长江商报消息 ●长江商报记者 黄聪 拓展海外生产基地，发力储能、机器人业务，富佳股份（603219.SH）正在"三手抓 "。 1月7日晚间，富佳股份发布的向不特定对象发行可转换公司债券预案显示，公司募集资金总额不超过7 亿元（含7亿元）。 长江商报记者发现，富佳股份此次募资总金额中，"越南生产基地（二期）建设项目"拟使用募集资金金 额3.28亿元，约占总募资的47%。 富佳股份主营吸尘器、扫地机器人等智能清洁类小家电产品及无刷电机等重要零部件的研发、设计、生 产与销售，同时积极拓展机器人产品业务与储能产品业务。 1月7日晚间，富佳股份发布的向不特定对象发行可转换公司债券预案显示，本次拟发行可转换公司债券 数量不超过700万张（含700万张），募集资金总额不超过7亿元（含7亿元），具体发行数额由公司股东 会授权公司董事会或董事会授权人士在上述额度范围内确定。 公告显示，富佳股份此次募集资金扣除发行费用后的募集资金净额拟用于投入"越南生产基地（二期） 建设项目"（总投资金额达3.46亿元，拟使用募资3.28亿元）、"工商业及户用储能系统产业化项目"（总 投资金额达2.66亿元，拟使用募资2.39亿元）和"智能粮仓 ...

在1月7日的2025小米年度技术大奖颁奖仪式上，小米集团创始人雷军透露，小米的机器人业务在2026年会有新的进展。但其未展开介绍相关进展的具体情 况，仅表示后续将第一时间向外界分享。 小米是国内较早投入机器狗和人形机器人研发的企业，先后于2021年和2022年推出"铁蛋（CyberDog）"机器狗和"铁大（CyberOne）"人形机器人。其 中，"铁蛋"仿生机器人团队曾获得2021年小米年度技术大奖的最高奖项。 但当具身智能在近两三年形成热潮后，小米作为先行者反倒从公众视线中隐身了，迄今未推出人形机器人的迭代版本，也不再对外展示此前的机器人版本。 不过，从专利申请情况和岗位招聘情况看，小米并未停止包括人形机器人在内的机器人业务研发。 2025年10月，小米旗下北京小米机器人技术有限公司完成一项名为"第三代人形机器人CyberOne"的作品著作权登记，登记类别为美术。这被外界视为小米推 进人形机器人开发的印证。 "第三代人形机器人CyberOne"的作品著作权登记网页。 采写：南都N视频记者 杨柳 发自北京 南都记者还了解到，在2025小米年度技术大奖颁奖仪式上，有机器人灵巧手项目的研发团队获得优秀奖。 小米集 ...

新浪科技讯 1月8日上午消息，2025小米"千万技术大奖"公布，小米自研芯片"玄戒O1"荣获千万技术大 奖最高奖项，小米集团创始人、董事长兼CEO雷军连续七年出席颁奖典礼并给获奖团队颁奖。 雷军表示，"玄戒O1获得这次千万技术大奖的最高荣誉，当之无愧。玄戒O1发布到现在，用户、媒体的 口碑、评价都非常不错，我们这支芯片队伍非常争气，希望未来再接再厉，尽早拿出更好的作品。" 据介绍，2025千万技术大奖共收到来自小米集团10大部门、154个参评项目的申报，66个项目进入项目 复评，涵盖芯片、影像、AI、材料等多个领域，参评项目数量和质量均创历史新高。 新浪科技讯 1月8日上午消息，2025小米"千万技术大奖"公布，小米自研芯片"玄戒O1"荣获千万技术大 奖最高奖项，小米集团创始人、董事长兼CEO雷军连续七年出席颁奖典礼并给获奖团队颁奖。 雷军表示，"玄戒O1获得这次千万技术大奖的最高荣誉，当之无愧。玄戒O1发布到现在，用户、媒体的 口碑、评价都非常不错，我们这支芯片队伍非常争气，希望未来再接再厉，尽早拿出更好的作品。" 据介绍，2025千万技术大奖共收到来自小米集团10大部门、154个参评项目的申报，66个项目 ...

