在汽车产业向新能源化、智能化深度转型，人形机器人赛道加速破圈的当下，一家从浙江金华走出的企 业——万里扬，正稳步完成从变速箱专家到多业务产业集团的战略跨越。"制造业没有捷径可走，未来 仍需依托技术迁移、规模化制造与全价值链控制能力，在多赛道上扎实站稳脚跟。"万里扬董事长黄河 清近日在接受记者采访时清晰阐述了企业的发展逻辑。 资本加持 业绩增长驶入快车道 万里扬的成长轨迹始于1996年。此前，黄河清毕业后先在金华地方国资机械企业积累实战经验，随后凭 借对齿轮与变速箱技术的执着选择创业，公司初期主要聚焦齿轮轴等零部件业务。 "我们从小零件做起，始终坚持把产品做精做专。到2000年左右，公司成功实现从变速箱零部件到变速 箱总成的关键突破；2010年，公司在深交所挂牌上市，顺利完成从0到1的资本与技术积累。"黄河清回 顾企业早期发展时说道。 上市后的五年间，万里扬深耕商用车领域，以轻微卡手动变速箱为主，年营收稳定在10亿元至15亿元。 但黄河清敏锐地察觉到，国内汽车消费正迎来手动挡向自动挡升级的浪潮，但自动变速箱的核心技术长 期被部分外资企业垄断。 据介绍，公司重卡变速器售价为1万元/台至2.5万元/台，随着多个客户 ...

在汽车产业向新能源化、智能化深度转型，人形机器人赛道加速破圈的当下，一家从浙江金华走出的企 业——万里扬（002434），正稳步完成从变速箱专家到多业务产业集团的战略跨越。"制造业没有捷径 可走，未来仍需依托技术迁移、规模化制造与全价值链控制能力，在多赛道上扎实站稳脚跟。"万里扬 董事长黄河清近日在接受记者采访时清晰阐述了企业的发展逻辑。 ● 本报记者 罗京 资本加持 业绩增长驶入快车道 万里扬的成长轨迹始于1996年。此前，黄河清毕业后先在金华地方国资机械企业积累实战经验，随后凭 借对齿轮与变速箱技术的执着选择创业，公司初期主要聚焦齿轮轴等零部件业务。 "我们从小零件做起，始终坚持把产品做精做专。到2000年左右，公司成功实现从变速箱零部件到变速 箱总成的关键突破；2010年，公司在深交所挂牌上市，顺利完成从0到1的资本与技术积累。"黄河清回 顾企业早期发展时说道。 上市后的五年间，万里扬深耕商用车领域，以轻微卡手动变速箱为主，年营收稳定在10亿元至15亿元。 但黄河清敏锐地察觉到，国内汽车消费正迎来手动挡向自动挡升级的浪潮，但自动变速箱的核心技术长 期被部分外资企业垄断。 2015年至2016年，万里扬借 ...

● 本报记者 罗京 多赛道布局 构建增长矩阵 在汽车产业向新能源化、智能化深度转型，人形机器人赛道加速破圈的当下，一家从浙江金华走出的企 业——万里扬，正稳步完成从变速箱专家到多业务产业集团的战略跨越。"制造业没有捷径可走，未来 仍需依托技术迁移、规模化制造与全价值链控制能力，在多赛道上扎实站稳脚跟。"万里扬董事长黄河 清近日在接受记者采访时清晰阐述了企业的发展逻辑。 资本加持 业绩增长驶入快车道 万里扬的成长轨迹始于1996年。此前，黄河清毕业后先在金华地方国资机械企业积累实战经验，随后凭 借对齿轮与变速箱技术的执着选择创业，公司初期主要聚焦齿轮轴等零部件业务。 "我们从小零件做起，始终坚持把产品做精做专。到2000年左右，公司成功实现从变速箱零部件到变速 箱总成的关键突破；2010年，公司在深交所挂牌上市，顺利完成从0到1的资本与技术积累。"黄河清回 顾企业早期发展时说道。 上市后的五年间，万里扬深耕商用车领域，以轻微卡手动变速箱为主，年营收稳定在10亿元至15亿元。 但黄河清敏锐地察觉到，国内汽车消费正迎来手动挡向自动挡升级的浪潮，但自动变速箱的核心技术长 期被部分外资企业垄断。 2015年至2016年 ...

