Summary of the Conference Call for Yijiahe Group Company Overview - Yijiahe Group operates through its subsidiary Tuodao Medical, focusing on brain-computer interface (BCI) technology and surgical robotics, with applications in healthcare and industrial sectors [2][3] Core Business Segments - The company’s business includes energy, surgical robots, commercial cleaning, and military humanoid robots [2][3] - Tuodao Medical is developing automated implantation technology for invasive BCIs and surgical robots, aiming to enhance the quality of life for individuals and expand applications in various work environments [2][3] Technological Accumulation - Tuodao Medical has made significant advancements in: 1. **Invasive Brain-Computer Interfaces**: Capable of capturing high-precision electrophysiological signals for complex control [5] 2. **Stereotactic Technology**: Transitioning from traditional frameworks to surgical robots to improve precision and reduce errors [5] 3. **Development of Domestic Surgical Robots**: Companies like Huazhi Weichuang and Baihui Yikang have introduced new products, expanding the range of applications and improving clinical outcomes [5][6] 4. **Application Processes**: Emphasizing precise positioning during invasive electrode implantation to minimize trauma and enhance success rates [5] Market Dynamics - The domestic market for neurosurgical robots is rapidly evolving, with leading companies like Huazhi Weichuang and Baihui Yikang replacing imported products, indicating strong domestic competitiveness [6] - The market has seen a shift from larger, complex systems to more compact and stable solutions, reflecting changing clinical needs [9] Importance of Surgical Robots - Surgical robots are essential for BCI procedures due to the complexity of the human brain, providing personalized solutions and overcoming limitations of manual operations [7] Development History - The introduction of ROSA in 2014 marked the beginning of neurosurgical robots in China, but adoption was slow due to operational complexities. Recent years have seen a surge in new entrants and technological advancements [8][9] Key Considerations for BCI Implantation - Successful BCI implantation requires careful consideration of imaging analysis, multimodal image fusion, robotic navigation, and automated execution mechanisms [10] Competitive Advantages - Tuodao Medical's comprehensive product line and integration of advanced technologies like force feedback provide a competitive edge in the neurosurgery and BCI sectors [15] Future Outlook - The BCI industry is expected to grow rapidly, with automation being a prerequisite for mass production. The company is closely monitoring market trends and planning accordingly [16][17] - The timeline for widespread adoption remains uncertain, but the company is preparing for future developments in automated surgical procedures [16][17]

Group 1 - The core viewpoint of the news is that Yijiahe's stock has experienced fluctuations, with a recent decline of 2.01% and a current market value of 6.528 billion yuan [1] - Yijiahe's main business involves the research, production, and sales of special robot products, integrating technologies such as mobility, perception, operation, artificial intelligence, and data analysis, targeting industries like electricity, firefighting, new energy, and rail transportation [1] - The company's revenue composition includes 57.01% from robot products, 25.28% from smart grid and automation equipment, 15.33% from other services, and 2.38% from drone inspection services [1] Group 2 - As of September 30, Yijiahe reported a revenue of 356 million yuan for the first nine months of 2025, a year-on-year decrease of 11.24%, while the net profit attributable to shareholders was -42.32 million yuan, an increase of 47.26% year-on-year [2] - The company has distributed a total of 169 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - Institutional holdings show that as of September 30, 2025, the top ten circulating shareholders include the Huaxia CSI Robot ETF, which increased its holdings by 637,300 shares, and the Hong Kong Central Clearing Limited, which is a new shareholder with 3.0473 million shares [3]

Group 1 - The company has collected over 1 million hours of data from more than 3,000 households using Gen DAS Gripper and the industry's first large-scale data production line, Gen ADP, accelerating the development of the embodied industry [1] - The overall industry volume and individual skill scale are the largest, with a cumulative duration exceeding 10,000 hours and a total data scale of over 1 million clips, ensuring each skill has the highest data volume in the industry [1] - The data collection focuses on 10 common household scenarios and 30 skills, ensuring quality by avoiding excessive dispersion [1] Group 2 - The data includes multi-modal, high-quality information such as large FOV raw images, trajectories, annotations, and joint actions, with industry-leading accuracy and quality [1] - The first phase of data has been uploaded, covering 12 skills across 4 major scenario tasks, with plans to complete the remaining skills and provide support for data format conversion and usage [2] - The data is available for download at a specified link, and users are encouraged to provide feedback and suggestions for additional scenarios and skills to be digitized [2]

