Core Viewpoint - The A-share market for humanoid robot concept stocks experienced a collective decline, primarily due to Tesla's revised delivery target for humanoid robots, pushing the goal from 2029 to 2035 for a total of 1 million units [1] Group 1: Market Reaction - Zhejiang Rongtai hit the daily limit down, while Hanyu Group, Lixing Co., Shiyun Circuit, and Hanwei Technology fell over 6% [1] - Other companies such as Lens Technology, Weichuang Electric, Haon Automotive Electric, Feirongda, Anpeilong, and Dayang Electric dropped more than 5% [1] Group 2: Tesla's Revised Target - Tesla's new target is to deliver a cumulative total of 1 million humanoid robots by 2035, starting from September 3, 2025 [1] - Market analysts noted that this figure was already known since September 3, indicating that the actual reason for the market pullback may be profit-taking after the recent shareholder meeting, with no immediate catalysts to drive prices higher [1] Group 3: Individual Stock Performance - Zhejiang Rongtai: -10.00% with a market cap of 29.9 billion [2] - Hanyu Group: -6.43% with a market cap of 8.864 billion [2] - Lixing Co.: -6.35% with a market cap of 5.945 billion [2] - Shiyun Circuit: -6.04% with a market cap of 30.1 billion [2] - Hanwei Technology: -6.04% with a market cap of 16.4 billion [2] - Lens Technology: -5.62% with a market cap of 155.2 billion [2] - Weichuang Electric: -5.62% with a market cap of 15.5 billion [2] - Haon Automotive Electric: -5.22% with a market cap of 13.2 billion [2] - Feirongda: -5.14% with a market cap of 17.4 billion [2] - Anpeilong: -5.11% with a market cap of 12.7 billion [2] - Dayang Electric: -5.08% with a market cap of 27.4 billion [2]

Core Viewpoint - The humanoid robot concept stocks in the A-share market experienced a collective decline, with significant drops in several key companies following Tesla's revised delivery target for humanoid robots [1][2]. Group 1: Stock Performance - Zhejiang Rongtai saw a limit down, while Han Yu Group, Lixing Co., Shiyun Circuit, and Hanwei Technology all dropped over 6% [1]. - Other companies such as Lens Technology, Weichuang Electric, Haon Automotive, Feirongda, Anpeilong, and Dayang Electric fell more than 5% [1]. - The stock performance of various humanoid robot-related companies showed significant declines, with Zhejiang Songtai down 10%, Han Yu Group down 6.43%, and Lixing Co. down 6.35% [2]. Group 2: Market Context - Tesla's official announcement adjusted the target for delivering 1 million humanoid robots from 2029 to 2035, which has led to market speculation about the implications for related stocks [2]. - Market analysts suggest that the actual adjustment was already known since September 3, indicating that the recent stock declines may be due to profit-taking after a favorable shareholder meeting, rather than the new delivery target itself [2].

Core Insights - The humanoid robot industry in China is experiencing significant advancements, with multiple companies showcasing innovative products and entering mass supply phases [1][2] - A complete industrial chain for humanoid robots has been established in China, with A-share listed companies making breakthroughs in various segments such as servo motors, key materials, and electronic components [1][2] Company Developments - Jiangsu Leili has formed stable orders for core components with clients and has achieved small batch shipments of products like hollow cup motors and linear motion modules in the first three quarters of the year [2] - Jinfa Technology is actively collaborating with leading clients in the robot sector for material development, supplying modified engineering plastics for various robot components [2] - Shiyun Circuit has been engaged in joint R&D with North American clients for over five years, focusing on printed circuit boards for humanoid robots, and has begun small batch supply for a domestic client [2] Application Expansion - The application of humanoid robots is expected to unfold in three stages: initial deployment in structured environments like automotive assembly lines, followed by semi-open commercial spaces, and finally, general household scenarios within 5 to 10 years [3] - 2026 is projected to be a pivotal year for the accelerated delivery scale of humanoid robots [3] Industry Challenges - Despite a clear industrial path, the humanoid robot sector faces challenges in scaling production, requiring ongoing technological innovation in both hardware and software to enhance performance and reduce costs [4]

Core Viewpoint - The collaboration between the company and Xiaopeng has strengthened since 2021, focusing on the development of high-voltage architecture chips for electric vehicles [1] Group 1 - The company has been working with Xiaopeng since 2021, starting from vehicle control domains to central control domains [1] - The joint project for the 800V high-voltage architecture chip embedded circuit board has successfully passed a series of tests, achieving its goals as of the 2025 semi-annual report [1]

Core Viewpoint - The company has established a strong partnership with T customer, which has become its largest automotive terminal client since 2019, supplying PCB products related to autonomous driving [1] Group 1: Automotive Sector - T customer's automotive delivery volume has returned to a growth trajectory, reaching a historical high, which is expected to further increase market share as its autonomous taxi moves from pilot to mass production [1] - The growth of T customer's automotive business will directly drive the demand for the company's PCBs [1] Group 2: Humanoid Robotics Sector - The company has been collaborating with a leading North American client in humanoid robotics for over five years, focusing on key PCB products for core control modules and drive systems [2] - The company has developed a full-process technical capability from customized design to performance optimization, completing three product iterations with improvements in signal transmission stability and anti-interference [2] - The company has reached a cooperation intention for mass production product supply and is preparing for key steps, including reserving dedicated production line capacity and completing supply chain coordination [2] - In the domestic market, the company has partnered with three leading humanoid robotics enterprises, with one project entering small batch supply and another in the late stage of sample verification [2] - The company plans to increase R&D investment in humanoid robotics PCBs, focusing on breakthroughs in high-density interconnection and lightweight substrate applications [2]

