深圳市兆威机电股份有限公司 投资者关系活动记录表 证券代码：003021 证券简称：兆威机电 编号：2025-006 A：尊敬的投资者，您好！当前公司基本面向好，生产经营正常， 各项工作有序开展。二级市场的股票价格受到宏观经济环境、公 司所属行业、市场情绪、投资者预期等多方面因素的影响，公司 密切关注二级市场股价走势，也请广大投资者注意投资风险。感 谢您的关注! Q7：为什么两个月了股价一直创新低，公司是否有市值管理计 划？ A：尊敬的投资者，您好！公司始终专注于提升经营质量和核心 竞争力，推动业绩稳定增长，为投资者创造长期价值。公司重视 市值管理，坚持做好信息披露质量、投资者关系管理。感谢您的 关注！ Q8：目前对于灵巧手的订单如何，市占率如何。 A：尊敬的投资者，您好！公司密切关注行业市场动态和技术发 展趋势，紧跟客户需求，把握市场机遇。感谢您的关注！ Q9：你好董秘，兆威机电预计多久能在港交所上市，有没有明 确的时间节点。 A：尊敬的投资者，您好！公司 H 股上市正常推进过程中，后续 如有进展需要披露，公司将及时在交易所指定网站披露相关内 | | 特定对象调研 □分析师会议 | | --- | --- ...

Core Insights - Morgan Stanley's recent research indicates that humanoid robots have transitioned from the R&D phase to the delivery validation phase, with a significant scaling milestone expected in 2026, although work efficiency and technological convergence remain key challenges [3][4]. Industry Trends - The delivery of humanoid robots is set to increase significantly, with major companies establishing expansion targets for 2026. For instance, UBTECH anticipates delivering 500 humanoid robots in 2025, generating approximately 400 million yuan in revenue, with a further increase to 2000-3000 units in 2026 [3][4]. - The total number of humanoid robots with practical work capabilities is projected to exceed 10,000 units by 2026, with component manufacturers also expected to benefit significantly [3][4]. Application Feedback - Despite a notable increase in success rates for humanoid robots (e.g., UBTECH achieving a 99% success rate in box handling tasks), their efficiency remains at only 30%-60% of human capabilities. The development cycle for new task models is lengthy, making application scenario validation a critical factor for industry growth in 2026 [4][5]. Technological Exploration - Companies in the humanoid robot industry are actively testing new technological pathways, but no unified standards have emerged. Key areas of focus include innovations in hardware (e.g., harmonic reducer materials, drive solutions) and software (e.g., large model applications limited by edge computing capabilities) [5][6]. Key Company Dynamics - **UBTECH (9880.HK)**: Plans to release the Walker S3 version in the first half of 2026, featuring the NVIDIA Thor chip. The company aims to improve task completion times and efficiency, with a projected 4-6 times increase in delivery volume by 2026 [6][7]. - **Zhaowei Electromechanical (003021.SZ)**: A leader in the dexterous hand sector, with a product matrix that includes modular and customized solutions. The company expects significant revenue growth in its dexterous hand business from 20-30 million yuan in 2025 to 100 million yuan in 2026 [7][8]. - **Fortior (1304.HK)**: Focuses on innovative motor and sensor technologies, including coreless motors and rotary transformers. The company aims to enhance market share in the robotics sector while maintaining stable profit margins [8][9]. - **Youibot**: As a leader in industrial mobile robots, it targets revenue of 550-600 million yuan in 2026, with growth driven by increased market penetration and expansion into new fields [9].

