行 行业月报 业 研 究 杭州机器人展成功举办，关注人形机器人量产节奏 ——机械设备行业 7 月投资策略展望 分析师： 宁前羽 SAC NO： S1150522070001 2025 年 07 月 02 日 机械设备 投资要点： 证券分析师 宁前羽 | 中联重科 | 增持 | | --- | --- | | 恒立液压 | 增持 | | 中国中车 | 增持 | | 证 券 | | 报 告 备行业周报 报告 备行业周报 ningqy@bhzq.com 022-23839174 研究助理 2025 年 6 月 1 日-2025 年 7 月 1 日，沪深 300 指数上涨 2.67%，申万机械设 备行业上涨 2.85%，跑赢沪深 300 指数 0.18 个百分点，在申万所有一级行业 中位于第 14 位。 重点品种推荐 三一重工 增持 截至 2025 年 7 月 1 日，申万机械设备行业 TTM 市盈率为 26.75 倍（整体法， 剔除负值），相对于沪深 300 的估值溢价率为 115.88%。 券 研 究 中国中车 增持 近半年行业指数走势图 个股方面，涨幅居前的有交大铁发（238.48%）、华之杰（180.68%） ...

Group 1 - The Hong Kong IPO market has experienced explosive growth in the first half of the year, with 43 new listings and a total fundraising amount of HKD 1,067.14 billion, surpassing the total for the entire year of 2024 [2][3][4] - Hong Kong has regained its position as the global leader in IPO fundraising, accounting for 24% of the global total, surpassing both NASDAQ and NYSE [2][3] - The "A+H" listing model, where companies list on both the A-share and H-share markets, has gained popularity, with notable companies like CATL and Hengrui Medicine leading the fundraising efforts [4][5][9] Group 2 - The consumer and hard technology sectors have emerged as significant drivers of IPO activity, with biotech and health, retail, and consumer industries leading in the number of listings [3][6] - There is a notable increase in the number of companies applying for IPOs, with over 180 companies in the pipeline as of June 30 [6] - Foreign investors show strong interest in Chinese technology and new consumer enterprises, contributing to the high demand for IPOs in Hong Kong [8][10] Group 3 - The favorable policy environment and market conditions have facilitated the surge in IPOs, with new regulations enhancing the attractiveness of the Hong Kong market for international capital [5][9] - The "A+H" model is becoming a standard for large enterprises, providing strategic advantages such as risk diversification and access to a broader range of financing tools [9][10] - The trend of Chinese consumer companies seeking to list in Hong Kong is driven by the market's strong performance and the opportunity to connect with international capital [10]

Core Viewpoint - Zhejiang Yifei Intelligent Technology Co., Ltd. is planning to list on the Hong Kong Stock Exchange, potentially becoming the "first stock of all-category robots in light industry" [1] Company Overview - Yifei Technology is recognized as a national-level specialized and innovative "little giant" enterprise, focusing on the design and research of industrial robots, particularly in the light industry sector [1] - The company has developed a comprehensive technical ecosystem based on self-researched technologies, enabling large-scale intelligent decision-making [1] - Yifei Technology has created a complete product matrix of industrial robots, supporting various automation functions across multiple fields [1] Product Development - In 2014, Yifei Technology launched the Xunyi series of high-speed parallel robots, filling a domestic technological gap [1] - The Xunyi series features a simplified hardware architecture, cost savings, and a cycle time exceeding the industry average, with five iterations to date [1] - The company plans to start research on embodied intelligent robots in 2025, with a new production and R&D base established in Shaoxing, Zhejiang [1] Market Position and Financials - As of 2024, Yifei Technology ranks fifth among domestic suppliers of industrial robots in China's light industry, with a growing customer base that includes numerous well-known enterprises [1] - Prior to the IPO, the company completed over ten rounds of financing, attracting prominent investment institutions, with a valuation of 3.604 billion yuan after the last round [1] - Revenue projections for 2022, 2023, and 2024 are 162 million, 201 million, and 268 million yuan respectively, with net losses of 57.553 million, 111 million, and 71.495 million yuan [1] - R&D expenditures as a percentage of revenue for the past three years were 21.1%, 16.5%, and 14.4% respectively [1] Intellectual Property and Global Reach - Yifei Technology has obtained a total of 271 authorized patents [1] - The company's business spans over twenty countries and regions globally, with overseas revenue projected at 25.5 million yuan in 2024, accounting for 9.5% of total revenue [1]

