After President Donald Trump's International Emergency Economic Powers Act (IEEPA) tariffs were dealt a setback by the Supreme Court on Friday, the administration is now reportedly weighing fresh national security–based tariffs across multiple industries.Broad Section 232 Tariff PushThe proposed tariffs may impact sectors including large-scale batteries, cast iron, plastic piping, industrial chemicals, and telecommunications equipment. They would be implemented under Section 232 of the Trade Expansion Act o ...

Core Insights - The main challenge for the industrial robot export industry is not the installation of machines, but the installation of trust [1] - The perception of "Made in China" has shifted positively, with European engineers now recognizing it as a mark of reliability [1] - By 2025, China's industrial robot exports are projected to exceed imports for the first time, with a year-on-year growth of 48.7%, establishing China as a net exporter of industrial robots [1] Industry Summary - The significant growth of 48.7% in industrial robot exports reflects a transformation in global market trust towards "Made in China" products [1] - The experience of foreign employees, such as Valeria from Italy, illustrates the real-world implications of this growth and the trust being built in Chinese manufacturing [1]

Core Viewpoint - The company, Maihe Co., Ltd. (301199.SZ), focuses on high-end intelligent equipment systems and smart IoT systems, primarily in the industrial robot system integration sector, and has not yet entered the humanoid robot field [1] Group 1: Company Overview - Maihe Co., Ltd. is a high-tech enterprise specializing in the research, design, manufacturing integration, sales, and smart operation and maintenance of high-end intelligent equipment systems and smart IoT systems [1] - The company's products and services are mainly applied in the automotive, engineering machinery, and their components industries [1] Group 2: Competitive Advantages - The company possesses a full industry chain layout and technical integration capabilities, with comprehensive expertise in major processes such as assembly, painting, and welding, making it one of the few intelligent equipment system manufacturers with multi-product production capabilities [1] - The company emphasizes technological innovation and R&D strength, having developed systems such as high-speed rolling beds and intelligent fixture libraries, which significantly enhance product intelligence [1] - The integration of digitalization and intelligence is achieved through IoT and big data technologies, enabling a comprehensive operational management system that enhances operational efficiency and resource utilization [1]

Core Viewpoint - Guangdong Province is implementing a comprehensive set of fiscal and financial policies to support the real economy, focusing on reducing financing costs and stimulating market vitality through a combination of "fund guidance + loan interest subsidies + risk sharing" [1] Group 1: Fiscal and Financial Policies - The Ministry of Finance launched a package of policies aimed at stimulating domestic demand, including four measures to support small and medium-sized enterprises (SMEs) with interest subsidies and guarantees, and one measure for personal consumption loan interest subsidies [2] - A loan interest subsidy policy for SMEs will provide a subsidy of 1.5% on principal for loans up to 50 million yuan, targeting 14 key industrial chains and sectors [2] - The equipment upgrade loan interest subsidy policy has been expanded to include additional sectors, maintaining a subsidy rate of 1.5% for up to two years [2][3] - The service industry loan interest subsidy policy has been expanded from 8 to 11 categories, increasing the maximum loan amount eligible for interest subsidies from 1 million yuan to 10 million yuan [3] - A special guarantee plan for private investment has been established with a total guarantee amount of 500 billion yuan, increasing the single credit guarantee limit from 10 million yuan to 20 million yuan [3] Group 2: Investment Guidance Fund - The Guangdong Provincial Strategic Emerging Industry Investment Guidance Fund has been established with a total scale of 100 billion yuan, with an initial phase of 50 billion yuan [5] - The fund aims to create a "long money long investment" policy system, providing stable long-term capital for the construction of a modern industrial system [6] - A three-tiered fund structure ("guidance fund - mother fund - sub-fund") is being developed to leverage fiscal funds and attract private investment [6] Group 3: Support for Manufacturing and High-tech Enterprises - Loan interest subsidies for manufacturing and high-tech enterprises will cover 35% of the loan interest rate, with a maximum annual subsidy of 20 million yuan [7] - The policy targets registered manufacturing enterprises and valid high-tech enterprises, focusing on areas such as factory construction, equipment purchase, and technological transformation [7] Group 4: Policy Synergy and Implementation - Guangdong's policies are designed to complement central policies, creating a synergistic effect that enhances overall support for SMEs and consumption [8] - The combination of provincial guidance funds with central interest subsidies and guarantee plans forms a comprehensive support system addressing financing challenges faced by enterprises [8] - Mechanisms for quarterly disbursement and streamlined processes are in place to reduce the policy implementation cycle and enhance the experience of market participants [9]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Tianjin Atomrobot Co., Ltd. 天津阿童木機器人股份有限公司 (the "Company") (A joint stock company incorporated in the People's Repu ...

Core Viewpoint - The Chinese government is implementing a series of fiscal policies to support technological innovation and high-quality economic development, with a focus on achieving technological self-reliance and fostering new growth drivers by 2025 [1][2]. Group 1: Fiscal Policy Measures - The central government's technology expenditure increased by 10%, significantly higher than the general public budget expenditure growth, with a focus on basic research and national strategic technology tasks [1]. - In 2024, total R&D investment is projected to reach 3.63 trillion yuan, maintaining China's position as the second-largest R&D investor globally [1]. Group 2: Innovation Cost Reduction - The government is implementing tax incentives across multiple innovation stages to reduce the tax burden on enterprises, supporting 34,400 companies in obtaining over 140 billion yuan in bank loans, with comprehensive financing costs dropping below 5% [2][3]. Group 3: Innovation Results Transformation - The government is promoting a collaborative innovation model in procurement, enabling more innovative results to transition from laboratories to production lines, leading to a multiplier effect in value creation [2]. - China is recognized as one of the fastest-growing economies in terms of innovation, with a goal to enter the top 10 in the global innovation index by 2025 [2]. Group 4: Future Focus Areas - The government will leverage investment funds to support early-stage, small, long-term investments in hard technology, focusing on original and disruptive technological breakthroughs [3]. - There will be enhanced financial support for key industries, including interest subsidies for loans related to technological innovation, and continued promotion of digital transformation in manufacturing [3]. - Policies will be implemented to strengthen the role of enterprises in technological innovation, including structural tax reductions and support for specialized small and medium-sized enterprises [3]. - The government aims to accelerate the efficient transformation and application of major technological achievements, continuing to support the iteration and promotion of qualifying innovative products [3]. Group 5: Loan Subsidy Policy - A joint announcement from five government departments outlines a loan interest subsidy policy for small and micro enterprises, targeting 14 key industries, with a subsidy rate of 1.5% on total loan amounts for a maximum period of two years [4][5].

