Core Viewpoint - The company, Haozhi Electromechanical, has established itself as a leader in the robotics field with advanced technology and product experience, particularly in the production of harmonic reducers that outperform international competitors in key metrics [1] Group 1: Technology and Product Development - The company has been deeply involved in the robotics sector for many years, achieving significant technological advancements and product experience [1] - The harmonic reducer produced by the company has transmission accuracy nearly double that of mainstream international products and reduces vibration amplitude by over 30% compared to foreign products, meeting stringent demands for "zero shake" in high-end applications such as medical and chip manufacturing [1] - All core functional components of the company's robots, including reducers, low-voltage drivers, torque sensors, frameless torque motors, and encoders, have been developed in-house, with some products applicable in aerospace fields [1] Group 2: Financial Impact and Market Position - Currently, the sales revenue from the company's core functional components in robotics is relatively small and will not significantly impact the company's overall performance [1] - Investors are advised to make cautious decisions and be aware of investment risks, as the current revenue from these components does not yet reflect their potential market impact [1]

Core Viewpoint - The company has made significant advancements in the robotics sector, achieving superior performance metrics in key components compared to international competitors [1] Group 1: Technology and Product Development - The company has extensive experience and technical accumulation in the robotics field, leading to the development of core components that exceed international standards [1] - For instance, the company's harmonic reducers have transmission accuracy nearly double that of mainstream international products and reduce vibration amplitude by over 30% compared to foreign products [1] - The company's products meet stringent requirements for "zero shake" in high-end applications such as medical and semiconductor manufacturing [1] Group 2: Domestic Production and Applications - All core functional components, including reducers, low-voltage drivers, torque sensors, frameless torque motors, and encoders, have been developed in-house [1] - Some of these products are applicable in aerospace and aviation fields, indicating a broadening of potential market applications [1] - Currently, the sales revenue from the company's core functional components in robotics is relatively small [1]

Core Insights - The company emphasizes "independent innovation" as a fundamental aspect of its development, focusing on high-end precision manufacturing and continuously advancing in the field [2][3] R&D Investment - R&D is identified as the core competitive advantage, with investments of 96.35 million yuan, 108 million yuan, and 121 million yuan for 2022, 2023, and 2024 respectively, representing 9.99%, 10.75%, and 9.29% of revenue [3] - The company has achieved significant breakthroughs in key technologies such as high-precision encoder technology and ultra-precision processing, establishing a systematic and platform-based technical system [3] Business Focus and Growth - The company has become a "hidden champion" in the global electric spindle market, with spindle product sales ranking first worldwide for three consecutive years, contributing over 60% to revenue [5] - The synergy between the two main business directions—CNC machine core components and robotics—has created a virtuous cycle of technology sharing and market collaboration [5] Robotics Development - The company has developed all core components for humanoid robots, including harmonic reducers and low-voltage drives, with production capabilities of 150,000 harmonic reducers and 3,000 collaborative robots annually [6] - The company is positioned to achieve significant breakthroughs in humanoid robot core components by 2025, with small-scale sales already initiated with key clients [6] International Expansion - The acquisition of Swiss Infranor Group in 2020 has expanded the company's business layout in controllers and servo drives, facilitating a global strategy [7] - In the first half of 2025, overseas revenue reached 119 million yuan, accounting for 16.93% of total revenue, with plans to advance an integrated international strategy of "R&D + manufacturing + service" [7]

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]