| 辅导对象 | 广东金力智能传动技术股份有限公司 | | --- | --- | | 成立日期 | 2011年7月25日 | | 壮爱 资 本 | 7.398万元人民币 法定代表人 吕志峰 | | 注册地址 | 广东省惠州市惠东县大岭镇惠东产业转移工业园 | | 控股股东 及持股比 | 吕志峰直接持有公司 2,519.70 万股股份,占公司股本总额的 34.06%,为公司控股股东 | | 例 | 在其他交易场 | | 行业分类 | 公司于 2025年 12月 C3813 微特电机及组件制 所(申请) 挂 12 日全国股转系统挂 | | | 造 脾或上市的情 理 | | | 况 | | 各 注 | 近 3 年不存在提交首次公开发行股票/存托凭证并上市申请被终止 | | | 审查、不予核准、不予注册的情形 | 瑞财经 王敏 1月20日，广东金力智能传动技术股份有限公司（以下简称"金力传动"）在广东证监局启动IPO辅导，拟北交所上市，辅导 机构为中信建投。 | 职业经历 | 2001年7月至2006年9月任深圳市宝安区观澜力恒兴马达 | | --- | --- | | | 厂业务部经理;2006年12月至2013 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the humanoid robot industry, specifically developments related to Weichuang Electric (688698.SS) and its supply chain involvement with U.S. humanoid robot manufacturers [1][1]. Company Insights - Weichuang Electric is a supplier of variable frequency drives, servo motors, and programmable logic controllers (PLCs) [1][1]. - The company has recently supplied various components such as rotary joint modules, coreless motors, frameless motors, and dexterous hand components to Chinese humanoid robot manufacturers [1][1]. - Weichuang Electric has successfully entered the supply chain of leading U.S. humanoid robot manufacturers by providing micro motors for dexterous hands [1][1]. Management's Key Points - Management expressed greater confidence in the mass production progress of U.S. humanoid robot manufacturers compared to Chinese clients, citing a more rigorous product development process [1][1]. - The capacity demand from the U.S. client is expected to increase tenfold by 2027, from 1,000 units per week in 2026 [1][1]. Strategic Partnerships - Weichuang Electric is collaborating with Rongtai Electric (603119.SS) to develop dexterous hand solutions for U.S. clients [4][4]. - Due to client requirements for all components to be produced outside of China, Weichuang announced plans to establish a joint venture with Rongtai in Thailand [5][5]. Production Requirements - The latest version of the humanoid robot requires each hand to have 22 degrees of freedom (DoF), totaling 44 micro motors for both hands [5][5]. - The U.S. client has requested that Weichuang prepare production capacity by the first half of 2026, aligning with recent industry research findings [5][5]. - Initial production targets are set to support the manufacturing of 1,000 humanoid robots per week, with potential demand increasing to 10,000 units per week by 2027 [5][5]. Valuation Insights - The target price for Hengli Hydraulic (601100.SS) is set at 135.0 CNY, based on a 52x expected P/E ratio for 2026, which is 2.0 standard deviations above its average P/E since 2021 [5][5]. - The target price for Railway Drive (688017.SS) is set at 233 CNY, based on a 233x expected P/E ratio for 2026, reflecting a stronger-than-expected profit recovery and increasing exposure to the humanoid robot business [8][8]. Risks - Key downside risks for Hengli Hydraulic include weak demand for excavator and non-excavator components, reduced profitability due to diminished economies of scale at the ball screw and Mexico plant, and lower-than-expected gross margin improvements from favorable product mix changes [6][6][7]. - For Railway Drive, risks include a slowdown in automation market growth, intensified competition from both domestic and international brands due to industry consolidation, rising raw material costs eroding gross margins, and lower-than-expected contributions from humanoid robots and other emerging applications [9][9].

吕志峰直接持有公司2519.70万股股份，占公司股本总额的34.06%，为公司控股股东。 截至本公开转让说明书签署日，吕志峰直接持有公司2519.70万股股份，占公司股本总额的34.06%，吕 志峰配偶张丹丹直接持有公司15.00万股股份，占公司股本总额的0.20%，同时，张丹丹为公司股东金合 力合伙的执行事务合伙人，通过金合力合伙控制公司486.00万股股份，占公司股本总额的6.57%。吕志 峰、张丹丹夫妇合计控制公司40.83%的股份，为公司实际控制人。 瑞财经 王敏 1月20日，广东金力智能传动技术股份有限公司（以下简称"金力传动"）在广东证监局启动 IPO辅导，拟北交所上市，辅导机构为中信建投。 金力传动成立于2011年，主要从事微型电机和微型传动系统的研发、生产与销售，产品主要应用于以智 能清洁服务机器人领域。 金力传动客户包括科沃斯、石头科技、追觅科技、美的集团、大疆、小米集团、比亚迪、优必选、方太 集团、凯迪仕、哈啰出行、美团出行、ABB等国际国内一线品牌企业。 | 项目 | 2025年4月30日 | 2024年12月31日 | 2023年12月31日 | | --- | --- | --- | ...

