在"梦想之都"的深圳，梦想从来都是可以落地生根、开花结果的种子。 上世纪80年代，深圳梦是"英雄不问出处"的开放理念，是勇于移山填湖的敢闯敢试精神，是国贸大 厦"三天一层楼"的深圳速度，吸引了无数怀抱"淘金梦"的年轻人。 上世纪90年代，深圳梦是"第二次创业"的转型升级魄力，是从"三来一补"到自主创新的华丽转身，是华 为、中兴等科技新星的冉冉升起，吸引了大量拥有"创新梦"的技术精英与创业先锋。 到了今天，深圳梦是"雨林生态"下万物生长的机会，是创新的种子只要落入其中，就有产业链、资金 链、人才链支持，有政策呵护和市场反馈的创新创业生态。在这里，梦想不被辜负，热土必有回响，让 每一颗有梦想的种子都能在这里汲取充足养分。 深圳是一座名副其实的年轻城市，市民平均年龄仅为32.5岁，是中国最年轻的一线城市。在这样一个年 轻人聚集的城市，"年轻"也成为了如今深圳创业者的重要标签。前不久，《财富》发布了"中国40位40 岁以下的商界精英"榜单，其中有10名来自深圳，占到了四分之一，充分展现了深圳年轻创业者的实 力。 曾经有人说，深圳最动人的风景，不是摩天大楼的天际线，而是年轻人眼中闪烁的光芒。他们不仅是深 圳珍贵的财富， ...

Core Viewpoint - The strategic cooperation agreement between Chuan Robotics and Huarui Precision aims to enhance market share and application of robotic core components in manufacturing through resource sharing and technological integration [2][3]. Group 1: Strategic Cooperation Agreement - Chuan Robotics and Huarui Precision signed a strategic cooperation agreement to leverage their strengths and share market resources [2]. - The agreement focuses on improving the processing technology of robotic core components and promoting their application in manufacturing enterprises [2]. - Both companies will establish a special working group to detail cooperation content and ensure the strategic implementation through regular technical exchanges [2]. Group 2: Roles and Responsibilities - Huarui Precision will develop various precision cutting tools and prioritize the use of Chuan Robotics' robots under equal conditions [3]. - Chuan Robotics will provide demand for typical robotic parts and applications in the tool manufacturing industry [3]. - Both companies will share market information and customer resources to jointly explore new markets [3]. Group 3: Company Background and Future Plans - Huarui Precision is a well-known manufacturer of hard alloy cutting tools, focusing on research and development in aerospace and robotics sectors [3]. - Chuan Robotics, established in 2012, is preparing to list on the Sci-Tech Innovation Board and specializes in humanoid robots, collaborative robots, and core robotic components [4]. - The company aims to build a product layout centered on humanoid robots and supporting technologies like harmonic reducers and ultra-lightweight collaborative robots [4]. Group 4: Previous Collaborations - Chuan Robotics has previously signed strategic cooperation agreements with other A-share listed companies to promote automation manufacturing and enhance market share [4].

Group 1 - The "Fortune" (Chinese version) list of "China's 40 Under 40 Business Elites" showcases 10 influential business elites and 8 potential business elites from Shenzhen, highlighting the city's role as an innovation hub [1][5] - The list emphasizes the importance of young innovators who are not only focused on technological innovation but also on bridging gaps, understanding differences, and leading the future [4][5] - The current era is characterized as a transitional phase between "digital native" and "intelligent native," where AI is transforming human systems using data accumulated over the past 30 years [2][4] Group 2 - The list includes various sectors where young entrepreneurs are making significant contributions, such as artificial intelligence, healthcare, green technology, new consumption, and intelligent manufacturing [5] - The Shenzhen elites listed are involved in diverse industries, including imaging technology, smart manufacturing, robotics, medical technology, intelligent driving, AI applications, agricultural technology, industrial software, and automation [6][8][10][12][15][17][19][21][23][26][29] - The companies represented by these young leaders are recognized for their innovative approaches and significant market impact, such as Insta360, Foxconn, and Yuyuan Innovation, among others [8][10][12][15][19][21][26][29] Group 3 - The list of potential business elites includes individuals leading companies in AI and robotics, intelligent manufacturing, green technology, and investment, indicating a strong focus on future-oriented industries [29][30][32][34][36][38][40][41] - Notable companies among the potential elites include X Square Robot, SmartMore, and Angstrong Tech, which are pioneering advancements in robotics and AI technologies [30][34][36] - The achievements of these companies reflect a commitment to innovation and the development of solutions that address contemporary challenges in various sectors [30][34][36][38]

