宁波韵升股份有限公司 第十一届董事会第十三次会议决议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 宁波韵升股份有限公司于2025年11月19日向全体董事发出了以通讯方式召开第十一届董事会第十三次会 议的通知，于2025年11月24日以通讯方式召开第十一届董事会第十三次会议。本次会议应参加董事8 人，实际参加董事8人。本次会议的召集、召开和表决程序符合有关法律、法规和公司章程的规定，会 议形成的决议合法有效。 二、董事会会议审议情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600366 证券简称：宁波韵升 编号：2025-070 董 事 会 为推进公司国际化战略、提升品牌形象及构建多元化资本平台，根据公司总体发展战略及运营需要，公 司拟在境外发行股份（H股）并在香港联合交易所有限公司上市（以下简称"本次H股上市"）。公司董 事会同意授权公司管理层启动本次H股上市的相关前期筹备工作，后续将依规履行信息披露义务及决策 流程。公司计划与相关中介机构就本次H股上市的具体推进工作进行商 ...

Core Viewpoint - Linyi Intelligent Manufacturing (领益智造) is seeking to expand its financing platform by applying for an IPO on the Hong Kong Stock Exchange, aiming to alleviate liquidity concerns and support its global ambitions while facing challenges in asset-liability management and funding needs for acquisitions [2][10]. Group 1: Financial Performance - For the first three quarters of 2025, Linyi Intelligent Manufacturing reported revenue of 37.59 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.94 billion yuan, up 37.66% compared to the previous year [2][7]. - The company generated a significant operating cash flow of 2.30 billion yuan, reflecting a more than 60% increase year-on-year, indicating a solid business foundation to support new ventures [7]. Group 2: Strategic Focus and Expansion - The company aims to transition from traditional manufacturing to high-value sectors such as AI, humanoid robots, and new energy vehicles, with a focus on four core areas: humanoid robots, XR, foldable screens, and servers [3][4]. - Linyi Intelligent Manufacturing has established strategic partnerships with leading firms in the robotics sector and aims to leverage its precision manufacturing capabilities to become a key player in the AI hardware market [4][5]. Group 3: Acquisition Strategy - The company has been actively pursuing acquisitions to enhance its automotive business, including a recent cash acquisition of Zhejiang Xianglong for 2.40 billion yuan, which strengthens its position in the automotive transmission system [6][10]. - Linyi Intelligent Manufacturing's acquisition strategy is characterized by a dual approach of internal growth and external expansion, aiming to build a comprehensive product matrix in the automotive supply chain [6][10]. Group 4: Financial Challenges - Despite strong revenue growth, the company faces increasing short-term debt, which surged to 7.33 billion yuan, more than doubling from the beginning of the year, raising concerns about short-term repayment pressures [8][9]. - The company's cash and cash equivalents stood at 3.67 billion yuan, indicating a potential liquidity gap when considering the substantial cash outflows required for acquisitions and operations [8][9]. Group 5: IPO Rationale - The IPO on the Hong Kong Stock Exchange is seen as a crucial step for Linyi Intelligent Manufacturing to enhance its capital structure, reduce debt levels, and improve liquidity [9][10]. - The company aims to utilize the funds raised from the IPO to support its global expansion and mitigate currency risks associated with its international operations [9][10].

然而，一个关键的例外是减速器。报告明确指出，减速器是唯一被与会公司一致提及需要外购的核心零 部件。 机器人行业的竞争格局正在重塑。硬件的普遍可制造性正将真正的护城河推向软件算法、数据积累和生 态系统构建。 据追风交易台消息，摩根士丹利11月23日发布的纪要显示，该行在亚太峰会期间与极智嘉、优必选、越 疆科技等多家机器人公司进行了交流。会议反馈显示，全球投资者对机器人领域的兴趣依旧浓厚，但行 业内部的关注焦点已然转移。 行业参与者日益形成共识：软件将是决定未来竞争格局的关键差异化因素。与会公司普遍强调，除了减 速器等少数精密部件外，大部分硬件已具备自研能力。 硬件自研成趋势，减速器成唯一例外 据摩根士丹利报告，机器人硬件的自主研发已成为行业主流趋势。在峰会上，大多数机器人集成商都强 调了其内部组件开发的能力和构建自身生态系统的努力。这表明，在机器人本体的硬件制造环节，技术 壁垒正在被逐渐打破。 这一转变对投资者评估机器人公司提出了新的要求。市场的关注点正从单纯的硬件制造能力，转向企业 在软件开发、数据训练以及构建高效生态系统方面的实力。 软件与数据：新的核心战场 如果说硬件是机器人的"身体"，那么软件和数据则是 ...

