Summary of the Conference Call on the Humanoid Robot Industry Involvement by EMS Manufacturers Industry Overview - The conference call discusses the involvement of EMS (Electronics Manufacturing Services) manufacturers in the humanoid robot industry, highlighting their advantages and challenges in this emerging market [1][2][3]. Key Points and Arguments Advantages of EMS Manufacturers 1. **Established Client Relationships**: EMS manufacturers like Luxshare Precision, Changying Precision, and Lens Technology have long-standing partnerships with major tech companies such as Apple and Foxconn, facilitating their entry into the humanoid robot market. Additionally, internet giants like Meta and ByteDance are seeking hardware manufacturing partners, providing new business opportunities for EMS firms [3][4]. 2. **Rapid Iteration Capability**: EMS manufacturers have accumulated significant experience in rapid product iteration within the 3C (computer, communication, consumer electronics) sector. This capability is crucial for the initial development of humanoid robots, which require frequent updates and refinements [3][4]. 3. **Mass Production Experience**: EMS firms possess mature mass production capabilities, ensuring a smooth transition from R&D to large-scale commercialization of humanoid robots. This expertise is rare in the manufacturing industry and is vital for future commercialization [1][4]. Market Potential 1. **New Growth Curve**: The humanoid robot market presents a significant growth opportunity for 3C component suppliers, with potential sales volumes comparable to smartphones but with unit prices approaching those of automobiles. This shift offers suppliers new business avenues [1][5]. 2. **Technological Overlap**: Core components of humanoid robots, such as sensors and motor reducers, share technological similarities with 3C products. Innovations in materials and structures from the consumer electronics sector can be applied to humanoid robot development, driving technological advancement [5][6]. Challenges Faced by EMS Manufacturers 1. **Technical Barriers**: Although there is some technological overlap between 3C products and humanoid robots, the latter involves more complex technologies, such as high-precision sensors and motor reducers. EMS manufacturers need to enhance their technical capabilities to meet these requirements [4][6]. 2. **Supply Chain Integration**: The humanoid robot industry has a complex supply chain that requires the integration of various components and modules. Effectively managing and optimizing this supply chain poses a significant challenge for EMS manufacturers [4][6]. Industry Trends and Developments - The production model for humanoid robots is expected to resemble that of current 3C products, focusing on modular components and specialized divisions of labor. This model will enable established 3C component suppliers to adapt and integrate into the new market effectively [6][7]. Company-Specific Developments 1. **Changying Precision**: The company has a single-unit supply value of approximately 40,000 RMB, with a net profit contribution rate exceeding 20%. By the end of August 2025, it is expected to achieve cumulative delivery value exceeding 80 million RMB, with an annual delivery target of 100 million RMB [2][7]. 2. **Luxshare Precision**: The company is investing 5 billion RMB to establish a robotics headquarters in Changshu, with projected annual output value reaching hundreds of billions. Luxshare is currently focused on industrial automation and collaborative robots, with plans to enter the humanoid robot sector [8]. 3. **Lens Technology**: Initially focused on glass and metal components, the company is now actively developing humanoid robot components, including head modules and joint modules, and has begun bulk deliveries to several clients since 2024 [8]. 4. **Liying Manufacturing**: The company is focusing on structural components and key modules, continuing its legacy in 3C products while also supplying components to North American AI firms [8]. Conclusion - The humanoid robot industry presents a promising opportunity for traditional 3C EMS manufacturers, encouraging them to upgrade their technologies and innovate to meet the demands of this emerging market. Companies like Changying Precision, Luxshare Precision, Lens Technology, and Liying Manufacturing are at the forefront of this transition, warranting ongoing attention for their future developments [6][8].

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-149 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 3、"领益转债"停止交易日：2025 年 10 月 10 日 4、"领益转债"赎回登记日：2025 年 10 月 14 日 广东领益智造股份有限公司 关于"领益转债"赎回实施的第十五次提示性公告 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。 特别提示： 1、"领益转债"赎回价格：100.181 元/张（含当期应计利息，当期年利率为 0.20%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有限责任公司 深圳分公司（以下简称"中登公司"）核准的价格为准。 2、赎回条件满足日：2025 年 9 月 8 日 5、"领益转债"停止转股日：2025 年 10 月 15 日 6、"领益转债"赎回日：2025 年 10 月 15 日 7、发行人（公司）资金到账日：2025 年 10 月 20 日 8、投资者赎回款到账日：2025 年 10 月 22 日 9、赎回类别：全部赎回 10 ...

