Core Insights - The stepper motor industry in China has seen significant growth, with the market size increasing from 1.739 billion yuan in 2016 to an expected 3.89 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 10.59% [1][9] - The Chinese government is actively supporting the industry through policies aimed at technological innovation and standardization, which is expected to further boost market demand [1][9] - The global stepper motor market is projected to reach $2.411 billion by 2029, with a growth of 1.7% year-on-year in 2024 [8] Industry Overview - Stepper motors convert electrical pulse signals into corresponding angular or linear displacements, making them essential in various applications [4] - The industry has evolved from its origins in the 19th century to a critical component in modern automation and precision control systems [5][6] - The stepper motor industry is characterized by a diverse supply chain, including raw materials, manufacturing, and various application sectors such as industrial automation and consumer electronics [7] Market Dynamics - The stepper motor market in China is expanding rapidly due to the transformation of the manufacturing sector and increasing consumer demands for quality and performance [1][9] - The industrial automation sector is a key application area for stepper motors, which are used for precise control in mechanical systems [8] - The Chinese industrial automation market is projected to grow from 165.7 billion yuan in 2017 to 273.9 billion yuan by 2024, with a CAGR of 7.44% [8] Competitive Landscape - The global stepper motor market is dominated by Japanese companies, which account for over 70% of hybrid stepper motor production and 65% of permanent magnet stepper motors [9][10] - Chinese companies are increasingly competitive, with leading firms like Jiangsu Leili, Dingzhi Technology, and Mingzhi Electric making significant strides in technology and market share [12][14] - The industry is transitioning from standardized products to customized, high-performance solutions, driven by the need for deeper understanding of application scenarios [12] Future Trends - The future of stepper motors is expected to focus on high precision and dynamic response through the integration of advanced control algorithms and high-resolution encoders [17] - There is a trend towards smart motors that integrate control functions and communication capabilities, simplifying system design and enhancing performance [18] - Customization and the use of new materials will be crucial for meeting the specific demands of emerging applications in sectors like medical devices and aerospace [19]

Group 1 - The humanoid robot industry is seeing increased visibility in mass production with the advancement of Tesla's Optimus [1] - The robotics sector has regained attention, with companies like Wuzhou Xinchun achieving three consecutive trading limits, and others like Sanhua Intelligent Control and Zhejiang Rongtai performing well [2] - Several companies in the robotics supply chain are pursuing dual listings in A+H shares, including Shenzhen Zhaowei Electromechanical Co., Ltd., which submitted its prospectus to the Hong Kong Stock Exchange [3][6] Group 2 - Zhaowei Electromechanical, founded in April 2001 and listed on the Shenzhen Stock Exchange in December 2020, focuses on micro drive and transmission systems [8][10] - As of December 31, 2025, Zhaowei's major shareholders hold 62.40% of the company's issued share capital, with Li Haizhou and his spouse being the primary stakeholders [8] - The company reported revenues of RMB 11.52 billion, RMB 12.06 billion, RMB 15.25 billion, and RMB 12.55 billion for the years 2022, 2023, 2024, and the first nine months of 2025, respectively [15] Group 3 - Zhaowei's revenue from micro drive and transmission systems accounted for 63.3% of total revenue in 2024, while precision components contributed 30.7% [11] - The company has developed a collaborative innovation system integrating transmission, micro-motor, and control systems, targeting industries such as automotive, consumer technology, and robotics [13][30] - The global market for integrated micro drive and transmission systems is projected to grow from RMB 78.2 billion in 2020 to RMB 111.3 billion in 2024, with a compound annual growth rate (CAGR) of 9.2% [30][33] Group 4 - Zhaowei's market share in the global integrated micro drive and transmission systems sector is approximately 1.4%, making it the fourth largest provider globally [27][37] - The company has established partnerships with major firms such as Huawei, Bosch, BYD, and Xiaomi, but faces credit risks related to customer receivables [22][30] - The revenue from automotive products increased from RMB 493 million in 2022 to RMB 895 million in 2024, while revenue from consumer and medical technology products decreased during the same period [18][19]

