Core Viewpoint - The company held its 2025 semi-annual online performance briefing on September 5, 2025, to communicate its operational performance and address investor inquiries [1][2]. Performance Briefing Details - The performance briefing was attended by key executives including the Chairman and President, the Financial Director, and independent directors, facilitating extensive communication with investors regarding the company's performance [2]. Key Issues Discussed - The company has established a comprehensive product platform in the humanoid robot sector, supplying over 100 leading enterprises domestically and internationally, showcasing advantages such as a complete product range and strong delivery capabilities [3] - The slowdown in overseas revenue growth is attributed to new tariff policies implemented in the U.S. in April 2025, which affected order fulfillment from key clients [3] - In the smart driving vehicle sector, the company is experiencing growth above the average market rate, with key applications in mass production and a clear upward demand trajectory [3][4] - New generation motion control products have entered the harvest phase, with significant advancements in product development and a stable R&D expense ratio of approximately 9.5% over the past three years [4] - The Vietnam factory has a designed capacity of 4 million stepper motors, with an expected output of approximately 350,000 units for 2025, indicating a rapid increase in revenue and a significant reduction in losses [4] - The decline in net profit for the first half of 2025 is primarily due to the relocation of the Shanghai base and the ramp-up of the new factory in Vietnam, which has affected production efficiency [4] - The company has received bulk orders from some of the over 100 enterprises to which it has sent samples in the humanoid robot industry [4] - Combined revenue from the semiconductor and robotics sectors exceeds 200 million, with specific products identified in each category [4] - The company is actively managing foreign exchange risks due to fluctuations in the RMB/USD exchange rate, utilizing hedging tools to mitigate financial impacts [4]

Core Viewpoint - Mingzhi Electric (603728.SH) has established a comprehensive product platform in the humanoid robot motion control core component sector, showcasing its capabilities in delivering a wide range of products and expanding its order volume from leading domestic and international manufacturers [1] Group 1: Product Development and Capabilities - The company has built a full-stack product platform that includes components such as frameless motors, hollow cup/mini servos, encoders, mini gearboxes/screws, and integrated joint modules [1] - Mingzhi Electric has achieved batch supply capabilities from dexterous hands to upper limb joints, indicating a strong production capacity [1] Group 2: Market Engagement and Orders - The company has sent samples to over a hundred leading manufacturers both domestically and internationally, resulting in a continuously expanding volume of orders [1] - The core advantages in the humanoid robot sector are highlighted by four key points: a complete product lineup, scalable delivery capabilities, deep collaboration with top global clients, and excellent global production capacity [1]