Group 1 - The core viewpoint is that Beijing E-Town is enhancing its foreign trade policies and promoting a new quality outbound strategy, as evidenced by the launch of the "Three Seas Action" to support enterprises in going global [1][3] - The E-Town Comprehensive Bonded Zone has officially started operations, achieving the fastest record in the country from application to establishment, providing new opportunities for enterprises [2] - The region has attracted 1,530 foreign-funded enterprises from 67 countries and regions, with 109 foreign R&D centers, indicating a shift from "in China" to "for China" and "for the world" [2] Group 2 - The export value in the first half of the year reached 31.43 billion RMB, representing a year-on-year increase of 16.9%, showcasing strong resilience in foreign trade [1] - Key enterprises such as Liangliang Vision, Wenyan Zhixing, and Galaxy Aerospace are making significant strides in international markets, with products like AR glasses and breakthroughs in autonomous driving [1] - The E-Town Comprehensive Bonded Zone is expected to enhance the global supply chain layout and accelerate the globalization of high-end medical equipment, as stated by the general manager of Raytai Medical [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is a leading player in the domestic high-end machine tool core component manufacturing sector, with strong R&D capabilities and a robust product lineup [1][2]. - The company has expanded its business into high-end equipment sectors such as CNC machine tools, robotics, and new energy vehicles, leveraging its technological strengths and market insights [2][18]. - The demand from end markets, particularly in consumer electronics and AI infrastructure, is driving the company's revenue growth, with significant year-on-year increases in both revenue and net profit [3][6]. - The burgeoning humanoid robotics market presents a new growth opportunity for the company, with projections indicating substantial market expansion in the coming years [4][6]. Summary by Sections 1. Company Overview - The company, established in 2006, is one of the largest manufacturers in the spindle sector, having successfully listed on the Growth Enterprise Market in 2016 [1][13]. - It has developed a comprehensive R&D system, recognized as a "National Enterprise Technology Center" and has received numerous awards for its innovative products [1][14]. 2. Market Demand and Performance - The company has seen a recovery in revenue, achieving 1.307 billion yuan in 2024 and 703 million yuan in the first half of 2025, representing year-on-year growth of 30.63% and 14.21%, respectively [3][7]. - The net profit attributable to shareholders for the first half of 2025 was 63 million yuan, up 15.41% year-on-year, with a significant increase in non-recurring net profit [3][6]. 3. Growth Opportunities - The humanoid robotics market is expected to grow significantly, with sales projected to reach 1.24 million units and a market size of 6.339 billion yuan by 2025 [4][6]. - The company has begun testing core components for humanoid robots, which could enhance its revenue streams and contribute to a second growth curve [4][6]. 4. Financial Forecasts - The company is projected to achieve revenues of 1.439 billion yuan in 2025, with a growth rate of 10.10%, and net profits of 121 million yuan, reflecting a growth rate of 45.42% [6][7]. - The earnings per share (EPS) are expected to increase from 0.39 yuan in 2025 to 0.72 yuan by 2027 [6][7]. 5. Valuation - The report suggests a target price of 42.90 yuan based on a projected price-to-earnings (P/E) ratio of 110 for 2025, indicating a significant upside from the current price of 30.99 yuan [6][4].

Core Viewpoint - The "2025 National Robot Precision Reducer and Joint Innovation Forum" will be held in Qingdao from September 19 to 21, 2025, focusing on advancements in robotics and precision reducers, with participation from various academic and industrial leaders [2][4]. Group 1: Event Overview - The forum is organized by the National Reducer Standardization Technical Committee and hosted by Guohua (Qingdao) Intelligent Equipment Co., Ltd., with support from the China Machinery Industry Federation Robotics Branch and Beijing University of Technology [2]. - The agenda includes keynote speeches, expert reports, and discussions on the development of industrial robots and precision reducers [4][5]. Group 2: Keynote Topics - Keynote topics include high-quality development tasks for industrial robots, the "golden decade" of precision reducers and joints, and mobile collaborative robot precision drive and control technology [2][4]. - Other reports will cover bionic robots inspired by human anatomy, integrated joint technology, and the application of reducers in robotics [4][5]. Group 3: Networking and Collaboration - The event will facilitate networking among industry professionals, with opportunities for collaboration and consensus-building on standards for robot joint modules [4][5]. - Participants will also have the chance to visit Guohua (Qingdao) Intelligent Equipment Co., Ltd. for practical insights into the industry [5].

