Core Viewpoint - Paslin is transforming from traditional automotive manufacturing automation to new fields such as intelligent warehousing, construction assembly, and engineering machinery, leveraging AI for industrial upgrades [7][10]. Group 1: Company Overview - Paslin has established the first electric vehicle welding production line tailored for leading international electric vehicle companies in North America, featuring hundreds of welding robots operating seamlessly [7]. - The company has a global production and R&D network with bases in Shanghai, Changchun, Detroit, and Saltillo, employing a workforce with over 20 years of industry experience [10]. Group 2: Competitive Advantage - Paslin's core competitiveness lies in its advanced technology processes, deep technical accumulation, and mature project management capabilities, particularly in welding industrial robot system integration [8]. - The company has built a refined project management system that allows it to undertake large and complex automation production line integration projects while effectively controlling costs and resource waste [9]. Group 3: Market Performance - In the first half of this year, Paslin's overseas business new orders increased by 43.06% year-on-year, indicating a recovery in the North American market [9]. - The company has established long-term partnerships with major automotive manufacturers, including Tesla, Ford, General Motors, and Toyota, as well as domestic companies like BYD and Geely [9]. Group 4: Future Directions - Paslin is actively exploring non-automotive automation sectors to mitigate the cyclical fluctuations of the automotive industry, aiming to create a dual-driven business model of "automotive + non-automotive" [9]. - The company is focusing on three main technological directions: developing deep learning platforms for industrial manufacturing, integrating machine learning and IoT with industrial scenarios, and enhancing overall process intelligence [11]. Group 5: Corporate Philosophy - The chairman emphasizes the importance of balancing traditional experience with modern management, advocating for sustainable development and continuous innovation [12]. - Paslin aims to integrate advanced technologies with local adaptations to become a leader in the industry and build a global industrial ecosystem [13].

Core Viewpoint - The announcement from Tianqi Automation Engineering Co., Ltd. indicates that its major shareholder, Wuxi Tianqi Investment, has released 6 million shares from pledge, which represents 14.13% of its holdings and 1.49% of the company's total share capital [1] Group 1 - The total pledged shares by the controlling shareholder and its concerted parties amount to 36.5748 million shares, accounting for 33.68% of their combined holdings and 9.09% of the company's total share capital [1] - The company is currently operating normally, and the controlling shareholder and concerted parties have confidence in the company's development, indicating no harm to the interests of the listed company [1] - There is no risk of forced liquidation of shares, and the pledge risk is considered controllable [1] Group 2 - The company will continue to monitor the pledge situation and ensure proper information disclosure [1]

Market Overview - The automation equipment sector experienced a decline of 1.61% on September 19, with Bojie Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers in the automation equipment sector included: - Huagong Technology: Closed at 91.12, up 4.05% with a trading volume of 991,900 shares [1] - Inno Laser: Closed at 40.88, up 4.05% with a trading volume of 135,000 shares [1] - Anda Intelligent: Closed at 51.71, up 3.63% with a trading volume of 14,500 shares [1] - Significant decliners included: - Bojie Co., Ltd.: Closed at 62.80, down 10.00% with a trading volume of 184,400 shares and a transaction value of 1.197 billion [2] - Kaidi Co., Ltd.: Closed at 110.68, down 10.00% with a trading volume of 26,900 shares [2] - Junpu Intelligent: Closed at 13.52, down 9.57% with a trading volume of 784,400 shares [2] Capital Flow - The automation equipment sector saw a net outflow of 2.271 billion in main funds, while retail investors contributed a net inflow of 1.868 billion [2] - The capital flow for specific stocks showed: - Huagong Technology: Main funds net inflow of 31.2 million, retail net outflow of 22.8 million [3] - Yijiahe: Main funds net inflow of 65.8 million, retail net outflow of 51.9 million [3] - Ruike Laser: Main funds net inflow of 34.1 million, retail net outflow of 15.8 million [3]

9月19日，亿嘉和（维权）盘中上涨2.27%，截至10:59，报35.09元/股，成交1.67亿元，换手率2.37%， 总市值72.12亿元。 亿嘉和今年以来股价涨43.75%，近5个交易日涨2.48%，近20日涨8.37%，近60日涨3.21%。 分红方面，亿嘉和A股上市后累计派现1.69亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，亿嘉和十大流通股东中，华夏中证机器人ETF（562500）位居第 六大流通股东，持股276.65万股，相比上期增加52.36万股。天弘中证机器人ETF（159770）位居第九大 流通股东，持股112.38万股，为新进股东。 责任编辑：小浪快报 资金流向方面，主力资金净流入624.92万元，特大单买入821.49万元，占比4.91%，卖出617.78万元，占 比3.69%；大单买入3391.55万元，占比20.25%，卖出2970.34万元，占比17.74%。 今年以来亿嘉和已经1次登上龙虎榜，最近一次登上龙虎榜为2月13日。 资料显示，亿嘉和科技股份有限公司位于江苏省南京市雨花台区创思路5号，成立日期1999年4月6日， 上市日期2018年6月12 ...

