抢着上"春晚"的除了明星，还有机器人。 上述科技感十足的机器人集体亮相，早已不只是一场单纯的视听表演，更成为资本市场观测具身智能产 业脉动的窗口。 《每日经济新闻》记者注意到，当机器人从实验室和工厂车间走向亿万家庭团聚的荧幕中心，其背后交 织的是一张由众多上市公司协同编织的生态网络。部分上市公司通过直接或间接股权投资，早已锚定机 器人赛道内的核心玩家，部分上市公司则以核心供应商或战略合作伙伴的身份深度嵌入其中。 这场"春晚集体秀"能否如2025年宇树科技一般，再次点燃一个产业的新周期？繁华喧嚣的"春晚"舞台之 下，产业真实的"温度"究竟如何？ 从一线企业的反馈中，大家可以窥见乐观预期之外更需冷静面对的现实。多家被市场视为"概念股"的上 市公司坦言，相关业务大多仍处于市场开拓、试样或小批量订单阶段，对公司当前业绩贡献甚微。 多家公司参与机器人领域 芯联集成（SH688469）旗下CVC（企业风险投资）平台芯联资本于2025年参与魔法原子战略融资，公 司与魔法原子存在战略合作关系。公告显示，芯联集成主要提供一站式芯片系统代工服务，在机器人应 用领域，公司用于机器人激光雷达的光源VCSEL（垂直腔面发射激光芯片）和 ...

Core Viewpoint - The 2026 Spring Festival Gala has transformed into a "super showcase" for Chinese robotics, featuring multiple companies and highlighting the industry's shift from laboratory to commercial application [1][3]. Group 1: Robotics Participation in the Spring Festival Gala - Over five embodied intelligence companies are participating in the 2026 Spring Festival Gala, with Yushutech making its third appearance [3]. - Yushutech will showcase the integration of engineering capabilities and artistic expression, while Galaxy General has been designated as the "embodied large model robot" [3]. - Newcomers like Magic Atom and Songyan Power are also making their debut, marking a significant step in the commercialization of robotics [3]. Group 2: Investment and Market Dynamics - A-share listed companies have deeply embedded themselves in the robotics sector through direct or indirect investments, creating a network of core concept stocks related to the "Spring Festival robots" [5]. - Key players in the supply chain include companies like Tianqi Co., which has partnered with Galaxy General to advance applications in automotive manufacturing and new energy batteries [7]. - The spotlight effect from the Spring Festival Gala has already influenced the capital market, with 35 humanoid robot concept stocks expected to report positive earnings [9]. Group 3: Financial Performance and Projections - Among the 35 concept stocks, eight are expected to turn profitable, including Liard and Estun, with Liard projecting a net profit of 300 million to 380 million yuan for 2025 [9]. - 27 stocks are expected to see profit increases, with Xinzhi Group forecasting a staggering 502.59% to 616.94% growth in net profit [9]. - The market for embodied intelligent robots is projected to reach over $1.4 billion in user spending by 2025, with a compound annual growth rate of 94% expected until 2030 [14]. Group 4: Industry Challenges and Perspectives - Despite the optimistic projections, many companies acknowledge that their robotics-related businesses are still in the early stages of market development, with most clients in the sample or small-batch order phase [13]. - Industry experts suggest that the embodied intelligence sector is transitioning from technical validation to large-scale commercial expansion, indicating a critical phase for value verification and mass production [14]. - The current market environment emphasizes the need for investors to discern which companies are genuinely advancing in the robotics space versus those merely participating [14].

