Core Viewpoint - Lingyi Technology (002600.SZ) expects a significant increase in net profit for the first three quarters of 2025, projecting a range of 1.89 billion to 2.12 billion yuan, representing a year-on-year growth of 34.10% to 50.42% [1] Financial Performance - The basic earnings per share are estimated to be between 0.27 yuan and 0.30 yuan [1] - The anticipated growth in performance is attributed to the launch of AI terminal products and increased production capacity [1] Operational Factors - The third quarter marks the new product launch season, with new products entering mass production and delivery, contributing to rapid profit growth [1] - Revenue from overseas factories has significantly increased, leading to improved profitability [1]

Core Viewpoint - Lingyi Zhi Zao (002600) expects a net profit attributable to shareholders of 1.89 billion to 2.12 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 34.1% to 50.42% [1] Group 1: Financial Performance - The main reasons for the year-on-year growth in performance for the first three quarters include the launch of new AI terminal products in the third quarter, which began mass production and delivery, leading to an increase in overall profit [1] - The revenue from overseas factories has significantly increased, contributing to improved profitability [1]

领益智造公告，预计2025年前三季度净利润为18.9亿元–21.2亿元，同比增长34.10%-50.42%。三季度AI 终端产品进入新品发布季，公司三季度新产品开始量产交付及产线稼动率提升，使得公司整体利润实现 较快增长。 ...

[Performance Forecast Overview](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%A6%82%E8%A7%88) [2025 First Three Quarters Performance Forecast](index=1&type=section&id=2025%20%E5%B9%B4%E5%89%8D%E4%B8%89%E5%AD%A3%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a year-on-year increase in its 2025 first three quarters' performance, with net profit attributable to shareholders projected to grow by 34.10% to 50.42% - The company expects its performance for the first three quarters of 2025 to achieve a **year-on-year increase**[4](index=4&type=chunk) 2025 First Three Quarters Performance Estimates | Metric | 2025 Q1-Q3 Estimate (10,000 CNY) | Prior Period (10,000 CNY) | Y-o-Y Growth Rate | | :----------------------------------- | :-------------------------- | :---------------- | :------------------- | | Net Profit Attributable to Shareholders | 189,000 – 212,000 | 140,935.84 | 34.10% - 50.42% | | Net Profit Excluding Equity Incentive Amortization | 213,000 – 236,000 | 143,317.81 | 48.62% - 64.67% | | Net Profit Excluding Non-Recurring Items | 146,000 – 169,000 | 118,663.53 | 23.04% - 42.42% | | Net Profit Excluding Equity Incentive Amortization and Non-Recurring Items | 170,000 – 193,000 | 121,045.50 | 40.44% - 59.44% | | Basic Earnings Per Share (CNY/share) | 0.27 – 0.30 | 0.20 | - | [2025 Third Quarter Performance Forecast](index=1&type=section&id=2025%20%E5%B9%B4%E7%AC%AC%E4%B8%89%E5%AD%A3%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company projects net profit attributable to shareholders for the third quarter of 2025 to be between 960 million and 1.2 billion yuan, representing a strong year-on-year growth of 32.35% to 65.44% 2025 Third Quarter Performance Estimates | Metric | 2025 Q3 Estimate (10,000 CNY) | Prior Period (10,000 CNY) | Y-o-Y Growth Rate | | :----------------------------------- | :-------------------------- | :---------------- | :------------------- | | Net Profit Attributable to Shareholders | 96,000 – 120,000 | 72,532.60 | 32.35% - 65.44% | | Net Profit Excluding Equity Incentive Amortization | 106,000 – 129,000 | 73,328.86 | 44.55% - 75.92% | | Net Profit Excluding Non-Recurring Items | 85,000 – 108,000 | 61,261.46 | 38.75% - 76.29% | | Net Profit Excluding Equity Incentive Amortization and Non-Recurring Items | 95,000 – 118,000 | 62,057.72 | 53.08% - 90.15% | | Basic Earnings Per Share (CNY/share) | 0.14 – 0.17 | 0.10 | - | [Analysis of Performance Changes](index=2&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) - In the third quarter, as AI terminal products entered the new product launch season, the company began mass production and delivery of new products, leading to increased production line utilization and driving **faster overall profit growth**[7](index=7&type=chunk) - The company's overseas factories experienced **significant revenue growth** and **improved profitability**[7](index=7&type=chunk) [Important Notes and Risks](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E4%B8%8E%E9%A3%8E%E9%99%A9) [Communication with Accounting Firm](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) This performance forecast is unaudited, but the company has pre-communicated with the accounting firm, and no significant discrepancies exist regarding the financial data - This performance forecast is **unaudited** by an accounting firm[6](index=6&type=chunk) - The company has pre-communicated with the accounting firm, and **no significant discrepancies** exist regarding the financial data in the performance forecast[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Investors are cautioned that this performance forecast is a preliminary, unaudited estimate, and final financial data will be based on the company's 2025 third-quarter report - The data in this performance forecast is a **preliminary estimate** by the company's finance department and has **not been audited** by an accounting firm[8](index=8&type=chunk) - Specific financial data will be **fully disclosed** in the company's 2025 third-quarter report[8](index=8&type=chunk) - Investors are advised to **exercise caution** in their decisions and be aware of **investment risks**[8](index=8&type=chunk)

