Group 1 - On September 5, 2025, Buke Co., Ltd. executed a block trade of 117,000 shares, with a transaction amount of 9.016 million yuan, accounting for 7.26% of the total transaction volume for the day [1] - The transaction price was 77.06 yuan, representing a discount of 10.51% compared to the market closing price of 86.11 yuan [1] - The block trade involved multiple brokerage firms, including CITIC Securities and Huatai Securities, indicating a diverse participation in the transaction [2]

Group 1 - The Robot ETF (562500) experienced a decline of 2.04%, showing a volatile bottoming trend, with significant movements in constituent stocks [1] - Dongjie Intelligent led the gains with an increase of 12.33%, while Bojie Co. hit the daily limit with a 10% rise, marking three consecutive days of limit-up trading [1] - The trading volume reached 1.35 billion yuan, indicating active market participation and continuous release of trading volume [1] Group 2 - The Robot ETF has attracted over 1.27 billion yuan in net inflows over the past four trading days, demonstrating significant "scale effect" [1] - According to IDC's report, Stone Technology holds a market share of 15.2% in cleaning robots and 20.7% in sweeping robots, making it the global leader in both categories [1] - Dongfang Securities predicts a gradual decrease in humanoid robot prices, with potential future costs for Tesla's Optimus robot dropping to $20,000 [1] Group 3 - The Robot ETF is the only robot-themed ETF in the market with a scale exceeding 10 billion yuan, covering various segments including humanoid robots, industrial robots, and service robots [2] - The ETF provides investors with a convenient way to invest in the upstream and downstream supply chains of the robotics industry [2]

Core Insights - The humanoid robot industry is transitioning from technology breakthroughs to commercial applications, with significant interest in business collaborations and order volumes [6] - Companies are focusing on developing humanoid robots and their core components, with expectations of substantial growth in related business by 2025 [1][2] Group 1: Company Developments - Tianzhun Technology is currently providing brain controllers for humanoid robots and has received multiple bulk orders from clients this year [7] - Efort is developing humanoid robot prototypes and optimizing their designs, with plans to release new models in 2025 [4] - Boke Co. has achieved a transition from small batch orders to bulk orders in the humanoid robot sector, expecting over 100% year-on-year growth in related business by the first half of 2025 [6] Group 2: Industry Trends - The humanoid robot market is anticipated to see significant commercial activity by 2025, with a focus on specific application scenarios [2] - Companies like Ruishun Technology are building technical reserves in AI and motion control, although they have not yet engaged directly in humanoid robot business [3] - The industry is characterized by a strong manufacturing base and diverse application scenarios in China, which are conducive to the development of humanoid robots [3] Group 3: Technological Innovations - Boke Co. is concentrating on motion control solutions for both bipedal and wheeled humanoid robots, with core products including frameless torque motors and hollow actuators [2] - Tianzhun Technology integrates NVIDIA tools and models to create comprehensive solutions for humanoid robots, enhancing their competitive edge [7] - Companies are exploring various visual perception technologies, such as depth cameras and LiDAR, to enhance humanoid robot capabilities [7]

Core Viewpoint - The company reported a revenue increase of 21.28% year-on-year for the first half of 2025, driven primarily by strong demand in the robotics sector, including mobile, collaborative, industrial, and humanoid robots [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 311 million yuan, up from 256 million yuan in the same period of 2024, reflecting a growth of 21.28% [1]. - Net profit attributable to shareholders was 26.11 million yuan, a 13.58% increase from 22.99 million yuan in the previous year [1]. - The gross margin was 35.5%, a slight decrease of 0.37% year-on-year, while the net margin fell by 6.41% to 8.4% [1]. - The company's accounts receivable increased by 30.41% year-on-year, reaching 135 million yuan [1]. - The company reported a significant drop in operating cash flow per share, which decreased by 81.23% to 0.07 yuan [1]. Business Model and Growth Drivers - The company's performance is primarily driven by research and development as well as marketing efforts [2]. - Analysts expect the company's performance for 2025 to reach 63 million yuan, with an average earnings per share of 0.75 yuan [2]. - The growth in revenue is attributed to robust demand in the robotics industry, particularly in collaborative and industrial robots, which are expected to maintain a strong growth trend [3]. Product Development and Innovation - The company is expanding its humanoid robot product line, focusing on core products such as frameless torque motors and other components [3][4]. - The new generation of frameless torque products has been optimized for higher torque output and improved manufacturing automation, enhancing production efficiency [4]. - The omnidirectional wheel, designed for humanoid robot chassis, offers modular design and flexibility, which is expected to significantly impact sales and market share in the future [5]. Future Outlook - The company maintains a positive outlook for overall performance growth in 2025, with expectations for continued expansion in the robotics sector [6]. - Plans for international expansion include establishing a presence in Germany to serve developed markets [6]. - The company aims to leverage automation technology to enhance manufacturing value and capitalize on the integration of artificial intelligence and robotics [6].

