文 / 赵娜 在日前发布的《全国经开区高质量发展报告2025》（以下简称《报告》）中，昆山开发区位列全 国第二。报告发布之时，正值各地围绕新一轮高质量发展目标，持续优化营商环境的关键阶段。 进入"十五五"前期，营商环境正在从一项重要工作，转变为衡量区域竞争力的核心尺度。如何通 过更加稳定、透明、可预期的制度安排，激发市场主体活力、支撑产业转型升级，成为国家级经 开区普遍面对的现实课题。 在这一背景下，21世纪经济研究院选取商务部2021—2024年度国家级经开区综合发展水平考核中 排名前列的20家经开区作为研究对象，对其高质量发展状况、阶段性进展和制度实践进行系统梳 理，并结合典型案例，对各地2024年度营商环境便利度表现进行专章分析。 从报告视角回看，昆山开发区此次位列全国第二，并非源于某一项指标的"突进"，而是产业 基础、制度供给与项目交付能力在长期运行中相互叠加、逐步显现的结果。 项目招引：从单点突破到制度支撑 过去4 0年来，国家级经开区不断推进管理体制和运行机制改革，逐步形成以管委会为核心、 市场化运作相配套的治理模式，为项目落地提供了制度基础。 《报告》将"以并联审批等举措擦亮'昆如意''开心办' ...

（文章来源：证券日报） 证券日报网讯 12月30日，凯尔达发布公告称，公司于近期收到2项国家知识产权局颁发的发明专利证 书。发明专利名称分别：焊枪线缆束扭转缓冲保护装置及焊接机器人；送丝缓冲余量检测组件、送丝缓 冲装置及焊接机器人。 ...

证券日报网讯 12月26日，智微智能在互动平台回答投资者提问时表示，公司AVC系列控制器聚焦于传 统AGV/AMR的具身化升级。通过加载视觉等算法模型，赋予机器人分析、决策、行动的自主能力，可 广泛应用于移动机器人领域，涵盖AMR/AGV/混合机器人/慢速无人车。 （编辑 袁冠琳） ...

拓斯达公告称，公司第四届董事会第二十八次会议审议多项议案。同意《2025年员工持股计划（草 案）》等相关议案并提交股东会审议，参与计划的4名董事回避表决。还同意"智能制造整体解决方案研 发及产业化项目"结项，将28341.81万元节余募集资金投入新项目及补充子公司流动资金，此议案也需 股东会审议。此外，拟注销全资子公司智遨（上海）机器人科技有限公司，授权管理层办理清算注销。 公司定于12月24日召开2025年第五次临时股东会。 ...

Core Viewpoint - TuoSiDa is undergoing a strategic transformation focusing on product enhancement and project contraction, leading to improved performance and plans for an H-share listing in Hong Kong [1][2]. Financial Performance - In the first three quarters of 2025, TuoSiDa achieved revenue of 1.688 billion yuan, a year-on-year decline of 24.49%, while net profit attributable to shareholders reached 49.34 million yuan, an increase of 446.74% [1][6]. - The third quarter saw revenue of 602 million yuan, a year-on-year increase of 17.58%, and net profit of 20.60 million yuan, up 176.93% [1][6]. - For the first half of 2025, revenue was 1.086 billion yuan, down 36.98%, with net profit decreasing by 19.75% [6]. Business Strategy - TuoSiDa is actively adjusting its business structure by reducing the scale of its project-based operations, particularly in the smart energy and environmental management systems sector, which is expected to see a revenue decline of over 50% in 2024 [4][5]. - The company aims to enhance its product lines, including industrial robots, CNC machine tools, and injection molding machines, while decreasing the proportion of project-based business [5][6]. Product Development - On September 12, TuoSiDa launched its first humanoid robot, "Xiao Tuo," targeting the injection molding sector and marking its entry into the humanoid robot market [1][8]. - The company is deepening its "AI + manufacturing" strategy to explore new market opportunities in flexible manufacturing [8]. Business Segments - In the first three quarters of 2025, the industrial robot and automation application systems segment generated revenue of 545 million yuan, a year-on-year increase of 2.34% [7]. - The injection molding machine and related equipment segment achieved revenue of 348 million yuan, maintaining stability with a gross margin increase of 8.55 percentage points [7]. - The CNC machine tool segment reported revenue of 226 million yuan, a growth of 44.29%, although the gross margin decreased by 4 percentage points due to changes in product mix [7].

