Event Overview - On February 6, 2026, the company announced a revised plan for issuing convertible bonds to unspecified investors, with a total fundraising amount not exceeding RMB 1.30102 billion (including principal) [1] Fundraising Purpose - The raised funds will be used for enhancing core component production capacity, extending the industrial chain, and supplementing working capital. The total investment for the core component capacity enhancement and industrial chain extension project is RMB 1.16 billion, with RMB 1.06 billion planned to be funded from the raised capital. Investments in smart home, automotive, and construction machinery sectors are planned at RMB 512 million, RMB 432 million, and RMB 113 million respectively. An additional RMB 240 million will be allocated for working capital and debt repayment to meet the company's rapid development needs [3] Production Capacity Enhancement - The company aims to improve product added value by introducing automated AI visual inspection equipment to reduce costs and increase efficiency. The smart home component capacity enhancement project will expand the production scale of smart home components, covering the entire process from casting to precision machining, thereby increasing the added value of smart home components. The automotive component capacity enhancement project will extend the industrial chain to machining processes. Both projects will introduce automated AI visual inspection equipment to reduce reliance on inspection personnel, enhance inspection efficiency and accuracy, and minimize internal and external waste [3] New Production Line - The first production line for humanoid robot precision components at the Guangdong Shunde factory has completed the installation and debugging of all high-precision core equipment and has achieved stable production. This successful launch focuses on the manufacturing of high-precision and complex components such as joint modules and core structural parts of reducers, establishing a top-tier precision processing capability cluster. The project has invested in and integrated multiple international top-tier multi-axis precision machining centers, ultra-precision grinding equipment, ultra-precision turning centers, micron-level wire cutting machines, and special material additive manufacturing systems [4] Financial Forecast - The company maintains its profit forecast, expecting revenues of RMB 4.2 billion, RMB 5.0 billion, and RMB 5.8 billion for 2025-2027, with net profits attributable to shareholders of RMB 580 million, RMB 720 million, and RMB 850 million respectively. Corresponding EPS is projected to be RMB 1.07, RMB 1.34, and RMB 1.57, with a PE ratio of 15, 12, and 10 times based on the closing price of RMB 17.17 on February 6, 2026, maintaining a "buy" rating [5]

Core Viewpoint - The company, Kory Technology (002957.SZ), is actively involved in the humanoid robotics sector, providing precision components for various parts such as hips, limbs, skeletons, joints, and fixed supports for both domestic and international brand clients [1] Group 1 - The company has the capability to provide non-standard precision components and related modules for humanoid robots [1] - It also possesses the ability to assemble robot components and develop automated testing equipment [1] - The company is committed to keeping pace with the development of downstream brand clients and is actively exploring more business opportunities in the robotics field [1]

Core Viewpoint - The company is actively responding to customer demands by successfully developing multiple new precision components for humanoid robots, although the revenue contribution from this segment remains small [1] Group 1 - The company has been collaborating with customers to develop new products in the humanoid robotics sector [1] - The progress of the related business has been smooth so far [1] - The revenue contribution from the humanoid robotics components is currently low [1]

Core Viewpoint - The company, Changying Precision (300115), emphasizes its competitive advantage in the precision mold industry, leveraging its extensive experience and capabilities to serve the humanoid robot sector effectively [1] Group 1: Company Strengths - The company has a workforce of over 2,000 in its mold department, including approximately 500 engineers with over 15 years of experience and more than 1,000 with over 10 years of experience, showcasing its strong industry expertise [1] - The company utilizes its precision mold processing approach to manufacture precision components for humanoid robots, achieving high yield rates and high customer satisfaction [1] Group 2: Service Capabilities - The company offers one-stop processing capabilities for both metal and non-metal materials, along with product development and production capabilities for components [1] - This comprehensive service model allows the company to provide optimization and cost-reduction suggestions to clients in the early stages of humanoid robot development, positioning it advantageously in the embodied intelligence industry [1]

Core Insights - The company, Changying Precision, has over 10 years of experience in the humanoid robot sector and has developed a comprehensive processing capability for various materials [1] - The core processing equipment has achieved a stable precision of 2 micrometers (±0.002mm), ensuring the ability to work with lightweight materials and complex structures [1] Material Processing Capabilities - The company has established a one-stop processing capability for both metal and non-metal materials, including aluminum alloys, magnesium alloys, titanium alloys, and various engineering plastics such as PEEK and IGUS [1] - The range of materials also includes rubber, silicone, nylon, and fiber fabrics, utilizing multiple forming processes like CNC, 3D printing, die casting, injection molding, gear hobbing, and hot pressing [1] Development and Optimization - The company possesses extensive experience in the development and processing of components, allowing it to engage with humanoid robot clients during the initial design phase [1] - It provides reasonable optimization suggestions through a combination of scientific design, material selection, and advanced manufacturing processes, achieving optimal weight while ensuring structural strength and functionality [1]

