Macro and Strategy - April fiscal data shows tax revenue returning to positive growth at 1.9% YoY, while general expenditure growth accelerated to 12.9% YoY [8][9] - Key tax categories showed mixed results, with personal income tax growing significantly at 9% YoY, while corporate income tax declined to 4% YoY [8][9] Textile and Apparel Industry - Textile manufacturing continues to benefit from inventory optimization and order rebound, with revenue growth of 13.7% YoY in 2024, while apparel and home textiles saw a slowdown to 1.0% YoY [9][10] - In Q1 2025, textile manufacturing growth slowed to 8.2% YoY, while apparel and home textiles faced a 5.1% decline in revenue [9][10] - Major companies in manufacturing, such as Huayi and Shenzhou, reported strong orders and better profitability, while sports brands showed resilience compared to casual wear [9][10] Pharmaceutical Industry - Q1 2025 saw overall revenue growth slow for overseas pharmaceutical companies, with Eli Lilly and Novo Nordisk showing significant growth driven by GLP-1 drugs [15][16] - The U.S. drug pricing reform and macroeconomic uncertainties are impacting revenue forecasts for major pharmaceutical firms [15][16] Computer Industry - Major domestic companies like Alibaba and Tencent are significantly increasing capital expenditures, with Alibaba planning to invest over 380 billion RMB in cloud and AI infrastructure over the next three years [17][18] - There is a growing demand for computing power rental services, with several companies announcing related orders [17][18] Automotive Industry - April 2025 saw a total vehicle production and sales of 2.619 million and 2.590 million units respectively, with a year-on-year increase of 8.9% and 9.8% [19][20] - New energy vehicles accounted for 47.3% of total new vehicle sales, with production and sales growth of 43.8% and 44.2% YoY [19][20] - The market is witnessing a shift towards autonomous driving technologies, with Robotaxi commercial deployment accelerating [20][21] Building Materials Industry - The recent government policy is expected to accelerate urban renewal projects, benefiting local construction and decorative renovation companies [22][23] - Cement prices have seen a slight decline, while demand remains weak, indicating a cautious market outlook [23][24] Smart IoT Industry - The company focuses on IoT solutions and is expanding into AI infrastructure, with significant revenue contributions from its various business segments [26][27] - The global AI server market is projected to grow rapidly, driven by increasing demand for AI training and inference [28] Travel Industry - The company reported a 16.2% increase in revenue for Q1 2025, with strong growth in domestic hotel bookings and international travel [29][30] - The international platform is experiencing rapid growth, benefiting from favorable policies and increased travel demand [30][31] Gaming and E-commerce Industry - The company achieved a 30% revenue growth in Q1 2025, driven by strong performance in e-commerce and digital financial services [33][34] - The gaming segment also saw significant growth, with a notable increase in user engagement and revenue from popular titles [36][37]

股票代码：300918 证券简称：南山智尚 山东南山智尚科技股份有限公司 向特定对象发行 A 股股票 发行情况报告书 保荐机构（联席主承销商） 联席主承销商 二〇二五年五月 发行人全体董事、监事、高级管理人员声明 本公司全体董事、监事、高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的 法律责任。 全体董事签字： 赵亮 刘刚中 王剑 曹贻儒 栾文辉 赵厚杰 石建高 杨金纯 刘嘉厚 全体监事签字： 宋强 刘训军 任福帅 高坤 李玉武 全体高级管理人员： 赵亮 刘刚中 曹贻儒 赵厚杰 徐晓青 山东南山智尚科技股份有限公司 年 月 日 释义 在本发行情况报告书中，除非另有所指，下列简称具有如下特定含义： | 简称 | 指 | 全称 | | --- | --- | --- | | 南山智尚、发行人、本公司、 | 指 | 山东南山智尚科技股份有限公司 | | 公司 | | | | 本次发行、本次向特定对象 | 指 | 山东南山智尚科技股份有限公司向特定对象发行 | | 发行股票 | | A 股股票的行为 | | 本发行情况报告书、本报告 | 指 | 《山 ...

