近年来，镇江经开区围绕整机制造、先进材料、人才培养等核心环节，积极打造低空和航空航天产 业发展新高地。其中，大路通用机场不断更新完善基础设施建设，具备通用机场固定运营基地的运行能 力，为签约的10余家通航公司提供高质量服务，同时积极规划低空经济先行先试基地建设，拓展无人机 在物流、救援以及城市维护等多个领域的应用。 "十五五"规划建议明确提出，要培育壮大新兴产业与未来产业。低空经济和人工智能作为新质生产 力的重要代表，正成为推动高质量发展的关键力量。"镇江低空经济正朝着产业集群化方向发展，并已 取得显著成果。"中国产业发展促进会副会长李小军表示，镇江聚焦低空经济和人工智能新业态率先落 地，并通过强化供应链协同作用，吸引上下游企业集聚，逐步构建起完整的产业生态体系，"这些实践 不仅为镇江低空经济发展构建了坚实支撑，也为全国低空经济产业提供了可复制、可推广的有益经 验。"（范昀 记者 潘宇琴） 在无人机展示区，现场观众围聚一堂，共同见证了一系列前沿应用场景的生动演示，包括： eVTOL垂直起降、无人机载运、无人机植保喷洒、垂起固定翼通场、无人机应急救援、无人机光伏板 清洗以及无人机编队表演。其中，亿航216电动垂 ...

Core Viewpoint - The article discusses the transformation journey of Tianjin Wangyuan Intelligent Technology Co., Ltd. (Wangyuan Technology), which is attempting to shift from an Original Design Manufacturer (ODM) to a self-branded Original Brand Manufacturer (OBM) in the face of significant financial challenges and operational risks [1]. Group 1: Company Background and Transformation - Wangyuan Technology, established in 2005, initially thrived as an ODM for pool cleaning robots, with 90.9% of its revenue coming from ODM business in 2022, while self-branded revenue was only 6% [2][3]. - The company began its transition to self-branded products around 2023, aiming to break free from its dependency on a few international clients, but this shift has led to a significant decline in profit margins [3]. Group 2: Financial Performance - From 2022 to 2024, Wangyuan's revenue increased from 318 million RMB to 544 million RMB, but net profit fell from 98 million RMB to 71 million RMB, resulting in a net profit margin drop from 30.82% to 12.97% [3]. - In the first half of 2023, despite a 41.63% year-on-year revenue growth, the net profit margin decreased from 18.27% to 16.11% [4]. Group 3: Sales and Marketing Expenses - Sales expenses surged from 10.07 million RMB in 2022 to 174 million RMB in 2024, a 16-fold increase, with the first half of 2024 seeing a 71.34% rise compared to the same period in 2023 [5]. - The largest portion of sales expenses is attributed to advertising and promotional costs, raising concerns about the company's heavy reliance on marketing over research and development [5][6]. Group 4: Cash Flow and Inventory Issues - Operating cash flow plummeted from 126 million RMB in 2022 to just 650,000 RMB in 2024, with a negative cash flow of -1.54 million RMB in the first half of 2024 [7][8]. - Inventory levels increased from 98.4 million RMB at the end of 2022 to 266 million RMB in the first half of 2025, leading to longer turnover days and heightened risks of obsolescence [9]. Group 5: Governance and Controversies - Prior to its IPO application, Wangyuan declared a dividend of 62 million RMB despite negative cash flow, raising questions about the fairness of this decision to minority shareholders [10]. - The company is also under scrutiny due to a "buyback agreement" that could impose significant cash repayment obligations if the IPO fails, further complicating its financial situation [11].

Core Viewpoint - A Hong Kong-based embodied intelligence company, UBTECH, is set to acquire a controlling stake in Fenglong Co., Ltd. through a combination of agreement transfer, voting rights waiver, and tender offer, with a total investment of 1.665 billion yuan [1][3]. Group 1: Acquisition Details - UBTECH plans to acquire approximately 93.98 million shares of Fenglong, representing about 43% of the company's total shares [3]. - The agreement includes the transfer of 65.53 million unrestricted shares (29.99% of total shares) from Fenglong's major shareholder, Chengfeng Investment, to UBTECH [3]. - The share transfer and tender offer price is set at 17.72 yuan per share, reflecting a slight discount compared to Fenglong's closing price of 19.68 yuan on December 17 [3][4]. Group 2: Financial Performance - UBTECH's projected revenues for 2022 to 2024 are approximately 1.008 billion yuan, 1.056 billion yuan, and 1.305 billion yuan, with net losses of about 989.7 million yuan, 1.265 billion yuan, and 1.16 billion yuan respectively [4]. - Fenglong's revenues for the same period are expected to be around 587 million yuan, 433 million yuan, and 479 million yuan, with net profits fluctuating significantly [5]. - In the first three quarters of the current year, Fenglong reported revenues of approximately 373 million yuan, a year-on-year increase of 9.47%, and a net profit of about 21.52 million yuan, a substantial increase of 1714.99% [5]. Group 3: Strategic Implications - The acquisition aligns with the long-term strategic goals of both companies and is expected to create synergies that enhance UBTECH's humanoid robot development and commercialization [6]. - The integration of UBTECH's advanced humanoid robot technology with Fenglong's manufacturing capabilities and supply chain is anticipated to improve product competitiveness and market reach [6]. - The acquisition reflects a growing trend in the capital market for embodied intelligence companies, with recent activities including other A-share acquisitions and IPO preparations in the sector [6].