Group 1 - Fenglong Co., Ltd. (002931) is located in Shaoxing, Zhejiang, specializing in precision manufacturing with core businesses in garden machinery, automotive parts, and hydraulic systems. The company has accumulated full-chain production capabilities and multiple patented technologies. By the end of 2025, humanoid robot leader UBTECH will complete its acquisition of a controlling stake in Fenglong, making it UBTECH's first subsidiary listed in A-shares. This acquisition represents a deep industrial synergy, as UBTECH needs mature manufacturing capabilities to support mass production, which Fenglong can provide for core components like joints and transmission systems [1][1][1] - Haoshi Electromechanical (300503) is headquartered in Guangzhou, Guangdong, and is a key player in the core components of humanoid robots, focusing on the research and development of frameless torque motors, harmonic reducers, and six-dimensional torque sensors. The company is a core supplier for Yuzhu Technology, with its components applied in the joint drive systems of quadruped and humanoid robots. Additionally, it has partnered with UBTECH to establish an innovation center for humanoid robots, tackling core technologies like six-dimensional sensors [2][2][2] - Tianqi Co., Ltd. (002009) is based in Wuxi, Jiangsu, and focuses on humanoid robot research in the industrial manufacturing sector, avoiding the C-end household scene. The company has established a joint venture with UBTECH to share core technologies and has built the first automotive working condition robot training base in Wuxi. It has signed long-term agreements with multiple automotive manufacturers, becoming a practical player in the commercialization of humanoid robots [3][3][3] Group 2 - Wuzhou Xinchun (603667) is a leading company in China that has achieved mass production of planetary roller screws, which are critical for the joint transmission of humanoid robots. The company has become an indirect first-level supplier to Tesla's Optimus through Hangzhou Xinjian Transmission, and its products meet international standards. It has also successfully entered the supply chains of major domestic clients like Huawei and ByteDance [4][4][4] - Zhejiang Rongtai (603119) is based in Jiaxing, Zhejiang, originally a leader in new energy vehicle insulation materials and a core supplier to Tesla. Starting in 2025, the company will enhance its humanoid robot business through acquisitions, including the acquisition of Diz Precision, which specializes in ball screws and electric cylinders, core components for humanoid robot joints [5][5][5] - Zhaowei Electromechanical (003021) is headquartered in Shenzhen, Guangdong, and specializes in micro transmission and drive systems, achieving technological breakthroughs in humanoid robot dexterous hands. The company has deeply penetrated the supply chains of leading humanoid robot companies like Tesla and Figure, supplying key components such as dexterous hand modules and micro hollow cup motors [6][6][6] Group 3 - Wolong Electric Drive (600580) is a leading company in the domestic motor sector, with a strong layout in humanoid robot joint power systems. It is the exclusive supplier of frameless torque motors for UBTECH's Walker S2 humanoid robot, which is a core power component for joint operation [7][7][7] - Orbbec (688322) is a domestic leader in the 3D vision field, providing critical visual perception capabilities for robots. The latest dual-camera 3D module it developed is used in UBTECH's Walker S2 humanoid robot, aiding in precise sorting operations in industrial scenarios [8][8][8] - Shangwei New Materials (688585) is based in Shanghai and specializes in high-performance materials. It is the exclusive supplier of adhesives for UBTECH's Walker S2 humanoid robot, providing carbon fiber joint adhesives and lightweight structural materials essential for the robot's stability and lifespan [9][9][9] Group 4 - Mingzhi Electric (603728) focuses on precision motors and motion control, being the only manufacturer globally to achieve mass production of slotless hollow cup motors. These motors are suitable for humanoid robot dexterous hands and finger joints, having been validated by Tesla's Optimus Gen2 [10][10][10] - Zhucheng Technology (301280) specializes in precision connector research and has established a significant presence in the robot industry chain. It is the exclusive supplier of connectors for UBTECH's entire series of humanoid robots, ensuring stable control and signal transmission [11][11][11] - Far East Co., Ltd. (600869) is based in Wuxi, Jiangsu, and provides key supporting components for humanoid robots, including robot cables and batteries. Its cables have been adapted for various joint movements in humanoid robots, and its cylindrical battery packs have been successfully integrated into industrial quadruped robots [12][12][12]

