中信建投证券股份有限公司 关于宁波旭升集团股份有限公司 差异化分红事项的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为宁波旭升集团股份有限公司（以下简称"旭升集团"或"公司"）年度向不特 定对象发行可转换公司债券的保荐人，根据《中华人民共和国公司法》《中华人 民共和国证券法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自 律监管指引第 7 号——回购股份》等有关规定，对公司本次差异化分红事项进行 了审慎核查，具体核查情况如下： 一、本次实施差异化权益分派的原因 2025 年 5 月 15 日，公司召开 2024 年年度股东大会，会议审议通过了《公 司 2024 年度利润分配预案》。 公司 2024 年度利润分配方案为：公司拟向全体股东每 10 股派发现金红利 3.80 元（含税）。截至 2024 年 12 月 31 日，公司总股本 933,231,700 股，以此计 算合计拟派发现金红利 354,628,046.00 元（含税）。在实施权益分派的股权登记 日前公司总股本发生变动的，拟维持每股分配比例不变，相应调整分配总额，并 将在相关公告中披露。 2025 年 4 ...

一、调整前利润分配方案 公司于2025年4月24日、2025年5月15日分别召开第四届董事会第七次会议、 2024年年度股东大会，审议通过《公司2024年度利润分配预案》，同意以截至2024 年12月31日公司总股本933,231,700股为基数，向全体股东每10股派发现金红利 3.80元（含税）。本次利润分配不送红股、不进行资本公积金转增股本。在实施 权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配比例不变，相 应调整分配总额，并将在相关公告中披露。具体内容详见2025年4月25日披露于 上海证券交易所网站（www.sse.com.cn）的《宁波旭升集团股份有限公司2024年 度利润分配方案公告》（公告编号：2025-015）。 二、调整后利润分配方案内容 | 证券代码：603305 | 证券简称：旭升集团 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | 宁波旭升集团股份有限公司 关于调整2024年度利润分配现金分红总额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗 ...

宁波旭升集团股份有限公司2024年年度权益分派实施 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 证券代码：603305 | 证券简称：旭升集团 | | | 公告编号：2025-033 | | --- | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 | 24 | 转债 | | 重要内容提示： 每股分配比例 A 股每股现金红利0.38元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/17 | － | 2025/6/18 | 2025/6/18 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所上市公司自 律监管指引第 7 号—回购股份》等相关法律、行政法规、部门规章及其他规范性文件，公司 回购专用账户中的股份，不享有股东会表决权、利润分配、公积 ...

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The human-shaped robot index increased by 1.33% during the week of June 3-6, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index, with a year-to-date increase of 24.11% [5][13] - Significant developments in the industry include the launch of the TrackVLA navigation model by Galaxy General, the introduction of Pepsi's first humanoid robot "Pepsi Blue Treasure," and strong orders for humanoid robots reported by TSMC [20][21][22] - The establishment of innovation centers in Hubei and Beijing aims to enhance the development and application of humanoid robots, with significant funding and support from local governments [33][34] Summary by Sections Weekly Market Review - The human-shaped robot index has shown a year-to-date increase of 24.11%, with notable weekly performance compared to major indices [5][13] Industry Developments - Galaxy General launched the TrackVLA model, which enhances autonomous navigation capabilities [20] - Pepsi introduced its first humanoid robot, showcasing advancements in robotics [21] - TSMC reported strong orders for humanoid robot applications, indicating market demand [22] - The total order scale for Songyan Power's humanoid robots has surpassed 2,000 units, reflecting robust market interest [23] Policy News - The Hubei humanoid robot innovation center was inaugurated, marking a significant step in the industry [33] - Beijing's humanoid robot innovation center increased its registered capital, enhancing its operational capacity [34] - The establishment of the Guangdong AI and Robotics Industry Alliance aims to foster collaboration and innovation in the sector [36] Supply Chain Dynamics & Company Announcements - Fulei New Materials and Zhejiang Tsinghua Flexible Electronics Research Institute established a joint laboratory to promote innovation in sensing technologies [37] - Keli Sensor completed a strategic investment in Yuan Voice Technology, expanding its capabilities in tactile sensing [39]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The human-shaped robot index increased by 1.33% during the week of June 3-6, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index, with a year-to-date increase of 24.11% [5][13] - Significant developments in the industry include the launch of the TrackVLA navigation model by Galaxy General, the introduction of Pepsi's first humanoid robot "Pepsi Blue Treasure," and strong orders for humanoid robots reported by TSMC [20][21][22] - The report highlights the establishment of major innovation centers in Hubei and Beijing, aimed at advancing humanoid robot technology and collaboration within the industry [33][34] Summary by Sections 1. Weekly Market Review - The human-shaped robot index has shown a year-to-date increase of 24.11%, with notable performance compared to other indices [5][13] - The index ranks 15th among 31 first-level sub-industry indices, with significant stock movements including Superjet Co. (+28.42%) and Xusheng Group (+13.75%) [6][14] 2. Important Industry Developments 2.1 Industry Development - The TrackVLA model by Galaxy General enables autonomous navigation and obstacle avoidance without pre-mapping, enhancing commercial viability [20] - Pepsi's humanoid robot "Pepsi Blue Treasure" was unveiled, showcasing the brand's innovative spirit [21] - TSMC has begun receiving strong orders for advanced chips used in humanoid robots, contributing to revenue [22] 2.2 Policy News - The Hubei humanoid robot innovation center, the largest in the country, was inaugurated to support various applications [33] - The Beijing humanoid robot innovation center increased its registered capital to 460 million RMB, enhancing its technological collaboration [34] - The Guangdong AI and Robotics Industry Alliance was officially established to promote industry development [36] 2.3 Supply Chain Dynamics & Company Announcements - Fulei New Materials and Zhejiang Tsinghua Flexible Electronics Research Institute established a joint laboratory for intelligent sensing [37] - Keli Sensor completed a strategic investment in Yuan Voice Technology, focusing on multi-dimensional tactile sensing technology [39]

