New Consumption - In August 2025, the GMV of the beauty category on Douyin exceeded 20 billion yuan, with a year-on-year growth of 19.56% and a month-on-month growth of 21.46% [2][7] - Domestic brands performed well, with Han Shu leading the market with a GMV exceeding 700 million yuan, and the Han Shu Hongman Waist Ring Six Peptide Set being the only product to exceed 100 million yuan in sales [7][8] - The trend in Douyin beauty consumption is shifting from "trial consumption" to "stable repurchase," indicating a more rational consumer behavior focusing on product practicality [8] Robotics Industry - The human-shaped robot market is expected to grow significantly, with the market size projected to reach approximately 27.6 billion yuan in 2024 and 750 billion yuan by 2029 [9][10] - Key components for human-shaped robots include actuators, sensors, and transmission systems, with the planetary roller screw expected to account for 19% of the total cost by 2030 [9][10] - Domestic companies are gradually breaking into the high-end bearing market, which is currently dominated by eight global enterprises, with a current localization rate of less than 20% [10][11] Food and Beverage Industry - National beer companies showed stable revenue and profit performance in the first half of 2025, with cost reductions contributing to gross profit growth [15][16] - The dairy sector is expected to see a reversal in fundamentals as raw milk prices stabilize and beef prices rise, which could enhance profitability for dairy companies [16] - The snack food sector is experiencing a divergence in performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges [17] Logistics Industry - Zhonggu Logistics reported a revenue of 5.338 billion yuan in the first half of 2025, a decrease of 6.99% year-on-year, but net profit increased by 41.59% to 1.072 billion yuan [19][20] - The company is optimizing its capacity deployment in response to domestic demand recovery and external trade needs, which supports profit growth [20][21] - The company plans to distribute 9.03 billion yuan in dividends, reflecting its strong profit attributes [21] Public Utilities and Environmental Protection - Datang New Energy achieved a revenue of 6.845 billion yuan in the first half of 2025, with a year-on-year growth of 3.26%, while net profit decreased by 4.37% [22][23] - The company’s capital expenditure significantly decreased, indicating a focus on optimizing financial structure [26][27] - The wind power sector is expected to outperform solar power in terms of output and operational cycles, with a favorable market environment anticipated for wind power operators [27]

Summary of JinDun Technology Conference Call Company Overview - **Company**: JinDun Technology - **Date**: August 26, 2025 Key Points Industry Performance - In the first half of 2025, JinDun Technology's total revenue decreased by 2% year-on-year, with export product revenue down by 6% [2][3] - Revenue from new energy vehicle components grew by over 15%, accounting for 29% of total revenue, indicating growth potential in the new energy sector [2][3] Customer and Market Dynamics - Major customers include Volkswagen, GKN, Tesla, Magna, and Great Wall Motors [4] - Volkswagen's share of total revenue decreased by 2%, while GKN remained stable at around 20% and Tesla at approximately 12% [4] - Collaborations with Huawei, Xiaopeng, and others have increased, but reduced orders from Volkswagen's Tianjin plant impacted Q2 sales [2][4] Financial Performance - Net profit fell by 35% due to multiple factors, including tax policy adjustments, reduced VAT deductions, and increased losses from the Tianjin transmission project [2][6] - Domestic sales revenue was 670 million yuan, accounting for 69% of total revenue, while export sales were close to 300 million yuan, making up 30% [3] Profit Margin and Cost Management - Gross profit margin decreased by less than 0.7 percentage points year-on-year, but improved from Q1 to Q2, indicating effective market strategies [7] - Q1 gross margin was 24.28%, increasing to 24.78% in Q2, showing resilience against pricing pressures [7] New Customer and Project Development - Significant progress in acquiring new customers and projects, including partnerships with leading companies like BYD and Bosch [8] - Active development in the robotics sector, focusing on joint assembly design and intelligent detection devices [10] Market Forecast - Positive outlook for the second half of 2025, with expected growth from clients like Huawei and Volkswagen [9] - Anticipated revenue growth in double digits, with strategic adjustments to stabilize the domestic market and seize export opportunities [9] Robotics and Technology Advancements - JinDun is actively developing products in the robotics field, including joint assembly and planetary gear reducers [10] - Collaboration with Granrobo for joint assembly design and technology sharing [11] Thailand Factory and Future Plans - The Thailand factory is in trial production, with plans for mass production starting in Q3 2025 [12] - Expected revenue from the first phase of the factory could exceed 400 million yuan, with gradual sales increases anticipated [12] Lightweight Project Development - Ongoing discussions with Great Wall Motors and other automotive companies for lightweight components [18] - Revenue contributions from lightweight projects expected to increase significantly in 2026 [18] Management Expenses - Management expenses increased in Q2 due to costs associated with the Thailand factory, including recruitment and operational expenses [19] Conclusion - JinDun Technology is navigating a challenging market environment with strategic adjustments and new project developments, particularly in the new energy and robotics sectors, while managing costs and seeking to stabilize revenue streams.

