Core Viewpoint - The legal opinion letter from Jiangsu Taihu Law Firm confirms the legality and compliance of the convening and conducting procedures of the 2024 annual general meeting of Wuxi Best Precision Machinery Co., Ltd, as well as the qualifications of attendees and the voting procedures and results [1][10]. Group 1: Meeting Procedures - The annual general meeting was convened by the company's board of directors, with a notice published on April 21, 2025, detailing the meeting's time, location, and voting methods [2][3]. - The meeting was held in accordance with the relevant provisions of the Company Law, Shareholders' Meeting Rules, and the company's articles of association [4][10]. Group 2: Attendee Qualifications - A total of 230 shareholders and their proxies attended the meeting, representing 303,776,480 shares with voting rights, which is approximately 99.99% of the total voting shares [5][6]. - The attendees included company directors, supervisors, and senior management, confirming compliance with legal requirements [4][5]. Group 3: Voting Procedures and Results - The meeting utilized a combination of on-site and online voting, with results verified by appointed representatives and legal witnesses [5][10]. - The total votes in favor amounted to 303,726,514 shares, representing approximately 99.99% of the valid votes cast [6][9]. - The voting results for minority shareholders were also disclosed separately, ensuring transparency and compliance with regulations [10]. Group 4: Conclusion - The legal opinion concludes that all aspects of the meeting, including convening, attendee qualifications, and voting procedures, are in accordance with applicable laws and regulations, rendering the resolutions passed at the meeting valid [10][11].

股票代码：300580 股票简称：贝斯特 公告编号：2025-017 无锡贝斯特精机股份有限公司 2024 年度股东会决议公告 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、本次股东会没有议案被否决； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席的情况 （一）会议召开情况 1、会议时间 （1）现场会议时间：2025 年 5 月 16 日（星期五） 下午 1：00 （2）网络投票时间：2025 年 5 月 16 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 16 日 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投票的具体时间为2025 年 5 月 16 日 9:15—15:00。 2、现场会议召开的地点：江苏省无锡市滨湖区胡埭工业园陆藕东路186号 公司陆藕东路厂区408会议室 3、召开方式：以现场表决与网络投票相结合的方式召开 4、召集人：公司董事会 （1）出席本次股东会现场会议的股东及股东代理人共4名（代表7名股 东）， ...

贝斯特 2024 年度股东会法律意见书 江苏太湖律师事务所 江苏省无锡市太湖西大道 2168 号佳城大厦 411 室 | 江苏省无锡市太湖西大道 | 电子邮件：shanshiwen@jsthlaw.com | | --- | --- | | 2168 号佳城大厦 411 室 | 电话 TEL. : 86-510-8589-8601 | | 邮编：214072 | 传真 FAX. : 86-510-8589-8602 | 之 法律意见书 2025 年 5 月 16 日 1 4/F, Jiacheng Building, No.2168 West TaiHuAvenue, Wuxi City, 214072, JiangSu, PRC 江苏太湖律师事务所 关于 无锡贝斯特精机股份有限公司 2024 年度股东会 贝斯特 2024 年度股东会法律意见书 江苏太湖律师事务所 致：无锡贝斯特精机股份有限公司 江苏太湖律师事务所（以下称"本所"）接受贵公司的委托，指派律师 （以下称"本所律师"）出席贵公司 2024 年度股东会（以下称"本次股东 会"），并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司 ...

