Market Performance - The Guosen humanoid robot index increased by 1.2% during the week (June 2-6), underperforming compared to the CSI 300 index by 0.32 percentage points and the Shanghai Composite index by 0.07 percentage points, with a year-to-date increase of 9.8% [1][4] - Notable stock performances include: - Top Group down 2.33% - Sanhua Intelligent Control up 1.16% - Zhongding Holdings up 0.41% - Silver Wheel Holdings up 1.73% - Best up 0.83% - Zhejiang Rongtai up 6.29% - Xinxin Technology up 4.85% - Xusheng Group up 13.75% - Zhaomin Technology up 5.67% [1][4][7] Industry Dynamics - Tesla's Optimus project head Milan Kovac announced his resignation, with the autonomous driving team leader Ashok Elluswamy taking over [8] - Yushu released an open-source low-cost bipedal robot, Qmini, aimed at hobbyists for easy assembly [9] - Zhiyuan Robotics launched its first humanoid robot in collaboration with Pepsi China [10] - Figure's CEO shared a video of their humanoid robot sorting packages, showcasing improvements in logistics [11] - Songyan Power's humanoid robot orders exceeded 2000 units, with a total contract value over 100 million yuan [12] - The Beijing Humanoid Robot Innovation Center updated its "Tiangong 2.0" robot video, demonstrating enhanced capabilities [13] - Leju signed a strategic cooperation agreement with Hubei Shulv Group to promote humanoid robots in various sectors [14] - Xiaomi's Lei Jun mentioned that their automotive factory is currently testing robotic capabilities [16] - Zhiyuan released five new technologies, including the RoboBrain 2.0 [17] - Kepler Robotics and Zhaofeng Co. signed a strategic cooperation agreement to enhance the humanoid robot supply chain [18] Government News - The Ministry of Industry and Information Technology (MIIT) announced the implementation of the "AI + Manufacturing" initiative to deepen AI applications in industry [25] - The Guangdong Artificial Intelligence and Robotics Industry Alliance was established to promote innovation and integration of resources [26] - The Guangdong Intelligent Industry Fund was officially launched with a target size of 10 billion yuan [27] - The first central enterprise venture capital fund was established in Beijing, focusing on new materials and advanced manufacturing [28] Financing Dynamics - Accelerated Evolution completed Series A financing led by Deep Venture Capital [31] - Dianguo Robotics increased its registered capital to 630 million yuan, a 215% increase [32] - Yuan Sheng Xian Da received strategic investment from Keli Sensor [33] - Fuxing Electric Motor secured strategic investment from Honghui Fund [34] - Benmo Technology completed Series B and B+ financing, totaling several hundred million yuan [35]

Sales Tracking - In May, the retail sales of passenger cars in China reached 1.93 million units, a year-on-year increase of 13% and a month-on-month increase of 10%. Cumulatively, retail sales for the year reached 8.802 million units, up 9% year-on-year [1] - Wholesale sales for passenger cars in May totaled 2.329 million units, a year-on-year increase of 14% and a month-on-month increase of 6%. Year-to-date wholesale sales reached 10.797 million units, up 12% year-on-year [1] - In May, the cumulative number of new vehicle registrations was 1.7086 million, a year-on-year increase of 12.5%, with new energy vehicles accounting for 911,700 units, up 23.9% year-on-year [1] Market Performance - In May, the CS automotive sector rose by 1.88%, with the CS passenger vehicle index increasing by 1.12%. The CS automotive parts index rose by 2.52%, and the CS motorcycle and others index increased by 1.89% [1] - From the beginning of 2025 to date, the CS automotive sector has increased by 29.05%, outperforming the CSI 300 index by 17.13 percentage points and the Shanghai Composite Index by 16.53 percentage points [1] Cost Tracking - As of the end of May 2025, prices for float glass, aluminum ingots, and zinc ingots decreased by 24%, 3.2%, and 7.6% year-on-year, respectively [2] - The inventory warning index for Chinese automotive dealers was 52.7%, down 5.5 percentage points year-on-year and 7.1 percentage points month-on-month, indicating improved market conditions [2] Industry Dynamics - WeRide announced a strategic partnership with Uber to expand Robotaxi services to 15 new international cities over the next five years, aiming to reshape global mobility [3] - BYD established its European headquarters in Hungary, marking a significant step in its localization strategy [4] - Geely announced a non-binding offer to privatize Zeekr, aiming to acquire all outstanding shares and delist from the NYSE [5] - Geely's Galaxy Star 8 was launched with a price range of 125,800 to 165,800 yuan, featuring advanced design and technology [6] - Nissan announced a significant restructuring plan, including a workforce reduction of approximately 20,000 employees, due to financial difficulties [7] - Audi is planning to sell its design and engineering subsidiary Italdesign as part of cost-cutting measures [8] - XPeng officially entered the Italian market, aiming to capitalize on the country's electric vehicle incentives [9] Government News - Shenzhen established a 7 billion yuan fund to accelerate the integration of AI and embodied robotics technology [25] - Shandong province announced eight new intelligent manufacturing standard application pilot projects to enhance manufacturing capabilities [26]