| 证券代码：603305 | 证券简称：旭升集团 | | 公告编号：2025-032 | | --- | --- | --- | --- | | 债券代码：113685 | 债券简称：升 24 | 转债 | | 1、债券名称：宁波旭升集团股份有限公司可转换公司债券 2、债券简称：升 24 转债 3、债券代码：113685 4、债券类型：本期债券的种类为可转换为公司 A 股股票的可转换公司债券， 该可转换公司债券及未来转换的 A 股股票在上海证券交易所上市。 5、发行总额：280,000 万元人民币 宁波旭升集团股份有限公司 关于"升 24 转债"2025 年付息的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 宁波旭升集团股份有限公司（以下简称"公司"）于 2024 年 6 月 14 日向不 特定对象发行的可转换公司债券（以下简称"本期债券"）将于 2025 年 6 月 16 日开始支付自 2024 年 6 月 14 日至 2025 年 6 月 13 日期间的利息。根据本公司《向 不特定对象发行可 ...

Core Viewpoint - The article discusses the current state and challenges of humanoid robot development, particularly focusing on Tesla's efforts in this field, highlighting the significant investments and technological hurdles involved in creating robots that can effectively replace human labor in various tasks [1][3][30]. Group 1: Market Dynamics and Investment - Since Tesla's first public demonstration of humanoid robots in October 2022, the A-share robot concept sector has surged by 93%, while the Shanghai and Shenzhen 300 Index has only increased by about 1% [1]. - Global investors and suppliers have invested over 100 billion yuan in humanoid robots since Tesla's announcement, indicating strong market interest despite the current production challenges [2][3]. - Tesla's supply chain for humanoid robots has been built over three years, involving hundreds of companies, with significant contributions from both established and emerging suppliers [29][30]. Group 2: Technical Challenges - Humanoid robots currently lack the efficiency to replace blue-collar workers, with production still heavily reliant on manual assembly, and the expected output for the global humanoid robot industry this year is only around 20,000 units [2][3]. - The complexity of human-like movement requires advanced engineering solutions, such as the use of planetary roller screws and high-precision sensors, which are costly and difficult to manufacture [10][11][36]. - The current design of Tesla's humanoid robots includes a height of 1.72 meters, weight of 55 kg, and a cost of approximately $60,000, which is significantly higher than the target of $20,000 to $30,000 [30][41]. Group 3: Production and Supply Chain - Tesla's production of humanoid robots involves a complete redesign of components, with around 7,000 parts needed, which complicates the manufacturing process compared to electric vehicles [60][61]. - The supply chain for humanoid robots is characterized by rapid iteration and high precision requirements, with many suppliers struggling to meet Tesla's standards [25][29]. - The reliance on advanced materials and components, such as aluminum alloy structures and specialized sensors, adds to the complexity and cost of production [31][32][36]. Group 4: Future Prospects and Market Applications - Despite the challenges, there is optimism in the market, with some investors viewing humanoid robots as a potential source of emotional value rather than direct labor replacement [58][60]. - Tesla has adjusted its production targets for humanoid robots, pushing the timeline for mass production from 2027 to 2029, reflecting the ongoing difficulties in achieving the desired technological advancements [60][61]. - The current applications of humanoid robots are limited, with many being used for promotional purposes rather than practical labor, indicating a need for further development before widespread adoption [60].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the electric power equipment and new energy sectors are expected to see improved profitability, particularly in the electric vehicle (EV) battery segment, as lithium battery supply issues are anticipated to reach a turning point. The decline in lithium carbonate prices is expected to lower battery costs and stimulate downstream demand [2][3] - The report emphasizes the growing demand for electric power equipment driven by emerging industries like AI, which is expected to lead to increased investment in global power grids. The report suggests that 2025 may be a significant year for grid investment [2][3] - In the energy storage sector, the report forecasts sustained high growth, particularly in large-scale storage and commercial storage, driven by the development of virtual power plants and the upcoming summer peak electricity demand [3][6] Summary by Sections New Energy Vehicles - The report notes a significant increase in new energy vehicle sales, with April 2025 sales reaching 1.226 million units, a year-on-year increase of 44.2%. The installed capacity of power batteries in April was 54.1 GWh, up 54.6% year-on-year [11][13] - Key companies to watch include CATL, Yiwei Lithium Energy, and BYD, among others [2][3] Electric Power Equipment and Energy Storage - The report indicates that the electric power equipment sector is poised for growth due to increased demand from AI and renewable energy developments. It recommends focusing on companies like Sifang Co., XJ Electric, and others [2][3] - In energy storage, the report highlights the potential for large-scale storage and commercial storage to thrive, with recommended companies including Nanjing Tech and Sungrow Power [3][6] Photovoltaics - The report mentions strong demand in Europe and a robust domestic market for ground-mounted solar power plants. It highlights the potential for new technologies like TOPCon to drive further growth in the solar market [3][15] - Recommended companies include Trina Solar, LONGi Green Energy, and others [3][6] Industrial Control & Robotics - The report notes an upcoming cycle of industrial control equipment updates, with a PMI of 49.5% in May 2025, indicating a potential recovery in manufacturing [5] - The establishment of the Guangdong AI and Robotics Industry Alliance is expected to facilitate the development of the humanoid robotics sector [5][6] Low-altitude Economy - The report discusses the rapid development of low-altitude economy projects, particularly eVTOL, with the establishment of a national low-altitude traffic network [6] - Companies to watch include CATL and others involved in low-altitude transportation [6]