北京国枫律师事务所 关于山东南山智尚科技股份有限公司 向特定对象发行股票之发行过程和认购对象合规性 的专项法律意见书 国枫律证字[2024]AN007-24号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 致:山东南山智尚科技股份有限公司（发行人） 根据北京国枫律师事务所(以下简称"本所")与发行人签订的《律师服务 协议书》,本所接受发行人的委托,担任发行人 2023年度向特定对象发行 A 股 股票(以下简称"本次发行")的专项法律顾问,并据此对发行人本次发行的发 行过程和认购对象合规性发表法律意见。 本所律师根据《中华人民共和国证券法》《中华人民共和国公司法》《上市 公司证券发行注册管理办法》(以下简称"《注册管理办法》")、《证券发行 与承销管理办法》《深圳证券交易所上市公司证券发行与承销业务实施细则》(以 下简称"《实施细则》")、《律师事务所从事证券法律业务管理办法》《律师 事务所证券法律业务执业规则(试行)》等相关法律、法规、规范性文件的规定, 并按照律师行业公认的业务标准、道德规范和勤勉尽责精神,对发行人本次发行 的发行过程和认购对象合规性进行了现场见证,对相关文 ...

| 目 录 | 页 | 码 | | --- | --- | --- | | 一、验资报告 | 1-3 | | | 二、附件 | | | | 1、新增注册资本实收情况明细表 | 4 | | | 2、注册资本及实收资本（股本）变更前后对照表 | 5 | | | 3、验资事项说明 | 6-7 | | | 4、银行询证函 | 8 | | 和信会计师事务所（特殊普通合伙） 山东南山智尚科技股份有限公司 向特定对象发行股票募集资金 验资报告 和信验字（2025）第 000011 号 二○二五年五月十六日 和信会计师事务所（特殊普通合伙） 1 山东南山智尚科技股份有限公司 验资报告 验 资 报 告 和信验字(2025)第 000011 号 山东南山智尚科技股份有限公司： 我们接受委托，审验了山东南山智尚科技股份有限公司（以下简称南山智尚公司）截至 2025年5月16日止新增注册资本及股本情况。按照法律法规以及协议、章程的要求出资，提供 真实、合法、完整的验资资料，保护资产的安全、完整是全体股东及南山智尚公司的责任。 我们的责任是对南山智尚公司新增注册资本及股本情况发表审验意见。我们的审验是依据《中 国注册会计师审计准则第1 ...

民生证券股份有限公司、国信证券股份有限公司 关于山东南山智尚科技股份有限公司 向特定对象发行股票发行过程和认购对象 合规性的报告 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意山东南山 智尚科技股份有限公司向特定对象发行股票注册的批复》（证监许可[2025]169 号）批复，山东南山智尚科技股份有限公司（以下简称"南山智尚"、"发行人"或 "公司"）以向特定对象发行股票的方式向不超过 35 名投资者发行人民币普通股 （A 股）（以下简称"本次发行"）。民生证券股份有限公司（以下简称"民生证券"、 "保荐人（联席主承销商））、国信证券股份有限公司（以下简称"国信证券"， 民生证券与国信证券合称"联席主承销商"）作为本次发行的联席主承销商，认为 南山智尚本次发行过程及认购对象符合《公司法》《证券法》《证券发行与承销 管理办法》《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券 发行与承销业务实施细则（2025 年修订）》《私募投资基金监督管理条例》以 及《私募投资基金登记备案办法》等有关法律、法规、规章制度的要求及南山智 尚有关本次发行的董事会、股东会决议，发行定价过程符合有关规定，发行对 ...