Group 1 - The 2026 CCTV Spring Festival Gala featured several robot manufacturers, showcasing the growing integration of robotics into mainstream entertainment and signaling potential investment opportunities in the embodied intelligence industry [1] - Companies like Magic Atom, Galaxy General, Yushu Technology, and Songyan Power are part of a collaborative ecosystem, with some firms investing in key players while others act as core suppliers or strategic partners [1] - Despite optimistic expectations, many companies identified as "concept stocks" reported that their robotics-related businesses are still in the market development phase, contributing minimally to current performance [1] Group 2 - ChipLink Integrated (688469.SH) has a strategic partnership with Magic Atom and is involved in the production of laser radar components for robotics, with mass production expected in Q1 2026 [2] - Xiaxia Precision (001306.SZ) has identified Magic Atom as a potential client and has developed precision gears and reducers for humanoid robots, with some products already supplied to well-known robotics companies [2] - Tianqi Co., Ltd. (002009.SZ) established a joint venture with Galaxy General to advance the application of embodied intelligence robots in industrial manufacturing, with both companies holding a 50% stake [3] Group 3 - Junyi Digital (301172.SZ) has formed a dual relationship with Galaxy General through equity investment and a partnership agreement to promote robotics in specific vertical industries [3] - Shoucheng Holdings (00697.HK) is a significant investor in Songyan Power and has supported multiple rounds of financing, focusing on the robotics sector [3] - Shengshi Technology (002990.SZ) signed a strategic cooperation agreement with Songyan Power to create a collaborative system across the entire value chain of research, production, and market [4] Group 4 - Companies like Weilan Lithium (002245.SZ) and Nasda (002180.SZ) have established supply relationships with Yushu Technology, contributing to the production of lithium batteries and other components [4][5] - The 2025 Spring Festival Gala showcased humanoid robots, leading to a surge in the robotics industry, but the sustainability of this growth remains uncertain [6] - Companies such as Hongchang Technology (301008.SZ) and Xiaxia Precision have expressed cautious optimism regarding market growth, noting that many clients are still in the sample and small-batch order stages [7] Group 5 - Green Harmonic (688017.SH) reported significant growth in its precision transmission device business, indicating a shift from research to small-scale production in the robotics sector [8] - Liard (300296.SZ) is involved in the embodied intelligence business, providing services to leading robotics manufacturers, although this segment currently represents a small portion of its overall revenue [8] - Meihu Co., Ltd. (603319.SH) is expanding into the embodied intelligence sector while maintaining its traditional automotive parts business, with new projects underway for major robotics clients [8]

每经记者｜杨煜 每经编辑｜陈柯名 魏官红 宋思艰 抢着上春晚的除了明星，还有机器人。 2月16日除夕夜，魔法原子、银河通用、宇树科技及松延动力等机器人厂商登陆2026年央视春晚，而各地卫视春晚也以机器人参与节目及串场为特色。 当机器人从实验室和工厂车间走向亿万家庭团聚的荧幕中心，其背后交织的是一张由众多上市公司协同编织的生态网络。部分上市公司通过直接或间接股 权投资，早已锚定赛道内的核心玩家，部分上市公司则以核心供应商或战略合作伙伴的身份深度嵌入。 这场春晚"集体秀"能否如2025年宇树科技一般，再次点燃一个产业的新周期？繁华喧嚣的春晚舞台之下，产业真实的温度究竟如何？ 从一线企业的反馈中，我们得以窥见在乐观预期之外更为审慎的现实。多家被市场视为"概念股"的上市公司坦言，相关业务大多仍处于市场开拓、试样或 小批量订单阶段，对当前业绩的贡献尚微。 掘金机器人"春晚秀"背后朋友圈 央视春晚小品《奶奶的最爱》，多台松延动力机器人登场。 这场科技感十足的集体亮相，早已不只是一场单纯的视听表演，更成为资本市场观测具身智能产业脉动的窗口。 关于春晚机器人的多个话题冲上热搜。 春晚"大秀"之后，能否再掀机器人热潮？ 202 ...

