技术协同与生态构建成为双林股份长远发展的重要支撑。公司与清华大学建立深度产学研合作，双方聚 焦分布式电驱动角模块等前沿技术联合研发，不仅强化了公司的技术储备，更为其在特种车辆、智能移 动平台等新赛道的布局注入创新动能，展现了公司以开放协同姿态推动产业升级的发展理念。 1月6日，双林股份"精·无止境，驱·动未来"主题投产仪式在宁海圆满落幕，公司"十万套丝杠产线"与科 之鑫第二代高精度磨床同步正式投产。与会嘉宾先后走访了双林股份HDM工厂、滚柱丝杠中试线及十 万套丝杠量产产线。 双林股份表示，明确将"推动滚柱丝杠技术普及"作为核心使命，未来将持续通过自主研发与全产业链协 同，推动高精度丝杠产品在机器人、精密仪器、高端装备等多个领域的市场化应用，让人形机器人及其 他高端装备的核心部件真正实现普惠化。此次投产仪式是公司战略转型的关键一步，后续双林股份将坚 持"技术创新+全球布局"的发展战略，稳步向传动驱动智能零部件转型升级目标迈进，为高端装备制造 业高质量发展注入新动力。（厉平） 公司表示，作为此次投产的核心装备，科之鑫第二代高精度磨床实现了多项关键技术突破。该系列磨床 采用大理石床身与主动恒温控制系统，搭配液体静压 ...

证券代码：300100 证券简称：双林股份 双林股份有限公司 投资者关系活动记录表 编号：2026-01 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | √其他：双林十万套丝杠产线、新一代磨床投产发布会 华鑫证券、国联基金、国泰基金、海通怡投资管理有限公司、上海彰天 | | | 投资管理有限公司、中泰国际、光大证券、民生证券、国盛证券、开源 证券、天风证券、长江证券、中金公司、中邮证券、上海韦豪创芯投资 | | | 管理有限公司、工业母机产业投资基金、广汽资本、国器元禾、金景资 | | | 本、宁波通商基金、首钢基金、浙江省创业投资集团有限公司、浙江省 | | 参与单位名称 | 发展资产、浙江省国有资本运营有限公司、工银瑞信基金、兴业证券香 | | | 港、国泰海通资管、上海九祥资产、银河证券、永赢基金、华源证券、 | | | 大成基金、国金基金、惠升基金、浙江国有资本、清研资本、春雷基金、 | | | 海富通基金、华安基金、光大保德信、路博迈、高 ...

Summary of the Conference Call for Shuanglin Co., Ltd. Company Overview - **Company**: Shuanglin Co., Ltd. - **Date**: October 26, 2025 Key Points Industry and Strategic Focus - Shuanglin Co. is increasing R&D investment and management expenses, indicating a strategic focus on emerging fields such as intelligent control systems, new energy power systems, and humanoid robots [2][3] - The company has achieved a leading position in automotive seat drive products and electric headrests, while actively expanding into the low-altitude economy market [2] Financial Performance - For the first three quarters of 2025, Shuanglin Co. reported revenue of 3.855 billion yuan, a year-on-year increase of 19.12% [3] - Net profit attributable to shareholders reached 402 million yuan, up 9.77%, while non-recurring net profit surged by 45.57% to 349 million yuan [3] Intelligent Control Systems - The company has made breakthroughs in intelligent control systems, particularly in automotive seat drive products, and has established partnerships with several mainstream new energy vehicle manufacturers [4] - New products such as electric headrests and various actuators have entered mass production, with significant advancements in humanoid robot core components [4] New Energy Power Systems - Shuanglin Co. provides drive motors and electric bridge products for both pure electric and hybrid platforms, with applications in multiple vehicle models from major manufacturers [6] - The company is also expanding into electric drive products for aircraft, with the Wanjie 8 and Dongfeng Nissan N7 projects expected to enter mass production in 2025 [6] Humanoid Robots - Significant progress has been made in the humanoid robot sector, including collaborations with leading domestic car manufacturers to develop linear joint modules [8] - The company plans to achieve an annual production capacity of 1 million sets, with the first production line expected to be completed by the end of 2025 [9] Production Efficiency and Cost Management - The acquisition of Kezhixing Machinery has significantly reduced screw production costs and improved product quality and consistency, enhancing market competitiveness [2][13] - The new generation of grinding machines is expected to greatly improve processing efficiency, with a target of completing all internal thread processing within 30 minutes [19] Future Outlook - The company is optimistic about achieving its annual net profit target, supported by a strong growth trend in its main business and the gradual mass production of new projects [14][17] - The wheel hub bearing business is expected to see further revenue and profit growth, particularly with the successful localization of production in Thailand [15] Market Position and Competitive Advantage - Shuanglin Co. has enhanced its market position through improved product quality and cost advantages, aiming to break the import monopoly in humanoid robot core components [13] - The company is actively expanding its customer base both domestically and internationally, with small batch orders already received [10][20] H Share Issuance - The company submitted its H share issuance application to the Hong Kong Stock Exchange on September 24, 2025, marking a significant step towards enhancing its capital strength and internationalization strategy [23][24] Performance Incentives - Shuanglin Co. has set challenging performance incentive targets, supported by strong growth in its new energy electric drive business and other emerging sectors [25] This summary encapsulates the key insights and developments discussed during the conference call, highlighting Shuanglin Co.'s strategic initiatives, financial performance, and future outlook in the context of its industry.

