香港创新科技及工业局局长孙东表示，政府将于周四(20日)公布北部都会区新田科技城创科产业发展规 划概念纲要，将从三部分阐述未来新田科技城产业发展的定位、土地分布和发展模式。 孙东指，新田科技城主要定位于创科产业发展，将聚焦生命健康、机器人与人工智能、新能源新材料、 绿色科技等领域，发展上聚焦产品原型、小规模生产等，亦会根据香港的特色，因地制宜发展适合香港 的重点创科产业。 孙东指，政府会按推地时序和产业进驻情况，分5个阶段发展新田科技城，包括要打造3个枢纽作为核心 区，发展模式将参考科学园做法，成立平台公司管理，借助市场力量加速发展。 孙东指，新田科技城的定位跟河套区包括香港其他科技园不同，其重点打造与先进制造为核心的产业， 希望建立香港的创科产业体系，并会提供整片的土地供企业做大规模生产，而河套区主要做研究与开 发。 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved a total revenue of 553,874,075.46 CNY, representing a year-on-year growth of 34.44% [3] - Domestic revenue was 468,344,613.60 CNY, with a growth of 38.03%, accounting for 84.56% of total revenue [3] - International revenue reached 85,529,461.86 CNY, growing by 17.68%, making up 15.44% of total revenue [3] - Net profit attributable to shareholders was reported at 42,132,049.92 CNY, reflecting a year-on-year increase of 19.60% [3] - The net profit after deducting non-recurring gains and losses was 38,266,307.13 CNY, up by 24.76% [3] Group 2: Product Performance - Pressure sensors generated revenue of 29,241,000 CNY, a significant increase of 61.88%, contributing 52.79% to total revenue [3] - Thermistors and temperature sensors achieved revenue of 25,140,000 CNY, growing by 12.99%, accounting for 45.39% of total revenue [3] - Oxygen sensors and other products generated 1,007,000 CNY, with a growth of 13.61%, contributing 1.82% to total revenue [3] - MEMS pressure sensors saw revenue of 2,444.93 CNY, marking a substantial growth of 382.33% [5] Group 3: Market Expansion and Globalization - The company has established a wholly-owned subsidiary in Germany to enhance local sales and service capabilities in Europe [7] - A research subsidiary has been set up in Belgium focusing on sensor chip technology and product development [7] - A new wholly-owned subsidiary in Hong Kong has been created to coordinate supply chain operations in the Asia-Pacific region [7] - The company is in the process of establishing a manufacturing base in Thailand to support overseas customer demands [7] Group 4: Technological Development - The company is actively developing force sensors for robotics, with a dedicated R&D team focusing on sensor technology for humanoid and collaborative robots [6] - The EMB (Electronic Mechanical Brake) force sensor project is progressing well, with automated production lines being installed [8] - The EMB system is designed to enhance braking response and precision, aligning with the needs of intelligent automotive systems [8]

Investment Rating - The report maintains a positive investment rating for Nextracker, categorizing it as a top recommended stock within the global renewable energy coverage of Haitong Securities [1]. Core Insights - Nextracker's Q1 2026 performance exceeded market expectations, with a significant upward revision of its fiscal year 2026 EBITDA guidance and a record backlog of orders, indicating strong solar demand and stable pricing [1][2]. - The company reported a net revenue of $864 million for Q1 2026, slightly above the market consensus of $845 million, and an adjusted EBITDA of $215 million, surpassing the expected $190 million [3][5]. - Nextracker's gross margin remained robust at 32.6%, with adjusted net income reaching $176 million, significantly exceeding market expectations [3][5]. Summary by Sections Financial Performance - For fiscal year 2026, Nextracker raised its revenue guidance from $3.2 billion to $3.245 billion, with EBITDA guidance adjusted from $775 million to a range of $750 million to $810 million [2]. - The net profit forecast was increased from $445-503 million to $496-543 million, while the gross margin is expected to remain in the "low 30%" range [2]. Order Backlog and Market Demand - As of the end of Q1 2026, Nextracker's order backlog exceeded $4.75 billion, marking the 15th consecutive quarter of growth, with a backlog-to-shipment ratio maintained above 1 [3]. - The company anticipates that 80% to 90% of the backlog will be delivered over the next eight quarters, reflecting strong demand in the U.S. market [3]. Strategic Acquisitions - Nextracker announced three completed acquisitions in advanced robotics and artificial intelligence, with a total investment exceeding $40 million, aimed at enhancing operational efficiency and reducing maintenance costs [4].

Group 1 - The core viewpoint is that Wuzhong District in Suzhou, Jiangsu Province, is actively developing the robotics and artificial intelligence industry, aiming to become the "national robot industry cluster first district" through deep integration of technological and industrial innovation [1][2] - In 2024, Wuzhong District was approved as the only pilot area in Jiangsu Province focusing on humanoid robotics, as part of the "Future Industry Pilot Development List" released by the Jiangsu Provincial Development and Reform Commission [1] - Wuzhong District employs a "full industrial chain breakthrough" strategy, fostering leading and specialized enterprises to address bottlenecks in the industrial and innovation chains, with notable companies like Huichuan Technology and Ecovacs leading the market [1] Group 2 - Wuzhong District has implemented the "Artificial Intelligence+" initiative to enhance the application of robots across various sectors, including industry, agriculture, culture, tourism, and healthcare, by creating demand lists and supply platforms [2] - The district has introduced new policies to support the expansion of robot application scenarios, providing financial incentives for companies to promote robot usage, resulting in over a thousand enterprises adopting industrial robots [2] - Looking ahead, Wuzhong District aims to continuously strengthen the integration of robotics and artificial intelligence, enhancing industry concentration and driving high-quality development in manufacturing [2]

Core Viewpoint - Jiangsu Harbin Intelligent Robot Co., Ltd. (*ST Gongzhi) is set to be delisted due to consecutive years of financial losses and receiving audit reports with no opinion from accountants, despite being involved in the robotics sector since 2017 [2][4]. Company Summary - The company, originally named Youli Holdings, transitioned to focus on intelligent manufacturing and artificial intelligence after acquiring Tianjin Fuzhen Industrial Equipment Co., Ltd. in January 2017 and rebranding in August 2017 [3]. - Since 2021, *ST Gongzhi has reported losses for four consecutive years, accumulating nearly 2 billion yuan in losses [4]. Financial Reporting Issues - The delisting is primarily due to the company's financial reports being issued with no opinion by the auditing firm, which cited limitations in obtaining sufficient audit evidence [5]. - Key issues identified include the company's equity investment platforms and revenue recognition, with a total initial investment cost of 650 million yuan in four equity investment platforms [5]. Industry Insights - The commercial model for robotics is still immature, with significant technological advancements needed before widespread adoption can occur [6]. - Experts suggest that the commercial viability of humanoid robots may take over five years to develop, with consumer acceptance and demand still not fully established [6][7]. - The maturation of the robotics and artificial intelligence industry is expected to take 5 to 10 years, heavily reliant on technological breakthroughs and ecosystem development [7].