III 元 00 x .... 耳关押 新闻 IANBO r 央视网消息（新闻联播）：记者从中国机械工业联合会获悉，今年以来，我国机器人产量实现快速增长。前三季度，工业机器人产量59.5万台，服务机 器人产量1350万套，两大类产品均已超过2024年全年产量。产量增长的同时，机器人整机产品性能质量也显著提升。自主品牌的重载、焊接、喷涂、移动操 作等多项高性能工业机器人产品研制成功，填补了高端机器人领域的空白。此外，机器人关键零部件的配套能力也在稳步增强。高精密减速器、高性能伺服 系统、智能控制器等关键零部件研制不断取得新突破。 ...

Summary of Shenzhen Inovance Technology 3Q25 Earnings Call Company Overview - **Company**: Shenzhen Inovance Technology (300124.SZ) - **Industry**: China Industrials - **Stock Rating**: Overweight - **Price Target**: Rmb95.00 - **Current Price (as of October 23, 2025)**: Rmb79.25 - **Market Capitalization**: Rmb212,129 million Key Financial Highlights - **3Q25 Revenue**: Increased by 21% year-on-year (y-y) to Rmb11.1 billion, aligning with estimates and consensus, driven by: - **Automation Segment**: +27% y-y - **NEV Powertrain Segment**: +15% y-y - Specific revenue growth in automation products: - AC Drives: +13% y-y - General Servo: +26% y-y - PLC: +26% y-y - Industrial Robots: +23% y-y [2][4] - **Gross Profit Margin (GPM)**: Decreased by 1.2 percentage points y-y and 2.1 percentage points quarter-on-quarter (q-q) to 27.5%, below the estimated 30.0%. The decline was primarily due to: - NEV Powertrain GPM fell by 2.9 percentage points y-y to 14.4% [3] - **Net Profit**: Increased by 4% y-y to Rmb1.3 billion, which was 5% below estimates and 9% below consensus. The decline in asset disposal gains (Rmb167 million in 3Q24 vs. nil in 3Q25) impacted results. Recurring net profit grew by 14% y-y to Rmb1.2 billion, in line with estimates [4] Market Outlook and Strategic Focus - **Key Areas to Watch**: - Growth outlook for 2026 by segment - Demand momentum from downstream markets - Price competition and margin outlook - Business updates in humanoids, digitalization, globalization, and new products [8] Valuation Methodology - Price target derived from: - Applying a 35x 2026 estimated P/E for core business, based on historical valuation levels - Applying a 5x 2030 estimated P/S ratio for the humanoids business, consistent with peers [11] Risks - **Upside Risks**: - Stronger-than-expected macroeconomic conditions boosting demand for automation products - Higher-than-expected sales of ePVs equipped with Inovance's EV control system in 2025 [12] - **Downside Risks**: - Inability to develop high-end automation products, leading to declining average selling prices (ASP) for low-end products due to competition - Greater-than-expected GPM decline due to raw material price increases [13] Conclusion Shenzhen Inovance Technology's 3Q25 results reflect solid revenue growth driven by automation and NEV segments, although GPM pressures and net profit performance indicate challenges ahead. The company remains focused on strategic growth areas and faces both upside and downside risks in the evolving market landscape.

Core Insights - Huizhou Chip Qi Hong Technology Co., Ltd. has recently been established with a registered capital of 20 million RMB [1] Company Overview - The company specializes in the manufacturing, sales, installation, and maintenance of industrial robots [1] - It also engages in the sales and research and development of intelligent robots [1] - The business scope includes artificial intelligence application software development and information system integration services [1] Product and Service Range - The company is involved in the manufacturing and sales of integrated circuit chips and products, as well as electronic components [1] - It offers services related to artificial intelligence industry application system integration and sales of artificial intelligence hardware [1] - The company is authorized to conduct import and export activities related to its business [1]

21 October 2025 | 7:23AM HKT Equity Research CHINA INDUSTRIAL INDICATORS Sept manufacturing FAI remained negative yoy while coverage companies' orders sequentially improved Key readings of the month demonstrated robust performance, with accelerations in production compared to Aug: Jacqueline Du +852-2978-1783 | jacqueline.du@gs.com Goldman Sachs (Asia) L.L.C. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may h ...

