（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：市场普遍认为公司是人形机器人领域的核心公司，请 问贵公司在人形机器人领域做了哪些布局? 中鼎股份（000887.SZ）8月25日在投资者互动平台表示，在产品端，公司通过安徽睿思博、星汇传感等 子公司在关节总成、谐波减速器、行星减速器、力矩传感器等产品上完成产业布局，同时公司的橡胶件 已经完成配套，轻量化骨骼已经送样；在客户端，公司积极与众擎、埃夫特等多家人形机器人头部企业 进行客户送样，推进市场布局；同时也与五洲新春等公司签订战略合作协议，形成上下游产业链布局。 ...

Investment Rating - Industry Rating: Outperform the market [5] - Rating Change: Maintain [5] Core Insights - Dexterous hands are the core solution for humanoid robot end effectors, with current technology routes not converging and significant customization demands from downstream customers, giving an advantage to whole hand and module manufacturers [1][3] - Dexterous hands mimic human hands, integrating drive systems, transmission systems, and sensing systems, offering high flexibility but at a higher cost and lower reliability and maintainability compared to traditional grippers [1][3] - The report identifies three main trends in the development of dexterous hands: the coexistence of multiple technology routes, an increase in degrees of freedom and sensor usage, and the necessity for collaboration between manufacturers and external suppliers due to high R&D costs and long cycles [3][27] Summary by Sections Section 1: Dexterous Hands as Core Solutions - Dexterous hands are designed to flexibly manipulate objects and meet various operational needs, with Tesla's dexterous hand currently in its third iteration capable of performing complex tasks [13][15] - The key difference between dexterous hands and traditional grippers is the higher degree of freedom in dexterous hands, allowing for more complex grasping operations [1][19] Section 2: Core Systems of Dexterous Hands - The dexterous hand consists of three core systems: drive system, transmission system, and sensing system [27] - The drive system primarily includes electric, hydraulic, pneumatic, and shape memory alloy drives, with the electric drive being the mainstream solution [27][30] - The transmission system includes reducers, screws, and tendon systems, with planetary reducers and worm gearboxes being the most commonly used [27][46] - The sensing system comprises force/moment sensors, position sensors, and tactile sensors, which are crucial for providing feedback and enhancing the dexterous hand's functionality [27][75] Section 3: Development Trends of Dexterous Hands - The technology routes for dexterous hands are expected to remain diverse in the short term, with no convergence anticipated [3][92] - Future improvements in dexterous hands will likely include increased degrees of freedom and a rise in the usage of tactile sensors, which will enhance the overall value of the dexterous hand [3][92] - The high R&D investment and long development cycles necessitate collaboration between manufacturers and external suppliers, as dexterous hand development constitutes a significant portion of humanoid robot engineering [3][92] Section 4: Investment Recommendations - Companies such as Jiechang Drive, Longsheng Technology, Zhaowei Electromechanical, and Jiangsu Leili are highlighted for their potential in the dexterous hand market due to their innovative approaches and collaborations [8][4]

人形机器人研究框架 20250818 摘要 特斯拉人形机器人进展：计划 2025 年下半年推出第三代机器人，2026 年上半年量产。尽管二代机器人停产带来负面影响，市场对三代产品技 术改进（神经网络算法、电机、电池、视觉感知系统、材料轻量化）抱 有期待。 国内人形机器人市场动态：智源收购上纬新材、宇树启动 IPO、世界人 形机器人大会等事件推动行业发展。预计年底相关企业将在 A 股上市， 形成产业链共振效应。 执行器方案差异：海外公司倾向线性执行器（姿态控制好、精密度高）， 国内主流采用旋转执行器，但小鹏、开普勒等新产品也尝试线性执行器 以提高步态控制和承载能力。 减速器市场：摆线减速器因可使用 PEEK 材料实现轻量化受关注，但技 术壁垒较低，客户资源是关键。小鹏的动作带动了相关产业链公司的投 资机会。 轻量化材料应用：PEEK 材料、镁合金注塑工艺受关注。国内企业如中 盐打破海外垄断，在降本增效方面有优势，轻量化材料在三代机器人应 用前景广阔。 Q&A 近期人形机器人产业有哪些重要进展？ 自 2025 年第二季度以来，人形机器人产业主要有两个重要的催化因素。首先 是特斯拉的第三代人形机器人的进展。特斯拉在 ...

