8月27日，A股上市的私募股权投资机构九鼎投资（股票代码：600053）发布公告显示，再次延期回复公司于8月12 日收到的上交所问询函。公告显示，该问询函限期公司于5个交易日内回复，九鼎投资称因回复内容尚需补充和完 善而申请延期回复。该问询函主要围绕九鼎投资拟收购控股人形机器人零部件公司南京神源生的相关事项。 据九鼎投资8月12日发布的《关于收购南京神源生智能科技有限公司部分股权并对其增资的公告》披露，南京神源 生成立于2012年，由南京航空航天大学教授戴振东创立，注册资本701万元，总部位于江苏省南京市江宁区，戴振 东为其控股股东及实际控制人。南京神源生专注于六维力传感器与力测控领域，主要产品包括多维力传感器、扭矩 传感器及测力平台等，其中六维力传感器为核心产品。 公告称，南京神源生的技术源于南京航空航天大学仿生所（创立于2002年），公司创始人戴振东创建仿生所并任所 长，在仿生学研究中衍生出六维力传感器需求并实现技术转化，是国内该领域早期探索者之一。 此外《问询函》中指出，公告显示，2025年4月末，南京神源生净资产为988.10万元，本次交易定价整体估值为3亿 元。但九鼎投资尚未披露标的公司具体评估情况 ...

8月27日，A股上市的私募股权投资机构九鼎投资（股票代码：600053）发布公告显示，再次延期回复 公司于8月12日收到的上交所问询函。公告显示，该问询函限期公司于5个交易日内回复，九鼎投资称因 回复内容尚需补充和完善而申请延期回复。该问询函主要围绕九鼎投资拟收购控股人形机器人零部件公 司南京神源生的相关事项。 《问询函》对此交易的必要性提出疑问。公告显示，南京神源生主要从事人形机器人领域的六维力传感 器与力测控业务。2024年、2025年1-4月，南京神源生分别实现营业收入208.80万元、16.38万元，净利 润-573.49万元、-279.54万元，整体盈利能力承压。 《问询函》指出，九鼎投资主营业务为私募股权投资管理及房地产开发与经营，业绩预告显示，公司 2025年半年度预计实现归母净利润-5500万元到-4400万元。《问询函》要求九鼎投资补充披露南京神源 生的业务模式、技术壁垒、相关知识产权的发展历程等情况，说明该公司在人形机器人领域的商业化布 局、在手订单、未来客户获取战略等情况，及该公司所处的行业地位和经营优劣势等。 同时，要求九鼎投资说明结合公司主业经营情况与发展战略，说明在经营亏损的情况下 ...

证券日报网讯儒竞科技（301525）8月26日在互动平台回答投资者提问时表示，公司在机器人相关细分 零部件领域的业务尚处于投入期，目前进展顺利，部分产品已实现样品交付但收入占比较小，对公司业 绩未产生较大影响。后续进展请持续关注公司发布的定期报告和相关公告，敬请广大投资者理性投资， 注意风险。 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in precision structural components for cylindrical batteries and is expanding into the robotics sector through an investment in Guohua Intelligent, aiming to create a second growth curve [2][3]. - The company has maintained a market share of over 25% in the domestic cylindrical battery structural component market for 24 years and is expected to achieve a revenue of 1.365 billion yuan in 2024, a year-on-year increase of 23% [2][3]. - The company is positioned to benefit from the growing demand in the humanoid robot market, with projections of 3 million units sold globally by 2030 [3]. Financial Summary - The company's total revenue is projected to grow from 1.11 billion yuan in 2023 to 2.56 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [1]. - The net profit attributable to the parent company is expected to decline to 56.26 million yuan in 2024 but is projected to rebound significantly to 127.46 million yuan by 2027 [1]. - The earnings per share (EPS) is forecasted to decrease from 0.53 yuan in 2023 to 0.35 yuan in 2025, before rising to 1.11 yuan in 2027 [1]. Business Segments - The cylindrical battery structural components segment is expected to generate 8.3 billion yuan in revenue in 2024, reflecting a year-on-year growth of 37.2% [4][52]. - The company has established partnerships with leading manufacturers such as Yiwei, Dongci, and CATL, which is expected to enhance its market share further [4][55]. - The nickel-based conductor materials segment is projected to grow steadily, with a revenue increase of 5-10% anticipated in 2025 [9]. Robotics Sector - The company has entered the humanoid robotics market by acquiring a 10.37% stake in Guohua Intelligent, which specializes in harmonic reducers and has secured orders from leading robot manufacturers [3][4]. - The collaboration with Guohua Intelligent is expected to create synergies in technology and customer base, positioning the company as a key supplier in the robotics components market [3]. Market Outlook - The global cylindrical battery market is projected to reach a demand of 128.2 billion units in 2024, with a year-on-year growth of 3.6% [40][49]. - The company anticipates that the cylindrical structural components market will reach over 9 billion yuan in 2025, with sustained growth of over 10% in subsequent years [49].

