Core Viewpoint - The company, Zhuzhou Oke Yi Precision Tool Co., Ltd., is optimistic about its future growth prospects, focusing on both domestic and international blue ocean markets, and aims to reward shareholders with better performance [1][2]. Group 1: Company Overview - The new headquarters and production facility of Oke Yi covers an area of 200 acres, integrating research, production, and sales into a modern industrial base [1]. - The production facility emphasizes "green, environmentally friendly, digital, and intelligent" principles, utilizing advanced technology and world-class equipment to set industry benchmarks [1]. Group 2: Financial Performance - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling approximately 23.63 million yuan, which represents 41.24% of the net profit attributable to shareholders for the 2024 fiscal year [2]. - In 2024, Oke Yi allocated 85.86 million yuan for R&D, accounting for 7.62% of its revenue, and introduced over 4,470 new types of hard alloy tools and over 5,000 types of CNC blades and tool bodies [2]. Group 3: Market Opportunities - The domestic blue ocean markets identified by the company include aerospace, new energy, semiconductors, robotics, special equipment, large ships, and consumer electronics [2]. - The international blue ocean markets include Europe, North America, Southeast Asia, and Africa, where the company aims to enhance brand influence and market penetration through localized marketing and service networks [3]. - In 2024, Oke Yi achieved overseas sales revenue of 209 million yuan, a year-on-year increase of 49.22%, with CNC tool product export revenue reaching 172 million yuan, up 54.62% [3].

Group 1 - In the first four months of this year, Jiangsu's import and export to ASEAN reached 336.56 billion yuan, a year-on-year increase of 23.4% [1] - The company Nantong Tiexian Electromechanical Tools Co., Ltd. successfully exported electric tools worth 391,200 yuan to Vietnam, with electric spray guns being ten times more efficient than traditional rollers [1] - The export to ASEAN accounted for approximately 30% of the company's total exports, benefiting from the RCEP and China-ASEAN Free Trade Agreement [1] Group 2 - The demand for lightweight and high-performance materials is increasing in the rapidly developing ASEAN electric vehicle market [2] - Wuxi Yinbang Metal Composite Materials Co., Ltd. reported that its products, which are lighter and have greater tensile strength, have seen exports to ASEAN exceed 9.36 million dollars in the first four months, a year-on-year increase of 66.63% [2] - The company's aluminum thermal transfer materials are particularly advantageous in the electric vehicle sector, enhancing thermal conductivity efficiency [2]

□ 南京日报/紫金山新闻记者 李都 夏雪晴 邓露洁 张希 "南京重点布局的创新型产业集群令我印象深刻，这里的营商环境和创新氛围都十分优异，有着很好的 投资机会，政府的工作效率也很高。"22日下午，在"德国企业南京行"参观考察活动中，德意志私募股 权投资有限公司亚洲区总裁石卧龙说。 当天，近百位德国企业的负责人或代表兵分三路，来到南京江北新区、玄武区和江宁区参观考察。他们 走进产业园区，参观重点企业，观摩生产车间，对南京的产业发展水平给予了很高评价，纷纷表示"要 积极寻求与南京各方面的合作"。 寻找合作伙伴，拓展更大市场 抵达江北新区市民中心，"德国企业南京行"第一组代表团的嘉宾们纷纷拿出手机，给这座造型独特的建 筑拍照。 在四楼规划展览馆，大屏幕播放的视频和讲解员的细致描述，全景式展现出这个国家级新区的发展蓝 图。"今年3月我刚刚来过江北新区，参加中德'隐形冠军'企业招商活动，这里布局了很多面向未来的产 业，我们正在和江北新区洽谈合作。"石卧龙说。 在南京汽车集团有限公司，智能化的生产线上，工业机器人挥舞着手臂将一个个零件精准安装到车身 上。据介绍，南汽的产品覆盖乘用车、商用车、特种车等领域，年产能达40万辆 ...