Core Viewpoint - The 2025 World Robot Conference (WRC) showcased significant advancements in robotics, highlighting the industry's rapid evolution and the emergence of substantial investment opportunities in a trillion-dollar market [1][2][8]. Group 1: Event Highlights - The WRC featured over 1,500 exhibits from more than 200 domestic and international robotics companies, with over 100 new products launched, marking a record for domestic robotics exhibitions [2]. - Humanoid robots were a major attraction, demonstrating capabilities in combat, soccer, and marathon running, showcasing their evolution and versatility [3][4]. Group 2: Application Scenarios - Three primary application scenarios for robotics were identified: 1. Industrial automation focusing on handling and sorting tasks, which are seen as the most readily deployable applications in factories [10]. 2. Commercial applications, including robots that assist in supermarkets and pharmacies, as well as entertainment through robot competitions [11]. 3. Consumer-facing scenarios, particularly those targeting children and the elderly, such as companion robots for learning and rehabilitation [11]. Group 3: Technological Advancements - Significant progress was noted in hardware, with reduced costs and improved performance, including specialized components for various operational needs [13]. - The development of "small brain" technology has enhanced robots' operational fluidity and balance, allowing for more complex movements and interactions [14]. - The "big brain" technology is evolving, enabling robots to perform tasks through cloud-based control, which reduces costs and enhances collaborative operations [14]. Group 4: Market Trends and Investment Strategies - The robotics sector is experiencing inevitable volatility as it matures, with a wave-like market performance observed over the past three years [16]. - Investment strategies should focus on established hardware sectors while also looking for growth in emerging technologies that enhance robots' capabilities [19]. - The overall market is transitioning into a positive cycle, with increasing resilience and clarity in investment opportunities, particularly in technology sectors [21][22]. Group 5: Future Outlook - Chinese companies are well-positioned to benefit from the robotics industry's growth due to their rapid technological advancements and cost optimization [25]. - The focus on high-quality stock selection and long-term investment strategies is essential for navigating the current market landscape [26][28].

Group 1 - The "Fortune" (Chinese version) list of "40 Under 40 Business Elites in China" highlights the vibrancy and innovation of Shenzhen, with 10 elites from Shenzhen companies recognized [1] - The youngest elite on the list is Xiong Yinjian, co-founder and chairman of Guangbenwei Intelligent Technology (Shanghai) Co., Ltd., at 29 years old, indicating a trend of young entrepreneurs rising rapidly in the business arena [1] - Shenzhen's emphasis on talent development is evident, as it is described as a city of innovation and entrepreneurship, providing comprehensive support for startups and creating a worry-free environment for talent [1] Group 2 - Liu Peichao, founder of Shenzhen Yuejiang Technology Co., Ltd., led the company to become the world's second-largest and China's largest collaborative robot company since its establishment in 2015, with a successful listing on the Hong Kong Stock Exchange in December 2024 [2] - Liu Jingkang, founder of Yingshi Innovation Technology Co., Ltd., has made significant advancements in imaging technology, with 76% of the company's revenue coming from overseas markets in 2024 [2] - Liu Guoqing, at 38 years old, founded Youjia Innovation in 2014, focusing on developing intelligent driving solutions, and the company successfully listed on the Hong Kong Stock Exchange in 2024 [2] Group 3 - The current generation of entrepreneurs is tasked with not only technological innovation but also bridging gaps and understanding differences, utilizing artificial intelligence to enhance productivity and efficiency across various sectors [3]

Core Viewpoint - The public letter from Junlan Investment highlights serious governance issues at Borunte, accusing the current chairman and general manager of exploiting the company and humiliating shareholders, calling for a vote to restore normal governance and remove the chairman [3][4]. Group 1: Governance Issues - The controversy began when the chairman proposed a fixed monthly salary of 2 million yuan and a year-end bonus based on "company profit - 1 yuan," which was rejected by the board due to the company's loss [5][6]. - Junlan Investment, holding 1.54% of Borunte's shares, accused the chairman of using institutional design to empty the company and detailed how he gained control through high valuation financing and manipulation of the governance structure [5][6]. - The chairman modified the company’s articles to ensure that directors must be current employees, effectively creating a closed loop of power that prevents external shareholders from defending their rights [6][10]. Group 2: Financial Performance - Borunte, founded in 2008, has seen a decline in financial performance, with revenues dropping from 447 million yuan in 2020 to 241 million yuan in 2024, and cumulative losses exceeding 300 million yuan [10][11]. - The company faced significant challenges, including being delisted from the National Equities Exchange and Quotations (NEEQ) in April 2023 due to audit issues and declining market reputation [10][11]. Group 3: Industry Context - The robotics industry is thriving, yet Borunte's situation reflects a disconnect in the understanding of contractual obligations and governance, which can lead to detrimental outcomes for all parties involved [13][14]. - The importance of maintaining a strong sense of contractual spirit is emphasized, as it is crucial for sustaining relationships between entrepreneurs and investors, ensuring mutual success [13][14].