Summary of the Conference Call on China Industrials - 3Q25 Preview Industry Overview - The focus is on the **China Industrials** sector, specifically in **Automation, Robotics, and General Industrials** [1][4] - The overall industry view is **In-Line**, indicating expectations for performance to align with market consensus [4][6] Key Insights - **3Q25 Results Expectations**: Most companies are anticipated to report results that are largely in line with expectations, with a positive outlook for the domestic automation market recovery in **4Q25 and 2026** [1][6] - **Growth Drivers**: The growth is attributed to: - Replacement cycles - New capital expenditures in AI - Solid domestic and overseas demand from multiple downstream sectors such as **NEV (New Energy Vehicles)**, **battery**, and **PCB (Printed Circuit Board)** [1][6] - **Future Demand Outlook**: Continued demand momentum is expected into **4Q25**, with most companies likely to meet their annual targets [6] Company-Specific Highlights 1. **Shenzhen Inovance Technology (300124.SZ)**: - Expected **14% year-on-year revenue growth** in 3Q25, up from **9%** in 2Q25 - NEV powertrain business projected to grow **35% year-on-year** [8] - Estimated net profit growth of **11% year-on-year** to approximately **Rmb1.4 billion** [8] 2. **Zhejiang Shuanghuan Driveline Co. Ltd. (002472.SZ)**: - Anticipated NEV gear sales growth to decelerate to the mid-teens from **30%** in 1H25 due to overall NEV sales growth slowing to **8-12%** [8] - Expected net profit of **Rmb320 million**, a **21% year-on-year increase** [8] 3. **Han's Laser (002008.SZ)**: - Projected **20% year-on-year revenue growth**, primarily driven by a **60%** increase in PCB segment revenue [8] - Estimated net profit growth of **35% year-on-year** to around **Rmb270 million** [8] 4. **Hongfa Technology Co Ltd (600885.SS)**: - Forecasted **13% year-on-year growth** in relay products sales, supported by demand in new energy and NEV sectors [8] - Expected net profit of **Rmb509 million**, a **20% year-on-year increase** [8] 5. **Leader Harmonious Drive Systems (688017.SS)**: - Anticipated **35% year-on-year revenue growth** due to increased humanoid orders [8] - Expected net profit of **Rmb25 million**, a **12% year-on-year increase** [8] 6. **Estun Automation Co Ltd (002747.SZ)**: - Projected **12% year-on-year growth** in industrial robot segment sales [9] - Estimated net profit of approximately **Rmb13 million** in 3Q25 [9] 7. **Centre Testing International Group (300012.SZ)**: - Expected **10% year-on-year revenue growth**, driven by demand recovery and a low base effect [13] Market Sentiment and Catalysts - The sentiment around humanoid theme stocks is expected to improve due to several catalysts in **4Q25**, including: - Tesla's Annual General Meeting (AGM) - Unitree IPO progress - New orders in the humanoid sector [6] Conclusion - The **China Industrials** sector is poised for continued growth, driven by strong demand across various segments, particularly in automation and robotics. Companies are expected to meet or exceed their targets, with a positive outlook for the remainder of 2025 and into 2026 [1][6][8]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Robotics and Automation in China - **Key Players**: Inovance, Geekplus Core Insights 1. **China's Dominance in Robotics**: - China leads in global industrial robot installations, with a stock of 2 million units, representing 43% of the global total, up from 41% in 2023. The global stock of industrial robots increased by 9% year-on-year in 2024, reaching 4.66 million units [3][10]. - China accounted for 54% of global installations in 2024, with local brands increasing their market share to 58% from 47% in 2023 [10][21]. 2. **Emerging Applications**: - Demand for industrial robots in traditional sectors like automotive and electronics was weak, while adoption in general industries (metal, machinery, food) rose, reaching 287,000 units globally in 2024, which is approximately 53% of total installations [4]. - Collaborative robots (cobots) grew by 12% year-on-year, with their penetration in industrial robots increasing to 12% due to their flexibility and ease of deployment [4][17]. 3. **Service Robots Growth**: - Professional service robot installations reached 200,000 units in 2024, marking a 9% year-on-year increase. The transportation & logistics and professional cleaning sectors showed significant growth due to labor shortages and enhanced reliability in digitalized factories [5][20]. 4. **Market Forecasts**: - The International Federation of Robotics (IFR) projects a 7% compound annual growth rate (CAGR) for global industrial robot installations from 2025 to 2028, with Asia leading at an 8% CAGR [3]. Additional Important Insights - **Localization Trend**: The trend of increasing localization in China's industrial robot market is expected to continue, with domestic brands gaining market share [10]. - **Sector Performance**: In 2024, general industries outperformed others, with sectors like metal and machinery growing by 16% year-on-year, while the automotive sector declined by 7% [13]. - **Geographical Performance**: Asia's industrial robot market grew by 5% year-on-year, primarily driven by China's 7% growth, while Europe and the Americas experienced declines in the high single digits [15]. Investment Recommendations - **Preferred Companies**: Inovance and Geekplus are highlighted as preferred investment opportunities within the robotics sector [1]. - **Valuation Methodology**: - For Geekplus, a price target is derived from an 8.5x 2026 estimated price-to-sales (P/S) multiple, adjusted for execution uncertainty [23]. - For Inovance, a price target is based on a 35x 2026 estimated price-to-earnings (P/E) ratio for its core business, reflecting historical valuation levels [24]. Risks - **Upside Risks**: - Stronger-than-expected macroeconomic conditions could boost demand for automation products [25]. - Increased sales of ePVs equipped with Inovance's EV control system in 2025 could exceed expectations [25]. - **Downside Risks**: - Failure to develop high-end automation products could lead to declining average selling prices (ASP) due to competition [26]. - Potential gross margin declines due to raw material price hikes [27]. This summary encapsulates the key points discussed in the conference call regarding the robotics industry in China, highlighting growth trends, emerging applications, and investment opportunities.