Group 1 - The core point of the article is that the company China Baoan confirmed its subsidiary, International Precision (stock code 00929), participated in the Shanghai Industrial Expo [2] - International Precision showcased several products at the expo, including harmonic reducers, rotary joint modules, dexterous hands, linear joint modules, and wheeled and legged humanoid robots [2]

Core Viewpoint - The article discusses the potential of Shuanglin Co., Ltd. in the automotive parts industry, highlighting its expansion into humanoid robotics and low-altitude economy, alongside its strong financial performance and risks associated with high customer concentration [2][3]. Group 1: Business Overview - Shuanglin Co., Ltd. is a leading automotive transmission and drive component manufacturer in China, recently applying for a Hong Kong IPO to establish an "A+H" dual capital platform [3]. - The company has two main business segments: intelligent transmission components and automotive interior/exterior parts, with a strategic focus on the former [3][7]. - The company has seen a significant rebound in performance, with a projected net profit increase of five times in 2024, driven by breakthroughs in humanoid robotics and low-altitude economy sectors [3][8]. Group 2: Financial Performance - In 2024, Shuanglin's revenue is expected to reach 49.1 billion yuan, marking a new high since 2017, while net profit is projected at 4.97 billion yuan, a year-on-year increase of 514.49% [11]. - The company has experienced fluctuations in net profit, with a notable drop of 41.65% in 2022, but has since returned to a growth trajectory [11]. - The total debt ratio has decreased from a peak of 63% to 54.4% by mid-2025, indicating reduced short-term debt pressure [12]. Group 3: Customer Concentration Risks - Shuanglin's revenue is highly concentrated, with the top five customers accounting for over 50% of total revenue during the reporting period, specifically 50.6%, 52.9%, 56.5%, and 54.3% from 2022 to mid-2025 [10]. - The largest single customer’s revenue contribution has increased from 17.2% in 2022 to 27.4% in the first half of 2025, raising concerns about dependency on major clients [10]. Group 4: Strategic Initiatives - The company has initiated projects in humanoid robotics, including the development of reverse planetary roller screws and linear joint modules, with a pilot production line expected to yield 12,000 sets annually [8]. - In the low-altitude economy sector, Shuanglin is developing vehicle-mounted drones and electric drive systems for aircraft, with prototypes already delivered [8].