Core Viewpoint - The eVTOL industry is transitioning from pilot projects to commercial operations, with EHang's operational certificate marking a significant milestone in the low-altitude economy [1][27]. Industry Overview - The eVTOL industry is recognized as a leading sector in the low-altitude economy, with increasing commercial viability and consumer accessibility [1][27]. - EHang has received the first operational certificate for manned civil unmanned aerial vehicles in China, indicating the start of commercial low-altitude services [27][30]. Company Performance - In Q1 2025, EHang reported total revenue of 26.09 million yuan, a year-on-year decrease of 57.7% and a quarter-on-quarter decrease of 84.1% [2][3]. - The net profit attributable to shareholders was -78.08 million yuan, compared to -63.33 million yuan in the same period last year [2][3]. - The decline in revenue is primarily attributed to a reduction in sales of the EH216 series, with only 11 units delivered in Q1 2025, a decrease of 57.7% year-on-year and 85.9% quarter-on-quarter [2][3]. Financial Metrics - EHang's gross margin for Q1 2025 was 62.4%, showing a year-on-year increase of 0.6 percentage points, while the net margin was -300.4%, reflecting a significant year-on-year decline of 197.8 percentage points [13][2]. - The increase in gross margin is attributed to a rise in the average selling price of the EH216 series products [13][2]. Order and Production Capacity - EHang has over 1,500 units of the EH216 series in hand orders, with more than 1,200 new purchase and pre-orders from Q3 2023 to December 2024 [21][27]. - The company is expanding its production capacity, with plans to double the size of its Yunfu production base to 48,000 square meters and increase annual production capacity to 1,000 units by the end of 2025 [34][34]. Strategic Partnerships and Collaborations - EHang is collaborating with various partners to develop new technologies and infrastructure for eVTOL operations, including partnerships with universities and engineering firms [41][44]. - The company has signed strategic agreements with automotive manufacturers to explore the development of flying cars, expanding its product line for the consumer market [51][51]. Global Expansion - EHang has successfully completed over 66,000 safe flights across 19 countries, indicating its growing international presence [23][24]. - The company is actively pursuing market opportunities in Brazil, Thailand, Japan, and the UAE, with successful test flights and regulatory approvals in these regions [24][24]. Technological Advancements - EHang has made significant progress in solid-state battery technology, achieving a 60%-90% increase in flight duration compared to traditional lithium batteries [46][46]. - The company is also developing advanced integrated electric drive systems in collaboration with leading suppliers to enhance the performance of its eVTOL products [48][48].

