Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is a leading domestic manufacturer of harmonic reducers, poised to benefit from the growth of the industrial robot market and the increasing demand for humanoid robots [3][5] - The company has a high technical barrier and significant potential for expansion in application scenarios, particularly in humanoid robots, where it has a competitive advantage over planetary and RV reducers [3][4] Summary by Sections Company Overview - The company has been deeply engaged in the reducer field for over 30 years, with a comprehensive product line and has become a standard setter in the industry [14] - The company has developed its own P gear design and has broken the foreign monopoly in the domestic market, achieving a 26% market share in 2023 [4][9] Financial Performance - In H1 2025, the company achieved total revenue of 251 million yuan, a year-on-year increase of 45.82%, and a net profit of 53 million yuan, also up 45.87% [4][25] - The company's revenue is expected to grow from 387.41 million yuan in 2024 to 919.38 million yuan in 2027, with corresponding net profits increasing from 118 million yuan to 177 million yuan [5][7] Market Potential - The harmonic reducer market is expected to grow significantly due to the increasing demand for industrial robots, with the market size projected to reach 151 billion yuan by 2025 [47][48] - The company is well-positioned to capture market share as the demand for humanoid robots and automation solutions rises, driven by factors such as population aging and rising labor costs [50][51] Product Segmentation - In 2024, the revenue composition of the company was 3.25 billion yuan from harmonic reducers, 0.53 billion yuan from mechatronic products, and 0.05 billion yuan from intelligent automation equipment, indicating that harmonic reducers are the primary revenue source [20][21] - The gross margin for harmonic reducers is projected to be around 34.33% in H1 2025, while mechatronic products maintain a higher gross margin of approximately 39.58% [28][29] Competitive Landscape - The company holds a significant share of the domestic harmonic reducer market and is expected to continue expanding its customer base, including major global clients [4][5] - The company has a stable and concentrated shareholding structure, which supports governance continuity and strategic stability [23][24]

这四大优势包括：一是全门类的供应链体系 和系统级快速整合能力，所有零部件均可实现本土化制 造，且新硬件模块可实现从零件到整机的快速开发和交付；二是全球数量最大的 AI与机器人工程师人 才红利 ；三是拥有全球规模最大且最完整体系化的工业制造基地 ，为机器人提供了海量的应用和数据 采集场景；四是新能源汽车产业带来的技术外溢 ，智能车厂在机器视觉、环境感知与智能决策领域的 技术积累，以及汽车车间整体的智能化环境可给予机器人产业技术迭代的启发，特别是机器人在新能源 车厂的应用能有效整合双方的技术优势，形成技术联动。 他表示，这些优势是构成中国机器人产业发展沃土的重要组成部分，助力产品快速迭代与成本下降。 凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行。本届论坛 以"新格局·新路径"为主题，汇聚全球政商学界精英，共同洞察变局脉络、探寻发展新机。 针对国内外人形机器人产业发展差异，优必选副总裁邓峰在#凤凰湾区财经论坛2025#上表示，中国拥有 四大制造业独特优势，为其快速迭代与成本控制提供了坚实基础。 ...

截至午间收盘，国证机器人产业指数下跌1.8%，中证智能电动汽车指数下跌1.0%，中证物联网主 题指数下跌1.7%，中证消费电子主题指数下跌2.1%，机器人ETF易方达（159530）日内净申购达3400万 份。Wind数据显示，该产品此前已连续14个交易日获净流入，合计超60亿元。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 从持有人结构看，机构投资者持有份额平均占比为9.62%，机构投资者持有份额占比居前的有国联安中 证A500红利低波ETF、建信上证科创板200ETF、平安中证A500红利低波动ETF，机构投资者持有比例 分别为98.93%、32.48%、13.53%，机构投资者持有比例较低的有华安创业板人工智能ETF、鹏华创业 板综合ETF、富国上证科创板200ETF，机构投资者持有比例分别为0.55%、1.52%、1.64%。（数据宝） 近期成立的股票ETF基金建仓期仓位 | 基金代 | 基金简称 | 基金成立 | 募集规模 | 上市公告数据 | 上市公告书披露股 | 上市日期 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | 日 | （亿份） | 截止日期 | 票仓位（%） | | | 515720 | 富国中证金融科技主 | 2025.09.22 | 8.17 | 2025.09.24 | 10.13 | 2025.10.09 | | | 题ETF | | | | | | | ...

