积极布局储能和超算中心热管理。基于自研热管理控制器及控制算法，管路系统及密封等核心技术，公 司在储能领域已推出系列化液冷机组，及浸没式液冷机组；超算中心热管理领域主要产品为CDU(冷液 分配装置)，未来根据实际需要，逐步将浸没式技术运用到超算中心热管理中，目前公司正在加速与客 户对接。2025 半年度公司热管理系统业务累计获得订单约为71 亿元。 致力于形成人形机器人关节总成的生产制造能力。公司通过安徽睿思博公司、星汇传感等子公司在关节 总成、谐波减速器、行星减速器、力觉传感器等产品上完成产业布局，目前公司的橡胶产品已经完成配 套，轻量化骨骼已经向客户送样。除与众擎机器人、埃夫特签署战略合作协议外，也与深圳逐际动力科 技有限公司签订项目意向合作协议，形成上下游产业链布局，推进机器人本体智造及代工业务发展。 风险提示：全球乘用车景气度下行，原材料涨价，人形机器人研发进展不及预期，汇率波动 目标价29.93 元，维持"增持"评级。考虑到公司2025 上半年业绩稳健，我们上调25-27 年EPS 至 1.30/1.45/1.62 元，考虑到公司积极布局液冷和人形机器人关节总成业务，给予公司2025 年23 倍PE， ...

Core Points - The document outlines the annual report work system for Hangzhou Kaierda Welding Robot Co., Ltd, emphasizing the responsibilities of independent directors in the preparation and disclosure of the annual report [1][2][3] - It establishes a communication mechanism involving the board chairman, securities department, internal audit, and finance department to facilitate the independent directors' oversight [1][2] - Independent directors are required to ensure the accuracy and completeness of disclosures in the annual report and to maintain confidentiality during the reporting process [2][3] Summary by Sections - **Responsibilities of Independent Directors**: Independent directors must fulfill their duties diligently, ensuring that all necessary disclosures are made accurately and completely in the annual report [1][2] - **Communication and Coordination**: The board secretary is responsible for coordinating communication between independent directors, the accounting firm, and the management team, ensuring that independent directors have the necessary conditions to perform their duties [2][3] - **Management's Role**: The management team is required to cooperate with independent directors, providing timely and accurate information regarding the company's operations and financial status [2][3] - **Meetings and Supervision**: Independent directors must meet with the annual audit accountants to understand any issues discovered during the audit process and must review the board meeting procedures and documentation before the annual report is approved [3][4] - **Annual Report Confirmation**: Independent directors are required to sign a written confirmation of the annual report, and if they have objections, they must state their reasons and disclose them [4] - **External Audits**: If independent directors have objections to specific matters in the annual report, they can independently hire external audit and consulting firms with the agreement of a majority of independent directors [4]