Summary of the Conference Call Company and Industry Overview - The conference call discusses **浩瀚公司 (Haohan Company)** and its strategic initiatives in the **AI and IT services industry**. The company has acquired **云边云 (Yunbianyun)** to enhance its AI application capabilities and address market challenges. Key Points and Arguments Acquisition of Yunbianyun - The acquisition of Yunbianyun is a strategic move to address two main pain points in AI application: the selection of specific application scenarios and the willingness of customers to pay. Yunbianyun has nearly **1,000 clients** and over **10,000 stores** across industries such as **restaurant chains** and **medical logistics**, including well-known brands like **7-11**, **Wagas**, and **Under Armour**, which have good payment habits [2][3][4] AI Application Deployment - Haohan plans to deploy lightweight AI hardware or software in retail scenarios, transitioning from free trials to paid models to enrich AI application scenarios and quickly gather customer feedback for product development [2][4] - The company aims to create AI outbound services as lightweight intelligent agents or digital employees, deploying them in stores as a SaaS model, with potential expansions into video surveillance, customer satisfaction surveys, and dynamic inventory management [2][6] SD-WAN Technology Integration - Haohan utilizes **SD-WAN technology** to optimize network connections for large, dispersed enterprises like 7-11 and Wagas, embedding its AI technology for deeper collaboration and increased customer retention, leading to stable revenue [2][5][10] Business Model and Customer Retention - The current business model is based on **SaaS**, with a customer renewal rate exceeding **90%** and minimal bad debts, indicating high service quality and customer loyalty. The pricing strategy is project-based, with stable annual renewals and low bad debt amounts [6][11] Future Market Expansion - Haohan aims to gradually enter the **To C (consumer)** market, which has a larger capacity than the current **B (business)** market. Collaborations with telecom operators are expected to expand revenue sources and reduce costs, creating synergies [4][14] Performance Commitments and Confidence - Haohan has lowered performance commitments for Yunbianyun and set up excess performance reward clauses, expressing confidence in achieving a net profit of over **14 million** by **2026** [3][7][8] Cost Advantages and Empowerment - Yunbianyun achieves cost advantages through STY access and cloud acceleration services, while Haohan's long-term relationships with telecom operators allow for better pricing, saving approximately **30%** on costs [13] AI Strategic Planning - Haohan's AI strategy focuses on practical application and generating real cash flow rather than merely spending on large models or hardware. The company emphasizes solving customer pain points and aims to share results with partners as progress is made [14] Other Important Insights - The company is exploring various AI applications, with AI outbound services being the most mature. There are ongoing discussions about expanding functionalities in retail and chain stores [6][10] - Haohan's established relationships with IT departments and operational teams enhance its ability to acquire customers and provide tailored solutions [11][12]

Group 1 - The core point of the article highlights that Tianzhihang-U experienced significant trading activity on January 7, with a total of 400,000 shares traded, amounting to 6.03 million yuan, at a price of 15.08 yuan, which represents a discount of 9.97% compared to the closing price of the day [2][3] - In the last three months, Tianzhihang-U has recorded a total of 27 block trades, with a cumulative transaction amount of 126 million yuan [3] - The stock closed at 16.75 yuan on the day of reporting, down 0.48%, with a turnover rate of 2.49% and a total trading volume of 189 million yuan, indicating a net outflow of 13.29 million yuan in main funds for the day [3] Group 2 - The latest margin financing balance for Tianzhihang-U is 222 million yuan, which has increased by 34.48 million yuan over the past five days, reflecting a growth rate of 18.35% [3] - Over the past five days, the stock has seen a cumulative increase of 12.34%, with a total net inflow of funds amounting to 542,400 yuan [3] - The block trades on January 7 involved two main brokerage firms, with institutional proprietary seats participating in two of the transactions, resulting in a net purchase of 4.01 million yuan [2][3]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The treatment equipment industry in China has experienced significant growth, with the market size increasing from 375.23 billion RMB in 2019 to 621.39 billion RMB in 2023, reflecting a compound annual growth rate (CAGR) of 13.44% [9] - The market is expected to continue growing, with projections indicating an increase to 872.09 billion RMB by 2028, at a CAGR of 6.12% [10] - The integration of AI and advanced technologies is driving innovation and efficiency in treatment devices, enhancing diagnostic accuracy and treatment precision [31] Market Background - The medical device sector includes instruments and software for diagnosis, monitoring, and treatment, with a notable increase in clinical trial institutions from 1,176 in 2022 to 1,340 in 2023, a growth of 13.8% [5] - The treatment equipment category encompasses surgical instruments and rehabilitation devices, which are crucial for patient recovery [6][7] Market Status - The treatment equipment market is expanding due to improved regulatory frameworks and increased domestic innovation, with a total of 13,260 medical device registrations in 2023, a 25.4% increase from 2022 [9] - The demand for treatment devices is rising, driven by an aging population and increased surgical procedures, with PCI surgeries growing from 915,000 in 2018 to 1,636,000 in 2023, a 26.4% year-on-year increase [13] Market Competition - The competitive landscape features a tiered structure, with leading companies like Mindray Medical and MicroPort in the first tier, and others like Qizhi Laser and Yuyue Medical in subsequent tiers [17][18] - The total R&D investment among the top 20 listed medical device companies reached 11.18 billion RMB in 2023, up 14.9% from 2022, indicating a strong focus on innovation [18] Recommended Brands - Mindray Medical is recognized for its leadership in ultrasound imaging and life information support, with a significant market share in high-end ultrasound products [19] - MicroPort specializes in minimally invasive intervention technologies, particularly in cardiovascular and neurological fields [20] - Yuyue Medical leads in home medical devices, with a dominant market position in respiratory therapy and blood glucose monitoring [22] Development Trends - The industry is undergoing a technological revolution with AI, 5G, and IoT integration, enhancing diagnostic and treatment capabilities [31] - The shift towards tiered medical services is optimizing the structure of healthcare consumption, with increased procurement of high-end devices by tertiary hospitals [32] - National policies are fostering domestic innovation and internationalization in the medical device sector, with a focus on streamlining approval processes for innovative products [33]

