中经记者 罗辑 北京报道 科创板上市对未盈利企业意味着什么？如何助力研发创新及成果转化？企业如何规划扭亏为盈的"时间 表""路线图"？如何用好用足成长"工具箱"？…… 2025年6月18日，科创板启动"1+6"改革，设置科创成长层。目前，科创成长层正成为培育"硬科技"企业 的核心土壤。2025年前三季度，35家科创成长层公司营收同比增长39%，净利润同比大幅减亏65%，研 发强度中位数高达44.3%，远超市场平均水平。科创板上市公司在新一代信息技术、生物医药等前沿领 域，屡现重大技术突破和重磅创新成果。 在科创板机制推动下，截至2025年11月，有57家未盈利公司在科创板上市。其中有22家公司在上市后实 现盈利"摘U"（撤销未盈利标识）。 《沪市汇·硬科硬客》第二季第7期邀请两家科创成长层公司、一家扭亏"摘U"公司，深入解读科创成长 层赋能科技创新的制度与实践，探寻"硬科技"企业研发突破与稳健成长路径。 本期做客嘉宾包括芯联集成（688469.SH）董事长兼总经理赵奇，康希诺（688185.SH）联合创始人、 董事长兼首席执行官宇学峰，埃夫特（688165.SH）董事长兼总经理游玮。东方证券（600958.S ...

Core Viewpoint - The 2025 Intelligent Robot Competition aims to promote the large-scale application and industrialization of intelligent robots, showcasing innovative solutions and driving high-quality development in the industry [2][15]. Group 1: Competition Overview - The competition, themed "Leading Technology, Innovating the Future," successfully concluded its preliminary round on November 27, 2023, in Changping District, Beijing [2]. - Over 100 innovative teams participated, presenting cutting-edge achievements in the field of intelligent robotics [2]. - The competition is organized by the China Software Testing Center and Beijing Future Science City Development Group, featuring four main tracks: manufacturing, rehabilitation and elderly care, safety and emergency, and innovation [2][14]. Group 2: Manufacturing Track - The manufacturing track focuses on the capabilities of industrial robots in high-precision tasks, multi-functional processing, and adaptive flexible production [4]. - Teams presented technical architectures and algorithms for high-speed, high-precision motion control, demonstrating the robots' abilities in precise assembly and dynamic obstacle avoidance [4]. - Eight teams advanced to the finals from this track, with discussions on the practical application potential and cost control of the presented products [4]. Group 3: Rehabilitation and Elderly Care Track - This track emphasizes the application of intelligent robots in rehabilitation assistance, health management, and emotional companionship [6]. - Teams explored various applications, including lower limb training, navigation for the visually impaired, and flexible exoskeletons, showcasing the diverse practical value of rehabilitation robots [6]. - A total of 25 teams progressed to the finals, with evaluations focusing on safety, ease of use, and adaptability to diverse needs [6]. Group 4: Safety and Emergency Track - The safety and emergency track highlighted the reliability of mechanical designs in extreme environments, showcasing innovative solutions for various scenarios [8][9]. - Teams demonstrated capabilities in environmental perception, autonomous navigation, and complex task execution, with 12 teams advancing to the finals [9]. - Expert evaluations focused on the adaptability of products to multiple scenarios and their practical value in replacing human labor [9]. Group 5: Innovation Track - The innovation track featured a variety of robot forms, including humanoid, flying, and crawling robots, with many teams presenting unique products [12]. - Teams articulated their technical development logic and showcased impressive physical demonstrations, emphasizing cross-disciplinary innovation [12]. - A total of 27 teams advanced to the finals from this track, highlighting the vibrant innovation landscape in robotics [12]. Group 6: Future Prospects - The finals will take place on December 8-9, 2023, where teams will compete in real task scenarios [14]. - Winning teams will share a prize pool of 1.3 million yuan and benefit from supportive policies in Changping District, facilitating project acceleration and industrialization [14]. - The competition serves as a platform for technology exchange and results transformation, aiming to shorten the cycle from laboratory results to industrial application [15].

