Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the field of humanoid robotics, specifically focusing on the development and technology of dexterous hands, referred to as "灵巧手" (Lingqiao Shou) in the notes. Core Points and Arguments 1. **Comprehensive Research on Dexterous Hands** The report provides an in-depth analysis of the structure, technology directions, and key participants in the dexterous hand market, highlighting the significant market potential and technological advancements expected in the coming years [1][2][6]. 2. **Market Dynamics and Investment Opportunities** The rapid iteration and innovation in dexterous hand technology are expected to create substantial investment opportunities. The market is projected to see significant enhancements in functionality and applications over the next couple of years [2][6]. 3. **Key Components of Dexterous Hands** The dexterous hand is primarily composed of four major modules: drive, transmission, control, and perception. The trend is leaning towards hybrid mechanical solutions that balance freedom of movement and load capacity [2][4][6]. 4. **Technological Challenges and Innovations** The development of tactile sensors and the integration of various sensing technologies are crucial for enhancing the dexterous hand's performance. Current technologies are still in a multi-route development phase, with significant room for innovation [3][4][6]. 5. **Cost Structure and Market Pricing** The pricing for dexterous hands currently ranges from 50,000 to 100,000 yuan, with expectations to decrease to between 5,000 and 30,000 yuan as production scales up. The cost structure is estimated to have a reasonable material cost of around 20% [5][6][44]. 6. **Key Players and Recommendations** Recommended companies include 雷赛智能 (Leisai Intelligent) and 赵威基电 (Zhaowei Electric), which are noted for their capabilities in both dexterous hand solutions and component supply [6][44]. 7. **Future Market Potential** By 2030, the market for dexterous hands is projected to reach approximately 900 billion yuan, with significant contributions from key components like sensors and micro actuators. Major companies are expected to see profit contributions ranging from 500 million to 700 million yuan [44][45]. 8. **Technological Trends in Dexterous Hands** The industry is observing a shift towards more sophisticated designs that incorporate higher degrees of freedom and improved precision. The performance of dexterous hands is currently estimated to meet only 30-40% of the required standards, indicating a need for further development [12][39]. Other Important but Possibly Overlooked Content 1. **Diverse Technological Approaches** Various driving and transmission methods are being explored, including direct drive and hybrid systems, each with its advantages and challenges [13][14][25]. 2. **Sensor Technology Development** The integration of tactile sensors is critical for the dexterous hand's functionality, with ongoing developments in pressure sensors and visual-tactile systems [27][30][32]. 3. **Market Segmentation and Product Differentiation** There is a clear distinction between local manufacturers and independent firms, with local firms focusing on high-performance solutions while independent firms tend to adopt a more gradual approach to product development [34][39]. 4. **Performance Metrics** Key performance indicators for dexterous hands include degrees of freedom, precision, load capacity, and sensory feedback, which are essential for their operational effectiveness [10][11][12]. 5. **Future Innovations and Material Development** The potential for new materials to enhance the dexterous hand's performance is being explored, particularly in the context of reducing weight and increasing durability [24][25][30]. This summary encapsulates the key insights and projections regarding the dexterous hand technology and its market implications, providing a comprehensive overview for stakeholders interested in this emerging field.

Group 1 - The global humanoid robot market is projected to see sales of 1.24 million, nearly 3.4 million, and over 5 million units in 2025, 2030, and 2035 respectively, with corresponding market sizes of 63.39 billion, over 640 billion, and over 4000 billion yuan [1][2] - The CAGR for humanoid robot sales from 2025 to 2030 is approximately 94%, and from 2030 to 2035 is about 71%, indicating significant growth potential in the mid to long term [1][2] - The global multi-finger dexterous hand market is expected to exceed 5 billion USD by 2030, with a CAGR of 64.6% from 2024 to 2030 [2][3] Group 2 - China is rapidly catching up in the dexterous hand market, with companies like Yinshi Robotics and Aoyi Technology showing strong competitiveness [3] - In 2024, the sales volume of dexterous hands in China is expected to be 0.57 thousand units, with a CAGR of 90% projected until 2030, reaching over 340 thousand units [2][3] - The market share of dexterous hands in North America, Europe, and Asia-Pacific in 2024 is projected to be 32.56%, 25.25%, and 37.92% respectively [3] Group 3 - Key trends in dexterous hand technology include lightweight design, high biomimicry and freedom, primarily motor-driven systems, and a shift towards direct drive and composite transmission methods [4] - Recommended stocks in the dexterous hand and related components sector include Leisai Intelligent, Shuanglin Co., Wuzhou Xinchun, and Zhenyu Technology, among others [5]

