The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Zhejiang Zhongjian Technology Co., Ltd. 浙江中堅科技股份有限公司 (the "Company") (A joint stock company incorporated in the Peo ...

本报讯(记者矫月)近日，专注于半导体、人工智能、电子芯片等高科技领域的樱芯云(上海)科技有限公 司(以下简称"樱芯云科技")宣布完成天使轮融资，融资金额达到970万元，投资方为深圳市天皓实业投 资控股有限公司(以下简称"天皓实业")。此次融资将为樱芯云科技的研发、市场拓展和人才培养提供强 有力的资金支持，助力其进一步巩固在行业内的领先地位。 樱芯云科技的未来发展目标是，努力成为推动行业发展的领军企业，为科技进步和社会发展贡献更多力 量。公司表示，将继续秉承创新精神，不断提升自身核心竞争力，以满足市场和客户的需求。 樱芯云科技自成立以来，始终秉承"创新驱动、品质至上、客户为先"的发展理念，致力于为市场提供高 品质的半导体和人工智能解决方案。 本次融资的成功，标志着樱芯云科技在资本市场上的首次亮相，也反映了市场对其发展潜力的认可。据 悉，深圳市天皓实业投资控股有限公司对樱芯云科技的技术实力和市场前景给予了高度评价，并表示将 全力支持其未来发展。 樱芯云科技表示，此次融资将主要用于以下几个方面：一是技术研发。加大在人工智能、半导体、电子 芯片等领域的研发投入，提升产品技术含量，保持行业领先地位；二是人才培养。吸引和 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company achieved revenue of 1.255 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 18.70%, and a net profit attributable to shareholders of 181 million yuan, up 13.86% year-on-year [1][4] - In Q3 2025 alone, the company reported revenue of 469 million yuan, a year-on-year increase of 13.65% and a quarter-on-quarter increase of 11.83%, with a net profit of 68 million yuan, reflecting a year-on-year growth of 4.01% and a quarter-on-quarter growth of 16.04% [1][4] - The company is strengthening its core business, with micro drive systems generating revenue of 498 million yuan in H1 2025, up 20.51% year-on-year, and precision injection molding parts achieving revenue of 239 million yuan, up 16.25% year-on-year [2] - The company is actively expanding into the smart automotive sector, establishing long-term partnerships with major clients such as Bosch, BYD, and Li Auto, and is also focusing on consumer and medical technology applications [2] - The company is making breakthroughs in high-end applications of intelligent robotics, with the launch of innovative dexterous hand technologies that feature multiple degrees of freedom and advanced sensing capabilities [3] Financial Performance Summary - For 2025, the company is projected to achieve net profits of 261 million yuan, 331 million yuan, and 443 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.9%, 26.8%, and 33.8% [3] - The earnings per share (EPS) are expected to be 1.08 yuan, 1.37 yuan, and 1.84 yuan for the years 2025, 2026, and 2027 respectively [3] - The company's revenue is forecasted to grow from 1.870 billion yuan in 2025 to 2.956 billion yuan in 2027, with growth rates of 22.6% and 26.8% [7]

Core Insights - The "2025 Baoshan Intelligent Robot Industry Conference and Carnival" was held on November 21, 2025, in Shanghai, focusing on the development of the intelligent robot industry [2][4] - The event gathered government officials, industry experts, and representatives from various intelligent robot companies to foster collaboration and innovation in the sector [4][6] Group 1: Event Highlights - The conference was guided by the Shanghai Municipal Economic and Information Commission and co-hosted by the Baoshan District Government and Shanghai University [2] - Keynote speeches were delivered by prominent figures, including Chinese Academy of Sciences Academician Chu Junhao, who discussed the integration of robots in the intelligent era [19] - The launch of the Shanghai Robot Industry Supply Chain Platform aimed to break down resource barriers within the industry [8] Group 2: Initiatives and Collaborations - The Baoshan District released an action plan to promote innovation in the humanoid robot industry [6] - A data collection center for embodied intelligence was established to support the development of intelligent robots [10] - Several key projects in intelligent robotics and critical components were successfully signed during the event [12] Group 3: Future Directions - The conference included discussions on the future of humanoid robots, focusing on open-source and standardization trends [19] - The event emphasized the importance of AI technology in enhancing the versatility of robots [19] - The overall goal is to strengthen the ecosystem and drive technological innovation and industrial upgrades in Shanghai and nationwide [22]

格隆汇11月21日｜华鑫证券研报指出，新泉股份归母净利润6.23亿元，同比-9.19%；Q3归母净利润2.00 亿元，同比-27.10%。2025Q3营收稳健增长，净利率与毛利率短期承压。随着汽车座椅产品的持续扩 张、核心客户的重点新车型陆续进入量产交付时期以及国际化战略的稳步推进，公司业绩有望逐步恢 复。公司拟在常州设立全资子公司"常州新泉智能机器人有限公司"，注册资本1亿元。公司通过设立子 公司正式切入智能机器人领域，聚焦智能机器人相关核心部件的研发、设计、制造及销售，充分整合公 司资源优势，提高综合竞争实力，对公司的长期可持续发展具有积极的战略意义。公司传统业务营收稳 健增长，持续拓展海外市场，未来有望通过全资子公司高效切入机器人赛道，维持"买入"投资评级。 ...

