作为国内RV减速器市场份额排名第二的龙头企业，浙江环动机器人关节科技股份有限公司(以下简 称"环动科技")的科创板IPO进程持续受到资本市场高度关注。近期，环动科技科创板进程取得新进展。 据上海证券交易所官网5月6日披露信息显示，该公司已正式提交第二轮审核问询回复文件，标志着其 IPO已经进入关键阶段。 RV减速器是工业机器人的关键功能部件，占机器人BOM成本最高可达三成以上，而工业机器人的下游 主要为汽车、光伏、锂电、3C电子等，其中工业机器人在汽车行业的价值量最大、技术难度最高，相 关市场主要被国际机器人四大家族占据(库卡、ABB、安川、发那科)，而国产工业机器人主要服务技术 难度相对较低、增长相对较快的光伏、锂电等行业。 最新招股说明书(申报稿)显示，环动科技业绩增长快速，近三年营收复合增长率高达42%，展现出强劲 的发展势头。2024年，其市占率攀升至24.98%，仅次于日本巨头纳博特斯克。然而，伴随上市进程的 推进，环动科技在招股书及监管问询回复中暴露的潜在风险亦引发市场关注。 一、过度依赖大客户，环动的"寄生式增长"隐忧 环动科技最新披露的招股说明书(申报稿)显示，2021年至2024年期间，公司 ...

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 28, 2025, via an online platform [3]. - Key attendees included the General Manager, Financial Officer, and Board Secretary of the company [3]. Group 2: Inventory and Production Management - Inventory turnover efficiency is affected by market demand fluctuations, and the company has a robust production management system to adjust project schedules dynamically [4]. - The capacity expansion plan aligns with regional market demand, considering local policy support and supply chain conditions for new production sites [4]. Group 3: Technological Development and R&D Investment - The company focuses on three main R&D directions: flexible manufacturing, intelligent systems, and large/heavy automation products [6]. - As of the end of 2024, the company holds 217 authorized patents, including 96 invention patents, establishing a strong technical barrier [6]. Group 4: Market Position and Financial Performance - In 2024, the automotive sector accounted for nearly 80% of the company's revenue, with approximately 23% from new energy vehicle-related businesses [10]. - The company reported revenue growth in 2024 but faced net profit losses due to lower-than-expected gross margins and increased operational costs [14]. Group 5: Strategic Responses to Market Challenges - The company employs a dynamic balance strategy between profit reinvestment and shareholder returns, adjusting based on industry cycles [7]. - To address competitive pressures, the company emphasizes customized solutions and continuous technological innovation to enhance customer loyalty [14]. Group 6: Supply Chain and Production Stability - The localization strategy for the supply chain has not significantly impacted production stability, supported by a multi-layer verification system for core components [11]. - The company has successfully transformed collaborative projects with universities and research institutions into practical production capabilities [6]. Group 7: Industry Trends and Future Outlook - The company anticipates that the 2024 initiative by the Ministry of Industry and Information Technology will promote the digital transformation and intelligent upgrade of the manufacturing sector [10]. - The company is committed to enhancing its capabilities in flexible, large-scale, and intelligent manufacturing to meet evolving market demands [13].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The suspension of reciprocal tariffs enhances the risk appetite of A-shares. The appreciation of the RMB attracts foreign capital inflows, and global financial asset reallocation is favorable for A-shares. The market is waiting for new positive forces to break the current large-scale horizontal consolidation situation [14][63]. - The decline in deposit rates, the large-scale issuance of free cash flow ETFs, and the appreciation of the RMB are beneficial for the value style. The suspension of reciprocal tariffs boosts risk appetite, which is conducive to the growth style. The market is expected to continue its structural trend [65]. 3. Summary According to Related Catalogs Market Viewpoints - On May 12, China and the US reached an agreement to significantly reduce reciprocal tariffs, which is beneficial for domestic exports. As of the end of April 2025, the total net asset value of public funds was 33.12 trillion yuan, an increase of 89.85 billion yuan compared to the end of March. Since the beginning of 2025, Asian currencies and the euro have mostly appreciated by 5% - 10% against the US dollar, while the RMB has risen by less than 2% from the beginning of the year to early May. The appreciation of the RMB has attracted over 150 billion yuan in cumulative net inflows of northbound funds, a significant increase compared to the same period last year. These foreign funds prefer blue-chip stocks with stable performance and high dividend yields, strengthening the value investment style [14]. - The huge losses in Asian life insurance have exposed the systematic risks of maturity mismatches in US dollar assets. A "big retreat" of up to $7.5 trillion from US assets has just begun. Goldman Sachs strategists believe that the Chinese stock market is expected to benefit from improved corporate profit prospects and increased foreign capital inflows. On May 28, the US Trade Court suspended reciprocal tariffs, which is conducive to enhancing the risk appetite of A-shares. The major indices of the two markets are still repairing their daily technical indicators, waiting for new positive forces [14]. Trading Strategies - **Futures Direction Trading**: The suspension of reciprocal tariffs by the US Trade Court, the continuous inflow of foreign capital attracted by the RMB appreciation, and the reallocation of global financial assets are all favorable for A-shares. The market is waiting for new positive forces to break the current large-scale horizontal consolidation [15]. - **Options Trading**: Since the market is still in a large-scale horizontal consolidation phase, it is recommended to postpone the purchase of deep out-of-the-money call options on stock indices [15]. Macroeconomic Data - In April, China's export volume was $315.6 billion, a year-on-year increase of 8.2%, far exceeding expectations. The monthly value of social consumer goods retail in April was 3.30 trillion yuan, a year-on-year increase of 5.1%. The monthly value of manufacturing fixed asset investment in April was 2.39 trillion yuan, a year-on-year increase of 8.2%. The monthly value of infrastructure investment in April was 2.08 trillion yuan, with a year-on-year growth rate of 9.6% [24][27][29]. - In April, the cumulative year-on-year growth rate of industrial added value was 6.4%, and the month-on-month growth rate was 0.22%. The solar power generation in April was 44.7 billion kWh, a year-on-year increase of 42.5%. The export volume of electric vehicles in April was 308,000 units, a record high, with a year-on-year increase of 37.5%. The output of industrial robots in April was 71,500 units, a historical high, with a year-on-year increase of 42% [33][35][37]. - In April, the output of integrated circuits was 41.6 billion pieces, still at a historical high. In April, the year-on-year growth rate of retail and food sales in the US was 5.2%, indicating high consumption levels. In March, the US commodity import volume was $346.7 billion, a record high, with a year-on-year increase of 32.2% [41][43][45]. - In March, the US consumer goods import volume reached $103.1 billion, a new historical high, with a year-on-year growth rate of 55.9%, reflecting strong consumer demand and large-scale inventory replenishment by retailers. In March, the US intermediate goods import volume was $75.5 billion, still at a high level, with a year-on-year growth rate of 39.4%, indicating that US manufacturers are hoarding intermediate goods due to tariff issues [47][49]. - In March, the US capital goods import volume was $93 billion, a new historical high, with a year-on-year growth rate of 22.5%, indicating an acceleration of the return of US manufacturing and the "re - industrialization" process in the US. In March, the US merchandise trade deficit was $163.5 billion, a new historical record, with a year-on-year growth rate of 74.8% [51][54]. - In March, the number of job openings in the US was 7.19 million, and the voluntary resignation rate rose to 2.1%, indicating a tightening labor market in the US. In March, the inventory growth rates of US wholesalers and manufacturers continued the trend of active inventory replenishment [56][59]. Strategy Recommendations - Wait for positive forces to break the current horizontal consolidation situation, as the suspension of reciprocal tariffs by the US Trade Court, the appreciation of the RMB attracting continuous foreign capital inflows, and the reallocation of global financial assets are all favorable for A-shares [63]. - Postpone the recommendation of far - month deep out-of-the-money call options on stock indices while the market is in the horizontal consolidation phase of a large platform, and wait for the market to break through upwards [67].

