Core Insights - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robot joints [1] - The product platform planning has been initially completed, including categories such as harmonic reducers, planetary reducers, brushless motors, and controllers [1] - The products have an outer diameter range of 30mm to 150mm and a torque coverage from 0.5 Nm to 350 Nm, catering to various applications like humanoid robots, articulated robots, robotic dogs, AGVs, and electric forklifts [1] Product Development - Currently, the company is developing and manufacturing products for two clients, totaling ten products, including harmonic reducers and joint modules [1] - The first planetary joint module has successfully rolled off the production line, with other products expected to be completed soon [1] - The company is actively seeking new clients and product projects to expand its market presence [1] Manufacturing and Testing Capabilities - The company is committed to enhancing its testing, inspection, and manufacturing capabilities for precision transmission products [1] - This initiative aims to lay a solid foundation for acquiring new clients and improving market competitiveness [1]

Core Viewpoint - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robot joints [1] Group 1 - The company is currently developing and manufacturing products for two clients, including ten products such as harmonic reducers, harmonic joint modules, and planetary joint modules [1] - The first planetary joint module has successfully come off the production line, with other products expected to be completed in due course [1] - The company is actively seeking new clients and product projects to enhance its market competitiveness [1] Group 2 - The company is committed to building testing, inspection, and manufacturing capabilities for precision transmission products for robot joints [1] - This initiative aims to lay a solid foundation for further expanding its client base and improving market competitiveness [1]

Core Viewpoint - Wanliyang (002434.SZ) is focusing on the development of precision transmission products for robotic joints, including harmonic reducers, planetary reducers, brushless motors, and controllers, while planning to expand its humanoid robot product offerings in line with industry trends [1] Group 1 - The company is currently developing precision transmission products for robotic joints [1] - The product categories include harmonic reducers, planetary reducers, brushless motors, and controllers [1] - Future development will focus on expanding and improving humanoid robot-related products and business [1]

Group 1 - The company is focusing on the development of robotic components as a long-term strategic business [2] - The company is investing in talent acquisition and resource integration to enhance product competitiveness in the market [2] - Currently, the company is advancing the platform design, development, testing, and production capabilities of its robotic joint precision transmission products [2]

Group 1: Report General Information - The report is about a research meeting on Wanliyang, a company in the automotive parts industry, held on September 23, 2025 [1][2][16] Group 2: Participating Institutions - Participating institutions include Hangzhou Kuanhe Private Fund, Zhejiang Yingrui Investment, Zhejiang Naxuan Private Fund, CITIC Securities Zhejiang, and Zhongcai Investment [2][17] Group 3: Company Business Overview - The company's business includes automotive parts and new energy storage. The automotive parts business covers R&D, production, and sales of automotive transmission and drive systems for passenger, commercial, and new - energy vehicles, non - highway transmission/drive systems, and parts export. The new energy storage business involves power generation - side, grid - side, and user - side energy storage stations and power trading [21][22][23] Group 4: Business Development in Different Segments Automotive Parts Business - **Passenger Vehicle Transmission Business**: The company is expanding the international market for CVT and MT transmissions and increasing the sales of EV reducers [23] - **Commercial Vehicle Transmission Business**: In 2025, the light - truck manual transmission market demand is strong. The company is also developing light - and - micro - truck electrification products. The heavy - truck transmission business has significant market promotion results and increasing production and sales [23][24] - **Non - Highway Transmission/Drive System Business**: The company is focusing on products like construction machinery electric drive systems, large - horsepower tractor CVTs, and medium - and - large - horsepower tractor power - shift systems, with products gradually being mass - produced [24] New Energy Storage Business - The energy storage stations in Zhaoqing, Guangdong, and Yiwu, Zhejiang, are in operation. Some under - construction stations in Foshan, Guangdong, and Yiwu, Zhejiang, are expected to be connected to the grid in the second half of 2025. The company is also actively planning multiple grid - side energy storage projects in other regions [24][25] Robot Parts Business - The company established Zhejiang Wanliyang Robot Technology Co., Ltd. It has completed the product platform planning, is developing products for customers, and is building testing, inspection, and manufacturing capabilities [25]