天眼查App显示，近日，南京中鑫自动化设备有限公司成立，法定代表人为王丹丹，注册资本100万人 民币，经营范围为一般项目：发电机及发电机组销售；仪器仪表销售；工业自动控制系统装置销售；仪 器仪表修理；电气设备修理；电子元器件与机电组件设备销售；电力电子元器件销售；配电开关控制设 备销售；电气信号设备装置销售；机械电气设备销售；电器辅件销售；输变配电监测控制设备销售；电 线、电缆经营；光缆销售；电子产品销售；电子元器件批发；电子元器件零售；电子测量仪器销售；安 防设备销售；光纤销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Fundraising Overview - The company Shanghai Buke Automation Co., Ltd. successfully raised a total of RMB 427.14 million by issuing 21 million shares at a price of RMB 20.34 per share, with a net amount of RMB 381.45 million after deducting issuance costs [1] - The funds were fully deposited and verified by Tianjian Accounting Firm, with the verification report issued on November 9, 2020 [1] Fundraising Account Management - The company opened specialized fundraising accounts at various banks, including China Construction Bank and Guangfa Bank, to ensure proper management and usage of the raised funds [2][3] - Multiple tripartite and quadripartite regulatory agreements were signed with the banks and the sponsor, Haitong Securities, to oversee the management of these accounts [3][4] Account Cancellations - Several fundraising accounts have been canceled over the years, including two accounts at China Construction Bank in May 2021 and August 2021, and others at Guangfa Bank and China Construction Bank in subsequent years [5][6][7] - The cancellation of these accounts led to the termination of the associated regulatory agreements [5][6][7] Fund Utilization - The company allocated RMB 120 million of the raised funds to its wholly-owned subsidiary, Shenzhen Buke Electric Co., Ltd., for project implementation, including RMB 46 million for the "Production Center Upgrade Project" [7] - In August 2022, the company approved a change in the investment project from "Production Center Upgrade Project" to "Intelligent Manufacturing Production Base Construction Project," with funds being redirected to another subsidiary, Changzhou Jingna Motor Co., Ltd. [8][9]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [5]. Core Views - The company is a leading provider of industrial automation solutions in China, with a strong market position in PLC and drive systems, and is accelerating its layout in the embodied intelligence industry [1][3]. - The company achieved total revenue of 877 million yuan in the first half of 2025, a year-on-year increase of 10.01%, and a net profit of 127 million yuan, up 0.39% year-on-year [1][20]. - The company is focusing on a large customer strategy and deepening its overseas layout, with overseas orders increasing by nearly 50% year-on-year as of June 2025 [2][10]. Summary by Sections Company Overview - The company has been established since 2008 and has accumulated significant technology in the domestic PLC and drive system sectors, ranking second in the market share of small PLCs among domestic brands in 2024 [1][8]. - Its core products include PLCs, HMIs, servo systems, variable frequency drives, and robots, covering various layers of industrial automation [1][9]. Financial Performance - In the first half of 2025, the company's gross margin was 38.28% and net margin was 14.49%, showing a slight decline compared to the previous year due to increased sales expenses from new business expansions [1][23]. - The company’s revenue is projected to grow from 1.51 billion yuan in 2023 to 2.94 billion yuan in 2027, with a compound annual growth rate (CAGR) of 21.33% [20][43]. Investment and Growth Strategy - The company plans to invest 800 million yuan to build a robot intelligent drive control system project, aiming to accelerate the development of its second growth curve in the embodied intelligence industry [3][36]. - The company is actively developing core components for humanoid robots and has already achieved small-scale sales of related products [3][35]. Market Position and Client Base - The company has established strategic partnerships with leading clients across various sectors, including BYD and CATL in the new energy sector, and has expanded its global presence in regions such as Russia, the Middle East, and Southeast Asia [2][10]. - The company’s main products, including PLCs and drive systems, account for the highest revenue share, with 38.05% and 47.33% respectively in 2024 [10][41]. Future Outlook - The company expects to benefit significantly from the growth of the embodied intelligence industry, with projected net profits of 278 million yuan, 353 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively [3][43]. - The report estimates a reasonable valuation range for the company's stock between 75.43 and 82.98 yuan, based on projected earnings [5][45].

