Core Insights - The event focused on empowering technology-based small and medium-sized enterprises (SMEs) in Shanghai through financial support and investment opportunities [1][6] - The Shanghai Municipal Financial Office, along with local authorities and investment institutions, aimed to enhance financing channels for SMEs in sectors like integrated circuits, biomedicine, and new materials [1][6] Group 1: Financial Support Policies - The Shanghai Municipal Development and Reform Commission introduced new financial support measures to aid the high-quality development of the real economy, including support for institutional clustering, mergers and acquisitions, and special loan interest subsidies [3][8] - The event highlighted the importance of equity investment paths and key focus areas shared by representatives from investment institutions [3][8] Group 2: Company Presentations and Interactions - Eight companies, including Shanghai Linzhong Electronic Technology Co., Ltd. and Ideal Crystal Extension Semiconductor Equipment (Shanghai) Co., Ltd., presented their projects, showcasing technological innovations, core products, financial status, previous financing, and current funding needs [4][9] - Investment institutions engaged in discussions about various technological applications, including solid-state transformers and atomic layer deposition equipment, emphasizing the importance of core technology advantages and governance structures for SMEs seeking equity investment [4][9] Group 3: Future Directions - The event served as a conclusion to the annual series aimed at facilitating financing for SMEs, exploring new paths for "inclusive finance" and "technology finance" [5][10] - The Shanghai Municipal Financial Office plans to continue providing platforms for trend insights, resource connections, and efficient financial services to support the high-quality development of the real economy [5][10]

（文章来源：证券日报） 证券日报网讯 12月19日，捷昌驱动在互动平台回答投资者提问时表示，目前相关业务正遵循技术研 发、产品验证、市场适配的既定节奏稳步推进。从样品测试到规模化量产的推进进程，需综合考量技术 成熟度迭代、下游市场需求释放节奏、供应链体系配套完善度等多重行业共性因素，公司将根据各环节 进展动态优化推进计划。具体时间节点相关信息，若达到信息披露标准，公司将严格按照监管要求及时 公告，敬请关注公司后续公开信息。公司在机器人核心部件领域的竞争优势，源于长期以来在精密制 造、机电一体化技术等方面的持续积累与沉淀，凭借对行业应用场景的深刻理解，公司产品在性能稳定 性、技术方案适配性及规模化生产保障能力等方面形成了综合竞争力。未来公司将持续聚焦核心技术创 新与产品迭代，不断强化在关键部件领域的市场优势，以更好地契合机器人行业的发展需求。 ...

产业兴则经济兴，外贸稳则发展稳。记者日前从上海海关部门获悉，今年以来，面对复杂多变的外部环 境，上海海关立足上海16个行政区的产业特色与功能定位，创新打造"一区一品""营商+"品牌矩阵，以 定制化服务方案精准对接重点产业需求，用流程优化破解通关堵点，靠科技赋能提升监管效能，推动上 海外贸在复杂形势下实现量质齐升。1-11月，上海市进出口总值达4.1万亿元，同比增长5.7%。 机器人及智能制造产业的核心部件、研发样品，普遍具有通关时效要求高、申报专业性强等特点。以往 申报差错等问题，曾是影响企业研发进度的难点。为精准对接上海宝山区千亿级机器人及智能制造产业 集群发展需求，吴淞海关创新"营商吴优"服务机制，通过深化跨部门协同、优化监管模式，提供"一企 一策"定制服务，整合24小时预约通关、先放后审、"两步申报"等多项便利措施，同时联合区商务委、 发改委等部门搭建协同平台，提供政策宣讲、免税政策对接等全链条服务，让企业通关更顺畅、发展更 安心。 今年1月至11月，上海宝山区机器人及智能制造产业进出口总货值达108.7亿元，同比增长逾41%。 智慧赋能"芯"速度 手持平板核对信息，执法记录仪全程留痕，31票集成电路货 ...

