Core Viewpoint - Zhejiang Fulai New Materials Co., Ltd. has introduced a new concept called "Tactile Processing Unit (TPU)" aimed at addressing the challenges faced by robots in interacting with the physical world, particularly in tasks requiring delicate touch [1][2]. Group 1: Tactile Processing Unit (TPU) Concept - The TPU is designed to fill the gap in tactile processing within the "intelligent triad" of robots, which includes the CPU for logical decision-making and the GPU for visual perception [2]. - The TPU provides robots with a "certainty" through precise tactile perception, correcting visual biases and enabling a shift from probabilistic to factual interaction with the environment [2]. Group 2: Technical Innovations - Fulai New Materials has achieved breakthroughs in speed, cognition, and coverage to develop an efficient TPU [3]. - The TPU integrates miniaturized, flexible signal processing chips directly with tactile sensors, allowing for millisecond-level response times to prevent object slippage [3]. - It employs physical-guided machine learning algorithms to translate raw signals into understandable physical language, achieving a spatial resolution of less than 0.1 millimeters [3]. Group 3: Collaborative Development - The company collaborates with Zhejiang Tsinghua Flexible Electronics Technology Research Institute for hardware development and partners with top teams like Tongzhi Artificial Intelligence Technology (Beijing) Co., Ltd. for algorithm enhancement [3]. - The TPU has already been successfully delivered to leading global robotics and dexterous hand companies [3].

Group 1 - The company, Fule New Materials, announced that it does not have any overdue guarantees [2]

| 证券代码：605488 | 证券简称：福莱新材 | 公告编号：临 2025-164 | | --- | --- | --- | | 债券代码：111012 | 债券简称：福新转债 | | 浙江福莱新材料股份有限公司 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 烟台富利新材料科技有限公司（以 下简称"烟台富利"） | | | | --- | --- | --- | --- | --- | --- | | 担 | 保 对 | 本次担保金额 | 7,500.00 | 万元 | | | 象 | | 实际为其提供的担保余额 | 72,930.98 | 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | 是 | □否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | ...

Core Viewpoint - The stock price of Fulei New Materials has shown significant growth this year, with a year-to-date increase of 130.52%, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of December 3, Fulei New Materials' stock rose by 2.01%, reaching 34.47 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 1.44% [1]. - The stock has experienced a 1.44% increase over the last five trading days, a 13.76% increase over the last 20 days, and a 3.20% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Fulei New Materials achieved a revenue of 2.097 billion CNY, representing a year-on-year growth of 18.09%. However, the net profit attributable to shareholders decreased by 7.83% to 64.6 million CNY [2]. - The company has distributed a total of 243 million CNY in dividends since its A-share listing, with 122 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of November 30, the number of shareholders for Fulei New Materials reached 33,000, an increase of 4.10% from the previous period, with an average of 8,369 circulating shares per shareholder, a decrease of 3.94% [2]. - Notable changes in institutional holdings include Hong Kong Central Clearing Limited entering as the sixth-largest shareholder with 2.8919 million shares, and Dongfang Alpha Optimal Mixed A becoming the ninth-largest shareholder with 1.9064 million shares [3].

Core Viewpoint - The company Fulei New Materials (605488.SH) has launched its third-generation electronic skin products, enhancing tactile sensing capabilities for humanoid robots, indicating a significant advancement in the field of robotics and tactile technology [1][2]. Group 1: Product Development - The third-generation electronic skin improves upon the second generation by transitioning from raw data collection to physical world perception, positioning itself as a tactile intelligence core rather than a mere data transporter [2]. - The second-generation product added tangential force perception to the vertical force sensing of the first generation, allowing for multi-dimensional sensing in robotic hands, which addresses limitations in handling flexible objects [1][2]. - The new product integrates sensor chips and software stacks into a dedicated processing unit, enhancing the efficiency of tactile feedback and motion frequency perception in robots [1]. Group 2: Market Position and Partnerships - Fulei's tactile technology is already applied in global robotic hands and bodies, with a network of partners covering nearly all major companies in the dexterous hand and robot body sectors, and multiple hundred-unit orders have been delivered [2]. - The company has entered the U.S. market and has several domestic and international clients, many of whom have expressed clear demands for mass production and orders [2]. Group 3: Industry Trends and Challenges - The competition in dexterous hands has shifted from a focus on degrees of freedom to tactile perception capabilities, reflecting the evolving demands of the industry [2]. - Concerns about potential market saturation and the risk of high redundancy in humanoid robot products were raised by a government official, but the company emphasized that its rapid product iterations are driven by collaboration with downstream clients [2][4]. - The company acknowledges that every client is in a phase of technological divergence, with varying structural designs and performance requirements, indicating a dynamic and competitive landscape [4]. Group 4: Industry Perspective - The company addressed concerns regarding potential bubbles in the humanoid robot market, comparing the current stage of embodied intelligence to the early days of smartphones, suggesting that technological development should continue despite such concerns [5].