Group 1 - The company has established a joint venture with Zhiyuan Robotics, named Dongguan Lingzhi Innovation Robotics Technology Co., Ltd, focusing on the development, production assembly, and iterative optimization of industrial embodied robot products [2] - The joint venture will leverage Zhiyuan Robotics' core solutions for secondary development and will also explore new materials development, sensor design and iteration, battery and charging/swapping technology, and cooling solutions in the long term [2] - The company plans to set up a dedicated data collection center and build data assets as part of its strategic initiatives in the robotics sector [2]

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-150 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 2025年第四次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 一、会议召开和出席情况 1、会议召集人：公司董事会 网络投票：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 9 月 26 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所 互联网投票系统进行网络投票的时间为 2025 年 9 月 26 日上午 9:15 至下午 15:00 的任意时间。 4、现场会议召开地点：广东省深圳市福田区领益大厦 15 楼会议室 5、表决方式：本次股东会采取现场表决与网络投票相结合的方式。 通过网络投票的股东 4,656 人，代表股份 117,118,103 股，占公司股权登记日 总股份的 1.6232%，占公司股权登记日有表决权股份总数的 1.6318%。 （ ...

北京市嘉源律师事务所 关于广东领益智造股份有限公司 2025 年第四次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 я # Un = YUAN LAW OFFICES 致:广东领益智造股份有限公司 北京市嘉源律师事务所 关于广东领益智造股份有限公司 2025年第四次临时股东会的 法律意见书 嘉源(2025)-04-715 北京市嘉源律师事务所(以下简称"本所")接受广东领益智造股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》"）、《上市公司股东会规则》(以下简称"《股东会规则》")等现行 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及 《广东领益智造股份有限公司章程》(以下简称"《公司章程》")的有关规定, 指派本所律师对公司2025年第四次临时股东会(以下简称"本次股东会")进行 见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东会,查阅了公司提 供的与本次股东会有关的文件和资料,并进行了必要的审查和验证。在前述审查 和验证的过程中,本所律师得到公司的如下承诺和保证: ...

Economic Data - From January to August, the total profit of large-scale industrial enterprises in China reached 46,929.7 billion yuan, showing a year-on-year growth of 0.9% [1] - In August, the profit of large-scale industrial enterprises experienced a significant recovery, with a year-on-year growth of 20.4%, reversing a decline of 1.5% in July [1] - The growth in profits is attributed to effective macro policies, the deepening of a unified national market, and a low base from the previous year [1] Automotive Industry - BMW Group plans to recall over 330,000 vehicles due to potential short circuit risks in the starter and related components [2] - More than 130,000 of the affected vehicles are located in Germany, with the recall potentially impacting more countries due to the range of models produced between September 2015 and September 2021 [2] Technology Sector - Tencent Mixuan announced the release of a new generation of 3D generation models, including Mixuan 3D-Omni and Mixuan 3D-Part, which enhance the practicality of AI 3D modeling [3] - The Mixuan 3D-Omni framework supports multiple modal inputs for precise control over geometric structure, topology, and posture, while Mixuan 3D-Part allows for flexible and controllable component generation [3] - Both models are fully open-sourced and free to use, facilitating academic research and industrial deployment [3] Company Developments - Guo'an Da has successfully developed a fixed automatic fire extinguishing system for converter stations and substations, recognized as a key technology for fire safety in ultra-high voltage converter stations [4] - Lingyi Intelligent Manufacturing has established a joint venture focusing on the research and development of industrial robots, with plans to expand into new materials, sensors, and battery technologies [4] - Xiaomi's 17 series smartphones achieved record sales within five minutes of launch, with the 17 Pro Max model accounting for over 50% of sales in the series [5] Market Insights - Everbright Securities reports that the logic supporting the current stock market rally remains unchanged, with reasonable market valuations [6] - The TMT sector is highlighted as a key focus for investment, driven by ongoing industry trends and the potential for a Federal Reserve interest rate cut [6]

Core Insights - The article emphasizes the growing importance of thermal management as a "hidden core" in various industries such as new energy, semiconductors, data centers, automotive, and low-carbon economy, driven by the need for cross-industry collaboration and innovation [2] - The iTherM 2025 conference aims to create a comprehensive platform for the thermal management industry, integrating exhibition, forums, resource matching, and achievement releases to foster collaborative development [3] Group 1: Event Overview - The iTherM 2025 conference is set to take place in Shenzhen, featuring an exhibition area of 20,000 square meters and attracting over 350 core enterprises from the thermal management industry [4] - The previous conference attracted more than 10,000 professional visitors and 1,500 guests, highlighting its significance as a leading event in the thermal management sector [4] Group 2: Participation and Networking - The event will gather over 300 top enterprises, including international representatives like Honeywell, 3M, and NVIDIA, as well as domestic leaders such as BYD and Huawei, showcasing the latest products and technologies [7] - iTherM 2025 is expected to connect with over 1,000 targeted buyers from major companies like Xiaomi, OPPO, and Alibaba, facilitating efficient supply-demand matching through VIP buyer channels [9] Group 3: Knowledge Sharing and Innovation - The conference will feature over 100 expert reports focusing on key topics such as thermal science, battery cooling, and liquid cooling systems, providing strategic insights and technology trend analyses [11] - More than 20 specialized forums will be held, allowing participants to share cutting-edge research and innovative applications, fostering deep integration between academic research and industrial practice [13] Group 4: Exhibition and Product Showcase - The exhibition will be structured into six thematic areas, covering the entire thermal management process from materials to systems, with a focus on practical applications in various sectors [14] - iTherM 2025 will also include a comprehensive product display platform, showcasing a complete ecosystem from thermal interface materials to system applications, allowing attendees to experience the latest trends and business opportunities [19] Group 5: Industry Collaboration and Investment - The event will facilitate industry-academia collaboration by showcasing innovative research and engineering advancements from universities and research institutions, promoting the transition from research to industrial application [23] - iTherM 2025 will focus on investment and entrepreneurship, connecting startups with capital and providing investors with access to cutting-edge projects in thermal management [25] Group 6: Conclusion and Future Outlook - The iTherM 2025 conference aims to drive technological innovation and industrial upgrades in the thermal management sector, creating a new blueprint for industry development [27]