首次覆盖，给予"增持"投资评级。我们预计公司2025-2027 年分别可实现归母净利润42.53/46.50/50.99 亿元，同比增长37.2%/9.4%/9.6%。我们对公司传统冷配和汽车热管理业务进行分部估值，并考虑到AH 股溢价，对应合理市值为1433 亿元人民币；而三花智控H 股市值为1408 亿元港币，参考2025 年12 月26 日港币兑人民币汇率为0.9067，仍有12.3%上涨空间，首次覆盖，给予"增持"投资评级。 风险提示：原材料价格波动风险；汇率波动风险；人形机器人行业发展进度不及预期。 成熟业务：公司传统制冷和汽零业务保持领先地位。公司深耕传统制冷配件几十余载，多种产品在行业 市占率位居前列；制冷配件业务25H1 收入占比达64%，为公司第一大营收来源。随着内销空调等家电 保有量提升，出海市场空间广阔，有望刺激制冷配件需求，而公司有望凭借行业优势地位保持业务稳健 增长。汽零业务方面，公司凭借制冷配件多年积淀进行底层技术迁移，在份额高度集中的全球热管理市 场中，三花多品类份额居前，深度绑定国内外知名传统燃油车及新能车的核心整车厂商，获得客户广泛 认可。 新兴业务：储能＆机器人业务打开成长 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 91.35 CNY, based on a comparable company PE average of 45 times for 2025 [3][6]. Core Insights - The company plans to list in Hong Kong and increase investment in its Mexican factory, expecting overseas business and seating operations to be key profit growth drivers [2][9]. - The projected net profits for 2025-2027 are 1.037 billion CNY, 1.366 billion CNY, and 1.746 billion CNY respectively, with significant revenue growth anticipated [3][5]. - The company aims to enhance its global business presence and increase seating capacity, with a focus on R&D investment [9]. Financial Summary - Revenue is expected to grow from 10.572 billion CNY in 2023 to 26.006 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of 19.4% [5][11]. - Operating profit is projected to increase from 928 million CNY in 2023 to 1.983 billion CNY in 2027, with a notable growth rate of 27.8% in 2027 [5][11]. - The net profit margin is expected to stabilize around 6.7% by 2027, with a return on equity (ROE) projected at 18.3% [5][11].

Core Viewpoint - Zhejiang Rongtai plans to establish a joint venture with Weichuang Electric to advance the layout of key components for robots, leveraging Weichuang's expertise in motor technology and Rongtai's customer advantages [1] Group 1: Joint Venture and Strategic Development - The collaboration aims to develop applications for the mechatronics market in intelligent robotics, enhancing Zhejiang Rongtai's product offerings in the robotics sector [1] - The company has acquired Diz Precision, Guangzhou Jinli, and is focusing on products like lead screws and gearboxes, with ongoing partnerships with several leading robotics companies [1] Group 2: Business Expansion and Growth Potential - The construction of the factory in Thailand is progressing well, with production expected to commence soon [1] - The development and mass production of the company's robotics business are on track, with a clear strategic layout that is anticipated to drive growth [1] Group 3: Financial Projections - The forecast for net profit attributable to the parent company for 2025-2027 is set at 310 million, 420 million, and 580 million yuan, representing year-on-year growth of 34%, 35%, and 39% respectively [1] - Corresponding price-to-earnings ratios are projected to be 122x, 91x, and 65x for the same period, maintaining a "buy" rating [1]