Investment Rating - The investment rating for the company is "Buy" with a target price of 171 CNY [1][8]. Core Insights - The company reported a significant revenue increase of 45.8% year-over-year (YOY) for the first half of 2025, achieving 251 million CNY, and a net profit increase of 45.9% YOY, reaching 53 million CNY [9][11]. - The growth in revenue and profit is attributed to the recovery in demand for robotic components, driven by the expansion of the electric vehicle sector and the recovery of consumer electronics [11]. - The company is focusing on enhancing its presence in the embodied intelligence sector, aiming to create a second growth curve by expanding its product offerings in harmonic reducers, ball screws, and actuators [11][15]. Company Overview - The company operates in the mechanical equipment industry and has a market capitalization of 27.034 billion CNY [2]. - The stock price as of August 18, 2025, is 147.46 CNY, with a 12-month high of 192.64 CNY and a low of 58.17 CNY [2]. - Major shareholders include Zuo Jing, holding 18.5% of the shares [2]. Financial Performance - The company achieved a historical high revenue of 153 million CNY in the second quarter of 2025, representing a 69.5% increase YOY [9][11]. - The gross profit margin for the first half of 2025 was 34.8%, a decrease of 5.6 percentage points compared to the previous year [11]. - The company plans to increase its net profit forecasts for 2025, 2026, and 2027 to 100 million CNY, 140 million CNY, and 190 million CNY respectively, reflecting YOY growth rates of 86%, 35%, and 36% [15]. Product Mix - The product mix includes harmonic reducers and metal components (78.3%), mechatronic products (16.6%), and intelligent automation equipment (3.2%) [4]. Institutional Ownership - Institutional investors hold 11.0% of the circulating A-shares, while general corporations hold 11.2% [5].

Core Insights - The core component of humanoid robots is the planetary roller screw, which costs over 10,000 yuan per unit and accounts for 19% of the total machine value, directly influencing joint performance [1][3] - The planetary roller screw is essential for converting linear motion to rotational motion, functioning similarly to a planetary gearbox [3][6] Industry Overview - The planetary roller screw is widely used in industrial automation, CNC machine tools, aerospace, and automotive manufacturing [3] - The upstream supply chain primarily uses alloy structural steel for screws, while nuts and rollers are made from high-carbon chromium bearing steel, with current market prices exceeding 5,000 yuan per ton for foreign materials and over 10,000 yuan per ton for domestic materials [3][6] Technological Advancements - The demand for high precision, response speed, and reliability in humanoid robots necessitates technological upgrades in materials, processes, and patents for planetary roller screws [9][11] - Chinese companies are leading in patent applications, accounting for 44% of the total, indicating a significant growth phase in the domestic planetary roller screw industry [11][12] Market Dynamics - The market for planetary roller screws in China is projected to reach 1.313 billion yuan in 2024, reflecting a year-on-year growth of 19.26% [13] - The global market is dominated by German company Schaeffler, with significant shares held by Swiss and Swedish subsidiaries, while domestic manufacturers are still in the R&D or small-scale verification stages [12][15] Policy Support - The Chinese government is actively supporting the development of humanoid robots, with guidelines aiming for an 80% domestic market share in high-end functional components by 2025 [9][10]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading player in the precision structural components industry, with a strong focus on lithium battery and automotive structural components, maintaining approximately 95% revenue contribution from lithium battery structural components [2][3]. - The company is expected to achieve revenue of 12.03 billion yuan in 2024, representing a year-on-year growth of 14.4%, and a net profit of 1.47 billion yuan, up 22.5% year-on-year [2]. - The report highlights the company's robust growth potential in the lithium battery structural components market, driven by the increasing demand from the new energy vehicle and energy storage sectors, with a projected annual compound growth rate of 17% for global new energy vehicle sales from 2024 to 2030 [3][33]. Summary by Sections 1. Company Overview - The company has nearly 30 years of experience in the precision structural components industry, focusing on lithium battery and automotive structural components [2][14]. - The company has established a strong business foundation and is actively expanding its production capacity both domestically and internationally, with new production bases in Germany, Sweden, and Hungary [15][21]. 2. Market Growth and Competitive Advantages - The lithium battery structural components market is expected to maintain high growth, supported by the dual drivers of power and energy storage [31][37]. - The company possesses significant competitive advantages, including strong customer customization, distributed production capacity close to core clients, and a commitment to R&D with over 20% of its workforce dedicated to research [3][65]. 3. Robotics Sector Expansion - The company is actively entering the robotics sector through partnerships, establishing joint ventures to develop harmonic reducers and joint modules [4][81]. - The robotics market is anticipated to experience substantial growth, with supportive government policies and increasing demand for humanoid robots [71][77]. 4. Financial Projections and Investment Recommendations - Revenue projections for 2025-2027 are 14.81 billion, 17.81 billion, and 21.42 billion yuan, with corresponding net profits of 1.77 billion, 2.17 billion, and 2.69 billion yuan, indicating strong growth potential [4][5]. - The report emphasizes the company's strong R&D capabilities and business foundation, suggesting that it is well-positioned to expand its market share and explore high-growth opportunities in the robotics sector [4][65].