Group 1 - The company has officially signed an acquisition agreement for Shenzhen Tongzhan Precision, acquiring 51% of the shares for 104 million yuan, marking an acceleration in its robotics business [1] - The acquisition is expected to leverage the company's 20 years of precision manufacturing capabilities, customer resources, and production advantages to promote the industrialization of the screw rod business [1] - The company forecasts net profits of 156 million, 194 million, and 237 million yuan for 2025-2027, with current price-to-earnings ratios of 62.4, 50.1, and 41.1 times, maintaining a "buy" rating [1] Group 2 - Tongzhan Precision, established in 2012, specializes in automation products and has a strong reputation and financial health, with 2024 revenue of 53.97 million yuan, a gross margin of 33.7%, and a net margin of 3.0% [2] - The screw rod business is crucial for humanoid robots, characterized by high barriers, high value, and technical convergence, with domestic manufacturers needing to overcome significant challenges [2] - The micro screw technology from Tongzhan Precision can be applied to core components of robotic hands, and the company's existing resources can be reused for the screw rod business, providing a solid foundation for technological breakthroughs and market expansion [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The acquisition of Shenzhen Tongzhan Precision has been finalized, marking an acceleration in the company's robotics business. The company has invested 104 million yuan to acquire 51% of the equity, which is expected to leverage its 20 years of precision manufacturing capabilities to drive the industrialization of the screw rod business. The projected net profits for 2025-2027 are 156 million, 194 million, and 237 million yuan respectively, with corresponding P/E ratios of 62.4, 50.1, and 41.1 times [6][7][9]. Financial Summary - The total market capitalization of the company is 9.742 billion yuan, with a circulating market capitalization of 8.743 billion yuan. The current stock price is 73.03 yuan, with a 1-year high of 91.27 yuan and a low of 16.34 yuan. The turnover rate over the past three months is 314.61% [1][6]. - Revenue projections for 2023A to 2027E are as follows: 652 million, 740 million, 1.115 billion, 1.543 billion, and 2.039 billion yuan, with year-on-year growth rates of 0.6%, 13.5%, 50.6%, 38.4%, and 32.1% respectively. The net profit attributable to the parent company is projected to grow from 120 million yuan in 2023A to 237 million yuan in 2027E [9][11]. Business Development - Tongzhan Precision, established in 2012, specializes in automation products such as ball screws and precision linear modules. The company has a strong reputation and financial health, with 2024 revenue of 53.97 million yuan and a gross margin of 33.7% [7][8]. - The screw rod business is critical for humanoid robots, characterized by high barriers and value. The collaboration with Tongzhan Precision is expected to enhance the company's capabilities in this area, leveraging existing resources and customer networks to expand into new markets [8][9].

Group 1 - The company plans to acquire 51% equity in Chuangzhan Precision Technology (Shenzhen) Co., Ltd. through cash transactions, which will make it a subsidiary and included in the company's consolidated financial statements [1][2] - The total consideration for the acquisition of 51% equity in Chuangzhan Precision is RMB 10,432.08 million, with RMB 3,477.01 million for the transfer of 25.7557% equity and an additional RMB 6,955.07 million for capital increase [1][2] - This acquisition is a strategic move to enhance the company's core competitiveness in the precision automation sector, particularly in the emerging market of humanoid robots [2] Group 2 - Chuangzhan Precision, established in July 2012, specializes in the research, production, and sales of precision linear transmission products such as ball screws and precision linear modules [2] - The integration of Chuangzhan Precision's products, including micro screws and planetary roller screws, will enable the company to quickly enter the embodied intelligence field, focusing on key components for robotic dexterous hands [2]