Core Viewpoint - The 20th China International Small and Medium Enterprises Expo (CISME) showcased the resilience and vitality of over 60 million SMEs in China, highlighting their role in driving economic stability and innovation amidst complex external environments [2][3]. Group 1: Economic Contribution of SMEs - SMEs are a significant source of economic resilience, with over 10,000 buyers attending the CISME and achieving intended transaction amounts exceeding 100 billion yuan [1]. - By the end of 2024, the number of registered enterprises in China is projected to reach 61.226 million, with SMEs accounting for over 60 million, representing a growth of approximately 3.6 times since the end of 2012 [1][2]. - In the first five months of 2025, the added value of industrial SMEs increased by 8.0% year-on-year, with 28 out of 31 manufacturing sectors maintaining growth [3]. Group 2: Innovation and Technology - SMEs are becoming pioneers in technological innovation, with 140,000 specialized and innovative enterprises and 14,600 "little giant" firms contributing to key segments of the global supply chain [4]. - Notable advancements include high-performance collaborative robots and surgical robots achieving precision operations of 0.1 millimeters, showcasing the shift from scale advantages to technology empowerment in "Made in China" [4]. - Over 60% of "little giant" enterprises focus on industrial foundational sectors, with nearly 80% involved in key industrial chain segments, actively participating in major engineering projects [4]. Group 3: Global Market Integration - SMEs serve as vital links between "Made in China" and global markets, leveraging flexibility and rapid response capabilities to become key players in the global supply chain [5]. - Examples include a smart manufacturing company from Shenyang establishing a joint venture in Saudi Arabia, localizing production while introducing Chinese manufacturing standards to the Middle East [5]. - The emphasis on specialized and innovative practices at international exhibitions indicates that SMEs are crucial in reshaping industrial chains and enhancing China's economic competitiveness [5].

Company Overview - Zhejiang Yifei Intelligent Technology Co., Ltd. (referred to as "Yifei Technology") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sole sponsor [1][3] - Yifei Technology is a comprehensive industrial robotics company focused on the design, research and development, manufacturing, and commercialization of industrial robots, providing integrated robotic solutions primarily in the light industry sector [3][4] - The company was established in June 2012 and is ranked fifth among domestic suppliers of industrial robots and related solutions focused on the light industry in China, according to a Frost & Sullivan report [3] Financial Information - Yifei Technology's registered capital is approximately RMB 55.09 million, with major shareholders including Zhang Sai and CBC Broadband Capital [3][4] - The company has undergone multiple rounds of financing since its inception, raising a total of RMB 1.4 billion in E-round financing in March 2025 and RMB 1.04 billion in Pre-IPO financing in May 2025 [5][6] - Revenue figures for Yifei Technology for the years 2022, 2023, and 2024 are approximately RMB 162.21 million, RMB 201.17 million, and RMB 268.01 million, respectively, with corresponding gross profits of RMB 43.25 million, RMB 36.87 million, and RMB 71.02 million [10][11] Ownership Structure - Zhang Sai, the founder, controls approximately 25.07% of the voting rights in Yifei Technology, including direct holdings and interests through partnerships [4][5] - The company has seen changes in its shareholder structure, with several investors exiting and new ones entering during recent financing rounds [8][10] Business Performance - The primary revenue sources for Yifei Technology include robotic solutions and robotic bodies, with revenues from robotic solutions accounting for approximately 95.0%, 87.2%, and 79.2% of total revenue in 2022, 2023, and 2024, respectively [11] - The company reported net losses of approximately RMB 57.55 million, RMB 111.06 million, and RMB 71.50 million for the years 2022, 2023, and 2024 [10][12]

