1. Report Industry Investment Rating The document does not provide the report industry investment rating. 2. Core Viewpoints of the Report - The dexterous hand unlocks the application ceiling of humanoid robots. In 2025, many manufacturers are releasing dexterous hand solutions, and these solutions will iterate rapidly in the next two years, accelerating the training of hand - brain coordination in humanoid robots [4]. - The hybrid mechanical solution is the trend, combining high degrees of freedom and load - bearing capacity. In the short term, the scheme of hollow - cup motor + planetary reducer + ball screw + connecting rod will be the first to gain popularity, while in the medium and long term, a fusion scheme is more suitable [4]. - Multi - dimensional perception of the hand is the direction, which promotes hand - brain coordination. Tactile sensors are developing in the direction of high sensitivity, high integration, high extensibility, and low cost, with multiple technological routes advancing in parallel [4]. - Leading body manufacturers are conducting full - stack self - research, while component suppliers provide overall solutions. The price of dexterous hands is expected to drop in the medium term, and the market space for related components is large in 2030 [4]. 3. Summary According to the Directory Part 1: The Dexterous Hand Unlocks the Application Ceiling of Humanoid Robots and Iterates Rapidly - The dexterous hand is crucial for humanoid robots, determining their fine operation and complex task - execution capabilities. It accounts for 20% - 30% of the total cost of humanoid robots in the long run and is the most important hardware after the body actuator [9]. - Similar to the human hand, the dexterous hand requires high degrees of freedom, accuracy, durability, and perception. It is composed of four major modules: drive, transmission, control, and perception [17][22]. - In 2025, many manufacturers, including body manufacturers, independent integrators, and component factories, are making breakthroughs in dexterous hand technology, with significant product iterations [24]. Part 2: The Hybrid Mechanical Solution is the Trend, Combining High Degrees of Freedom and Load - Bearing Capacity - There are trade - offs between direct - drive and under - actuated schemes. The direct - drive scheme has high precision but large volume and high cost, while the under - actuated scheme is more compact, cost - effective, and adaptive [28][29]. - Motor drive is the mainstream driving method for dexterous hands, with hollow - cup motors and brushless slotted motors being the main choices. Hollow - cup motors are lightweight and fast - responding, while brushless slotted motors have high torque density [30][32]. - There are various transmission methods, including gears, screws, connecting rods, tendon ropes, and worm gears. The combination of planetary reducer + ball screw is the mainstream, and in the long term, a hybrid transmission scheme is the trend [50][70]. Part 3: Multi - Dimensional Perception of the Hand is the Direction, Promoting Hand - Brain Coordination - Human hand tactile perception is multi - dimensional, highly sensitive, and has high stretchability. Robot tactile sensors are developing in multiple technological directions to pursue optimal performance [74][78]. - There are multiple types of tactile sensors, such as piezoresistive, capacitive, electromagnetic, and visual - tactile sensors. Each has its own advantages and disadvantages. The development trend is towards high integration, high sensitivity, multi - dimensional force perception, high extensibility, and low cost [77][124]. Part 4: Leading Body Manufacturers Conduct Full - Stack Self - Research, and Component Suppliers Provide Overall Solutions - Leading body manufacturers, such as Tesla, FigureAI, and others, are conducting full - stack self - research on dexterous hands, with different solutions. Independent third - party integrators and component suppliers are also actively involved [4]. - The current price of dexterous hands varies greatly, with the mainstream price being 50,000 - 100,000 yuan per hand. In the medium term, the price is expected to drop to 5,000 - 30,000 yuan per hand, accounting for about 20% of the body cost [4]. Part 5: Investment Suggestions - The report recommends LeiSai Intelligence and ZhaoWei Machinery & Electronics, which can provide both overall solutions and components for dexterous hands. It also recommends component suppliers tied to core host factories, including manufacturers of hollow - cup motors, micro - screws, reducers, tactile sensors, and tendon ropes [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300918 证券简称：南山智尚 公告编号：2025-062 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.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经过审计 □是 R否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 R否 （二） 非经常性损益项目和金额 其他符合非经常性损益定义的损益项目的具体情况 □适用 R不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 R不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非 ...

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 27966.28万股，累计占流通股比： 64.33%，较上期变化： 25.40万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 南山集团有限公司 | 24300.00 | 55.90 | 不变 | | 烟台盛坤投资合伙企业(有限合伙) | 1012.50 | 2.33 | 不变 | | 烟台南晟投资合伙企业(有限合伙) | 1012.50 | 2.33 | 不变 | | 鹏华碳中和主题混合A | 294.91 | 0.68 | 新进 | | 基本养老保险基金一二零二组合 | 292.66 | 0.67 | 新进 | | 华夏行业景气混合 | 258.12 | 0.59 | 新进 | | UBS AG | 210.57 | 0.48 | 新进 | | 中航趋势领航混合发起A | 207.12 | 0.48 | 新进 | | MORGAN STANLEY & CO. INTERNATIONAL PL ...