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry [1] Core Insights - The machinery sector underperformed in 2024 with a 5.04% increase in the Shenwan Machinery Equipment Index, lagging behind the Shanghai Composite Index by 7.63 percentage points and the Shenzhen Component Index by 4.3 percentage points. However, from the beginning of 2025, the index has risen by 10.44%, outperforming both major indices [2][17] - In 2024, the machinery industry's operating revenue reached CNY 19,995.67 billion, a year-on-year increase of 6.55%, while the net profit attributable to the parent company decreased by 3.28% to CNY 863.64 billion. In Q1 2025, operating revenue grew by 11.23% to CNY 4,540.09 billion, but net profit saw a significant decline of 30.03% [2][20][24] Summary by Sections Investment Summary - The machinery sector's performance in 2024 was below expectations, but it has shown strong recovery in 2025, leading the market [2][17] - The report suggests focusing on more proactive fiscal policies and new quality productivity for future investments [4][41] Sector Performance - The internal segmentation of the machinery industry shows significant disparities, with semiconductor equipment and motorcycle segments leading in revenue growth [3][35] - In Q1 2025, the highest revenue growth was observed in semiconductor equipment (33.38%) and motorcycles (30.74%) [37] Policy Recommendations - The report emphasizes the importance of proactive fiscal policies to boost engineering machinery sales, with significant government bond issuance planned [5][44] - It highlights the focus on new quality productivity, particularly in low-altitude economy, deep-sea technology, humanoid robots, and industrial mother machines [6][49] Emerging Opportunities - The low-altitude economy is expected to benefit from government support, with projections indicating substantial growth in drone deliveries and eVTOL markets by 2035 [7][50] - Deep-sea technology is crucial for energy security, with significant potential for domestic equipment replacement in deep-water oil and gas extraction [8][52] - Humanoid robots are positioned to address customization challenges in manufacturing, supported by government initiatives to expand application scenarios [9][53] - Industrial mother machines are essential for cost reduction in mass production, with a growing market for core components [10][54]

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry [1] Core Insights - The machinery sector underperformed in 2024 with a 5.04% increase in the Shenwan Machinery Equipment Index, lagging behind the Shanghai Composite Index by 7.63 percentage points and the Shenzhen Component Index by 4.3 percentage points. However, from the beginning of 2025, the index has risen by 10.44%, outperforming both major indices [2][17] - In 2024, the machinery industry's operating revenue reached CNY 19,995.67 billion, a year-on-year increase of 6.55%, while the net profit attributable to the parent company decreased by 3.28% to CNY 863.64 billion. In Q1 2025, operating revenue grew by 11.23% to CNY 4,540.09 billion, but net profit saw a significant decline of 30.03% [2][20][26] Summary by Sections Investment Summary - The machinery sector's performance in 2024 was below expectations, but it has shown strong recovery in 2025, leading the market [2][17] - The report suggests focusing on more proactive fiscal policies and new quality productivity to drive growth [4][41] Sector Performance - The internal segmentation of the machinery industry shows significant disparities, with semiconductor equipment (39.08%), photovoltaic processing equipment (29.60%), and motorcycles (17.85%) leading in revenue growth for 2024. In Q1 2025, semiconductor equipment (33.38%) and motorcycles (30.74%) continued to show strong growth [3][39] - The report highlights that the machinery sector's public fund allocation increased from 2.79% in 2024 to 3.27% in Q1 2025 [30] Policy Recommendations - The report emphasizes the importance of proactive fiscal policies to boost engineering machinery sales, with significant government bond issuance planned for infrastructure projects [5][44] - It also suggests continuous attention to new quality productivity sectors, including low-altitude economy, deep-sea technology, humanoid robots, and industrial mother machines [6][49] Emerging Opportunities - The low-altitude economy is expected to benefit from government support, with projections indicating substantial growth in drone deliveries and eVTOL aircraft by 2035 [7][50] - Deep-sea technology is crucial for energy security, with significant potential for domestic equipment replacement in deep-water oil and gas extraction [8][52] - Humanoid robots are positioned to address customization challenges in manufacturing, supported by government initiatives to expand application scenarios [9][53] - Industrial mother machines are identified as essential for reducing costs in mass production, with a growing market for core components [10][54]