Summary of Conference Call Notes Company and Industry Involved - The company discussed is Feiya, which is involved in the precision gear and watch industries, particularly focusing on the acquisition of Chang Kong Gear, a subsidiary of AVIC (Aviation Industry Corporation of China) [1][2]. Core Points and Arguments - **Acquisition of Chang Kong Gear**: - Feiya signed a share acquisition intention agreement with Hanhang Electromechanical in June 2025 to acquire all or part of the controlling stake in Chang Kong Gear [1]. - Chang Kong Gear is the only precision gear manufacturer under AVIC, with an audited revenue of 370 million yuan and a net profit of 20 million yuan projected for 2024 [1]. - The acquisition is expected to open up diverse application scenarios, including humanoid robots [2]. - **Focus on Precision Gears and Reducers**: - Chang Kong Gear specializes in high-precision small modulus gears and reducers, which are used in aerospace precision processing and humanoid robot joint drive systems [2]. - The company has a comprehensive quality system and covers the entire process from gear teeth to surface treatment [2]. - It has participated in national projects for the domestic replacement of harmonic reducers used in industrial robots [2]. - **Watch Business Resilience**: - The watch segment shows resilience, with ongoing optimization of stores and expenses [3]. - High-end brands like Rolex constitute a significant portion of the business, which is less affected by weakening consumer demand [4]. - **Positive Response to Domestic Products**: - National-themed products, including those related to aerospace, have received favorable responses, and progress has been made in the development of key components for domestic movements [5]. - The company plans to adhere to a "dual-wheel drive" strategy over the next 5-10 years, with stable growth in the watch business and the precision technology sector gradually becoming a new growth engine [5]. Other Important but Possibly Overlooked Content - The strategic focus on both the watch and precision technology sectors indicates a balanced approach to growth, leveraging existing strengths while exploring new opportunities [5].

Core Viewpoint - The domestic watch consumption market in China is under pressure, leading to a decline in sales revenue and gross margin for Feiya. The company aims to accelerate transformation and upgrade its business model to create a "precision manufacturing + smart ecosystem" dual-driven approach [1][4]. Group 1: Financial Performance - Feiya expects a net profit attributable to shareholders of 76 million to 98 million yuan for 2025, representing a year-on-year decrease of 65.51% to 55.53%. The net profit excluding non-recurring gains and losses is projected to be 72 million to 94 million yuan, also reflecting a decline of 65.51% to 54.97% [1]. - The watch business revenue accounted for 93.02% of total revenue, with the brand business contributing only 17.66% and the comprehensive service business for luxury watches making up 75.36% [2]. - In the first half of 2025, the watch brand business revenue was 315 million yuan, down 18.07% year-on-year, while the comprehensive service business revenue was 1.345 billion yuan, down 11.9% [3]. Group 2: Market Challenges - The traditional watch market is facing declining demand, with smartwatches increasingly replacing traditional mechanical watches. Feiya's main products, mechanical watches, are experiencing a drop in sales [3]. - International brands dominate the high-end market, while emerging domestic brands are capturing the mid-to-low-end market, impacting Feiya's market share and pricing power [3]. Group 3: Strategic Initiatives - Feiya is pursuing strategic initiatives in precision technology and smart wearables to enhance business scale and create a second growth curve [4]. - The company signed an equity acquisition intention agreement with Hanhang Electromechanical Co., Ltd. to acquire all or part of the controlling stake in Shaanxi Changkong Gear Co., Ltd., which is expected to enhance its capabilities in precision mechanical components [4][5]. - The company is also focusing on product innovation and technology upgrades in the smart wearable sector, although detailed disclosures in financial reports are limited [5]. Group 4: Leadership Changes - In November 2025, Feiya appointed Zhou Jinqun as the new chairman, following the resignation of the previous chairman Zhang Xuhua due to work adjustments [6]. - Industry experts suggest that Feiya should strengthen its traditional business positioning, accelerate new business expansion, and enhance management to improve market competitiveness [6].

