媒体报道过桐乡新凤鸣集团中鸿新材料项目。 这个项目从2024年2月18号打下第一桩开始，就是按照全球领先的智能标杆化工厂建造的，到2025年的2月15号第一卷涤纶长丝下线，刚刚满364天。 很多人只知旅游胜地乌镇，却不知道乌镇那个名声不响，却强得可怕的"老母亲"桐乡市。 如果列举一些不同时间单位下桐乡的发展数据，你就会看到： 1秒钟内，桐昆的数字大脑大约可以产生150万个OT数据； 最快9分钟，泰瑞机械的生产线就可以下线一台注塑装备； 只需要364天，桐乡路边的荒地上就可以从无到有，建起一座超级工厂 …… 不过，了解过后才会知道，桐乡人"无中生有"的本事，更是一绝！ 01 现象级的"无中生有" 新凤鸣超级工厂内部 桐乡人似乎特别擅长"无中生有"这件事。 例如，明明有个古色古香的文化古镇，却打破次元成为了世界互联网大会的永久举办地； 2021年世界互联网大会乌镇峰会"互联网之光"博览会会场外景 明明位于杭嘉湖平原，本地也不长一棵椰树，却连续多年厚椰乳销售额位列全国第一，椰基全产业链企业遍地都是； 桐乡厚椰乳品牌菲诺 同样，桐乡也不是养羊"大户"，却成为全国最大的羊毛衫集散中心。濮院的羊毛衫批发业务包揽全国70% ...

Core Viewpoint - Guangdong Tuosda Technology Co., Ltd. is officially pursuing a dual listing on both the A-share and H-share markets to enhance its global development strategy and broaden financing channels [1][3]. Company Overview - Tuosda was established in 2007 in Dongguan and has transformed from a supplier of injection molding peripheral equipment to a full-chain service provider in the robotics sector, becoming the first listed robotics company in Guangdong [3][5]. - The company is recognized as a leader in the full-stack industrial robotics industry in mainland China and is a pioneer in embodied intelligence [3][6]. Financial Performance - Tuosda's revenue for 2023, 2024, and the first three quarters of 2025 was RMB 45.53 billion, RMB 28.72 billion, and RMB 16.88 billion, respectively [4][9]. - The net profit showed significant volatility, with figures of RMB 1.06 billion, -RMB 2.39 billion, and RMB 0.47 billion for the same periods [9][10]. Strategic Transformation - The company is undergoing a strategic transformation focusing on core businesses such as industrial robots, CNC machine tools, and injection molding machines, which has led to improved gross margins of 17.6%, 14.6%, and 28.3% for the respective years [11][12]. - Tuosda's shift away from lower-margin businesses, particularly the smart energy and environmental management systems, has been a significant factor in its recent financial performance [11][13]. Market Expansion - The overseas market has become a crucial growth driver, with overseas sales revenue accounting for 11.0%, 20.9%, and 25.0% of total revenue in 2023, 2024, and the first nine months of 2025, respectively [7][8]. - The company has established a sales network covering over 50 countries and regions, with significant operations in Vietnam and Mexico [8][9]. Challenges and Risks - Despite the positive outlook, Tuosda faces challenges such as market competition, where it ranks fifth in the domestic industrial robotics market with a market share of 0.9% [13]. - The company is also dealing with governance issues, having received regulatory warnings for revenue recognition discrepancies and other compliance failures [14][15].

Core Viewpoint - Guangdong Tosida Technology Co., Ltd. is officially pursuing a dual listing on both A-share and H-share markets to enhance its global development strategy and broaden financing channels [1][3]. Company Overview - Founded in 2007, Tosida initially focused on injection molding peripheral equipment and has transformed into a full-chain service provider in the domestic robotics sector, offering solutions from single machines to entire factories [5][6]. - The company became the first listed robotics company in Guangdong, first on the New Third Board in 2014 and then on the Shenzhen Stock Exchange in 2017 [3]. Market Position - Tosida is recognized as a leader in the full-stack industrial robotics sector in mainland China, ranking first in the market for light-load industrial robots and solutions according to a Frost & Sullivan report [3]. - The company aims to leverage its H-share listing to enhance brand influence and core competitiveness while expanding its international market presence [7]. Financial Performance - Tosida's revenue for 2023, 2024, and the first three quarters of 2025 was reported at RMB 45.53 billion, RMB 28.72 billion, and RMB 16.88 billion, respectively [10]. - The net profit showed significant volatility, with figures of RMB 1.06 billion, -RMB 2.39 billion, and RMB 0.47 billion for the same periods [10]. Strategic Transformation - The company is undergoing a strategic shift to prioritize industrial robots and their application systems, moving away from lower-margin businesses like smart energy and environmental management systems [12][14]. - The revenue from the smart energy and environmental management systems, which once contributed RMB 26.86 billion (59% of total revenue) in 2023, has seen a decline of over 50% in 2024 [12]. International Expansion - Tosida's overseas sales revenue as a percentage of total revenue has been increasing, with figures of 11.0%, 20.9%, and 25.0% for 2023, 2024, and the first nine months of 2025, respectively [7][8]. - The company has established a presence in over 50 countries and regions, with offices in Vietnam and Mexico, and service centers in Thailand and Indonesia [8]. Challenges and Risks - The company faces challenges in market competition, with a market share of only 0.9% in the domestic industrial robotics solutions market as of 2024 [14]. - Supply chain risks are significant, as the cost of raw materials and components accounted for approximately 94.0%, 92.7%, and 92.2% of total sales costs in 2023, 2024, and the first three quarters of 2025, respectively [14]. Governance Issues - Tosida has faced regulatory scrutiny due to multiple governance issues, including revenue recognition discrepancies and improper cost accounting practices [15][16]. - The company received warning letters from regulators for these violations, which have raised concerns among investors [15].

