报告显示，2025年上半年科力尔营业收入约9.07亿元，同比增加13.91%；归属于上市公司股东的净利润 约2918万元，同比增加23.31%。从单季度数据来看，2025年第二季度表现尤为突出。公司单季度主营 收入约4.87亿元，与上年同期相比上升7.64%；单季度归属于上市公司股东的净利润约2693.66万元，与 上年同期相比大幅上升110.45%。 科力尔作为一家专注于电机与驱控系统研发、生产和销售的企业，产品广泛应用于家用电器、办公自动 化、医疗器械等多个领域。近年来，公司研发投入持续加码，上半年研发费用同比增长19.97%，重点 攻关高精度伺服电机、无刷直流电机等核心技术。依托技术突破，公司推出了适用于工业机器人伺服系 统系列，以及适配智能家居场景的低功耗电机产品，新产品上市后市场反馈积极。 在新赛道布局上，公司在机器人与工业母机领域的拓展成效显著。其为协作机器人定制的伺服系统已通 过多家头部企业验证并实现小批量供货，工业母机专用电机也进入样机测试阶段。此外，公司积极探索 新能源汽车配套领域，开发的车载散热风扇电机已与新能源车企达成合作意向，为业绩增长注入新动 能。 对于此次业绩表现及公司未来规划，科 ...

Investment Rating - Industry Rating: Outperform the market [5] - Rating Change: Maintain [5] Core Insights - Dexterous hands are the core solution for humanoid robot end effectors, with current technology routes not converging and significant customization demands from downstream customers, giving an advantage to whole hand and module manufacturers [1][3] - Dexterous hands mimic human hands, integrating drive systems, transmission systems, and sensing systems, offering high flexibility but at a higher cost and lower reliability and maintainability compared to traditional grippers [1][3] - The report identifies three main trends in the development of dexterous hands: the coexistence of multiple technology routes, an increase in degrees of freedom and sensor usage, and the necessity for collaboration between manufacturers and external suppliers due to high R&D costs and long cycles [3][27] Summary by Sections Section 1: Dexterous Hands as Core Solutions - Dexterous hands are designed to flexibly manipulate objects and meet various operational needs, with Tesla's dexterous hand currently in its third iteration capable of performing complex tasks [13][15] - The key difference between dexterous hands and traditional grippers is the higher degree of freedom in dexterous hands, allowing for more complex grasping operations [1][19] Section 2: Core Systems of Dexterous Hands - The dexterous hand consists of three core systems: drive system, transmission system, and sensing system [27] - The drive system primarily includes electric, hydraulic, pneumatic, and shape memory alloy drives, with the electric drive being the mainstream solution [27][30] - The transmission system includes reducers, screws, and tendon systems, with planetary reducers and worm gearboxes being the most commonly used [27][46] - The sensing system comprises force/moment sensors, position sensors, and tactile sensors, which are crucial for providing feedback and enhancing the dexterous hand's functionality [27][75] Section 3: Development Trends of Dexterous Hands - The technology routes for dexterous hands are expected to remain diverse in the short term, with no convergence anticipated [3][92] - Future improvements in dexterous hands will likely include increased degrees of freedom and a rise in the usage of tactile sensors, which will enhance the overall value of the dexterous hand [3][92] - The high R&D investment and long development cycles necessitate collaboration between manufacturers and external suppliers, as dexterous hand development constitutes a significant portion of humanoid robot engineering [3][92] Section 4: Investment Recommendations - Companies such as Jiechang Drive, Longsheng Technology, Zhaowei Electromechanical, and Jiangsu Leili are highlighted for their potential in the dexterous hand market due to their innovative approaches and collaborations [8][4]

