Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 57,462.17 million CNY, a year-on-year increase of 24.66% [1] - The net profit attributable to shareholders was 2,528.85 million CNY, a decrease of 47.02% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses was 2,171.66 million CNY, down 48.23% year-on-year [2] Profit Decline Factors - Profit growth in Q3 slowed compared to Q2 due to intensified price competition in the domestic automotive market, leading to reduced prices from downstream customers [2] - Increased share-based payment expenses related to equity incentives contributed to the profit decline [2] - Rising fixed costs from equipment depreciation and personnel salaries due to the implementation of fundraising projects, which have not yet realized scale effects [2] - Decreased interest income and financial returns due to reduced fundraising balance and increased borrowing costs [2] R&D Investment - Cumulative R&D expenses for the first three quarters of 2025 were 36.00 million CNY, an increase of 19.05% year-on-year [3] - The company emphasizes continuous investment in R&D to maintain a leading edge in technological innovation [3] Product Development and Market Expansion - The company has made progress in humanoid robot products, supplying precision gears and reducers to well-known domestic and international robot manufacturers [2] - The current order scale for humanoid robot products is small, with minimal impact on revenue and profit for the year [2] - The Vietnam factory is in the trial production phase, with good order conditions as the company engages with clients [3] Future Plans and Stock Issuance - The company plans to issue A-shares to specific investors to fund projects related to the industrialization of core components for intelligent transmission systems and equipment development [4] - The expected impact of the stock issuance includes expanding production capacity for precision gears and reducers, addressing the explosive growth in demand from the humanoid robot industry [4] - The company aims to enhance its competitiveness and market share in overseas markets while focusing on domestic market growth [3] Risk Considerations - The company advises investors to maintain awareness of risks associated with future projections and targets, as these do not constitute substantive commitments [4]

Group 1 - The company plans to raise up to 800 million yuan through a targeted stock issuance, with the net proceeds allocated to various projects including the industrialization of core components for intelligent transmission systems and the establishment of a technology research and application center [1][2] - The products involved in the fundraising projects include precision gears, lead screws, robotic joint modules, and supporting equipment, which are expected to be used in industries such as robotics, low-altitude flight, and intelligent connected new energy vehicles [1][2] - The global humanoid robot market is projected to reach 3.4 billion USD in 2024, growing by 57.41%, and is expected to reach 20.6 billion USD by 2028, with China becoming a leading producer in this sector [1] Group 2 - The company aims to promote the localization of key components and enhance the R&D and production capabilities of high-end precision equipment through this fundraising initiative [2] - The company has been deeply involved in the small modulus gear industry for over 20 years, with products widely used in new energy vehicles, fuel vehicles, robotics, power tools, smart home devices, medical equipment, and security [2] - The company has engaged with institutional investors regarding its progress in humanoid robot-related products, highlighting that its precision gears and reducers are already supplied to well-known domestic and international robotics companies [2][3]

Group 1 - The company, Xiasha Precision, announced a joint investment in a new fund focused on humanoid robot components and various types of robots, with a total commitment of 100 million yuan, where the company will contribute 49 million yuan, accounting for 49% of the total [2] - The investment fund will primarily focus on key components for humanoid robots, including joint modules and core parts, while also exploring new materials to support various robotics applications [2] - This investment aligns with the company's main business and aims to enhance its competitiveness and investment efficiency by leveraging the resources and advantages of the collaborating parties [2] Group 2 - Xiasha Precision specializes in gears and related products, which are crucial in the manufacturing sector, and has supplied precision gears and reducers to well-known domestic and international robots [3] - The company is increasing its investment in research and development to adapt to the rapid growth of humanoid robots, focusing on precision small gears and reducers, and improving the efficiency and accuracy of its screw products [3] - Future plans include extending the product chain through self-research or acquisitions to accelerate development and create competitively strong products [3] Group 3 - Previously, the company announced a joint investment in another fund with a total commitment of 85.5 million yuan, where the company will contribute 30 million yuan, representing 35.09% of the total [4] - This fund will invest in sectors such as robotics, artificial intelligence, and smart manufacturing, aiming to achieve synergy between industry and capital [5]

Core Viewpoint - Company is actively investing in the robotics sector through partnerships to enhance its competitiveness and investment efficiency [1][3] Group 1: Investment Activities - Company signed a partnership agreement to invest in a robotics venture fund with a total commitment of 100 million yuan, contributing 49% of the total [1] - The investment fund will focus on key components for humanoid robots and various types of robots, including industrial and service robots [1] - Previously, the company announced a joint investment in another fund with a total commitment of 85.5 million yuan, where it contributed 30 million yuan, focusing on robotics and AI [3] Group 2: Business Focus and Development - Company specializes in gears and related products, crucial for the manufacturing sector, with applications in humanoid robots [2] - Current products include precision gears, reducers, and screw products, with ongoing improvements in production efficiency and precision [2] - Company plans to enhance its product line through R&D and potential acquisitions to strengthen its market position [2]