金力传动成立于2011年，主要从事微型电机和微型传动系统的研发、生产与销售，产品主要应用于以智 能清洁服务机器人领域。 金力传动客户包括科沃斯、石头科技、追觅科技、美的集团、大疆、小米集团、比亚迪、优必选、方太 集团、凯迪仕、哈啰出行、美团出行、ABB等国际国内一线品牌企业。 业绩方面，2023年、2024年及2025年前四个月（报告期内），公司营业收入分别为3.01亿元、5.97亿元 及2.39亿元，净利润分别为1148.96万元、6398.85万元及1913.97万元，公司业绩大幅增长。 | 项目 | 2025年4月30日 | 2024年12月31日 | 2023年12月31日 | | --- | --- | --- | --- | | 资产总计(万元) | 73.330.49 | 71.392.25 | 49.392.85 | | 股东权益合计(万元) | 40.047.32 | 38.977.47 | 34,101.62 | | 归属于申请挂牌公司的股东权益合 | 40.047.32 | 38.977.47 | 34,101.62 | | 计(万元) | | | | | 母股净资产(元) | 5.70 ...

Core Viewpoint - The company has established a clear product layout in the field of embodied intelligence, consisting of a 1+4+N structure, which aims to meet customer needs effectively [2] Group 1: Product Layout - The "1" in the layout represents the company's understanding of the entire machine system, ensuring a comprehensive grasp of customer requirements [2] - The "4" refers to four categories of assembly products: rotating joint modules, actuator modules, dexterous hand modules, and thermal management modules [2] - The "N" signifies the numerous components supporting the four main modules, including motor modules, micro motors, body structural parts, and heat exchangers [2] Group 2: Customer Collaboration - The company has formed partnerships with several key clients, with some product categories already in supply and others still in the development phase [2]

Core Viewpoint - The 2026 Tariff Adjustment Plan aims to implement lower-than-most-favored-nation (MFN) import tariff rates on various goods starting January 1, 2026, to enhance high-level opening-up and expand the supply of quality products [1] Group 1: Tariff Adjustments - China will implement lower-than-MFN tariff rates on 935 items to promote high-level technological self-reliance and modern industrial system construction [1] - The tariff adjustments focus on three main areas: promoting technological independence, supporting green transformation, and improving people's livelihoods through reduced import tariffs on key components, resource products, and medical supplies [1] - The plan includes the cancellation of temporary tariff rates on certain goods and the restoration of MFN rates based on domestic industry development and supply-demand changes [1] Group 2: Trade Agreements and Special Treatments - China will continue to provide 100% zero-tariff treatment on products for 43 least developed countries and implement preferential tariff rates for certain imports from Bangladesh, Laos, Cambodia, and Myanmar [2] - The plan maintains export tariffs on 107 items, including chrome ore, to rationally regulate resource exports [2] Group 3: Strategic Implications - The annual tariff adjustment is viewed as a clear policy direction and industrial signal, emphasizing the use of tariffs as a tool to support the development of new productive forces and high-level opening-up [2] - Import enterprises in high-end manufacturing, green technology, and healthcare sectors are expected to benefit from reduced costs and should seize the opportunity to enhance competitiveness [2] - Export enterprises need to monitor the list of goods with restored MFN rates and leverage the network of preferential tariff agreements with 34 partners to optimize global market strategies [2] Group 4: Balance and Stability - The plan maintains a careful balance between lowering specific import costs and stabilizing domestic industries by canceling certain temporary tariff rates [3] - It demonstrates China's commitment to fulfilling free trade agreement obligations while ensuring necessary export tariffs to stabilize domestic resources and markets [3] - This approach provides foreign trade enterprises with a stable, transparent, and predictable policy environment amid global economic uncertainties [3]