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 與 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 申 請 版 本 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 意 見，並 明 確 表 示 概 不 就 因 本 申 請版本全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Guangdong Topstar Technology Co., Ltd. 廣東拓斯達科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣 下 知 悉、接 納 並 向 本 公 司、本 公 司 的 獨 家 保 薦 人、獨 家 保 薦 人 兼 整 體 協 調 人、整 體 協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項 ...

Core Viewpoint - The implementation of the old-for-new policy by the National Development and Reform Commission and the Ministry of Finance in 2026 is expected to have a positive impact on the company's business, particularly in the areas of injection molding, die-casting equipment, and overall automation solutions [1] Group 1 - The old-for-new policy is anticipated to create demand transmission for the company's products [1] - The company plans to actively seize cooperation opportunities that align with its development [1]

Group 1 - The company, Tuosida, announced the approval of a proposal to issue H-shares and list on the Hong Kong Stock Exchange to enhance sustainable development and international competitiveness [1] - The proposed issuance will not exceed 15% of the total share capital post-issuance, with an option for overall coordinators to exercise an over-allotment option of up to 15% of the issued H-shares [1] - The raised funds will be allocated for technology research and product development, global sales network expansion, brand building, manufacturing upgrades, and strategic investments [1] Group 2 - Tuosida is the first listed company in Guangdong province in the robotics sector, with a focus on high-end equipment manufacturing including five-axis machining centers and injection molding equipment [2] - The company is expanding its product matrix to include diverse robotics such as Cartesian robots, articulated robots, collaborative robots, and humanoid robots, leveraging its expertise in high-end manufacturing [2] - By integrating multimodal sensors for spatial perception, visual recognition, and force feedback, the company aims to enhance the adaptability and generalization of its robots in complex industrial environments [2]

Group 1 - The company, Tai Rui Machinery, has established partnerships with multiple clients in the automotive industry, leveraging its technological expertise in molding equipment [1] - Great Wall Motors and Mand Electronics are among the company's clients that have previously purchased injection molding equipment [1] - The company aims to continuously expand its business opportunities in the new energy vehicle sector and related industrial chains [1]

Core Insights - The article highlights the remarkable economic transformation of Tongxiang City, emphasizing its ability to create significant industrial growth from seemingly limited resources, showcasing a unique "from nothing to something" capability [1][9][24]. Group 1: Economic Development - Tongxiang has demonstrated rapid industrial growth, with notable statistics such as the ability of Tongkun's digital brain to generate approximately 1.5 million OT data in one second and the production line of Tai Rui Machinery producing an injection molding machine in just nine minutes [1]. - The city has achieved a remarkable industrial output value of over 225.86 billion yuan in 2024, transitioning from "China's woolen sweater town" to "the world's woolen sweater capital" [7][9]. - The local economy is characterized by a high density of business ownership, with one in five residents being a business owner, contributing to the city's wealth and economic dynamism [13][24]. Group 2: Industrial Innovation - Tongxiang has established itself as a leader in the new materials industry, with significant contributions to the global wind power sector, producing one out of every three wind turbine blades [15][18]. - The city has developed a complete industrial chain in new materials, from production to processing and composite materials manufacturing, attracting numerous enterprises and fostering a collaborative industrial environment [18][23]. - The establishment of the "U Town Light" supercomputing center has positioned Tongxiang at the forefront of digital innovation, facilitating the digital transformation of traditional industries, particularly in new materials [20][21]. Group 3: Government Support and Strategic Planning - The local government has implemented strategic plans, such as the "135N industrial cluster" strategy, to cultivate the new materials industry, allocating significant funding for development [24][28]. - Tongxiang has established a supportive infrastructure, including the first "light-storage integrated" demonstration park in Zhejiang Province, ensuring sufficient energy supply for enterprises [27][29]. - Various incentive programs, such as the "Eagle Plan" for large enterprises and the "Chick Plan" for startups, provide financial support and resources to foster innovation and growth in the new materials sector [28][29]. Group 4: Future Prospects - The new materials market is projected to grow significantly, with a compound annual growth rate of 13.3% from 2020 to 2025, potentially reaching a market size of 5.6 trillion USD by 2025 [32]. - Tongxiang is positioned to become a key player in the new materials industry, producing 25% of the world's glass fiber and 31% of China's chemical fiber materials, indicating its potential to lead in this sector [32]. - The article concludes by emphasizing the importance of cities like Tongxiang in driving national economic growth, highlighting their role in the broader economic landscape [34][35].