Group 1 - The company, Sanlian Forging, announced the establishment of a subsidiary focused on robotics and aerospace components by May 2025 to enhance its R&D capabilities in these fields [2] - The main research products will include planetary reducers, screws, shafts, gears, and transmission gears, which are similar to the company's current forging processes [2] - The robotics and aerospace industries are characterized by high technical barriers, long R&D cycles, and significant investment, which may lead to risks such as underwhelming technological breakthroughs or R&D failures [2] Group 2 - The company highlighted that the new market is highly competitive and subject to significant uncertainties due to policy regulations and market conditions [2] - Investors are advised to invest rationally and be aware of the associated investment risks [2]

Core Viewpoint - Sanlian Forging is recognized as a high-quality supplier of automotive forged parts and is actively expanding into the robotics sector [1] Group 1: Product Lines and Recognition - The company has established seven product lines: hub bearings, high-pressure common rail, ball joint rods, steering knuckles, fork shafts, axles, and others [1] - Sanlian Forging has gained wide recognition from international automotive parts groups such as ZF and Schaeffler in terms of production capacity, product variety, and product quality [1] Group 2: Expansion into Robotics and Aerospace - In April 2025, the company will set up a subsidiary, Wuhu Sanlian Forging Co., Ltd., focusing on a research institute for robotics and aerospace components [1] - The main products will include planetary gear reducers, screws, shaft gears, gears, and transmission gears, which are closely related to the company's forging processes [1] Group 3: Future Growth Potential - The company has deep technical reserves and has established in-depth cooperation with several global top 100 parts groups [1] - There is an expectation for the company to gradually expand from automotive parts into the robotics and aerospace sectors, indicating potential new growth points [1] - The initial coverage of the company has been rated as "Buy" [1]

Summary of Conference Call on Humanoid Robots and Precision Reducers Industry Overview - The humanoid robot market is experiencing explosive growth, significantly increasing the demand for precision reducers, with the market size expected to leap from billions to over a trillion [1][3] - The precision reducer industry has high technical barriers and low domestic production rates, but the domestic share is expected to rise with rapid industry growth and the development of China's supply chain, particularly in the harmonic and planetary reducer sectors [1][4] Key Points and Arguments - **Market Potential**: The global markets for harmonic, RV, and planetary reducers are all below $2 billion, with the Chinese market approximately $360 million, $620 million, and $520 million respectively, accounting for about half of the global share [1][6] - **Demand Variability**: Different humanoid robot designs have varying requirements for reducers; for instance, Tesla's design requires 14 harmonic reducers, while Fourier Technology needs 32 planetary reducers, and Yushu Technology requires 37 new-type reducers [1][7] - **Future Projections**: The ratio of harmonic to planetary reducers may shift from 7:3 to 9:1 as technology advances, with a potential market pull of $5 billion for planetary and over $40 billion for harmonic reducers when global humanoid robot sales reach 2 million [1][8] Technical and Market Status - **Reducer Types**: - Harmonic reducers are suitable for high-precision, lightweight applications like humanoid robot joints - RV reducers are used in high-rigidity, high-torque scenarios - Planetary reducers are known for high efficiency, precision, and longevity [4][5] - **Market Dynamics**: The harmonic reducer market is currently dominated by a few players, with Japan's Harmonic Drive holding 80% of the global market share and over 35% in China [9] Competitive Landscape - **Harmonic Reducers**: The market is characterized by oligopoly, with significant barriers to entry due to the need for high-purity alloy steel and specialized processing techniques [9] - **Planetary and RV Reducers**: The planetary reducer market is more fragmented, with Japanese and domestic companies holding 40%-50% of the market share. RV reducers have a high technical threshold, with domestic companies achieving rapid breakthroughs but still holding only 30%-40% of the market [10][11] Impact of Humanoid Robots - The rise of humanoid robots is driving explosive demand, similar to the transition seen in the electric vehicle components industry, pushing for higher investment, support, and technological iteration [12] Company Developments and Investment Recommendations - **Leading Companies**: Notable companies include Greenfield Harmonic, a leader in harmonic reducers, and Double Ring Transmission, which has rapidly grown its revenue from 3-4 billion in 2020 to nearly 10 billion [13] - **Emerging Players**: Longsheng Technology is also developing harmonic reducer products, indicating a promising future for domestic companies in this sector [14] - **Investment Outlook**: The humanoid robot sector is in a breakthrough phase, with strong expectations for the competitiveness of Chinese companies, making it a long-term investment focus [14]

