证券代码：002896 证券简称：中大力德 公告编号：2025-050 具体内容详见同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《2025 年 第三季度报告》。 本议案在提交公司董事会审议前已经公司第四届董事会审计委员会第三次 会议审议通过。 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、董事会会议召开情况 宁波中大力德智能传动股份有限公司（以下简称"公司"）第四届董事会第 三次会议通知已于 2025 年 10 月 13 日以通讯方式向各位董事发出，本次会议于 2025 年 10 月 24 日在公司会议室以现场及通讯方式召开。会议由董事长岑国建 先生主持，会议应出席董事 8 名，实际出席董事 8 名，公司高级管理人员列席本 次会议。本次会议的召集、召开符合《公司法》等有关法律、法规及《公司章程》 的规定。 二、董事会会议审议情况 （一）审议通过《关于 2025 年第三季度报告的议案》 表决结果：有效表决票 8 票，同意票 8 票，反对票 0 票，弃权票 0 票。 公司董事及高级管理人员已对 2025 年第三季度报告签署了书面确认意见。 ...

Financial Performance - The company's revenue for Q3 2025 was ¥248,792,448.08, representing a 5.40% increase year-over-year, while the year-to-date revenue reached ¥764,810,533.39, up by 3.14%[5] - Net profit attributable to shareholders decreased by 19.10% in Q3 2025 to ¥10,837,547.06, with a slight increase of 0.48% year-to-date to ¥57,209,070.13[5] - The net profit after deducting non-recurring gains and losses fell by 31.46% in Q3 2025 to ¥6,991,862.31, and decreased by 2.82% year-to-date to ¥44,619,922.33[5] - Net profit for the current period was ¥57,255,055.43, slightly higher than ¥56,808,528.87 from the previous period, reflecting a growth of approximately 0.8%[21] Assets and Liabilities - The company's total assets increased by 10.53% from the end of the previous year to ¥1,811,021,685.09[5] - Total current assets at the end of the reporting period amount to ¥642,188,700.14, a slight increase from ¥632,395,142.50 at the beginning of the period[17] - Total liabilities rose to ¥615,252,150.42, compared to ¥463,984,774.27, which is an increase of approximately 32.6%[19] - The equity attributable to shareholders of the parent company increased to ¥1,195,173,271.99 from ¥1,174,199,831.48, showing a growth of about 1.8%[19] Cash Flow - Cash flow from operating activities showed a significant decline of 80.59%, amounting to ¥34,782,084.11 year-to-date[11] - Operating cash flow for the current period is ¥34,782,084.11, a decrease of 80.6% compared to ¥179,185,193.60 in the previous period[22] - Total cash inflow from operating activities is ¥769,660,471.59, down 12.6% from ¥880,913,244.70 in the previous period[22] - Cash outflow from operating activities increased to ¥734,878,387.48, compared to ¥701,728,051.10 in the previous period, reflecting a rise of 4.7%[22] - Cash inflow from financing activities totaled ¥119,995,000.00, up 33.4% from ¥90,000,000.00 in the previous period[23] - Net cash flow from financing activities improved significantly by 220.56%, reaching ¥60,486,286.97, mainly due to increased cash from borrowings[11] Shareholder Information - Total number of common shareholders at the end of the reporting period is 86,345[13] - The largest shareholder, Ningbo Zhongda Lide Investment Co., Ltd., holds 23.50% of shares, totaling 46,179,120 shares[13] - The second largest shareholder, Zhongda (Hong Kong) Investment Co., Ltd., holds 21.85% of shares, totaling 42,941,730 shares, with 16,055,000 shares pledged[13] - The company has a total of 0 preferred shareholders at the end of the reporting period[15] Expenses - The company reported a 31.60% increase in management expenses, totaling ¥56,974,429.80, primarily due to increased wages and benefits[10] - Research and development expenses for the current period were ¥47,998,128.48, slightly up from ¥47,317,233.46, indicating a growth of about 1.4%[20] Inventory and Investments - Inventory at the end of the reporting period is ¥288,534,005.61, up from ¥255,939,506.49 at the beginning of the period[17] - Long-term equity investments decreased from ¥11,055,167.55 to ¥1,563,782.32 during the reporting period[17] - Fixed assets increased from ¥818,718,799.83 to ¥827,398,224.41[17] - The company has ongoing construction projects with a value of ¥178,846,742.48, up from ¥39,096,191.18[17] Audit and Reporting - The company did not undergo an audit for the third quarter financial report[24]