Group 1 - The company is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence [2] - The company is currently discussing specific details of the H-share listing with relevant intermediaries, and the plan will require approval from the board, shareholders, and regulatory bodies [2] - The company reported a revenue of approximately 1.688 billion yuan for the first three quarters of 2025, a year-on-year decrease of 24.49%, while net profit attributable to shareholders was approximately 49.34 million yuan, a year-on-year increase of 446.75% [2] Group 2 - The increase in profit is primarily due to a 12.38% year-on-year increase in product-related business revenue, with a gross margin of 38.74%, up 2.55 percentage points [3] - Financial expenses decreased by 24.62 million yuan during the reporting period due to the upcoming delisting of the company's convertible bonds on December 25, 2024 [3] Group 3 - As of November 12, the company's stock price closed at 30.1 yuan per share, with a decline of 2.15% [4]

Group 1: Company Performance and Financials - In the first half of 2025, the sales revenue of the company's core functional components for robots reached 12.21 million yuan, a year-on-year increase of 27%, accounting for 1.74% of the main business revenue [3][4][5][8] - The increase in revenue is attributed to accelerated industry development, growing downstream market demand, and enhanced product competitiveness [3][4][5][8] - The company has not yet formed a partnership with Tesla, and the related business's sales revenue is currently small, not significantly impacting overall performance [3][4][10] Group 2: Product Development and Market Position - The company claims that many of its robot components exceed international first-class product levels, particularly in the performance of harmonic reducers, which have transmission accuracy nearly doubled compared to mainstream international products and vibration amplitude reduced by over 30% [2][3][9] - The company's robot business has formed an "N+1+3" structure, where "N" refers to core components like reducers and sensors, "1" refers to collaborative robots, and "3" refers to three major business scenarios: beauty care, factory logistics, and electric vehicle charging [2][9] - The company is actively pushing for product testing and customer engagement in the humanoid robot sector, with ongoing sample testing for harmonic reducers and joint modules [10] Group 3: Future Outlook and Strategic Initiatives - The company plans to continue increasing investment in its robot business to establish it as a second growth curve [2][9] - The company is closely monitoring developments in the robot sector and is committed to enhancing its market share and profitability in response to national policies promoting equipment updates and domestic production [10]

Summary of Key Points from the Conference Call of Jiechang Drive Industry and Company Overview - The conference call pertains to Jiechang Drive, a company operating in the fields of smart office, medical care, smart home, industrial technology, and automotive intelligence. [2][3] Core Insights and Arguments - **Revenue Breakdown**: In the first half of 2025, revenue sources were approximately 75% from smart office, 15% from medical care, 5-6% from smart home, and 6-7% from industrial and automotive sectors. [2][3] - **Growth Rates**: The automotive and industrial sectors experienced rapid growth, exceeding 40%, although they started from a smaller base. [4] - **Global Tariff Strategy**: To address global tariff changes, Jiechang Drive has established local production in Malaysia and the U.S. to cover U.S. market demands, with expected tariff burdens of 8-10% in Malaysia. [6] - **European Factory Impact**: The first phase of the European factory is set to commence production in July 2025, with a designed capacity of 800,000 units, which is expected to enhance performance in the second half of the year. [7] - **Collaboration with Lingqiao Intelligent**: Jiechang Drive has deepened its collaboration with Lingqiao Intelligent, including a 10 million yuan equity investment, leading to the launch of multiple product series with sales of approximately 40 million yuan in the first half of 2025. [8] Additional Important Insights - **Regional Revenue Distribution**: In the first half of 2025, revenue distribution was approximately 35-36% from the U.S., 20-24% from Europe, 30% from domestic markets, and the remainder from Southeast Asia. [9] - **Production Status**: The company has completed its procurement plan for motors and actuators, with motors already in mass production and actuator capacity expected to be ready in the second half of the year. [11] - **Cost Control Strategy**: Jiechang Drive's strategy includes strict cost control to gain market recognition and orders, with a clear plan to reduce costs as sales volume increases. [23] - **Profitability Metrics**: The net profit margin for the first half of 2025 was 13.5%, an increase of 1.6 percentage points year-on-year, with expectations for continued improvement in the coming years. [27] - **Future Revenue Goals**: The company aims to achieve a revenue target of 5 billion yuan by 2027, driven by over 10% growth in its main business and rapid development in new sectors like industrial and automotive. [26] Market Trends and Competitive Landscape - **Robot Industry Development**: The robot industry is still in its early stages but has seen rapid growth, with several leading manufacturers achieving valuations in the hundreds of billions. [17] - **Investment in Humanoid Robots**: Jiechang Drive is prioritizing R&D in humanoid robots, with plans to establish a separate company for this segment and implement equity incentives to drive development. [21][20] Conclusion - Jiechang Drive is strategically positioned to leverage growth in various sectors, with a strong focus on cost control, production efficiency, and strategic partnerships, aiming for significant revenue growth and improved profitability in the coming years. [25][28]

Group 1 - The latest stock price of Maihe Co., Ltd. is 28.05 yuan, an increase of 0.38 yuan from the previous trading day, with an intraday high of 28.15 yuan and a low of 27.59 yuan, and a trading volume of 119 million yuan [1] - The company specializes in the research, development, production, and sales of robotic automation equipment, primarily used in the automation transformation of production lines in industries such as automotive manufacturing, construction machinery, and home appliances [1] - On the evening of August 18, the company announced that shareholder Wang Xuping plans to reduce his holdings by no more than 1.5 million shares, accounting for 0.8035% of the company's total share capital, with the shareholder currently holding 6.3 million shares, which is 3.37% of the total share capital [1]