Core Insights - The humanoid robot industry is entering the commercialization phase, with "humanoid tactile interaction" identified as a key bottleneck for application expansion. Flexible tactile sensors, referred to as "electronic skin," are crucial for providing robots with multi-modal perception capabilities, forming the foundational sensory network for interaction with the physical world. By 2030, the demand for flexible tactile sensors is projected to reach 1.525 million square meters, with a market size of 27.4 billion yuan [1][3]. Company Overview - Fulei New Materials, established in 2009 and listed on the Shanghai Stock Exchange in April 2021, focuses on the research, production, and sales of functional coated composite materials. The company has been developing flexible sensors since 2017, launching its first tactile sensor in February and a second-generation product in June, which can detect force vectors in three directions [3][4]. Product Development - Fulei New Materials introduced a new generation tactile sensing system that integrates flexible materials, chips, algorithms, and large models. The system features three core technological breakthroughs: "chip-sensor integration," advanced intelligent algorithms for enhanced object interaction, and an expanded effective sensing area to improve tactile information acquisition [1][4]. Market Positioning - The company has established partnerships with numerous domestic and international clients, with some expressing demand for over a hundred units. In the North American market, clients prioritize product consistency, reliability, lifespan, and signal drift, which are critical for providing reliable data to robotic systems. Fulei New Materials has a competitive edge in supply chain efficiency and has set up a wholly-owned subsidiary in California to facilitate bulk supply [4][5]. Financial Strategy - Fulei New Materials is progressing with its refinancing project, planning to raise up to 707 million yuan through a private placement. The funds will be allocated to expand production capacity for label printing materials, upgrade electronic-grade functional materials, enhance the research center, and supplement working capital. The company aims to transition from a supplier of coated materials to a new materials innovator and comprehensive solution provider [5].

Core Viewpoint - The company has officially launched its third-generation electronic skin product, marking a strategic shift from a functional coating material supplier to an intelligent sensing solution provider, driven by advancements in AI technology [1][2]. Group 1: Product Development - The third-generation electronic skin features three core breakthroughs: integration of sensing and processing through embedded chips, advanced intelligent algorithms for enhanced perception, and a significantly increased effective sensing area [2][3]. - The product is described as a comprehensive system combining flexible materials, chips, algorithms, and large models, representing a significant upgrade from traditional single-function materials [2]. Group 2: Research and Development - The company's R&D team has doubled in size compared to the end of last year, attracting experts in sensor technology and AI algorithms, which enhances its competitive edge in the industry [3]. - The company emphasizes continuous investment in R&D, focusing on tactile sensors for robotics, industrial detection systems, and consumer electronics to deepen its technological moat [2][3]. Group 3: Market Expansion - The company is actively expanding into the North American market, establishing a wholly-owned subsidiary in California to support business and technical operations, positioning itself as a key supplier of electronic skin products [4]. - The company has received significant interest from leading humanoid robot companies in North America, with several clients placing bulk orders exceeding one hundred units [4]. Group 4: Strategic Focus - The company aims to explore new profit growth points by focusing on flexible tactile sensors, electronic-grade functional materials, and environmentally friendly coating packaging materials [5]. - The company's heat transfer film business is experiencing rapid growth, with applications expanding from clothing to personalized consumer products, particularly in overseas markets [5].

