美的历经全面要约、控股收购与退市计划三步推进，完成全球机器人龙头 库卡的控股与战略整合。美的机器人战略自引进到控股，构建"自主研发 +国际并购+生态协同"一体化自动化产业体系。KUKA 自 1898 年创立以 来，历经焊接设备扩展、工业机器人研发突破及自动化系统整合发展，成 功转型为全球领先的智能自动化解决方案提供商。产品结构：KUKA 的产 品体系以工业机器人为核心，向移动平台、焊接设备、系统集成、机队管 理、教育培训与软件生态等方向纵深拓展。客户群体：覆盖新能源车、电 池、电商零售至医疗健康，库卡构建起多行业适配的自动化客户群体系。 ➢ 工业机器人行业：长链合作，"四大家族"优势领先。 美的集团（000333.SZ） 美的系列报告一：机器人与自动化业务，迈向智造未来 ➢ 机器人与自动化业务：要约收购 KUKA，成功布局工业机器人业 务。 证券研究报告 | 公司深度 gszqdatemark 2026 01 27 年 月 日 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 白色家电 | | 前次评级 | 买入 | | 01 月 22 日收盘价（元） | 77.49 ...

Core Insights - The contribution of the industrial and information sectors to China's economic growth exceeds 40%, highlighting the importance of these sectors in the modernization of the industrial system [1] - In 2025, China's industrial added value is projected to reach 41.7 trillion yuan, contributing 35% to economic growth, an increase of 1.8 percentage points from the previous year [1] - The manufacturing sector continues to dominate, maintaining the world's largest added value for 16 consecutive years, while the information transmission, software, and IT services sector achieved a value of 7.06 trillion yuan, showing double-digit growth [1] Group 1 - The industrial sector's core components include traditional industries and digital economy-related sectors, emphasizing the need for a modernized industrial system [1] - In response to international trade changes, Chinese industrial enterprises are diversifying market layouts and upgrading product structures, showcasing resilience amid external challenges [2] - The growth of advanced manufacturing and the optimization of industrial structure are evident, with significant increases in new energy vehicle sales and industrial robot production [3] Group 2 - The integration of information technology and industrialization is a key path for building a modern industrial system, with 5G and industrial internet technologies being widely adopted across various economic sectors [3] - Recent initiatives, such as the "Industrial Internet and Artificial Intelligence Integration Empowerment Action Plan," aim to deepen the integration of digital technologies with the real economy [4] - The focus on solidifying the foundation of the real economy and seizing opportunities for digital transformation is crucial for maintaining a competitive edge in the global market [4]

央视网消息："十五五"规划建议明确提出，"强化硬科技创新，培育壮大新质生产力"。提到新质生产力的重要引擎，就不得不说独角兽企业。 简单讲，就是那些年纪轻、估值高、手握硬核技术的创新公司。这些高成长性的独角兽，正成为撬动新质生产力发展的关键力量。 机器人当"超市管家"会识别能抓取懂指令 在家专注工业机器人智能化升级独角兽企业的测试车间，一台人形机器人穿行于模拟无人超市的货架间。机器人接收到订单指令后，它自主移 动到货架前，通过"眼睛"快速识别商品，用"灵巧手"稳稳抓取指定货物。这个2026年新推出的"超市管家"，展现了机器人应对复杂、开放场景 的潜力。而其背后赋能的核心智慧，正是源自企业长期深耕的机器人"眼睛"与"大脑"。 企业负责人丁有爽介绍，机器人抓取的时候，进行高精度的扫描和拍照，获得精度非常好的三维信息。"大脑"部分决定能不能快速对这种未知 物品进行快速识别、定位和规划的能力。"手部"的灵巧操作，就会对各种各样的货品进行非常高成功率的操作。 智能化带来的变革不止于杂乱分拣。在现场，记者亲身见证了自然语言交互的便捷性。只需一句语音指令，机器人便能快速响应、精准执行任 务，降低了机器人的使用门槛。 丁有爽介 ...

Core Viewpoint - Efort is planning to acquire equity in Shengpu through a combination of issuing shares and cash payment, with the transaction not expected to constitute a major asset restructuring or related party transaction [1][3][6]. Group 1: Transaction Details - Efort has signed a share acquisition intention agreement with the transaction counterpart, aiming to gain control of Shengpu [6]. - The company's stock will be suspended from trading starting January 27, 2026, for a period not exceeding 10 trading days [3][6]. Group 2: Financial Performance - Efort's 2025 annual performance forecast indicates an expected revenue of between 889 million and 950 million CNY, representing a year-on-year decline of 30.82% to 35.19% [6]. - The company anticipates a net loss attributable to shareholders of between 450 million and 550 million CNY for 2025, with losses expected to widen by 186.34% to 249.97% year-on-year [6]. Group 3: Company Background - Shengpu specializes in the research, production, and sales of precision fluid control equipment and core components, primarily serving industries such as new energy and automotive electronics [5]. - Efort primarily engages in the research, production, and sales of core components, complete machines, and system integration for industrial robots [5].

