Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has recently established significant partnerships in North America, including a joint venture with Harmonic Drive for robotic joint modules and collaborations with Aisin and Toyota for aluminum body components [2][4]. - As a leading player in the global exterior parts market, the company has successfully expanded into the battery box business, becoming a top player in this segment, which is expected to grow further with the increasing penetration of new energy vehicles in Europe [2]. - The company is strategically diversifying into robotics, liquid cooling, and low-altitude sectors, with ongoing progress in these areas, which is anticipated to create a multi-dimensional growth trajectory [2]. Summary by Sections Recent Developments - The company has formed a joint venture with Harmonic Drive to enter the North American market for humanoid robot joint modules, with an initial capital investment of HKD 78 million [7]. - A joint venture with Aisin and Toyota has been established to produce aluminum body components, enhancing the supply chain for these parts in North America [7]. Business Growth - The company's battery box business is experiencing rapid growth, driven by the acceleration of new energy initiatives in Europe, which is expected to boost both revenue and profitability [7]. - The company is entering a capital expenditure reduction phase, leading to improved cash flow and potential increases in dividend rates, with a forecasted net profit of HKD 27.7 billion, 32.6 billion, and 41.5 billion for 2025-2027 [7].

Core Viewpoint - The company has adjusted its fundraising plan, reducing the total amount to no more than 1.034 billion yuan, focusing on localized development while facing ongoing financial losses and goodwill impairment risks [1][2]. Fundraising Plan - The company has revised its plan for issuing shares to specific investors, with a total fundraising amount now capped at 1.034 billion yuan, primarily allocated for smart robot R&D and industrialization projects (5.51 billion yuan) and enhancing medical health smart device technical service capabilities [2]. Project Progress - The two core fundraising projects from the company's 2022 IPO have been delayed twice, with the latest expected completion dates set for March 2026 and September 2026, affected by renovation progress and customer access thresholds [3]. Business Development - In 2025, the company established a joint venture with Zhiyuan Robotics to co-develop, produce, and sell humanoid robots, with the first prototype of a cycloidal reducer completed and four additional products in progress. The company has also taken on projects for clients like Procter & Gamble and ZF in the electric drive and 800V voltage module sectors, with plans to expand robot production capacity to 3,000 units annually [4]. Company Status - As of January 31, 2026, the company has repurchased 1.9659 million shares, accounting for 0.16% of the total share capital, with a total repurchase amount of 11.542 million yuan at prices ranging from 4.91 yuan to 11.42 yuan per share [5]. Financial Performance - For the first nine months of 2025, the company reported revenue of 1.508 billion yuan, a year-on-year decrease of 4.09%, and a net loss attributable to shareholders of 54.3377 million yuan. As of September 30, 2025, the company's goodwill was valued at 723 million yuan, indicating impairment risks, with retained earnings at -923 million yuan. The ongoing losses are attributed to macroeconomic conditions, market competition, and project delays [6]. Stock Performance - On February 10, 2026, the company's stock closed with a market capitalization of 12.971 billion yuan, showing a daily increase of 0.48% with a trading volume of 88.3661 million yuan. Institutional research indicates that sectors like robotics and smart manufacturing are receiving significant capital attention, although the company's main funds have recently shown a net outflow trend [7].

2月13日，智元机器人正式发布全新一代全尺寸人形机器人"远征A3"。 据智元机器人方面介绍，远征A3定位于导览导购、文娱商演等高频人机互动场景。针对商用服务场景 需求，该款机器人从系统安全性、硬件及关节性能、电源系统到传感器与算力等方面都进行了全面升 级。 具体到硬件层面，远征A3具备超拟人全身自由度，手臂末端负载达3Kg，TCP末端速度最高可达2m/s， 可搭载超拟人、超高自由度灵巧手；远征A3还具备轻作业能力，能够在展厅展示台、行政前台、休息 区水吧台等区域执行抓握、操作、递送等多种作业形式。 智元机器人方面表示，未来，远征A3将在各行各业里学习更多专业技能，成为各类场景中的"绝世高 手"，在各种枯燥、重复甚至危险的工作岗位上成为人类的得力助手。 （文章来源：中国经营报） 《中国经营报》记者注意到，在智元机器人对外发布的视频中，远征A3在练功房里接连完成凌空飞 踹、连续飞踢、空中漫步、摸地旋风等多个高难度动作。 ...

春秋电子：正与客户合作研发镁合金人形机器人骨架等结构。 ...

0:00 智元机器人2月13日发布最新一代全尺寸人形机器人远征A3。在练功房里，机器人与"师父"对招，完成 摸地旋风等高难度动作，展示出智元在全尺寸人形机器人本体和运动控制算法方面的突破式创新能力。 据悉，远征A3在系统安全性、硬件及关节性能、电源系统、传感器与算力方面进行了升级，满电综合 续航最高可达8小时，将在导览导购、文娱商演等高频人机互动场景投入使用。 记者：孙青 龚雯 新华社音视频部制作 ...

