TPU 材料性能优势明显，有望广泛应用于 人形机器人 ——装备新科技挖掘 核心观点 投资建议与投资标的 ⚫ 人形机器人轻量化趋势不可逆转，未来电子皮肤有望得到广泛应用，推动灵巧手、 电子皮肤相关厂商订单增长，带动轻量化材料及部件供应商订单增长，相关标的包 括模塑科技(000700，未评级)、美瑞新材(300848，未评级)、福莱新材(605488，未 评级)。 风险提示 新材料研发进展不及预期、人形机器人厂商生产不及预期、机器人场景需求落地不明确 导致低于预期、机器人行业政策变化导致行业发展放缓、机器人行业融资不及预期。 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 01 月 10 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 海关统计挖机出口加速，行业健康发展的 | 2025-12-25 | | --- | --- | | 确定性上升：——机械行业跟踪 | | | 锂电装备厂商签获合同，行业订单有望继 | 2025-1 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 机器人 TPU 材料交流 20260104 摘要 Q&A 争 狗 - TPU 因其优异的耐磨性(比天然橡胶高 3-10 倍)、抗撕裂性及在-40°C 至 120°C 范围内的稳定性能,在机器人安全防护、轻量化结构、传动密 封和传感器保护等领域具有广泛应用,每台机器人价值量约为 6,000元人 民币。 TPU 根据成分可分为聚酯型、聚醚型和己内酯型,分别适用于耐油溶剂、 ● 低温水解和高端部件等不同场景。2025年全球 TPU 产能预计达 130 万吨, 中国占比 46.2%,主要国际生产商包括巴斯夫和科思创。 国内 TPU 企业如万华化学(生物基 TPL 技术领先)、华峰化学(产能最大)、 ● 美瑞新材(机器人改性 TPU 投入多)和伊诺威(产品特色鲜明)等,在机 器人制造领域占据重要地位,并积极与特斯拉、小鹏机器人等厂商合作。 机器人用 TPU 材料均价太致处于 23,000 至 28,000元/吨之间,高于普通 用途的 IPU_原材料均价 ( 约为 15, 000 元/吨 )，主要由于其特殊的聚酯蛋;n\' shui mu2026 聚醚型或色肉酰胺 ...

Core Viewpoint - The A-share market in 2025 experienced a significant overall rise, with the Shanghai Composite Index up 18.4%, the ChiNext Index soaring nearly 50%, and the Shenzhen Component Index increasing close to 30%. This year marked a rare "true bull market" with over 4,000 stocks rising, accounting for nearly 80% of the total [1]. Group 1: Top Bull Stocks - The top bull stocks of 2025 were driven by trends in AI and mergers and acquisitions, with significant price increases observed across the board [3]. - **Shangwei New Materials**: Achieved a staggering 1827.3% increase due to a control change and a shift from traditional chemicals to humanoid robots, supported by a strong recovery in its main business [4][5]. - **Tiangpu Co., Ltd.**: Experienced a 1645.4% rise, fueled by expectations of a shell merger with an AI chip company, capitalizing on the booming demand for AI models [8][10]. - **ST Yushun**: Saw a 719.4% increase as it successfully transitioned from its old business to AI infrastructure, supported by a significant acquisition [11][12]. - **ST Yanzhen**: Increased by 636.7% due to asset injection and a change in control, transforming its traditional home goods business into a resource stock [13]. - **Shenghong Technology**: Rose by 586.0%, benefiting from its position as a Tier 1 supplier to Nvidia and the growing demand for AI server PCBs [14]. - **Changwo Technology**: Achieved a 581.7% increase, driven by surging orders in the wind power and new energy vehicle sectors [15][16]. - **Feilinger**: Increased by 568.5% due to a change in control and expectations of transitioning to AI home products [17]. - **Dingtaikao Technology**: Saw a 567.1% rise, benefiting from the increased demand for AI server PCB materials [18]. - **Hengbo Co., Ltd.**: Increased by 527.0%, capitalizing on the dual benefits of PEEK material localization and new energy vehicle components [19]. - **Shunhao Co., Ltd.**: Achieved a 507.7% increase, driven by policy support for industrial hemp and new tobacco products [20]. Group 2: Top Bear Stocks - The top bear stocks of 2025 were primarily associated with risks of delisting and deteriorating operations [22]. - **Zitian Technology**: Experienced a dramatic decline of 98.4% due to long-term fraud and refusal to comply with regulatory checks, leading to its forced delisting [23]. - **Delisted Suwu**: Fell by 96.9% after years of inflated profits and financial hollowing, triggering delisting conditions [25]. - **Renle Co., Ltd.**: Dropped by 94.6% due to operational collapse and insolvency, reflecting the impact of e-commerce and mismanagement [27]. - **Guangdao Co., Ltd.**: Declined by 94.2% as the first delisted stock from the Beijing Stock Exchange, due to significant financial fraud [29]. - **Dongtong Co., Ltd.**: Fell by 91.8% due to internal strife and fraud, leading to governance issues [30]. - **Delisted Pengbo**: Experienced a 92.9% drop, marking a record for financial fraud in A-shares, resulting in forced delisting [31]. - **Hengli Co., Ltd.**: Dropped by 92.8% after 21 years of continuous losses, leading to its eventual delisting [32]. - **Gongzhi Co., Ltd.**: Fell by 91.1% due to a collapse in revenue and management issues [34]. - **Zhongcheng Co., Ltd.**: Experienced a 90.5% decline due to blind diversification into new energy and financial fraud [35]. - **ST Changyao**: Dropped by 82.7% due to price cuts from centralized procurement and ongoing fraud investigations [36].

