Group 1 - Zhongke Environmental Technology acquired 100% equity of Guangxi Guigang Beikong Water Environmental Co., Ltd. and Guangxi Pingnan Beikong Water Environmental Co., Ltd. from Beikong Water (Guangxi) Group Co., Ltd. through public bidding [1] - Shanghai ShenKai Petroleum Chemical Equipment Co., Ltd. (ShenKai) fully owned subsidiary Shanghai ShenKai Petroleum Technology Co., Ltd. acquired 51% equity of Beijing Blue Ocean Zhixin Energy Technology Co., Ltd. for 60 million yuan [1] - Zhuhai Huijin Technology Co., Ltd. acquired 51% equity of Nanjing Yizheng Information Technology Co., Ltd. for 29.07 million yuan [1] Group 2 - Keli Sensor plans to acquire 45% equity of its subsidiary Fuzhou Huahong Intelligent Technology Co., Ltd. for approximately 122 million yuan, aiming to hold 96% equity post-acquisition [1] - Su Da Weige intends to acquire up to 51% equity of Changzhou Weipu Semiconductor Equipment Co., Ltd. to gain control [1] - China Zhucheng's indirect wholly-owned subsidiary Yinwei International Co., Ltd. signed a memorandum of understanding to explore potential investment in Guangzhou Heyue New Energy Technology Co., Ltd. [1] Group 3 - Savvy Games Group, under the Saudi Public Investment Fund, plans to expand into the Chinese and other Asian markets, seeking large-scale transactions worth billions of dollars to enhance its influence in the global gaming industry [1]

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of ¥553,874,075.46, a year-on-year increase of 34.44% [3] - The net profit attributable to shareholders was ¥42,132,049.92, up 19.60% year-on-year [3] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was ¥38,266,307.13, reflecting a 24.76% increase [3] Group 2: Product Performance - Pressure sensors generated revenue of ¥292.41 million, a 61.88% increase, accounting for 52.79% of total revenue [3] - Thermistors and temperature sensors achieved revenue of ¥251.40 million, up 12.99%, representing 45.39% of total revenue [3] - Oxygen sensors and other products generated ¥10.07 million, a 13.61% increase, making up 1.82% of total revenue [3] Group 3: Market Segmentation - In the automotive sector, revenue reached ¥311.70 million, a 52.97% increase, comprising 56.28% of total revenue [4] - In the home appliance sector, revenue was ¥175.99 million, up 11.29%, accounting for 31.78% of total revenue [4] - Revenue from energy storage and other sectors was ¥66.18 million, reflecting a 32.14% increase, representing 11.95% of total revenue [4] Group 4: Geographic Performance - Domestic revenue was ¥468.34 million, a 38.03% increase, making up 84.56% of total revenue [4] - International revenue reached ¥85.53 million, up 17.68%, accounting for 15.44% of total revenue [4] Group 5: Business Strategy and Future Outlook - The company aims for a compound annual growth rate of no less than 20% over the next three years, with a focus on the automotive sector [8] - Key strategies include enhancing R&D capabilities, optimizing product systems, and improving production management [8] - The company plans to expand its market presence in various sectors, including automotive electronics, home appliances, and renewable energy [8] Group 6: Risks and Challenges - The company faces risks related to declining gross margins due to competitive pressures and market conditions [7] - Potential impacts from macroeconomic uncertainties and industry changes could affect order volumes and overall performance [9] - The company is committed to diversifying its customer base and optimizing product structures to mitigate risks [9]

Core Viewpoint - The company is advancing its Gemini 330 series depth camera to be fully compatible with NVIDIA Jetson Thor by August 2025, positioning itself as a key partner for global robotics developers [1] Group 1 - The Gemini 330 series will enable direct transmission of sensor data to Jetson Thor, enhancing the capabilities of various physical AI applications [1] - This development will help downstream customers leverage the advanced edge AI computing power of Jetson Thor for more complex visual reasoning tasks [1]

晨会纪要（2025/09/02） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.09.02） 宏观及策略研究 结构性因素拉动下，制造业景气边际改善——2025 年 8 月 PMI 数据点评 公司研究 业绩增速表现亮眼，聚焦机器人传感器领域——柯力传感（603662）2025 年 中报点评 主要产品量价齐升，增量项目持续推进——紫金矿业（601899）2025 年半年 报点评 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/09/02） 宏观及策略研究 价格带动业绩增长，资源基础继续夯实——中金黄金（600489）2025 年半年 报点评 证 券 研 究 报 告 结构性因素拉动下，制造业景气边际改善——2025 年 8 月 PMI 数据点评 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） ...