当人形机器人、手术机器人等前沿领域狂飙突进，其性能的每一次飞跃，背后都深深根植于核心驱动元件的突破。 高性能电机，作为赋予机器人"肌肉"与"神经"的关键部件，其功率密度、效率、精度与响应速度，直接决定了整机能力的上限，一直是突破"最后一厘米"精度的终极 挑战。 长期以来，传统电机在体积、功率、振动控制等方面的局限，如同无形的枷锁，制约着机器人向更精细、更强大、更智能的方向发展，也制约着机器人从实验室走 向工厂手术室、家庭服务等广阔天地。 机器人大讲堂近日独家获悉， 6月20日，贝丰科技即将发布全新的无刷直流电机，有望带来一场关乎机器人感知与操作能力跃升、重塑产业未来的技术风暴。 ▍ 电机破壁之作 ， 重构灵巧手的 "力量法则" 在机器人紧凑而精密的内部空间里， 每一微米都弥足珍贵,毫厘之间创造巅峰。 贝丰科技对我们透露，本次的创新无刷无齿槽电机技术， 采取前所未有的独特专利线圈+轴承仓结构设计，有着高功率密度，轻量化、紧凑化机身，电机效率拉 满， 实现了能效跃升、功耗锐减，还已经完成参数型谱化、产品矩阵化构建，更有极端环境专用款即将亮相！ 创新性无刷电机让多个机器人产品都能更加游刃有余！以人形机器人灵巧手为例 ...

Group 1 - Company officially established Zhejiang Wanliyang Robot Technology Co., Ltd., marking a significant step in its journey into the robotics industry [1] - The new company will focus on the research, production, and sales of robotic joint modules, including motors, harmonic reducers, and planetary reducers [1] - Wanliyang aims to enhance its product layout in the robotics sector and promote technological advancement and industrial upgrading [1][2] Group 2 - The robotics industry is a core strategic business for Wanliyang, leveraging nearly 30 years of experience in automotive transmission and precision manufacturing [2] - The company’s harmonic reducer project aims to achieve international first-class standards in transmission precision, durability, and noise, with applications in industrial and humanoid robots [2] - Wanliyang's robotic reducers are expected to create new revenue and profit growth points through improved precision manufacturing and smart manufacturing capabilities [2] Group 3 - After nearly two years of development, Wanliyang's harmonic reducer project has made progress, with products ready for humanoid robot applications [3] - The harmonic reducer has met expected performance indicators, and the company is currently engaging with customers to expand product models [3] Group 4 - Wanliyang's competitive advantages in robotic reducers include comprehensive product design and manufacturing capabilities, strong cost control, and robust quality control [4] - The company can utilize existing production equipment for both automotive and robotic components, minimizing new procurement costs [4] - Wanliyang plans to accelerate product testing and mass supply to clients, further advancing its goals in the robotics industry [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **dexterous hand industry**, highlighting its potential for widespread application in households over the next 5-10 years, driven by advancements in micro-screw and tactile sensors [1][2]. Core Components of Dexterous Hands - Dexterous hands consist of three core components: **motors**, **reduction components**, and **transmission modules**. Common motor types include hollow cup motors, brushless DC motors, and frameless torque motors [3][4]. Development Trends - The industry is witnessing a **diversification of design solutions**, with companies exploring various technological routes. Notable examples include Tesla's tendon-driven designs and other companies' unique approaches [1][2][18][19]. Key Technologies and Components - **Micro-screws** are becoming the mainstream transmission solution due to their efficiency, outperforming worm gears and gear transmissions [1][13]. - **Tactile sensors** are crucial for enhancing the precision and stability of dexterous hands, with companies like Hanwei Technology and Fule New Materials actively developing these technologies [1][7][8]. Motor Selection Impact - Motor selection significantly affects the performance of dexterous hands. Hollow cup motors are favored for their high power density but are costly, while brushless DC motors are more economical but have lower power density [6][10]. Investment Opportunities - Recommended investment targets include **Zhejiang Rongtai** and **Hengli Hydraulic** in the micro-screw sector, and **Hanwei Technology** and **Fule New Materials** in the tactile sensor field, as these companies hold competitive advantages in their respective areas [9][26][27]. Cost and Industrialization Challenges - The high cost of dexterous hands, which can exceed tens of thousands of yuan, poses a significant barrier to industrialization. Companies must focus on cost-effectiveness to meet industrial application demands [24]. Future Development and Market Trends - The industry anticipates that a specific design solution will mature and gain widespread acceptance within the next 3-5 years, as companies focus on their technological routes [22]. Competitive Landscape - Companies like **Zhejiang Rongtai** and **Hengli Hydraulic** are noted for their competitive edge in the micro-screw sector, while **Hanwei Technology** and its subsidiaries are highlighted in the tactile sensor domain [25][26][27]. Conclusion - The dexterous hand industry is evolving with significant technological advancements and investment opportunities, but challenges related to cost and design standardization remain critical for future growth and industrial application.