Core Viewpoint - Fenglong Co., Ltd. plans to change its controlling shareholder to UBTECH Robotics Corp., with the resumption of trading set for December 25 [1][2]. Group 1: Shareholder Changes - The controlling shareholder, Zhejiang Chengfeng Investment Co., Ltd., will transfer 29.99% of its shares to UBTECH at a price of 17.72 yuan per share, totaling 1.161 billion yuan [3][4]. - After the transfer, UBTECH will hold 29.99% of Fenglong's shares, and the actual controller will change from Dong Jiangan to Zhou Jian [4][5]. Group 2: Financial Performance and Projections - Fenglong's net profit for 2024 and the first three quarters of 2025 is projected to be 4.59 million yuan and 21.52 million yuan, respectively [6]. - The company has committed to achieving a net profit of no less than 10 million yuan, 15 million yuan, and 20 million yuan for the years 2026, 2027, and 2028, respectively [9]. Group 3: Strategic Intent - The acquisition is part of UBTECH's strategy to enhance its industrial chain layout and strengthen its core competitiveness in humanoid robotics [6]. - UBTECH aims to leverage its technological advantages in humanoid robots alongside Fenglong's manufacturing and supply chain capabilities to promote the industrialization of humanoid robot technology [6].

Core Insights - The article discusses the transition of Chinese manufacturing from "brand going global" to "ecosystem and technology going global" by 2025, with a focus on sectors like renewable energy and smart robotics as key areas of international competition [1][4]. Group 1: Company Strategy - The company aims to transform from a traditional export model to a "technology + scenario + ecosystem" value leap, driven by a "three seas strategy" that solidifies its core business in electric off-road vehicles while entering new markets like smart robotics and battery swapping equipment [3][5]. - The company has successfully penetrated the North American market, with products available in over 1,000 retail stores, and has expanded its electric off-road vehicle sales to 35 countries and regions globally [4][6]. Group 2: Technological Advancements - The company has achieved significant breakthroughs in technology and commercialization, including the development of a quadruped robot for security inspections in the North American market, targeting a market worth billions [4][6]. - The company has become a supplier for CATL's battery swapping stations, marking its entry into the supply chain of a leading global battery manufacturer, with the first order already in progress [4][6]. Group 3: Partnerships and Trust - Trust from partners has become a core asset for the company, as evidenced by securing its first order for battery swapping station equipment from CATL and signing a quadruped robot order with Indonesia's GoTo Group, indicating international recognition of its technology [4][6]. Group 4: Future Outlook - The company envisions a three-tier leap in its strategy, focusing on "brand going global, intelligent manufacturing going global, and ecosystem going global," with a solid foundation in its core business of off-road vehicles [6]. - The company aims to capture high-growth opportunities in the battery swapping sector and ensure that new businesses enter a phase of scale and stability by 2026 [6].

Group 1: Market Performance - The Hang Seng Index rose by 0.17% to close at 25,818.93 points, while the Hang Seng Tech Index increased by 0.19% to 5,499.3 points, and the Hang Seng China Enterprises Index saw a slight increase of 0.01% to 8,915.12 points [2] - The total market turnover was HKD 92.52 billion, with southbound funds experiencing a net outflow of HKD 1.175 billion [2] Group 2: Stock Highlights - Semiconductor manufacturer SMIC saw a stock increase of 3.21%, while China Hongqiao rose by 2.34%, and Cheung Kong Infrastructure increased by 1.83%, leading the blue-chip stocks [4] - Baidu's stock was included in the Hong Kong Stock Connect, leading to a significant price increase of 24.81% at one point, closing at HKD 35.08, which is a 22.23% rise [11][16] - The stock adjustment for Baidu is expected to enhance liquidity and market attention, potentially positively impacting the company's valuation [16] Group 3: Industry Performance - The Hang Seng Industry Index showed mixed results, with the Utilities Index up by 0.7%, Materials Index up by 0.65%, and Financials Index up by 0.4%. Conversely, the Healthcare Index fell by 0.52%, Non-essential Consumer Index dropped by 0.45%, and the Industrials Index decreased by 0.12% [6] - The Wind concept sector exhibited varied performance, with the Integrated Circuit Industry Fund Index rising by 2.85% and the Integrated Circuit Index increasing by 2.71%, while the Sapphire Index fell by 3% [8] Group 4: Regulatory Developments - The Hong Kong government and the Securities and Futures Commission are advancing legislative proposals for regulating virtual asset trading and custody service providers, marking a significant step in enhancing the regulatory framework for virtual assets [20] - The proposed licensing system aims to balance market development, risk management, and investor protection, contributing to the establishment of a trustworthy and sustainable digital asset ecosystem in Hong Kong [21]