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company is a leading player in the semiconductor equipment sector, with growth momentum injected by the acquisition of Guan Hong Intelligent. The company has transitioned through various phases, including product upgrades, rapid expansion post-IPO, and now entering a diversified growth phase focusing on smart robotics and solid-state battery equipment [3][4] - The domestic semiconductor equipment market is experiencing significant growth, driven by increasing demand and a push for localization. The company is well-positioned to benefit from this trend, with a strong competitive edge in the precision metal structural components sector [3][4] - The company is strategically positioning itself in the solid-state battery market, which is expected to see substantial growth due to its high energy density and safety features. The global solid-state battery shipment is projected to reach 614.1 GWh by 2030, with the equipment market size expected to be between 718-958 billion yuan [3][4] - The company is also expanding into the smart industrial robotics sector, leveraging its existing technology and understanding of customer needs in manufacturing [3][4] Summary by Sections Semiconductor Equipment Sector - The company has established itself as a leader in the semiconductor equipment sector, with a CAGR of 19.7% in the semiconductor equipment structural components from 2019 to 2024. The revenue from this segment is closely tied to the demand in the semiconductor industry [19][23] - The acquisition of Guan Hong Intelligent is expected to enhance the company's revenue growth, with Guan Hong's revenue projected to contribute significantly in 2025 [19][23] Domestic Semiconductor Equipment Market - The semiconductor market is recovering, with a projected sales increase of 20.1% in 2024 and 11.7% in the first three quarters of 2025. The global semiconductor equipment market is expected to reach $125.5 billion in 2025 [29][32] - The company is benefiting from the increasing localization of semiconductor equipment, with domestic revenue and market share expected to rise as the domestic equipment penetration rate increases [42] Solid-State Battery Equipment - The solid-state battery market is anticipated to grow significantly, with the company focusing on dry process equipment for solid-state batteries. The transition from traditional liquid batteries to solid-state technology is expected to drive demand for new equipment [53][64] - The company is developing solutions for dry electrode technology, which is more efficient and cost-effective compared to traditional methods, and has already secured orders from leading battery manufacturers [53][64] Smart Industrial Robotics - The company is expanding into the smart industrial robotics market, leveraging its existing technology and expertise in automated systems. This move is expected to capitalize on the growing demand for intelligent logistics solutions [3][4]

Core Viewpoint - The news highlights the strategic collaboration between Jiangmen and Shenzhen, focusing on the development of the AI and robotics industry in the New District of Jiangmen, particularly through the Guangdong Pengxia Robot Intelligent Manufacturing Park, which aims to enhance regional economic integration and innovation [1][9]. Group 1: Project Development - The Guangdong Pengxia Robot Intelligent Manufacturing Park is set to complete its first phase by the end of October 2023, with significant progress reported in construction [3][4]. - The project has attracted 14 robotics-related enterprises from Jiangsu, Zhejiang, and Guangdong, indicating strong interest and investment in the region [6][8]. - The park is designed to integrate the entire robotics industry chain, with a total investment of 1 billion yuan and a construction area of 220,000 square meters [4][7]. Group 2: Economic and Strategic Importance - The opening of major transportation links, such as the Shenzhen-Zhongshan Bridge and Huangmaohai Cross-Sea Channel, has significantly enhanced Jiangmen's geographical advantages, facilitating a one-hour economic circle with Shenzhen [6][9]. - Jiangmen has set ambitious goals for its economic development, with plans for 563 major construction projects totaling 561.8 billion yuan by 2025, focusing on high-end equipment manufacturing and emerging industries [3][6]. - The establishment of a 2 billion yuan industrial investment fund aims to support enterprises in the park and attract high-quality projects, enhancing the local economic landscape [8][9]. Group 3: Industry Collaboration and Future Plans - The New District of Jiangmen is actively promoting the integration of AI and robotics, with plans to establish a specialized industrial park that will serve as a hub for innovation and development [9][11]. - The park aims to create a comprehensive ecosystem for the robotics industry, including R&D, talent training, and market promotion, to foster a sustainable industrial environment [12][13]. - Future projections indicate that the park could generate an annual output value of 1 billion yuan once fully operational, with plans to attract over 30 AI and robotics enterprises by 2026 [8][11].