Core Viewpoint - Sanhua Intelligent Control (02050) has seen a stock price increase of over 4% during trading, currently up 3.83% at HKD 34.72, with a trading volume of HKD 265 million [1] Financial Performance - The company expects a net profit attributable to shareholders of approximately HKD 3.874 billion to HKD 4.649 billion for 2025, representing a year-on-year growth of 25% to 50% [1] - The net profit excluding non-recurring gains and losses is projected to be around HKD 3.679 billion to HKD 4.615 billion, with a year-on-year growth of 18% to 48% [1] Growth Prospects - According to Guotai Junan Securities, the company is actively expanding into new fields and steadily increasing production capacity, with expected annual growth rates of 20% to 30% in the coming years [1] - The company has announced a share buyback plan with an investment of HKD 300 million to HKD 600 million, having repurchased HKD 106 million worth of shares by the end of November, indicating potential positive effects on stock prices [1] Robotics Development - The company is optimistic about the future of robotics and is leveraging close partnerships with major clients to enter the robotics actuator market [1] - A robotics division was established this year, with increased R&D investment in robotics-related products [1] - The company plans to allocate 10% of its IPO proceeds (approximately HKD 700 million) to the robotics business and aims to hire 200 additional R&D personnel over the next three years [1] - Collaboration with major clients is ongoing for R&D and trial production, with expectations for mass production of client robotics products by 2026, indicating a potential breakthrough in the robotics business [1]

Group 1: Robotics Business Development - The company has established robotics as its third strategic business segment following bearings and automotive chassis systems, with a product range including universal joints, precision shafts, and various specialized bearings [4] - Current production capacity includes 100,000 sets of roller screws and 10 million sets of universal joints, with plans to establish a capacity of 1.2 million specialized bearings by 2026 [4] - The company is focusing on optimizing its supply chain and expanding international production, particularly in Thailand [4] Group 2: Automotive Business Growth - Major automotive clients include BYD, Chery, Dongfeng, and international brands like Mercedes-Benz and BMW, with new clients such as Xiaomi and Li Auto contributing to growth [5] - Incremental products in the automotive sector include drive shafts and braking products [5] Group 3: Financial Performance and Projections - For the first three quarters of 2025, the company reported revenue of 10.406 billion yuan and a net profit of 773 million yuan, with expectations for continued growth in 2026 [7] - The company aims to enhance its core products and invest in new technologies related to chassis control and humanoid robotics [7] Group 4: Mergers and Acquisitions - The company is actively pursuing the acquisition of the American WAC company, with due diligence and negotiations ongoing [6] - Future investment plans include increasing stakes in startups within humanoid robotics, low-altitude economy, clean energy, and new energy vehicle components [8] Group 5: Employee Incentives - A stock option incentive plan was disclosed in March 2024, with the first exercise period completed in September 2025, aimed at enhancing profitability and employee engagement [9]

Core Viewpoint - The company is upgrading its 3+N+3 business strategy by the end of 2024, with a clear focus on robotics as one of its three emerging business areas [1] Group 1: Business Strategy - The company is accelerating its business layout in the robotics sector through the acquisition of Haocheng Intelligent, which will be renamed to Haoping Robotics, leveraging over a decade of technical expertise in household cleaning and companion robots [1] - A research and development team has been established to focus on cutting-edge areas such as industrial robots and humanoid robots, aiming for breakthroughs in key technologies [1] Group 2: Partnerships and Collaborations - The company has officially reached a strategic cooperation agreement with Weita Power for the manufacturing of complete robotic systems, indicating a commitment to collaboration in the consumer-grade intelligent companion robot market [1]

Core Viewpoint - The company is upgrading its 3+N+3 business strategy by the end of 2024, emphasizing robotics as one of its three emerging business sectors [1] Group 1: Business Strategy - The company is accelerating its business layout in the robotics sector through the acquisition of Haocheng Intelligent, which will be renamed Haoping Robotics, leveraging over a decade of technical expertise in household cleaning and companion robots [1] - A research and development team has been established to focus on advanced areas such as industrial robots and humanoid robots, aiming for breakthroughs in key technologies [1] Group 2: Partnerships and Collaborations - The company has officially reached a strategic cooperation agreement with Weita Power for the manufacturing of complete robotic systems, intending to collaborate extensively on consumer-grade intelligent companion robots [1]