Core Insights - The core viewpoint of the articles highlights the significant growth and strategic ambitions of Ninebot, particularly in the smart two-wheeled electric vehicle sector, with a goal to reach 10 million units sold as a milestone for celebration [1][2]. Business Performance - Ninebot achieved a record high in both quarterly and annual performance for 2024 and Q1 2025, with Q1 2025 revenue reaching 5.112 billion yuan, a year-on-year increase of 99.52%, and net profit of 456 million yuan, up 236.22% [2]. - For the year 2024, Ninebot's revenue was 14.196 billion yuan, reflecting a growth of approximately 39%, while net profit was 1.084 billion yuan, an increase of about 81% [2]. Product Lines and Market Position - The smart electric two-wheeler has become Ninebot's core revenue driver, with 2024 revenue from this segment at 7.211 billion yuan, a year-on-year growth of 70.38%, and sales of 2.5989 million units, up 76.61% [3]. - Ninebot holds a dominant market position in China, with 70% of the smart two-wheeled electric vehicles sold in the country being from Ninebot [3]. - The company is also exploring significant opportunities in overseas markets, particularly in Southeast Asia, where there is a potential shift from fuel-powered motorcycles to electric two-wheelers [3]. Strategic Goals and Expansion - Ninebot aims to become the global leader in two-wheeled products, with plans to increase its retail presence from over 7,600 stores to approximately 9,000 by the end of the year [5]. - The company is expanding its production capabilities, with a new facility planned in Zhuhai, Guangdong, with an investment of about 1.41 billion yuan, which will increase annual production capacity to 7 million units [10]. Technological Advancements - Ninebot has developed the "Ridey LONG" long-range system, enhancing battery life by 20%, addressing common consumer concerns such as range anxiety [3]. - The company’s smart electric two-wheeler production facility can produce an average of 140 units per hour, showcasing its efficient manufacturing process [9]. Competitive Landscape - The service robot segment, particularly the "Segway Navimow" lawn mowing robot, has seen significant growth, with revenue rising from 224 million yuan to 861 million yuan in 2024 [5]. - The global market for lawn care robots is expanding, with the U.S. and Europe being key regions, where penetration rates for such products remain relatively low [5][6]. Supply Chain and Production Strategy - Ninebot has proactively adjusted its supply chain in response to tariff uncertainties, with production of electric scooters for the U.S. market already shifted to Vietnam to mitigate potential cost increases [11]. - The company emphasizes a strategic focus on high-quality growth through user-centric innovation and maintaining a strong perception of market needs [11].

"该案属于假冒注册商标罪范畴，但有其特殊之处。"该院办案检察官金建伟认为，这是一起典型的链条 式犯罪案件，涉案成品电动工具由多个零配件组装而成，如果只以制假成品数量多少追究刑事责任，那 处于这条制假链上的其他犯罪行为将得不到惩戒。金建伟提出，应依照犯罪行为所处的上下游阶段分类 处置，对上下游分别以销售假冒注册商标的商品罪和假冒注册商标罪入罪，推动公安机关立案侦查8 人。办案过程中，检察机关构建"资金链+物证链+口供链"相互印证的证据体系，追诉漏犯1名，促使被 告人认罪服法，最终帮助权利人获得合理赔偿142.5万元。 去年，通州湾检察院创新"1+8+N"知识产权保护协作机制，建立跨区域知识产权保护协作联盟，形成惩 治跨区域、链条式、产业化知识产权违法犯罪合力，平等保护各地、各类型权利人的合法权益，为企业 提供精准、有效的法律指引和服务，通州湾检察院被最高检、国家知识产权局等单位联合表彰为全国知 识产权保护先进集体。南通市检察院出台保障国家知识产权保护示范区建设10条意见，以过硬举措撑起 护航企业新质生产力发展"金钟罩"。 "法治是最好的营商环境。"南通市检察院检察长恽爱民介绍，2024年以来，全市检察机关将护航 ...

Group 1: Company Performance - The company achieved a revenue of 837 million CNY in 2024, representing a year-on-year growth of 42.77% [2] - The net profit for 2024 was 703.88 million CNY, reflecting a growth of 36.92% [2] Group 2: Overseas Production Capacity - The Vietnam production base successfully completed trial production in March 2025, with formal mass production expected to start in May 2025 [3] - The Vietnam base aims to mitigate market risks and enhance supply assurance for overseas markets [3] Group 3: Product Development and Sales Strategy - The company is expanding its product development team to diversify its product offerings beyond handheld electric tools [3] - Products developed by the new team will be sold through both self-owned brands online and a combination of self-owned and OEM models offline [3] Group 4: Market Strategy and Future Goals - The company plans to continue investing in electric tool R&D, focusing on differentiated and high-value products to enhance market competitiveness [4] - The goal for 2025 is to achieve a revenue target of 1.14 billion CNY, with a focus on increasing the sales proportion of lithium battery products, which accounted for 15.29% of sales in 2024, with a revenue growth of 93.94% [4]