证券代码：300918 证券简称：南山智尚 公告编号：2025-060 山东南山智尚科技股份有限公司 第三届监事会第七次会议决议公告 本公司及监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、监事会会议召开情况 山东南山智尚科技股份有限公司（以下简称"公司"）第三届监事会第七 次会议于2025年4月24日（星期四）以现场与通讯相结合的方式在公司会议室 召开，会议通知已于2025年4月14日通过电子邮件、传真、专人送达等方式送 达各位监事，通知中包括会议的相关资料，同时列明了会议的召开时间、地点、 内容和方式。本次会议由公司监事会主席宋强先生召集并主持，应出席监事人数5 人，亲自出席监事人数5人，委托出席监事人数0人。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律法 规和《公司章程》《监事会议事规则》的有关规定，所作决议合法有效。 审议通过了《关于公司〈2025年第一季度报告〉的议案》 经审核，监事会认为：公司《山东南山智尚科技股份有限公司 2025 年第一 季度报告》的编制和审核程序符合相关法律、行政法规和中国证监会的规定， 报告内容真实、准确、 ...

证券代码：300918 证券简称：南山智尚 公告编号：2025-059 第三届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 山东南山智尚科技股份有限公司（以下简称"公司"）第三届董事会第十 三次会议于2025年4月24日（星期四）以现场与通讯相结合的方式在公司会议 室召开，会议通知已于2025年4月14日通过电子邮件、传真、专人送达等方式送 达各位董事，通知中包括会议的相关资料，同时列明了会议的召开时间、地点、 内容和方式。本次会议由董事长赵亮先生主持，应出席董事人数9人，亲自出席 董事人数9人，委托出席董事人数0人，公司监事、高级管理人员列席。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律 法规和《公司章程》《董事会议事规则》的有关规定，所作决议合法有效。 二、董事会会议审议情况 会议在保证所有董事充分发表意见的前提下，以投票表决方式通过了以下议 案： 山东南山智尚科技股份有限公司 审议通过了《关于公司〈2025年第一季度报告〉的议案》 经审核，董事会认为：公司严格按照相关法律、行政法 ...

Financial Performance - The company's total revenue for Q1 2025 was ¥362,036,517.02, representing a 0.72% increase compared to ¥359,449,586.62 in the previous period[5] - Net profit for the quarter was ¥37,302,151.46, up by 0.86% from ¥36,983,919.08 year-on-year[5] - Operating profit increased significantly by 12.84% to ¥35,930,260.45 from ¥31,841,968.94 in the previous year[5] - The company reported a basic earnings per share of CNY 0.10, consistent with the previous period[21] - The total comprehensive income for the period was CNY 35,950,411.41, compared to CNY 35,894,869.01, showing a slight increase[21] Assets and Liabilities - The company's total assets reached ¥4,720,169,513.37, a 2.11% increase from ¥4,622,464,777.81[5] - The total liabilities rose by 27.39% to ¥2,796,732,984.70 from ¥2,195,352,569.40[5] - Total current assets amount to 1,697,235,550.38 RMB, an increase from 1,675,541,617.48 RMB in the previous period[16] - Total non-current assets are 3,022,933,962.99 RMB, up from 2,946,923,160.33 RMB[16] - Total liabilities decreased from CNY 2,421,634,590.04 to CNY 1,918,006,677.22, a reduction of approximately 20.9%[17] - Total equity increased from CNY 2,200,830,187.77 to CNY 2,802,162,836.15, representing a growth of about 27.3%[17] Cash Flow - The cash flow from operating activities showed a significant negative change, amounting to -¥82,020,062.74, a decrease of 4,417.16% compared to -¥1,815,744.39 in the previous period[10] - Cash flow from financing activities increased dramatically to ¥112,052,605.32, a 6,542.63% rise from -¥1,739,236.12[10] - Net cash flow from operating activities was -82,020,062.74, compared to -1,815,744.39 in the previous period, indicating a significant decline[24] - Total cash inflow from investment activities was 131,074,446.91, down from 140,303,205.47, while cash outflow was 182,302,743.01, compared to 240,472,779.64 previously, resulting in a net cash flow of -51,228,296.10[24] - Cash inflow from financing activities increased to 220,000,000.00 from 1,000,000.00, while cash outflow was 107,947,394.68, leading to a net cash flow of 112,052,605.32, a recovery from -1,739,236.12[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 20,484[12] - The largest shareholder, Nanshan Group Co., Ltd., holds 55.90% of shares, totaling 243,000,000 shares[12] - The company has a total of 5,369,100 shares in a repurchase account, representing 1.24% of total share capital[13] - The company does not have any preferred shareholders or significant changes in shareholding due to margin trading[14] Operational Costs - Cash paid for purchasing goods and services increased to 292,076,058.18 from 243,141,042.71, indicating higher operational costs[24] - Cash paid to employees rose to 116,889,866.44 from 108,136,916.17, suggesting an increase in workforce or compensation[24] - Cash paid for other operating activities surged to 41,474,935.28 from 13,000,404.41, indicating increased operational expenditures[24] - Research and development expenses decreased from CNY 15,910,184.98 to CNY 14,028,394.77, a decline of approximately 11.8%[20] Financial Reporting and Standards - The company has not identified any non-recurring gains or losses that would affect its financial reporting[6] - The company does not anticipate any adjustments or restatements of prior financial data[5] - The company did not undergo an audit for the first quarter report, which may affect investor confidence[25] - The company is not applying the new accounting standards starting from 2025, which may impact future financial reporting[25]