Core Viewpoint - The Ministry of Industry and Information Technology has initiated a collection of typical application scenarios for AI empowerment of small and medium-sized enterprises (SMEs) for the year 2025, aiming to accelerate innovation and development through AI technology [1]. Group 1: AI Empowerment for Innovation - The first focus area is on "innovative products and services," where SMEs are encouraged to leverage AI for breakthrough innovations, developing forward-looking new products and services that fundamentally upgrade business models and open new commercial spaces [2]. - Examples of innovative products include intelligent industrial robots, smart inspection vehicles, smart logistics equipment, smart home devices, wearable smart devices, and AI-driven software and tools [2]. Group 2: AI Empowerment for Business Process Optimization - The second focus area is on "optimizing business processes," where SMEs can apply AI technology in various operational aspects such as R&D design, production control, quality inspection, equipment maintenance, and supply chain management to significantly enhance efficiency and resilience [3]. - Specific applications include intelligent design in product development, AI-driven production operations, and smart management practices that automate and enhance business processes [3]. Group 3: Additional Application Paths - In addition to the two main focus areas, applicants are encouraged to summarize and propose other innovative paths and models for utilizing AI technology in their specific contexts [4].

Core Viewpoint - Jinpan Technology has been recognized as an exemplary case in the "Industrial Strength" initiative by the Ministry of Industry and Information Technology, marking it as the first company in Hainan to receive this honor, reflecting its achievements in digital transformation and intelligent manufacturing [1][4]. Group 1: Company Achievements - Jinpan Technology has been acknowledged for its outstanding performance in the fields of digital transformation and intelligent manufacturing, contributing to the enhancement of brand influence and the promotion of Chinese industrial spirit [1][4]. - The company has successfully built several digital factories, creating a unique green low-carbon intelligent manufacturing industrial cluster, while actively exploring the application of AI in intelligent manufacturing [6]. - Jinpan Technology has received multiple national honors, including being recognized as a national-level champion in manufacturing, a national green factory, and a national-level excellent intelligent factory [6]. Group 2: Strategic Initiatives - The company aligns with national strategies such as "Manufacturing Power" and "Digital China," focusing on a three-pronged approach of system upgrades, data empowerment, and AI integration to build an intelligent manufacturing ecosystem [4][6]. - Jinpan Technology operates four zero-carbon factories and green factories, contributing to the national "dual carbon" goals and providing a replicable model for the transformation and upgrading of traditional equipment manufacturing [6]. Group 3: Future Outlook - The company aims to continue its deep engagement in intelligent manufacturing, telling the story of China’s industrial development and providing more "Chinese solutions" for the global manufacturing industry's intelligent transformation [6].

Group 1 - The core viewpoint of the articles highlights the rapid development of the robotics industry in Yuhuan, Zhejiang, with a focus on the establishment of a comprehensive industrial chain and the successful relocation of leading companies like Yifei Technology [1][2][3] - Yuhuan has formed a robotics industry chain that includes basic components, robotic joints, complete machine manufacturing, and integrated applications, with 52 related enterprises generating a total output value of 7.79 billion [1] - The South Bay Intelligent Valley is a key area for the robotics industry, with 18 investment projects totaling approximately 5.3 billion, aiming to develop over 40 robotics enterprises and achieve an output value exceeding 20 billion within three years [2] Group 2 - Yuhuan has invested significantly in talent development for the robotics industry, establishing a Robotics Talent Academy and providing operational funding and training rewards to support skills development [3] - Over the past three years, Yuhuan has attracted 16 robotics-related projects with a total investment exceeding 5 billion, creating over 50 "robotics+" application scenarios and achieving an annual growth rate of over 15% [3] - The government aims to enhance the robotics industry by improving the supply chain, establishing a development system centered on core functional components, industrial robots, and humanoid robots, positioning the robotics sector as a new engine for economic growth [3]

