Financial Performance - Jiangsu Leili achieved a revenue of 3.008 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 21.49% [2] - The net profit attributable to shareholders was 265 million CNY, up 9.92% year-on-year, while the net profit excluding non-recurring items was 241 million CNY, reflecting a growth of 2.01% [2] - The home appliance segment saw a revenue increase of 10% year-on-year, with Q3 growth exceeding 20% due to the strong performance of new products like refrigerator components and brushless motors for air conditioning [2] - The automotive parts segment experienced a significant revenue growth of 52% year-on-year, driven by the mass production of air conditioning compressor motors and lidar motors [2] - The industrial control segment's revenue grew by 31% year-on-year, supported by high-efficiency industrial motors supplied to the North American market [2] Cost and Profitability Challenges - The slower growth in net profit compared to revenue is attributed to seasonal price reductions from domestic home appliance clients, impacting profit margins [3] - The automotive parts segment is still in the capacity ramp-up phase, leading to higher fixed cost allocation and temporarily affecting gross margins [3] - Increased expenses are linked to accelerated overseas capacity expansion and investments in robotics, which have raised operational costs [3] Funding Allocation from Convertible Bonds - The automotive parts business is the primary focus for the upcoming financing, targeting capacity construction for products related to new energy vehicles [4] - A portion of the funds will be allocated to the expansion of overseas production bases in Vietnam, Malaysia, and Mexico to enhance global competitiveness [4] - Additional funds will support the R&D and production of core components for robotics, aiming to overcome technical challenges and provide high-performance products [4] Robotics Business Development - The company is advancing its dexterous hand products and has established stable orders for core components with various clients [5] - The acquisition of Sailent by subsidiary Dingzhi Technology is expected to enhance the company's capabilities in precision gearboxes, facilitating the integration of motor and gearbox modules [5] Future Focus Areas - In the home appliance segment, the company will ensure high-quality delivery of existing orders while negotiating 2026 orders with key global clients [5] - The automotive parts segment will concentrate on increasing production capacity and optimizing profitability in response to rising market demand [5] - The industrial control segment will focus on improving local production efficiency and quality control for high-efficiency motors, while promoting the commercialization of robotics components [5]

Core Viewpoint - Jiangsu Leili is undergoing a significant leadership transition as its actual controller Su Jianguo transfers a majority stake to his son Su Da, marking a new era for the company that has evolved into a leading provider of micro-motor modular solutions in China since its establishment in 1993 [1] Group 1: Leadership Transition - Su Da has been groomed for nearly 20 years within the company, starting from grassroots positions and moving up to key management roles, including General Manager since September 2023 [1] - The transition of control from Su Jianguo to both Su Jianguo and Su Da indicates a planned succession strategy rather than an abrupt change [1] Group 2: Business Growth and Strategic Transformation - Jiangsu Leili has successfully transformed its strategy while maintaining steady growth in traditional home appliance businesses, entering high-growth sectors such as smart driving for new energy vehicles, energy storage, and humanoid robots [2] - The company's revenue has increased from 1.456 billion yuan in 2015 to 3.519 billion yuan in 2024, showcasing significant growth [2] - In the new energy vehicle sector, Jiangsu Leili focuses on smart driving and intelligent cockpit technologies, leading to successful mass production of laser radar motor products for clients like TuDatong, Hesai, BYD, and Sutech [2] Group 3: Product Development and Market Position - The company has developed leading products in the energy storage sector, including second-generation brushless AC electronic water pumps and electronic fans, achieving a leading market share domestically [2] - Jiangsu Leili is one of the few domestic companies with UL certification, enabling its products to be exported to North America [2] - In the humanoid robot sector, the company has expanded its product line through subsidiaries and partnerships, enhancing its offerings in linear joints, rotary joints, and dexterous hands [3] Group 4: Global Expansion and Future Outlook - Jiangsu Leili is enhancing its competitiveness through global expansion, establishing R&D and manufacturing bases in North America, Europe, Southeast Asia, South Korea, and Hong Kong [3] - The completion of the Vietnam factory expansion in 2024 and the new factory in Mexico set to begin production in 2025 will ensure supply stability for North American clients [3] - The company is positioned for a new growth cycle as it transitions from a family-owned business to a multi-domain motion control system integrator under new leadership [3]

Group 1: Global Expansion and Investment - The company plans to invest approximately 440 million CNY in production bases in Malaysia, Vietnam, and Mexico, enhancing its global industrial layout [2] - The Vietnam factory was expanded in 2024, and the Mexico factory is set to commence production in 2025, ensuring supply for North American clients [2] - The company is establishing a production base in Malaysia and a subsidiary in Thailand, expected to achieve small-scale production by the end of this year [2] Group 2: Robotics Core Components - The company has developed a comprehensive motion control system solution, including hollow cup motors, precision gearboxes, and linear actuators [3] - Strategic partnerships have been formed with companies like Nanjing Blue Technology for four-legged robots, and the company has been recognized as an excellent supplier by ZhiYuan Robotics [3][4] Group 3: Automotive Components Growth - The company has begun mass production of laser radar motors for clients such as TuDatong and BYD, and is developing industrial-grade laser radar motors [5] - Other products like air conditioning compressor motors and head-up display motors are also progressing well in mass production [5] - Future focus will be on new technologies and applications in the new energy vehicle sector, particularly in smart driving and smart cockpit areas [5] Group 4: Profitability Enhancement Plans - The automotive components sector is currently in a capacity ramp-up phase, which is temporarily affecting gross margins due to high fixed costs [6] - The company anticipates that improved capacity utilization will enhance gross margins through economies of scale [6] - Future strategies include increasing the sales proportion of high-value-added products to optimize the overall product structure and elevate average gross margin levels [7]