Core Viewpoint - The legal opinion letter from Grandall Law Firm (Shenzhen) confirms that Shanghai Buke Automation Co., Ltd. has obtained the necessary approvals and authorizations for adjusting the exercise price of stock options under its 2023 and 2025 incentive plans, in compliance with relevant regulations [2][10]. Group 1: Approval and Authorization of Incentive Plans - The 2023 stock option incentive plan has been approved and authorized, with independent directors providing opinions on related proposals [4][5]. - The 2025 stock option incentive plan has also been approved, with relevant proposals reviewed and independent directors abstaining from voting on related matters [9][10]. Group 2: Adjustment of Exercise Price - The adjustment of the exercise price for the stock options is based on the provisions of the 2023 and 2025 incentive plans, which require adjustments in the event of capital increases, stock dividends, or other similar actions [10][11]. - The specific adjustment formula for the exercise price is defined as P = P0 - V, where P0 is the pre-adjustment exercise price, V is the dividend per share, and P is the post-adjustment exercise price [11]. Group 3: Legal Compliance and Conclusion - The legal opinion asserts that the adjustment matters have received the necessary approvals and are in line with the relevant regulations of the management measures and incentive plans [11][12].

Core Viewpoint - The company has announced adjustments to the stock option incentive plan for 2023 and 2025, specifically regarding the exercise price of the stock options [1][9][10] Group 1: Approval Procedures - The 2023 stock option incentive plan has undergone necessary approval procedures, including independent opinions from directors and verification by the supervisory board [1][2][3] - The supervisory board has verified the list of incentive objects for the 2023 plan and issued relevant opinions [2][6] - The 2025 stock option incentive plan has also completed the required approval processes, with similar verification and opinions from the supervisory board [5][6][7] Group 2: Adjustment Details - The exercise price for the stock options under the 2023 and 2025 incentive plans has been adjusted to 37.88 yuan per share [5][9] - The adjustment of the exercise price is in accordance with the company's profit distribution plan, which included a cash dividend of 0.3 yuan per share, totaling 25.2 million yuan [8][9] Group 3: Impact of Adjustments - The adjustments made to the exercise prices of the stock option plans are compliant with relevant regulations and will not materially affect the company's financial status or operational results [9][10] - The supervisory board has confirmed that the adjustments are legal and do not harm the interests of the company or its shareholders [9][10]

Group 1 - The board meeting of Shanghai Buke Automation Co., Ltd. was held on August 17, 2025, with 6 out of 7 directors present, and the meeting complied with relevant laws and regulations [1] - The board approved the 2025 semi-annual report, confirming that it accurately reflects the company's financial status and operational results, adhering to the disclosure requirements set by the China Securities Regulatory Commission [1] - The board confirmed that the management and actual use of raised funds comply with regulatory rules, ensuring that funds are stored in special accounts and used for designated purposes without any violations [2] Group 2 - The board approved the adjustment of stock option exercise prices for the 2023 and 2025 stock option incentive plans to 37.58 yuan and 65.51 yuan per share, respectively [2][3] - The board agreed that the semi-annual evaluation report reflects the company's operational status and R&D progress, approving the report on the 2025 quality improvement and efficiency enhancement action plan [4]

