证券代码：300503 证券简称：昊志机电 广州市昊志机电股份有限公司投资者关系活动记录表 编号：2025-004 | | √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活动 | | | 类别 | □新闻发布会 □路演活动 | | | √现场参观 □其他（投资者网上集体接待日） | | 参 与 单 位 名 称 | 贝祥资本、思捷计算机、金航保理、麦哲伦资本、华银基金、星辰深研、 | | 及人员姓名 | 路演时代、九方智投、长江证券、首创证券、正大投资 | | 时间 | 2025年11月25日15：00-17：00 | | 地点 | 公司会议室 | | 上市公司接待 | 董事、副总经理、董事会秘书、财务总监：肖泳林先生 | | 人员姓名 | 证券事务代表：徐汉强 | | | 一、参观公司展厅，由董事会秘书肖泳林为投资者讲解公司发展历程， | | | 研发、生产布局、主要产品等情况。 | | | 公司是一家专业从事中高端数控机床、机器人、新能源汽车核心功能 | | | 部件等的研发设计、生产制造、销售与维修服务的国家高新技术企业。公 | | | 司产品涵盖数 ...

昊志机电（300503.SZ）11月26日在投资者互动平台表示，公司生产的谐波减速器、无框力矩电机和编 码器等产品可应用于人形机器人，截至2025年第三季度，公司转台、减速器、直线电机等功能部件实现 销售收入16834.10万元，同比增长15.69%，占营业收入的14.73%。其中，机器人业务增长主要受益于行 业加速发展、下游市场需求持续提升以及公司产品竞争力的进一步增强，以及公司下半年产品迭代，质 量与性能方面实现显著提升，市场竞争力持续增强，带动订单量大幅增长，相关产品正按计划有序交 付。目前该部分销售规模尚小，对公司整体业绩影响较小，敬请广大投资者理性看待，注意投资风险。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司谐波减速器、无框力矩电机、六维力传感 器是否已通过人形机器人品牌公司的验证，订单放量了吗？ ...

证券日报网讯昊志机电11月26日在互动平台回答投资者提问时表示，公司生产的谐波减速器、无框力矩 电机和编码器等产品可应用于人形机器人，截至2025年第三季度，公司转台、减速器、直线电机等功能 部件实现销售收入16834.10万元，同比增长15.69%，占营业收入的14.73%。其中，机器人业务增长主要 受益于行业加速发展、下游市场需求持续提升以及公司产品竞争力的进一步增强，以及公司下半年产品 迭代，质量与性能方面实现显著提升，市场竞争力持续增强，带动订单量大幅增长，相关产品正按计划 有序交付。目前该部分销售规模尚小，对公司整体业绩影响较小。 （文章来源：证券日报） ...

机器人ETF（562500） 是全市场唯一规模超两百亿的机器人主题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）。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 今日截至14点，机器人ETF（562500）微跌0.11%，盘中虽有波动但整体韧性较强，目前在0.943元 附近进行技术性盘整。持仓股方面，内部走势分化，燕麦科技逆势领涨超4%，伟创电气涨超4.4%，奥 比中光、双环传动等个股表现活跃；晶品特装、宏英智能则处于调整前列。流动性与资金方面，盘中成 交额已突破6.71亿元，交投持续活跃。 消息方面，昊志机电在互动平台表示，公司生产的谐波减速器、无框力矩电机和编码器等产品可应 用于人形机器人，截 ...

瑞德智能（301135.SZ）11月26日在投资者互动平台表示，公司通过创东方厚泽基金投资了一家机器人 关节公司，该公司主要为包括人形机器人在内的各品类机器人提供关节及编码器等核心部件。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司投资基金有投资人形机器人领域公司吗？ ...

格隆汇11月26日丨昊志机电(300503.SZ)在投资者互动平台表示，公司生产的谐波减速器、无框力矩电 机和编码器等产品可应用于人形机器人，截至2025年第三季度，公司转台、减速器、直线电机等功能部 件实现销售收入16,834.10万元，同比增长15.69%，占营业收入的14.73%。其中，机器人业务增长主要 受益于行业加速发展、下游市场需求持续提升以及公司产品竞争力的进一步增强，以及公司下半年产品 迭代，质量与性能方面实现显著提升，市场竞争力持续增强，带动订单量大幅增长，相关产品正按计划 有序交付。目前该部分销售规模尚小，对公司整体业绩影响较小。 ...

Core Insights - The company emphasizes "independent innovation" as a fundamental aspect of its development, focusing on high-end precision manufacturing and continuously advancing in the field [2][3] R&D Investment - R&D is identified as the core competitive advantage, with investments of 96.35 million yuan, 108 million yuan, and 121 million yuan for 2022, 2023, and 2024 respectively, representing 9.99%, 10.75%, and 9.29% of revenue [3] - The company has achieved significant breakthroughs in key technologies such as high-precision encoder technology and ultra-precision processing, establishing a systematic and platform-based technical system [3] Business Focus and Growth - The company has become a "hidden champion" in the global electric spindle market, with spindle product sales ranking first worldwide for three consecutive years, contributing over 60% to revenue [5] - The synergy between the two main business directions—CNC machine core components and robotics—has created a virtuous cycle of technology sharing and market collaboration [5] Robotics Development - The company has developed all core components for humanoid robots, including harmonic reducers and low-voltage drives, with production capabilities of 150,000 harmonic reducers and 3,000 collaborative robots annually [6] - The company is positioned to achieve significant breakthroughs in humanoid robot core components by 2025, with small-scale sales already initiated with key clients [6] International Expansion - The acquisition of Swiss Infranor Group in 2020 has expanded the company's business layout in controllers and servo drives, facilitating a global strategy [7] - In the first half of 2025, overseas revenue reached 119 million yuan, accounting for 16.93% of total revenue, with plans to advance an integrated international strategy of "R&D + manufacturing + service" [7]

