公开资料显示，本末动力的主营业务包括高性能智能设备、智能辅助设备、机器人(轮足、人形及其他 外形)的智能模组、整机等。这一定位与津荣天宇在精密制造领域积累的技术优势和发展方向高度契 合，是上市公司在智能制造、自动化装备等"硬科技"领域进行前瞻性布局的重要举措。 根据合伙协议，此次上河古宗的募集规模为人民币10315万元，吸引了包括上市公司大洋电机 （002249）在内的多家产业资本及专业投资者共同参与，基金管理人为已在中国证券投资基金业协会完 成登记备案的北京上河动量私募基金管理有限公司(登记编号：P1074727)。该基金具有清晰、单一的投 资目标——专注对本末动力(北京)科技有限公司(以下简称"本末动力")进行股权投资。 津荣天宇是国内专注精密金属部品和新能源储能产品技术研发、生产制造、产品销售于一体的高新技术 企业。业内人士指出，津荣天宇此次参投产业基金，是通过这一资本纽带，使公司得以更灵活地触达前 沿技术、洞察市场趋势，激发自身精密零部件设计与制造创新优势在机器人等智能装备领域的应用与拓 展，进而巩固提升全球产业链地位。(燕云) 12月3日，津荣天宇（300988）发布公告，公司作为有限合伙人，拟使用 ...

Investment Overview - Company has signed a partnership agreement with Beijing Shanghe Dongliang Private Fund Management Co., Ltd. to establish the Jiaxing Shanghe Guzong Equity Investment Partnership with a target subscription scale of RMB 103.15 million, with the company contributing RMB 30 million as a limited partner [2][11] - The investment aims to enhance the company's insight into emerging industries and promote effective integration of industry and capital [2][24] Partner Information - The general partner, Beijing Shanghe Dongliang Private Fund Management Co., Ltd., was established on August 23, 2023, with a registered capital of RMB 35.1 million [4][5] - The partnership includes several limited partners, including Tianjin Jinrong Tianyu Precision Machinery Co., Ltd. and Hainan Zhouyang Technology Co., Ltd., among others [6][7] Fund Details - The fund is specifically aimed at investing in Benmo Power (Beijing) Technology Co., Ltd., which specializes in high-performance intelligent equipment and robotics [14] - The partnership will last for five years, with the possibility of extension based on the agreement [16] Financial Implications - The investment will not impose financial pressure on the company's existing operations and is expected to enhance its strategic positioning in the robotics industry [24] - The company anticipates that this investment will not significantly impact its operating performance in 2025 [24]

格隆汇12月2日丨大洋电机(002249.SZ)公布，为进一步深化产业协同，借助专业机构的能力与资源优 势，在立足主业的同时适度进行新兴产业股权投资，以提升公司对新兴产业的洞察力，推进产业与资本 的有效融合，中山大洋电机股份有限公司于2025年12月1日与北京上河动量私募基金管理有限公司（简 称"上河动量"、"普通合伙人"）及其他有限合伙人签署了《嘉兴上河古宗股权投资合伙企业（有限合 伙）合伙协议》。嘉兴上河古宗股权投资合伙企业（有限合伙）（简称"上河古宗"或"合伙企业"）目标 认缴规模为人民币10,315万元，公司作为有限合伙人使用自有资金出资3,000万元人民币认购合伙企业的 基金份额。公司本次投资不存在对合伙企业实施控制或共同控制的情形，亦不存在对合伙企业产生重大 影响的情形。本合伙企业设立的目的是对本末动力（北京）科技有限公司（称"目标公司"或"被投资项 目"）进行股权投资，并进行与此相关的活动。除投资于目标公司外，本合伙企业不能进行其他项目的 投资。本末动力（北京）科技有限公司（统一社会信用代码：91441900MA54DQLF82）主营业务为生 产高性能智能设备、智能辅助设备、机器人（轮足、人形及 ...

Core Viewpoint - The company, Dayang Electric (002249), has signed a partnership agreement with Beijing Shanghe Momentum Private Fund Management Co., Ltd. and other limited partners to establish a fund aimed at investing in Benmo Power (Beijing) Technology Co., Ltd. [1] Group 1: Investment Details - The partnership agreement was signed on December 1, with a target subscription scale of 103 million yuan for the fund [1] - The company will contribute 30 million yuan as a limited partner to subscribe for the fund's shares [1] Group 2: Target Company Overview - Benmo Power (Beijing) Technology Co., Ltd. specializes in the production of high-performance intelligent equipment, smart auxiliary devices, and robots, including various forms such as wheeled and humanoid robots [1]

Core Viewpoint - The report from Guotai Junan maintains a buy rating for Aikang Medical (01789), indicating that the company's performance in the first half of 2025 met expectations, with potential acceleration in the second half [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 694 million yuan, representing a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 161 million yuan, up 15.3%, indicating stable growth against a high base from H1 2024 [2] Group 2: Domestic and International Business Development - The company has made breakthroughs in domestic operations, with the procurement results for artificial joints being implemented across provinces, leading to an increase in market share due to superior product performance and reputation, particularly in high-end hospitals in economically developed regions [3] - The domestic revenue for H1 2025 grew by 6.0% to 566 million yuan, while overseas revenue increased by 4.0% to 128 million yuan, with expectations for acceleration in the second half [3] Group 3: Technological Advancements - The company continues to invest in new technology development, enhancing its competitiveness in the orthopedic field, with over 1,700 clinical surgeries completed using smart-assisted devices by June 2025, and the K3 smart surgical robot approved for market in May 2025 [4] - The company is also improving conventional prosthetics and 3D printing platforms, expanding into sports medicine and biomaterials, which is expected to further enhance its comprehensive competitiveness [4]

Investment Rating - The report maintains a rating of "Buy" for the company [2][10]. Core Views - The company's performance in the first half of 2025 met expectations, and there is potential for acceleration in the second half of the year [2][10]. - The company has achieved steady revenue growth, with a 5.6% year-on-year increase in revenue to 694 million RMB and a 15.3% increase in net profit to 161 million RMB in the first half of 2025 [10]. - The domestic business is making breakthroughs, and overseas exports are continuously expanding, with a 4.0% increase in overseas revenue to 128 million RMB in the first half of 2025 [10]. Financial Summary - Total revenue is projected to grow from 1,100.29 million RMB in 2023 to 2,250.62 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [4]. - Net profit is expected to increase from 182.10 million RMB in 2023 to 499.13 million RMB in 2027, with a CAGR of about 22.4% [4]. - The company's price-to-earnings (PE) ratio is projected to decrease from 32.89 in 2023 to 11.84 in 2027, indicating improving valuation [4]. Market Data - The company's current market capitalization is approximately 6.41 billion HKD, with a stock price range of 3.98 to 7.05 HKD over the past 52 weeks [7][10]. - The target price is set at 7.56 RMB (equivalent to 8.26 HKD) based on a target PE of 21X for 2026 [10].