获纳入港股通标的 百奥赛图一度大涨近25% 【导读】获纳入港股通标的，百奥赛图一度大涨近25% 12月24日，港股因假期提前收市，本周交易收官。恒生指数涨0.17%，报25818.93点；恒生科技指数涨0.19%，报5499.3点；恒生中国企业指数涨0.01%， 报8915.12点。大市成交925.2亿港元；南向资金净卖出11.75亿港元。 中芯国际涨3.21%，中国宏桥涨2.34%，长江基建集团涨1.83%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中心国际 | 0981 | 71.050 | 2.150 | 3.12% | 49.56亿 | 123.43% | | 2 | 中国宏桥 | 1378 | 32.320 | 0.740 | 2.34% | 6.26亿 | 194.46% | | 3 | 长江基建集团 | 1038 | 58.550 | 1.050 | 1.83% | 3.06亿 | 6.64% | | ব | 电能实业 ...

Core Viewpoint - The article highlights the significant market movements and developments in Hong Kong's stock market, particularly focusing on the inclusion of companies like 百奥赛图 (Bai Ao Sai Tu) in the Hong Kong Stock Connect program, which is expected to enhance liquidity and attract new investments [10][14]. Market Performance - On February 24, the Hang Seng Index closed at 25,818.93 points, up 0.17%, while the Hang Seng Technology Index rose by 0.19% to 5,499.3 points, and the Hang Seng China Enterprises Index increased by 0.01% to 8,915.12 points [2][3]. - The total market turnover was 925.2 billion HKD, with southbound funds experiencing a net outflow of 11.75 billion HKD [2]. Stock Movements - 中芯国际 (SMIC) saw a rise of 3.21%, 中国宏桥 (China Hongqiao) increased by 2.34%, and 长江基建集团 (CK Infrastructure) rose by 1.83%, leading the blue-chip stocks [4]. - 百奥赛图's stock price surged by 24.81% at one point, closing at 35.08 HKD, marking a 22.23% increase after being included in the Hong Kong Stock Connect [10][12]. Industry Performance - The Hang Seng Industry Index showed mixed results, with the Utilities Index up by 0.7%, Materials Index up by 0.65%, and Financials Index up by 0.4%. Conversely, the Healthcare Index fell by 0.52%, Non-essential Consumer Index dropped by 0.45%, and the Industrials Index decreased by 0.12% [6]. - The Wind concept sectors also displayed varied performance, with the Integrated Circuit Industry Fund Index rising by 2.85% and the Integrated Circuit Index increasing by 2.71% [8]. Regulatory Developments - The Hong Kong government and the Securities and Futures Commission are advancing legislative proposals for regulating virtual asset trading and custody service providers, marking a significant step in enhancing the regulatory framework for digital assets [21][22]. - The proposed licensing regime aims to balance market development, risk management, and investor protection, contributing to a trustworthy and sustainable digital asset ecosystem in Hong Kong [24].

（编辑 张明富） 本报讯 （记者袁传玺）天眼查App显示，近日，追觅智能科技（滁州）有限公司成立，注册资本2000万元。经营范围包括 智能机器人的研发、智能机器人销售、工业机器人制造等，由追觅创新科技（苏州）有限公司全资持股。 ...

12月24日，RoboSense速腾聚创(02498)通过其官方公众号，以一则充满节日氛围的视频低调释放重磅技术信号。视频 中，机器人精准完成"从圣诞老人手中接收礼物、自主操作电梯、将礼物送上楼并最终悬挂至圣诞树"等一系列连贯动 作，全程流畅自如，展现了高度灵敏的环境感知与精细操作能力。 该视频虽以"圣诞老人现代性危机""圣诞礼物配送"为情节包装，实则为其新一代"手眼协同"解决方案的首次功能预告。 近日速腾聚创透露，此项完整技术方案将于2026年1月举办的国际消费电子展(CES2026)上展出。 此次演示的核心看点在于机器人整合了高精度视觉感知与灵巧机械臂控制，在非结构化动态场景中实现了"感知-决策-执 行"闭环。从识别圣诞老人并安全接收礼物，到精准按下电梯按钮，再到在室内复杂空间完成礼物的最终放置，每一步均 体现了方案在实时环境理解、轨迹规划和末端精细操作上的技术整合实力。 1 t Christmas Delivery 当圣诞老人,遇到现代「危机」 -段奇妙的际遇, 就此展开 业内分析指出，速腾聚创此次预告的手眼协同方案，将深度融合其核心的自研VLA、Active Camera、灵巧手等技术，瞄 准最后10 ...