Group 1 - ST Jingfeng (000908) will be subject to delisting risk warning starting October 23, 2025, due to the acceptance of a reorganization application by the Changde Intermediate People's Court [1] - The stock will be renamed to "*ST Jingfeng" with a daily price fluctuation limit of 5%, and it will be suspended for one day on October 22, 2025 [1] - As of the end of 2023, ST Jingfeng reported negative net assets and faced liquidity issues, leading to overdue bonds and previous delisting risk warnings [1] Group 2 - Yushu Technology has completed the first phase of its IPO guidance work, with the report published on the CSRC website detailing the progress [3][5] - The guidance period started on July 18, 2025, and aims to improve corporate governance and operational standards [5] - Yushu Technology plans to submit its IPO application documents between October and December 2025, with relevant operational data to be disclosed at that time [6] Group 3 - The Yushu Robotics concept stocks have shown strong performance this year, with an average price increase of 71.37%, significantly outperforming the Shanghai Composite Index [7] - Notable stocks include Zhejiang Rongtai, Wolong Electric Drive, and Zhongdali De, with year-to-date price increases of 316.38%, 240.73%, and 202.54% respectively [8] - Companies like Aobi Zhongguang-UW have reported positive earnings forecasts, benefiting from advancements in the 3D vision perception industry and expanding application scenarios [9]

Group 1: Coal Industry - In September 2025, coal supply showed a marginal decrease, with cumulative production reaching 3.57 billion tons, a year-on-year increase of 2.0%, but the growth rate is declining [5] - Demand for coal is supported by manufacturing and infrastructure, with fixed asset investment down 0.5% year-on-year, while thermal power and cement production showed negative growth [5] - Coal prices remained stable in September, with a slight increase in thermal coal prices and a decrease in coke prices, indicating a mixed performance across different coal types [5] - The report suggests a positive outlook for the coal sector in Q4 2025, with expectations of better performance compared to Q3, driven by limited supply growth and potential demand increases during the winter peak [5][6] Group 2: Chemical Raw Materials - The new materials sector experienced a decline, with the new materials index down 5.20%, while synthetic biology and semiconductor materials also faced significant drops [6] - The rapid penetration of generative artificial intelligence is highlighted, with user numbers doubling in six months, indicating a growing opportunity in AI-related new materials [6][7] - The report emphasizes the need for advanced materials in AI server production, which is expected to see explosive growth in demand due to increasing computational needs [6][7] Group 3: Electric Equipment and New Energy - The launch of the new industrial-grade interactive robot, ZhiYuan G2, marks a significant advancement in the robotics sector, with substantial orders already secured [9] - The report notes the increase in new energy projects, particularly in solar and wind power, with a total of 8,658 new projects registered in August 2025 [9][10] - The National Development and Reform Commission's initiative to regulate price competition in the energy sector is expected to impact market dynamics positively [9] Group 4: Automotive Components - The penetration rate of intelligent driving features in vehicles is rapidly increasing, with expectations for the Chinese market to reach 99.7% by 2030 [11][13] - Domestic chip manufacturers are gaining market share in the automotive sector, with significant advancements in ADAS technology and increasing demand for local solutions [13] - The report highlights the growth potential for companies involved in high-level intelligent driving solutions, with a focus on domestic suppliers [13] Group 5: Instant Delivery Services - The instant delivery industry is projected to grow at a CAGR of 18.9% from 2023 to 2028, driven by the increasing demand for high-quality delivery services [16] - SF Express's instant delivery platform is positioned to capitalize on this growth, with a focus on becoming a leading independent third-party service provider [16][17] - The company's profitability is expected to improve significantly, with projected net profits of 3.09 billion yuan in 2025, reflecting a strong growth trajectory [16][17]

