Core Viewpoint - The stock price of Jiuding Investment surged before and after the announcement of its acquisition of Nanjing Shenyuan Intelligent Technology Co., Ltd, raising concerns about potential insider trading and the financial viability of the acquisition target [2][3][4]. Group 1: Acquisition Details - Jiuding Investment announced plans to acquire a 53.2897% stake in Nanjing Shenyuan for RMB 213 million, which will make it a subsidiary included in Jiuding's consolidated financial statements [2]. - Nanjing Shenyuan, established in 2012, specializes in six-dimensional force sensors and related products, but is currently operating at a loss [2][3]. - The acquisition does not constitute a related party transaction or a major asset restructuring, and does not require shareholder approval [2]. Group 2: Financial Performance - Nanjing Shenyuan reported revenues of RMB 2.088 million and RMB 0.1638 million for 2024 and the first four months of 2025, respectively, with net losses of RMB 5.7349 million and RMB 2.7954 million [3]. - Jiuding Investment's revenue for 2023 and 2024 was RMB 281 million and RMB 338 million, with net profits of RMB 15 million and a loss of RMB 268 million, respectively [3]. - The company anticipates a net loss of RMB 55 million to RMB 44 million for the first half of 2025 [3]. Group 3: Regulatory Scrutiny - The Shanghai Stock Exchange has requested additional disclosures regarding Nanjing Shenyuan's business model, technology barriers, and future customer acquisition strategies [3][4]. - Concerns have been raised about the fairness of the transaction, as Nanjing Shenyuan's net assets were valued at RMB 9.881 million while the acquisition was priced at RMB 300 million, with no performance guarantees or buyback clauses included [4]. - The exchange is also investigating potential insider trading, requiring Jiuding Investment to disclose the details of the acquisition planning process and the individuals involved [4][5].

公告显示，本次收购股权交易，九鼎投资拟以现金方式合计受让南京神源生37.7196%的股权(后续增资 完成后将稀释为28.2897%)，交易对价合计约为1.13亿元。本次收购股权完成后，公司拟以1亿元对南京 神源生进行增资并获得增资后25%的股权。本次交易完成后，南京神源生将成为九鼎投资控股子公司， 纳入公司合并报表范围。 据了解，南京神源生专注于六维力传感器与力测控领域，主要产品包括多维力传感器、扭矩传感器及测 力平台等，其中六维力传感器为核心产品。 九鼎投资表示，通过本次交易，公司将切入机器人产业链关键环节，增强核心竞争力，打造第二增长曲 线。 北京商报讯(记者马换换实习记者李佳雪)8月11日晚间，九鼎投资（600053）披露公告称，公司拟通过 收购股权及增资方式，以2.13亿元获得南京神源生智能科技有限公司(以下简称"南京神源生")约53.29% 股权。 交易行情显示，截至8月11日收盘，九鼎投资股价报17.88元/股，总市值约77.52亿元。 ...

Summary of Conference Call Records Company and Industry Overview - The company is involved in the sensor technology sector, particularly focusing on torque sensors and six-dimensional force sensors for robotics applications. The company has established partnerships with leading domestic robot manufacturers to enhance its market competitiveness and meet growing customer demand [2][4]. Key Points and Arguments Financial Performance - In 2025, the company's contract liabilities increased due to a rise in order volume and favorable order turnover, indicating enhanced market competitiveness and growing customer demand [2][4]. - As of the end of 2024, the company had an order backlog of approximately 100 million yuan, with good sales performance expected to continue throughout 2025 [2][18]. Product Development and Market Position - The torque sensor has been successfully integrated into humanoid robots, with each robot utilizing approximately 20 sensors. The company is currently in the small-batch verification stage, with mass production expected to begin in 2026 [2][6][7]. - The company is actively exploring opportunities in the six-dimensional force sensor market, which is essential for robotics. Initial performance indicators show no significant difference compared to foreign brands [2][8][13]. - The company employs traditional electronic strain gauge technology for torque sensors, which is less affected by temperature changes, making it suitable for robotic environments [2][27]. Business Segments and Growth Areas - The defense and military business accounts for 50%-60% of the company's overall revenue. Despite the impact of anti-corruption measures, the order quantity remains optimistic, with limited effects on overall growth and order volume [2][24]. - The civil business, particularly in the electrochemical workstation segment, is expected to maintain over 50% growth, driven by demand from universities and research institutions [22][23]. Customer Engagement and Market Feedback - The company has received positive feedback on its torque sensors, with successful customer validation of samples. A small batch order is expected to be delivered by June [7][12]. - The company has established a dedicated team for accounts receivable management, which is expected to maintain a healthy cash flow situation [21]. Future Outlook and Strategic Plans - The company plans to enhance production efficiency by researching automated equipment to meet potential large order volumes [16]. - The sales team is encouraged to engage more with the market to understand customer needs better, focusing on humanoid robots and collaborative robots [25][26]. Additional Important Information - The civil PHM system's application areas are broad, primarily in port machinery, chemicals, coal, and water management, with limited orders in wind power and tower sectors [22]. - The company is currently in the process of sending samples for six-dimensional force sensors, awaiting customer feedback for further development [15]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, product development, and market positioning within the sensor technology industry.

南京神源生智能科技有限公司董事长戴振东 表示， 人形机器人 板块 的热度飙升，对神源生智能来说是 一个巨大的市场机遇。神源生智能 是一家 专注于力测试技术研究及其产业化的高新技术企业。 公司旗 下拥有 多维力传感器、扭矩传感器 等多个系列产品。 这些传感器在人形机器人中扮演着至关重要的角 色，尤其是在力感知方面。 南京神源生智能科技有限公司董事长戴振东 资料来源：特斯拉 AI Day，Vehicle，中航证券、行行查 戴振东 表示， 人形机器人中大约会有 40多个力传感器，其成本占到总成 本 的 15%左右。因此，人形 机器人市场的快速发展，将直接带动力传感器的需求增长， 这也为 神源生智能 提供了一个更加广阔的 发展空间。 ▍ 13年运动力学积累 神源生智能 拥有出色的正向设计能力 2012年 神源生智能 成立，依托于南京航空航天大学的技术支持，公司拥有出色的正向设计能力，能够 根据 客户需求和行业特点，设计出性能优越、成本合理的传感器。此外，公司在运动力学方面的深厚积 累，也使其能够为客户提供更加专业的解决方案。 戴振东 认为 ，在机器人运动研究领域，完整全面地测定机器人运动过程的力至关重要，它是帮助机器 ...