Group 1 - The company plans to acquire 51% equity in Chengzhan Precision Technology (Shenzhen) Co., Ltd. for a total transaction price of 104 million yuan [1] - After the transaction, Chengzhan Precision will become a subsidiary of the company and will be included in the consolidated financial statements [1] - Chengzhan Precision is primarily engaged in the research, development, production, and sales of ball screws and planetary roller screws [1] Group 2 - As of February 28, 2025, Chengzhan Precision reported total assets of 72.83 million yuan, total liabilities of 33.35 million yuan, and net assets of 39.48 million yuan [1] - For the period of January to February 2025, the company generated operating revenue of 7.47 million yuan and a net profit attributable to the parent company of 431,500 yuan [1]

Core Insights - The company's performance shows a clear recovery trend driven by strong growth in the industrial control segment and a rebound in the medical business, with the industrial control segment becoming a new growth engine [1] - The company achieved revenue of 0.59 billion yuan in Q1 2025, a year-on-year increase of 35.76%, and a net profit attributable to shareholders of 0.13 billion yuan, up 135.75% year-on-year, primarily due to the performance of linear actuators and DC motors [1] - The linear actuator revenue in 2024 reached 1.35 billion yuan, a year-on-year increase of 4.24%, while the DC motor segment grew by 32.78% year-on-year [1] - The decline in performance in 2024 was mainly due to a significant drop in the voice coil motor business, which fell by 91.31% year-on-year, impacted by market demand and inventory consumption [1] - The IVD business is expected to recover as customer inventory depletion is nearly complete, with growth anticipated in IVD orders and expansion into industrial automation, semiconductor, and 3C electronics sectors [1] Strategic Direction - The company is strategically focused on humanoid robots, developing a comprehensive range of core components for motion control systems, including dexterous hands, rotary joints, and linear joints [2] - The company offers various products such as hollow cup motors, precision gearboxes, and ball screws for these applications, with a research and development expense ratio increasing to 10.91% in 2024 [2] - Collaborations with multiple domestic and international humanoid robot industry clients are underway, indicating a strong market position [2] - The global humanoid robot market is projected to reach 12,400 units and 6.339 billion yuan in 2025, with an expected compound annual growth rate of 58.8% until 2030 [2] Capacity Expansion and Global Strategy - New production capacity is being gradually released, with the company's projects for an annual production of 1.8 million micro motors and a new R&D center officially launched in June 2024 [3] - A manufacturing base for screw motors in Thailand is set to begin production in Q3 2025, enhancing the company's global supply chain and competitiveness [3] - The company's performance is expected to enter a growth trend due to the recovery of the medical segment, continued expansion in industrial control, and the release of new production capacity [3] - Revenue forecasts for 2025-2027 are projected at 2.58 billion yuan, 3.05 billion yuan, and 3.72 billion yuan, with year-on-year growth rates of 15.12%, 18.34%, and 21.96% respectively [3]

Group 1: Investor Relations Activities - The company held an earnings briefing on May 8, 2025, via the investor relations interactive platform [3] - Key attendees included the General Manager, Financial Officer, Board Secretary, and Sponsor Representative [3] Group 2: Order and Product Development - The company is currently in the R&D and sample testing phase for humanoid robot components, with no large-scale supply yet [5] - The company has initiated the construction of a motor factory in Thailand, expected to be operational within 2025 [5] - The company is focusing on precision motion control products, including linear actuators and brushless motors, to enhance its market position [8] Group 3: Strategic Partnerships and Collaborations - The company maintains a long-term strategic partnership with Mindray Medical, supplying core components for medical devices [7] - The company has established a global marketing network, successfully expanding its customer base in non-U.S. markets since 2024 [5] Group 4: Shareholder Value and Market Management - The company plans to enhance shareholder returns through cash dividends, stock buybacks, and mergers and acquisitions [8] - The company emphasizes investor relations management to effectively communicate its value creation potential to the market [9] Group 5: Product Offerings and Innovations - The company has developed various linear transmission products, including T-type screws and ball screws, with high precision specifications [10] - The company aims to provide high-performance, high-precision products in the robotics sector, focusing on key components like hollow cup motors and precision gearboxes [12] Group 6: New Ventures - The establishment of Changzhou Dingzhi New Energy Co., Ltd. aims to integrate resources for the development of electric motors and battery packs, promoting sustainable growth [13]