Core Viewpoint - A leaked "research report" suggests that certain companies are Tier 1 suppliers for Tesla's humanoid robot, impacting their stock prices positively and negatively in the market [1][2]. Group 1: Stock Market Reactions - On September 10, stocks of companies like Sanhua Intelligent Control and Yinlun Co. saw slight declines, while ZheJiang RongTai rose by 6.47% [1]. - On September 11, the humanoid robot sector (886069) increased by 2.76%, with Sanhua Intelligent Control, Yinlun Co., ZheJiang RongTai, and Zhenyu Technology rising by 3.76%, 3.73%, 2.87%, and 0.68% respectively [1]. Group 2: Company Responses and Developments - Sanhua Intelligent Control stated they could not confirm their involvement in Tesla's supply chain due to confidentiality requirements [2]. - ZheJiang RongTai indicated that their humanoid robot projects are progressing well but could not disclose specific details due to confidentiality [2]. - Zhenyu Technology reported that their linear actuator modules have been validated by several well-known humanoid robot clients [2]. Group 3: Material Usage Insights - The leaked report claims that Tesla does not use PEEK materials but instead relies heavily on magnesium-aluminum alloys [4]. - Baowu Magnesium Industry mentioned that their supply of magnesium-aluminum alloy products for humanoid robots is currently limited [4]. Group 4: Shareholder Activities - ZheJiang RongTai has seen significant shareholder reductions, with major shareholders reducing their stakes between June and September [6]. - Despite the reductions, notable investors like Zhang Jianping have increased their holdings in ZheJiang RongTai [7]. - ZheJiang RongTai has been active in acquisitions and establishing new subsidiaries to enhance its robotics business [7].

Core Viewpoint - A leaked research report suggests that certain companies are Tier 1 suppliers for Tesla's humanoid robot, impacting their stock prices and market perception [1][2]. Group 1: Stock Market Reactions - On September 10, stocks of companies like Sanhua Intelligent Control and Yinlun Co. experienced slight declines, while ZheJiang RongTai saw a 6.47% increase [1]. - The humanoid robot sector index rose by 2.76% on September 11, with Sanhua Intelligent Control, Yinlun Co., ZheJiang RongTai, and Zhenyu Technology showing respective gains of 3.76%, 3.73%, 2.87%, and 0.68% [1]. - Baowu Magnesium's stock hit the daily limit up, closing with a 4.88% increase on the same day [3]. Group 2: Company Responses and Developments - Sanhua Intelligent Control stated they could not confirm their involvement in Tesla's supply chain due to confidentiality requirements [2]. - ZheJiang RongTai has been involved in humanoid robot projects but has not disclosed specific collaborations with Tesla [2]. - Zhenyu Technology reported that their linear actuators have been validated by several well-known humanoid robot clients [2]. Group 3: Material Insights - The report indicated that Tesla does not use PEEK materials but instead relies heavily on magnesium-aluminum alloys for its humanoid robots [3]. - Baowu Magnesium confirmed that their supply of magnesium-aluminum alloy products to humanoid robot manufacturers is currently limited [3]. Group 4: Shareholder Activities - ZheJiang RongTai has seen significant shareholder reductions, with major shareholders reducing their stakes between June and September [5][6]. - Despite the reductions, notable investors like Zhang Jianping have increased their holdings in ZheJiang RongTai, becoming the sixth-largest shareholder [6]. - ZheJiang RongTai has been active in expanding its business, including acquiring a majority stake in a precision machinery company and establishing a new subsidiary focused on robotics [6].

Core Viewpoint - A leaked research report suggests that certain companies are Tier 1 suppliers for Tesla's humanoid robot, impacting stock prices of related firms in the market [2][5]. Group 1: Companies Involved - The report identifies Top Group and Sanhua Intelligent Controls as the two main Tier 1 suppliers for Tesla's humanoid robot [5]. - Other companies like Zhejiang Rongtai, Zhenyu Technology, and Yinlun Co. are also considered potential Tier 1 suppliers, with their stock prices showing significant fluctuations [2][9]. Group 2: Stock Market Reactions - On September 10, stocks of Sanhua Intelligent Controls and Yinlun Co. experienced slight declines, while Zhenyu Technology dropped by 4.64%. In contrast, Zhejiang Rongtai's stock rose by 6.47% [2]. - Since 2025, stock price increases for Yinlun Co., Zhejiang Rongtai, and Zhenyu Technology have been 93%, 355%, and 198% respectively [11]. Group 3: Company Responses - Sanhua Intelligent Controls declined to comment on the report, citing confidentiality regarding client information [7]. - Zhejiang Rongtai has indicated that it is progressing well with humanoid robot projects but cannot disclose specific details due to confidentiality [7]. Group 4: Material Insights - The report claims that Tesla does not use PEEK material but instead relies heavily on magnesium-aluminum alloys for its humanoid robots [11]. - Baowu Magnesium Industry stated that their supply of aluminum-magnesium alloy products for humanoid robots is currently limited [11]. Group 5: Shareholder Activities - Recent shareholder activities at Zhejiang Rongtai show significant reductions in holdings by major shareholders, while notable investors like Zhang Jianping have increased their stakes [12][14]. - Zhejiang Rongtai has been active in expanding its business, including acquiring a majority stake in a precision machinery company and establishing a new subsidiary focused on robotics [14].