Core Viewpoint - The company Keda Li (002850) emphasizes the advantages of its reducer products, highlighting their lightweight, low energy consumption, and high transmission efficiency compared to similar products in the market [1] Group 1: Product Advantages - The aluminum-steel reducer and PEEK reducer are 30%-60% lighter than standard products while maintaining strong rigidity and enhancing heat dissipation capabilities, making them suitable for various application scenarios [1] - The thin joint design utilizes a new reducer structure in conjunction with motors, resulting in reduced power consumption and weight while achieving the same torque performance, significantly benefiting energy efficiency in robotics [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 373.73 million CNY, a year-on-year increase of 30.77% [2] - The net profit attributable to shareholders was 20.57 million CNY, a decline of 41.87% compared to the same period last year [2] - The net profit excluding non-recurring gains and losses was 18.50 million CNY, down 40.32% year-on-year [2] Group 2: Reasons for Revenue Growth and Profit Decline - Revenue growth was driven by market expansion and product innovation [2] - Profit decline was attributed to intensified price competition in the automotive sector, increased fixed costs from asset depreciation and personnel expenses, and reduced financial income due to decreased funds and increased borrowing [2] Group 3: Product Development and Market Applications - The company has developed precision gears, reducers, and screw products for humanoid robots, with existing orders being small-scale [3] - The reducer and other business segments saw over 100% growth due to successful applications in robotics [4][5] Group 4: Future Plans and Investments - The company plans to expand its product line to include joint modules through self-research or acquisitions [5] - A new production line has been established in Vietnam, with equipment in trial production [6] - The company has acquired land for a new project aimed at producing precision gears and reducers, with funding sourced from self-owned funds and bank loans [6] Group 5: Risk Considerations - The company emphasizes that future projections and targets discussed do not constitute substantive commitments, urging investors to maintain adequate risk awareness [6]

Core Viewpoint - The company is focusing on the development of humanoid robot-related products and aims to enhance product quality, reduce costs, and strengthen brand building and marketing efforts [1] Industry Summary - The gear industry is a crucial part of manufacturing, with increasing demand driven by global economic growth and industrialization [1] - There is a rising need for high-precision and high-load-bearing gears, particularly in the automotive and robotics sectors [1] Company Summary - The company is a leading player in the small modulus gear market and is committed to continuous improvement in product quality and cost reduction [1] - The company is enhancing its research and development capabilities to launch innovative and differentiated products to meet market demands [1] - Current products used in humanoid robots include precision gears, reducers, and screw products, with precision gear and reducer products already supplied to well-known domestic and international robots [1] - Screw products have begun to receive trial samples and small batch orders [1]

Core Viewpoint - The company, Summer Xia Precision (001306.SZ), is currently supplying precision gears, reducers, and screw products for humanoid robots, with limited order scale expected to have minimal impact on this year's revenue and profit [1] Group 1: Product Offerings - The main products applied in humanoid robots include precision gears, reducers, and screw products [1] - Precision gear and reducer products have been supplied to well-known domestic and international robot manufacturers [1] - Screw products have started to receive sample trials and small batch orders [1] Group 2: Financial Impact - The current order scale for humanoid robot products is small [1] - The expected impact on the company's revenue and profit for the current year is minimal [1]

Group 1: Business Growth and Market Outlook - The company's automotive gear business has experienced significant growth due to the rapid development of domestic automotive production and the gradual release of production capacity. Future growth is expected to continue driven by increasing market demand and successful customer acquisition [1][2]. - The gear industry is projected to grow as global economic conditions improve and industrialization accelerates, leading to increased demand for high-precision gears, particularly in the automotive and robotics sectors [3]. Group 2: R&D and Product Development - The company is focusing on the development of new core equipment for planetary roller screw processing, with progress aligning with expectations. Future investments will aim to enhance market competitiveness through innovative manufacturing processes [3][4]. - Current products for humanoid robots include precision gears, reducers, and screw products, with ongoing small-scale orders. The impact on annual revenue and profit is expected to be minimal [4][5]. Group 3: Investment Projects and Financial Management - The company’s fundraising projects are progressing smoothly, with the "Annual Production of 300,000 Sets of New Energy Vehicle Drive Reducers" project expected to be completed by December 31, 2025, due to adjustments in construction timelines [4][5]. - The company is investing in high-precision gear and screw processing equipment to reduce costs and enhance core competitiveness in the humanoid robot sector [4][5]. Group 4: Industry Potential and Risks - The humanoid robot industry is anticipated to have vast market potential, supported by domestic policy initiatives. The company aims to leverage its products in this sector for rapid growth [5]. - Investors are advised to recognize the risks associated with future projections and expectations discussed during the investor relations activity [5].