（原标题：翼菲智能递表港交所） (产品代码: 515170) 根据弗若斯特沙利文报告，按2024年收入计算，翼菲智能是中国专注于轻工行业的工业机器人及相关机器人解决方案供应商中排名第五的国内企 业。也是中国少数具备规模化工业机器人及相关解决方案全面覆盖能力的机器人企业之一，助力各行业企业客户提升生产效率、优化生产成本及 改进产品质量，最终推动其智能化转型。 翼菲智能拥有全栈机器人架构，围绕熟练技术工人"脑""眼""手""足"四大核心功能构建，实现智能决策、环境感知、精确操控及自主移动。"脑"体 现为一体化控制系统，支持智能决策并实现高速高精度运动及实时多机器人协同；"眼"是先进视觉系统，结合3D成像与深度学习算法成为高精度 动态跟踪的关键；"手"将先进建模技术与精密制造结合以达成卓越性能及工业级可靠性；"足"由自主研发的移动平台硬件及调度软件组成，支持 自主导航及动态避障，这些能力共同构成产品紧密协同且可扩展的技术基底。 翼菲目前面临着多重风险和挑战，因处于工业机器人产品商业化的相对早期阶段，在往绩记录期实现收入增长后于2024年才达到上市规则第 18C.03 (4)条规定的收入要求。自成立以来公司一直处于净 ...

Core Viewpoint - The article discusses the recent acquisition of ChipSource by Northern Huachuang, highlighting the significance of this merger in enhancing the competitiveness of China's semiconductor equipment industry and the investment landscape in Liaoning province [1][5][20]. Group 1: Acquisition Details - Northern Huachuang has become the largest shareholder of ChipSource, acquiring a total of 17.87% equity for approximately 31.35 billion yuan [3][4]. - The acquisition is notable as Northern Huachuang is a leading semiconductor equipment manufacturer with a market capitalization exceeding 230 billion yuan and has achieved significant revenue growth [3][4]. - ChipSource, despite its smaller market cap of 20 billion yuan, is the only domestic provider of mass-production mid-to-high-end coating and developing equipment, making it a key player in the industry [4][5]. Group 2: Investment Landscape in Liaoning - From 2020 to mid-2025, Liaoning province has seen 418 investment events with a total financing amount of approximately 190 billion yuan, indicating a growing trend in investment activities [9][42]. - The investment ecosystem in Liaoning is supported by various national and local funds, including the National Big Fund Phase II and several provincial investment funds, which have significantly contributed to the region's innovation and technology development [10][41][42]. - The article highlights the increasing number of investment events in Liaoning, with a rise from 71 events in 2020 to 86 in 2024, showcasing a positive investment trend [42]. Group 3: Role of Research Institutions - The article emphasizes the pivotal role of the Shenyang Institute of Automation in supporting the establishment and growth of ChipSource, which has benefited from substantial research and funding support [12][15][18]. - The institute has been instrumental in fostering innovation and technology transfer, enabling ChipSource to overcome early-stage challenges and achieve market success [15][20]. - The collaboration between research institutions and state-owned enterprises has created a robust ecosystem for technological advancement in Liaoning [35][36]. Group 4: Emerging Companies and Trends - New companies like New松 Semiconductor and Guorui New Materials are emerging in Liaoning, attracting significant investments from well-known venture capital firms, indicating a shift in the investment landscape [43][44]. - The article notes that these companies are breaking the stereotype that investment opportunities are limited to major cities, showcasing the potential of lesser-known regions in China [44]. - The growth of semiconductor and robotics industries in Liaoning is highlighted as a benchmark for the province's industrial transformation and innovation [32][33].

