Core Viewpoint - The company, Haineng Industrial (300787), reported an increase in market share for its traditional products and anticipates stable growth in orders for its newer products in 2024, contributing positively to revenue and profit in the first half of the year [1] Group 1 - The company's traditional products, including signal harnesses, signal adapters, and power adapters, achieved an increase in market share during the first half of the year [1] - Newer products such as cleaning robots, smart security products, and energy storage systems are expected to enter mass production in 2024, leading to stable order growth [1] - The growth from both traditional and new products has positively impacted the company's revenue and profit for the first half of the year [1]

Group 1: Company Overview - Securities Code: 300787, Securities Abbreviation: Haineng Industrial [1] - Bond Code: 123193, Bond Abbreviation: Haineng Convertible Bond [1] - Company Name: Anfu County Haineng Industrial Co., Ltd. [1] Group 2: Investor Relations Activity - Activity Type: On-site visit as part of "Rational Investment Accompanies Me" event organized by CITIC Securities [2] - Date and Time: September 18, 2025, from 09:30 to 11:30 [2] - Location: Anfu County Industrial Park, Ji'an City, Jiangxi Province [2] - Participants: 11 individual investors and 5 CITIC Securities specialists [2] Group 3: Key Discussion Points - **Performance Growth**: Company reported a 60% increase in revenue in the first half of the year, driven by traditional products like signal harnesses and adapters, as well as new products such as cleaning robots and energy storage systems expected to stabilize orders post-2024 [2][3] - **Technological Innovations**: The company's cleaning robots feature innovations such as hair tangle prevention, dual mechanical arms, smart cleaning cloths, object recognition, and self-cleaning bases [3] - **Impact of Tariffs**: The establishment of a factory in Vietnam in 2018 has allowed the company to mitigate the impact of U.S. tariffs, with current U.S. orders primarily fulfilled by the Vietnam facility [3] - **Market Expansion**: The company aims for balanced global market development, recognizing the domestic market's potential due to its large scale and quality customer base [3] Group 4: Disclosure Information - No undisclosed significant information was involved in this activity [3]

Group 1 - The company reported a revenue of 1.505 billion yuan for the first half of 2025, representing a year-on-year increase of 60.48% [1] - The net profit attributable to shareholders reached 77.1763 million yuan, up 131.96% year-on-year, while the net profit after deducting non-recurring gains and losses was 56.7795 million yuan, reflecting an 86.24% increase [1] - The net cash flow from operating activities was 111 million yuan, showing a growth of 92.36% compared to the previous year [1] Group 2 - The company specializes in customized design and production of consumer electronics and the research, production, and sales of new energy products, with a focus on signal transmission products and energy storage solutions [2] - The consumer electronics industry is currently experiencing a recovery phase combined with an innovation cycle, which is expected to drive performance growth for related companies [2] - The gross margin for electronic products was 24.39%, while the gross margin for new energy products was 15.01% [2] Group 3 - The company invested 102 million yuan in research and development in the first half of 2025, accounting for 6.75% of its revenue, maintaining a high proportion of R&D investment [3] - Continuous R&D investment ensures the vitality of the company's R&D system, which is crucial for maintaining market competitiveness [3] - The company has developed a comprehensive range of signal products, including various types of signal converters and matrix products, showcasing its technical development capabilities [3] Group 4 - In the power product sector, the company has leading R&D and manufacturing capabilities, offering a series of products including PC power supplies, wall chargers, and mobile power sources [4] - The company has optimized its production processes and combined automation equipment to enhance production efficiency and flexibility [4] - The company has established production bases in multiple locations, including Jiangxi and Guangdong provinces, as well as Vietnam, which strengthens its advantages in supply efficiency and cost control [4]

Investment Rating - The report indicates a strong growth potential for the humanoid robot harness industry, with a projected market size increase from 340 million RMB in 2025 to 8.16 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 121.34% [42][45]. Core Insights - The humanoid robot harness industry is characterized by high performance requirements, surpassing those of industrial robot harnesses but slightly below automotive-grade harnesses. The industry is expected to evolve towards smart, high-performance, lightweight integration, and biomimetic designs [4][37]. - The market growth is driven by global robotics policies, technological advancements in China, and the expansion of application scenarios for humanoid robots [4][45]. Industry Definition - Humanoid robot harnesses consist of a collection of wires and cables connecting various robot components, essential for power transmission, signal control, and data communication, likened to the "blood vessels" and "nervous system" of robots [5][4]. Product Classification - Humanoid robot harnesses are categorized into flexible and rigid cables, as well as power and signal harnesses. Specialized harnesses include liquid cooling harnesses and unique signal harnesses to meet specific operational needs [6][9][12]. Industry Characteristics - The industry features high barriers to entry in terms of capital, technology, and customer relationships, with a trend towards intelligent, high-performance, lightweight, and biomimetic developments [15][16][19]. Development History - The humanoid robot harness has evolved through several stages, from basic external wiring in the early years to the current stage of intelligent reconfigurable and biomimetic designs [21][24]. Industry Chain Analysis - The upstream of the humanoid robot harness industry includes raw materials such as wires, insulation materials, and connectors, while the midstream consists of harness manufacturers, predominantly overseas suppliers for major humanoid robot companies [25][30]. Market Size and Growth - The humanoid robot harness market is expected to grow significantly, driven by supportive government policies, technological breakthroughs, and increasing market demand due to aging populations and rising labor costs [42][45][46]. Competitive Landscape - The competitive landscape is dominated by international giants like Amphenol and Sumitomo Electric, with emerging Chinese companies like Luxshare Precision and Wuxi Xinhongye gaining traction [50][52]. Company Overview - Luxshare Precision Industrial Co., Ltd. reported a revenue of 16 billion RMB with a year-on-year growth of 7.3% and a gross margin of 11.8% [55].