Group 1 - The company Zhejiang Wanliyang Co., Ltd. hosted a research meeting with five institutions, including Hangzhou Kuanhe Private Equity Fund and CITIC Securities Zhejiang Branch, on September 23 [1] - The company's business encompasses two main sectors: automotive components and new energy storage [2] - The automotive components segment focuses on the research, production, and sales of transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [2] Group 2 - The demand for manual transmission in light trucks is expected to grow significantly by 2025, with a substantial year-on-year increase in sales [2] - The company is actively developing electric products for light and medium trucks, with related products already in mass production [2] - The heavy truck transmission business is seeing significant market promotion for MT, AMT, hybrid, and pure electric drive systems, with production and sales expected to continue rising as mainstream customer models enter mass production [2] Group 3 - The company is advancing the development of electric drive systems for construction machinery and CVT for high-power tractors, with related products gradually entering mass production [2] - Wanliyang Energy has operational independent energy storage stations in Zhaoqing, Guangdong, and Yiwu, Zhejiang, with installed capacities of 100MW/200MWh and 100MW/200MWh respectively, showing good profitability [2] - The company is actively laying out multiple independent energy storage station projects in regions such as Zhejiang, Guangdong, Jiangsu, and Guangxi [2] Group 4 - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robot joints [2] - Initial product platform planning has been completed, laying a foundation for future development [2]

Core Viewpoint - Wanliyang is making significant progress in its robotics and energy storage businesses, driven by substantial R&D investments and a focus on operational efficiency [1][2][3][4]. Robotics Business - Wanliyang has initiated the development of precision transmission products for robotics, involving six products for two clients, with plans for trial deliveries [1][2]. - The company established Zhejiang Wanliyang Robotics Technology Co., Ltd. in May 2025 to focus on R&D and industrialization of robotic products, completing platform planning for various product categories [1][2]. Energy Storage Business - Wanliyang's subsidiary, Wanliyang Energy, has operational energy storage power stations in Guangdong and Gansu, primarily providing frequency regulation services to power plants [2]. - The company plans to develop independent energy storage stations on the grid side and user-side energy storage stations in the coming years [2]. R&D Investment - From 2020 to 2024, Wanliyang's R&D expenses exceeded 3 billion yuan annually, totaling 1.82 billion yuan over five years and the first half of 2025 [3][4]. Financial Performance - Wanliyang's revenue has fluctuated around 6 billion yuan, with net profit declining from 617 million yuan in 2020 to 240 million yuan in 2024 [4]. - In the first half of 2025, the company reported revenue of 2.81 billion yuan, a year-on-year increase of 2.69%, and net profit of 277 million yuan, up 50.24% [4]. - The company has seen a significant increase in cash flow from operating activities, with a 220.35% year-on-year growth [4]. Stock Performance - Wanliyang's stock price has risen significantly, from 6.1 yuan per share at the beginning of the year to a high of 10.28 yuan on September 18, marking a maximum increase of 68.52% [6].

每经AI快讯，有投资者在投资者互动平台提问：奇瑞是万里扬的大股东和第一大客户，万里扬充分发 挥在汽车传动领域积累的优势，重点发展谐波减速器和行星减速器等产品，与奇瑞在人形机器人项目上 合作共创新科技。请问目前有什么进展？ 万里扬（002434.SZ）9月18日在投资者互动平台表示， 目前， 公司已经开始启动首批机器人关节精密 传动产品项目，包含了2个客户共6个产品的开发制造，将陆续交付客户进行试验验证。同时，正积极对 接获取更多客户和更多产品项目的开发制造。 （文章来源：每日经济新闻） ...

Core Insights - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robotic joints, leveraging its expertise in automotive transmission systems [1] - The initial phase of product development includes six products for two clients, which are set to undergo trial verification [1] - The company is also working on platform design, development, testing, and production capabilities for its robotic joint precision transmission products to enhance market competitiveness and attract new clients [1]

Core Viewpoint - The company is making significant progress in the development and manufacturing of its first batch of robotic joint precision transmission products, which will soon be delivered to customers for testing and validation [1] Group 1: Product Development - The development and manufacturing of robotic joint precision transmission products are proceeding smoothly [1] - The company is focused on platform design, development, testing, and production capabilities for these products [1] Group 2: Market Strategy - The robotic components business is identified as a strategic area for the company's future growth [1] - The company plans to effectively integrate internal business resources and advantages while actively consolidating industry resources externally to promote the growth of its robotic components business [1]