Group 1 - Efort is planning to acquire equity in Shanghai Shengpu Fluid Equipment Co., Ltd. through a combination of issuing shares and cash payment [2][5] - Efort's stock will be suspended from trading starting January 27, 2026, for a period not exceeding 10 trading days [3] - The transaction is not expected to constitute a major asset restructuring or related party transaction [3] Group 2 - Shengpu specializes in the research, production, and sales of precision fluid control equipment and core components, focusing on applications in new energy and automotive electronics [5] - Shengpu had previously withdrawn its IPO application for the ChiNext board, which aimed to raise 707 million yuan for expansion projects and R&D [5] - Efort primarily engages in the R&D, production, and sales of core components, complete machines, and system integration for industrial robots [5] Group 3 - Efort's 2025 annual performance forecast indicates expected revenue between 890 million and 950 million yuan, representing a year-on-year decline of 30.82% to 35.19% [6] - The company anticipates a net loss attributable to shareholders of 450 million to 550 million yuan, with losses expected to widen by 186.34% to 249.97% year-on-year [6] - Significant losses in Efort's overseas system integration business are attributed to impairment of goodwill and customer relationships, with estimated impairment losses between 120 million and 200 million yuan [6]

Core Viewpoint - Efort is planning to acquire equity in Shanghai Shengpu Fluid Equipment Co., Ltd. through a combination of issuing shares and cash payment, with the stock suspension effective from January 27, 2026, for up to 10 trading days [5][6]. Group 1: Acquisition Details - Efort has signed a share acquisition intention agreement with the transaction counterpart, aiming to gain control of Shengpu through the issuance of shares and cash [8]. - The transaction is not expected to constitute a major asset restructuring or related party transaction [6]. Group 2: Company Performance and Forecast - Efort's 2025 annual performance forecast indicates an expected revenue of CNY 889 million to CNY 950 million, representing a year-on-year decline of 30.82% to 35.19% [9]. - The company anticipates a net loss attributable to shareholders of CNY 450 million to CNY 550 million, with losses expected to widen by 186.34% to 249.97% compared to the previous year [9]. - The significant losses are attributed to poor performance in overseas system integration business, with expected impairment losses ranging from CNY 120 million to CNY 200 million [9]. Group 3: Shengpu's Business Focus - Shengpu specializes in the research, production, and sales of precision fluid control equipment and core components, primarily serving industries such as new energy and automotive electronics [8]. - The company had previously planned to raise CNY 707 million through an IPO to fund expansion projects in new energy fluid equipment and core component R&D, but withdrew its application on September 28, 2024 [8].

新华社北京1月26日电 题：新华社经济随笔：从"贡献超四成"读懂现代产业的分量 新华社记者 周圆 日前，2025年中国工业经济成绩单出炉，"工业和信息化领域对经济增长的贡献超四成"的表述引人 关注。 不久前，在美国拉斯维加斯举行的2026年国际消费电子展上，在被誉为"下一代终端"的人形机器人 领域，38家参展企业中有21家来自中国。外媒称，中国企业开始自信展示技术崛起果实，在机器人、自 动驾驶和AI家电等领域引领潮流。 对于中国超140万亿元这样的经济体量而言，"贡献超四成"的分量不言而喻。 业内人士介绍，此次"工业和信息化领域"主要统计了工业，信息传输、软件和信息技术服务业。前 者是第二产业的核心组成部分，后者则是数字经济相关产业的重要组成。 2025年，大国经济的"家底"更加厚实：我国工业增加值达到41.7万亿元，对经济增长的贡献率达到 35%，比上年提高1.8个百分点。其中，作为工业经济的主体，制造业产出规模持续扩大，门类体系完 整的优势更加明显，制造业增加值连续16年稳居世界首位。信息传输、软件和信息技术服务业增加值达 7.06万亿元，同比实现两位数增长，对经济增长的支撑、拉动作用更为显著。 这些数据 ...