Meeting Overview - The 12th meeting of the 5th Supervisory Board of Shanghai Buke Automation Co., Ltd. was held on August 17, 2025, with all three supervisors present, ensuring compliance with relevant laws and regulations [1][2]. Financial Report Approval - The Supervisory Board approved the 2025 semi-annual report, confirming that its preparation and review processes adhered to legal and internal regulations, accurately reflecting the company's financial status and operational results [1][2]. Fund Management Compliance - The Supervisory Board found that the management and actual use of raised funds complied with the Shanghai Stock Exchange's regulations and the company's fundraising management system, ensuring no misuse of funds or harm to shareholder interests [2][3]. Stock Option Plan Adjustment - The Supervisory Board approved the adjustment of the exercise price for stock options under the 2023 and 2025 stock option incentive plans, confirming that the process was legal and did not harm the interests of the company or its shareholders [3].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company is optimistic about future performance growth. In the first half of 2025, its revenue increased by 21.28%, mainly driven by the strong demand in the robot industry. The company expects future orders to maintain a good growth trend, and the traditional industrial IoT business has started cooperation with some large customers. Although the general automation business has declined slightly, it is expected to recover as the economy stabilizes [24]. - The company is expanding its product portfolio in the humanoid robot direction, with core products such as frameless torque motors. It has formed batch cooperation with multiple domestic leading customers and is also expanding overseas markets. The related businesses of humanoid robots and collaborative robots have grown by over 100% year - on - year in the first half of 2025 [24][25]. - The company's new generation of frameless torque products have been optimized and upgraded in multiple aspects, offering higher cost - effectiveness. The omnidirectional steering wheel has product advantages and is expected to significantly increase the company's sales and value [26][27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Stepko Co., Ltd. - Industry: Special equipment - Reception time: August 29, 2025 - Reception personnel: Chairman and General Manager Tang Dong, Director, Deputy General Manager and Financial Controller Wang Shiquan, Board Secretary Liu Yun, and Securities Affairs Representative Shao Kaizhen [16] 3.2. Detailed Research Institutions - Securities companies: Guosheng Securities, China Merchants Securities Co., Ltd., Everbright Securities Co., Ltd., Orient Fortune Securities Co., Ltd., Zhongtai Securities Co., Ltd., etc. - Asset management companies: Zhejiang Zheshang Securities, Ningbo Qianhong Jiusheng, etc. - Investment companies: Shanghai Guiyuan Investment, Beijing Lianjin Juxin, etc. - Other types: including foreign banks, research institutes, and other institutions [17][18][19] 3.3. Main Content Information - **Business Performance and Growth Drivers**: In the first half of 2025, the company's revenue increased by 21.28%, mainly due to the strong demand in the robot industry. The collaborative and industrial robot segments, which had a small base before, have significant growth this year, and future orders are expected to keep growing. The traditional industrial IoT business has started cooperation with large customers, while the general automation business has declined slightly but is expected to recover [24]. - **Product Layout in Humanoid Robots**: The company is expanding its product categories in the humanoid robot direction, with the core product being frameless torque motors. It also has layouts in hollow drives, planetary reducers, etc., and will provide assembly services for overall joint modules in the future. It has formed batch cooperation with domestic leading customers and is also collaborating with module customers [24]. - **Advantages of New - Generation Frameless Torque Products**: The new - generation products have optimized and upgraded in multiple aspects, including a complete large - hollow specification product line, improved torque density, and process improvements that enhance automation manufacturing capabilities and cost - control [26]. - **Advantages of Omnidirectional Steering Wheels**: The omnidirectional steering wheel is an innovative product for humanoid robot chassis, with a modular design. It allows customers to freely combine walking and rotating wheels, and is expected to significantly increase the company's sales and value [26]. - **Business Outlook**: The company expects its annual performance to grow. It is developing new joint module motors, advancing an internationalization strategy, and is optimistic about long - term growth driven by robot technology and internationalization [27]

Core Insights - The company, Shanghai Buke Automation Co., Ltd., reported a revenue of 311 million yuan for the first half of 2025, representing a year-on-year growth of 21.28% [1] - The net profit attributable to shareholders was 26.11 million yuan, an increase of 13.58% year-on-year, while the net profit excluding non-recurring items was 21.47 million yuan, up 12.23% [1] Financial Performance - Revenue for the first half of the year reached 311 million yuan, with a year-on-year increase of 21.28% [1] - Net profit attributable to shareholders was 26.11 million yuan, reflecting a growth of 13.58% year-on-year [1] - The net profit excluding non-recurring items was 21.47 million yuan, showing a year-on-year increase of 12.23% [1] Business Development - The company focuses on R&D and innovation in the field of industrial automation and robotics, providing solutions for automation control, robotic power, and digital factory systems [1] - The robotics business saw significant growth, with revenue reaching 150 million yuan, a year-on-year increase of 54.98%, becoming the main driver of overall performance [1] - The company implemented cost control measures, resulting in a smaller increase in operating expenses, which contributed to the rapid growth of net profit [1] Market Expansion - The company achieved new market breakthroughs in collaborative robots and established partnerships with globally recognized enterprises [2] - Progress was made in developing a new series of high-power density, lightweight frameless motors [2] - The company has established a comprehensive joint platform solution for humanoid robot joints and is actively expanding applications in service delivery robots, surgical robots, and power inspection robots, enhancing its market share in the robotics industry [2]