2025年末，人形机器人再迎来一则重大消息。 12月24日，"人形机器人第一股"优必选（9880.HK）发布公告，以"协议转让+要约收购"的组合方式共 收购深交所上市公司锋龙股份（002931.SZ）93957518股（占锋龙股份公司股份总数43%）。 根据公告，本次控制权变更方案中的股份转让价格、要约收购价格均为17.72元/股（相比12月17日锋龙 股份停牌前19.68元/股折让10%），以此计算，合计总对价达16.65亿元。 交易完成后，优必选将成为锋龙股份的控股股东，其董事会主席、执行董事兼CEO周剑将成为锋龙股份 的实际控制人。周剑目前也是优必选单一第一大股东，直接持股比例达20.61%。 优必选表示，收购事项在战略上符合双方的长期目标，并能创造协同效应，加速公司人形机器人的开发 与商业化。 在优必选收购锋龙股份之前，今年的机器人与人工智能赛道，已出现数例并购案例。今年7月，智元机 器人入主上纬新材（688585.SH）；12月，分别传来中昊芯英拿下天普股份（605255.SH）、七腾机器 人控股胜通能源（001331.SZ）、东杰智能（300486.SZ）寻求收购遨博智能等消息。 或将重返A股 启 ...

Core Viewpoint - The Hong Kong government will announce the development plan for the Northern Metropolis New Tin Technology City, focusing on innovation and technology industries, with an emphasis on life sciences, robotics and AI, new energy materials, and green technology [1] Group 1: Development Focus - New Tin Technology City will primarily focus on innovation and technology industries, targeting sectors such as life health, robotics and artificial intelligence, new energy materials, and green technology [1] - The development will emphasize product prototyping and small-scale production, tailored to Hong Kong's unique characteristics [1] Group 2: Development Phases - The government plans to develop New Tin Technology City in five phases, based on the timing of land release and industry entry [1] - Three hubs will be established as core areas, with a development model referencing the Science Park approach, including the establishment of a platform company for management [1] Group 3: Strategic Positioning - New Tin Technology City's positioning differs from the Lok Ma Chau Loop and other technology parks in Hong Kong, focusing on advanced manufacturing as the core industry [1] - The aim is to establish a comprehensive innovation and technology industry system in Hong Kong, providing ample land for large-scale production, while the Lok Ma Chau Loop primarily focuses on research and development [1]

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].