值得一提的是，公司在机器人领域的布局持续深化，已投资多家头部企业，包括宇树科技、银河通用、 星海图、松延动力、图湃医疗、云鲸等，覆盖人形机器人、医疗机器人、工业机器人等多个前沿领域。 中金表示，考虑股权结构优化以及机器人产业发展利好不断释放，上调首程控股目标价21%至每股3.3 港元，较当前股价具备30%的上行空间，对应2.8倍2025年P/B，维持跑赢行业评级。 首程控股(00697)涨超3%，截至发稿，涨3.46%，报2.51港元，成交额1.11亿港元。 消息面上，首程控股公告，近日，集团所属首程资本旗下公司所管理的北京机器人产业发展投资基金投 资无锡泉智博科技有限公司。泉智博是国内领先的旋转一体化关节研发及制造厂商，其产品线涵盖人形 机器人、机器狗、机械臂、外骨骼等多种应用场景，并致力于新一代高扭矩密度、高力控精度、高效率 机器人一体化关节的研发与制造。 ...

智通财经APP获悉，中金发布研报称，考虑股权结构优化以及机器人产业发展利好不断释放，上调首程 控股(00697)目标价21%至每股3.3港元，较当前股价具备30%的上行空间，对应2.8倍2025年P/B，维持跑 赢行业评级。该市净率幅度较公司目前产业投资公允价值较账面价值(成本法)的溢价倍数可能仍偏保 守。公司交易于2.1倍2025年P/B。 中金主要观点如下： 该行将此次交易视为首程控股进一步优化其持股结构的重要契机。2025年之前，首程控股股权结构的一 大特征是产业投资者相对金融市场机构投资者占比偏高，长期资金相对短期资金占比偏高，这一度压制 了股票的流动性和新增机构投资者的介入。步入2025年以后，公司做出多次举措以持续改善流通盘，包 括二季度面向海外投资者发行1.8亿美元可转换债券，以及近期9月初进行了6亿港元配股等等。如果说 前两次操作对于公司股权造成一定的稀释，那么此次周大福创建的退出，只涉及股份的交换，而不涉及 增发。 此次交易完成后，该行认为公司有效的流通盘比例(剔除一些不太进行二级市场交易的产业和战略投资 者)或从2025年前10%左右扩大至30%左右，流动性显著改善。此外，二季度的可转债以 ...

Group 1 - The National Robot Industry Index increased by 1.1%, the China Securities Intelligent Electric Vehicle Index rose by 2.0%, the China Securities Consumer Electronics Theme Index went up by 1.3%, and the China Securities Internet of Things Theme Index climbed by 1.4% [1] - The E Fund Robot ETF (159530) saw a net subscription of 51 million units in a single day, marking a continuous net inflow for 13 trading days, totaling over 5 billion yuan [1]