Core Viewpoint - The company, Shuanglin Co., reported a significant increase in revenue and net profit for the first half of 2025, driven by its focus on core components in the robotics sector and collaborations with leading domestic and foreign enterprises [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.525 billion yuan, representing a year-on-year growth of 20.07% [1] - The net profit attributable to shareholders was 287 million yuan, up 15.73% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 246 million yuan, reflecting a substantial increase of 55.65% year-on-year [1] Group 2: Product Development and Capacity Planning - The company has planned an annual production capacity of 1 million sets for linear rolling screw and 400,000 sets for ball screws, with joint module capacity set at 500,000 sets [2] - The first phase of linear joint module production is expected to reach 120,000 sets per year by the end of 2025, with a target of 500,000 sets per year by 2026 [2] - Current annual production capacity for automotive EHB screws is 200,000 sets, projected to increase to 600,000 sets by the end of the year [2] Group 3: Collaborations and Market Engagement - The company has engaged in extensive technical and business exchanges with domestic robotics manufacturers, receiving positive feedback on its capabilities in the screw sector [2] - Collaborations with leading foreign screw manufacturers have resulted in small batch orders for ball screws and rolling screws, with deliveries expected to be completed by August 31 [3] - The company has established good cooperative relationships with leading new energy vehicle enterprises, while also progressing with traditional automotive manufacturers [3]

Core Viewpoint - Double Lin Co., Ltd. is intensifying its investment in the humanoid robot sector by planning to raise up to 1.5 billion yuan through a private placement to fund various projects, including the industrialization of key components for humanoid robots [1][2][3] Fundraising and Investment Projects - The company plans to issue shares to no more than 35 specific investors, raising a total of up to 1.5 billion yuan, which will be allocated to projects such as the industrialization of rolling ball screws and joint modules, expansion of high-precision CNC grinding machines, and the establishment of a forward-looking technology research and application center [2][3] - The rolling ball screw and joint module industrialization project has a total investment of 999.5 million yuan, with 895 million yuan coming from the raised funds, expected to produce 1 million sets of reverse planetary rolling ball screws and 500,000 sets of linear joint modules annually after completion [2] - The high-precision CNC grinding machine expansion project has a total investment of 175 million yuan, with 130 million yuan from the raised funds, aiming for an annual production of 540 high-precision CNC grinding machines [3] - The forward-looking technology research and application center project has a total investment of 109 million yuan, with 105 million yuan from the raised funds, which will enhance the company's technological capabilities [3] Company Background and Market Position - Double Lin Co., Ltd. is a leading manufacturer of automotive components in China, recognized for its significant technical accumulation in the HDM (High-Performance Drive Module) sector [4][7] - The company has successfully entered the humanoid robot market in 2024, leveraging its existing technology and production capabilities [4][5] Financial Performance - In Q1 2025, the company reported a revenue of 1.286 billion yuan, a year-on-year increase of 20.97%, and a net profit of 159 million yuan, up 105.49% year-on-year [1][8] - The gross margin for Q1 2025 was 21.63%, an increase of 0.6 percentage points year-on-year, while the net profit margin was 12.4%, up 5.1 percentage points year-on-year [1][8] Research and Development - The company emphasizes technological innovation, operating five major R&D centers and investing in advanced research capabilities [9] - R&D expenditures from 2022 to 2024 were 185 million yuan, 175 million yuan, and 169 million yuan, representing 4.43%, 4.23%, and 3.43% of revenue, respectively [9]