根据披露的机构调研信息2025年11月11日，泉果基金对上市公司沃尔德进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为237.87亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得34.32%。 截至2025年11月13日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A34.322022年10月18日 赵诣 016710泉果旭源三年持有期混合C33.792022年10月18日赵诣 022223泉果消费机遇混合发起式 A30.632024年9月27日孙伟 018329泉果思源三年持有期混合A27.122023年6月2日刚登峰 018330泉果思源 三年持有期混合C26.602023年6月2日刚登峰 019624泉果嘉源三年持有期混合A23.702023年12月5日钱思 佳 019625泉果嘉源三年持有期混合C23.222023年12月5日钱思佳 020855泉果泰然30天持有期债券 A3.992024年 ...

新华财经北京11月15日电（记者刘旭阳 袁波） 记者近日从富临精工获悉，目前，智元创新（上海）科技有限公司（下称"智元"）具身工业机器人已部署 于富临精工多个产线关键点位，覆盖从原料处理到装配等多个环节。 电关节开始小批量交付 富临精工总经理王军告诉记者，富临精工自2022年起布局机器人电关节及其关键零部件业务，目前已建成一条年产15万套的中试线，其机器人电关节相关 产品进入小批量生产与交付阶段。 富临精工在汽车零部件行业有二十余年的积累。"我们自1997年成立以来，始终专注于汽车零部件核心技术的迭代与产品拓展。"王军说，目前富临精工在 汽车零部件领域的产品线已覆盖液压挺柱等传统发动机精密件、新能源电驱动系统零部件、新能源汽车热管理系统、混动变速箱与电控系统以及智能悬架 系统等多个关键板块，可变气门正时系统（VVT）等多项产品在行业具备技术优势。 王军指出，富临精工在汽车零部件制造中聚焦研发"技术含量高、附加值高、开发难度高"的精密产品，对"质量、成本及工业化水平"始终贯彻高标准。这 种长期积淀，使得公司在切入机器人零部件制造领域时，能够更快适应市场需求。在技术层面，汽车与机器人两大领域在核心零部件方面存在显 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Insights - The overall performance in Q3 is in line with expectations, with revenue for the first three quarters of 2025 reaching 2,983 million yuan, a year-on-year increase of 7%, and a net profit attributable to the parent company of 406 million yuan, up 19% year-on-year [6] - The company is expected to achieve net profits of 603 million yuan, 708 million yuan, and 812 million yuan for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 28%, 17%, and 15% [6] - The company has established a solid competitive barrier due to its deep accumulation in precision manufacturing, excellent cost control capabilities, and forward-looking global layout [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 4,720 million yuan, with a year-on-year growth rate of 23.3% [5] - The gross profit margin is expected to improve from 22.3% in Q1-3 2025 to 23.4% in 2025E [5] - The return on equity (ROE) is forecasted to be 17.6% in 2025, increasing to 18.6% by 2027 [5] Business Segment Analysis - The compressor parts business is closely tied to the white goods compressor industry, with a slowdown in growth expected due to reduced production rates in the third quarter [6] - The automotive parts business is seeing improvement due to strategic cooperation with Huayu Automotive, with a year-on-year growth in automotive sales of 12.9% [6] - The engineering machinery business is under pressure due to inventory destocking and fluctuating European demand, but the company is actively seeking new clients [6]

Core Viewpoint - The article discusses the emergence of "invisible champions" in China's high-end manufacturing sector, which are expanding into new and imaginative fields while consolidating their existing bases, showcasing a "dual-driven" collaborative evolution model [3][4]. Group 1: Industry Trends - The automotive industry is advancing towards electrification and intelligence, leading to stringent requirements for precision, reliability, and responsiveness in core component systems [3]. - The robotics industry is rapidly transitioning from laboratory settings to extensive industrial and consumer applications, resulting in explosive growth in demand for basic components such as actuators, transmissions, and seals [3][4]. Group 2: Strategic Opportunities - The intersection of the automotive and robotics sectors at the core nodes of "precision manufacturing" and "intelligent execution" creates strategic opportunities for upstream suppliers with deep technical foundations and rapid iteration capabilities [4].

Core Viewpoint - The article discusses the potential of using robots in elderly care, highlighting advancements in technology and the establishment of international standards for elderly care robots, which aim to enhance the quality of life for seniors and reduce the caregiving burden on families and society [1][2]. Group 1: Industry Developments - The application of robots in elderly care is expanding, with various types of robots being developed, including care, rehabilitation, and companionship robots [1]. - An international standard for active assistive living robots, led by China, was published in February 2025, providing benchmarks for design, manufacturing, testing, and certification of elderly care robots [1]. Group 2: Market Potential - By 2050, the global population aged 60 and above is expected to reach 2.1 billion, with 426 million aged 80 and above, indicating a significant market opportunity for elderly care robots [2]. - The introduction of elderly care robots can alleviate the caregiving burden on families and support seniors in living independently at home [2]. Group 3: Technological Challenges - Current challenges in the development of elderly care robots include insufficient intelligence and reliability, limited perception and interaction capabilities, and a lack of integrated functions [2]. - There is a need for advancements in human-robot interaction technologies, focusing on voice recognition and natural language processing tailored for the elderly population [2].