Core Viewpoint - Hubei Kaiter Automotive Electronics and Electrical Systems Co., Ltd. (Kaiter) has established a partnership with Shanghai Turing Intelligent Manufacturing Co., Ltd. and completed product sampling, although it has not yet generated revenue from this collaboration [1] Group 1: Company Overview - Kaiter was founded in 1996 and specializes in the research, production, and sales of automotive electronic and electrical system products, including sensors, controllers, and actuators [1] - The company is recognized as a national-level specialized and innovative "little giant" enterprise [1] Group 2: Clientele and Market Position - Kaiter's clients include major automotive manufacturers such as SAIC Motor Corporation, GAC Group, and Great Wall Motors, as well as new energy vehicle companies like WM Motor, Xpeng, and HiPhi [1] - The company also supplies products to BYD [1] Group 3: Robotics Application Development - In addition to the ongoing collaboration with Turing Intelligent Manufacturing, Kaiter has formed a joint venture with Xi'an Xutong Electronic Technology Co., Ltd. to focus on developing electronic mechanical brake (EMB) force sensors, encoders, and six-dimensional force sensors for the robotics sector, achieving some progress [1] Group 4: Financial Information - As of November 11, 2025, Kaiter's stock price is 38.25 yuan, with a slight increase of 0.05%, and the total market capitalization is approximately 6.886 billion yuan [2]

Core Viewpoint - The company held an online performance briefing on November 4, 2025, to discuss its Q3 2025 results and engage with investors regarding operational performance and financial metrics [1][2]. Group 1: Performance and Financial Metrics - The company reported a year-on-year revenue growth of 28.98% in Q3, driven by the growth in both domestic and international markets, particularly in lithium battery equipment, 3C automation, and robotics [3]. - Domestic revenue increased by 22%, while international revenue saw a significant rise of 38%, with notable performance in the North American solar power market and European industrial automation [3]. - The company’s cash flow from operating activities decreased year-on-year due to increased accounts receivable and inventory, reflecting a temporary increase in working capital [3]. Group 2: Robotics and Product Development - The company has established a comprehensive product platform in humanoid robotics, covering core components such as motors, drives, transmissions, and feedback systems, and has achieved mass supply capabilities [3]. - The company has sent samples to over a hundred domestic and international manufacturers and continues to receive bulk orders in the humanoid robotics sector [3]. - The company anticipates that its robotics business will maintain a growth momentum, with revenue from related applications expected to increase further [3]. Group 3: Production Capacity and Future Outlook - The company’s Vietnam subsidiary achieved a revenue of 26.61 million yuan in 2024 and is projected to deliver 3.5 million units in 2025, with expected annual revenue exceeding 100 million yuan [4]. - The company believes that the humanoid robotics industry is likely to enter a mass production cycle in the next 5-10 years, supported by advancements in motion control hardware and policy backing [3]. - The company plans to maintain a high level of R&D investment to strengthen its technological foundation and expand high-value applications [3].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company reported a revenue of 1.382 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 14.16%. The net profit attributable to the parent company was 180 million RMB, up 3.39% year-on-year [1][7]. - The company is focusing on the application of AI in various sectors, particularly in humanoid robotics and automation solutions, which is expected to open new growth opportunities [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 505 million RMB, a year-on-year increase of 22.18% and a quarter-on-quarter increase of 3.27%. The net profit for the same period was 53 million RMB, up 11.35% year-on-year but down 34.55% quarter-on-quarter [1][2]. - The gross margin for Q3 2025 was 35.38%, down 3.44 percentage points year-on-year and 3.04 percentage points quarter-on-quarter, primarily due to an increase in sales of lower-margin servo products [2]. Market Position and Strategy - The company holds a leading position in the domestic small PLC market with a market share of approximately 7.6% as of H1 2025, ranking first among domestic brands. The company is expanding its reach into high-end industries such as new energy and semiconductors [3]. - The company has launched new servo products in 2025, which are expected to enhance its market share in the servo product segment, which was approximately 3.9% in H1 2025, up from 3.7% in 2024 [3]. Product Development and Future Outlook - The company is actively developing key components for humanoid robots, including frameless torque motors and encoders, and is collaborating with partners to create AI and automation solutions focused on welding and sorting applications [4]. - The company has adjusted its profit forecasts for 2025-2027, lowering the net profit estimates to 261 million RMB, 294 million RMB, and 327 million RMB respectively, reflecting changes in product revenue structure and increased sales expenses due to its large customer strategy [5]. Valuation - The target price for the company is set at 63.58 RMB, based on a price-to-earnings ratio of 34 times, which is a decrease from the previous target price of 78.23 RMB [5][7].