小鹏汽车系列 车中旭霞 深度报告： 《小鹏汽车-W-09868.HK-深度报告：打造智能标签，剑指中高端市场》——20211222 《造车新势力系列之一——解析进阶赛的4个关键点》——20201029 点评： 《小鹏汽车-2025一季报点评： 一季度销量同比增长331%，MONA M03新版本上市1小时大定破万台 》——20250605 《小鹏汽车-2024年报点评： 单四季度销量环比增长97%，新品周期持续向上》——20250321 《小鹏汽车-2024三季报点评：单三季度毛利率同环比双升，新品周期持续向上》——20241122 《小鹏汽车-事件快评：小鹏新车型P7+上市当天订单超3万辆，新品周期持续向上》——20241111 《小鹏汽车-2024一季报点评：一季度毛利率环比提升，期待智能化软件和新产品周期迭代》 ——20240531 《小鹏汽车-2023三季报点评：营业收入同比增长25%，城区高阶智能驾驶赋能新车型发力》 ——20211021 《小鹏汽车-2023中报点评：产品周期过渡影响短期利润，看好未来技术车型全面发力》—— 20230821 核心观点 2025Q1小鹏汽车实现营业收入158亿元，同比 ...

Core Viewpoint - Hesai Technology is experiencing significant growth in the lidar market, driven by increasing demand for advanced driver-assistance systems (ADAS) and new product launches, positioning itself as a leader in the industry [1][2][17]. Company Performance - In Q1 2025, Hesai Technology achieved revenue of 525 million yuan, a year-on-year increase of 46.3%, but a quarter-on-quarter decrease of 27.0%. The net profit was -18 million yuan, with an adjusted net profit of 8.6 million yuan [1][3]. - The product revenue for Q1 2025 was 510 million yuan, up 44.7% year-on-year, primarily due to strong demand in China for ADAS lidar products. Service revenue reached 14.6 million yuan, a 139.3% increase year-on-year [1][3][4]. - The total lidar shipment in Q1 2025 was 195,800 units, representing a year-on-year growth of 231.3%. ADAS lidar shipments were 146,100 units, up 178.5% year-on-year, while shipments in the robotics sector reached 49,700 units, a staggering increase of 649.1% [4][13]. Product Development - Hesai launched new generation automotive-grade lidar products in Q1 2025, including the AT1440, ETX, and FTX models, which cater to various levels of autonomous driving from L2 to L4 [21][22]. - The AT1440 is noted for having the highest line count among automotive-grade lidar, with a point frequency exceeding 34 million points per second, significantly surpassing current mainstream lidar [21]. - The company introduced the "Qianliyan" lidar perception solution, which includes multiple configurations tailored for different levels of autonomous driving [22]. Market Expansion - Hesai is actively expanding its international presence, having established a new verification development project with a top-tier global automotive supplier based in Japan. The company is also collaborating with four leading automotive manufacturers in Europe and Japan on five verification projects [26][25]. - In the domestic market, Hesai has secured partnerships with several major automotive brands, including Chery and Geely, and its ATX lidar has been designated as standard equipment for multiple upcoming models [28][29]. Robotics Sector - Hesai is a preferred supplier for leading Robotaxi companies, providing essential lidar technology to support their next-generation fleets. Recent collaborations with companies like Baidu and Didi are enhancing Hesai's role in the commercialization of autonomous driving [31][33]. - A strategic agreement was signed with a high-end smart garden brand to supply 300,000 JT series lidar units, indicating Hesai's growing penetration in the robotics market [33][34].