Core Viewpoint - The company, Keli Sensor, is enhancing its control over Huahong Technology by acquiring an additional 45% stake, increasing its ownership from 51% to 96%, which aims to improve business synergy and overall profitability [1][2]. Group 1: Acquisition Details - Keli Sensor signed a share transfer agreement to acquire 45% of Huahong Technology for a total price of 122 million yuan, corresponding to 19.125 million shares [1]. - The acquisition is expected to strengthen Keli Sensor's operational efficiency and decision-making capabilities while reducing management costs and risks [2]. Group 2: Huahong Technology Overview - Huahong Technology specializes in geophysical exploration technology equipment, monitoring systems, and industrial IoT technology development, and has been listed on the New Third Board since 2014 [1]. - The company has achieved significant revenue and profit growth, with projected revenues of 125 million yuan and net profits of 25.17 million yuan for 2024 [1]. Group 3: Keli Sensor's Financial Performance - In the first half of 2025, Keli Sensor reported revenues of 685 million yuan, a year-on-year increase of 23.4%, and a net profit of 173 million yuan, up 47.93% [2]. - The company also reported a net profit of 109 million yuan after deducting non-recurring gains, reflecting an 8.59% increase compared to the previous year [2]. Group 4: Strategic Investments - Keli Sensor has made strategic investments in several companies, including Kepler Robotics and Wuxi Beimi Sensor, to cover the entire value chain of humanoid robots and enhance its capabilities in multi-modal sensing solutions [3]. - The company is also advancing its investments in industrial-grade multi-physical quantity sensors, further solidifying its leading position in traditional sectors such as industrial measurement and smart logistics [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 330 million yuan in H1 2025, representing a year-on-year growth of 16.26%, and a net profit attributable to the parent company of 50 million yuan, up 7.81% year-on-year [4] - The company is expected to maintain its profit forecast for 2025-2027, with net profits projected at 104 million, 128 million, and 142 million yuan respectively, and corresponding EPS of 0.74, 0.91, and 1.00 yuan [4] - The current stock price corresponds to P/E ratios of 42.8, 34.7, and 31.4 for the years 2025, 2026, and 2027 respectively, indicating a positive outlook due to the expected volume increase of new products [4] Financial Summary - In H1 2025, the company reported a gross margin of 35.42% [4] - The projected revenue for 2025 is 744 million yuan, with a year-on-year growth of 20.6% [7] - The projected net profit for 2025 is 104 million yuan, with a year-on-year growth of 18.5% [7] - The company’s gross margin is expected to decline slightly from 38.0% in 2023 to 33.1% in 2027 [10] - The return on equity (ROE) is projected to increase from 8.3% in 2023 to 11.1% in 2027 [10] Product Development and Market Position - The company has made significant breakthroughs in multiple technologies, including a new ultrasonic distance measurement obstacle avoidance solution for lawnmowers and a piezoelectric touch switch product [5] - The company is positioned in high-growth sectors such as liquid-cooled servers, robotics, and smart vehicles, with a focus on intelligent sensor and actuator innovations [6] - The new generation AKII ultrasonic sensor for vehicles is expected to enhance smart driving systems and is already being applied in domestic automotive brands [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 330 million yuan for the first half of 2025, representing a year-on-year growth of 16.26%, and a net profit attributable to shareholders of 50.47 million yuan, up 7.81% year-on-year [1] - The sensor business continues to grow, while the actuator business has seen a decline due to reduced sales in electroacoustic components [7] - The company is developing new sensor products for liquid cooling applications, which are expected to enhance its market position [7] - The global sensor market is projected to reach 208.59 billion USD in 2024, with a growth rate of 8.1%, and the Chinese sensor market is expected to grow to 406.12 billion yuan, with a growth rate of 11.4% [7] - The company has adjusted its net profit forecasts for 2025-2027 to 1.02 billion, 1.24 billion, and 1.50 billion yuan respectively, reflecting a positive outlook on its growth trajectory [7] Financial Summary - For 2023, the total revenue is projected at 467.08 million yuan, with a year-on-year growth of 23.58% [1] - The net profit attributable to shareholders for 2023 is expected to be 76.98 million yuan, showing a significant increase of 45.32% year-on-year [1] - The earnings per share (EPS) for 2023 is estimated at 0.55 yuan, with a price-to-earnings (P/E) ratio of 57.74 [1] - The company anticipates a steady increase in revenue and net profit over the next few years, with revenue expected to reach 1.15 billion yuan by 2027 [1][8]