Company Overview - Guangdong Tuosda Technology Co., Ltd. (referred to as Tuosda) has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] - Tuosda is a leader in the industrial robotics sector in mainland China and a pioneer in the field of embodied intelligence, forming a complete self-sufficient layout in core components, robotic bodies, and automation application systems [4] - The company has made significant progress in embodied intelligence and has commercialized applications in various manufacturing scenarios, including the launch of China's first intelligent humanoid robot for injection molding [6] Market Position - According to Frost & Sullivan, Tuosda ranks first in the industrial robotics solution market in mainland China based on the shipment volume of light-load industrial robots and light industrial sector robots [1] - As of September 30, 2025, Tuosda has engaged with over 200,000 potential customers and served more than 15,000 clients, with its overseas sales network covering over 50 countries and regions [6] Financial Performance - For the fiscal year ending December 31, 2023, Tuosda reported revenues of approximately RMB 4.55 billion, with a gross profit of RMB 803.16 million, resulting in a gross margin of 17.6% [7][8] - The company experienced a net profit of RMB 105.99 million in 2023, but projected a net loss of RMB 238.95 million for 2024 [8][9] - The gross margin is expected to decline to 14.6% in 2024, with a projected recovery to 28.3% by 2025 [10] Industry Overview - The market size for industrial robotics solutions in mainland China is projected to grow from RMB 47.7 billion in 2020 to RMB 81.2 billion by 2024, with a compound annual growth rate (CAGR) of 14.2% [11] - The shipment volume of industrial robots in mainland China is expected to increase from 242,000 units in 2020 to 349,500 units by 2024, with a CAGR of 9.6% [14] - The global embodied intelligence robotics market is anticipated to grow from RMB 104.3 billion in 2025 to RMB 707.5 billion by 2030, with a CAGR of 46.7% [17]

Company Overview - Tuosda Technology Co., Ltd. is a leading player in the industrial robotics sector in mainland China, recognized as a pioneer in the field of embodied intelligence [4] - The company has established a comprehensive layout in core robotic components, robotic bodies, and automation application systems, positioning itself as a "chain master" in Guangdong's intelligent robotics industry [4] Market Position - According to Frost & Sullivan, Tuosda ranks first in the industrial robotics solutions market in mainland China based on the shipment volume of light-load industrial robots and light industrial sector robots in 2024 [1] Product Development - Tuosda has made significant advancements in embodied intelligence, achieving commercial applications in various manufacturing scenarios [6] - The company launched China's first intelligent humanoid robot "Xiao Tuo" for injection molding applications and developed a quadruped robot "Xing Zai" capable of performing multiple tasks in diverse environments [6] Customer Base and Global Expansion - As of September 30, 2025, Tuosda has engaged with over 200,000 potential customers and served over 15,000 clients [6] - The company has expanded its operations globally, with a sales network covering over 50 countries and regions, and has established connections with approximately 4,000 overseas potential customers [6] Financial Performance - For the fiscal year ending December 31, 2023, Tuosda reported revenues of approximately RMB 4.55 billion, with a gross profit of RMB 803.16 million, resulting in a gross margin of 17.6% [7][8] - The company experienced a net profit of RMB 105.99 million in 2023, but projected a net loss of RMB 238.95 million for 2024 [8][9] Industry Overview - The market size for industrial robotics solutions in mainland China is projected to grow from RMB 47.7 billion in 2020 to RMB 81.2 billion in 2024, with a compound annual growth rate (CAGR) of 14.2% [11] - The shipment volume of industrial robots in mainland China is expected to increase from 242,000 units in 2020 to 349,500 units in 2024, reflecting a CAGR of 9.6% [14] Embodied Intelligence Market - The global market for embodied intelligence robots is anticipated to grow from RMB 104.3 billion in 2025 to RMB 707.5 billion by 2030, with a CAGR of 46.7% [17] - The embodied intelligence robot market in mainland China is expected to reach RMB 268.8 billion by 2030, accounting for 38% of the global market [17]

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Guangdong Topstar Technology Co., Ltd. 廣東拓斯達科技股份有限公司 (the "Company") (A j ...

Core Viewpoint - Zhejiang Yifei Intelligent Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sole sponsor. The company focuses on industrial robots and related solutions, particularly in light industrial applications [1]. Group 1: Company Overview - Yifei Technology is a Chinese industrial robotics company specializing in the design, research and development, manufacturing, and commercialization of industrial robots [1]. - The company provides comprehensive robotic solutions and has established a full coverage technology ecosystem, achieving large-scale intelligent decision-making, environmental perception, precise control, and autonomous movement [1]. - According to a report by Frost & Sullivan, Yifei Technology ranks fifth among domestic companies in China that focus on industrial robots and related solutions for light industrial applications, based on projected revenue for 2024 [1].