Group 1 - A total of 263 listed companies were researched by institutions this week, with Jerry Holdings receiving the most attention from 168 participating institutions [1] - Other companies such as Amlogic and Fulaixin Materials also attracted over 100 institutional research engagements [1] - In terms of total research frequency, Haixia Holdings and Weisheng Information were researched 4 times, while companies like Slin, Baiyun Airport, and Weixing Holdings were researched 2 times each [1] Group 2 - Institutions are continuously focusing on sectors such as industrial machinery, electronic components, chemicals, and electrical equipment [2]

Group 1 - The core viewpoint of the article highlights that institutional research activity remains high, with 254 listed companies disclosing investor research records during the week of November 24 to November 28 [1] - Over 80% of the stocks that were the subject of institutional research achieved positive returns, indicating a strong correlation between institutional interest and stock performance [1] - Notable performers included Hai Xin Food, which achieved a three-day consecutive increase with a rise of 45.4%, and Tongyu Communication, which saw a two-day consecutive increase with a rise of 39.1% [1] Group 2 - Popular research targets included companies such as Jereh Petroleum Equipment, which received over 100 institutional research inquiries, and Fule New Materials, which also attracted significant institutional interest [1] - Other companies like Century Huatong, Naconor, and Kaiying Network received inquiries from over 80 institutions, reflecting their growing prominence among investors [1]

Core Insights - Institutional research activity remains high, with 254 listed companies disclosing investor research records this week, and over 80% of these companies achieved positive returns [1] - Notable performers include Hai Xin Food with a 45.4% increase, Tongyu Communication with a 39.1% increase, and several others exceeding 20% [1] Group 1: Jerry Holdings - Jerry Holdings received attention from 168 institutions this week, focusing on its gas power generation business and competitive advantages in the field [2] - The company has developed a comprehensive product system for gas power generation, including gas turbine generator sets and energy storage equipment, and has secured over $100 million in sales orders for data center generator sets in North America [2] - Jerry Holdings aims to expand its application areas and secure new orders to meet diverse global energy demands [2] Group 2: Fule New Materials - Fule New Materials attracted 106 institutional inquiries regarding its third-generation electronic skin, which integrates flexible materials, chips, algorithms, and large models [3] - The company has transitioned from a material supplier to a provider of intelligent sensing solutions, achieving significant advancements in tactile sensing technology [3][4] - The third-generation system features ultra-high resolution and advanced algorithms that enable it to interpret tactile information intelligently [3] Group 3: Century Huatong and Kaiying Network - Century Huatong received inquiries from 96 institutions, with a focus on its outlook for the gaming industry and core competitiveness [5] - The company emphasizes the importance of gaming in driving technological advancements and aims to connect a broader digital world through its products [5][6] - Kaiying Network engaged with 87 institutions, discussing its strategic investment in Century Huatong and the financial implications of its stock holdings [6] - The company plans to maintain its investment in Century Huatong to enhance collaboration in IP and brand development, without short-term plans to sell its shares [6]

Core Viewpoint - The stock prices of several companies, including Xiangyang Bearing, Lixing Co., and others, have experienced significant increases, indicating a bullish trend in the market [1] Company Summary - Xiangyang Bearing has reached its daily limit up, reflecting strong investor interest and confidence in its performance [1] - Lixing Co. has seen its stock price rise by over 10%, suggesting positive market sentiment towards the company [1] - Other companies such as Haoshi Electromechanical, Fule New Materials, Buke Co., and Huaru Technology have also experienced notable price increases, indicating a broader trend of growth within this sector [1]

Group 1 - The core viewpoint of the article is that Fulei New Materials has launched a new generation of tactile sensing systems, integrating flexible materials, chips, algorithms, and large models, positioning itself to capitalize on the AI development wave [1] - The third-generation tactile sensing system achieves a leap from "raw data" to "intelligent perception," with spatial resolution reaching below 100 micrometers, providing significant advantages in mass production and economic viability [1] - The system's tactile processing unit (TPU) enables edge computing at the fingertip, allowing the system to not only sense contact with objects but also recognize their characteristics, marking a technological advancement from "touching" to "understanding" [1] Group 2 - Fulei New Materials has established partnerships with dozens of clients, with some clients already expressing demand for bulk orders [2] - The company is in the inquiry stage for its refinancing project, which aims to raise a total of 707 million yuan for expanding production capabilities, upgrading the R&D center, and supplementing working capital [2] - The company emphasizes its differentiated competitive advantage through an integrated approach in the inkjet printing composite materials industry, enhancing its core R&D capabilities to drive continuous innovation and product technology upgrades [2]