Summary of Haoshi Electromechanical Conference Call Industry and Company Overview - **Company**: Haoshi Electromechanical - **Industry**: Commercial aerospace, PCB drilling and forming equipment, robotics, and automation Key Points and Arguments - **Commercial Aerospace Applications**: Haoshi's liquid oxygen-methane engine motors are utilized in Blue Arrow rockets, with each engine valued at approximately 4 million yuan. It is expected that 30% of the motors will need replacement after each recovery due to wear and tear, indicating a potential increase in value as rocket capacity expands and new products are developed [2][4][13][18] - **Growth Projections**: The company anticipates a nearly 90% revenue growth in 2025, with a further 100% increase expected in 2026. This growth is driven by advancements in AI and changes in the Apple supply chain, which are projected to boost spindle business by 40%-50% [2][3][6] - **Acquisition Impact**: The acquisition of a European automation group in 2020 has stabilized revenue at around 300 million yuan annually. However, inflation has led to losses, with expectations of returning to profitability by 2026 [2][7] - **Production Capacity Expansion**: Due to unexpected demand from the AI market, Haoshi has invested nearly 100 million yuan in new equipment to double production capacity by February 2026 [2][9][10] - **Market Share in Apple Supply Chain**: Haoshi holds over 60% market share in the glass and touch screen polishing market, with expected growth in spindle business from 100 million yuan in 2025 to 200 million yuan in 2026 [2][11] - **Joint Ventures**: A joint venture with Fengze Sheng aims to invest in high-end linear guide rail projects, expected to generate 150 million yuan in revenue by March 2026 [2][14] - **Overall Performance Expectations**: The company forecasts a 40%-50% increase in overall performance for 2026, with revenues projected to reach around 2.3 billion yuan, primarily driven by the industrial mother machine and robotics sectors [3][15] Additional Important Insights - **Commercial Space Development**: Haoshi is focusing on expanding its customer base in the commercial aerospace sector and enhancing product technology to meet growing market demands [16] - **Competitive Advantages**: Haoshi's products are competitively priced, approximately 30% cheaper than those from state-owned manufacturers, providing a significant advantage in the commercial aerospace market [19] - **Collaborations in Robotics**: Ongoing collaboration with Lens Technology, a key player in the Apple supply chain, is expected to strengthen as Lens builds a large factory for robotics components [20] - **Satellite Sector Plans**: Haoshi is exploring opportunities in the satellite sector, with plans to develop motor systems for satellite movement and power, expected to commence in 2026 [21]

上海一位博士老板，拿到海外大单。 11月30日，黄志明实控的挚达科技，发布公告称，与沙特阿拉伯本地合作伙伴Saudi Controls，签署价值超亿元的销售订单。 "未来五年内，我们将为当地供应多款交流及直流电动汽车充电桩产品。" 黄志明在公告中透露，其计划在沙特建立新工厂，于2025年12月前将一批设备运往利雅得，并在明年一季度投产。 他带领挚达，在10月刚刚登陆港交所，号称"全球家用充电桩第一股"。截至12月2日收盘，市值已达145亿港元，较发行价高出260%，50天左右飙涨超100 亿港元。 "在沙特落地制造基地，本质是输出整套制造体系、质量标准、生产线及测试线，这将构建高竞争壁垒。" 艾媒咨询CEO兼首席分析师张毅告诉《21CBR》记者，挚达在泰国、印尼已积累成熟运营经验，其出海脚步有望提速。 抓住机会 黄志明掌舵的挚达，专门制造家用充电桩，为中国十大汽车制造商里的七家，提供相关服务。 他拿下沙特的合作，为挚达热度再添一把火，消息一宣布，其股价两天上扬11%。 沙特，是中东地区经济最强劲的国家之一，根据规划，到2030年，当地政府将投入至少390亿美元发展新能源汽车生态系统，其中包括大规模建设充电桩 ...

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]

Core Insights - The development of China's electric vehicle charging and swapping industry marks its 10th anniversary in 2025, showcasing significant growth supported by national policies since 2015 [1][2] - The country has established the world's largest electric vehicle charging network, with a charging infrastructure total of 17.348 million units as of August 2025, reflecting a year-on-year growth of 53.5% [1] - The charging infrastructure has expanded to meet the increasing demand for electric vehicles, with a ratio of 1.8 charging points for every electric vehicle [2] Infrastructure Development - The rapid expansion of charging infrastructure is highlighted by the construction of 4.102 million charging points in Beijing, along with 306 battery swapping stations, creating a network that combines private and public charging solutions [4] - New technologies such as mobile charging robots have emerged, enhancing user experience by providing on-demand charging services, thus addressing the issue of limited charging points [5] Challenges in Charging Infrastructure - Despite the achievements, the industry faces challenges such as uneven distribution of charging stations, quality inconsistencies, and operational inefficiencies, which hinder user experience [7][11] - Issues in old residential areas, including insufficient parking spaces and electrical capacity, complicate the installation of private charging stations [8][9] Recommendations for Improvement - The industry is encouraged to focus on enhancing service quality and operational efficiency, transitioning from a price-based competition to a service-oriented approach [15][16] - Recommendations include improving planning for charging facilities in high-demand areas, promoting smart charging technologies, and establishing a standardized framework for charging infrastructure [16][17]