Core Viewpoint - The company reported stable performance in its main business, with revenue and net profit growth in 2024 and a slight increase in Q1 2025, indicating operational resilience [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.357 billion, a year-on-year increase of 1.03%, and a net profit attributable to shareholders of 289 million, up 9.58% year-on-year [1]. - For Q1 2025, the company reported revenue of 350 million, a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 69 million, up 0.23% year-on-year [1]. Industry Context - The domestic automotive industry saw production and sales growth of 3.7% and 4.5% respectively in 2024, with the new energy vehicle sector experiencing significant growth of 34.4% in production and 35.5% in sales [2]. - The company's main products, including turbocharger components and new energy vehicle parts, saw sales growth, with turbocharger components generating revenue of 1.058 billion, up 4.3%, and new energy vehicle components achieving sales of 9.1077 million units, up 38.7% [2]. Profitability Improvement - The company achieved a gross margin of 34.7% in 2024, an increase of 0.24 percentage points year-on-year, while maintaining stable gross margins in the automotive parts business [3]. - The company implemented cost control measures, resulting in a decrease in the expense ratio by 1.92 percentage points year-on-year, with reductions in sales, management, R&D, and financial expense ratios [3]. Business Expansion - The company is advancing its third-tier business, with successful validation and application of machine tool screws and guides, and has begun rolling deliveries of small batch orders [4]. - The company is accelerating investment in its overseas operations, particularly in Thailand, to mitigate international trade friction and support global expansion of its first and second-tier industries [4]. - The company expects continued revenue growth from its screw-related products in various sectors, including machine tools, automotive, and robotics [4].

Group 1 - The core viewpoint of the report highlights the commercialization progress of humanoid robots driven by technological upgrades and product iterations, exemplified by the launch of exoskeleton robots in the Taishan scenic area and the signing of a small-scale humanoid robot procurement contract by UBTECH [1][3][4] Group 2 - The Taishan scenic area has introduced exoskeleton robots for visitors, allowing them to rent the device for 80 yuan for three hours, which assists in walking and monitors health conditions, featuring emergency call and tour guide functions [3] - The exoskeleton robot weighs 1.2 kg, made of carbon fiber, can withstand a pulling force of 200 kg, and has an 8-hour battery life, saving users 30% to 50% of their physical effort [3] - UBTECH has signed a global first small-scale procurement contract for humanoid robots, involving the Walker S1 and Walker C models, aimed at applications in automotive manufacturing and commercial reception [3] - The contract signifies a substantial step towards the commercialization of humanoid robots in industrial manufacturing scenarios [3] - Apple has restructured its robotics team, moving it under the hardware engineering division, which may enhance the integration of hardware and software in robot development [4]

Investment Rating - The industry is rated as "Leading the Market" with an expected growth rate exceeding the benchmark index by over 10% [8]. Core Insights - The humanoid robot industry is anticipated to enter a mass production phase in 2025, driven by increasing application scenarios and strong domestic policy support. The production plan by industry leader Tesla includes manufacturing 10,000 Optimus robots in 2025, with monthly production capacity expanding to 1,000 units, and further increasing to 10,000 units per month by 2026 and 100,000 units by 2027. This indicates a significant acceleration in industry development [3][4]. - The report emphasizes the importance of hardware components in humanoid robots, particularly linear actuators and precision end-effectors. The adoption of linear actuators is expected to rise due to their advantages in load capacity and lifespan, with a focus on companies like Hengli Hydraulic and Best. Additionally, the report highlights the need for cost reduction and efficiency improvements in manufacturing processes, suggesting attention to domestic grinding machine manufacturers [4]. Summary by Relevant Sections Market Performance - The mechanical sector has shown notable market performance over the past year, with specific attention to the demand for AI-driven devices and the investment opportunities in AIDC equipment [1]. Hardware Focus - Key areas of focus include: 1. The parallel use of rotary and linear actuators by leading manufacturers, with a recommendation to monitor companies like Hengli Hydraulic and Best for their potential growth [4]. 2. The development of dexterous hands as optimal end-effectors, with an expected increase in degrees of freedom in Tesla's Optimus-Gen 3 to 22, closely approaching human hand capabilities. Companies such as Zhaowei Electromechanical and Jiechang Drive are highlighted for their contributions [4]. 3. The urgent need for cost reduction and capacity expansion in components like harmonic reducers and six-dimensional torque sensors, with a focus on companies like Lide Harmonic and Donghua Testing [4].