Core Viewpoint - Amway Co., Ltd. has successfully applied its silicon-based materials and TPU technology in various sectors including home furnishings, automotive interiors, consumer electronics, and functional footwear materials [1] Group 1: Product Applications - The company's TPU materials are characterized by vibrant colors, strong fashion appeal, lightweight, and excellent comprehensive performance including wear resistance, acid and alkali resistance, hydrolysis resistance, and solvent resistance [1] - In the consumer electronics sector, the company has established a differentiated advantage with its eco-friendly TPU materials [1] Group 2: Market Expansion - The company has achieved small-scale production of semiconductor-related materials, although this segment currently contributes a minor share to overall revenue [1] - The company is actively working to expand its market presence and customer base to increase sales [1]

Core Viewpoint - Company Amway Co., Ltd. (300218.SZ) has successfully applied its silicon-based materials and TPU process technology in various fields including home furnishings, automotive interiors, consumer electronics, and functional footwear materials [1] Group 1: Product Applications - The company's TPU materials are characterized by vibrant colors, strong fashion appeal, lightweight, and excellent comprehensive performance including wear resistance, acid resistance, alkali resistance, hydrolysis resistance, and solvent resistance, along with being eco-friendly [1] - Currently, the company has not combined its TPU materials with nanomaterials [1] Group 2: Market Expansion - The company's semiconductor-related materials have achieved small-scale production, although this segment currently contributes a small proportion to the overall revenue [1] - The company is actively expanding its market and customer base, striving to increase sales [1]

Core Insights - The company, Anhui Anli Material Technology Co., Ltd., recently hosted a specific institutional research and site visit with four institutions, including Western Securities and Nomura Orient [1] Group 1: Business Overview - The company has focused on polyurethane composite materials for over 30 years, establishing a "2 + 2 + 2 + 2" product matrix, which includes consolidating its advantages in functional shoe materials and sofa home furnishings, while also expanding into automotive interiors and electronic products [2] - By the first half of 2025, functional shoe materials and sofa home furnishings are expected to account for nearly 70% of total revenue, with rapid growth in automotive interiors [2] - The company is the only qualified supplier of polyurethane synthetic leather and composite materials for Nike in mainland China, and is also advancing collaborations with Adidas [2] Group 2: Competitive Landscape - Major competitors include polyurethane synthetic leather companies from Japan, South Korea, and Taiwan, with competitive advantages in technology research and development, branding, production capacity, and environmental sustainability [3] - The company employs a comprehensive pricing model, and its production capacity utilization is influenced by various factors, with increasing domestic and international demand for eco-friendly materials [3] Group 3: Future Prospects - The company's Vietnam operations, which faced losses previously, have seen improved production and sales since 2025, with new capacity launched in August expected to drive profitability [3]

Group 1: Business Overview - The company has focused on polyurethane composite materials for over 30 years, emphasizing "high performance, multifunctionality, and ecological sustainability" as its core development direction [2] - The business structure is organized into a "2+2+2+2" product matrix, allowing for layered advancement and collaborative development across various categories [2] Group 2: Revenue Breakdown - In the first half of 2025, the revenue distribution among product categories remained relatively stable, with functional footwear materials and sofa home furnishings accounting for nearly 70% of total revenue [3] - The automotive interior category saw rapid growth, while the electronic products category remained stable, and the sports equipment category experienced a slight decline, collectively making up about 30% of total revenue [3] Group 3: Profit Margins - The company employs a customized production model, leading to variations in profit margins across different product categories [4] - Generally, the electronic products and automotive interior categories exhibit higher overall profit margins, while functional footwear and sofa home furnishings show a "layered differentiation" in margins [5] Group 4: Market Position and Growth Potential - The company has established strong relationships with global brands such as Nike, Adidas, and others, enhancing its competitive advantage in the functional footwear category [6] - The automotive interior category is expected to grow due to increased orders from major automotive brands, supported by the expansion of the global automotive market and rising penetration of new energy vehicles [6][7] Group 5: Industry Landscape - The domestic synthetic leather market is approximately ¥90 billion, with PU synthetic leather accounting for about 40% of this market [7] - The company holds a market share exceeding 20% in certain mid-to-high-end segments, indicating strong competitive positioning, yet there remains significant room for overall market share growth [7] Group 6: International Operations - The Vietnam operation faced losses in 2023-2024 due to long certification cycles and high initial investments, but performance improved in the first half of 2025, with losses decreasing compared to the previous year [8] - The completion of two production lines in Vietnam by August 2025 is expected to enhance production capacity and improve economic performance [8]

Group 1: Chao Hong Ji - The company has launched high-weight series products such as Zhenjin Zhenzuan and Fanhua to enhance customer price and will continue to focus on customer needs [1] - The online subsidiary's net profit increased by 70.64% year-on-year, promoting online and offline integration [1] - As of June, the number of stores reached 1,540, with a net increase of 72 stores, including international expansions in Kuala Lumpur, Thailand, and Cambodia [1] Group 2: Marubi Biological - The company is expanding its audience on Douyin through targeted content, leading to an increase in its traffic pool [2] - The strategic investments made in Q2 are expected to convert in Q4, with the brand "Lianhuo" entering a normal growth phase [2] - The three core product series account for over 70% of sales, indicating potential for further growth [2] Group 3: Meirui New Materials - The company has made progress in the functional chemical raw materials sector, with its subsidiary's polyurethane industrial park's first phase now in trial production [3] - Plans to increase capital in the Henan subsidiary aim to enhance financial strength and alleviate liquidity pressure [3] - Two fundraising projects are expected to commence by the end of 2024 and reach operational status by June 2026 [3]