Core Viewpoint - Koller plans to raise up to 1.006 billion yuan through a private placement to fund the construction of an intelligent manufacturing industrial park, with 906 million yuan allocated for the project and the remaining for liquidity support [1][3]. Group 1: Fundraising and Project Details - The company aims to use 906 million yuan of the raised funds for the Koller Intelligent Manufacturing Industrial Park, which will include automated production lines for smart home motors and new production facilities for drone motors and robotic joint modules [2][3]. - The total number of shares to be issued will not exceed 223 million, accounting for 30% of the company's total share capital prior to the issuance [3]. Group 2: Financial Performance - As of June 2025, Koller reported total assets of 2.565 billion yuan, with a debt ratio of 49.91%, indicating some short-term debt pressure [3]. - In the first half of 2025, Koller achieved revenue of 907 million yuan, a year-on-year increase of 13.91%, and a net profit of approximately 29.18 million yuan, up 23.31% year-on-year [5]. Group 3: Market Expansion and Client Base - Koller has extensive experience in the research, development, and manufacturing of motors and intelligent drive control systems, targeting the global mid-to-high-end market across various sectors including smart home, medical devices, and industrial automation [5][6]. - The company has established a strong client base, supplying to well-known domestic and international companies such as Hikvision, Xiaomi, and Panasonic, with overseas market revenue accounting for 47.74% of total revenue in the first half of 2025 [6].

Group 1 - The company held its fourth board meeting on September 12, 2025, to discuss the issuance of A-shares to specific investors [2][3] - The board unanimously approved the proposal for the company to issue A-shares, confirming compliance with relevant laws and regulations [3][4] - The proposal will be submitted to the second extraordinary general meeting of shareholders in 2025 for approval [4][25] Group 2 - The company plans to issue up to 223,125,288 A-shares, which is no more than 30% of the total share capital before the issuance [14][15] - The total amount of funds to be raised from this issuance is not to exceed 1,005.82 million yuan, which will be used for specific projects [16][17] - The shares issued will have a lock-up period of six months from the date of issuance [18][19] Group 3 - The pricing for the shares will be based on the average trading price over the 20 trading days prior to the pricing date, with a minimum price set at 80% of that average [12][13] - The shares will be listed on the Shenzhen Stock Exchange [20][21] - The company will ensure that the unallocated profits before the issuance will be shared by both new and existing shareholders [22][23] Group 4 - The board approved a three-year shareholder return plan for 2025-2027 to enhance the company's dividend policy [42][43] - The board also discussed measures to mitigate the dilution of immediate returns due to the issuance of new shares [39][41] - The company will seek authorization from the shareholders to handle all matters related to the issuance of A-shares [44][46]

Group 1: Company Overview - Koli's main business involves the development, production, and sales of motors and intelligent drive control technology, with applications in home appliances such as ovens, refrigerators, exhaust fans, and washing machines [2] - The company is expanding its product applications into 3D printing, lithium battery equipment, robotics, industrial automation, and new energy vehicles, leveraging its expertise in motor, drive, control, microelectronics, and sensing technologies [2] Group 2: Fundraising and Project Plans - Koli plans to raise no more than 1.006 billion yuan through a private placement to fund the construction of a smart manufacturing industrial park and to supplement working capital [1] - The core project of this fundraising is the smart manufacturing industrial park, with 906 million yuan allocated for the construction of automated production lines for smart home motors and new facilities for drone motors and robotic joint modules [1] Group 3: Market Opportunities - The global civil drone market is entering a rapid development phase, with China being the largest market, projected to reach 248.93 billion yuan by 2029 [2] - The performance of motors, as a key component of drone electric power systems, directly impacts flight stability and endurance, positioning Koli to benefit from the expanding civil drone market [2] - The robotics industry is also experiencing strong growth, with the global market expected to exceed 400 billion dollars by 2029, and China accounting for nearly 50% of this market [3] - The anticipated growth in the robotics market is expected to drive demand for robotic joint modules, which are critical components of robotic motion systems [3]

Group 1 - The company, Xiangming Intelligent, stated on September 2 that its robotic joint modules possess independent intellectual property rights for key components such as motors and controllers, indicating a high level of self-manufacturing [2] - The company emphasizes that its entire supply chain is independently controllable, which enhances its market service capabilities [2]