Market Overview - On September 18, the automation equipment sector declined by 0.61%, with Jiechang Drive leading the losses [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the automation equipment sector included: - Kaidi Co., Ltd. (605288) with a closing price of 122.98, up 10.00% [1] - Bojie Co., Ltd. (002975) with a closing price of 69.78, up 9.99% [1] - Weichuang Electric (688698) with a closing price of 77.80, up 7.76% [1] - Conversely, Jiechang Drive (603583) saw a significant decline of 4.73%, closing at 44.12 [2] Trading Volume and Capital Flow - The automation equipment sector experienced a net outflow of 3.608 billion yuan from institutional investors, while retail investors saw a net inflow of 2.885 billion yuan [2][3] - The trading volume for notable stocks included: - Bojie Co., Ltd. with a trading volume of 215,800 shares and a transaction value of 1.477 billion yuan [1] - Weichuang Electric with a trading volume of 170,600 shares and a transaction value of 1.322 billion yuan [1] Individual Stock Capital Flow - Key capital flow data for selected stocks: - Bojie Co., Ltd. had a net inflow of 38.0992 million yuan from institutional investors, while retail investors had a net outflow of 60.6086 million yuan [3] - Huagong Technology (000988) saw a net inflow of 38.0992 million yuan from institutional investors, with a net outflow of 31.7 million yuan from retail investors [3]

9月18日，亿嘉和（维权）盘中下跌2.00%，截至13:46，报34.71元/股，成交2.83亿元，换手率3.90%， 总市值71.34亿元。 资金流向方面，主力资金净流出3623.89万元，特大单买入1120.50万元，占比3.96%，卖出2126.03万 元，占比7.50%；大单买入5449.64万元，占比19.24%，卖出8068.00万元，占比28.48%。 亿嘉和今年以来股价涨42.20%，近5个交易日涨2.78%，近20日涨8.16%，近60日涨1.17%。 亿嘉和所属申万行业为：机械设备-自动化设备-机器人。所属概念板块包括：小盘、人形机器人、新型 工业化、电力物联网、机器人概念等。 截至6月30日，亿嘉和股东户数2.58万，较上期减少13.76%；人均流通股8003股，较上期增加15.95%。 2025年1月-6月，亿嘉和实现营业收入2.68亿元，同比增长88.80%；归母净利润-1978.74万元，同比增长 76.73%。 分红方面，亿嘉和A股上市后累计派现1.69亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年6月30日，亿嘉和十大流通股东中，华夏中证机器人ETF（5625 ...

Company Overview - Guangdong Tuosda Technology Co., Ltd. is located in Dongguan, Guangdong Province, established on June 1, 2007, and listed on February 9, 2017. The company provides industrial automation solutions and related equipment to downstream manufacturing clients [2] - The main business revenue composition includes: Smart Energy and Environmental Management Systems (31.50%), Industrial Robots and Automation Application Systems (29.39%), Injection Molding Machines and Supporting Equipment (21.05%), CNC Machine Tools (15.07%), and Others (3.00%) [2] - Tuosda belongs to the Shenwan industry classification of Mechanical Equipment - Automation Equipment - Robots, and is associated with concepts such as Machinery, New Industrialization, Humanoid Robots, Industrial Mother Machines, and Robot Concepts [2] Financial Performance - As of June 30, 2025, Tuosda achieved operating revenue of 1.086 billion yuan, a year-on-year decrease of 36.98%, and a net profit attributable to shareholders of 28.73 million yuan, a year-on-year decrease of 19.75% [2] - The company has cumulatively distributed 284 million yuan in dividends since its A-share listing, with 48.18 million yuan distributed over the past three years [3] Stock Performance - On September 18, Tuosda's stock price decreased by 2.01%, closing at 39.40 yuan per share, with a trading volume of 1.473 billion yuan and a turnover rate of 11.06%, resulting in a total market capitalization of 18.793 billion yuan [1] - Year-to-date, Tuosda's stock price has increased by 54.57%, with a slight decline of 0.68% over the past five trading days, an increase of 8.00% over the past 20 days, and a 15.24% increase over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on May 13, where it recorded a net buy of -129 million yuan [1] Shareholder Information - As of June 30, 2025, Tuosda had 87,200 shareholders, a decrease of 0.74% from the previous period, with an average of 3,806 circulating shares per person, a decrease of 0.94% [2] - Among the top ten circulating shareholders, the Huaxia CSI Robot ETF (562500) is the second-largest shareholder with 7.4858 million shares, an increase of 1.3327 million shares from the previous period [3]