Core Viewpoint - The article discusses the importance of earthquake monitoring and early warning systems for the semiconductor manufacturing industry, particularly for Samsung (China) Semiconductor Co., Ltd. in Xi'an, Shaanxi Province, to ensure stable production amidst seismic risks [1][2][3]. Group 1: Earthquake Monitoring and Early Warning - Samsung (China) Semiconductor has implemented a high-sensitivity earthquake monitoring station to provide precise earthquake warning information and vibration observation services, crucial for maintaining stable production in precision manufacturing [1]. - The Shaanxi Earthquake Bureau has collaborated with Samsung to offer customized earthquake early warning based on micro-vibration indicators, allowing the company to receive timely alerts about potential impacts from small earthquakes [1][2]. - A dedicated seismic monitoring network consisting of three stations was established around Samsung's facility, enabling real-time data transmission to the Shaanxi Earthquake Early Warning Center for better analysis of seismic impacts on precision manufacturing [2]. Group 2: Industry Standards and Guidelines - The Shaanxi Earthquake Bureau has identified a gap in earthquake safety service standards for high-precision manufacturing enterprises and has developed a technical guide for emergency response to earthquakes [3]. - Other precision manufacturing companies in Xi'an, such as Yiswei Silicon Technology Co., Ltd. and Longteng Semiconductor Co., Ltd., have also adopted customized earthquake warning services to enhance their operational resilience [3]. - The national earthquake early warning project, which aims to support various industries including precision manufacturing, is set to be the largest of its kind globally, with applications in critical infrastructure sectors like transportation, water conservancy, and electricity [3].

Group 1: Company Overview and Strategy - Sichuan Haowu Electromechanical Co., Ltd. is focusing on the development of new energy and intelligent automotive sectors to enhance performance growth [3] - The company adheres to the "one body, two wings, three new" strategic layout to explore new paths for industry chain extension [3] Group 2: Acquisition and Investment Insights - The company is advised to acquire a controlling stake in Sichuan Meifeng, which has a strong balance sheet with a cash reserve of 2.3 billion and a debt ratio of around 20% [3] - There are no current plans to acquire Tianjin Rongcheng Material Group [4] Group 3: Business Development and Future Plans - The company is actively monitoring developments in the robotics sector but has not yet initiated related business [3] - The focus for the second half of the year includes solidifying industry layout and enhancing existing business operations [3] Group 4: Investor Relations and Communication - The investor relations activity was conducted online on September 12, 2025, with key personnel including the General Manager and Financial Director present [2] - Responses to investor inquiries emphasized the importance of following official announcements for company updates [3][4]

Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) successfully listed on the Shanghai Stock Exchange, marking a significant milestone in its development and reflecting the growing competitiveness of Chinese precision manufacturing in the global new energy industry chain [1][3]. Company Overview - Huaxin Precision has over 20 years of experience in the precision stamping field and is recognized as a national "specialized, refined, and innovative" small giant, being the only domestic supplier of drive motor iron cores for BMW and one of only two globally [3][4]. - The company has achieved over twofold revenue growth in its new energy drive motor business over three years, benefiting from the national "dual carbon" goals and policies supporting the new energy vehicle industry [3][4]. Business Development Stages - **Stage 1 (2002-2009)**: Established as Jiangyin Huaxin Electric Co., Ltd., focusing on electromagnetic stamping parts, primarily producing electrical equipment iron cores [4]. - **Stage 2 (2009-2018)**: Expanded product offerings to include automotive iron cores, achieving breakthroughs in new energy vehicle drive motor iron cores, and established a production management system aligned with international standards [5]. - **Stage 3 (2018-Present)**: Rapid growth in new energy vehicle drive motor iron cores, becoming a mainstream supplier and recognized by major automotive and electrical equipment manufacturers [6]. Financial Performance - From 2021 to 2024, revenue from new energy vehicle drive motor iron cores is projected to grow from 235 million yuan to 828 million yuan, with a compound annual growth rate (CAGR) of 52.1% [6][7]. - Overall revenue increased from 1.192 billion yuan in 2022 to 1.421 billion yuan in 2024, with a CAGR of 9.2%, while net profit rose from 114 million yuan to 150 million yuan, reflecting a CAGR of 14.7% [7]. Technological Advancements - The company has developed proprietary technologies such as "in-mold gluing" and has a production capacity for ultra-thin silicon steel, with an annual capacity of 60,200 tons for new energy vehicle drive motor iron cores [8]. - Huaxin Precision holds 80 authorized patents, including 18 invention patents, and has established a strong reputation in the industry [7][8]. IPO and Future Plans - The IPO aims to raise funds for expanding production capacity for new energy vehicle drive motor iron cores, developing a precision stamping and mold R&D center, and supplementing working capital [9][10]. - The company plans to invest 445 million yuan in expanding production capacity, targeting an annual output of 1 million high-end drive motor rotor iron cores [10]. - The global market for automotive drive motor iron cores is expected to reach $4.678 billion by 2030, with a CAGR of approximately 11.85% [9]. Global Expansion - Huaxin Precision has established subsidiaries in Singapore and Mexico, aiming to enhance its global supply chain integration and deepen cooperation with international clients like BMW and ZF [11].

