Core Viewpoint - The company reported its 2025 half-year results, showing strong revenue and profit growth, driven by the performance of its new energy vehicle and general automation businesses [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 20.509 billion yuan, a year-on-year increase of 26.73% [1] - The net profit attributable to shareholders was 2.968 billion yuan, up 40.15% year-on-year [1] - The net profit excluding non-recurring items was 2.671 billion yuan, reflecting a 29.15% increase [1] - In Q2 2025, operating revenue reached 11.531 billion yuan, growing 18.99% year-on-year [1] - The net profit for Q2 was 1.646 billion yuan, a 25.91% increase [1] Business Segments - General automation business revenue was 8.81 billion yuan, up 17.11% year-on-year, with significant contributions from various product lines [2] - New energy vehicles and rail transportation business revenue was 9.27 billion yuan, showing a substantial growth of 48.74% [2] - Elevator business revenue was 2.31 billion yuan, slightly down by 1.05% [2] Regional Performance - Domestic revenue was 19.19 billion yuan, a year-on-year increase of 25.95% [2] - Overseas revenue reached 1.32 billion yuan, growing 39.34% year-on-year, indicating successful market penetration strategies [2] Profitability and Cost Management - The gross margin for H1 2025 was 30.23%, a decrease of 1.55 percentage points, attributed to changes in sales structure [3] - The net profit margin improved to 14.65%, an increase of 1.38 percentage points [3] - Total expenses as a percentage of revenue decreased by 2.07 percentage points to 16.66% [3] Investment and Development - The company is actively developing humanoid robots and embodied intelligence, with several products moving from prototype to development stages [3] - Ongoing optimization of manufacturing processes for key components is aimed at enhancing efficiency and performance [3] Earnings Forecast - The earnings forecast for 2025-2026 has been revised down to 5.615 billion and 6.130 billion yuan, respectively, due to external uncertainties [4] - A new forecast for 2027 is set at 6.916 billion yuan, with corresponding price-to-earnings ratios of 36, 33, and 29 times [4]

证券日报网讯汇川技术（300124）8月28日发布公告，在公司回答调研者提问时表示，公司本身具备丝 杠产品和技术的积累，丝杠产品主要面向注塑机、3C和机床等领域应用。在原有丝杠业务的基础上， 围绕人形机器人应用的丝杆产品的需求，公司推进行星滚柱丝杠产品的开发。目前相关产品已向客户送 样，但尚未实现量产。 ...

Core Viewpoint - The company has accumulated expertise in screw rod products, primarily targeting applications in injection molding machines, 3C, and machine tools [1] Group 1: Product Development - The company is developing planetary roller screw products to meet the demand for humanoid robot applications based on its existing screw rod business [1] - Samples of the related products have been sent to customers, but mass production has not yet been achieved [1]

Business Segment Performance - In 2024, the automotive gear business generated revenue of 391 million CNY, accounting for 58.79% of total revenue; the power tool gear business generated 140 million CNY, representing 21.03%; and the revenue from reducers, tools, equipment, and other gears was 134 million CNY, making up 20.18% of total revenue [1]. Production Capacity and Utilization - As of the end of 2024, the company's production capacity for new energy vehicle gears was approximately 5.6 million units, with an actual production of 5.3974 million units, resulting in a utilization rate of about 96.38% [2]. Product Development and Market Expansion - The company is focusing on small modulus gears for humanoid robots, which presents new growth opportunities. It plans to expand its product offerings in planetary roller screw products and related core components for the humanoid robot industry [2][3]. - The company has established relationships with renowned humanoid robot manufacturers and aims to enhance its competitive edge in this sector [3]. Client Base and Market Position - The company’s power tool gear clients include globally recognized brands such as TTI, Bosch, and Makita. With the recovery of the power tool industry, the company anticipates increased demand and aims to further enhance its market share [3]. Equipment Investment and Technological Advancements - The company is investing in advanced manufacturing equipment to support the production of precision small gears and reducers, which are essential for humanoid robots. This includes high-precision gear and screw processing equipment [3]. - In 2024, the company achieved breakthroughs in micro modulus cutting tools, with the smallest modulus reaching 0.05mm, positioning it at the forefront of the industry [3]. International Expansion - The Vietnam factory has entered the trial production phase since 2025, with all necessary qualifications completed and equipment installed. The production line is currently in trial production with sufficient orders, and capacity will be adjusted based on demand [3]. Industry Outlook - The humanoid robot industry is expected to accelerate due to increased domestic policy support and the establishment of various industrial funds. The year 2025 is anticipated to mark the beginning of mass production in this sector [4].

Group 1 - Ningbo's A-share listed companies play a crucial role in the local economy and are significant in the national industrial landscape, reflecting the region's economic vitality and competitiveness [1] - As of May 13, 2024, Ningbo has 122 A-share listed companies, ranking 7th among prefecture-level cities and 4th among non-provincial capital cities, with a total market capitalization of 1.36 trillion yuan [2] - In 2024, Ningbo's A-share listed companies achieved a total revenue of 816.67 billion yuan, a year-on-year increase of 3.43%, while net profit was 60.86 billion yuan, a decline of 2.41% [2][4] Group 2 - 18 Ningbo listed companies reported revenues exceeding 10 billion yuan, with Jintian Co. leading at 124.16 billion yuan, followed by Ningbo Bank and others [4] - In Q1 2024, Ningbo's listed companies generated 189.36 billion yuan in revenue and 17.64 billion yuan in net profit, with growth rates of 1.82% and 4.29%, respectively, both surpassing the overall A-share market [4] Group 3 - The industry structure of Ningbo's listed companies shows a dual pattern of "traditional dominance and emerging rise," with significant representation in automotive, machinery, and power equipment sectors [5] - Ningbo is a key production base for automotive and components, with leading companies like Junsheng Electronics and Top Group integrated into the global automotive supply chain [5] - Emerging industries such as new energy, semiconductors, and artificial intelligence are rapidly developing, with companies like Samsung Medical achieving significant breakthroughs in overseas markets [5][6] Group 4 - Several Ningbo listed companies rank among the top in their respective industries, with Bull Group leading in light manufacturing and Top Group in the automotive sector [6][7] - As of May 13, 2024, four Ningbo companies have entered the top ten in their industries by market capitalization, including Bull Group and Yageo [7] Group 5 - Ningbo's economic growth is supported by government policies and a focus on high-quality development, with a GDP of 1.81477 trillion yuan in 2024, growing by 5.4% [8] - The local government has implemented initiatives to enhance the efficiency of company listings and encourage R&D investments, fostering technological innovation [9] - The future outlook for Ningbo's A-share listed companies suggests a transition from quantity growth to quality improvement, enhancing their position in the global industrial chain [9]