Core Viewpoint - The stock price of Yijiahe has shown fluctuations, with a recent decline of 2.02% and a year-to-date increase of 7.78%, indicating mixed market sentiment towards the company [1][2]. Group 1: Stock Performance - As of January 6, Yijiahe's stock price is reported at 32.01 CNY per share, with a market capitalization of 6.579 billion CNY [1]. - The stock has increased by 7.78% since the beginning of the year, with a 7.20% rise over the last five trading days and a 4.64% increase over the last 20 days, while it has decreased by 3.29% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yijiahe reported a revenue of 356 million CNY, reflecting a year-on-year decrease of 11.24%, while the net profit attributable to shareholders was -42.32 million CNY, showing a year-on-year increase of 47.26% [2]. Group 3: Business Overview - Yijiahe, established on April 6, 1999, and listed on June 12, 2018, specializes in the research, production, and sales of special robot products, integrating technologies such as mobility, perception, operation, artificial intelligence, and data analysis [2]. - The company's revenue composition includes 57.01% from robot products, 25.28% from smart grid and automation equipment, 15.33% from other services, and 2.38% from drone inspection services [2]. Group 4: Shareholder Information - As of September 30, 2025, Yijiahe had 25,100 shareholders, a decrease of 2.68% from the previous period, with an average of 8,186 circulating shares per shareholder, an increase of 2.28% [2]. - The top ten circulating shareholders include notable entities such as Huaxia CSI Robot ETF and Hong Kong Central Clearing Limited, with significant increases in their holdings [3].

Group 1: Regulatory Developments - The National Healthcare Security Administration (NHSA) is seeking public opinions on the draft guidelines for the real-world comprehensive value assessment of medical services, aiming to establish a unified evaluation system across the country [1] - CanSino Biologics has received approval for clinical trials of its 24-valent pneumococcal polysaccharide conjugate vaccine, which targets major circulating serotypes and is intended for individuals aged 2 months and older [2] - Merck has announced that its breakthrough therapy, Sotatercept, has been approved in China for treating adult patients with pulmonary arterial hypertension (PAH), based on data from the STELLAR Phase III clinical trial [3] - ST. Renfu has received approval for clinical trials of HW221043 tablets, intended for the treatment of advanced solid tumors, with no similar drugs currently approved in the market [4] - Heng Rui Medicine has received approval for clinical trials of HRS-4357 injection and HRS-5041 tablets, aimed at treating PSMA-positive prostate cancer [5] Group 2: Market Activities - Shenzhou Cell has received approval from the China Securities Regulatory Commission for its application to issue stocks to specific investors [6] - Tianchen Medical has signed a strategic cooperation agreement with Inspur Digital Technology to promote innovation in medical intelligent manufacturing and robotics [7] - Zhonghong Medical's subsidiary has participated in a bidding project for centralized procurement of medical consumables, with some products expected to be selected, enhancing market presence [8] - Yifan Pharmaceutical's subsidiary has signed an exclusive agreement with Shangde Yaoyuan for the ACT001 drug, involving a total payment of 1 billion yuan [9] - Yijiahe is exploring the application of "brain-computer interface + embodied intelligent robots" technology in smart healthcare scenarios, having signed a strategic cooperation agreement with Mairande [10]