证券代码：300918 证券简称：南山智尚 公告编号：2025-063 山东南山智尚科技股份有限公司董事会 2025 年 4 月 25 日 2 本次保荐代表人变更后，公司向不特定对象发行可转换公司债券项目的持 续督导保荐代表人为周栋、何义豪，继续履行持续督导义务，持续督导期直至 中国证券监督管理委员会和深圳证券交易所规定的持续督导期结束；公司向特 定对象发行股票项目的保荐代表人为周栋、何义豪。本次保荐代表人的变更不 1 会改变本次项目相关材料中保荐机构及保荐代表人已出具文件的结论性意见， 也不会影响公司向特定对象发行股票项目工作的有序推进。 特此公告。 山东南山智尚科技股份有限公司 关于变更向不特定对象发行可转换公司债券持续督 导、向特定对象发行股票保荐代表人的公告 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。 山东南山智尚科技股份有限公司（以下简称"公司"）于近日收到民生证 券股份有限公司（以下简称"民生证券"）发来的《民生证券股份有限公司关 于更换山东南山智尚科技股份有限公司持续督导保荐代表人的函》和《民生证 券股份有限公司关于山东南山智尚科技股份有限公 ...

证券代码：300918 证券简称：南山智尚 公告编号：2025-061 2025 年第一季度报告披露提示性公告 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。 2025年4月24日，山东南山智尚科技股份有限公司（以下简称"公司"） 召开第三届董事会第十三次会议与第三届监事会第七次会议，均审议通过了《 关于公司〈2025年第一季度报告〉的议案》。为使投资者全面了解本公司的经 营成果、财务状况及未来发展规划，公司《山东南山智尚科技股份有限公司 2025年第一季度报告》（公告编号：2025-062）于2025年4月25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4月25日 山东南山智尚科技股份有限公司 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 投资要点 の 东吴证券 2 ◆ 灵巧手vs夹爪:场景落地不同,稳定性与泛化性的博弈。场景应用决定硬件需求，不同的场景匹配不同的硬件, 无论是灵巧手还是夹爪,都有英适合的应用场景。夹爪:泛化能力有限但稳定性高,更适合工业应用场景。夹 爪的泛化性弱于灵巧手,但低成本与高稳定性的特性使其更适配工业场景。一方面工业场景不会为多余的功能 买单,夹爪可以以最高的性价比满足工业端需求;另一方面夹爪泛化性差但操作简单,现有的控制算法已可以 赋予其较高的稳定性,这对于工业场景对高良率和高稳定性的要求比较友好。灵巧手:终局泛化能力强,适配 更复杂的应用场景。灵巧手相比夹爪能实现更多复杂的操作,例如需要抓握、手指联动的场景中,灵巧手是必 然选择。长期来看,人形机器人的最终目标就是融入人类的环境,因此灵巧手会是终局解决方案,能够适用于 更多的应用场景。 驱动模块/减速模块/传动模块是灵巧手的三大组成部分。1驱动 ...

2025.04. 23 作者 | 一财资讯 贵金属板块重挫，赤峰黄金跌停，四川黄金跌超9%，晓程科技、湖南黄金等大跌。 4月23日，三大股指收盘涨跌不一，沪指跌0.1%，深成指涨0.67%，创业板指涨1.07%。 | 板块名称 | 涨幅量 | 主力金额 | 板块名称 | 涨幅4 | 主力金额 | | --- | --- | --- | --- | --- | --- | | 人形机器人 | +4.58% | +62.847. | 贵金属 | -7.38% | -14.22 Z | | 电机 | +4.32% | +9.50 7. | 黄金概念 | -3.44% | -22.35 乙 | | 汽车零部件 | +3.92% | +43.53 7. | 食品加工制造 | -3.13% | -7.08亿 | | 汽车热管理 | +3.67% | +22.92 7 | 无米 | -2.88% | -8.93 乙 | | 飞行汽车[eVTOL] | +3.54% | +17.51 7. | 别 | -2.86% | -1.62 7. | | 一体化压铸 | +3.48% | +9.08 7. | 粮食概念 | -2.82 ...