6 月 30 日，浙江翼菲智能科技股份有限公司正式向香港联交所递交招股说明书， 拟 计划通过 18C 章程在 港交所主板挂牌上市 ， 农银国际为其独家保荐人。 翼菲科技在招股书中表示， IPO 募集所得资金净额 将用于机器人技术开发（约 30% ）、生产线开发及产能 建设（约 25% ）、海外业务网络发展（约 20% ）、供应链上下游投资（约 15% ）及补充营运资金（约 10% ）。 在最新布局上， " 翼菲机器人 " 项目 近日还宣布 正式落户绍兴市上虞区曹娥江经开区， 该项目计划总投资 5.2 亿元 ，重点建设工业机器人生产制造基地和具身智能机器人研发中心。 ▍ 核心竞争力解析 翼菲科技成立于 2012 年 6 月，总部位于浙江省台州市玉环市，在上海、杭州、深圳等地设有子公司， 2023 年 4 月改制为股份有限公司，是一家集工业机器人研发和制造、控制系统开发、视觉系统开发、智能 制造解决方案和设备提供于一体的高新技术企业 ， 竞争优势体现在全栈研发能力、柔性解决方案及快速市场 响应等方面。 翼菲科技以 " 以工业机器人引领世界迈入智能时代 " 为使命，核心团队由创始人张赛博士领衔，其直接及通 过控股平 ...

中国轻工业机器人市场正在迅速扩张。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 浙江 翼菲智能 科技股份有限公司 （以下简称 " 翼菲科技 "）于2025年6月 30日正式向港交所递交招股说明书，计划通过 18C 章程在港交所主板挂牌上市，农银国际担任独家 保荐人。 成立于 2012年的 翼菲科技 作为一家 综合性工业机器人企业，专注于工业机器人的设计、研发、制 造 和 商业化，并提供综合机器人解决方案，深耕轻工行业。 根据弗若斯特沙利文 的 报告，按 2024年收入 计算 ，翼菲科技是中国专注于轻工行业的工业机器 人及相关机器人解决方案供应商中排名第五的国内企业 ；同时， 翼菲科技亦是中国少数具备规模化 工业机器人及相关机器人解决方案全面覆盖能力的机器人企业之一 ，助力各行各业的企业客户提升 生产效率、优化生产成本 并 改进产品质量，最终推动其智能化转型。 根据弗若斯特沙利文报告，翼菲科技 的 客户包括全球最大的智能手机显示屏供应商、生物活性材料 及合成生物学领域的全球领导者、全球最大的微型声学设备供应商之一、全球最大的新能源汽车制造 商 ...

Core Viewpoint - Yifei Intelligent is a leading comprehensive industrial robotics company in China, focusing on the design, research and development, manufacturing, and commercialization of industrial robots, particularly in the light industry sector [3] Group 1: Company Overview - Yifei Intelligent has established a strong technology ecosystem with self-developed robotic bodies, control and vision systems, and manufacturing processes, enabling large-scale intelligent decision-making, environmental perception, precise control, and autonomous movement [3] - According to a Frost & Sullivan report, Yifei Intelligent ranks fifth among domestic companies specializing in industrial robots and related solutions for the light industry in China based on projected 2024 revenue [3] - The company is one of the few in China capable of providing comprehensive coverage of large-scale industrial robots and related solutions, helping clients across various industries improve production efficiency, optimize costs, and enhance product quality [3] Group 2: Product Offerings - Yifei Intelligent has designed a comprehensive product portfolio specifically for the light industry, including parallel robots (Bat series), AGV/AMR mobile robots (Camel series), SCARA robots (Python series), wafer handling robots (Lobster series), and six-axis industrial robots (Mantis series) [3] - The company possesses core technologies in control and vision systems, represented by the Gorilla and Kingkong series [3] Group 3: Financial Performance - In the fiscal years 2022, 2023, and 2024, Yifei Intelligent achieved revenue of approximately RMB 162.21 million, RMB 201.17 million, and RMB 268.01 million, respectively [4][5] - The gross profit for the same periods was RMB 43.25 million, RMB 36.87 million, and RMB 71.02 million, indicating fluctuations in profitability [4][5] - The company reported a pre-tax loss of RMB 57.47 million, RMB 110.60 million, and RMB 71.50 million for the respective years, reflecting ongoing challenges in achieving profitability [5]