Core Viewpoint - The collaboration between the company and Xiaopeng has strengthened since 2021, focusing on various vehicle control domains and achieving significant milestones in joint projects [1] Group 1: Collaboration and Projects - The company has been working with Xiaopeng since 2021, starting from vehicle control domains to central control domains, indicating a deepening partnership [1] - As of the 2025 semi-annual report, a new project involving 800V high-voltage architecture chips embedded in circuit boards has successfully passed a series of tests [1] - The company has achieved mass production increases in smart cockpit domain controllers and other platform projects, securing a designated project for the high-performance Thor chip smart driving domain controller [1] Group 2: Product Development and Production - The company continues to increase production of smart driving visual COB camera circuit boards, perception laser radar, and millimeter-wave radar circuit boards [1] - The project for HSP thermal paste circuit boards, which supports third-generation power semiconductor devices, has also achieved mass production and delivery [1] - The company has successfully delivered semi-rigid and flexible circuit boards, which are high-value-added products for vehicles [1]

Core Viewpoint - The company is focusing on the development of embedded chip PCB products, primarily for the electric vehicle sector, which enhances electrical performance and extends driving range [1] Group 1: Product Application and Market Demand - Embedded chip PCB products are mainly used in the power domain of new energy vehicles, significantly improving electrical performance by reducing system noise and switching losses [1] - The demand for embedded chip PCB products is expanding as they have gained recognition from major automotive OEMs and terminal manufacturers [1] Group 2: Future Plans and Production - To meet customer demand, the company plans to establish a new generation PCB manufacturing base called "Chip Innovation Smart Manufacturing," expected to commence production in mid-2026 [1] Group 3: Broader Applications - Beyond electric vehicles, embedded chip PCB products have promising applications in data centers, high-power communication devices, humanoid robots, energy storage, and aerospace, enhancing system efficiency, heat dissipation, and reliability [1]

Core Viewpoint - The company has established a strong partnership with a major client in the automotive sector, which is expected to drive demand for its PCB products due to the client's growth in vehicle deliveries and expansion into autonomous driving [1][2] Group 1: Automotive Sector - The company has been collaborating with client T since 2015, and T has become the largest automotive terminal client since 2019, supplying PCB products related to autonomous driving [1] - T's automotive delivery volume has returned to a growth trajectory, reaching a historical high in Q3, which is anticipated to further increase the company's PCB demand as T expands its market share in autonomous taxi production [1] Group 2: Humanoid Robotics - The company has been engaged in joint R&D with a leading North American client in the humanoid robotics field for over five years, focusing on key PCB products for core control modules and drive systems [1] - The company has developed a full-process technical capability from customized design to performance optimization, completing three product iterations and establishing a technological moat in signal transmission stability and anti-interference [1] - The company has reached a cooperation intention for mass production product supply with its client and is preparing for key steps towards mass production, including reserving dedicated production line capacity and completing supply chain coordination [2] - The company has established partnerships with three leading domestic humanoid robot enterprises, with one project entering small batch supply and another in the late stage of sample verification [2] - Future plans include increasing R&D investment in humanoid robot PCBs, focusing on breakthroughs in high-density interconnection and lightweight substrate applications, and deepening cooperation with domestic and international clients [2]

Core Viewpoint - The collaboration between the company and Xiaopeng has strengthened since 2021, focusing on various automotive electronic components and systems, with successful project developments and mass production achieved in several areas [1] Group 1: Collaboration and Development - The company has been collaborating with Xiaopeng since 2021, starting from vehicle control domains to central control domains [1] - As of the 2025 semi-annual report, a jointly developed 800V high-voltage architecture chip embedded circuit board project has successfully passed a series of tests [1] - The smart cockpit domain controller and three-electric platform projects have achieved increased mass production [1] Group 2: Product Achievements - The company has secured a project for the high-performance Thor chip smart driving domain controller [1] - Mass production and delivery have been achieved for high-value-added circuit boards, including smart driving visual COB camera circuit boards, perception laser radar, and millimeter-wave radar circuit boards [1] - The project for HSP thermal paste circuit boards, compatible with third-generation power semiconductor devices, has also reached mass production [1]

Core Viewpoint - The company, Shiyun Circuit (603920), is focusing on embedded chip PCB products primarily used in the power domain of electric vehicles, which enhance electrical performance and extend driving range [1] Group 1: Product Application and Performance - Embedded chip PCB products are mainly applied in the power domain of new energy vehicles, significantly improving electrical performance through higher integration and power density [1] - These products reduce system noise and switching losses, greatly increasing switching speed, which contributes to enhanced driving range [1] Group 2: Market Demand and Recognition - The demand for embedded chip PCB products is expanding as they have gained recognition from several mainstream automotive OEMs and terminal manufacturers [1] Group 3: Future Plans - To meet customer demand, the company plans to establish a new generation PCB manufacturing base project named "Chip Innovation Smart Manufacturing," expected to commence production in mid-2026 [1]