Core Viewpoint - Black Sesame Intelligence has officially launched the SesameX multidimensional embodied intelligence computing platform, marking its expansion from smart driving to the embodied intelligence industry, particularly in robotics [1][2] Group 1: Product Launch and Technology - The SesameX platform aims to address four major technical pain points in the robotics industry, including the imbalance between different types of intelligence, lack of safety mechanisms, fragmented systems, and challenges in algorithm evolution [2] - The platform consists of three core computing modules: Kalos, Aura, and Liora, each corresponding to different levels of robotic development, from visual driving to cognitive evolution [3] Group 2: Market Potential and Strategic Partnerships - The CEO of Black Sesame Intelligence predicts that by 2040, annual sales of various robots will exceed 1 billion units, with the market size surpassing $1 trillion [1] - Black Sesame has established strategic partnerships with companies like Joyson Electronics and Hubei Huazhong Electric Power Technology to explore applications of embodied robots in various industries [5] Group 3: Industry Perspectives and Future Outlook - Industry experts believe that the next decade will see significant advancements in robotics, with a focus on human-robot collaboration rather than outright replacement of humans [6][7] - The consensus among industry leaders is that robots will increasingly become integrated into daily life and various sectors, potentially exceeding current expectations for their adoption [7]

Core Viewpoint - The company reported a steady revenue growth in Q3 2025, but faced pressure on net profit margins due to product price reductions and increased management and R&D expenses [2][3]. Financial Performance - For Q1-Q3 2025, the company achieved total revenue of 11.413 billion yuan, a year-on-year increase of 18.83%, while the net profit attributable to shareholders was 623 million yuan, a decrease of 9.19% [2]. - In Q3 2025, revenue reached 3.954 billion yuan, up 14.91% year-on-year, but net profit fell to 200 million yuan, down 27.10% year-on-year [2][3]. Profitability Metrics - The gross margin in Q3 2025 was 15.64%, down 5.71 percentage points year-on-year and 1.20 percentage points quarter-on-quarter, primarily due to price reductions and rising raw material costs [3]. - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 0.66%, 5.34%, 4.20%, and 0.58%, respectively, showing mixed changes compared to the previous year [3]. Business Expansion and Strategy - The company is expanding its automotive seat product line and has seen key customers launch new models, which is expected to drive performance recovery [4]. - The acquisition of a 70% stake in Anhui Ruiqi in April 2025 supports the expansion of the automotive seat business [4]. - The company is also investing in new markets, including a 45 million euro investment in Slovakia and establishing subsidiaries in Germany to enhance its European market presence [4]. New Ventures - The company plans to establish a wholly-owned subsidiary in Changzhou focused on the smart robotics sector, with a registered capital of 100 million yuan [5]. - This move aims to leverage existing customer relationships and expand into the robotics market, enhancing long-term sustainable growth [5]. Revenue Forecast - The company forecasts revenues of 16.22 billion yuan, 19.68 billion yuan, and 23.02 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 980 million yuan, 1.24 billion yuan, and 1.65 billion yuan [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown steady revenue growth, with total revenue for Q1-Q3 2025 reaching 11.413 billion yuan, a year-on-year increase of 18.83%. However, the net profit attributable to shareholders decreased by 9.19% to 623 million yuan [5][6] - The company plans to establish a wholly-owned subsidiary in Changzhou to enter the robotics sector, focusing on the research, design, manufacturing, and sales of core components related to intelligent robots [8][9] - The company is expanding its product categories and benefiting from the launch of new vehicle models by key clients, which is expected to drive performance recovery [5][6][8] Financial Performance - For Q3 2025, the company reported revenue of 3.954 billion yuan, up 14.91% year-on-year, but net profit fell by 27.10% to 200 million yuan [5][6] - The gross margin for Q3 2025 was 15.64%, down 5.71 percentage points year-on-year, primarily due to price reductions and rising raw material costs [6] - The company forecasts revenues of 16.22 billion yuan, 19.68 billion yuan, and 23.02 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 980 million yuan, 1.243 billion yuan, and 1.650 billion yuan for the same years [9][11] Strategic Initiatives - The company has completed the acquisition of 70% of Anhui Ruiqi to expand its automotive seat business and is investing 45 million euros in Slovakia to enhance production capacity [8] - The launch of Tesla's Model Y L and the upcoming production of the Cybercab model are expected to contribute significantly to the company's revenue growth [8] - The establishment of subsidiaries in Germany and Slovakia aims to further penetrate the European market [8]

人民财讯11月20日电，11月20日，在黑芝麻（000716）智能机器人平台产品发布会上，黑芝麻智能创始 人兼CEO单记章表示，下一个10年是智能机器人的时代，预计2030年，机器人将大量走进日常生活，并 与人类持续共同演进，预计2040年各种机器人年销售量将突破10亿台，其市场规模将超万亿美元。 ...

产业筑峰强链工程，将对顶尖科技人才给予最高1000万元项目资助、300万元安家补贴，重点做强具身 机器人等整机制造，做大传感器、减速器等核心硬件，做精控制、交互等智控软件，形成多品类全链路 的产品体系。 企业育林参天工程，将设立总额10亿元的基金池，对企业并购重组等重大行动给予最高5000万元支持， 重点培育300亿级、100亿级链主企业，支持骨干企业参与标准制定和技术攻关，形成大、中、小企业协 同发展的产业格局。 技术创新融合工程，将对实施重大技术攻关项目的企业给予最高1000万元支持，重点建设智能机器人中 试平台等项目，加快创新要素集聚、汇聚全球优质资源、推进创新成果转化。 近日，《常熟市智能机器人产业发展三年行动计划（2025-2027年）》发布。常熟将发挥大项目及产业 联盟引领作用，加快形成集整机、核心零部件、系统集成、验证训练于一体的智能机器人产业生态，力 争到2027年产业规模突破1200亿元。 应用场景拓展工程，将对新产品给予最高50%订单额奖补，对典型场景、智能工厂给予最高300万元资 金奖励，重点加快智能产线在汽车、纺织等制造场景落地，深化机器人与人工智能的"AI+"场景融合， 加大建筑、医 ...