Core Viewpoint - The article highlights the resilience and adaptability of Yiwu's businesses in the face of fluctuating global trade conditions, particularly in light of recent developments in US-China trade relations. Group 1: Business Operations and Market Adaptation - Yiwu's eyewear manufacturer, Xiuxiu, has resumed orders from US clients after a pause due to tariff issues, with exports to the US accounting for approximately 50% of its total exports [1] - Yiwu's total import and export value reached 167.45 billion yuan in Q1, a year-on-year increase of 13%, with exports growing by 14.5% to 147.27 billion yuan [1] - Companies like Ningbo Guanjian Tool Co. have diversified their markets to mitigate risks, exporting thousands of products to over 100 countries, indicating limited impact from tariff policies [1] Group 2: Innovation and Market Expansion - Huahong Crafts has expanded into Southeast Asia, Latin America, and Africa, maintaining stable growth amid trade fluctuations by innovating product lines and focusing on domestic markets [2] - Yiwu businesses are increasingly adopting differentiated development strategies, with a focus on cultural and creative products, as seen in the rise of creative stationery that appeals to younger consumers [2][3] - The cultural creative sector is reshaping Yiwu manufacturing, with products like the "money snake" gift achieving significant sales, reflecting a shift towards innovation and cultural depth in offerings [3] Group 3: Future Outlook and Strategic Recommendations - Experts suggest that Yiwu should enhance its development momentum, optimize export structures, and expand into emerging markets along the Belt and Road Initiative while accelerating digital transformation and cross-border e-commerce [3] - Yiwu businesses express confidence in continuing to expand into the US market and diversifying product offerings, while also preparing for potential changes in tariff policies [3][4]

人形机器人"卖铲人"系列：磨床篇 长江证券研究所机械研究小组 2025-05-21 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 SAC执业证书编号：S0490517110001 SAC执业证书编号：S0490520030003 SAC执业证书编号：S0490524030001 SFC执业证书编号：BRP550 分析师 赵智勇 分析师 倪蕤 分析师 刘晓舟 %% %% 2 %% %% research.95579.com 目 录 01 丝杠加工环节复杂，磨床仍是高精密 加工的必要设备 02 需求：人形机器人有望带来百亿空间 供给：磨床仍存在贸易逆差，海外高 端磨床具有显著优势 03 % research.95579.com 3 01 丝杠加工环节复杂，磨床仍 是高精密加工的必要设备 %% %% %% %% research.95579.com 4 01 丝杠加工环节复杂，磨床仍是高精密加工的必要设备 ➢ 丝杠加工环节复杂，高端磨床仍是高精密丝杠加工的必要设备。从行星滚柱丝杠典 型零部件加工整体流程来看，经历热处理、车削、 ...

从常州工厂到全球市场，九号公司的产品在改写"中国制造"的叙事逻辑，中国品牌正在让全球用户为"智能化体验"疯狂。 "到目前为止，我们各业务线都迎来了新突破。两轮电动车出货量达到700万台，电动滑板车出货量达到了1400万台，割草机器人也持续占据行业首位。"九 号公司（689009.SH)创始人兼董事长高禄峰在2025年九号公司品牌开放日上如此介绍当下的"战绩"。 成立13年，九号公司用智能两轮电动车、电动滑板车、全地形车和割草机器人产品交出了一份优秀的财报。2024年，公司营业收入141.96亿元，同比增长 38.87%，收入规模创历史新高。其中，自主品牌营收128.66亿元，同比增长57.12%。归属于上市公司股东的净利润10.84亿元，同比增长81.29%。而在2025 年一季度，公司营收同比增长99.5%。 在同类型产品制造企业"内卷"价格时，从常州工厂到全球市场，九号公司的产品却在改写着"中国制造"的叙事逻辑，中国品牌正在让全球用户为"智能化体 验"疯狂。 技术优势支持场景创新 截至2024年末，九号公司累计获得全球性知识产权5600 多项，产品包含智能电动两轮车、电动滑板车、电动平衡车、SPS全地形车 ...

摘要 • 中美关税调整反映了双方对高关税不可持续性的共识，美国需缓解供给冲 击以控制通胀，并通过延长关税豁免期来补充库存，为谈判争取时间。未 来需关注主要转口市场是否受美国出口管制影响，以及美国是否会继续利 用出口管制和转口限制。 • 对等关税出台后，比特币、黄金、欧元区及日本资产表现突出，印度市场 作为中国资产的替代也表现优异。近期关税缓释后，这些资产仍保持一定 优势，但黄金和美元近期处于震荡状态，不宜过度短期化长逻辑用于交易， 建议采用定投策略。 • 关税可能拖累全球增长，导致大宗商品价格波动，并影响美元信用和市场 信心。在美股上市的中概股公司首当其冲，反映了市场对对等关税问题的 担忧。美国经济滞胀风险被延后但未消除，高关税带来的供给通胀压力使 得美联储无法降息，加剧了衰退压力。 • 美联储降息预期因高关税受到抑制，若关税下降，降息概率将增加，但可 能是小幅度降息。目前美国通胀水平约为 4%，CPI 在 3.5%到 4%之间， 这使得美联储有一定空间进行降息。美股盈利受拖累程度有所降低，头部 科技公司资本开支提供支撑，纳斯达克估值已修复。 Q&A 中美关税"降级"的资产含义 20250519 中美关税降级 ...