Group 1 - The State Council Tariff Commission announced the 2026 Tariff Adjustment Plan, which will implement provisional import tariff rates lower than the most-favored-nation rate for 935 items starting January 1, 2026, to enhance the linkage between domestic and international markets [1] - The plan aims to promote high-level technological self-reliance by reducing import tariffs on key components and advanced materials, such as hydraulic pressure machine parts and composite joints [1] - It also focuses on supporting the green transformation of the economy by lowering tariffs on resource-based products like regenerated black powder for lithium-ion batteries [1] - The adjustment includes measures to improve public welfare by reducing tariffs on medical products, such as artificial blood vessels and diagnostic kits for certain infectious diseases [1] - The plan will cancel provisional tariff rates on items like micro motors and sulfuric acid, restoring the most-favored-nation rate based on domestic industry development and supply-demand changes [1] Group 2 - The tariff schedule will include new entries for smart bionic robots, bio-aviation fuel, and forest ginseng to support technological development and the circular economy [2] - The total number of tariff items will be adjusted to 8,972 [2] - The plan continues to implement preferential tariff rates for certain imported goods from 34 trade partners based on 24 free trade agreements and preferential trade arrangements signed by China [2]

Group 1 - The State Council Tariff Commission announced adjustments to import tariff rates and categories effective January 1, 2026, impacting 935 items with provisional tariff rates lower than the most-favored-nation (MFN) rates [1] - The adjustments include the cancellation of provisional tariff rates for micro motors, printing machines, and sulfur, reverting to MFN rates, in response to domestic industrial development and supply-demand changes [1] - New tariff categories will be added for smart bionic robots, bio-aviation kerosene, and forest ginseng to support technological advancement and the development of the circular economy [1] Group 2 - To enhance economic cooperation with least developed countries (LDCs), 100% tariff-free treatment will continue for products from 43 LDCs with which China has diplomatic relations [2] - Special preferential tariff rates will be maintained for certain imports from Bangladesh, Laos, Cambodia, and Myanmar under the Asia-Pacific Trade Agreement and relevant agreements with ASEAN member states [2]

Group 1 - The State Council's tariff adjustment plan for 2026 aims to enhance the linkage between domestic and international markets by implementing provisional tariff rates lower than the most-favored-nation (MFN) rates on 935 items, promoting high-level technological self-reliance and modern industrial system construction [1] - The plan includes reducing import tariffs on key components and advanced materials, such as CNC hydraulic air cushions and composite joints, to support technological development and economic transformation [1] - The adjustment will also lower tariffs on medical products like artificial blood vessels and diagnostic kits to improve public health and welfare [1] Group 2 - The plan continues to implement preferential tariff rates for certain imported goods from 34 trade partners under 24 free trade agreements, promoting regional economic integration [2] - It maintains zero-tariff treatment for 100% of products from 43 least developed countries, reflecting China's commitment to supporting their development [2] - The tariff quota management for eight categories of imported goods, including wheat, remains unchanged, with a 1% provisional tariff rate on urea and other fertilizers, which is expected to stabilize agricultural production costs [2][3] Group 3 - The reduction in import tariffs is expected to lower costs for imported products, enhancing consumer purchasing power and stimulating domestic consumption [3] - The adjustment will impact corporate costs positively, allowing companies to reduce production costs and improve efficiency and product quality [3] - Increased competition from foreign imports may drive domestic companies to accelerate technological upgrades, facilitating industry transformation and upgrading [3]

Group 1 - The State Council Tariff Commission has released the "2026 Tariff Adjustment Plan," which will be implemented starting January 1, 2026 [1] - The plan includes a temporary import tariff rate lower than the most-favored-nation (MFN) rate for 935 items to enhance the linkage between domestic and international markets and expand the supply of quality goods [1] - Key components of the tariff adjustments include reducing import tariffs on critical components and advanced materials to promote high-level technological self-reliance and the construction of a modern industrial system [1] Group 2 - The plan aims to support the comprehensive green transformation of the economy and society by lowering import tariffs on resource-based products such as regenerated black powder for lithium-ion batteries [1] - It also focuses on improving people's livelihoods by reducing import tariffs on medical products like artificial blood vessels and diagnostic kits for certain infectious diseases [1] - The total number of tariff items after adjustments will be 8,972, with new entries for items supporting technological development and circular economy [1] Group 3 - In 2026, the country will continue to implement preferential tariff rates for certain imported goods from 34 trade partners based on 24 free trade agreements and preferential trade arrangements [2] - To promote economic cooperation with least developed countries, 100% tariff-free treatment will be granted to products from 43 least developed countries with which diplomatic relations have been established [2] - The plan also includes special preferential tariff rates for certain imports from Bangladesh, Laos, Cambodia, and Myanmar under the Asia-Pacific Trade Agreement and relevant intergovernmental agreements with ASEAN member states [2]