EFORT(SH:688165) Zhong Guo Jing Ying Bao·2025-12-19 13:31Core Viewpoint - The establishment and development of the Sci-Tech Innovation Board (科创板) is a key measure for China's capital market to support the national innovation-driven development strategy, significantly aiding companies in achieving breakthroughs in core technology autonomy [2][4]. Company Development - Efort has become one of the representative companies in China's industrial robotics sector, achieving breakthroughs in multiple key areas and realizing the localization of high-end manufacturing robots since its listing [2][10]. - The company's annual sales of robots have increased sevenfold, from approximately 2,000 units at the time of listing to over 16,000 units in 2024 [3][10]. - In the first three quarters of this year, Efort secured orders exceeding 10,000 units from leading domestic new energy vehicle companies, marking the first large-scale entry of domestic robots into various stages of automotive manufacturing [3][10]. Impact of Sci-Tech Innovation Board - The Sci-Tech Innovation Board provides significant funding support for continuous innovation, aiding in technology research and product iteration [5]. - Listing on the Sci-Tech Innovation Board has enhanced the company's market influence and brand credibility, allowing it to expand its customer base into various high-end sectors such as electronics, photovoltaics, and automotive [5]. - The board has also facilitated the recruitment of high-end talent, which is crucial for innovation in the "hard technology" field [5]. Technological Advancements - Efort has transitioned from "catch-up" or "remedial" R&D before listing to autonomous innovation afterward, exploring "unmanned areas" in technology development [8][9]. - The company has made significant progress in core technology autonomy, developing key software and hardware modules such as the underlying operating system and motion control kernel for robots [9]. - Efort is at the forefront of intelligent industrial robot research, integrating robotics with artificial intelligence to meet diverse production needs [9]. Financial Performance - Efort's business scale has experienced explosive growth, with a significant increase in market share and profitability driven by scale growth and improved gross margins [10][11]. - The growth in scale is attributed to the continuous increase in high-end market share and the activation of new markets through intelligent technology [11][12]. Future Expectations - The company hopes for policy optimization regarding refinancing for unprofitable companies with clear strategic goals, emphasizing the need for continuous funding for technological innovation [13]. - There is a desire for more flexibility in the use of raised funds, acknowledging the rapid technological iterations that companies face [14]. - Efort has undertaken over 40 major national technology projects, primarily after its listing, highlighting the capital market's support in enhancing the company's capability to undertake national strategic tasks [15].