上海鸣志电器股份有限公司 证券代码：603728 证券简称：鸣志电器 公告编号：2025-044 关于2025年第三季度网上业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 上海鸣志电器股份有限公司（以下简称"公司"）于2025年11月4日（星期二）上午10:00 ~ 11:00，通过上 海证券报·中国证券网路演中心（https://roadshow.cnstock.com/）召开了公司2025年第三季度网上业绩说 明会，现将本次业绩说明会的召开情况公告如下： 一、业绩说明会的召开情况 公司于2025年10月29日在《中国证券报》、《上海证券报》、《证券时报》、《证券日报》及上海证券 交易所网站（www.sse.com.cn）披露了《关于召开2025年第三季度网上业绩说明会的公告》。 2025年11月4日上午10:00 ~ 11:00，公司董事长兼总裁常建鸣先生、董事兼财务总监程建国先生、独立 董事鲁晓冬女士、董事会秘书温治中先生出席了本次业绩说明会，并对参会投资者普遍关心的2025年前 三季度的 ...

光合作用是所有生命的能量来源，生态系统中碳循环的重要机制。作为"一支有温度的基金" ， 光 速光合 也 正在与创业者，与这个社会产生"光合作用"，联结创新的同时，推动着社会的可持续发 展。 创业邦将陆续刊载光速光合的投资专栏「光合说」，分享光速光合投资背后的故事。 故事的起因可能是一通陌生的电话，一次登门拜访，或是对一篇学术论文的关注……光速光合与创 业者的交集就此展开。没有酒桌上的觥筹交错，也没有天花乱坠的承诺，只有长时间的相伴，分担 痛苦、分享成功，实践长期主义的价值。 "思考、专注、探索、创新"，这是光速光合的投资信仰。凭借着对行业的极致追求，心怀时代赋予 的责任，积极寻找下一个可能的机会。期待"中国创新的全球合伙人"能携手更多行业创新的探路者 们一路向光，合力而为。 自第一届奥运会正式开启马拉松项目之后的1 29 年，机器人也齐刷刷地站在了马拉松的跑道上。在 具有轻量化、高爆发力的一体化关节的加持下，这些钢铁直男们大步行走、奔跑，甚至双脚跳跃。 他们 看似寻常的仿人类动作背后，仰仗的则是几十个需要高集成设计和精密制造的关节模组，它直接 影响着机器人的运动能力、负载效率及场景适应性。无锡泉智博科技有限公 ...

Group 1 - The core viewpoint of the article highlights that Minth Group (00425) is expected to see a revenue growth rate of approximately 50% year-on-year for its battery box business in 2024 and the first half of 2025, benefiting from the increase in electric vehicle production in Europe [1][2] - The company has secured orders from major European automakers such as Volkswagen, Stellantis, and Renault, which positions it well to capitalize on the growing demand for electric vehicles [1] - The company is focusing on enhancing its production capacity and reducing costs, which is expected to lead to an increase in gross profit margins and profit elasticity [1] Group 2 - Minth Group is recognized as a leading global supplier of automotive exterior and body structural parts, with a diversified product line that includes plastic parts, metal and decorative parts, aluminum components, and battery boxes [2] - The traditional business of the company is experiencing steady growth, while the battery box segment is anticipated to contribute significantly to profit elasticity due to the rise in electric vehicle production in Europe [2] - The company is actively exploring new sectors such as low-altitude economy, robotics, and AI liquid cooling systems, which are expected to create a third growth curve for the business [2] - The forecasted net profit for the company from 2025 to 2027 is projected to be 2.74 billion, 3.32 billion, and 3.99 billion yuan respectively, with corresponding EPS of 2.36, 2.85, and 3.43 yuan per share, indicating a favorable valuation with PE ratios of 13.4, 11.1, and 9.2 times [2]