2025 年 06 月 06 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：68 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 68 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：人工智能、机器人、无人驾驶 1、人工智能主题：OpenAI 日前宣布以 65 亿美元全股收 购由苹果前首席设计师 JonyIve 创立的 AI 硬件初创公司 io，并计划推出一款革命性的 AI"伴侣"设备，目标在 2026 年底前发货 1 亿台。这款设备旨在成为一款环境感知智能 体，可放置在口袋或书桌上，通过多模态 AI 无缝融入用户日 常生活。相关标的：荣信文化(301231)、汤姆猫(300459) 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人 ...

Core Viewpoint - Ningbo Xusheng Group Co., Ltd. is actively engaging in the development of humanoid robots, lightweight new energy solutions, energy storage, and overseas bases, including factories in Mexico and Thailand, to achieve synergistic growth in its core and emerging businesses [2][4]. Group 1: Business Development - The company focuses on aluminum and magnesium alloy lightweight technology, deeply engaging in the new energy vehicle sector while strategically expanding into energy storage and humanoid robotics [2][3]. - Xusheng Group is developing key products for humanoid robots, such as joint shells and torso components, leveraging its expertise in precision processing of aluminum and magnesium alloys to enhance robot performance [3]. - The new energy vehicle business encompasses various product lines, including die-casting, forging, and extrusion, which are integrated to meet diverse customer needs [3]. Group 2: Energy Storage and Production - The company has identified opportunities in the energy storage industry, successfully launching multiple projects that have entered mass production, achieving revenue of approximately 234 million yuan, a year-on-year increase of over 200% [4]. - The first phase of the Mexico factory is in critical stages of commissioning, with the first production line expected to be completed by the end of May, aiming to create a complete industrial chain for new energy vehicles and energy storage [4][5]. Group 3: International Expansion and R&D - Xusheng Group is establishing a triangular production network across China, North America, and Southeast Asia, enhancing its dual-track strategy of "technology going global" and "local coexistence" [5][6]. - The company plans to invest 191 million yuan in R&D for 2024, representing 4.34% of its revenue, focusing on new products applicable in new energy vehicles, energy storage, and humanoid robotics [6][7]. Group 4: Smart Manufacturing and Recognition - The intelligent factory for aluminum alloy precision components utilizes advanced digital production management systems and AI technologies, achieving a product detection accuracy of 99.99% [7]. - Xusheng Group has been recognized as one of the "2025 Zhejiang Province Advanced Intelligent Factories," highlighting its commitment to digital transformation and excellence in the core components of new energy vehicles [6][7].