Core Insights - The company, Folei New Materials, launched its third-generation electronic skin product, featuring a Tactile Processing Unit (TPU) that enables edge computing at the fingertip level, enhancing the sensory capabilities of robots [1][9][11]. Product Development - The third-generation electronic skin integrates a chip within the flexible sensor, allowing for deep integration of sensing and processing [11]. - Advanced intelligent algorithms have been incorporated, enabling the sensor to possess deep perception capabilities rather than just simple touch detection [11]. - The effective sensing area has been significantly increased, providing robots with richer and more dimensional tactile information [11]. Market Engagement - Folei New Materials has established collaborations with dozens of domestic and international clients, with some expressing clear demand for bulk orders [3][18]. - The company has made progress in the North American market, achieving small batch orders and establishing a wholly-owned subsidiary, Apex Sensing LLC, in California [18]. Strategic Direction - The company is transitioning from a functional coating material supplier to a provider of intelligent sensing solutions, with electronic skin as the core of this transformation [9]. - Continuous investment in research and development is emphasized, with significant increases in R&D spending, particularly in flexible sensor projects [14]. Collaborative Efforts - Folei New Materials is actively promoting industry-academia collaboration, having established a joint laboratory with Zhejiang Tsinghua Flexible Electronics Technology Research Institute to focus on breakthroughs in flexible chip technology [14][16]. - Strategic partnerships with companies like Tongzhi Technology aim to enhance the integration of AI algorithms and flexible sensing technology [14]. Investor Reception - The launch event attracted significant attention, with over 100 institutions and nearly 300 attendees, indicating strong investor interest in the electronic skin technology [3][19].

Core Viewpoint - Fulei New Materials (605488) is focusing on the emerging sector of flexible sensors, having successfully transitioned from a material supplier to a smart sensing solution provider, with its "electronic skin" products now in mass production [1][2] Group 1: Business Development - The company has established partnerships with dozens of clients, some of whom have placed bulk order requests [1] - Fulei New Materials has set up a wholly-owned subsidiary, Apex Sensing LLC, in Silicon Valley, marking a significant step towards internationalization [1] - The company emphasizes its competitive advantages in intelligence, product form, and efficiency, delivering tactile intelligent TPU rather than just sensor resistance signals [2] Group 2: Product Innovation - The third-generation product, "chip-sensing integration," features highly miniaturized and digitized circuits, making it more compatible with dexterous hands [2] - The company is focusing its R&D efforts on tactile sensors for robotics, industrial detection systems, and consumer electronics, with R&D expenses reaching 91.56 million yuan, a year-on-year increase of 25.46% [2] Group 3: Team and Expertise - The R&D team for flexible sensors has doubled in size, attracting experts in the sensor field and AI algorithm models, providing strong technical support for continuous innovation and industrialization [2] Group 4: Market Position and Challenges - The flexible sensor market is still in its early development stage, with high potential but significant uncertainties regarding order acquisition, technical solutions, mass production pace, and scale [2]

Macro Dynamics - China's AI open-source model downloads accounted for 17% of the global total, surpassing the US's 15.8% for the first time [2] Energy Sector - The National Development and Reform Commission (NDRC) is promoting the orderly development of various new energy storage and hydrogen technologies, focusing on market reforms and infrastructure construction to support these emerging industries [3] Financial Institutions - JPMorgan's outlook for Chinese stocks in 2026 includes four major themes: the execution of "anti-involution" policies, growth in domestic and international AI infrastructure, favorable macroeconomic conditions for overseas sales, and a K-shaped consumption recovery [7] Market Data - The A-share market saw mixed performance with the Shanghai Composite Index up by 0.29% and the ChiNext Index down by 0.44%, while the total trading volume exceeded 1.7 trillion yuan [8][9] - The financing balance of the two markets increased by 59.91 billion yuan, with the Shanghai Stock Exchange reporting a balance of 12,428.24 billion yuan and the Shenzhen Stock Exchange at 12,019.62 billion yuan [10] Company Dynamics - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan [13] - China State Construction Engineering Corporation secured three major projects totaling 10.67 billion yuan, which represents 0.5% of its audited revenue for 2024 [14] - Fulaite New Materials has completed multiple iterations of its "electronic skin" product and achieved mass supply, transitioning from a material supplier to a smart sensing solution provider [16]