Core Viewpoint - The company is positioned as a leading player in the laser radar market, focusing on becoming a global robotics technology platform, with significant growth potential in both automotive and robotics sectors [21][24]. Financial Performance - In Q1 2025, the company reported revenue of 3.28 billion, a year-on-year decrease of 12.4% and a quarter-on-quarter decrease of 30.7% [2][9]. - The net profit for Q1 2025 was -1.00 billion, an improvement from -1.31 billion in Q1 2024 and -1.30 billion in Q4 2024 [2][9]. - The gross margin for Q1 2025 was 23.49%, showing a year-on-year increase of 11.17 percentage points and a quarter-on-quarter increase of 1.35 percentage points [3][4][14]. Product Sales and Market Demand - Total sales volume of laser radar products in Q1 2025 was approximately 108,600 units, a year-on-year decrease of 9.8% [10]. - Sales of laser radar products for ADAS applications were approximately 96,700 units, down 16.8% year-on-year, while sales for robotics and other applications increased by 183.3% to 11,900 units [10]. - The company has established strong partnerships with over 30 global automakers and suppliers, securing more than 100 models for pre-installation and achieving mass production for 38 models [6][39]. Product Development and Innovation - The company launched the EM platform in 2025, introducing digital products that cater to various market needs, including the EM4 and EMX laser radars [26]. - New products for robotics, such as Airy and E1R, have been released to cover various applications in the robotics sector [26]. - The company is actively developing incremental components for robotics, including vision, touch, and joint systems, with products like the Active Camera and FS-3D force sensor [31][33]. Strategic Partnerships and Market Expansion - The company has formed strategic partnerships with leading companies in the Robotaxi sector, including collaborations with Didi and Pony.ai for mass production of autonomous vehicles [40][43]. - In the broader robotics market, the company secured a record order of 1.2 million solid-state laser radars for lawn mowing robots, indicating strong demand in the sector [44][45]. - The company is also focusing on the delivery of solutions for the delivery robot market, achieving over 90% market share among leading clients [48]. Research and Development - The company has established three R&D centers in China, focusing on optimizing manufacturing processes and enhancing supply chain planning [50]. - The company leads in patent filings in the laser radar and robotics perception systems sectors, showcasing its strong technological capabilities [52][53].

Market Performance - The Guosen humanoid robot index decreased by 3.88% during the week of May 26-30, underperforming compared to the CSI 300 index by 2.79 percentage points and the Shanghai Composite index by 3.85 percentage points, with a year-to-date increase of 8.4% [1][4] - Notable stock performances include: - Top Group down 3.95% - Sanhua Intelligent Control down 4.58% - Zhongding Holdings down 5.6% - Yilun Shares down 5.07% - Beite Technology up 2.99% - Shuanglin Shares down 8.67% - Best down 5.62% - Zhejiang Rongtai down 7.73% - Xiangxin Technology down 6.27% - Slin Shares up 9.42% [1][4][6] Industry Dynamics - Elon Musk announced that the Optimus humanoid robot is expected to walk on Mars by 2027 [7] - Yushu Technology has changed its name and is set to launch a new robot [8] - Multiple companies, including Tesla and Xiaoma Zhixing, have released plans related to Robotaxi [8][9] - Honor has entered the humanoid robot field [8] - Zhijidong and Guangdong Province have established a joint laboratory for embodied intelligent robots [8] - The Galaxy General has launched a product-level end-to-end navigation model, TrackVLA, marking the large-scale application of humanoid robots [8] - The Embodied Intelligence Data Alliance has been established [8] - Daimeng's new tactile sensor debuted in the U.S. and received orders [8] Government News - Guangdong has established an intelligent industry fund with a target size of 10 billion yuan [26] - Shanghai Pudong has released 16 support policies for the embodied intelligence industry, with individual project support up to 200 million yuan [27] - The Longgang District in Shenzhen has unveiled the first government-affiliated agency for artificial intelligence and robotics [28] Financing Dynamics - Lumos Robotics completed an angel++ round of financing, raising nearly 200 million yuan [29] - Kepler Robotics completed a Pre A+ round of financing [30] - Digua Robotics announced a $100 million A round of financing [31] - UniX AI completed several hundred million yuan in angel and angel+ rounds [33] - Runyang Technology plans to invest up to 300 million yuan in Fourier Technology [34] - LeXiang Technology completed a billion-level angel+ round of financing [35] - Sichuan Embodied Technology completed several million yuan in angel round financing [36] - LeDong Robotics plans to list on the Hong Kong main board [37]