Core Viewpoint - The "Three-Year Doubling Action Plan for Electric Vehicle Charging Infrastructure Service Capacity (2025-2027)" sets clear growth targets for the industry, aiming for 28 million charging facilities and 40,000 high-speed ultra-fast charging guns, positioning Zhida Technology as a key beneficiary of policy incentives [1] Group 1: Market Opportunity - The plan emphasizes the large-scale construction of private charging facilities, mandating new residential areas to install charging facilities or reserve conditions, which activates a significant market for home charging [1] - By 2027, the total number of charging facilities is expected to reach 28 million, with over 1.5 million new private charging stations anticipated, providing Zhida Technology with an estimated demand for over 200,000 units based on its 13.6% market share [1] Group 2: Production and Distribution Capacity - Zhida Technology has established production capabilities with factories in Xuancheng and Anqing, ensuring efficient local production to meet both B-end and C-end demands, with a projected annual capacity of 1.3 million units from domestic and future international factories [2] - The company has achieved significant growth in retail channels, with revenue from retail channels increasing from 53.65 million to 75.225 million yuan from 2022 to 2024, and C-end revenue surpassing 20% of total revenue [2] Group 3: Technological Advancements - The construction of a high-speed intercity charging network opens a second growth curve for Zhida Technology, which has already developed high-power charging technology, with plans for a charging station on the 318 National Road to be operational by the end of 2024 [3] - The integration of smart energy management systems in charging solutions enhances the company's competitive edge, allowing for increased energy self-sufficiency and optimized charging power management [3] Group 4: Financial Performance and Market Position - Zhida Technology's recent IPO on the Hong Kong Stock Exchange raised approximately 326.6 million HKD, with funds directed towards capacity upgrades and R&D, particularly in high-margin products like smart charging stations and charging robots [4] - The company reported a revenue of 217 million yuan in Q1 2025, a 39.43% increase from the previous year, with losses narrowing significantly, indicating a clear trend towards profitability [4] Group 5: Future Growth Potential - The implementation of the three-year doubling plan is expected to drive growth in private charging stations, public charging breakthroughs, and energy service revenue, positioning Zhida Technology to capitalize on the transition from hardware proliferation to intelligent services [5]

Core Viewpoint - The article highlights the successful IPO of Zhida Technology, which has become a leader in the home electric vehicle charging station market in China, reflecting the growing interest in the green energy sector and the company's strong technological capabilities [4][6]. Company Overview - Zhida Technology was founded in 2010, emerging from a research project at Tongji University focused on electric vehicle charging technology [5][10]. - The company has evolved into a major player in the home charging station market, ranking first in China by sales volume and second globally [12][18]. IPO Details - On October 10, 2023, Zhida Technology was listed on the Hong Kong Stock Exchange, opening at HKD 190 per share, a 183.92% increase from its IPO price of HKD 66.92, with a total market capitalization of HKD 11.3 billion [4][6]. - The IPO saw over 5000 times oversubscription, with approximately HKD 250 billion in frozen funds, setting a new record for the Hong Kong stock market in the new energy sector [4][6]. Market Position - According to Frost & Sullivan, Zhida Technology holds a 13.6% market share in China's home electric vehicle charging station sales and a 9.0% share globally [12][18]. - The company has developed a comprehensive ecosystem around charging solutions, including products, services, and digital platforms, aiming to connect households with sustainable energy [5][20]. Financial Performance - Despite being a market leader, Zhida Technology has faced continuous losses since its inception, with net losses of CNY 25.1 million in 2022 and projected losses of CNY 236 million in 2024 [18][19]. - The company has invested heavily in R&D and market expansion, which has temporarily impacted profitability but is expected to enhance long-term competitiveness [19][21]. Future Outlook - The company is focusing on a dual strategy of "technology + ecosystem" to drive growth, with plans to scale high-margin products like charging robots and energy management solutions [20][21]. - As electric vehicle penetration increases and home charging demand rises, Zhida Technology is positioned to capitalize on these trends and potentially achieve profitability in the future [21].