Core Viewpoint - The report from Kaiyuan Securities indicates that Minth Group (00425) is experiencing steady growth in its traditional business, with its battery box segment benefiting from the surge in electric vehicles in Europe, which is expected to contribute to profit elasticity. The company has established a comprehensive global production capacity, creating a capacity barrier. Additionally, the company is actively exploring new sectors such as low-altitude economy, robotics, and AI liquid cooling, which may form a third growth curve [1] Group 1 - The company is projected to achieve net profits attributable to shareholders of 2.74 billion, 3.32 billion, and 3.99 billion yuan for the years 2025-2027, with EPS of 2.36, 2.85, and 3.43 yuan per share respectively [1] - The revenue growth rate for the battery box business is expected to be around 50% year-on-year for both 2024 and the first half of 2025 [1] - The company has secured orders covering popular electric vehicle platforms from European automakers such as Volkswagen, Stellantis, and Renault, positioning it to benefit from the increase in electric vehicle production in Europe [1] Group 2 - The company is focusing on two main product systems in the low-altitude economy sector: airframe and rotor systems, and has signed a strategic cooperation agreement with EHang Intelligent [1] - In the robotics field, the company is concentrating on integrated joint modules, robotic electronic skin, smart masks, wireless charging systems for robots, and structural components, having signed a strategic cooperation agreement with Zhiyuan Robotics [1] - The company is also prioritizing the development and implementation of AI liquid cooling system-related products [1]

Core Viewpoint - The report from Open Source Securities indicates that Minth Group (00425) is experiencing steady growth in its traditional business, with its battery box segment benefiting from the increase in electric vehicle production in Europe, which is expected to contribute to profit elasticity. The company has established a comprehensive global production capacity, creating a capacity barrier. Additionally, the company is actively exploring new sectors such as low-altitude economy, robotics, and AI liquid cooling, which may form a third growth curve [1] Group 1 - The company is projected to achieve net profits attributable to shareholders of 2.74 billion, 3.32 billion, and 3.99 billion yuan for the years 2025 to 2027, with earnings per share (EPS) of 2.36, 2.85, and 3.43 yuan per share respectively [1] - The revenue growth rate for the battery box business is expected to be around 50% year-on-year for both 2024 and the first half of 2025 [1] - The company has secured orders covering popular electric vehicle platforms from European automakers such as Volkswagen, Stellantis, and Renault, which positions it to continue benefiting from the increase in electric vehicle production in Europe [1] Group 2 - The company is focusing on two main product systems in the low-altitude economy sector, having signed a strategic cooperation agreement with EHang Intelligent [1] - In the robotics field, the company is concentrating on integrated joint modules, robotic electronic skin, smart masks, wireless charging systems for robots, and limb structural components, and has signed a strategic cooperation agreement with Zhiyuan Robotics [1] - The company is also prioritizing the development and implementation of AI liquid cooling system-related products [1]

Group 1 - The company is a local automotive parts manufacturer in Chongqing, primarily engaged in power transmission and touch display businesses, with power transmission becoming the main revenue contributor, accounting for 54% of revenue in the first half of 2025 [1] - In 2023, the company experienced losses due to goodwill impairment but is expected to return to profitability in 2024, with net profits of 124 million and 109 million yuan in 2024 and the first half of 2025, respectively [1] - The company's new energy business is rapidly expanding, with sales and revenue proportions significantly increasing; the share of new energy products in total power transmission sales is projected to rise from 5% in 2022 to 18% in 2024, and new energy revenue is expected to grow from 5% to 15% of total revenue during the same period [1] Group 2 - The Chongqing government is actively supporting the robotics industry, with multiple policies aimed at fostering innovation and development in this sector [2] - In January 2025, the company invested in QuanZhiBo to establish a presence in the robotics business, leveraging its technical reserves in transmission and precision component mass production [2] - The company successfully launched an integrated joint module in the first half of 2025, which is anticipated to become a new growth point for the business [2] Group 3 - The company expects to achieve operating revenues of 4.23 billion, 5.01 billion, and 5.69 billion yuan from 2025 to 2027, with net profits of 240 million, 300 million, and 390 million yuan, respectively [2] - Corresponding price-to-earnings ratios are projected to be 42.9, 34.2, and 26.4 times for the years 2025, 2026, and 2027 [2]