产业筑峰强链工程，将对顶尖科技人才给予最高1000万元项目资助、300万元安家补贴，重点做强具身 机器人等整机制造，做大传感器、减速器等核心硬件，做精控制、交互等智控软件，形成多品类全链路 的产品体系。 企业育林参天工程，将设立总额10亿元的基金池，对企业并购重组等重大行动给予最高5000万元支持， 重点培育300亿级、100亿级链主企业，支持骨干企业参与标准制定和技术攻关，形成大、中、小企业协 同发展的产业格局。 技术创新融合工程，将对实施重大技术攻关项目的企业给予最高1000万元支持，重点建设智能机器人中 试平台等项目，加快创新要素集聚、汇聚全球优质资源、推进创新成果转化。 近日，《常熟市智能机器人产业发展三年行动计划（2025-2027年）》发布。常熟将发挥大项目及产业 联盟引领作用，加快形成集整机、核心零部件、系统集成、验证训练于一体的智能机器人产业生态，力 争到2027年产业规模突破1200亿元。 应用场景拓展工程，将对新产品给予最高50%订单额奖补，对典型场景、智能工厂给予最高300万元资 金奖励，重点加快智能产线在汽车、纺织等制造场景落地，深化机器人与人工智能的"AI+"场景融合， 加大建筑、医 ...

中大力德公告，公司于2025年4月28日召开董事会会议，审议通过了设立日本全资子公司的议案。近 日，公司已完成日本全资子公司的注册登记手续，并领取了注册登记证明文件。新设立的子公司名为中 大力德(日本)智能传动公司，注册资本为3000万日元，公司地址位于埼玉县川越市，成立日期为2025年 11月10日。经营范围包括减速电机、减速器、驱动器及相关精密零部件的制造、销售和进出口，以及相 关技术研发和咨询服务。 ...

产业筑峰强链工程，将对顶尖科技人才给予最高1000万元项目资助、300万元安家补贴，重点做强 具身机器人等整机制造，做大传感器、减速器等核心硬件，做精控制、交互等智控软件，形成多品类全 链路的产品体系。 产业生态提升工程，将重点打造智能机器人7S体验中心等高能级产业平台，推出"常熟训力券"，营 造高品质产业生态；积极打造国际具身智能创新大赛金牌赛事，全面打响"智能机器人开放创新在常 熟"的高声量特色品牌。 企业育林参天工程，将设立总额10亿元的基金池，对企业并购重组等重大行动给予最高5000万元支 持，重点培育300亿级、100亿级链主企业，支持骨干企业参与标准制定和技术攻关，形成大、中、小企 业协同发展的产业格局。 据了解，通过落实《行动计划》，常熟将力争到2027年，引育5家行业链主整机企业，建成10家国 家级智能工厂，打造50个典型场景，培育150家专精特新与独角兽企业，集聚500家生态伙伴，在产业能 级、创新要素、场景应用、协同生态4大方面实现新突破。 昨天（11月18日），《常熟市智能机器人产业发展三年行动计划（2025-2027年）》发布。常熟将 发挥大项目及产业联盟引领作用，加快形成集整机、核心 ...

公开资料显示，高测股份在机器人方向已实现多线布局并取得阶段性进展：行星滚柱丝杠磨削设备研发 稳步推进，减速器产品进入定制研发阶段，同时，面向灵巧手等关键部位推出的新型低蠕变高耐磨复合 金属腱绳，已进入多家机器人企业试样环节，并成功收获小批量订单。值得关注的是，公司在强化新业 务布局的同时，主营光伏业务亦呈现稳健复苏态势。据三季度报告显示，公司盈利能力季度环比持续改 善，并于当季实现扭亏为盈，为战略升级提供资金保障。 当前，人形机器人产业正迎来政策与市场的双重机遇，高测股份在传统业务企稳向好的关键阶段，果断 锚定这一前沿赛道，体现了其战略前瞻性，也展现出依托平台化技术实现产业拓展的强大自信。此次设 立专业机器人子公司，被视为公司"战略再升级"的关键举措，将为公司构建强有力的第二增长曲线，夯 实长期发展的坚实基础。 中证报中证网讯（记者 张鹏飞）记者日前从高测股份获悉，2025年11月13日，其全资子公司海南高测 以1亿元自有资金在上海闵行区设立全资孙公司——高测智慧（上海）机器人有限公司一事已在公司通 过。此举标志着高测股份在人形机器人领域的战略布局迈出实质性一步，正式以独立公司实体深耕该前 沿赛道。 据悉，新 ...