Core Insights - The company has established a joint venture with Zhiyuan to focus on the research, production, and optimization of industrial embodied robots [1] - The company aims to enhance its capabilities in new materials, sensor design, battery technology, and data asset construction [1][4] - The company has launched a "trinity" development strategy for its robotics business, emphasizing core component R&D, comprehensive hardware services, and application scenario development [3][5] Company Developments - The company has accelerated its ecosystem cooperation, forming strategic partnerships with various tech firms to enhance its robotics capabilities [4] - The company has developed a strong core technology capability in the robotics field, offering a wide range of products from core components to complete hardware ODM services [4] - The company has received multiple invention patents for its self-developed cycloidal pinwheel reducer in China, the US, and Japan [4] Strategic Goals - The company is working towards becoming one of the top three manufacturers of embodied intelligent hardware globally [5] - The company plans to create a "technical training school" for embodied robots to enhance its closed-loop capability in technology and scene definition [4][5] - The company is focused on integrating its data accumulation and intelligent manufacturing advantages to drive innovation in the robotics industry [4]

Market Overview - The A-share market experienced an overall decline on September 26, with the Shanghai Composite Index closing at 3828.11 points, down 0.65%, the Shenzhen Component Index at 13209 points, down 1.76%, and the ChiNext Index at 3151.53 points, down 2.6% [1] - The total trading volume for both markets was 21,468.85 billion yuan, a decrease of 2,242.05 billion yuan compared to the previous trading day [1] Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets exceeded 700 billion yuan, with an opening net outflow of 234.4 billion yuan and a closing net outflow of 113.03 billion yuan, totaling 701.87 billion yuan for the day [2] - In the last five trading days, the main funds showed a consistent trend of outflow, with the highest outflow recorded on September 23 at 761.67 billion yuan [3] Sector Performance - The ChiNext saw a significant net outflow of 326.76 billion yuan, while the CSI 300 index experienced a net outflow of 197.33 billion yuan [4] - Over the last five trading days, the electronic sector faced the largest net outflow of 279.58 billion yuan, followed by the computer sector with 245.82 billion yuan [5] Industry Inflows - Certain industries managed to achieve net inflows, including: - Banking sector with a net inflow of 26.54 billion yuan, showing a slight increase of 0.25% [6] - Real estate sector with a net inflow of 10.80 billion yuan, up 0.08% [6] - Oil and petrochemical sector with a net inflow of 6.71 billion yuan, up 0.91% [6] Institutional Activity - Institutions showed significant buying activity in several stocks, with notable net purchases including: - Zhongdian Xindong with a net buy of 97.06 million yuan despite a decline of 6.74% [9] - Huazi Technology with a net buy of 80.89 million yuan, increasing by 15.44% [9] - Conversely, stocks like Xinyuan Technology and China Foreign Transport saw substantial net selling from institutions [9] Institutional Focus - Recent institutional ratings highlighted several stocks with potential upside, including: - Quecheng Co., rated "Buy" with a target price of 25.2 yuan, currently at 19.73 yuan, indicating a potential increase of 27.72% [11] - Jian Sheng Group, rated "Buy" with a target price of 14 yuan, currently at 9.76 yuan, suggesting a potential increase of 43.44% [11]

Group 1 - The Tonghuashun Fruit Index concept fell by 4.09%, ranking among the top declines in concept sectors, with leading declines from companies such as Lixun Precision, Dongshan Precision, and Luxshare Precision [1] - The main funds saw a net outflow of 9.732 billion yuan from the Tonghuashun Fruit Index concept, with 19 stocks experiencing net outflows, and 12 stocks seeing outflows exceeding 1 billion yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 2.260 billion yuan, followed by Industrial Fulian, Lixun Precision, and Dongshan Precision, with net outflows of 2.112 billion yuan, 1.154 billion yuan, and 1.118 billion yuan respectively [2] Group 2 - The top stocks with significant net outflows included Luxshare Precision (-6.53%), Industrial Fulian (-5.24%), Lixun Precision (-7.60%), and Dongshan Precision (-7.44%) [2][3] - The turnover rates for these stocks varied, with Lixun Precision at 4.59%, Industrial Fulian at 0.97%, and Dongshan Precision at 6.22% [2] - Other notable stocks with declines included Changying Precision (-4.77%), Longji Technology (-3.41%), and Lens Technology (-4.88%) [2][3]