Core Insights - The article emphasizes the rapid industrialization of humanoid robots, highlighting the importance of integrated joint modules as a key component for overcoming mass production bottlenecks and enhancing overall machine performance [2][15] - Companies with core technological capabilities in this high-growth sector are attracting significant capital attention, providing essential hardware foundations for embodied intelligence [2] Company Summaries Key Listed Companies - **泉智博**: Recently completed two rounds of financing exceeding 100 million yuan, focusing on high-torque density and high-efficiency integrated joints for humanoid robots. The company has established a product matrix covering torque ranges from 2Nm to 400Nm, with peak torque density reaching 210Nm/kg, surpassing domestic competitors [2][3] - **中大力德**: Offers a comprehensive product line in precision reducers and motors, widely used in humanoid robot joints. The company maintains long-term collaborations with various robot manufacturers, enhancing product precision and torque density [3][4] - **绿的谐波**: A leading company in the harmonic reducer industry, known for high precision and reliability. It collaborates with numerous humanoid robot companies, providing core support for joint components [6] - **埃斯顿**: A leader in industrial robotics, has achieved comprehensive self-research in humanoid robot joint technology. Its humanoid robot Codroid 02 features 31 degrees of freedom and a single-arm load capacity of 5 kg [7] - **昊志机电**: Specializes in high-end core components like servo motors and drives, providing strong and stable power for humanoid robot joints [9] - **均普智能**: Collaborates with Hechuan Technology to develop key components for humanoid robots, focusing on linear joints and dexterous hands [10] - **双林股份**: Plans to invest approximately 9.95 billion yuan in the industrialization of roller screw and joint modules, aiming for an annual production capacity of 1 million sets [13] - **江苏北人**: Serves as a core service provider for Tesla's Optimus welding process, with significant growth potential as production ramps up [14] Other Mainstream Companies - **爱福纳**: Develops integrated joint modules with a compact design, achieving a peak torque of over 66Nm while maintaining a lightweight structure [15] - **四川天链机器人**: Introduces ultra-lightweight integrated joints, optimizing the structure of embedded servo motors to enhance torque density and reduce weight [15] Market Outlook - The demand for joint modules is projected to grow to 4.82 million sets in five years, with the market size expected to exceed 68.9 billion yuan. Integrated joints are recognized as core components for humanoid robots, with high technical barriers and the need for deep hardware-software collaboration [15]

Core Viewpoint - The article discusses the emergence of a new industrial revolution driven by AI, focusing on the company's innovative joint module products and their market strategies in the robotics sector [2]. Financing Progress - The company has completed two rounds of financing, Pre-A and Pre-A+, raising several tens of millions of yuan. The Pre-A round was led by Sequoia Seed, with follow-on investments from Honghui Fund and Xingniu Capital, while the Pre-A+ round was exclusively invested by Honghui [9][10]. Product and Business - The company offers integrated joint module products, including the flagship RobStride series and the upcoming EduLite developer series. The product strategy focuses on standard product shipments rather than customized deliveries [11][12]. - The RobStride series features joint modules with torque ranging from 1.5N.m to 120N.m, while the EduLite series aims to support the developer ecosystem with open-source hardware products [13][14]. - Since its establishment, the company has launched seven mass-produced joint modules, averaging one new product release per quarter, with plans to introduce 3-4 new products by the second half of 2025 [15]. Core Barriers - The company's joint module products have three main advantages: reliability, consistency, and a developer ecosystem. The flagship RobStride product is made from alloy steel and aluminum die-casting, ensuring high strength [17][18]. - The core asset is the self-developed POMA technology architecture, which guarantees rapid product iteration and industry-leading reliability, consistency, and production yield [19]. Founder Insights - The company is optimistic about embodied intelligence over a 5-10 year horizon but anticipates potential industry fluctuations in the coming year due to the need for extensive data collection to validate current technologies [21][22]. - The company aims to diversify its client base beyond embodied intelligence, with approximately 30%-40% of total revenue coming from this sector, while also exploring opportunities in electric vehicles, pool robots, and industrial automation [24]. - The EduLite series is designed for individual developers, offering similar performance to flagship products at half the price, with components that support 3D printing and standard materials available online [25][26][28]. Engineering Ecosystem - The company adopts a partnership strategy with engineers, engaging in technical discussions on platforms like GitHub to build a community of young engineers. This approach helps improve product development and fosters a feedback loop for continuous improvement [29][31]. - The evaluation of joint modules is based on parameters such as response time and torque density, but reliability and consistency during mass production are emphasized as critical factors for long-term success [32][33]. Cost Management - The company believes that cost is designed rather than managed, focusing on structural design and process optimization to eliminate redundancies while ensuring reasonable profits for supply chain partners [34][35]. Industry Challenges - The joint module sector faces challenges in customer acquisition, as the industry is still in its early stages. Finding applications in other scenarios is crucial for long-term sustainability [36][37]. - The company recognizes the need to maintain technological leadership through research and development, aiming to find better materials and configurations while building a comprehensive user ecosystem [41].