Group 1 - The State Council meeting emphasized enhancing the adaptability of supply and demand for consumer goods to further promote consumption policies [1] - The meeting highlighted the importance of accelerating the application of new technologies and models, focusing on key industries to develop new products and value-added services [1] Group 2 - Bridgewater's third-quarter holdings report revealed a significant reduction in its stake in Nvidia by 65.3%, raising concerns about the potential peak of the AI boom [2] - Other major institutions like Barclays and Citigroup also reduced their positions in Nvidia, contributing to market worries [2] Group 3 - The China Securities Regulatory Commission (CSRC) aims to enhance market resilience and stability, making the regulatory framework more inclusive and attractive [3] - The CSRC plans to improve the quality and value of listed companies and enhance the effectiveness of regulatory enforcement [3] Group 4 - The People's Bank of China announced an 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system, scheduled for November 17, 2025 [4] - This move is expected to alleviate market funding pressures following a significant drop in the Shanghai Composite Index [4] Group 5 - Samsung is set to increase the prices of certain memory chips by 30%-60% due to supply shortages driven by AI demand [5] - The global storage sector experienced a downturn following poor performance from Japanese storage giant Kioxia, raising questions about the market's future direction [5] Group 6 - The Ministry of Commerce and other departments announced stricter controls on the export of new cars under the guise of used cars, effective January 1, 2026 [7] - This policy aims to address the recent surge in "zero-kilometer used car" exports, protecting the new car market's pricing integrity [7] Group 7 - Shanghai has initiated a special campaign to regulate online real estate information dissemination, targeting misleading and illegal content [8] - The campaign aims to combat price manipulation and misinformation that disrupts market order [8] Group 8 - Concerns about an AI bubble are growing, with executives in the AI sector acknowledging the risk of overvaluation despite the long-term potential of AI technologies [9] - The current AI market is compared to the early stages of the 1997 internet bubble, rather than the pre-crash environment of 1999 [9] Group 9 - The domestic robot core component manufacturers have seen a surge in orders, with production capacity expanding significantly [11] - The demand for humanoid robots is expected to drive the market, with projections indicating a market size of nearly 2.4 billion yuan by 2025 and approximately 140 billion yuan by 2035 [12] - The humanoid robot industry is anticipated to enter a large-scale production phase by 2026, benefiting related companies in the supply chain [12] Group 10 - The appreciation of the renminbi is noted, with the onshore price reaching 7.0908, marking a one-year high [13] - Positive announcements include Zhejiang Jiaokao's subsidiary winning a highway construction bid worth 1.836 billion yuan [14] - Negative announcements include the suspension of trading for HeFu China due to significant stock price fluctuations [14]

本报讯(记者刘钊)在人形机器人产业迎来发展机遇的背景下，青岛高测科技股份有限公司(以下简称"高 测股份")于2025年11月13日投资1亿元设立高测智慧(上海)机器人有限公司，这一举措不仅体现了企业的 战略眼光，更展现了技术驱动产业升级的发展路径。 从技术层面看，高测股份具备进军机器人产业的核心优势。公司多年来在精密切割、精密磨削、电镀化 学等领域积累的技术经验，为其进军机器人产业提供了坚实支撑。特别是在精密磨削设备、金属材料研 发等方面的技术优势，使其能够快速实现技术迁移，推动机器人核心零部件及加工设备的研发制造。 目前，高测股份在人形机器人产业领域已取得一定成果。公司开发的应用于人形机器人灵巧手及其他部 位的新型低蠕变高耐磨复合金属腱绳已获得市场认可，形成小批量订单；行星滚柱丝杠磨削设备的研发 稳步推进；减速器等核心部件的定制研发也在有序开展。这些成果充分证明了公司技术迁移的能力和效 率。 值得注意的是，公司在推进新业务发展的同时，主营业务也保持稳健态势。三季度报告显示，公司光伏 业务盈利能力持续改善，已实现单季度扭亏为盈，稳健的经营基本面为新兴业务研发投入、市场拓展提 供了充足的资金保障与抗风险能力，为 ...

Core Insights - Gaoce Co., Ltd. has established a wholly-owned subsidiary, Gaoce Smart (Shanghai) Robot Co., Ltd., with an investment of 100 million yuan, focusing on the R&D, manufacturing, and sales of core components and processing equipment for humanoid robots [1][2] - The company's humanoid robot business strategy is centered around "technology reuse," leveraging its long-term R&D to transition technologies from the photovoltaic sector to the semiconductor field and now to the humanoid robot industry [1] Summary by Sections Company Strategy - The establishment of the new robot company marks Gaoce's entry into the humanoid robot sector, aiming to transform its technological capabilities into core competitiveness in this field [1] - The company has developed a platform technology system consisting of precision cutting, precision grinding, and electroplating, which enables rapid migration of R&D scenarios across different industries [1] Technological Capabilities - Gaoce's ability to migrate technology is highlighted by its development of low-creep, high-wear composite metal tendons using tungsten and steel wire materials, and the advancement of planetary roller screw grinding equipment based on its precision grinding technology [1] - The company is also focusing on customized reducer R&D, leveraging its advantages in precision mechanical design and manufacturing [1] Financial Performance - Gaoce's main photovoltaic business has shown continuous improvement in profitability, achieving a turnaround in the third quarter, which provides a solid foundation for the R&D and expansion of its humanoid robot business [1]