（文章来源：每日经济新闻） 方正证券认为，江苏雷利的机器人业务研发实力强，产品品类丰富。机器人核心零部件方面，公司自主 研发了空心杯电机、精密齿轮箱、滚珠丝杠、行星滚柱丝杠、无框力矩电机等产品。后续预计将通过对 外投资、产业合作等方式，布局高精度传感器、编码器及驱动控制组件。线性关节方面，公司已推出多 款执行器产品；公司的"丝杆+行星齿轮箱+直流电机+编码器"组件可用于灵巧手中，实现高精度、高响 应的末端操作。 机器人ETF（562500）是全市场唯一规模超百亿的机器人主题ETF，成分股覆盖人形机器人、工业机器 人、服务机器人等多个细分领域，帮助投资者一键布局机器人上中下游产业链。场外联接（华夏中证机 器人ETF发起式联接A：018344；华夏中证机器人ETF发起式联接C：018345）。 今日截至10点30分，受到宇树开源世界模型UnifoLM-WMA-0的利好催化，宇树机器人概念指数强势拉 升，涨幅位居市场前列。机器人ETF（562500）上涨1.06%，继盘初跳空高开后，横盘高位蓄势吸筹。 持仓股方面，伟创电气领涨6.19%，奥比中光、双环传动、步科股份、海得控制涨幅超5%。规模方面， 机器人ETF备受 ...

Group 1 - The core point of the article is that Dingzhi Technology plans to acquire a 51% stake in Sailunte for 101 million yuan, which will make Dingzhi the controlling shareholder of Sailunte [1] - Sailunte, established in 2006, specializes in the small modulus gear and micro precision planetary gearbox industries, and is recognized as a national high-tech enterprise [1] - The acquisition is expected to enhance Dingzhi's capabilities in integrated design, production, and delivery of high-precision electromechanical modules, improving overall transmission efficiency and reducing production costs [1] Group 2 - Dingzhi Technology is a leading supplier of precision motion control systems in China, actively expanding into core components for humanoid robots, covering a full range of motion control solutions [1] - The precision gearbox is a critical component of robotic joint modules, characterized by high technical barriers and challenges in large-scale production [1] - The Chinese precision reducer market is projected to reach approximately 9.2 billion yuan in 2024, with rapid growth in downstream demand for precision gearboxes due to their small size, high precision, and efficiency [2]

Core Viewpoint - The company reported a strong revenue growth of 20.71% year-on-year for the first half of 2025, driven by robust performance in various sectors including home appliances and automotive components [1][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 1.958 billion yuan, with a net profit attributable to shareholders of 186 million yuan, reflecting an increase of 8.45% year-on-year [1]. - In Q2 2025, the company recorded a revenue of 1.050 billion yuan, a year-on-year growth of 16.62%, but the net profit attributable to shareholders decreased by 6.13% [1]. - The gross margin for the first half of 2025 was 27.20%, down by 1.71 percentage points year-on-year, while the net profit margin was 9.51%, a decrease of 1.08 percentage points [2]. Segment Performance - Revenue from home appliances, automotive components, industrial control, and medical and sports health sectors for H1 2025 was 1.119 billion, 379 million, 254 million, and 123 million yuan respectively, with year-on-year growth rates of 5.09%, 63.72%, 34.49%, and 30.91% [1]. - The automotive components segment benefited from accelerated production of laser radar motors and electric air conditioning compressor motor components [1]. Research and Development - The R&D expense ratio for H1 2025 was 4.43%, showing a slight decrease of 0.24 percentage points year-on-year, indicating stable R&D investment [2]. - The company has secured multiple clients for its automotive laser radar motors, including Hesai, BYD, and SUTENG, and is developing laser radar optoelectronic module products [2]. Investment Outlook - The company is positioned as a leading player in the global micro-motor industry, with strong performance and technological capabilities across various sectors [3]. - Revenue projections for 2025-2027 are 4.286 billion, 5.206 billion, and 6.295 billion yuan, with net profits expected to be 370 million, 462 million, and 575 million yuan respectively [3].

Core Viewpoint - Jiangsu Leili is advancing its layout in the humanoid robot sector while maintaining strong growth in its core micro motor and component business, despite a slight decline in net profit in 2024 [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.519 billion yuan, a year-on-year increase of 14.38%, while net profit attributable to shareholders was 294 million yuan, a decrease of 7.14%. The net profit excluding non-recurring items was 301 million yuan, an increase of 3.53% [1]. - In Q1 2025, the company reported revenue of 908 million yuan, a year-on-year increase of 25.81%, and net profit attributable to shareholders of 94 million yuan, up 28.15% [1]. Product Development and Innovation - Jiangsu Leili has adopted an "Electric Motor+" strategy, expanding its product offerings to include precision gearboxes, sensors, and drive control systems, with several new products entering mass production in non-home appliance sectors in 2024 [1][2]. - The company has developed a comprehensive motion control system solution for humanoid robots, including linear joints, rotary joints, and dexterous hands, and is focusing on high-precision sensors and control components through external investments and collaborations [2][3]. Strategic Partnerships - Jiangsu Leili has established a partnership with Blue Technology, a leading quadruped robot company in China, to supply joint actuators for quadruped robots and enhance resource integration for product development and cost reduction [3]. Global Expansion and Market Strategy - The company is enhancing its overseas production capacity and sales network to mitigate the impact of U.S.-China trade tensions, with approximately 18% of its revenue coming from the U.S. market in 2024 [4]. - Jiangsu Leili has established R&D and manufacturing bases in North America, Europe, Southeast Asia, South Korea, and Hong Kong, with a completed expansion of its Vietnam factory and a new factory in Mexico set to begin production in 2025 [4].