格隆汇12月18日丨万安科技(002590.SZ)在投资者关系中表示，有被问到:请问贵公司对机器人投资布局 的考量？ 答:公司已战略投资同川科技，布局机器人核心部件，公司将充分发挥在智能电动汽车赛道积累的深度 研发、精密制造、高效协同等领先优势，实现从智能电动汽车业务向机器人业务的拓展。会重点关注机 器人行业的发展机会。 ...

证券日报网12月18日讯万安科技（002590）在12月17日回答调研者提问时表示，公司已战略投资同川科 技，布局机器人核心部件，公司将充分发挥在智能电动汽车赛道积累的深度研发、精密制造、高效协同 等领先优势，实现从智能电动汽车业务向机器人业务的拓展。会重点关注机器人行业的发展机会。 ...

苏州工业园区金融局、企服中心相关负责人，知行汽车科技创始人兼CEO宋阳等出席活动，与近100家 具身智能领域企业、投资机构、科研院所代表共话产业新机遇。 据介绍，苏州工业园区始终坚持以创新驱动发展，积极发挥金融资本对新兴产业的助推作用。当前具身 智能产业正迎来爆发式增长窗口期，园区将通过"上市苗圃工程"等培育机制，为企业提供全生命周期金 融服务；同时依托"领军伙伴计划"构建产业链协同生态，推动技术成果与场景应用深度对接。 中新集团副总裁兼中新智地董事长米龙峰在主旨演讲《园区具身智能机器人产业发展及园区载体情况介 绍》中，聚焦园区具身智能机器人产业落地实操与场景赋能，详解了中新智地园区的载体适配能力、产 业链协同布局及落地服务支持。 据苏州工业园区企业发展服务中心官方微信公众号11月21日消息，11月20日下午，由苏州工业园区金融 发展和风险防范局指导，园区企业发展服务中心携手知行科技、领军创投、中新智地共同举办的"上市 苗圃工程""领军伙伴计划"具身智能产业对接交流会在知行科技总部大楼成功举行。 在内场，9家企业集中上台展示了机器人核心部件创新成果：从让机器人拥有"火眼金睛"的视觉系统、 灵活敏捷的"关节"驱 ...

Core Viewpoint - The company is leveraging its research, technology, and production advantages in aluminum alloy materials and extrusion industry to actively enter the humanoid robot sector, having established a partnership with Zhiyuan Robotics for mass delivery of core components [1] Group 1: Company Developments - The company has formed a collaboration with Zhiyuan Robotics, resulting in the supply of multiple core components for its main robot model [1] - Future plans include joint research with partners to explore the application of aluminum and magnesium alloys to meet lightweight and high-performance requirements [1] - The company aims to gradually increase the supply of related components to ensure sustained growth in its robotics business [1]

Group 1 - The company has established a subsidiary for automotive electronics since 2019 and has obtained industry certifications for its products [1] - The company's automotive electronic controllers are widely used in domestic and international automotive assembly plants, aligning with the trend of industry transfer to domestic markets [1] - In the robotics sector, the company is currently in the early stages of research and development [1]