Core Viewpoint - The A-share market started 2026 on a positive note, with all three major indices rising, indicating a shift from valuation recovery in 2025 to profit-driven growth in 2026 [1][5]. Market Performance - On January 5, 2026, the Shanghai Composite Index rose by 1.38% to 4023.42 points, the Shenzhen Component Index increased by 2.24% to 13828.63 points, and the ChiNext Index saw a rise of nearly 2.9% to 3294.55 points [5]. - The total trading volume reached 2.57 trillion yuan, an increase of over 500 billion yuan compared to the previous trading day, with nearly 4200 stocks rising [5]. Sector Highlights - Key sectors showing strong performance included brain-computer interfaces, insurance, and storage devices, with significant gains in AI applications and emerging industries [2][6]. - The brain-computer interface sector experienced a surge, with related stocks hitting the daily limit, driven by news from overseas about Neuralink's plans for large-scale production [7][9]. Investment Outlook - Analysts predict that the 2026 technology bull market is likely to continue, with a focus on sectors such as technology growth, advanced manufacturing, and cyclical consumption [2][12]. - Investment strategies for 2026 include a balanced approach of high-quality stocks and high-potential sectors, emphasizing technology companies with strong fundamentals and emerging industries [13]. Structural Opportunities - The pharmaceutical sector is expected to see structural opportunities driven by innovation, international expansion, and policy reforms, with a focus on innovative drugs and AI integration in healthcare [14].

Group 1 - The core point of the news is that Yijiahe executed a block trade of 1.11 million shares on January 5, with a transaction value of 29.67 million yuan, representing 6.1% of the total trading volume for that day [1] - The transaction price was 26.73 yuan, which is an 18.18% discount compared to the market closing price of 32.67 yuan [1]

Core Viewpoint - The company is actively exploring the integration of cutting-edge technologies, including "brain-computer interfaces" and embodied intelligent robotics, as a necessary trend in technological development [2] Group 1: Strategic Initiatives - The company has signed a strategic cooperation agreement with Mailland to jointly explore the application possibilities of "brain-computer interface + embodied intelligent robotics" technology in smart health and wellness scenarios [2] Group 2: Application Scenarios - Real-time emotional companionship: The company aims to collect and analyze frontal lobe EEG signals and heart rate variability signals to identify users' emotional states, creating a feedback loop of "monitoring - early warning - intervention" to enhance the emotional care capabilities of robots [2] - Brain-controlled robots: The company is exploring the possibility of interpreting user intentions and commands (such as drinking water or standing up) by combining EEG signals with head position information, thereby enabling precise assistance from robots to improve users' self-care abilities [2]

Group 1 - The stock of Yijiahe closed at 30.31 yuan, with an increase of 1.27% on December 30 [1] - A block trade occurred with a total volume of 1.36 million shares and a transaction amount of 36.6384 million yuan, with a discount rate of -11.12% [1] - The buyer was GF Securities Co., Ltd., and the seller was Huatai Securities Co., Ltd. [1] Group 2 - In the last three months, Yijiahe has had a total of four block trades, amounting to 90.5748 million yuan [1] - Over the past five trading days, the stock has increased by 2.85%, while the net outflow of main funds totaled 28.5414 million yuan [1]

Group 1 - The core viewpoint of the news is that Yijiahe Technology Co., Ltd. has shown a positive stock performance with a 1.14% increase, reaching a share price of 30.27 yuan, and a total market capitalization of 6.221 billion yuan [1] - Yijiahe specializes in the research, production, and sales of special robot products, integrating technologies such as mobility, perception, operation, artificial intelligence, and data analysis, targeting industries like electricity, firefighting, new energy, and rail transportation [1] - The company's revenue composition includes 57.01% from robot products, 25.28% from smart grid and automation equipment, 15.33% from other services, and 2.38% from drone inspection services [1] Group 2 - Among the top circulating shareholders of Yijiahe, Huaxia Fund's Huaxia CSI Robot ETF (562500) increased its holdings by 637,300 shares in the third quarter, now holding 3.4038 million shares, which is 1.66% of the circulating shares [2] - The Huaxia CSI Robot ETF has a total scale of 22.798 billion yuan and has achieved a year-to-date return of 27.5%, ranking 2018 out of 4195 in its category [2] - The fund manager of Huaxia CSI Robot ETF, Hualong, has a total asset scale of 35.957 billion yuan, with the best fund return during his tenure being 123.21% [3]