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。 山东南山智尚科技股份有限公司（以下简称"公司"）向特定对象发行A 股股票（以下简称"本次发行"）的发行承销总结及相关文件已在深圳证券交 易所备案通过，公司将依据相关规定尽快办理本次发行新增股份的登记托管事 宜。 《山东南山智尚科技股份有限公司向特定对象发行A股股票发行情况报告 书》及相关文件于2025年5月21日刊登在中国证监会指定创业板信息披露网站巨 潮资讯网（http://www.cninfo.com.cn），敬请投资者注意查阅。 特此公告。 山东南山智尚科技股份有限公司董事会 2025年5月21日 证券代码：300918 证券简称：南山智尚 公告编号：2025-065 山东南山智尚科技股份有限公司 关于向特定对象发行 A 股股票发行情况报告书披露 的提示性公告 ...

Investment Rating - The report indicates a strong growth potential for the humanoid robot tendon materials market, with a projected compound annual growth rate (CAGR) of 127% from 2024 to 2030, reaching approximately 757 million yuan by 2030 [4][8]. Core Insights - The humanoid robot tendon materials market is driven by the rapid development of humanoid robot technology, particularly the demand for high-performance materials like ultra-high molecular weight polyethylene (UHMWPE) fibers, which are favored for their high strength and lightweight properties [4][5]. - The Chinese government is actively promoting the development of humanoid robots and related materials through various policies, which is expected to further stimulate market growth [4]. - The market is currently in its early stages, with less than 1% application of tendon materials in humanoid robots, indicating significant growth potential as the industry matures [10]. Market Overview - The market size for humanoid robot tendon materials in China was approximately 5.52 million yuan in 2024, with expectations to grow to 757 million yuan by 2030, reflecting a doubling trend [4][8]. - The supply chain includes key materials such as UHMWPE fibers and steel wire ropes, with a significant production capacity established in China, accounting for 66% of global UHMWPE fiber production [4][9]. - The demand for tendon materials is expected to increase as more humanoid robots are produced, particularly as manufacturers seek to enhance the performance of robotic hands [10]. Competitive Landscape - The competitive landscape is characterized by a tiered structure, with leading companies like Jiuzhou Star and others holding significant market shares due to advanced production technologies and strong brand recognition [11][18]. - The report identifies ten key brands in the market, including Nanshan Zhishang, Yizheng Chemical Fiber, and Jiuzhou Star, which are evaluated based on capacity, technology innovation, product performance, financial stability, policy compliance, and brand influence [11][20]. - The market for UHMWPE fibers is dominated by a few key players, with Jiuzhou Star leading in production capacity at 32,000 tons per year, followed by other notable companies [18][25]. Development Trends - The report highlights ongoing trends in technology and process optimization, including the development of modified UHMWPE fiber varieties and efforts to reduce energy consumption in production processes [32][34]. - Innovations in production techniques, such as the use of environmentally friendly extraction agents and improvements in fiber properties, are expected to enhance the performance and sustainability of UHMWPE fibers [34][35][36].

Core Viewpoint - The market for dexterous hands, as end-effectors of humanoid robots, is expected to reach a scale of 45 billion yuan by 2030, driven by the ongoing iteration of technology and the need for performance and cost efficiency [1] Group 1: Market Potential - The dexterous hand is a crucial component of humanoid robots, with its value accounting for 30% of the overall robot cost [1] - The market for dexterous hands is projected to grow significantly, with a potential market size of 45 billion yuan by 2030 [1] Group 2: Mainstream Solutions - Current mainstream dexterous hand solutions focus on lightweight, high freedom of movement, multi-modal perception, and composite transmission [2] - The degrees of freedom in mainstream solutions have increased from 6 to between 12 and 20, enhancing flexibility and reducing weight [2] - Multi-modal perception capabilities are evolving, allowing better handling of soft and irregular objects [2] Group 3: Investment Opportunities in the Supply Chain - Key areas for investment include drive motors, transmission systems, and tactile sensors [3] - The hollow cup motor is ideal for dexterous hands due to its small size and high power density, although it is currently expensive [3] - The composite transmission system of tendon and screw is expected to become mainstream, providing higher flexibility and reduced weight [3] Group 4: Tactile Sensors - Tactile sensors are becoming essential components of dexterous hands, evolving from fingertip-mounted to full-hand array configurations [4] - Domestic manufacturers are expected to gradually achieve localization in tactile sensor production, driven by downstream demand [4]