核心观点 月度产销： 根据中汽协数据，4月汽车产销分别完成261.9万辆和259.0万辆，环比下降12.9%和11.2%，同比增长8.9% 和9.8%。乘用车产销分别完成225.7万辆和222.3万辆，环比下降12.4%和10%，同比增长10.2%和11%。新能源汽车产销 分别完成125.1万辆和122.6万辆，同比分别增长43.8%和44.2%。新能源汽车新车销量占汽车新车总销量的47.3%。汽车 出口51.7万辆，环比增长2%，同比增长2.6%。 周度数据： 根据上险数据，5.19-5.25国内乘用车上牌39.89万辆，同比+11.9%，环比+2.4%；其中新能源乘用车上牌 22.11万辆，同比+22.1%，环比+1.7%。 本周行情： 本周（20250526-20250530）CS汽车下跌4.32%，CS乘用车下跌8.93%，CS商用车上涨0.68%，CS汽车零部 件下跌2.09%，CS汽车销售与服务上涨0.57%，CS摩托车及其他下跌0.53%，电动车下跌4.82%，智能车上涨1.61%，同 期的沪深300指数下跌1.08%，上证综合指数下跌0.03%。CS汽车弱于沪深300指数3.24pct。 成本 ...

Core Viewpoint - Leapmotor's revenue in Q1 2025 reached 10.02 billion yuan, a year-on-year increase of 187.1%, driven by a 162.1% increase in sales and product mix optimization [2][8][11] Financial Performance - Q1 2025 net profit attributable to shareholders was -130 million yuan, significantly narrowing from -1.01 billion yuan in Q1 2024, but down from a profit of 80 million yuan in Q4 2024 [2][8] - Gross margin in Q1 2025 was 14.9%, a record high, compared to 8.38% for the entire year of 2024 and -1.4% in Q1 2024 [2][11] - Sales, administrative, and R&D expenses for Q1 2025 were 610 million yuan, 380 million yuan, and 800 million yuan respectively, with corresponding SG&A and R&D expense ratios decreasing compared to the full year of 2024 [11][18] Sales and Production - Total sales volume in Q1 2025 was 87,552 units, a 162.1% increase year-on-year, with the C series accounting for 77.5% of total sales, up 5.7 percentage points from the previous year [16][18] - Average revenue per vehicle in Q1 2025 was 114,400 yuan, with a vehicle cost of 97,400 yuan, resulting in a vehicle gross profit of 17,100 yuan [18][20] Product Development - The new C10 model was officially launched on May 15, 2025, featuring significant upgrades in electric drive and intelligence, priced between 122,800 yuan and 142,800 yuan [24][26] - The B01, the first sedan in the B series, was unveiled at the Shanghai Auto Show in April 2025, showcasing a youthful and technological design [26]

核心观点 市场表现： 本周（5.19-5.23）我们构建的国信人形机器人指数下跌2.49%，强于沪深300指数2.32pct，强于上证综合指数1.93pct，年初至今上涨12.8%。拓普集团下跌2.45%，三 花智控上涨1.27%，中鼎股份下跌5.45%，银轮股份下跌3.92%，北特科技上涨8.21%，双林股份下跌12.24%，贝斯特下跌5.57%，浙江荣泰下跌1.74%，祥鑫科技下跌7.83%，双 环传动下跌3.64%，斯菱股份上涨2.96%，豪能股份下跌3.69%，精锻科技下跌11.47%，蓝黛科技下跌5.66%，凌云股份下跌0.13%，旭升集团下跌4.49%，肇民科技下跌8.97%， 爱柯迪下跌3.18%。均胜电子上涨3.44%。征和工业下跌7.89%，美力科技下跌12.6%。 行业动态 ： 1）特斯拉发布Optimus新视频，其通过学习人类视频完成多项家务；2）宇树人形机器人格斗大赛将于5月25日举行，四支队伍参赛；3）Figure在宝马X3生产线上 完成连续20小时轮班；4）智元机器人开源EVAC框架与EWMBench评测基准；5）智元灵犀X2开启商业化进程，Q2将发布四足机器人；6）英伟达用视频世 ...