格隆汇10月27日丨新时达(002527.SZ)在投资者互动平台表示，当前工业机器人领域的进口替代进程仍 在持续深化，激烈角逐的市场态势未见缓和，价格竞争与技术迭代加速。公司则专注在"小脑"技术的迭 代，同时开发出"大小脑"一体的"脑"，或者称之为进阶版"小脑"，使机器人能够拥有一定的泛化能力， 而泛化能力的获取更多依赖于场景中的数据采集与训练。在海尔完成对新时达的收购之后，公司依托海 尔的场景优势，未来有机会在多个场景进行数据采集与训练。公司认为，在短期的商业化落地场景下， 由于大模型还处于迭代中，垂类小模型的落地将会更快为客户实现商业价值。具体表现为：（1）公司 已于2025年9月推出AI免示教智能焊接方案，该方案具备智慧焊接能力，能够实现工件识别、路径生成 以及焊机参数自适应调节。（2）公司于工博会现场展出人形机器人整机，且为海尔工厂中的实际应用 需求。截至目前，新时达人形机器人已在海尔重庆冰箱工厂现场产线完成部署，并于真实场景中开展实 训，后续将逐步承担作业并进阶复杂流程。此外，新时达已明确了年底前的四大重点数据采集与验证场 景，分别是：自适应抓取机器人系统、智慧焊接、柔性自动化PCB板卡质检、双臂协 ...

Company Overview - Wuhan Huazhong Numerical Control Co., Ltd. was established on October 18, 1994, with a registered capital of 198,696,906 yuan [12] - The company is listed on the Shenzhen Stock Exchange under the stock code 300161 [12] - The main business includes numerical control systems, robots, and intelligent production lines, classified under the general equipment manufacturing industry [14][19] Fundraising and Investment Projects - The company plans to raise a total of 104,180.91 million yuan, with 70,000 million yuan allocated for key technology research and industrialization projects related to five-axis numerical control systems and servo motors [3][4] - The fundraising will also support the construction of an industrial robot technology upgrade and industrialization base, which is expected to significantly increase production capacity [6][19] Financial Performance and Risks - The company has faced challenges with non-recurring gains and losses, which accounted for a high percentage of net profit in recent years, indicating potential volatility in financial performance [7][8] - The company anticipates that the new investment projects will lead to increased depreciation and amortization costs, which could impact short-term profitability if the projects do not meet expected revenue levels [7][8] Industry Context - The numerical control system is a critical component of machine tools, representing about 20% of the cost of a numerical control machine [20] - The industry is characterized by rapid growth, with the Chinese industrial robot market expected to grow at a compound annual growth rate of approximately 18.77% from 2022 to 2026 [6][19] - The company operates in a competitive landscape, facing challenges from both domestic and international players in the high-end machine tool market [14][19]