证券研究报告 机器人旋转关节核心部件，精密减速器国产替代正当时 ——人形机器人行业深度报告 证券分析师：黄细里 执业证书编号：S0600520010001 证券分析师：郭雨蒙 执业证书编号：S0600525030002 二零二五年七月二十四日 请务必阅读正文之后的免责声明部分 报告核心观点 2 ◼减速器是人形机器人旋转关节核心部件，通过降速增矩保证机器人运动控制的高精度与稳定性。 减速器是连接动力源和执行结构的中间结构，我国减速器市场规模持续增长，减速器企业工艺 水平不断提升，国产减速器供应能力日益增强。 ◼当前人形机器人关节模组精密减速器可分为谐波减速器，RV减速器，行星减速器和摆线针轮减 速器。1）谐波：传动比高、精密度高但因柔轮不断形变对材料疲劳寿命、加工设备要求高， 可应用于机器人小臂、腕部以及手部；2）行星：成本低制造难度小，但精度不高，目前主要 应用于机器人手部；3）RV：高负载高刚度大体积，可应用于机器人机座、大臂、肩部等重负 载；4）摆线针轮：高精度高负载，且噪音低体积小，可应用于机器人腰髋部、腿部等。我们 对不同减速器方案进行范围内初步对比排序，得到传动精度：谐波/摆线针轮>RV>行星；体积 ...

Core Insights - FirstCash Holdings, Inc. reported strong operating results for the second quarter and year-to-date periods, with significant growth in pawn demand and earnings across its segments [2][27][31] - The Board of Directors declared a quarterly cash dividend of $0.42 per share, marking an 11% increase from the previous dividend [1][20] Financial Performance - For the three months ended June 30, 2025, revenue was $830.622 million, with net income of $59.805 million, representing a 22% increase year-over-year on a GAAP basis [4][5] - Adjusted diluted earnings per share for the second quarter increased by 31% compared to the prior-year quarter, reaching $1.79 [5][10] - Year-to-date net income increased by 30% over the prior-year period on a GAAP basis, totaling $143.396 million [5][10] Segment Performance - Pawn demand remains robust, with same-store pawn receivables up 13% in both the U.S. and Latin America [2][11] - The U.S. pawn segment reported a record pre-tax operating income of $98 million for the second quarter, an 8% increase compared to the prior-year quarter [11][46] - The Latin America pawn segment saw a 10% increase in pre-tax operating income on a U.S. dollar basis, with a 22% increase on a local currency basis [15][29] Acquisition and Expansion - The company expects to complete the acquisition of H&T Group plc, the largest pawnbroker in the U.K., by the end of the third quarter of 2025 [2][10] - The acquisition will expand FirstCash's operations into Europe, creating the largest publicly traded pawn platform in the U.S., Latin America, and the U.K. with over 3,300 locations [10][31] Cash Flow and Shareholder Returns - Consolidated operating cash flows for the twelve months ended June 30, 2025, grew by 26% to $555 million [20][32] - The company repurchased 525,000 shares of common stock at a total cost of $60 million over the past twelve months [20][32] - The annualized dividend is now $1.68 per share, reflecting an 11% increase over the previous annualized dividend [20][32] Outlook - The outlook for 2025 remains positive, with expected year-over-year growth in income driven by continued growth in earning asset balances and store additions [21][26] - Same-store pawn loans are projected to grow by 10% to 12% for the full year, up from previous expectations of 9% to 11% [21][26]

OKOTOKS, Alberta, July 24, 2025 (GLOBE NEWSWIRE) -- (TSX: MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation"), one of Canada's largest logistics providers today reported its financial and operating results for the period ended June 30, 2025, with comparisons to the same period last year. Full details of the results may be found within our Second Quarter Interim Report, which is available on the Corporation's issuer profile on SEDAR+ at www.sedarplus.ca or at www.mullen-group.com. " ...

作者 | 天然不冻港 编辑 | 自动驾驶之心 原文链接： https://zhuanlan.zhihu.com/p/1925525419739834361 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 浅读了近期来自cvpr2025的一些工作，浅显总结一下: 自动驾驶仿真器 = 场景渲染 + 场景外推 + 3D资产重建 + Relighting + 智能体 + 天气 + 其他狠活 HUGSIM HUGSIM: A Real-Time, Photo-Realistic and Closed-Loop Simulator for Autonomous Driving https://doi.org/10.48550/arXiv.2412.01718 第一步：搭个静态环境（建模篇） 用 3D Gaussian Splatting （ 3DGS ） 和 Diffusion Model 打造一个逼真的城市，细节到连路边的奶茶杯都 看得清清楚楚 OmniRe https://a ...

Nokia (NOK) Q2 2025 Earnings Call July 24, 2025 04:30 AM ET Company ParticipantsDavid Mulholland - Head - Investor RelationsJustin Hotard - President & CEOMarco Wirén - CFOFredrik Lithell - Global Equity Research - Small CapSami Sarkamies - Head - TMT & Equity ResearchSimon Leopold - Managing DirectorRob Sanders - Head - European Technology Hardware ResearchFelix Henriksson - Associate Director - Equity ResearchSébastien Sztabowicz - Head - IT Hardware & Semis Sector ResearchFrançois-Xavier Bouvignies - Hea ...

The euro area’s private sector grew at the quickest pace since last August as a three-year manufacturing downturn nears an end and the services sector gathers momentum https://t.co/cIYbqWoXWt ...

A startup is working on a new use for fracking technology: drilling boreholes to store nuclear waste https://t.co/61hfoEjH3B ...

🇺🇸 NEW: Congress introduces a bill directing the VA Secretary to conduct a comprehensive study on blockchain technology implementation within the Department of Veterans Affairs. https://t.co/HDirYIpKXM ...

Waymo Vets Are Automating Construction Sites With Self-Driving Dirt Diggers https://t.co/5PV3ukBcvW https://t.co/5PV3ukBcvW ...

LG Display (LPL) Q2 2025 Earnings Call July 24, 2025 01:00 AM ET ModeratorGood afternoon. I am Brian Hall, leader of the IR team at LG Display. Thank you for attending LG Display's twenty twenty five Second Quarter Earnings Conference Call. Joining us today are CFO, Mr. Seong Hyun Kim VP of Business Management, Mr. Seong Hyun Joon VP of Finance, Mr. Kyudong Kim Leader of the Business Intelligence Team, Mr. Woo Seok Hwal VP of Large Display Planning and Management, Mr. Jong Dok Kim Head of Medium Display Pla ...