sectors such as industrial robotics and smart home technology [2][4] - In 2024, the company expects revenue growth in various sectors: smart home industry by 18.8%, precision reducer industry by 24.36%, and new energy transmission industry by 73.5% [6] - The revenue distribution for 2024 is as follows: small modulus gears account for 47.53%, precision reducers for 25.71%, and pneumatic tools and components for 24.13% [6] Group 2: Challenges and Strategic Responses - The decline in net profit is attributed to several factors, including a decrease in cash balance by 163 million CNY and increased depreciation expenses due to new asset acquisitions [6] - To address raw material price fluctuations, the company plans to optimize product structure and enhance production efficiency while negotiating price adjustments with customers [6] - The company is actively expanding its overseas market presence through subsidiaries, focusing on emerging markets and enhancing brand competitiveness [5][6] Group 3: Product Development and Innovation - The company is developing products for humanoid robots, including harmonic reducers and planetary reducers, which are essential components for various robotic joints [5] - As of December 31, 2024, the company holds 54 patents, including 18 invention patents, and has received recognition as a "Little Giant" enterprise and a national manufacturing champion [7] - The company aims to extend its industrial chain based on its core business of small modulus gears, continuously expanding new business areas [7]

法律意见书 浙江天册律师事务所 关于 浙江丰立智能科技股份有限公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于浙江丰立智能科技股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0750 号 致：浙江丰立智能科技股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江丰立智能科技股份有限公 司（以下简称"丰立智能"或"公司"）的委托，指派本所律师参加贵公司 2024 年年度股东大会，并根据《中华人民共和国证券法》以下简称（"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求出具 本法律意见书。 本法律意见书仅供 2024 年年度股东大会之目的使用。本所律师同意将本法律 意见书随丰立智能本次股东大会其他信息披露资料一并公告，并依法对本所在其 中发表的法律意见承担法律责任。 本所律师根据《股东会规则》 ...

证券代码：301368 证券简称：丰立智能 公告编号：2025-019 现场会议时间：2025年5月15日下午14:30 网络投票时间：2025年5月15日 其中，通过深圳证券交易所交易系统进行网络投票的时间为2025年5月15日上午 9:15-9:25，9:30-11:30，下午13:00-15:00；通过深圳证券交易所互联网系统投票的时间 为2025年5月15日9:15至15:00期间的任意时间。 浙江丰立智能科技股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、召开时间： 2、召开地点：浙江省台州市黄岩区院桥镇高洋路9号一楼会议室 3、召开方式：本次股东大会采用现场投票与网络投票表决相结合的方式召开 4、召集人：浙江丰立智能科技股份有限公司董事会 5、主持人：董事长王友利 6、本次会议的召集、召开程序符合《中华人民共和国公司法》《上市公司股东会 规则》《深圳证券交易所创业板股票上 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first rating given [5]. Core Viewpoints - The company is a leader in the small modulus gear industry and is expanding into humanoid robotics as a second growth curve [1]. - The company has established a solid foothold in the overseas market and is leveraging its technological advantages to capture opportunities in the new energy transmission sector [2]. - The company is expected to see significant revenue growth from its robotics business, which is anticipated to open new revenue streams [3]. Summary by Sections 1. Company Overview - The company has been focused on small modulus gear research and production since its establishment in 1995, achieving significant technological breakthroughs [1]. - It has built a stable supply chain relationship with international giants like Bosch and Makita, maintaining a nearly 20-year partnership with Bosch [1]. - The company has established sales networks in markets like Germany and is expanding production capacity in Southeast Asia to strengthen its overseas market position [1]. 2. New Energy Transmission Sector - The company is developing high-precision gears and precision reducers for the new energy vehicle sector, capitalizing on the industry's demand for high-quality components [2]. - Investments include a production line in Vietnam with an annual capacity of 8 million sets of small modulus gears and a new line in Malaysia for high-precision transmission gears [2]. - The company is expected to accelerate revenue growth in the new energy transmission sector, with improving gross margins [2]. 3. Humanoid Robotics Business - The company is leveraging its expertise in planetary and harmonic reducers to enter the humanoid robotics market [3]. - It has developed a self-researched harmonic reducer that is set to achieve mass production in the second half of 2024, with core production equipment imported from Japan [3]. - Collaborations with Tsinghua University's Star Dynamics have led to the development of micro-reducers for dexterous hands, which are now in small-batch production [3]. 4. Financial Performance and Forecast - The company is projected to achieve revenues of 640 million yuan, 890 million yuan, and 1.35 billion yuan from 2025 to 2027, with net profits expected to reach 41 million yuan, 72 million yuan, and 118 million yuan respectively [3]. - The company is expected to benefit from a strong growth elasticity and valuation reappraisal potential [3]. 5. Business Structure and Product Lines - The company has diversified its business into five key areas, including intelligent furniture drives, new energy transmission gears, and precision reducers [19]. - In 2024, the revenue breakdown shows that gears account for 47.53%, precision reducers for 25.71%, and pneumatic tools for 24.13% of total revenue [20][21]. - The company has a robust product matrix that supports its competitive position in various emerging application scenarios [21].