Core Viewpoint - Jebon Technology reported a significant revenue growth of 27.51% year-on-year for the first half of 2025, reaching 438 million yuan, despite a net loss of 38 million yuan [1]. Group 1: Financial Performance - The company achieved a revenue of 272 million yuan in the second quarter of 2025, marking a 50.89% increase year-on-year, with a net loss of 27 million yuan [1]. - The gross profit margin increased by 1.51% year-on-year, indicating successful business expansion and structural upgrades [1]. Group 2: Business Expansion and Market Position - Jebon Technology focuses on precision manufacturing products, primarily serving the consumer electronics and new energy sectors, with a notable increase in revenue reflecting its deep engagement in these areas [2]. - The global recovery in the consumer electronics industry has provided a favorable environment for the company's precision manufacturing business, with significant increases in shipments of desktops, laptops, and tablets [2]. Group 3: New Energy Sector Growth - The global sales of new energy vehicles reached 8.776 million units in the first half of 2025, a 29% increase year-on-year, driving demand for power batteries [3]. - Jebon Technology's new materials, such as carbon nanotube conductive pastes, have successfully entered the supply chains of leading battery manufacturers, contributing to rapid business growth [3]. Group 4: Strategic Investments and R&D - The company is in a strategic investment phase, which has temporarily affected net profits due to increased R&D and management expenses [4]. - Jebon Technology invested 38.131 million yuan in R&D in the first half of 2025, accounting for 8.71% of its revenue, establishing a solid technological barrier [5]. Group 5: Technological Advancements - The company has developed a comprehensive technical innovation system, including a CNAS-accredited laboratory for material testing and advanced production techniques [6]. - Jebon Technology's proprietary technologies in the new materials sector enhance the performance of lithium batteries, positioning the company favorably in the competitive landscape [7]. Group 6: Mergers and Acquisitions - The acquisition of a 51% stake in Sainogao has strengthened Jebon Technology's position in the cooling solutions market, creating synergies with its precision manufacturing business [8]. - Sainogao's established customer base and market channels provide Jebon Technology with valuable resources for growth in high-margin sectors [8]. Group 7: Future Outlook - The company is well-positioned to benefit from the ongoing growth in the consumer electronics and new energy sectors, with a dual focus on precision manufacturing and new materials [10]. - Jebon Technology's strategic geographic presence and customer-centric approach enhance its ability to respond quickly to market demands, fostering customer loyalty [11].

Core Viewpoint - Beilong Precision Technology Co., Ltd. reported challenges in its business performance for the first half of 2025, primarily due to delays in the release of mainstream smartphone models and increased competition leading to price reductions on older products, although the company anticipates recovery in profitability in the future [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 180 million yuan, with the second quarter revenue reaching 94.64 million yuan, a quarter-on-quarter increase of 10.59% [1]. - The net profit attributable to shareholders was 10.59 million yuan, with a net profit of 6.01 million yuan after deducting non-recurring gains and losses [1]. - In July 2025, the company recorded sales revenue of 40.52 million yuan, reflecting a month-on-month growth of 23.11% [1]. Group 2: R&D and Technological Capabilities - The company emphasized its focus on R&D, particularly in VCM motors and IMMT products, with R&D investment amounting to 12.71 million yuan, a year-on-year increase of 6.15% [2]. - Beilong Precision is recognized as a high-tech enterprise with a provincial-level technology center and has participated in multiple national and industry standards drafting [2]. - The company has obtained a total of 114 patent authorizations, including 34 invention patents, showcasing its strong innovation capabilities [2]. Group 3: Product Development and Market Position - The company has expanded its product line from lens components and camera module components to include smartphone motor components, achieving sales revenue of 38.29 million yuan in this new area, a year-on-year increase of 13.33% [3]. - Beilong Precision's precision mold development and manufacturing capabilities are critical for producing high-value structural components, which are essential for various applications in smartphones and other electronic devices [2][3].