Core Insights - The latest industrial data from the National Bureau of Statistics reveals significant growth in the robotics sector, with robot reducer production increasing by 1.2 times in the first three quarters, and industrial and service robots growing by 29.8% and 16.3% respectively [1][2] Industry Overview - The production of industrial robots reached 594,800 units, while service robots totaled 13.5 million units, ranking second and fifth in growth among major industrial products [1] - The manufacturing sector is advancing towards high-end, intelligent, and green processes, with robots being a key representative of industrial intelligence [1] Reducer Market Dynamics - Reducers are critical components in robots, acting as the "joints" that connect servo motors to robot arms, influencing precision, load capacity, and stability [3] - The market for Tesla's humanoid robot reducers is projected to grow significantly, with estimates of $0.19 million, $1.89 million, and $18.90 million from 2025 to 2027 based on production volume [3] Competitive Landscape - Reducers account for approximately 35% of the cost of robots, making their technological level and domestic production crucial for the competitiveness of China's robotics industry [4] - Several Chinese companies have successfully entered the supply chains of major international robot manufacturers, such as ABB [4] Technological Trends - The reducer technology landscape is diverse, with no single dominant player, including harmonic, RV, cycloidal pinwheel, and precision planetary reducers [5] - The demand for humanoid robots requires reducers that balance precision, rigidity, and power, leading to increased interest in cycloidal reducers as a new direction for joint transmission [5] Future Outlook - The recovery of manufacturing demand is expected to boost the growth of RV and harmonic reducers, while the impending industrialization of humanoid robots will significantly enhance the reducer market [6]

Core Insights - The robotics concept index (885517.TI) increased by 1.67%, with 16 constituent stocks hitting the daily limit, including Zhongwei Electronics, Huarui Co., and Feiwo Technology [1][5] - The surge in stock prices is primarily driven by positive news, including a significant order for UBTECH and the launch of a new humanoid robot by Yushutech [5] Stock Performance - Zhongwei Electronics (300270.SZ) rose to 12.42, up 20.00% with a 5-day increase of 15.86% [2] - Huarui Co. (300626.SZ) reached 12.66, also up 20.00% with a 5-day increase of 14.99% [2] - Feiwo Technology (301232.SZ) climbed to 45.78, up 20.00% with a 5-day increase of 12.81% [2] - Other notable stocks include Wangcheng Technology (920896.BJ) at 23.19 (+14.80%) and Zhuhai Guanyu (688772.SH) at 25.04 (+11.74%) [2] Market Drivers - UBTECH secured a project order worth 126 million yuan for the procurement and installation of intelligent data collection and testing center equipment, which includes their latest humanoid robot, Walker S2 [5] - Yushutech launched the new humanoid robot Unitree H2, which features advanced capabilities and a more human-like appearance compared to its predecessor [5] Industry Outlook - The robotics concept index has increased over 50% in the past year, significantly outperforming the broader market, with companies like UBTECH and Yushutech gaining attention [5] - Analysts predict that the humanoid robot market could reach a scale of 140 billion yuan by 2030, with domestic companies poised to benefit from the growing demand for core components [6][7]

Core Viewpoint - The article discusses the rising interest in the IPOs of Moore Threads and Yushu Technology, highlighting the significant market movements and investment opportunities associated with these companies [3][4]. Group 1: Investment Opportunities - Moore Threads aims to break NVIDIA's monopoly with its domestic GPU, benefiting from the trend of domestic substitution [4]. - Yushu Technology has faced a challenging financing journey, with varying perceptions from venture capitalists over the years [4]. - Companies like Jinfa Technology are strategically positioned to benefit from both Moore Threads and Yushu Technology through direct collaborations and material supply agreements [6][7]. Group 2: Company Collaborations - Jinfa Technology has established a specialized team for humanoid robot material development and has signed strategic agreements with both Moore Threads and Yushu Technology [6]. - Other companies, such as Shuanghuan Transmission and Zhongdali De, have formed partnerships with Yushu Technology, providing essential components for their robotics projects [8]. - Companies like Jingxing Paper and Dazhong Public Utilities are more focused on financial investments, using indirect holdings to hedge against market fluctuations [9]. Group 3: Market Dynamics - The article notes that the excitement around IPOs leads to significant gains for related concept stocks, with direct shareholders benefiting the most [6]. - The investment landscape is characterized by a mix of strategic and financial investments, with some companies taking a more passive role in the emerging tech sectors [9][12]. - Major players like China Mobile and Tencent have entered the market later, focusing on financial investments rather than deep strategic partnerships [13][15].