工业机器人系统操作、增材制造、3D数字游戏艺术……每个赛场上，都活跃着来自全省各地的高 精尖技术人才。"此次大赛在赛项设置上紧密对接先进制造业，充分衔接新基建新职业，所有项目均服 务于实体经济。在竞赛规则上，将行业与生产实践中的操作标准充分融入比赛规则、比赛技术，引领技 能人才培养方向，做到以赛促学、以赛促教、以赛促训。"省人力资源社会保障厅相关负责人说。 在信息网络布线赛场外，4名来自滨州市鲁北技师学院的学生全神贯注地观察着赛场上选手们的操 作手法。"我们学的是信息技术专业，通过观看不同选手的操作流程，能够给我的专业学习带来很多正 向参考。"鲁北技师学院学生赵晓鸣告诉记者，为有机会亲眼看见技能高手现场比拼，他们几个同学由 老师带队专程赴济南观赛。 第二届山东省职业技能大赛开赛 工厂搬进赛场，千余技术能手同台炫技 一人手持示教器，与机器臂人机交互，指挥其进行零件安装；一人坐在电脑前，通过数据实时传 输，让生产线其他自动化设备与机器臂实现协同操作……5月27日，在第二届山东省职业技能大赛工业 机器人系统操作比赛场地，以双人协作模式参赛的选手们聚精会神地进行着技能比拼。"这个作业模式 完全模拟在智能工厂生产时的场 ...