Core Viewpoint - Zhaowei Electromechanical is focused on building an open ecosystem for dexterous hand technology, collaborating with partners for innovation and advancing the application and breakthroughs in related technologies [1] Group 1 - The company is committed to developing dexterous hand technology [1] - Zhaowei Electromechanical emphasizes collaboration with partners to foster innovation [1] - The goal is to promote the application and breakthroughs in dexterous hand technology [1]

Group 1 - The article emphasizes the collaboration between humanoid robotics and flexible skin technology, highlighting that Zhaowei Electromechanical has received bulk orders for electronic skin products and is set to release a new generation of flexible sensing systems integrated with large models [1] - The partnership between Super Fusion and Huawei Ascend is noted, focusing on the development of an AI knowledge base integrated machine, which aims to create a proprietary Ascend large model machine, indicating a deep integration of domestic computing power with the Nvidia ecosystem [1]

Group 1 - The company signed a strategic cooperation memorandum with Zhao Wei Electromechanical at the product launch event [2] - The upcoming third-generation flexible sensor product integrates flexible sensing, chips, algorithms, and large models, achieving breakthroughs in multiple core technologies [2] - The new product will provide a "mass-producible, cost-effective" system solution [2]

目前，菲仕技术由任文杰及其配偶胡瑾共同持股49.48%。先进制造、黄山赛富、京津冀基金等机构曾投资入股，成为公司重要股东。2024年2月完成C轮融 资后，公司估值已达40.02亿元人民币。 2025年以来，卧龙电驱(600580.SH)、大洋电机(002249.SZ)、埃斯顿(002747.SZ)、兆威机电(003021.SZ)等A股上市公司向港交所递交招股书，寻求"A+H"两 地上市。 经过二十余年发展，菲仕技术已在电驱行业占据一席之地。以2024年销售收入计，公司是中国工业控制领域第二大专用电驱动解决方案供应商；以2024年销 量计，公司亦位列中国乘用车电驱动系统第三方供应商第六名。 菲仕技术的产品广泛应用于风力发电、煤炭、数控机床、新能源汽车等多个领域。2024年，公司通过收购意大利公司NGTEC，以获取尖端的机器人技术， 并进一步巩固其在工业自动化领域的技术优势。 此前，时代电气（03898.HK）、德昌电机（00179.HK）等电驱领域企业已成功登陆港交所。 在转向港股之前，菲仕技术的上市之路并不平坦。 近日，曾两度冲刺A股未果的宁波菲仕技术股份有限公司（以下简称"菲仕技术"）转向港股市场，其招股书 ...

Core Viewpoint - The company has signed a strategic cooperation memorandum with Zhaowei Electromechanical at their conference, focusing on the development of a new generation of flexible robotic hands using third-generation materials [1] Group 1 - The upcoming third-generation flexible sensing product integrates flexible sensing, chips, algorithms, and large models, achieving multiple core technological breakthroughs [1] - The new product is designed to provide a "mass-producible and cost-effective" system solution [1]

Core Insights - The 2025 China-Europe Robotics Industry Cooperation Conference was held in Shenzhen, focusing on enhancing collaboration between Chinese and European robotics companies and institutions [1][2] - The conference emphasized the complementary strengths of both regions in the robotics industry, particularly in the era of embodied intelligence [2][3] Group 1: Conference Overview - The conference was organized by the Ministry of Commerce's Investment Promotion Bureau, Shenzhen Investment Promotion Bureau, and Bao'an District Government [1] - The theme of the conference was "China-Europe Intelligence Integration, Co-creating the Future," aiming to facilitate communication and cooperation among robotics enterprises, innovation platforms, research institutions, and investment agencies [1] Group 2: Key Presentations and Discussions - Keynote speakers included industry leaders discussing advancements in robotics, such as surgical robots and exoskeletons, and the importance of scenario intelligence over general models [2] - Various presentations highlighted innovations in AI-driven robotics, lightweight and high-reliability solutions, and the potential for global collaboration in intelligent innovation [2] Group 3: Networking and Collaboration - The conference featured parallel sessions, including a technology innovation matchmaking event focused on dexterous hands and a project roadshow showcasing quality domestic and international robotics companies [3] - Over 200 companies and professional institutions from the robotics industry participated, indicating strong interest and potential for future collaborations [3]

