1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The company is a precision metal manufacturing platform with multi - process combination technology, which has expanded into the humanoid robot industry since early 2025. Products such as micro planetary roller screws are being sent to 5 leading T1 customers, and metal parts like robot reducers and joint module components have started shipping [24]. - In 2025 H1, the subsidiary Nantong Fulwang had not fully put into production, resulting in a loss of about 31.86 million yuan. The parent company's main business income increased by 10.16% year - on - year, but the cost increased by 24.09% due to recruitment and equipment purchase for a new earphone project. The company's profitability is expected to improve as new projects' demand is released [25]. - The MIM process has advantages in producing complex precision metal parts and has good prospects in the humanoid robot industry, with the company having mature production capacity and technology for MIM parts [26]. 3. Summary According to the Directory 3.1 Research Basic Information - Research object: Fulwang [16] - Industry: Consumer electronics [16] - Reception time: September 4, 2025 [16] - Reception personnel: Chairman and General Manager Xu Huijun, Board Secretary You Dongcha, Financial Controller Chen Jun, Independent Director Liu Qiong [16] 3.2 Detailed Research Institutions - The reception objects are all investors who participated in Fulwang's 2025 semi - annual performance briefing through online interaction [19] 3.3 Main Content Information - **Cooperation with Apple**: The company focuses on R & D, manufacturing, and sales of precision metal parts, and its products are widely used in various fields [23]. - **Robot Parts Supply**: Metal parts such as robot reducers, joint module components, and high - precision wave springs have started shipping, but specific customer information is not disclosed [23][24]. - **Sending Samples to Leading Customers**: The company has sent samples of micro planetary roller screws to 5 leading T1 customers, and specific customer information is not disclosed [23][24]. - **Progress in the Humanoid Robot Industry**: In 2025, the company expanded into the humanoid robot industry, increased R & D investment in micro screws, and developed micro planetary roller screws of different specifications [24]. - **Performance in H1 2025**: The subsidiary Nantong Fulwang suffered a loss, while the parent company's main business income increased, but the cost also rose significantly. The company's profitability is expected to improve in the peak seasons of Q3 and Q4 [25]. - **MIM Process in the Humanoid Robot Industry**: The MIM process has advantages in producing complex precision metal parts and has good prospects in the humanoid robot industry, and the company has mature production capacity and technology [26].

中信建投研报认为，近期各地发布机器人相关产业支持政策，给予一定产业补贴或消费补贴。世界机器 人大会依旧保持空前的热度，国产机器人百花齐放。产业链相关的灵巧手、关节模组零部件、传感器等 环节均有多种方案齐头并进，有望加速具身智能机器人迭代。具身智能产业链相关的进步正不断被看 到，后续仍有世界人形机器人运动会、智元机器人合作伙伴大会、Optimus三代机发布、国产机器人招 投标等潜在催化值得关注。我们继续看好板块整体行情，推荐产业趋势更优、放量更快的传感器、灵巧 手、垂类应用端、国产供应链条等环节。 ...

每经AI快讯，中信建投指出，近期各地发布机器人相关产业支持政策，给予一定产业补贴或消费补 贴。世界机器人大会依旧保持空前的热度，国产机器人百花齐放。产业链相关的灵巧手、关节模组零部 件、传感器等环节均有多种方案齐头并进，有望加速具身智能机器人迭代。具身智能产业链相关的进步 正不断被看到，后续仍有世界人形机器人运动会、智元机器人合作伙伴大会、Optimus三代机发布、国 产机器人招投标等潜在催化值得关注。继续看好板块整体行情，推荐产业趋势更优、放量更快的传感 器、灵巧手、垂类应用端、国产供应链条等环节。 ...

中信建投指出，近期各地发布机器人相关产业支持政策，给予一定产业补贴或消费补贴。世界机器人大 会依旧保持空前的热度，国产机器人百花齐放。产业链相关的灵巧手、关节模组零部件、传感器等环节 均有多种方案齐头并进，有望加速具身智能机器人迭代。具身智能产业链相关的进步正不断被看到，后 续仍有世界人形机器人运动会、智元机器人合作伙伴大会、Optimus三代机发布、国产机器人招投标等 潜在催化值得关注。继续看好板块整体行情，推荐产业趋势更优、放量更快的传感器、灵巧手、垂类应 用端、国产供应链条等环节。 ...