Summary of Key Points from J.P. Morgan's China Monthly Data Outlook Industry Overview - The report focuses on the **Chinese economy** and its performance in August 2025, highlighting the resilience shown in the first half of the year despite tariff pressures [1][2]. Core Insights and Arguments - **Economic Resilience**: The Chinese economy exceeded the government's GDP growth target in the first half of the year, driven by fiscal support and strong export performance [1]. - **Domestic Demand Lag**: Domestic demand has been weak, with July data showing a significant drop in investment and retail sales. Notably, Fixed Asset Investment (FAI) fell by **5.2% year-on-year**, marking the largest decline since early 2020 [1]. - **Auto Sales Decline**: Auto sales were a major contributor to the decline in consumer demand, attributed to fewer price cuts and slower subsidy delivery [1]. - **Investment Stagnation**: Investment stalled across various sectors, including manufacturing, infrastructure, and real estate, due to factors such as weather-related construction delays and insufficient funding for infrastructure projects [1]. - **PMI Data Improvement**: August PMI data indicated a modest recovery, with both manufacturing and services PMIs rising, suggesting continued production growth [3]. - **Future Outlook**: The forecast for GDP growth in the third quarter is expected to slow to **3% quarter-on-quarter annualized rate**, down from **4.1% in the second quarter**. The anticipated slowdown is attributed to diminishing fiscal policy support and a shift in focus towards domestic demand [4]. Additional Important Insights - **Fiscal Policy Constraints**: The remaining government bond quota for the rest of the year is estimated at **3.4 trillion yuan**, which is lower than the **3.8 trillion yuan** for 2024, indicating a reduction in fiscal policy space [4]. - **Investment and Production Challenges**: Anti-involution policies are expected to continue impacting investment and production in sectors with excess capacity, although these policies will be data-dependent and not overly aggressive [3]. - **Consumer Price Trends**: Consumer prices in China are projected to remain low, with an average of **0.2% year-on-year** for 2023 and 2024, and a forecast of **0.0%** for 2025 [11]. This summary encapsulates the key points from the J.P. Morgan report, providing insights into the current state and future outlook of the Chinese economy.

Core Insights - The 2025 World Robot Conference opened in Beijing, focusing on making robots smarter and more intelligent, with over 200 domestic and international robot companies participating, marking a record number of humanoid robot exhibitors [1] - Since the first conference in 2015, China's robotics industry has achieved significant technological breakthroughs, with 2024 seeing China accounting for two-thirds of global robot patent applications [1] - In 2024, China's industrial robot market sales reached 302,000 units, maintaining its position as the largest industrial robot market globally for 12 consecutive years [1] Industry Transformation - The robotics sector is undergoing a profound paradigm shift, driven by rapid advancements in AI capabilities, which enhance robot intelligence [2] - The importance of real-world application scenarios and manufacturing capabilities is becoming increasingly significant, as robots must perform effectively in unpredictable environments [2] - China's vast market demand and diverse application scenarios provide a rich testing ground for robotics, positioning it advantageously in the global race for embodied intelligence [2] Technological Advancements - In high-end manufacturing, robots are evolving from simple tasks to high-precision assembly and inspection, necessitating breakthroughs in vision and force control technologies [3] - The logistics sector is experiencing a surge in demand for automated solutions, from sorting to delivery, driven by the volume of packages [3] - The aging population and household labor needs present clear commercial pathways for humanoid robots to integrate into daily life, showcasing the technology's demand-driven evolution [3] Competitive Edge - China is the world's largest robot producer, with industrial robot production increasing from 33,000 units in 2015 to 556,000 units in 2024, and service robot production reaching 10.519 million units, a 34.3% year-on-year increase [3] - The country possesses a complete industrial chain, supporting the complex structure of humanoid robots, which enhances the speed of product development from design to market [3] - The dual advantages of diverse application scenarios and a comprehensive industrial chain enable China to take a leading position in the humanoid robot sector [4] Future Challenges - Despite its advantages, the path to embodied intelligence remains long, requiring continuous technological foundation building and tackling critical challenges in core components [4] - There is a need to develop autonomous core software and algorithms, focusing on creating a robust ecosystem for robotics [4] - The industry must emphasize application-driven development to create impactful solutions rather than merely showcasing advanced technologies [4] Strategic Opportunities - The 2025 World Robot Conference highlights new possibilities for robots, emphasizing both form and application innovations [5] - For China, this represents a strategic opportunity to advance in the global technology innovation chain while also posing significant challenges [5] - Strengthening the technological foundation and deepening application implementation is essential for transforming market advantages into new productive forces for high-quality economic and social development [5]