Group 1 - The company Longying Precision (300115.SZ) reported significant growth in humanoid robot component products this year [2] - Currently, the company does not have products applied to robotic dogs, despite the potential for a broad supply chain in this industry [2]

Summary of Conference Call Notes Company Overview - The company discussed is **克拉利 (Kedali)**, which operates in the lithium battery structural components industry and has a significant presence in the robotics sector, particularly in the development of new types of torque sensors [1][15]. Key Points and Arguments Financial Performance - The company maintains a leading position in profitability within the industry, with a current valuation around **16 times** earnings, indicating a high margin of safety [1]. - Projected earnings for the year are approximately **900 million**, with a target valuation of **25 times** earnings, reflecting strong growth potential [1]. - In **2024**, the company achieved revenues of **12 billion**, with a year-on-year growth of **14%** [3]. - The company expects revenue growth to recover to over **20%** in **2025** [4]. Market Position - The company holds over **50%** market share domestically and around **30%** globally in the lithium battery structural components sector [2]. - The management team has extensive experience, with key figures having over **25 years** in the industry [2]. - The company has a strong customer base, including major battery manufacturers, which provides stability and growth opportunities [11]. Industry Dynamics - The lithium battery structural components account for about **8%** of battery costs, significantly impacting safety and performance [4]. - The market for cylindrical and prismatic batteries is projected to reach approximately **1,200 GWh** by **2025**, indicating substantial demand growth [5]. - The industry is expected to see improved supply-demand dynamics, with reduced pricing pressure compared to **2024** [6]. Competitive Advantages - The company has a competitive edge due to its high automation rates and production efficiency, leading to lower costs compared to second-tier manufacturers [10]. - The company has maintained a gross margin advantage of over **10%** compared to competitors [7][8]. - The company invests heavily in R&D, maintaining a budget of around **50 million** annually, which supports innovation and product development [11]. Robotics Sector - The company is expanding into the robotics market, focusing on lightweight torque sensors that enhance efficiency and performance [16]. - The new products are designed to reduce weight by **66%** and increase torque-to-weight ratios by **71%** [16]. - The company anticipates significant revenue contributions from the robotics segment, projecting revenues of **1 billion** by **2030** [21]. Future Outlook - The company is expanding its overseas production capabilities, with facilities in Hungary, Germany, and Sweden expected to contribute significantly to revenue growth [13][14]. - The overall revenue forecast for **2025** is **14.7 billion**, with a projected net profit of **1.88 billion**, reflecting a **28%** year-on-year growth [22]. - The current valuation presents a high margin of safety, with potential for further growth in both the structural components and robotics sectors [22][23]. Additional Important Insights - The company’s strategic partnerships with leading battery manufacturers enhance its market position and growth prospects [11]. - The competitive landscape is characterized by a steep cost curve, making it difficult for new entrants to compete effectively [9]. - The company’s focus on high-end products and innovative materials positions it well for future growth in both existing and new markets [12][20].

Core Viewpoint - TE Connectivity's Suzhou factory exemplifies the critical role of connectors in robotics, serving as the "nervous system" that connects various components, thereby determining the technological capabilities and application scenarios of robots [1][6]. Group 1: Connector Manufacturing Challenges - The development and mass production of new connectors face inherent contradictions between long mold cycles and cost control, which directly impact product costs and market competitiveness [2]. - Balancing technical performance with scalable mass production will be key to future success in the connector manufacturing sector [2]. Group 2: Importance of Connectors in Robotics - Connectors, while small and accounting for only 1%-2% of a robot's Bill of Materials (BOM), are crucial in defining the technological limits of robots [6][9]. - A humanoid robot may utilize 100-200 connectors, and any performance mismatch can lead to operational failures in real-world scenarios [6][9]. Group 3: Design and Production of Connectors - Connectors come in various forms and require multiple manufacturing steps, including injection molding, stamping, and plating, to achieve the final product [7][8]. - The production of connectors involves significant investment in molds, with hard molds taking at least three months to develop, while soft molds can be produced in about three weeks for smaller batches [13][12]. Group 4: Market Demand and Investment Trends - The humanoid robot sector is characterized by inconsistent market demands, leading to challenges in mass production decisions for connector manufacturers [15]. - Recent investments in the sector include a 10 billion yuan project by Wuzhou Xinchun for core components of intelligent robots and automotive systems, indicating a growing interest in this field [16]. - Companies like Sanhua Intelligent Control have announced investments of at least 5 billion yuan in robotics-related projects, highlighting the competitive landscape for component manufacturers [17]. Group 5: Future Focus Areas - The industry must focus on achieving a balance between miniaturization, stability, and mass production costs while collaborating with upstream and downstream clients to design more adaptable products [18].