Group 1 - On January 7, Tianzhihang executed a block trade of 400,000 shares, with a transaction amount of 6.0319 million yuan, accounting for 3.09% of the total transaction volume for the day [1] - The transaction price was 15.08 yuan, which represents a discount of 9.97% compared to the market closing price of 16.75 yuan [1] - The block trade was conducted by an institutional investor, indicating a significant interest from professional market participants [2]

证券时报·数据宝统计显示，天智航-U今日收盘价为16.83元，上涨0.12%，日换手率为3.64%，成交额为 2.84亿元，全天主力资金净流出952.30万元，近5日该股累计上涨13.56%，近5日资金合计净流入1200.03 万元。 两融数据显示，该股最新融资余额为2.09亿元，近5日增加1854.14万元，增幅为9.76%。（数据宝） 1月6日天智航-U大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 业部 | | | 13.50 | 204.53 | 15.15 | -9.98 | 机构专 | 国投证券股份有限公司江 | | | | | | 用 | 苏分公司 | 天智航-U1月6日大宗交易平台出现一笔成交，成交量13.50万股，成交金额204.53万元，大宗交易成交 价为15.15元，相对今日收盘价折价9.98%。该笔交易的买方营业部为机构专用，卖方营业部为国投证券 股份有限公司江苏分公司。 （文章来源：证券时报网 ...

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]

Group 1 - The core transaction involved Tianzhihang, with a total of 135,000 shares traded, amounting to 2.0453 million yuan, which represented 0.71% of the total trading volume for the day [1] - The transaction price was 15.15 yuan per share, reflecting a discount of 9.98% compared to the market closing price of 16.83 yuan [1]

两融数据显示，该股最新融资余额为2.00亿元，近5日增加722.63万元，增幅为3.74%。（数据宝） 1月5日天智航-U大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘折 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 14.00 | 211.82 | 15.13 | -9.99 | 华泰证券股份有限公司广州 | 国投证券股份有限 | | | | | | 海珠广场证券营业部 | 公司江苏分公司 | | 14.00 | 211.82 | 15.13 | -9.99 | 平安证券股份有限公司北京 | 国投证券股份有限 | | | | | | 市分公司 | 公司江苏分公司 | （文章来源：证券时报网） 天智航-U1月5日大宗交易平台共发生2笔成交，合计成交量28.00万股，成交金额423.64万元。成交价格 均为15.13元，相对今日收盘价折价9.99%。 进一步统计，近3个月内该股累计发生23笔大宗交易，合计成交金额为1.1 ...

Group 1 - Tianzhihang Medical Technology Co., Ltd. focuses on the research, production, sales, and service of orthopedic surgical navigation robots, with a revenue composition of 58.31% from navigation robots, 23.86% from supporting equipment and consumables, 16.49% from technical services, and 1.31% from other sources [1] - As of January 5, Tianzhihang's stock price increased by 5% to 15.95 CNY per share, with a trading volume of 60.94 million CNY and a turnover rate of 0.85%, resulting in a total market capitalization of 7.273 billion CNY [1] Group 2 - E Fund's ETF, E Fund Guozheng Robotics Industry ETF (159530), entered Tianzhihang's top ten circulating shareholders in the third quarter, holding 10.78 million shares, which is 2.38% of the circulating shares, with an estimated floating profit of approximately 8.1931 million CNY [2] - The E Fund Guozheng Robotics Industry ETF has a current scale of 13.315 billion CNY and has achieved a year-to-date return of 36.58%, ranking 1266 out of 4189 in its category [2] Group 3 - The fund managers of E Fund Guozheng Robotics Industry ETF are Li Shujian and Li Xu, with total fund assets of 19.758 billion CNY and 26.538 billion CNY respectively [3] - Li Shujian has a tenure of 2 years and 120 days, with the best fund return of 114.87% and the worst return of -6.47% during his tenure [3] - Li Xu has a tenure of 3 years and 42 days, with the best fund return of 139.24% and the worst return of -5.57% during his tenure [3]

站在"十五五"新程待启的关键时点，如何看待2026年的经济形势？2026年经济工作怎么干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇 聚监管部门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。 对于企业而言，针对中央经济工作会议提出的持续扩大内需等议题会有哪些举措？2026年有哪些战略发展目标？新京报贝壳财经记者就此采访了天智航董事 会秘书黄军辉。 新京报贝壳财经：2026年，公司在业绩增长、产品创新、业务线等方面有何战略发展目标？ 黄军辉：业绩增长目标是力争实现营业收入与市场占有率的稳步提升，保持在中国骨科手术机器人市场的领先地位。通过市场下沉与海外探索，寻求新的增 长曲线。同时，持续优化成本结构，提升管理效率，追求高质量、可持续的盈利增长，以更好的业绩回报广大投资者。 产品创新目标是在现有"天玑"平台基础上，推出更具智能化、模块化特点的骨科手术机器人系统。在关键技术上取得突破，提升自主规划能力、集成更先进 的影像融合与实时导航技术，拓展公司的技术边界与应用领域，保持技术领先优势。 业务线发展目标是核心业务线（骨科手术机器人销售与服务）将持续深化，强化从设备到服务的全链条价值。探索基于 ...