Investment Rating - The report maintains a "Strong Buy" rating for the machinery sector [4] Core Insights - Major companies like Huawei and Tencent are actively collaborating with robotics manufacturers, leveraging their capabilities in application scenarios and AI infrastructure to enhance model training and R&D efficiency, which is expected to accelerate the commercialization of humanoid robots [1][11][41] - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies, indicating a potential influx of capital into the robotics sector, supporting continued market momentum [1][11][41] - The report emphasizes a strong outlook for embodied intelligence, including both humanoid and non-humanoid robots, and encourages exploration of investment opportunities in "AI + Robotics" beyond just humanoid robots [1][11][41] Summary by Sections Humanoid Robots - Major tech giants are enhancing robotics manufacturers' capabilities, which is expected to boost the commercialization of humanoid robots [2][11] - The newly launched robotics index includes companies such as Huichuan Technology, Hubei Zhongke, and others, with expectations for increased capital inflow into the sector [2][11] - The report suggests focusing on embodied intelligence and exploring various robotics applications, including exoskeletons and sensors, which do not necessarily depend on humanoid robot proliferation [2][11] Engineering Machinery - Recent rumors about poor domestic sales data for engineering machinery in early May have led to significant stock corrections among leading companies, but the report suggests that this data may not represent the entire month [12][21] - The report anticipates double-digit growth in domestic sales for the year, supported by a low base from the previous year [12][21] - The domestic market is expected to recover, driven by increased investment in infrastructure and construction projects [21][22] Semiconductor Equipment - The report highlights the increasing importance of domestic semiconductor equipment due to export restrictions from the U.S., which is expected to accelerate the domestic production rate [25][26] - The overall outlook for the semiconductor equipment sector remains positive, with anticipated growth in orders for 2025 [26] 3C Equipment - The report notes that domestic manufacturers are well-positioned to benefit from the ongoing adjustments in Apple's production strategy, with expectations for strong demand in 2025 [27] Other Equipment Sectors - The report provides insights into various sectors, including oil service equipment, elevators, rail transit equipment, and mining machinery, with specific recommendations for companies within these sectors [30][31][32][33]

Core Insights - Major companies like Huawei and Tencent are actively collaborating with robotics manufacturers, leveraging their capabilities in application scenarios and AI infrastructure to empower these manufacturers, which is expected to accelerate the commercialization of humanoid robots [1][2] - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies in its initial sample, indicating an anticipated influx of capital into the robotics sector, supporting ongoing market trends [2] - There is a strong belief in the potential of embodied intelligence, encompassing both humanoid and non-humanoid robots, with a recommendation to explore investment opportunities in "AI + robotics" beyond just humanoid forms [1][2] Industry Dynamics - The collaboration between major tech firms and robotics manufacturers is expected to enhance model training, improve R&D efficiency, and expand application scenarios, thereby fostering the growth of the robotics industry [2] - The initial sample of the Innovation and Entrepreneurship Robotics Index includes notable companies such as Huichuan Technology, Hunan Zhongke, and others, suggesting a broadening interest and investment in the robotics sector [2] - The market is projected to see increased capital inflow, particularly into passive management products, which will further support the robotics sector's performance [2] Other Sectors - The machinery sector is recommended to focus on self-controllable technologies (robotics, semiconductor components), overseas expansion, and dividend assets, with specific companies highlighted for investment [3] - Related companies in the robotics field include Aobo Zhongguang, Lingyi Zhi Zao, and others, indicating a diverse range of investment opportunities within the sector [4]