Group 1 - The core viewpoint of the articles highlights the strong performance of the robotics sector, particularly the rise of humanoid robots, with significant investments and advancements expected in 2025 [3][4]. - The China Robotics Index (H30590) saw a robust increase of 1.26%, with notable gains from constituent stocks such as Xunbang Intelligent (up 7.77%) and Hechuan Technology (up 6.28%) [3]. - Tesla's first-quarter update for 2025 revealed plans for the production of thousands of Optimus humanoid robots by the end of 2025, with a long-term goal of producing one million units annually by 2029-2030 [3][4]. Group 2 - The application scenarios for robots are expanding, with the Ministry of Industry and Information Technology indicating that new intelligent equipment is increasingly being applied in various manufacturing processes [4]. - The Robot ETF (159770) closely tracks the China Robotics Index and has seen a significant increase in scale, with a growth of 4.26 billion yuan over the past week [4]. - The Robot ETF has experienced continuous net inflows totaling 520 million yuan over the past five days, indicating strong investor interest [4]. Group 3 - As of April 28, 2025, the Robot ETF has achieved a net value increase of 31.42% over the past three years, ranking first among comparable funds [5]. - The Robot ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in its category [5]. - The tracking error of the Robot ETF over the past two months is 0.009%, indicating high tracking precision compared to other funds [5].

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 业芬 Part1 灵巧手打开人形机器人应用上限，快速送代 Part2 混合机械方案是趋势,兼具高自由度和承载力 Part3 手部多维感知是方向，促进手脑协同 Part4 头部本体厂全栈自研,零部件提供整体解决方案 PART5 投资建议和风险提示 2 公众号·材料汇 目录 0 公众号 · 材料汇 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 灵巧手打开人形机器人应用上限，多方参与，2025年开启快速迭代。灵巧手要求具备运动能力、负载能力、 控制能力、感知能力、耐用能力、轻量化等，由驱动、传动、控制、感知四大模块构成。灵巧手是人形机器 人操作性能的核心，决定机器人功能的上限，是具身智能的核心。25年密集主机厂和零部件厂发布灵巧手方 案,且在未来2年灵巧手方案将快速迭代,并投入使用场景中,加速训练人形机器人手脑协同。 混合机械方案是趋势,兼具高自由度和承载力。驱动方案：若电机内置,首选空心杯,部分用步讲:腱绳方 案，电机集成于手臂，空间大，可选无刷有齿槽电机。传动方案：齿轮负责旋转运动调速， ...

浙江丰立智能科技股份有限公司 投资者关系活动记录表 编号：2025-003 | | □特定对象调研 □媒体采访 | | □分析师会议 □业绩说明会 | | --- | --- | --- | --- | | 投资者关系活动类 | □新闻发布会 | | □路演活动 | | 别 | □现场参观 | | | | |  | 其他（线上交流） | | | | 参加人员 59 | 人。包括 ： | | | | 序号 | 姓名 | 公司 | | | 1 | 王锦烽 | 富荣基金管理有限公司 | | | 2 | 林之 | 凯石基金管理有限公司 | | | 3 | 朱一木 | 上海古曲私募基金管理有限公司 | | | 4 | 胡彦超 | 上海领久私募基金管理有限公司 | | | 5 | 曾尚 | 西藏源乘投资管理有限公司 | | | 6 | 陈秋芝 | 上海领久私募基金管理有限公司 | | | 7 | 张宇涛 | 上海古曲私募基金管理有限公司 | | | 8 | 曹芮 | 博时基金管理有限公司 | | | 9 | 胡纪元 | 长城财富保险资产管理股份有限公司 | | | 10 | 黄伟 | 诺德基金管理有限公司 | | | ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The report highlights significant investment opportunities in the humanoid robot sector, particularly in key components such as lead screws, harmonic reducers, and motors, with a projected market size of approximately 288 billion yuan for equipment at a production scale of 1 million humanoid robots [3][10] - The report recommends companies involved in the production of lead screws and harmonic reducers, emphasizing their potential growth in the humanoid robot market [3][5] Summary by Sections 1. Lead Screws - Lead screws are critical components for linear motion in humanoid robots, with a market size of 14 billion yuan for 1 million units produced [15][39] - Recommended companies include Zhejiang Rongtai and Shuanglin Co., with a focus on high-precision grinding machines and automatic straightening machines [3][19] 2. Harmonic Reducers - Harmonic reducers are essential for converting high-speed input to low-speed output while increasing torque, with a market size of 14 billion yuan for 1 million units produced [37][39] - Companies to watch include Meihua Co., Longsheng Technology, and Haoneng Co., with a focus on high-precision grinding and balancing equipment [3][41] 3. Motors - The report discusses the application of hollow cup motors and frameless torque motors in humanoid robots, with market sizes of 280 billion yuan and 204 billion yuan, respectively, at a production scale of 1 million units [3][48] - The report emphasizes the importance of motor technology in enhancing the performance and efficiency of humanoid robots [48] 4. Equipment Market Potential - The total potential market for equipment required for the mass production of humanoid robots is estimated at 288 billion yuan, with significant contributions from high-precision grinding machines and balancing machines [10][44] - The report outlines the necessary equipment and their respective market sizes, highlighting the importance of domestic suppliers in meeting production demands [10][44]