Core Viewpoint - The company held its 2025 semi-annual online performance briefing on September 5, 2025, to communicate its operational performance and address investor inquiries [1][2]. Performance Briefing Details - The performance briefing was attended by key executives including the Chairman and President, the Financial Director, and independent directors, facilitating extensive communication with investors regarding the company's performance [2]. Key Issues Discussed - The company has established a comprehensive product platform in the humanoid robot sector, supplying over 100 leading enterprises domestically and internationally, showcasing advantages such as a complete product range and strong delivery capabilities [3] - The slowdown in overseas revenue growth is attributed to new tariff policies implemented in the U.S. in April 2025, which affected order fulfillment from key clients [3] - In the smart driving vehicle sector, the company is experiencing growth above the average market rate, with key applications in mass production and a clear upward demand trajectory [3][4] - New generation motion control products have entered the harvest phase, with significant advancements in product development and a stable R&D expense ratio of approximately 9.5% over the past three years [4] - The Vietnam factory has a designed capacity of 4 million stepper motors, with an expected output of approximately 350,000 units for 2025, indicating a rapid increase in revenue and a significant reduction in losses [4] - The decline in net profit for the first half of 2025 is primarily due to the relocation of the Shanghai base and the ramp-up of the new factory in Vietnam, which has affected production efficiency [4] - The company has received bulk orders from some of the over 100 enterprises to which it has sent samples in the humanoid robot industry [4] - Combined revenue from the semiconductor and robotics sectors exceeds 200 million, with specific products identified in each category [4] - The company is actively managing foreign exchange risks due to fluctuations in the RMB/USD exchange rate, utilizing hedging tools to mitigate financial impacts [4]

Core Insights - Guohua Intelligent has completed a new round of financing amounting to tens of millions, with investors including Xiaomi Industrial Investment and A-share listed company Jinyang Co., Ltd. The funds will primarily be used for the technological iteration and expansion of humanoid robot core joint modules [2] - The company aims to accelerate the upgrade of its production and research systems, preparing for a significant breakthrough in the industry [2] Company Overview - Established in February 2021, Guohua Intelligent focuses on the research and development of core components for intelligent manufacturing and the integration of systems in the downstream sector [2] - The company has undergone six rounds of financing, with notable investors including Qindao Milestone Venture Capital and Shandong Provincial Financial Investment [2] Technology Focus - Guohua Intelligent is concentrating on two main technological directions: the development of core transmission components such as harmonic reducers and planetary roller screws, and the deep integration of these components with motors, drives, and sensors to form integrated joint modules [3] - The company has developed four major series and over a hundred standard models of harmonic reducers, which are applied in various fields including industrial robots, collaborative robots, humanoid robots, and aerospace [5] Competitive Advantage - In the context of increasing competition in the domestic humanoid robot industry, Guohua Intelligent's advantages lie in its full-stack self-research capabilities and rapid response speed [12] - The company possesses a complete chain capability from material heat treatment, tooth profile design, precision processing to complete machine testing, allowing for quick iterations in response to customer modification requests [12] Collaboration with Xiaomi - Guohua Intelligent is a key partner in Xiaomi's humanoid robot project, providing comprehensive support for core components such as upper body joint modules and rotational and linear joints [8] - Xiaomi's investment strategy in the robotics sector includes a focus on core components and complete solutions, with Guohua Intelligent being recognized for its expertise in harmonic reducers, referred to as the "joint password" of robots [13]