Group 1 - The core business of the company is the research, production, and sales of micro motors, with key products including linear actuators, voice coil motors, hybrid stepper motors, and DC motors [1] - In the fiscal year 2024, the company achieved operating revenue of 224 million yuan, a decrease of 20.80% compared to the previous year, and a net profit attributable to shareholders of 38.70 million yuan, down 52.17% year-on-year [1] - The decline in operating revenue is primarily due to a significant drop in sales of voice coil motors, which were previously used in invasive ventilators, affected by the end market and existing inventory consumption [1] Group 2 - The company is focusing on the development of humanoid robot components, which are currently in the R&D and sample testing phase, with no mass production yet, indicating significant uncertainty in future development [2] - The company is actively enhancing its product platform layout for humanoid robots, including the development of hollow cup motors, frameless motors, precision gearboxes, and various integrated planetary module products for robotic arms [2] - Collaborations with multiple domestic and international clients in the humanoid robot supply chain are underway [2]

1. Report Industry Investment Rating The document does not provide the report industry investment rating. 2. Core Viewpoints of the Report - The dexterous hand unlocks the application ceiling of humanoid robots. In 2025, many manufacturers are releasing dexterous hand solutions, and these solutions will iterate rapidly in the next two years, accelerating the training of hand - brain coordination in humanoid robots [4]. - The hybrid mechanical solution is the trend, combining high degrees of freedom and load - bearing capacity. In the short term, the scheme of hollow - cup motor + planetary reducer + ball screw + connecting rod will be the first to gain popularity, while in the medium and long term, a fusion scheme is more suitable [4]. - Multi - dimensional perception of the hand is the direction, which promotes hand - brain coordination. Tactile sensors are developing in the direction of high sensitivity, high integration, high extensibility, and low cost, with multiple technological routes advancing in parallel [4]. - Leading body manufacturers are conducting full - stack self - research, while component suppliers provide overall solutions. The price of dexterous hands is expected to drop in the medium term, and the market space for related components is large in 2030 [4]. 3. Summary According to the Directory Part 1: The Dexterous Hand Unlocks the Application Ceiling of Humanoid Robots and Iterates Rapidly - The dexterous hand is crucial for humanoid robots, determining their fine operation and complex task - execution capabilities. It accounts for 20% - 30% of the total cost of humanoid robots in the long run and is the most important hardware after the body actuator [9]. - Similar to the human hand, the dexterous hand requires high degrees of freedom, accuracy, durability, and perception. It is composed of four major modules: drive, transmission, control, and perception [17][22]. - In 2025, many manufacturers, including body manufacturers, independent integrators, and component factories, are making breakthroughs in dexterous hand technology, with significant product iterations [24]. Part 2: The Hybrid Mechanical Solution is the Trend, Combining High Degrees of Freedom and Load - Bearing Capacity - There are trade - offs between direct - drive and under - actuated schemes. The direct - drive scheme has high precision but large volume and high cost, while the under - actuated scheme is more compact, cost - effective, and adaptive [28][29]. - Motor drive is the mainstream driving method for dexterous hands, with hollow - cup motors and brushless slotted motors being the main choices. Hollow - cup motors are lightweight and fast - responding, while brushless slotted motors have high torque density [30][32]. - There are various transmission methods, including gears, screws, connecting rods, tendon ropes, and worm gears. The combination of planetary reducer + ball screw is the mainstream, and in the long term, a hybrid transmission scheme is the trend [50][70]. Part 3: Multi - Dimensional Perception of the Hand is the Direction, Promoting Hand - Brain Coordination - Human hand tactile perception is multi - dimensional, highly sensitive, and has high stretchability. Robot tactile sensors are developing in multiple technological directions to pursue optimal performance [74][78]. - There are multiple types of tactile sensors, such as piezoresistive, capacitive, electromagnetic, and visual - tactile sensors. Each has its own advantages and disadvantages. The development trend is towards high integration, high sensitivity, multi - dimensional force perception, high extensibility, and low cost [77][124]. Part 4: Leading Body Manufacturers Conduct Full - Stack Self - Research, and Component Suppliers Provide Overall Solutions - Leading body manufacturers, such as Tesla, FigureAI, and others, are conducting full - stack self - research on dexterous hands, with different solutions. Independent third - party integrators and component suppliers are also actively involved [4]. - The current price of dexterous hands varies greatly, with the mainstream price being 50,000 - 100,000 yuan per hand. In the medium term, the price is expected to drop to 5,000 - 30,000 yuan per hand, accounting for about 20% of the body cost [4]. Part 5: Investment Suggestions - The report recommends LeiSai Intelligence and ZhaoWei Machinery & Electronics, which can provide both overall solutions and components for dexterous hands. It also recommends component suppliers tied to core host factories, including manufacturers of hollow - cup motors, micro - screws, reducers, tactile sensors, and tendon ropes [4].