Core Viewpoint - The humanoid robot industry is projected to become a trillion-dollar market, with significant growth expected in China by 2025, marking the beginning of a new era for humanoid robots [2][3]. Market Size Forecast - By 2045, the humanoid robot market in China is expected to reach 10 trillion RMB, while global annual revenue for humanoid robots could exceed 5 trillion USD by 2050 [3]. - NVIDIA's CEO highlighted that the AI-enhanced robot industry represents a new 10 trillion USD market opportunity [3]. Technological and Industrial Maturity - The current state of the robot industry is likened to the prelude of the smartphone and electric vehicle revolutions, with advancements in AI and robotics driving automation and intelligence [4]. - Key components of robots are becoming increasingly localized and modular, significantly reducing costs while scaling production [4]. Leading Enterprises and Innovation - Prominent companies like Yushun, Zhiyuan, and UBTECH are emerging, fostering a vibrant ecosystem of innovation that accelerates the transition from technological innovation to industrial growth [4]. - Component manufacturers are experiencing increased production volumes due to rising demand [4]. Synergy with Intelligent Connected Vehicles - The automotive industry, particularly in intelligent connected vehicles, shares numerous synergies with the humanoid robot sector, enhancing hardware, software, and application scenarios [5]. - Similarities in foundational hardware between autonomous vehicles and humanoid robots facilitate mutual empowerment in technology [6]. Software and Supply Chain Collaboration - Algorithms used in humanoid robots and autonomous vehicles show significant overlap, particularly in path planning and motion control [6]. - Over 50% of supply chain resources are shared between the automotive and humanoid robot industries, especially in sensors and chips [7]. Cost Reduction and Production Efficiency - The adoption of high-quality, low-cost components from the automotive sector is expected to significantly lower production costs for humanoid robots [7]. - The automotive industry's advanced automated production methods can enhance the efficiency and consistency of humanoid robot manufacturing [7]. Sales Channels and After-Sales Service - The automotive sales and service networks can effectively support the distribution and maintenance of humanoid robots, addressing reliability concerns [9]. - The transition from B2B to B2C and B2H sales models for humanoid robots is anticipated, with automotive dealerships potentially playing a key role [9]. Integration into Automotive Production - Humanoid robots are already being integrated into automotive production lines, performing various tasks and enhancing efficiency [10][11]. - Companies like Tesla are leading the way in applying humanoid robots in manufacturing, achieving significant improvements in speed and accuracy [11]. Future Applications and Scenarios - Humanoid robots are expected to extend their roles beyond manufacturing to include tasks such as driving assistance and logistics in challenging environments [12].

Group 1 - The AI PC concept sector experienced a decline of 1.89%, ranking among the top losers in the market, with major companies like Wentaiketech hitting the daily limit down, while others like Digital China and Aoshikang also saw significant drops [1][2] - In contrast, some stocks within the sector saw gains, with Bawei Storage, China Great Wall, and Siquan New Materials increasing by 6.56%, 5.33%, and 4.02% respectively [1][2] - The AI PC sector faced a net outflow of 2.32 billion yuan, with 32 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 100 million yuan, led by Tongfu Microelectronics with a net outflow of 569 million yuan [2][3] Group 2 - The top gaining concept sectors included Rare Earth Permanent Magnet with a rise of 6.92%, and Military Equipment Restructuring Concept with an increase of 3.51%, while sectors like AI PC and Automotive Thermal Management saw declines [2] - Major inflows were observed in stocks such as China Great Wall, Jiangbolong, and Feirongda, with net inflows of 355 million yuan, 193 million yuan, and 57.68 million yuan respectively [2][3] - The AI PC concept sector's outflow list included companies like Shenghong Technology and Lingyi Technology, with respective outflows of 479 million yuan and 455 million yuan [2][3]