Summary of Conference Call Records Company and Industry Overview - The company discussed is **Nidec Transmission** (formerly known as Xinbao), which specializes in planetary gear reducers, harmonic reducers, and some RV and cycloidal reducers. The domestic annual sales are approximately **5-6 billion RMB**. The overseas market size is comparable to the domestic market, with harmonic reducer sales exceeding **50 million RMB** abroad [1][3]. Key Products and Market Position - Nidec Transmission's main products include: - **Planetary Reducers**: Over **70%** market share in the laser industry and low-end robotic arms in China [1]. - **Harmonic Reducers**: Sales in the domestic market range from **10 million to 20 million RMB** annually, with overseas sales exceeding **50 million RMB** [3]. - The company has a partnership with **Tesla** for humanoid robots, supplying harmonic reducers, with over **1,000** units ordered for approximately **100 robots** [1][7]. Future Projections and Orders - Future order intentions for Tesla's humanoid robots are expected to exceed **10,000 units**, potentially reaching over **400,000 units** by **2026**, contingent on product implementation [1][7]. Competitive Landscape - In the domestic market, competitors include: - **Greenfield**: High quality, significant market share. - **Harmonic Drive**: High quality but slow development. - Nidec Transmission faces challenges due to capacity limitations and slower service response, leading to a decline in market share. The company is working on a second factory and service optimization to regain market share [1][10]. Production Capacity and Cost Management - Nidec Transmission's production capacities are: - **Japan Factory**: Annual capacity of **200,000 units**. - **Pinghu Factory**: Designed capacity of **20,000 units**, currently producing about **10,000 units** [2][13]. - Global harmonic reducer capacity is around **400,000 units** [13]. - The company is focusing on domestic material usage to reduce costs and has rented a facility in the Philippines for future expansion [2][13]. Product Features and Innovations - The harmonic reducer with integrated sensors offers features such as: - Lightweight structure, reduced parts count, and improved speed and reduction ratios, achieving a maximum of **160** [8]. - Built-in sensors for torque adjustment, temperature change detection, and input angular velocity detection, enabling optimal adjustments [9]. Challenges and Strategic Adjustments - The main bottleneck for expanding harmonic reducer production is the need for skilled labor for precision adjustments [15]. - Domestic brands are competing on price, with significant price differences of **50%-100%** compared to Harmonic Drive, leading to potential quality compromises [12]. Market Trends and Future Directions - The planetary reducer is being tested in robotic applications, but widespread adoption is still limited [14]. - Nidec Transmission plans to increase promotion of cycloidal reducers, anticipating market growth beyond harmonic systems [21]. Conclusion - Nidec Transmission is strategically positioned in the gear reducer market with strong partnerships and innovative products. However, it faces challenges in production capacity, market competition, and the need for skilled labor. The company is actively working on expansion and optimization strategies to enhance its market presence and meet growing demand.

Core Viewpoint - The company reported strong financial performance for the first half of 2025, driven by the growth in new energy crankshafts and the divestment of a joint venture, indicating a positive outlook for future growth in the new energy and robotics sectors [3][7][10]. Financial Performance - In H1 2025, the company achieved revenue of 937 million yuan, a year-on-year increase of 30.3%, and a net profit attributable to shareholders of 146 million yuan, up 98.8% year-on-year [3]. - The Q2 2025 revenue was 466 million yuan, with a year-on-year increase of 16.83% and a quarter-on-quarter decrease of 1.14% [3]. - The net profit for Q2 2025 was 81 million yuan, reflecting a year-on-year increase of 93.28% and a quarter-on-quarter increase of 24.54% [3]. Profitability - The net profit margin for H1 2025 was 15.6%, an increase of 5.4 percentage points year-on-year, while the gross margin was 27.80%, up 3.76 percentage points year-on-year [4]. - In Q2 2025, the net profit margin was 17.41%, with year-on-year and quarter-on-quarter increases of 6.89 percentage points and 3.59 percentage points, respectively [4]. Expense Ratios - The expense ratio for H1 2025 was 12.0%, a decrease of 2.30 percentage points year-on-year [5]. - The breakdown of expense ratios included sales at 1.0%, management at 4.5%, financial at 0.8%, and R&D at 5.7%, all showing year-on-year decreases [6]. Growth Drivers - The growth in H1 2025 was attributed to the production and sales of hybrid vehicles, with production and sales volumes of 2.479 million and 2.521 million units, respectively, representing year-on-year increases of 28% and 31.1% [7]. - The company delivered five samples of hybrid crankshafts and achieved mass production of six new products in the hybrid crankshaft category [7]. - The divestment of a 50% stake in a joint venture is expected to have a positive impact on the company's financial results for 2025 [7]. New Product Development - The company is entering a production phase for six new products in H2 2025, having secured new project approvals from major clients [8]. - The establishment of a high-precision production line for planetary gear reducers is expected to enhance production capacity significantly [9]. Future Projections - The company maintains profit forecasts of 301 million yuan, 385 million yuan, and 460 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.47, 0.60, and 0.71 yuan per share [10]. - The current market valuation corresponds to PE ratios of 38, 30, and 25 times for 2025, 2026, and 2027, respectively, indicating a favorable investment outlook [10].