Core Viewpoint - The 2025 World Robot Conference highlights the rapid advancements in the robotics industry, particularly in China, which is leading in both production and application of robots, driven by a strong market demand and diverse use cases [1][2][3]. Group 1: Industry Developments - The conference attracted over 200 domestic and international robot companies, marking a record number of humanoid robot exhibitors [1]. - China's robot patent applications accounted for two-thirds of the global total in 2024, showcasing the country's innovation capabilities [1]. - The industrial robot market in China reached sales of 302,000 units in 2024, maintaining its position as the largest industrial robot market globally for 12 consecutive years [1]. Group 2: Technological Advancements - The robotics sector is undergoing a paradigm shift, with AI capabilities rapidly evolving, making robots smarter and more capable of handling complex tasks in real-world environments [2]. - In high-end manufacturing, robots are transitioning from simple tasks to high-precision assembly and inspection, driving advancements in vision and force control technologies [3]. - The production of industrial robots in China increased from 33,000 units in 2015 to 556,000 units in 2024, while service robot production reached 10.519 million units, growing by 34.3% [3]. Group 3: Market Opportunities - The diverse application scenarios in China provide a rich testing ground for robots, enhancing their development and integration into various sectors, including logistics and elder care [2][3]. - The complete industrial chain in China supports the production of complex humanoid robots, ensuring cost control and stable supply [3]. Group 4: Future Challenges - Despite its advantages, the path to achieving "embodied intelligence" remains challenging, necessitating continuous investment in core technologies and overcoming critical bottlenecks [4]. - There is a need to develop autonomous core software and algorithms, particularly in robot operating systems and specialized AI models [4]. Group 5: Strategic Importance - The 2025 World Robot Conference emphasizes the need for a collaborative innovation ecosystem involving government, enterprises, and educational institutions to foster talent with AI, software, and hardware skills [5]. - The advancements in robotics present both a strategic opportunity for China and a challenge to ascend to the top of the global technology innovation chain [5].

Investment Rating - The report indicates a cautious outlook on near-term growth momentum despite a strong GDP print, suggesting the need for more policy stimulus to boost investment demand and support the labor market [6]. Core Insights - China's 2Q25 GDP grew by 5.2% year-on-year, slightly below the 5.4% growth in 1Q25, but above market consensus of 5.1% [1][8]. - Industrial production (IP) showed a surprising increase to 6.8% in June, driven by resilient export activities, with manufacturing IP accelerating to 7.4% [3][8]. - Retail sales growth moderated to 4.8% in June, lower than the previous month and consensus expectations, indicating potential weakness in domestic demand [4][8]. - Fixed asset investment (FAI) growth slowed to 2.8% year-to-date, with a significant contraction in property investment at -11.2% year-on-year [5][8]. - The urban unemployment rate remained stable at 5.0% in June, with disposable income per capita increasing by 5.1% year-on-year [10][11]. Summary by Sections Economic Growth - 2Q25 GDP growth was reported at 5.2% year-on-year, with a sequential increase of 1.1% quarter-on-quarter [1][8]. - In the first half of 2025, real GDP growth reached 5.3%, surpassing the annual policy target of "around 5%" [1]. Industrial Production - IP growth rose to 6.8% in June from 5.8% in May, with manufacturing IP accelerating to 7.4% [3][8]. - Growth was observed in 36 out of 41 industries, with notable increases in industrial robots and integrated circuits [3]. Retail Sales - Retail sales increased by 4.8% year-on-year in June, down from 6.3% in May, influenced by earlier promotions and subsidy halts [4][8]. - Catering services saw a significant slowdown, with growth dropping to 0.9% year-on-year [4]. Fixed Asset Investment - FAI growth moderated to 2.8% year-to-date, with a single-month growth of only 0.5% year-on-year [5][8]. - Property investment continued to decline sharply, with a contraction of -11.2% year-on-year [5]. Labor Market and Income - The urban unemployment rate remained unchanged at 5.0% in June, with average weekly hours worked at 48.5 [10][11]. - Disposable income per capita reached RMB 9,661 in 2Q, reflecting a 5.1% year-on-year increase [11].