Summary of Conference Call on Humanoid Robotics Industry Industry Overview - The conference focused on the humanoid robotics sector within the China Industrials industry, highlighting the current state and future expectations for humanoid robots and related technologies [1][3][9]. Key Companies Discussed - **Fortior (1304.HK)** - **Paxini (Private)** - **Zhaowei (003021.SZ)** - **UBTECH (9880.HK)** - **TC Drive (Private)** - **Youibot (Private)** [3] Core Insights and Arguments Adoption and Market Growth - UBTECH has delivered approximately 200 humanoid robots year-to-date (YTD) and anticipates reaching around 500 units and approximately Rmb400 million in revenue for the full year 2025, with expectations of 2,000 to 3,000 units in 2026 [4][18]. - Paxini predicts the industry volume of humanoids with working capabilities will reach 10,000 units in 2026 [4]. - Zhaowei expects its revenue from humanoid-related products to quadruple to around Rmb100 million in 2026 from Rmb20-30 million in 2025 [14]. - TC Drive anticipates its humanoid-related revenue to double next year [27]. Importance of Use Case Verification - User feedback is deemed crucial for growth in 2026, with companies like TC Drive and Youibot emphasizing the need for real-world application testing to validate humanoid robots' effectiveness [5][30]. - Specialized robots are seen as more efficient and cost-effective for industrial applications, with humanoids serving as supplemental solutions [5][30]. Technological Developments - Fortior is developing a coreless motor joint venture and rotary transformer technology, indicating ongoing innovation in humanoid components [12]. - Zhaowei is exploring various dexterous hand technologies, noting that no single optimal solution exists yet [15]. - UBTECH is set to unveil a new humanoid model equipped with the Nvidia Thor chip in 1H26, aiming to enhance performance [18][20]. Challenges and Limitations - Despite improvements in humanoid robots' working capabilities, efficiency remains significantly lower than human labor, currently at about 30% of human efficiency, with a target to improve to 60% next year [19]. - The humanoid robotics industry is still in its early stages, with many technologies not yet fully developed or settled [12][9]. Additional Important Insights - The supply chain is experimenting with new technologies, such as rotary transformers and aluminum components, but practical applications remain uncertain [9]. - Real data collection is critical for training humanoid robots, with companies like Paxini investing in data collection facilities to gather high-quality data for machine learning [23][25]. - The market outlook for humanoid robotics remains optimistic, with various companies setting ambitious targets for 2026 despite the current limitations in humanoid capabilities [9]. Conclusion - The humanoid robotics industry is poised for growth, driven by technological advancements and increasing adoption in various sectors. However, challenges related to efficiency, technology development, and real-world application validation must be addressed to realize the full potential of humanoid robots in the market [1][9].

Core Insights - The article discusses the recovery of actively managed equity funds in 2023, highlighting the turnaround of previously underperforming funds known as "four毛基" and "five毛基" [1][2]. Group 1: Fund Performance - Several funds, including Hengyue Advantage Selection and Huatai Bairui Quality Selection, have successfully increased their net asset values (NAV) from below 0.6 yuan to above 1 yuan due to strong performance in 2023 [3]. - Hengyue Advantage Selection achieved the highest increase, with a year-to-date growth of 146.87%, rising from 0.60 yuan to 1.47 yuan [3]. - The funds that performed well were heavily invested in sectors like artificial intelligence and storage chips, which saw significant demand growth [3][5]. Group 2: Investment Strategies - Some funds maintained their positions in sectors like optical modules and computing power, benefiting from the market recovery [2][5]. - Other funds, such as Fangzheng Fubon Xinhong, changed their investment strategies, shifting focus to humanoid robotics, which led to substantial NAV increases [5]. - The article notes that funds that were initially launched during high market periods (2020-2021) faced challenges but adapted their strategies to capitalize on emerging trends [4][6]. Group 3: Redemption Trends - Despite the recovery in NAV, many funds did not see a corresponding increase in share volume, as investors often chose to redeem their shares once they broke even [2][6]. - Historical data indicates that the probability of redemption is highest when funds return to their original investment levels, leading to significant outflows from several funds [6]. - In the third quarter, there was a net redemption of 220 billion shares from equity funds, marking the largest single-quarter redemption in recent years [6]. Group 4: Ongoing Challenges - Not all funds that were previously underperforming managed to rebound, with some still trading below 0.5 yuan [7]. - Certain sectors, such as consumer and military industries, did not perform well even in a rising market, leading to continued underperformance for funds heavily invested in these areas [7].