Group 1: Company Overview and Market Position - Zhejiang Rifa Precision Machinery Co., Ltd. aims to become a benchmark enterprise in the intelligent manufacturing sector, focusing on key market segments and core business scale [4] - The company has achieved a leading market share in China's bearing manufacturing equipment sector, recognized as a significant supplier in the global bearing industry [4] - Rifa's technology advantages and stable supply capabilities have garnered high praise from customers and industry experts [4] Group 2: Product Development and Innovation - The CNC thread grinding machine was completed in 2023, designed for industries such as new energy vehicles and humanoid robots, meeting customer precision requirements [4] - The company has established production capabilities for CNC grinding equipment used in screw and nut processing, with ongoing market expansion and contracts signed with clients like Best and Wuzhou Xinchun [4][5] - Current deliveries of specialized grinding machines for nuts have been made to several clients, although large-scale production is still pending due to the early stage of some downstream industries [5] Group 3: Strategic Partnerships and Collaborations - Rifa is actively pursuing technical exchanges and cooperation discussions with potential clients in the CNC grinding equipment sector [4][5] - The company is monitoring the technological development paths of downstream customers and end-users to align product R&D with future market needs [5] Group 4: Challenges and Risks - Investors are advised to be cautious regarding investment risks, as the CNC grinding equipment has not yet achieved sustained capacity release due to the nascent stage of some related industries [5] - Ongoing negotiations for insurance claims related to five aircraft detained in Russia are being conducted by Airwork, with no agreement reached as of now [6][7]

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the development of dexterous hands in the robotics industry, particularly in the context of human-like manipulation and control technologies [1][2][4][5][6][8][30]. Core Insights and Arguments - **Dexterous Hand Structure**: Dexterous hands are designed with up to 21 degrees of freedom, closely mimicking human hand anatomy, which is essential for fine manipulation [1][3]. - **Key Components**: The main components of dexterous hands include drive modules, transmission modules, and sensors. Various technologies are being explored to optimize performance, including hollow cup motors and brushless motors [1][6][14]. - **Tesla's Innovations**: Tesla has developed a dexterous hand with 22 total degrees of freedom and approximately 17 active degrees, utilizing a tendon-driven system and various sensors to enhance intelligence [1][7]. - **Domestic Manufacturers**: Companies like Lingqiao Technology, Leisai Intelligent, and Zhiyuan are actively developing and releasing products with advanced features such as tactile sensors and 3D force sensors [1][9][10][12][32]. - **Market Trends**: The domestic market is seeing a shift towards domestic alternatives in robotics, with companies establishing deep collaborations with downstream clients for mass production [4][13]. Additional Important Content - **Technological Diversity**: The industry is characterized by a variety of technological approaches, including tendon-driven, linkage-driven, and gear-driven systems, each with its own advantages and challenges [20][21][22]. - **Sensor Integration**: The rapid integration of electronic skin technology and tactile sensors is becoming standard in dexterous hands, significantly impacting performance and cost [30][31]. - **Cost Projections**: The cost of dexterous hands is expected to account for about 10% of the total value of humanoid robots, aligning with industry expectations for sensor costs [31]. - **Future Market Potential**: The market for dexterous hands is projected to grow significantly, with potential revenues reaching hundreds of billions as production scales up [19][26]. Competitive Landscape - **Domestic vs. International Players**: Domestic companies are making strides in the robotics field, with the potential to replace international competitors despite their earlier market entry [4][13]. - **Key Players**: Companies like Leisai Intelligent and Zhiyuan are highlighted as significant players due to their comprehensive capabilities in hardware and software integration [36]. Recommendations - **Focus on Key Companies**: It is recommended to monitor the developments of companies like Leisai Intelligent, which not only manufacture hardware but also provide essential algorithms and motion control solutions, addressing industry challenges effectively [36].