Core Insights - Zhidatech (02650.HK) officially listed on the Hong Kong Stock Exchange on October 10, 2023, opening at HKD 190 per share, a 183.92% increase from its offering price of HKD 66.92, with a total market capitalization of HKD 11.3 billion [4] - The company experienced an overwhelming IPO subscription with over 5000 times oversubscription, raising approximately HKD 250 billion in frozen funds, setting a new record for the Hong Kong stock market in the new energy sector [4] - Zhidatech, rooted in academic research, has evolved from a university lab project into a leading player in the home electric vehicle charging station market, recognized as the top seller in China [5][10] Company Overview - Founded in 2010, Zhidatech originated from a research project at Tongji University focused on electric vehicle charging technology [5] - The company has secured multiple rounds of financing from notable investors, including BYD and Zhongding Holdings, which have stakes of 7.67% and 3.52%, respectively [5] - Zhidatech has developed a comprehensive ecosystem around charging solutions, including five core competencies: products, services, digitalization, manufacturing, and branding [6] Market Position - According to Frost & Sullivan, Zhidatech holds a 13.6% market share in China's home electric vehicle charging station sales and a 9.0% share globally [10] - The company aims to expand its global footprint and enhance its digital and intelligent solutions as part of its 2.0 strategy [6] Financial Performance - Despite being the market leader, Zhidatech has faced continuous losses since its inception, with net losses of HKD 25.1 million in 2022, escalating to HKD 58.1 million in 2023, and projected losses of HKD 236 million in 2024 [11][13] - The losses are attributed to the industry's growth trajectory, high costs, and competitive pricing pressures, which have affected profit margins [13] Future Outlook - Zhidatech is focusing on a dual strategy of "technology + ecosystem" to drive growth, moving beyond just selling charging stations to offering a complete solution that includes products, services, and a digital platform [14] - The company anticipates that increasing electric vehicle penetration and the demand for home charging solutions will eventually lead to profitability [19]

Core Viewpoint - The company has initiated product development and market positioning in the charging robot sector, with testing completed and small-scale deliveries underway. However, this segment currently has a minimal impact on the overall performance of the company [1]. Group 1 - The company is actively engaged in research and development in the charging robot field [1]. - Testing of the charging robot products has been completed, and small-scale deliveries have begun [1]. - The impact of the charging robot business on the company's overall performance is currently small [1].

Group 1 - The article highlights the rapid development of new technologies in the electric vehicle (EV) charging sector, such as 5C batteries and megawatt fast charging, addressing the previous concerns about slow charging times [1] - It points out the practical challenges faced by users, including the cumbersome charging guns and unsanitary conditions at charging stations, even in high-end locations [1] Group 2 - The article introduces a solution to improve the charging experience, mentioning a "charging robot" that boasts a lifespan of 5 million cycles and a price of over 100,000 [3] - It emphasizes the importance of technological upgrades in enhancing user experience alongside charging speed improvements [3]

Core Viewpoint - Jiangsu province is actively promoting the standardization of key industrial chains to enhance the modernization of supply chains and improve the quality of development across various sectors [1][2][5]. Group 1: Standardization and Industry Development - The establishment of standardized interfaces across multiple industrial chains is seen as a "universal language" that facilitates communication and interoperability among different suppliers and technologies [1][2]. - The implementation of GB/T 27930 standard has significantly improved the charging success rate to 99.7% for over 100 car manufacturers, enhancing user experience in the electric vehicle sector [2]. - Jiangsu's initiative has led to 90% of public charging stations completing protocol interoperability upgrades, allowing cross-brand charging for users [2]. Group 2: Competitive Advantage through Standards - Standardization has transformed from a mere requirement to a competitive tool, enabling companies to enhance their technical capabilities and gain customer trust [3]. - Companies like XCMG have actively participated in the formulation of 182 national and industry standards, which have clarified delivery specifications and facilitated collaboration across the supply chain [4]. - The establishment of unified standards is viewed as essential for efficient cooperation among upstream and downstream enterprises, particularly in the automotive chip sector [5]. Group 3: Addressing Gaps and Future Challenges - Despite the progress, challenges remain in areas such as inter-chip connectivity, compatibility, and reliability standards, which are critical for achieving a self-controlled industrial chain [7]. - The hydrogen fuel cell industry faces a lack of standards for key components and construction of hydrogen refueling stations, which are bottlenecks for development [7]. - There is a push for the localization of core hydrogen refueling equipment and the establishment of unified regional standards to facilitate industry growth [7]. Group 4: International Standards and Market Expansion - The signing of mutual recognition agreements with Vietnam's national standards center is expected to reduce compliance costs and time for exporting new energy products [8]. - Jiangsu aims to participate in more international standard-setting activities to gain a stronger voice in global standards [8]. - The provincial market regulation bureau plans to enhance collaboration among various stakeholders to promote the application of technical standards across the entire production and consumption chain [8].