Core Viewpoint - The article highlights the advancements and innovations in intelligent robotics showcased at the 28th Essen Welding and Cutting Exhibition, emphasizing the capabilities of new products and solutions from the company. Group 1: Exhibition Overview - The 28th Essen Welding and Cutting Exhibition took place from June 17-20 in Shanghai, focusing on cutting-edge technologies and innovations in the welding industry [1] - The exhibition attracted numerous domestic and international clients and professionals, showcasing a range of advanced intelligent products and solutions [1] Group 2: Intelligent Industrial Robots - The company's spot welding robot features a new generation intelligent control system, achieving industry-leading levels in welding efficiency and process [3] - The external servo driver of the spot welding robot supports mainstream protocols and significantly shortens project delivery cycles through offline programming and virtual debugging [6] Group 3: Arc Welding and Grinding Workstation - The SR25A-12/2.01 robot is equipped with an intelligent arc welding software package, offering high welding speed, aesthetic appearance, and superior weld quality [7] - The workstation integrates high rigidity and precision, making it suitable for high-intensity vibration welding scenarios [11] Group 4: Laser Welding Solutions - The laser welding workstation enhances trajectory accuracy and operational stability through optimized dynamics and control algorithms, providing a comprehensive automated solution [12] - The system supports various welding and motion postures, adapting to complex welding requirements [24] Group 5: Collaborative Robots and Training Solutions - The collaborative robot welding training system utilizes augmented reality for training, significantly improving learning efficiency by 70% through a virtual environment [22] - The system features a magnetic base that addresses challenges in welding large and complex steel structures [16] Group 6: Advanced Technologies - The 3D camera-based robot workstation can operate in varying light conditions, utilizing AI algorithms for automatic path generation and flexible production [29][31] - The laser cladding workstation is designed for complex surface processing, enhancing production scale and efficiency through high automation and flexibility [33]

Core Viewpoint - The 2025 Fortune AI Brainstorming Conference will focus on the rise of AI agents and their productivity gains, examining how businesses transition from AI planning to practical implementation, and the impact of policies and regulations on this process [2][6]. Group 1: Conference Details - The conference will take place in Singapore from July 22 to 23, 2025, under the theme "AI Brainstorming 2025: Intelligence Unleashed" [1][6]. - It will feature global leaders, including executives from Fortune Global 500 companies, top investors, policymakers, and cross-industry talents [2][6]. Group 2: Discussion Topics - Key topics will include the AI race triggered by DeepSeek, infrastructure development for the digital economy in Asia, and the application of AI in fields such as medical diagnostics and music media [3]. - The agenda will also cover venture capital landscapes in AI, the intersection of AI with creativity, and intellectual property challenges [3]. Group 3: Format and Structure - The conference will include deep dialogues, immersive thematic discussions, and interactive roundtable meetings, providing a rich format for knowledge exchange [4][6].

Core Viewpoint - Hainan Jinpan Intelligent Technology Co., Ltd. has transformed from a traditional power equipment company into an innovative, technology-driven, and digital enterprise, focusing on the development of transformers and related products while expanding into intelligent manufacturing and AI integration [1][2]. Group 1: Company Overview - Established in 1997, Jinpan Technology has developed a global production base, with operations in countries such as Mexico, Poland, and Malaysia, and its products are distributed in over 80 countries and regions [1]. - The company has received various international certifications for its main products, including UL and KEMA [1]. Group 2: Financial Performance - In the first quarter of this year, Jinpan Technology reported steady revenue growth, particularly in data centers and wind energy sectors [2]. - As of March 31, the order amount for the company's complete series products in the data center sector increased by 43.25% compared to the same period last year [2]. Group 3: Research and Development - Jinpan Technology invested 356 million yuan in R&D in 2024, resulting in 284 effective patents, 73 software copyrights, and 37 trademarks [2]. - The company has successfully completed projects such as the 20.6MVA dry-type transformer for floating wind turbine units, recognized as an advanced equipment manufacturing project in Hainan Province [2]. Group 4: Strategic Initiatives - In 2024, Jinpan Technology aims to integrate AI technology with its digital manufacturing platform to enhance production efficiency and product quality across the entire business chain [3]. - The company is focusing on the intelligent industrial robot sector, particularly in smart welding, handling, and collaborative robots, to drive its smart manufacturing transformation [3]. Group 5: Future Outlook - Jinpan Technology plans to increase R&D investment in 2025, continuing to drive technological innovation and expand its product matrix with digital, low-carbon, and intelligent products [3]. - The company aims to establish a three-dimensional driving model focusing on global market layout, high-value products, and efficient production operations, leveraging technology innovation as a key engine for growth [4].