Group 1 - The company, Efort Intelligent Equipment Co., Ltd., is planning to acquire equity in Shanghai Shengpu Fluid Equipment Co., Ltd. through a combination of issuing shares and cash payment [1] - The transaction is currently in the planning stage, with preliminary discussions taking place with potential counterparties, including Shanghai Zhijian Industrial Development Co., Ltd. [1] - Due to the uncertainty surrounding the transaction, the company's stock will be suspended from trading starting January 27, 2026, for a period not exceeding 10 trading days [1] Group 2 - Shanghai Shengpu specializes in the research, production, and sales of precision fluid control equipment and core components, primarily used in new energy and automotive electronics [1] - The company had previously initiated a capital market process, having its IPO application withdrawn 20 months after passing the review by the Shenzhen Stock Exchange [2] - From 2019 to 2021, Shanghai Shengpu reported non-recurring net profits of 21.75 million, 34.81 million, and 52.01 million yuan respectively [2] Group 3 - Efort has recently announced that it has been recognized as a national-level "Little Giant" enterprise by the Ministry of Industry and Information Technology [3] - The acquisition plan comes at a time when Efort's performance is under significant pressure, with a projected revenue decline of 30.82% to 35.19% for 2025, estimating revenue between 890 million and 950 million yuan [3] - The company expects a net loss attributable to shareholders of 450 million to 550 million yuan for 2025, representing an increase in losses of 186.34% to 249.97% year-on-year [3] - Factors contributing to the performance decline include a significant drop in the scale and gross margin of the company's overseas system integration business, as well as a decrease of approximately 6 to 7 percentage points in the overall gross margin of its industrial robot business [3]

2025年公司获取的部分行业头部战略性客户的订单价格较低，由此导致低毛利甚至部分亏损订单，带来 了阶段性亏损。公司工业机器人业务整体毛利率比去年同期下降约6至7个百分点。 2024年下半年以来，公司以智能机器人为核心的战略聚焦，积极投入具身智能领域的研究与开发，同时 承担了大量智能机器人领域攻关任务。公司2025年研发投入较上年增长超6,000万元。 智通财经APP讯，埃夫特(688165.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司所 有者的净利润与上年同期(法定披露数据)相比，将继续出现亏损，实现归属于母公司所有者的净亏损为 4.5亿元至5.5亿元，亏损同比扩大186.34%至249.97%。 近年来，欧洲汽车行业处于转型阵痛期，面对电动汽车政策调整、成本压力、区域分化及外部竞争等多 重挑战，主要汽车厂商纷纷出现利润大幅下降、固定资产投资大幅延迟、投资规模缩减、投资预算压缩 等情况。受此影响，公司境外系统集成业务规模、毛利率均出现大幅下滑，公司集成业务收入整体下降 超50%，公司资源未能得到充分使用，且部分项目执行出现较大负毛利的情况，导致系统集成业务整体 毛利为负。2025年公司 ...

Core Insights - The contribution of the industrial and information sectors to China's economic growth exceeds 40%, highlighting the importance of modern industrial systems in driving economic development [1][2]. Group 1: Economic Contribution - In 2025, China's industrial added value reached 41.7 trillion yuan, contributing 35% to economic growth, an increase of 1.8 percentage points from the previous year [2]. - The manufacturing sector continues to dominate, maintaining the world's largest added value for 16 consecutive years, while the information transmission, software, and IT services sector achieved an added value of 7.06 trillion yuan, showing double-digit growth [2]. Group 2: Industry Development - The advanced manufacturing sector is rapidly developing, with significant growth in key industries such as new energy vehicles, industrial robots (28% increase), and the solar industry [3]. - At the 2026 International Consumer Electronics Show, 21 out of 38 exhibiting companies in the humanoid robot sector were from China, indicating a growing confidence in showcasing technological advancements [3]. Group 3: Integration of Technology - The integration of information technology and industrialization is emphasized, with 5G and gigabit optical networks covering 91 out of 97 economic categories, and industrial internet achieving full coverage across 41 industrial categories [3]. - Over 500 excellent smart factories have been established, and 15 leading smart factories have been cultivated, promoting innovation in processes, equipment, and software [3]. Group 4: Strategic Initiatives - The construction of a modern industrial system is a key strategic task during the 14th Five-Year Plan, with recent initiatives such as the "Industrial Internet and Artificial Intelligence Integration Empowerment Action Plan" and "AI + Manufacturing Special Action Implementation Opinions" being launched [4]. - The focus is on consolidating the foundation of the real economy, seizing opportunities for digital transformation, and accelerating industrial upgrades to gain a competitive edge globally [4].