Core Viewpoint - The humanoid robot sensor market is rapidly expanding, driven by advancements in sensor technology and increasing demand for humanoid robots, particularly in tactile, torque, and visual sensing areas [1][10]. Group 1: Market Trends and Developments - Recent exhibitions, such as the 2025 Chengdu Auto Show and the 2025 Guizhou Digital Expo, have highlighted the importance of sensors in humanoid robots, showcasing their role as the "nervous system" and "senses" of these machines [1]. - The humanoid robot sensor market is expected to grow significantly in the coming years, with tactile sensors and electronic skin likely becoming mainstream configurations [1][10]. - The demand for six-dimensional force sensors and joint torque sensors is particularly notable, with six-dimensional sensors projected to account for over 40% of the overall sensor market by 2030 [10]. Group 2: Technological Insights - Six-dimensional force sensors are crucial for dynamic balance and precise operations in humanoid robots, with a typical robot requiring four of these sensors [3][10]. - Various types of sensors, including RGB cameras, IMUs, and laser radars, are essential for the autonomous navigation systems of humanoid robots, enabling them to perform complex tasks [5][6]. - The integration of multiple sensors is necessary for humanoid robots to function effectively, but challenges remain in achieving cost-effective mass production and ensuring reliable performance [11][12]. Group 3: Investment and Financing Landscape - The sensor industry is experiencing a surge in investment, with significant funding rounds reported for companies like Blue Dot Touch and Kunwei Technology, indicating strong market interest [15][16]. - Government-backed funds are increasingly focusing on sensor technology as a key investment area, providing a safety net and attracting market capital [16]. - The financing landscape is becoming more concentrated, with investors favoring early-stage companies that possess original technologies capable of addressing engineering challenges [16].

Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with revenue reaching 304 million yuan, a year-on-year increase of 47.82%, and net profit attributable to shareholders at 25 million yuan, up 171.65% [1] - The company successfully transitioned from a single product model to a diversified product growth strategy, enhancing its revenue and profitability [2][3] Financial Performance - In Q2 2025, the company achieved revenue of 169 million yuan, representing a year-on-year growth of 43.89% and a quarter-on-quarter increase of 25.19% [1] - The gross profit margin improved to 31.64%, an increase of 10.21 percentage points year-on-year, marking the highest level in nearly four years [1] Product Development and Market Position - The pressure product line became the main revenue driver, generating 133 million yuan in sales, a year-on-year increase of 67.05%, while the inertial sensor product line saw sales of 20 million yuan, up 98.82% [1][2] - The company has established a competitive edge in the market through collaborations and technological advancements, particularly in waterproof pressure gauges and micro-differential pressure products [2] Research and Innovation - The company invested 38.63 million yuan in R&D during the first half of 2025, focusing on innovations such as high signal-to-noise ratio, low-power digital microphones and sensors for AI applications [3] - New product developments include bone conduction acoustic sensors for AI glasses and six-dimensional force sensors based on MEMS technology, aimed at automotive and robotics applications [3] Investment Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 42 million, 99 million, and 180 million yuan respectively, with corresponding price-to-earnings ratios of 125, 54, and 29 times [3] - The ongoing enhancement of the pressure and inertial product lines is anticipated to sustain future growth [3]

Core Viewpoint - The company reported significant revenue and profit growth in H1 2025, driven by fair value gains and strategic investments in sensor technology, particularly in the robotics sector [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 685 million yuan, a year-on-year increase of 23.40%, and a net profit attributable to shareholders of 173 million yuan, up 47.93% year-on-year [1]. - The company's Q2 2025 revenue was 370 million yuan, reflecting a year-on-year growth of 20.41%, with a net profit of 97 million yuan, an increase of 31.66% year-on-year [1]. - The gross margin for H1 2025 was 44.04%, up 0.61 percentage points year-on-year, while the net margin increased to 28.48%, up 4.93 percentage points year-on-year [3]. Strategic Initiatives - The company has made significant investments in nearly twenty types of sensors, focusing on force, touch, and IMU sensors, under the "sensor forest" strategy [2]. - Strategic investments in companies like Kepler and others aim to cover the entire robotics value chain, from the robot body to key sensing components [3]. - The company is advancing the development of MEMS silicon-based six-dimensional force/torque sensors, targeting miniaturization and integration of high-frequency response and embedded force control algorithms [3]. Research and Development - R&D expenses accounted for 9.37% of total revenue in H1 2025, reflecting a year-on-year increase of 0.72 percentage points, driven by increased investments in new subsidiaries and technology development [3]. - The company is collaborating with ecosystem partners to develop multimodal sensors, enhancing system-level solutions and added value through integrated sensing capabilities [3]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 332 million, 370 million, and 432 million yuan, respectively [4]. - The target price for 2026 is set at 95.04 yuan, with a price-to-earnings ratio of 72x, reflecting the high market interest in the sensor industry and the company's rapid advancements in robotics [4].