Core Viewpoint - The company is experiencing significant growth in its semiconductor equipment business, driven by increased demand for automation solutions and a focus on domestic production capabilities [1][2][3][4]. Group 1: Semiconductor Equipment Business - The company's semiconductor equipment products include atmospheric and vacuum robotic arms, EFEM, and vacuum transfer platforms, which are used in various semiconductor manufacturing processes [1]. - The company has successfully introduced vacuum direct-drive robotic arms and vacuum transfer platforms into terminal FABs, with products undergoing validation and entering mass production [1][2]. - In 2024, the semiconductor equipment business is projected to generate approximately 574 million yuan in revenue, representing a year-on-year growth of 99.41%, and accounting for 13.88% of the company's total revenue [3]. Group 2: Market Position and Strategy - The company is one of the earliest domestic enterprises to achieve industrialization of semiconductor robotic products, aiming to meet local demand for domestic production amid changing international policies [2]. - The company is focusing on expanding market share and deepening collaboration with downstream customers by introducing strategic investors into its semiconductor subsidiary [2]. - The gross margin for the semiconductor business is approximately 26.93%, reflecting an increase of 8.32% year-on-year, with expectations for continued growth in revenue and margins [3]. Group 3: Industry Outlook - The Chinese industrial robot market is the largest globally, with long-term growth expected despite uncertainties in the external environment [4]. - The domestic market has significant potential for growth, particularly in sectors like new energy vehicles, driven by automation upgrades [4]. - The company is implementing a "3+3+N" strategy to focus on core business, achieve standardized product mass production, and enhance technological leadership [4]. Group 4: Export and International Expansion - In 2024, the company's export revenue is expected to account for approximately 12.25% of total income, with limited impact from international policies [5]. - The company plans to enhance its overseas market presence, particularly in the new energy vehicle and lithium battery sectors, to increase international revenue [5].

越是重要节点、关键时刻，越要勇挑大梁、多作贡献——这是江苏无上的光荣，也是江苏义不容辞 的责任使命。 今年全国两会，习近平总书记再次亲临江苏代表团参加审议并发表重要讲话，对江苏发展给予关心 关怀、寄予殷切期望，为江苏做好工作提供了科学指引和根本遵循。 从工厂车间到科研实验室，从港口码头到田间地头，牢记嘱托、实干笃行的热潮在江苏大地上奔涌 不息。这澎湃热潮，既是江苏厚植发展优势的生动注脚，更是践行国家战略的铿锵回响。全省上下锚 定"四个着力点"，在推动科技创新和产业创新融合上打头阵，在推进深层次改革和高水平开放上勇争 先，在落实国家重大发展战略上走在前，在促进全体人民共同富裕上作示范，以知重负重的担当、主动 作为的姿态，扎扎实实的工作和高质量发展实绩，奋力书写服务全国发展大局的江苏答卷。 推动"两个创新"融合，加快培育新质生产力 继去年发布负载700公斤的工业机器人填补中国重载机器人领域空白后，南京埃斯顿自动化集团正 向更高峰攀登。集团机器人自动化产品竞争力副总经理、总工程师张禹介绍，得益于稳定的研发投入、 高层次的研发团队以及与高校深入的产学研合作，公司眼下正加紧研发负载1000公斤的六关节工业机器 人。 在 ...

Group 1: Core Perspectives - The seventh China Western International Investment and Trade Fair (Western Fair) held a multinational company dialogue in Chongqing, focusing on enhancing new productivity and building a modern manufacturing cluster system [1][2] - Companies like Qiteng Robotics, Changan Automobile, and Seres shared their experiences and strategies for industrial upgrades and high-quality development in Chongqing [1][2] Group 2: New Productivity Empowering Industrial Upgrades - Qiteng Robotics, a national-level specialized "little giant" enterprise, has been exploring the field of industrial robots for 15 years, holding over 300 patents and participating in the formulation of more than 40 national and industry standards [1] - The company showcased its explosion-proof quadruped and wheeled robots at the fair, emphasizing the importance of technological innovation for creating internationally competitive smart manufacturing products [1] Group 3: Building a Modern Manufacturing Cluster System - Changan Automobile, a leading enterprise in promoting "Chongqing vehicles going global," has launched the "Haina Baichuan" action plan to deepen its overseas business layout, with products sold in over 70 countries and regions [2] - The company recently inaugurated its first overseas new energy vehicle manufacturing base in Chongqing, aiming for extensive cooperation with upstream and downstream enterprises and multinational companies [2] - Seres Group shared insights on the new energy vehicle sector, emphasizing the need for high-quality enterprises to gather in Chongqing to seize strategic opportunities and promote the industry's advancement towards high-end, intelligent, and green development [2] Group 4: Government Support and Investment Environment - The Chongqing Municipal Development and Reform Commission and the Economic Information Commission responded to companies' needs, committing to optimizing the business environment and supporting innovation [3] - The Liangjiang New Area highlighted its role as a key platform for Chongqing's opening-up and industrial development, inviting multinational and domestic companies to invest in the region with favorable business conditions [3]