Summary of Junsheng Electronics Conference Call Company Overview - **Company**: Junsheng Electronics - **Industry**: Automotive and Robotics Key Financial Highlights - **Revenue Growth**: In the first three quarters of 2025, revenue increased significantly, with net profit reaching 4.1 billion CNY, a year-on-year growth of 35.4% and a quarter-on-quarter growth of 12.4% [2][3] - **Gross Margin**: Gross margin improved, rising by 2.7 percentage points year-on-year to 18.3% for the first three quarters, with a quarterly gross margin of 18.6% in Q3 [2][3] - **Cash Flow**: The company achieved a net cash flow of 36.4 billion CNY, with investment cash outflow of 33.4 billion CNY primarily for short-term bank wealth management [2][7] Automotive Market Performance - **Global Sales**: Approximately 67 million vehicles were sold globally in the first three quarters of 2025, a year-on-year increase of about 5% [5] - **China Market**: Sales in the Chinese market (excluding exports) reached about 19 million vehicles, up 11.5% year-on-year, with total sales (including exports) around 25 million vehicles [2][5] - **Regional Performance**: European market sales declined by about 0.7% to 13 million vehicles, while the US market saw sales close to 12 million vehicles, with a growth rate of nearly 5% [5] New Business Orders - **Record Orders**: New business orders reached a record high of 402 billion CNY in Q3, totaling 714 billion CNY for the first three quarters [2][6] - **Order Breakdown**: Nearly 400 billion CNY in automotive safety orders and over 260 billion CNY in automotive electronics orders were recorded [6] Strategic Developments - **Core Strategy**: The company has adopted a core strategy of transitioning between automotive and robotics, with stable supply of key components and small batch deliveries of leg and hand components expected to scale up by early next year [9][10] - **Collaboration with North American Clients**: Significant progress has been made in collaboration with North American clients on next-generation robotic products, with large-scale business cooperation initiated [8][9] Upcoming IPO - **Hong Kong Listing**: The company plans to complete its Hong Kong listing on November 6, 2025, with expected fundraising of 400 to 500 million USD and an issue price not exceeding 23.6 HKD [3][20] - **Use of Funds**: The funds will primarily be used for R&D in advanced technologies and to enhance gross and net profit margins [20] Profitability by Region - **Regional Margins**: The gross margin in the Chinese region remains higher than in Europe, America, and Asia-Pacific, with European margins improving to around 20% [11] Future Outlook - **Smart Driving Orders**: Orders related to smart driving are expected to begin production in Q3 2027, with a lifecycle of 5-8 years and a gross margin of approximately 30% [12] - **Robotics Business Growth**: The robotics business is projected to generate revenue in the tens of millions CNY this year, with significant growth anticipated as clients enter mass production [19] Cost Management Strategies - **Cost Reduction Measures**: The company aims to improve gross margins through cost reduction strategies, including increasing the proportion of self-produced core components and optimizing production locations [16] Conclusion Junsheng Electronics is positioned for significant growth in both the automotive and robotics sectors, with strong financial performance, strategic partnerships, and an upcoming IPO that will support its technological advancements and market expansion efforts.

Core Viewpoint - Jiulian Technology (688609) reported a significant decline in financial performance for the first half of 2025, with a net profit decrease of 126.21% and total revenue down by 17.6% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 1.101 billion yuan, a decrease of 17.6% from 1.337 billion yuan in the same period of 2024 [1] - The net profit attributable to shareholders was -123 million yuan, down 126.21% from -54.44 million yuan in the previous year [1] - The gross profit margin fell to 9.86%, a decline of 25.74% year-on-year, while the net profit margin was -11.6%, a drop of 159.21% [1] - Total expenses (selling, administrative, and financial) amounted to 137 million yuan, representing 12.4% of revenue, an increase of 30.83% year-on-year [1] - Earnings per share were -0.25 yuan, a decrease of 126.22% from -0.11 yuan in the previous year [1] Cash Flow and Debt Situation - The cash flow situation is concerning, with cash and cash equivalents at 277 million yuan, down 14.82% from 326 million yuan [1] - The company has a debt ratio of 40.52% for interest-bearing liabilities, indicating a potential risk in debt management [4] - The average operating cash flow over the past three years has been negative, raising concerns about the company's liquidity [4] Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median ROIC of 8.49% since its listing, and a particularly low ROIC of -8.15% in 2023 [3] - The business model appears fragile, with two out of three annual reports showing losses since the company went public [3] Strategic Focus - The company is focusing on smart manufacturing, with investments in products such as laser radar, sweeping robots, and energy storage battery packs [5] - Continuous efforts are being made to push new products into mass production, indicating a strategic pivot towards innovation [5]