Core Viewpoint - The conflict between the founder and investors of Berante Robotics highlights issues of governance and profit distribution, with the founder proposing an exorbitant salary amidst declining company performance [1][3][4][5]. Group 1: Company Performance - Berante Robotics has experienced a continuous decline in revenue and net profit from 2020 to 2023, with revenue dropping from 447 million yuan in 2020 to 200 million yuan in 2023, and net losses increasing from 53.83 million yuan in 2022 to 125 million yuan in 2023 [5][12]. - Despite a slight recovery expected in 2024, the company remains in a loss-making state [5]. Group 2: Founder’s Salary Proposal - The proposal for a fixed monthly salary of 2 million yuan for the CEO, Yin Rongzao, was aimed at incentivizing him to turn the company's performance around, but it was rejected by the board with a vote of 1 in favor and 4 against [1][4]. - Yin also proposed that all net profits of the company for the next ten years, minus one yuan, be allocated as his personal bonus, raising significant concerns among investors [12]. Group 3: Investor Reaction - Investors, particularly Junlan Investment, expressed outrage over Yin's actions, accusing him of exploiting the company and disrespecting shareholders [3][7]. - The public letter from Junlan Investment called for a restructuring of the company's governance to remove Yin from his positions [3][9]. Group 4: Governance Issues - Yin's control over the company was facilitated by a series of financial maneuvers that allowed him to consolidate power, including the modification of company bylaws to ensure that only employees under contract could serve as directors [12][13]. - This governance structure effectively excluded external shareholders from decision-making processes, leading to a significant power imbalance [12][18]. Group 5: Historical Context - The situation at Berante Robotics is not an isolated incident but part of a broader trend in the Chinese venture capital landscape, where conflicts between founders and investors often arise over control and profit distribution [15][18]. - Previous cases, such as those involving other companies like Luckin Coffee and NVC Lighting, illustrate similar patterns of governance disputes and the consequences of mismanagement [17][16].

Core Viewpoint - The article discusses the internal conflict at the robotics company Borunte, highlighting the controversial salary demands of its chairman, Yin, and the subsequent call from investors for a restoration of normal governance structures to protect shareholder interests [3][5][6]. Group 1: Company Background - Borunte, founded in 2008, specializes in the research and development of industrial robots and has grown from a small enterprise to a national-level specialized company with revenues exceeding 400 million and profits over 100 million [3][10]. - The company faced significant challenges, including a loss of over 300 million and the termination of its listing on the national stock transfer system in 2023 due to audit issues and declining sales [9][11]. Group 2: Internal Conflict - The conflict escalated when Yin proposed a fixed monthly salary of 2 million yuan and a year-end bonus based on company profits minus one yuan, which was rejected by the board due to the company's ongoing losses [5][11]. - Investors, particularly Junlan Investment, accused Yin of exploiting the company's governance structure for personal gain, claiming he had effectively privatized control over Borunte [6][7]. Group 3: Governance Issues - The governance structure was altered in April 2025, allowing only employees with contracts to serve as directors, which investors viewed as a means to prevent external shareholders from protecting their interests [6][11]. - The article emphasizes the importance of contractual integrity in maintaining trust between entrepreneurs and investors, suggesting that breaches of this trust can lead to detrimental outcomes for both parties [13][14].

事件： ⚫ 8 月 8 日上午，2025 世界机器人大会在北京亦庄开幕，展览面积首次超 5 万平方米， 百余款新品在博览会期间亮相。 点评： 行 业 研 究 / 行 业 点 评 2025 年 08 月 10 日 世界机器人大会历经十年，见证机 器人产业腾飞 看好 ——机器人行业点评 行 业 及 产 业 机械设备 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 苏萌 (8621)23297818× sumeng@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 告 相关研究 - ⚫ 各类型机器人企业积极参展，多家公司发布百余件新品。大会主论坛设置"产业发展" "创新应用""技术融合"三大篇章；博览会设置创新馆、应用馆、技术馆 3 大展馆， 汇聚 ABB、库卡、费斯托、埃斯顿、宇树科技、银河通用、中信重工等 200 余家国内 外优秀机器人企业的 1500 余件展品，其中包含人形机器人、四足 ...

Core Viewpoint - The proposal for a fixed monthly salary of 2 million yuan for the general manager of Borante was rejected by the board of directors, highlighting governance issues within the company [2][10][12]. Summary by Sections Salary Proposal - The general manager, Yin Rongzao, proposed a fixed monthly salary of 2 million yuan starting from August 2025, along with a year-end bonus calculated as "company profit - 1 yuan" [10][12]. - The board rejected this proposal with a vote of 1 in favor and 4 against, citing the company's current loss status and the need to address financial recovery first [12]. Financial Performance - For the first half of 2025, Borante reported revenues of 109 million yuan and a net loss of 7.4 million yuan [13]. - The company has faced significant challenges, including two consecutive years of "unable to express an opinion" audit reports, leading to its delisting from the New Third Board in April 2023 [24][25]. Governance Issues - The tenth largest shareholder, Jiaxing Junlan Investment Partnership, publicly criticized Yin Rongzao and called for amendments to the company’s articles of association to restore normal governance structures [16][21]. - The shareholder's open letter described Yin as a "predator" who undermines company value and governance for personal gain [22]. Company Background - Borante, founded in 2008, specializes in the research and development of industrial robots and has received various accolades, including being recognized as a "little giant" enterprise [24]. - The company was the first to list on the New Third Board in the robotics sector and experienced significant stock price increases in 2015 due to market interest [24].