Group 1 - The modernization of the industrial system is a significant indicator of achieving economic modernization, with Shandong province having great potential in integrating technological and industrial innovation [1] - The province is focusing on developing new productive forces and implementing major industrial projects to transform expectations into concrete actions [1][2] - Notable technological innovations include the world's first carbon fiber subway train and the largest diameter intelligent shield machine, indicating a surge in industrial advancements [1] Group 2 - In the first quarter of this year, the production of industrial robots and optoelectronic devices increased by 76.2% and 25.4% respectively, while the industrial added value above designated size grew by 8.2%, surpassing the national average by 1.7 percentage points [1] - New application scenarios, such as intelligent equipment in oil fields and autonomous harvesting machines, showcase the diverse advancements in the technology industry [2] - The focus on improving the modern industrial system is guided by strategic directives from leadership, emphasizing the integration of technological and industrial innovation, regional coordination, and green transformation [2][3] Group 3 - The development of a robust industrial ecosystem is essential for continuous innovation and attracting significant projects, with a focus on enhancing product competitiveness and overcoming key technological challenges [3] - The commitment to practical and sustained efforts in building a modern industrial system is crucial, especially in the face of complex external environments and rapid technological changes [3] - The province aims to elevate standards and tackle challenges head-on to achieve greater accomplishments in modern industrial system construction [3]

Core Insights - The meeting focused on enhancing the internationalization of Shenzhen's financial market and facilitating cross-border financing for local enterprises through listings on the Singapore Exchange [1][3] Group 1: Singapore Exchange's Role - The Singapore Exchange (SGX) is recognized as a vital financial infrastructure for Chinese companies seeking international capital, offering a comprehensive listing framework that includes various structures such as red-chip and VIE [2] - SGX aims to attract more high-quality Chinese enterprises for listings, providing extensive support and enhancing its secondary listing mechanisms for companies already listed in Hong Kong, mainland China, and the U.S. [2] Group 2: Shenzhen's Financial Landscape - Shenzhen is positioned as a significant global financial center, with a robust industrial base and a strong emphasis on financial reform and technological innovation [3] - As of April 2025, Shenzhen has a total of 583 listed companies, ranking second in total market capitalization nationwide, with 423 on the A-share market and 160 listed abroad [3] Group 3: Local Government Initiatives - The Shenzhen Municipal Financial Committee is actively supporting high-quality enterprise development through initiatives like venture capital and private equity, aiming to enhance the listing success of local companies [3] - The Futian District, as a financial hub, houses nearly 60% of Shenzhen's licensed financial institutions and has a significant share of the city's venture capital management [4] Group 4: Collaborative Opportunities - Representatives from financial institutions and enterprises discussed practical issues such as ETF connectivity, bond market collaboration, and cross-border fundraising, aiming to strengthen capital flow and mutual benefits between Shenzhen and SGX [4]

当前，智能工厂梯度培育取得初步成效。全国已建成3万余家基础级智能工厂、1200余家先进级智能工 厂、230余家卓越级智能工厂。 这是中国工厂的新变化：机械臂能够根据环境变化自动调整工作参数；将大量传感器置于生产线，每道 工序可由"数字大脑"精准控制；依托工业大模型，一个生产环节可以联动整条供应链…… 业内人士认为，人工智能与机器人技术正以前所未有的速度重塑生产逻辑。伴随着更高效、更智能 的"超级工厂"涌现，制造业加速步入"智造时代"。 机器人"操作员"持续进化 更智慧、更灵活——这是当下工厂里工业机器人应用的写照。 记者近日在汽车、电子、纺织等行业调研发现，通过AI赋能，工业机器人增加了感知、理解任务等功 能，提高了动作灵活性，正从传统的自动化机械装置向具身智能加速进阶。 实现"手眼协同"。在山东邹城珞石智能制造产业园，一台搭载力觉与视觉传感器的协作机器人正精准演 示电脑USB接口装配。机械臂如同被赋予人类触觉与视觉，在插接过程中实时感知接触力，动态调整角 度与力度。珞石机器人首席执行官庹华说，通过人工智能技术增强机器人的感知决策能力，这款机器人 可胜任微米级精密装配。 国投招商先进制造产业研究院资深研究员宋 ...