Core Points - The Tonghuashun Fruit Index concept has seen a decline of 3.67%, ranking among the top declines in concept sectors, with notable stocks such as Wentai Technology hitting the limit down, and other companies like GoerTek, Lens Technology, and Pengding Holdings also experiencing significant drops [1] Group 1: Market Performance - The Tonghuashun Fruit Index concept experienced a net outflow of 3.904 billion yuan in main funds today, with 16 stocks seeing net outflows, and 10 stocks having outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 895 million yuan, followed by GoerTek, Industrial Fulian, and Lingyi iTech, with net outflows of 617 million yuan, 526 million yuan, and 455 million yuan respectively [2] Group 2: Stock Performance - The top decliners in the Tonghuashun Fruit Index concept included: - Luxshare Precision: -5.02% with a turnover rate of 3.68% and a main fund outflow of 894.67 million yuan - GoerTek: -6.80% with a turnover rate of 6.46% and a main fund outflow of 617.16 million yuan - Industrial Fulian: -4.41% with a turnover rate of 0.86% and a main fund outflow of 526.19 million yuan - Lingyi iTech: -4.61% with a turnover rate of 5.79% and a main fund outflow of 454.56 million yuan [2][3] - Conversely, the stocks with the highest net inflows included: - Xunwei Communication: +0.21% with a main fund inflow of 192.65 million yuan - BOE Technology: -1.44% with a main fund inflow of 55.57 million yuan - Lantek Optical: -5.01% with a main fund inflow of 10.69 million yuan [3]

Core Viewpoint - The reducer concept sector experienced a decline of 2.01%, ranking among the top losers in the market, with notable declines in stocks such as Siling Co., Zhejiang Rongtai, and Mingzhi Electric [1][2]. Market Performance - The top-performing concept sectors today included Rare Earth Permanent Magnets with a rise of 6.92%, and Military Equipment Restructuring Concept with an increase of 3.51%, while the reducer sector fell by 2.01% [2]. - The reducer concept sector saw a net outflow of 3.36 billion yuan, with 87 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 100 million yuan [2]. Notable Stocks - The stocks with the largest net outflows in the reducer sector included: - Shanzi Gaoke with a net outflow of 793.49 million yuan and a decline of 4.86% - Lingyi Zhi Zao with a net outflow of 454.56 million yuan and a decline of 4.61% - Changying Precision with a net outflow of 420.80 million yuan and a decline of 2.86% [2][3]. - Conversely, the stocks with the largest net inflows included: - Inner Mongolia Yijian with a net inflow of 121 million yuan and an increase of 7.85% - Meilixin with a net inflow of 88.12 million yuan and an increase of 7.30% - Yingluohua with a net inflow of 78.45 million yuan and an increase of 6.82% [5].

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-158 | | --- | --- | --- | | 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 关于"领益转债"即将停止转股暨赎回前最后一个交易日的 重要提示性公告 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。 重要内容提示： 1、最后转股日：2025 年 10 月 14 日 2025 年 10 月 14 日是"领益转债"最后一个转股日，当日收市前，持有"领 益转债"的投资者仍可进行转股；2025 年 10 月 14 日收市后，未转股的"领益 转债"将停止转股。 2、截至 2025 年 10 月 13 日收市后，距离"领益转债"停止转股并赎回仅剩 1 个交易日。本公司特别提醒"领益转债"持有人务必认真阅读本公告，充分了 解相关风险，注意最后转股时间，审慎作出投资决策。 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 ...

Key Insights - The report emphasizes the importance of performance fundamentals during the earnings season, focusing on technology and resource sectors as key investment themes [5][6][7] - The mechanical equipment industry is experiencing upgrades in perception capabilities with the release of Figure03, a new humanoid robot that showcases enhanced functionalities for both household and commercial applications [10][11][12] - The fluorochemical industry is witnessing a price increase in refrigerants, with a recovery in the market for fluorite and hydrofluoric acid, indicating a positive outlook for the sector [16][17][18] Group 1: Earnings Season and Market Overview - Global stock markets mostly declined in the week ending October 10, 2025, with the Nikkei 225 leading gains due to policy expectations from Japan's new leadership [5] - The report notes a significant drop in oil prices due to OPEC+ production increases and trade tensions, while gold prices remain high due to safe-haven demand [5][6] - The domestic equity market saw a mixed performance, with 17 sectors rising and 14 falling, highlighting the volatility influenced by U.S.-China trade relations [6][7] Group 2: Mechanical Equipment Industry - Figure03, released by Figure AI, demonstrates significant advancements in robotic capabilities, including improved motion fluidity and precision in tasks such as household chores and logistics [10][11] - The design of Figure03 incorporates innovative materials and structures, enhancing its usability and maintenance, which reflects a shift towards practical applications in real-world scenarios [11][12] - The humanoid robot's sensory and visual systems have been upgraded, allowing for better interaction in complex environments, which is crucial for its operational reliability [12][13] Group 3: Fluorochemical Industry - The prices of third-generation refrigerants have increased, with R32, R125, and R134a showing significant year-on-year price rises of 64.47%, 55.22%, and 40.00% respectively [16][18] - The report indicates a tightening supply-demand relationship for refrigerants, driven by strong downstream demand and regulatory changes affecting production quotas [18] - The rising prices of raw materials such as fluorite and anhydrous hydrofluoric acid further support the optimistic outlook for the fluorochemical sector [17][18]