Core Viewpoint - The company emphasizes the importance of research and innovation, focusing on flexible sensors as a strategic core direction, with a significant increase in R&D investment [1] R&D Investment - R&D expenses in the first three quarters have shown a significant year-on-year increase, with investments directed towards robotic touch, industrial detection sensor systems, and consumer electronics [1] Team Expansion - The flexible sensor R&D team has rapidly expanded, doubling in size and attracting experts in the sensor field and AI algorithm models, ensuring a strong technical foundation and practical experience [1] Technical Achievements - The team has successfully overcome multiple technical challenges in the sensor domain, showcasing their deep technical accumulation and rich practical experience [1]

人民财讯11月27日电，福莱新材（605488）11月27日在机构路演活动表示，公司自主研发的"电子皮 肤"产品已完成多次迭代并实现批量供货，顺利完成从材料供应商向智能传感解决方案提供商的转型， 在智能感知与智能制造新赛道中开辟出第二增长曲线。 公司的第三代触觉传感系统实现了从"原始数据"到"智能知觉"的飞跃，触觉传感器不再仅仅是"数据搬 运工"，而是成为"触觉智能核心"。 ...

Core Viewpoint - The company, Fola New Materials (605488.SH), has successfully transitioned from a material supplier to a provider of intelligent sensing solutions with its self-developed "electronic skin" products, which have undergone multiple iterations and are now in mass production [1] Group 1: Product Development and Market Position - The company has developed products such as "integrated sensing" and "algorithm empowerment," which are crucial for enabling dexterous operations and safe interactions in robotic applications [1] - The high-performance tactile sensing technology targets applications in high-end manufacturing, allowing humanoid robots and dexterous hands to perform precise assembly tasks previously only achievable by human hands [1] - The company has established partnerships with dozens of domestic and international clients, some of whom have explicitly requested bulk orders [1] Group 2: Market Expansion and Strategy - The company has set up a wholly-owned subsidiary, Apex Sensing LLC, in California, USA, to establish a business and technical team, marking progress in securing small batch orders in the North American market [1] - North American clients are particularly focused on the consistency, reliability, lifespan, and signal drift of products, as they are engaged in advanced research on global artificial general intelligence (AGI) [1] - The company's products are designed to provide the most reliable data for robotic brains, enhancing the interaction capabilities of robots with humans [1]

Core Points - The stock of Fulei New Materials fell by 5% to 32.28 CNY per share, with a trading volume of 348 million CNY and a turnover rate of 3.85%, resulting in a total market capitalization of 9.045 billion CNY [1] Company Overview - Fulei New Materials Co., Ltd. is located in Jiaxing City, Zhejiang Province, and was established on June 8, 2009. The company was listed on May 13, 2021. Its main business involves the research, production, and sales of functional coating composite materials [1] - The revenue composition of the company includes: 46.65% from advertising inkjet printing materials, 31.42% from label printing materials, 9.17% from other sources, 6.94% from functional base film materials, 3.95% from electronic-grade functional materials, and 1.86% from other supplementary materials [1] Shareholder Information - The Oriental Alpha Fund has a position in Fulei New Materials, with its fund, Oriental Alpha Preferred Mixed A (007518), entering the top ten circulating shareholders in the third quarter, holding 1.9064 million shares, which accounts for 0.69% of the circulating shares. The estimated floating loss today is approximately 3.2409 million CNY [2][4] - The fund was established on September 12, 2019, with a latest scale of 128 million CNY. Year-to-date returns are 42.66%, ranking 1169 out of 8130 in its category, while the one-year return is 45.95%, ranking 1058 out of 8054 [2] Fund Manager Information - The fund manager of Oriental Alpha Preferred Mixed A is Zhou Mi, who has been in the position for 7 years and 270 days. The total asset scale of the fund is 6.989 billion CNY, with the best fund return during the tenure being 112.22% and the worst being -5.86% [3]

Core Viewpoint - Fule New Materials (605488) announced that it has not provided guarantees for its controlling shareholders, actual controllers, or their related parties, and there are no overdue guarantees [1] Group 1 - The company confirmed that it does not have any overdue guarantees [1]