Core Viewpoint - Zhaowei Electromechanical has shown significant stock performance with a year-to-date increase of 68.88% and a recent trading surge, indicating strong market interest and potential growth in the electric equipment sector [1][2]. Company Overview - Zhaowei Electromechanical, established on April 19, 2001, and listed on December 4, 2020, is based in Shenzhen, China, focusing on the research, production, and sales of micro transmission systems, precision injection parts, and precision molds [2]. - The company's revenue composition includes micro transmission systems (63.25%), precision parts (30.44%), and precision molds and other products (6.31%) [2]. - Zhaowei Electromechanical operates within the electric equipment industry, specifically in the motor sector, and is associated with concepts such as BYD, mid-cap stocks, robotics, and reducers [2]. Financial Performance - For the period from January to September 2025, Zhaowei Electromechanical reported a revenue of 1.255 billion yuan, reflecting a year-on-year growth of 18.70%, and a net profit attributable to shareholders of 181 million yuan, up 13.86% year-on-year [2]. - The company has distributed a total of 333 million yuan in dividends since its A-share listing, with 192 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Zhaowei Electromechanical had 51,000 shareholders, a decrease of 8.28% from the previous period, with an average of 4,066 circulating shares per shareholder, an increase of 9.63% [2]. - Notable shareholders include Hong Kong Central Clearing Limited and new entrants like E Fund National Robot Industry ETF, indicating a diverse institutional interest [3].

Group 1 - The core viewpoint of the news is that Zhao Wei Electromechanical has shown a positive stock performance, with a 1% increase in share price, reaching 123.10 yuan per share, and a total market capitalization of 29.631 billion yuan [1] - Zhao Wei Electromechanical, established on April 19, 2001, and listed on December 4, 2020, specializes in the research, production, and sales of micro drive systems, precision injection parts, and precision molds [1] - The company's revenue composition is as follows: micro drive systems account for 63.25%, precision parts for 30.44%, and precision molds and other products for 6.31% [1] Group 2 - According to data from the top ten holdings of funds, Ping An Fund has a significant position in Zhao Wei Electromechanical, with its Ping An Advanced Manufacturing Theme Stock A Fund (019457) holding 528,700 shares, representing 3.05% of the fund's net value [2] - The Ping An Advanced Manufacturing Theme Stock A Fund has achieved a year-to-date return of 75.84%, ranking 154 out of 4,195 in its category, and a one-year return of 66.91%, ranking 180 out of 4,179 [2] - The fund manager, Zhang Yinxian, has been in charge for 2 years and 69 days, with the best fund return during his tenure being 85.95% [3]

Market Overview - The electric motor sector increased by 0.77% compared to the previous trading day, with Zhao Wei Electric leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Top Performers - Zhao Wei Electric (003021) closed at 121.88, up 4.60% with a trading volume of 119,900 shares and a transaction value of 1.451 billion [1] - Yifan Transmission (301023) closed at 41.93, up 3.68% with a trading volume of 43,100 shares and a transaction value of 179 million [1] - Bafang Electric (603489) closed at 30.84, up 3.42% with a trading volume of 49,400 shares and a transaction value of 151 million [1] Underperformers - Jiangte Electric (002176) closed at 9.76, down 3.37% with a trading volume of 760,900 shares and a transaction value of 750 million [2] - Shenli Co., Ltd. (603819) closed at 12.12, down 2.49% with a trading volume of 145,000 shares and a transaction value of 177 million [2] - Xiangming Intelligent (301226) closed at 31.77, down 2.07% with a trading volume of 41,800 shares and a transaction value of 133 million [2] Capital Flow - The electric motor sector experienced a net outflow of 278 million from institutional investors, while retail investors saw a net inflow of 180 million [2] - The top stocks by net inflow from retail investors included Fangzheng Electric (002196) with 50.32 million and Xiangdian Co., Ltd. (600416) with 18.74 million [3] Individual Stock Capital Flow - Zhao Wei Electric had a net inflow of 15 million from institutional investors, while it faced a net outflow of 40.08 million from speculative funds [3] - Fangzheng Electric saw a net inflow of 38.33 million from institutional investors, but a net outflow of 88.64 million from retail investors [3] - Bafang Electric had a net inflow of 16.81 million from institutional investors, while retail investors experienced a net outflow of 22.82 million [3]