Market Review - The Sci-Tech Innovation Artificial Intelligence ETF (589010) closed at 1.441 CNY, up 0.63%, showing a steady upward trend with a total trading volume of approximately 8.87 billion CNY, indicating active buying and good liquidity [1] - Among the constituent stocks, 26 rose while 4 fell, with notable gains from companies like Obsidian Technology, Fudan Microelectronics, and Cambricon, each increasing by 3%, highlighting strong performance in computing and AI chip sectors [1] - The Robot ETF (562500) rose by 2.38% to 1.033 CNY, maintaining a strong rebound trend with a trading volume of 14.97 billion CNY, reflecting active market participation [1] - In the Robot ETF, 69 out of 73 constituent stocks increased, with significant gains from companies such as Nanjing South Network Technology and Jiangsu Leili, each rising over 5% [1] Key Developments - Lingyi Technology announced the establishment of a joint venture, Dongguan Lingzhi Innovation Robot Technology Co., with a focus on the research, production, and optimization of industrial robots, holding an 80% stake [1] - Meta Platforms Inc. is investing over 1.5 billion USD in a new 1 GW data center to support its AI initiatives, with total capital expenditures for the year projected to reach 72 billion USD, including AI-related infrastructure projects [2] - The Hong Kong Monetary Authority and Hong Kong Cyberport Management Company announced the second phase of the Generative AI sandbox, inviting 27 use cases from 20 banks and 14 tech partners out of over 60 proposals [2] Institutional Insights - Dongwu Securities predicts that humanoid robots will become the best carriers for AI, potentially entering a significant industrial cycle over the next decade, with small-scale production expected to commence by 2025 and an acceleration of the overall industry chain by 2026 [2]

转自：北京日报客户端 国庆假期刚过，宇树科技创始人、CEO王兴兴造访家乡宁波，和市长汤飞帆面对面畅谈，还与宁波政府 签署了战略合作协议。 自宇树机器人在春晚舞台"火出圈"后，王兴兴一举一动都受到外界高度关注，此次回乡投资兴业，宁波 政企对这次合作期盼已久。 市长汤飞 帆会见王兴兴一行。唐严 摄 王兴兴本人也表示："期待以此次合作为契机，进一步拓展与宁波合作的深度广度，加快智能机器人在 不同场景的研发应用，为家乡的高质量发展多作贡献。" 器狗正在演示定点巡检。图源："宁波开投"微信公众号 按下"需求驱动"的快进键，宁波为智慧应急机器人开启了多场景应用落地的时代。 从对外官宣的合作内容看，宇树科技在宁波的落子，将从智慧应急机器人这一细分赛道切入，港口、电 力、化工、文旅等均是其看好的应用场景。 一面是引领我国机器人产业"一路狂飙"的科技新贵，一面是正在逐浪人工智能蓝海的制造大市，这 场"双向奔赴"将如何实现相互赋能？ 值得关注的是，本次合作并非追随当前通用人形机器人的竞争潮流，而是明确从智能应急机器人这一细 分赛道切入，开辟差异化竞争的蓝海，目标在宁波打造全国领先的智能应急机器人产业集群。 在智能应急赛道，宇树科 ...

Core Insights - The reducer concept sector saw an increase of 2.61%, ranking 8th among concept sectors, with 107 stocks rising, including Bohai Automotive and Wuzhou New Spring hitting the daily limit [1] - Major gainers included Wantong Hydraulic, Changying Precision, and Yishi Precision, with increases of 21.67%, 14.19%, and 10.05% respectively [1] - The sector experienced a net outflow of 577 million yuan from main funds, with 62 stocks receiving net inflows [1] Sector Performance - The reducer concept sector had a daily increase of 2.61%, while other notable sectors included Tonghuashun Fruit Index (+3.40%) and Cell Immunotherapy (+3.18%) [1] - The top decliners included Shanzi Gaoke, Inner Mongolia First Machinery, and Yokogawa Precision, with declines of 6.54%, 3.84%, and 2.56% respectively [1] Fund Flow Analysis - Wuzhou New Spring led the net inflow of main funds with 431 million yuan, followed by Zhongdali De and Lixing Co., with net inflows of 112 million yuan and 109 million yuan respectively [2] - The top three stocks by net inflow ratio were Wuzhou New Spring (17.20%), Buke Co. (14.31%), and Dongli Machinery (13.90%) [2] Stock Performance - Key stocks in the reducer concept sector included Wuzhou New Spring (+10.00%), Zhongdali De (+6.09%), and Lixing Co. (+3.00%) [2] - Other notable performers included Zhejiang Rongtai (+6.53%) and China Baowu (+1.58%) [2] Market Trends - The overall market showed mixed performance with various sectors experiencing both gains and losses, indicating a volatile trading environment [1][2]