Core Insights - The company specializes in precision manufacturing of core components for humanoid robots, including joint assemblies and dexterous hands, primarily based on customer design blueprints while also engaging in collaborative design and development [2] - The company's key technological advantages lie in its expertise in specific materials processing, transmission precision, and integration capabilities, which are critical in the humanoid robotics sector [2] Company Expertise - The company originated from ultra-precision mold manufacturing, employing over 2,000 personnel in its mold department, including approximately 500 engineers with over 15 years of experience and more than 1,000 engineers with over 10 years of experience, showcasing a competitive edge in the industry [2] - Utilizing a precision mold processing approach, the company achieves high yield rates in manufacturing humanoid robot components, leading to high customer satisfaction [2] Service Offering - The company provides a one-stop service for both metal and non-metal processing capabilities, which includes component development, processing, and production, catering to early-stage humanoid robot clients [2] - The ability to offer design optimization and cost-reduction suggestions is a significant factor in the company's competitive advantage within the embodied intelligence industry [2]

Group 1 - The company is currently providing precision components related to humanoid robots, including hip, limbs, skeleton, joints, and fixed supports for domestic and international brand clients [1] - The company is committed to keeping pace with the development of downstream brand clients and actively exploring more business opportunities in the robotics sector [1] - Due to strict confidentiality agreements with clients regarding commercial secrets, the company is unable to disclose specific application details [1]

Group 1: Investor Relations Activities - The company conducted specific object research with various funds and securities firms from July 1 to September 25, 2025, including notable participants like Guotai Fund and UBS Securities [2][3][4][5][6] - A total of 12 specific object research activities were recorded, with the last one occurring on September 25, 2025 [4][5] Group 2: Company Overview and Core Competencies - The company specializes in precision injection molding, which is crucial for producing core functional components for automotive and high-end household appliances [4][5] - Key materials used include engineering plastics such as PA, PPS, and PEEK, which are essential for high-performance applications [4][5] Group 3: Market Strategy and Future Plans - The company aims to expand its market share in the automotive (including new energy vehicles) and high-end household appliance sectors [5][6] - Plans include developing precision components for thermal management modules and three-electric systems in new energy vehicles, with a focus on increasing unit value and market share [5][6] Group 4: New Production Project - The company is progressing on a new project to produce 800 million sets of new energy vehicle components and ultra-precision engineering plastic parts, located in Shanghai Jinshan District [6] - The project covers an area of 109,121.87 square meters and is expected to be completed by 2026, with production timelines dependent on project progress [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [9] Core Views - The company is positioned as a leader in precision injection molding, with a strong focus on high-precision, high-quality, and high-value-added core components. The growth in revenue is supported by the increasing demand for lightweight components in the new energy vehicle sector [6][5] - The company is expanding its capabilities into humanoid robotics and low-altitude economy applications, leveraging its expertise in precision molds and engineering plastics [6] - The financial forecasts indicate robust revenue growth, with expected revenues of 956 million yuan in 2025, representing a year-on-year growth rate of 27% [3][6] Financial Summary - The company achieved a revenue of 3.8 billion yuan in the first half of 2025, reflecting an 11.5% year-on-year increase, while the net profit attributable to the parent company was 0.7 billion yuan, down 8.6% year-on-year [6] - The projected revenues for 2025-2027 are 956 million yuan, 1.237 billion yuan, and 1.619 billion yuan, with corresponding growth rates of 27%, 29%, and 31% respectively [3][6] - The net profit for the same period is expected to be 186 million yuan, 243 million yuan, and 324 million yuan, with growth rates of 31% for each year [3][6] Key Metrics - The company’s earnings per share (EPS) are projected to increase from 0.58 yuan in 2024 to 1.33 yuan in 2027 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 77.4 in 2024 to 33.9 in 2027, indicating improving valuation as earnings grow [3] - The return on equity (ROE) is forecasted to rise from 12.1% in 2024 to 18.2% in 2027, reflecting enhanced profitability [3]

Core Viewpoint - The company has terminated significant investment projects in the lithium battery structural components sector due to a fundamental shift in market expectations and overcapacity concerns, reflecting a need to reassess its expansion strategy [1][2][3] Group 1: Project Termination and Market Conditions - The company announced the termination of a 1 billion yuan investment project in Yichun, Jiangxi, which was initially planned in March 2023 amid a booming lithium battery market [1] - The actual investment at the time of termination was only 4.96% of the planned amount, with 49.64 million yuan already spent primarily on equipment that will be relocated [1][2] - The company had previously terminated another 500 million yuan project in Yibin, Sichuan, citing a need to concentrate resources on key business areas [1][2] Group 2: Financial Performance and Challenges - In 2024, the company reported revenue of 7.129 billion yuan, an 18.45% year-on-year increase, and a net profit of 254 million yuan, a staggering 493.77% increase [2] - However, the company's total liabilities reached 8.432 billion yuan, with a debt-to-asset ratio of 73.80%, significantly above the healthy level for manufacturing firms [2] - The company has faced continuous negative operating cash flow for five years, with cash and cash equivalents at 1.026 billion yuan, only covering 17.28% of current liabilities [2] Group 3: Strategic Shifts and New Ventures - The company is experiencing pressure from major clients like CATL and BYD, which have strong bargaining power, affecting the company's cash flow and payment terms [3] - Alongside project terminations, the company has also delayed other projects, such as the annual production of 900 million lithium battery tops, pushing the completion date from the end of 2024 to the end of 2025 [3][4] - The company has initiated a new venture into humanoid robot precision components, although this segment has contributed minimally to revenue, highlighting the uncertainty in its strategic pivot [4]