硬件层面，远征A3系列具备超拟人全身自由度，手臂末端负载达3kg，TCP末端速度最高可达 2m/s，可搭载超拟人、超高自由度灵巧手；全自由度柔性腰部1:1还原人体腰部，超大运动角度支 撑各类极限动作演绎。远征A3身材比例按照真实人体比例设计，轻量化腿部采用外骨骼结构设计， 不仅提升动态稳定性，更为千人千面的个性化涂装改造留足空间，堪称行走的"衣架子"。能源与续 航方面，远征A3首创电池嵌入式躯干设计，搭载外观嵌合双电池系统，满电综合续航最高可达8小 时，配合快速换电和充电技术，轻松满足一天工作使用需求。交互层面，远征A3搭载升级版多模态 交互系统，实现端到端主动陪聊，无需唤醒词即可自然交流；拍拍肩膀即可唤醒机器人，极大降低人 机互动门槛，社牛属性拉满。同时支持智元灵创、灵心平台，开放底层接口，接入智元灵渠OS，兼 容ROS生态，给行业开发者更多创作空间。远征A3系列还具备轻作业能力，能够在展厅展示台、行 政前台、休息区水吧台等区域执行抓握、操作、递送等多种作业形式，为公共服务场景带来真正"有 温度"的智能服务体验。 以量产商用为目标的功能完全体。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号 ...

为感谢员工坚守，加速进化为春节返乡员工推出专属福利：每位回老家过年的同事可申请携带一台 Booster K1回家。 北京商报讯（记者 陶凤 王天逸）北京商报记者获悉，加速进化近日发布全员信，由公司CEO程昊向全 体员工通报2025年业务进展及新春安排。 信中披露，2025年加速进化人形机器人全球订单超千台，金额破亿，小人形（K1）全球销量第一，实 现赛场与市场"双料冠军"；12月达成单月经营性现金流转正，获得战略自主能力。 ...

据官方介绍，远征A3系列定位于导览导购、文娱商演等高频人机互动场景。硬件层面，该系列具备超拟人全身自由度，手臂末端负载达3kg，可搭载超拟 人、超高自由度灵巧手；全自由度柔性腰部1:1还原人体腰部，超大运动角度支撑各类极限动作演绎。其身材比例按照真实人体比例设计，轻量化腿部采 用外骨骼结构设计。能源与续航方面，远征A3首创电池嵌入式躯干设计，搭载外观嵌合双电池系统，满电综合续航最高可达8小时，配合快速换电和充电 技术，轻松满足一天工作使用需求。远征A3系列还具备轻作业能力，能够在展厅展示台、行政前台、休息区水吧台等区域执行抓握、操作、递送等多种 作业形式，为公共服务场景带来真正"有温度"的智能服务体验。 智元方面表示，因此，远征A3并非为炫技而生的概念原型，而是以量产商用为目标的功能完全体。远征A3的出现，意味着人形机器人正从"单一功能演 示"迈向"多模态沉浸式互动服务"，为文娱演出、智慧导览、品牌营销、适老助残等千行百业提供可落地的智能化解决方案，希望远征A3将在各行各业里 学习更多专业技能，成为各类场景中的"绝世高手"，在各种枯燥、重复甚至是危险的工作岗位上成为人类的得力助手。 （文章来源：广州日报） 2 ...

本报讯 （记者金婉霞）2月13日，智元机器人发布全新一代全尺寸人形机器人远征A3。据官方介绍，远 征A3系列定位于导览导购、文娱商演等高频人机互动场景，从系统安全性、硬件及关节性能、电源系 统到传感器与算力方面都进行了全面升级，目标是打造一款真正能走进部署态的行业标杆旗舰产品。 从机器人参数来看，在硬件上，远征A3系列具备超拟人全身自由度，手臂末端负载达3kg，TCP末端速 度最高可达2m/s，可搭载超拟人、超高自由度灵巧手；全自由度柔性腰部1：1还原人体腰部，超大运动 角度支撑各类极限动作演绎。远征A3身材比例按照真实人体比例设计，轻量化腿部采用外骨骼结构设 计，提升动态稳定性。 在能源与续航上，远征A3首创电池嵌入式躯干设计，搭载外观嵌合双电池系统，满电综合续航最高可 达8小时，配合快速换电和充电技术，轻松满足一天工作使用需求。 在交互层面上，远征A3搭载升级版多模态交互系统，实现端到端主动陪聊，无需唤醒词即可自然交 流；拍拍肩膀即可唤醒机器人，降低人机互动门槛。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [8]. Core Insights - The company has released its 2025 performance forecast, which aligns with expectations, projecting a total revenue of 429.7 to 466.7 billion yuan, representing a year-on-year growth of 16% to 26%. The net profit attributable to shareholders is expected to be between 49.7 to 54.0 billion yuan, also reflecting a growth of 16% to 26% [4][8]. - The revenue growth is driven by the rapid expansion of the new energy vehicle sector and automation solutions, with the company focusing on enhancing its core technology and product upgrades [8]. - The report notes a slight decrease in profit growth compared to revenue growth due to increased R&D expenditures aimed at strategic new business areas such as humanoid robots and digital energy [8]. Financial Data and Earnings Forecast - For 2025, the company anticipates total revenue of 44,463 million yuan, with a year-on-year growth rate of 20%. The net profit is projected at 5,144 million yuan, also showing a growth of 20% [7]. - The earnings per share (EPS) for 2025 is estimated to be 1.90 yuan, with a gross margin of 28.1% and a return on equity (ROE) of 16% [7]. - The company has adjusted its profit forecasts for 2025 to 51.44 billion yuan, down from the previous estimate of 56.15 billion yuan, reflecting a more conservative outlook on growth [8].