Summary of Haideman's Conference Call Industry and Company Overview - Haideman has entered the humanoid and quadruped robot OEM manufacturing sector, establishing a complete system from hardware component production, core joint R&D, to hardware assembly, providing cost-reduction and efficiency services for OEM manufacturers [2][3] - The company focuses on high-end precision manufacturing, which aligns well with the technical requirements of humanoid robots, and anticipates synergistic effects between the robot market and high-end precision manufacturing business [2][4] Core Insights and Arguments - Haideman's specialized equipment covers a wide range of technologies, including compound turning and milling, integrated turning and grinding, gear cutting, and nano-imprinting, significantly improving efficiency through "turning instead of molding" technology [2][4] - In 2025, Haideman's machine tool business is expected to see slight growth, focusing on high-end products to replace imported equipment, with a strong market recognition despite the overall industry performance being average [2][11] - The company has received multiple orders from major manufacturers in the robot industry and is continuously setting up production capacity and assembly lines for humanoid and quadruped robots [4][13] Market Outlook - The robot market is projected to be substantial, encompassing various types including humanoid robots and robotic dogs, with Haideman planning to ship approximately 5,000 humanoid robots and 10,000 quadruped robots in the coming year [4][14] - The hardware value proportion for humanoid robots is estimated to be around 60%-65% [4][15] - Haideman's orders have grown significantly in 2025, surpassing the industry average, primarily due to the limited number of domestic companies capable of meeting its high standards and precision requirements [12] Additional Important Points - Haideman has been proactive in addressing core challenges in humanoid robot manufacturing through specialized equipment R&D, which has been ongoing for several years [5][6] - The company has identified a significant market potential in the humanoid robot sector, leading to a strategic focus on developing specialized equipment to enhance efficiency and reduce costs [5][16] - Haideman's competitive edge lies in its long-term planning and commitment to becoming an OEM platform company, welcoming collaborations with all OEM manufacturers to improve product precision and service quality [17]

人民财讯9月24日电，近期，机器人产业投资热度攀升，相关主题基金也受到热捧。据证券时报记者了 解，将于今日结募的光大保德信国证机器人指数基金认购金额已经突破23亿元，将成为市场上规模最大 的场外机器人主题指数基金。 ...

Group 1: Core Insights - The article highlights the significant advancements and ambitions of Jinan in the humanoid robotics sector, showcasing the resilience of the "Walker Taishan" robot as a symbol of the city's industrial spirit [1][12] - Jinan is positioning itself as a leader in the burgeoning global robotics market, which is projected to exceed $400 billion by 2029, with China accounting for nearly half of this market [2][3] - The competition in the robotics industry is intensifying, not just among companies but also between cities and nations for industrial influence [3] Group 2: Industry Ecosystem - Jinan has developed a comprehensive robotics industry ecosystem, with a core industry scale of approximately 15 billion yuan, representing nearly 50% of the province's total [5] - The city hosts a diverse range of companies, including specialized firms and industry leaders, contributing to a robust industrial ecosystem that spans industrial, service, and special robots [6] - Jinan's technological innovation capabilities are strong, with multiple national-level design centers and significant achievements in various sectors, including a unique domestic operating system for complex applications [8] Group 3: Cost and Supply Chain Advantages - Local companies in Jinan have reduced procurement costs by 20% due to the establishment of local mechanical component processing platforms, enhancing supply chain resilience [9] - This cost reduction not only improves profitability but also increases the responsiveness of the industry to market demands [10] Group 4: Policy and Development Initiatives - Jinan is implementing a "dual-wheel drive" strategy to support the robotics industry, including a comprehensive policy package and the establishment of a 5 billion yuan industry development fund [11] - The city is fostering collaboration through the formation of a robotics industry development alliance, integrating resources across talent, technology, and funding [11] Group 5: Application Scenarios - Jinan has identified 87 application scenarios across various sectors, providing local companies with significant opportunities for growth and innovation [14] - The city is focusing on three main categories of work for robotics applications: hazardous material handling, repetitive manufacturing tasks, and sectors requiring additional labor such as healthcare and education [15] Group 6: Future Outlook - Jinan aims to create a comprehensive robotics industry ecosystem characterized by talent, technology, application scenarios, and market integration, aspiring to become a new hub for robotics development in the Yellow River Basin [12][16] - The upcoming China Graduate Robotics Innovation Design Competition is seen as a pivotal event for showcasing Jinan's industrial capabilities and attracting talent [16]