Group 1: Company Overview and History - The company was established in 1995, initially focusing on small modulus spiral bevel gears and successfully replacing imports, exporting to countries like Germany, Japan, and the USA [5] - From 1998 to 2003, the company entered the supply chain of global top enterprises, establishing long-term partnerships with renowned companies such as Bosch and Siemens [5] - The product range has expanded from single bevel gears to include cylindrical gears, powder gears, and precision mechanical parts, with significant developments in planetary and harmonic reducers [5] Group 2: Financial Performance - In the first half of 2025, the company reported a consolidated revenue of 242 million CNY, a year-on-year increase of 0.25% [8] - The second quarter revenue was 125 million CNY, showing a year-on-year decline of 12.18% but a quarter-on-quarter increase of 7.5% [8] - The gross profit margin decreased by 1.7%, attributed to increased depreciation from new projects and the impact of US tariffs on older business lines [8] Group 3: Business Development and New Ventures - The company is focusing on new business areas, including robotics, automotive, marine economy, and low-altitude economy [6][7] - In the robotics sector, products developed include harmonic reducers and planetary reducers, with clients from major automotive and robotics companies [6] - In the automotive sector, the company is developing gear products for both fuel and electric vehicles, with clients including BYD and Dongfeng [7] Group 4: Investment and Funding Plans - The company plans to raise up to 730 million CNY through a private placement, with funds allocated to projects such as precision gear manufacturing and a research center [10] - Specific projects include: - New energy vehicle precision gear manufacturing: 27 million CNY from raised funds [10] - New generation precision transmission manufacturing: 22 million CNY from raised funds [10] - Precision transmission R&D center: 4 million CNY from raised funds [10] - The company has 53 patents, including 18 invention patents, indicating a strong focus on innovation [9]

Group 1 - The core viewpoint of the news highlights the active performance of the robotics sector, particularly focusing on the launch of Unitree A2 by Yushu Technology, which showcases advanced capabilities in terrain navigation and load-bearing [1][2] - Yushu Technology's Unitree A2 weighs approximately 37 kilograms, has a maximum running speed of 5 meters per second, and can climb heights of up to 1 meter, demonstrating its robust design for various applications [1] - The upcoming "2025 World Robot Conference" on August 8 will feature over 1,500 exhibits from more than 200 domestic and international robotics companies, indicating a significant industry event [1] Group 2 - Yushu Technology is recognized as one of the earliest companies in China to develop robotic dogs, achieving a global market share of nearly 70% in 2023, which is crucial for its expansion into humanoid robotics [2] - Recent orders from major companies, including China Mobile's procurement of Yushu and Zhiyuan Robotics products worth 124 million yuan, signify a growing demand for robotic solutions across various sectors [2] - The China Securities Regulatory Commission has initiated the listing guidance for Yushu Technology, with a comprehensive evaluation scheduled between October and December to assess its eligibility for public offering [2] Group 3 - Several companies are identified as key suppliers to Yushu Technology, including Changsheng Bearing, which provides self-lubricating bearings and linear actuators, and Zhongdali De, which supplies planetary gear reducers and high-precision gears [3][4] - Other notable suppliers include Aobi Zhongguang, which offers 3D vision cameras and depth engine chips, and Hanwei Technology, which supplies flexible tactile sensors to enhance robot interaction [3][4] - The collaboration between Yushu Technology and Shengtong Co., Ltd. in the educational robotics sector reflects the expanding applications of robotics in various fields [3][4]