Core Insights - The humanoid robot industry in China is expected to transition from technology validation to large-scale commercialization by 2025, driven by a combination of "encouragement" and "regulation" policies [1] - Key breakthroughs in self-research of "brain" algorithms and "body" hardware are anticipated, with market funding actively promoting industry chain aggregation and ecosystem formation [1] - 2025 is identified as a pivotal year for global humanoid robots, marking the shift from "technology demonstration" to "productization and order validation," with distinct paths emerging domestically and internationally [1] Industry Trends - Investment opportunities for 2026 are projected to focus on three main lines: complete machines, key components and core modules, and evolutionary development paths [1] - As of December 26, 2023, 23 humanoid robot concept stocks have seen net financing purchases exceeding 50 million yuan since December [1] - Among these stocks, 10 have experienced a price pullback of over 20% compared to their annual highs, with 3 stocks (Anpeilong, Hanwei Technology, and Zhaowei Electromechanical) showing pullbacks exceeding 30% [1]

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on December 26, 2025, at 15:00 [2] - The meeting combined on-site voting and online voting methods [4] - The meeting was convened by the board of directors of the company [5] Attendance - A total of 322 participants attended the meeting, representing 157,250,776 shares, which is 65.3213% of the total voting shares [7] - Among them, 319 were small shareholders, representing 7,033,176 shares, or 2.9216% of the total voting shares [7] Voting Results - The following proposals were approved during the meeting: 1. Proposal to apply for a credit limit from the bank: - Total votes in favor: 157,169,388 shares (99.9482%) [13] - Votes against: 76,588 shares (0.0487%) [13] 2. Proposal for the estimated external guarantee limit for 2026: - Total votes in favor: 157,122,940 shares (99.9187%) [15] - Votes against: 116,336 shares (0.0740%) [15] 3. Proposal to use self-owned funds for entrusted financial management: - Total votes in favor: 156,680,209 shares (99.6372%) [17] - Votes against: 562,167 shares (0.3575%) [17] 4. Proposal for insurance for directors, senior management, and prospectus liability: - Total votes in favor: 156,674,908 shares (99.6338%) [19] - Votes against: 457,088 shares (0.2907%) [19] Legal Opinion - The legal opinion provided by Beijing Jincheng Tongda (Shenzhen) Law Firm confirmed that the meeting's procedures and resolutions complied with relevant laws and regulations [20]

Group 1 - The first national standard for large models in China has been implemented, establishing a "standard base" for the artificial intelligence industry [1] - The first batch of L3 level autonomous vehicles in China has begun large-scale road operation [1] - Alibaba Tongyi Qianwen has launched version 0.5.0 of Qwen Code [1] Group 2 - The Industrial Robot Quality Strong Chain Achievement Exchange Conference was held in Beijing [2] - UBTECH has rolled off its 1000th industrial humanoid robot, Walker S2, in Liuzhou [3] - Zhaowei Electromechanical's next-generation dexterous hand is set to debut at CES [1]

证券代码：003021 证券简称：兆威机电 公告编号：2025-059 深圳市兆威机电股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会没有涉及变更以往股东会决议。 一、会议召开和出席情况 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025年12月26日上午9:15-9:25，9:30-11:30，下午13:00-15:00；通过深圳证 券交易所互联网投票系统投票的具体时间为：2025年12月26日上午9:15至下午 15:00期间的任意时间。 3、会议召开地点：深圳市宝安区燕罗街道燕川社区燕湖路62号办公楼一号 会议室。 4、会议召开方式：现场表决与网络投票相结合的方式。 5、会议召集人：深圳市兆威机电股份有限公司（以下简称"公司"）董事会。 6、会议主持人：公司副董事长谢燕玲。 7、本次会议的召集、召开符合《中华人民共和国公司法》《上市公司股东会 规则》《深圳证券交易所股票上市规则》《公司章程》等有关法律、行政法 ...