Core Viewpoint - The domestic watch consumption market is under pressure in 2025, leading to a decline in sales revenue and gross margin for Feiya. The company aims to accelerate transformation and upgrade its business model, focusing on "precision manufacturing + smart ecosystem" as a dual-driven strategy [2][6]. Group 1: Financial Performance - Feiya expects a net profit attributable to shareholders of 76 million to 98 million yuan for 2025, representing a year-on-year decrease of 65.51% to 55.53%. The net profit excluding non-recurring gains and losses is projected to be 72 million to 94 million yuan, also reflecting a decline of 65.51% to 54.97% [2]. - The watch business revenue for Feiya in the first half of 2025 was 315 million yuan, down 18.07% year-on-year, while the comprehensive service business for luxury watches generated 1.345 billion yuan, a decline of 11.9% [4]. Group 2: Business Strategy and Market Position - Feiya's watch business revenue accounts for 93.02% of total revenue, but only 17.66% comes from its own brand and authorized brand sales, with 75.36% from luxury watch services [3]. - The company has established the "Hengjili" luxury watch service channel to enhance revenue from luxury watch services, collaborating closely with several high-end brands [3]. Group 3: Market Challenges - The overall watch market is experiencing a downturn, with smartwatches increasingly replacing traditional mechanical watches, impacting Feiya's main product sales [4][5]. - Feiya's unique positioning in "aviation and aerospace watches" has not effectively translated into market share, leading to declines in both sales volume and pricing [5]. Group 4: Future Plans and Acquisitions - Feiya is pursuing strategic emerging industries such as precision technology and smart wearables to enhance business scale and create a second growth curve [6]. - The company signed a share acquisition intention agreement with Hanhang Electromechanical Co., aiming to acquire all or part of the controlling stake in Shaanxi Changkong Gear Co., which is still under negotiation [6]. - Feiya plans to strengthen cooperation with companies like Huawei to develop smartwatches with health monitoring and sports tracking features [7].

Group 1 - The forum titled "Prospects for Cross-Strait Exchange and Cooperation" marks a significant step in the resumption of institutionalized exchanges between the Chinese Communist Party and the Kuomintang after nearly a decade [1][3] - Participants emphasized the importance of deepening economic cooperation, particularly in industries such as precision gear manufacturing, which relies on collaboration between Taiwanese and mainland Chinese manufacturers [3] - The forum generated five key areas with 15 common opinions focused on practical suggestions for enhancing cross-strait tourism, industrial collaboration, and sustainable development [3][4] Group 2 - The call for restoring direct flights and transportation links was highlighted as essential for revitalizing tourism between Taiwan and the mainland, with the sentiment that the mainland is a familiar and attractive market for Taiwanese citizens [3] - The need for increased civil exchanges and reduced political tensions was stressed, with participants expressing optimism about the potential for mutual benefits through renewed dialogue and cooperation [4] - The forum is seen as a positive beginning for the reopening of cross-strait communication channels, underpinned by a shared political foundation opposing "Taiwan independence" [4]

编号：2026-001 证券代码：001306 证券简称：夏厦精密 浙江夏厦精密制造股份有限公司 投资者关系活动记录表 答：公司正处于关键转型期，其中机器人业务的稳步推 进，为长期业绩增长提供支撑。依托在小模数精密齿轮 领域的深厚技术沉淀，公司在人形机器人部件领域已形 成精密齿轮、减速机、行星滚柱丝杠的产品布局。目前， 公司精密齿轮与减速机已实现对国内外多家知名机器人 企业供货；丝杠产品进入试样与小批量订单阶段。 | | 问题 4：公司目前在海外的产能布局情况如何？ | | --- | --- | | | 答：公司目前在的越南基地年产 100 万套精密传动结构 | | | 产品已小批量产，除服务东南亚电动工具客户外，正积 | | | 极对接机器人减速机订单，未来有望进一步打开国际市 | | | 场空间。 | | | 问题 5：公司在新产品新结构的研发是针对哪些产品？ | | | 答：公司目前积极拓展新的产品以应对市场需求和变化， | | | 新产品包括对机器人相关产品、具身智能关节模组以及 | | | 与公司现有产品相结合的机电一体相关产品的延伸，积 | | | 极应对市场和客户需求，打造公司的第二增长曲线。 ...

（编辑 任世碧） 证券日报网讯 1月22日，飞亚达在互动平台回答投资者提问时表示，长空齿轮公司的主要产品为精密齿 轮、精密减速器，其下游市场应用场景多元。公司正在推进收购其控股权相关工作，交易方案尚未最终 确定，存在不确定性。 ...