司股份实施期限的公告》（公告编号：2025-003）、《关于调整回购股份价格上 限的公告》（公告编号：2025-040）。 截至 2025 年 7 月 4 日，公司上述回购股份方案已实施完成，现将具体情况 公告如下： 一、回购股份的具体情况 证券代码：002979 证券简称：雷赛智能 公告编号：2025-051 深圳市雷赛智能控制股份有限公司 关于股份回购实施完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市雷赛智能控制股份有限公司（以下简称"公司"）于 2024 年 2 月 2 日召开第五届董事会第七次会议审议通过了《关于回购公司股份方案的议案》， 公司拟使用自有资金以集中竞价交易方式回购公司股份用于后续实施员工持股 计划或者股权激励。本次用于回购资金总额不低于人民币 6,000 万元（含）且不 超过人民币 12,000 万元（含），回购价格不超过人民币 25.00 元/股（含），回 购股份实施期限为自公司董事会审议通过本次回购股份方案之日起不超过 12 个 月。具体内容详见公司于 2024 年 2 月 6 日、2024 年 2 月 ...

Summary of LeiSai Intelligent Conference Call Company and Industry Overview - **Company**: LeiSai Intelligent - **Industry**: Automation and Robotics - **Market Focus**: Advanced manufacturing sectors including 3C electronics, semiconductors, and machine tools Key Points and Arguments 1. **Product Offering and Market Potential**: LeiSai Intelligent extends its product line to provide comprehensive solutions including controllers, servo systems, and components, targeting a broad market with significant revenue growth potential. The servo system market share is close to 5%, ranking among the top domestic companies [2][3][4] 2. **Channel Upgrade Strategy**: The company has implemented a channel upgrade strategy by learning from competitors like Huichuan Technology to build a collaborative sales system, enhancing understanding of downstream demand, and introducing quality brand distributors to expand into mid-to-low-end markets. By 2024, the revenue from distributors is expected to rise to nearly 50% [2][5] 3. **Stock Incentive Plan**: A new round of stock incentive plans is set to launch in May 2025, which is anticipated to accelerate the main business development and significantly enhance net profit [2][6] 4. **Entry into Humanoid Robotics**: LeiSai Intelligent is leveraging its technological reuse and channel advantages to enter the motor and control segment of humanoid robotics, aiming to cultivate a second growth curve. The target for frameless motor orders is set at 100,000 units for this year, with production capacity reaching 300,000 units [2][7][8] 5. **Market Recovery**: The domestic automation market is expected to experience slight positive growth in Q1 2024 after three years of decline, driven by factors such as AI integration, low-altitude economy, domestic substitution, and digital transformation [2][9] 6. **Profit Margins**: The company maintains stable profit margins across its product lines: servo systems at approximately 28%, stepper systems at around 40%, and control technology products at over 65% [4][12] 7. **Demand Recovery in Downstream Industries**: The recovery in the automation industry is most pronounced in downstream sectors such as 3C electronics and semiconductors, which account for 40% to 50% of the company's business [2][11] 8. **Future Trends in Automation**: The automation industry is expected to see significant growth due to digital transformation initiatives and the impact of low-altitude economy and smart industries over the next three to five years [2][10] 9. **Competitive Landscape**: LeiSai Intelligent faces competition in the controller market, particularly from foreign brands in the PLC segment, but is gaining market share in high-end manufacturing sectors [2][13] 10. **Robotics Component Market**: Key components for humanoid robots include actuators and sensors, with frameless torque motors and hollow cup motors being critical. LeiSai's products are positioned competitively against foreign brands in terms of performance and cost [2][17] Additional Important Insights - **Management and Strategic Focus**: The company is transitioning to a process-oriented organization inspired by Huawei's strategic model, which is expected to improve operational efficiency and profitability [2][15] - **Long-term Growth Projections**: LeiSai aims for a compound annual growth rate of 25% to 30% in net profit over the next three years, with a target market capitalization exceeding 16 billion [2][22] - **Risks**: Potential risks include economic downturns in manufacturing, uncertainties in the development of cutting-edge technologies, and increasing market competition [2][22]

一、回购股份的具体情况 证券代码：002979 证券简称：雷赛智能 公告编号：2025-050 深圳市雷赛智能控制股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市雷赛智能控制股份有限公司（以下简称"公司"）于 2024 年 2 月 2 日召开第五届董事会第七次会议审议通过了《关于回购公司股份方案的议案》， 公司拟使用自有资金以集中竞价交易方式回购公司股份用于后续实施员工持股 计划或者股权激励。本次用于回购资金总额不低于人民币 6,000 万元（含）且不 超过人民币 12,000 万元（含），回购价格不超过人民币 25.00 元/股（含）。具 体内容详见公司于 2024 年 2 月 6 日、2024 年 2 月 7 日在《证券时报》《中国证 券报》《上海证券报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于回购公司股份方案的公告》（公告编号：2024-001）、《回购报告 书》（公告编号：2024-004）。 2025 年 1 月 9 日，公司召开第五届董事会第十四次会议 ...

Core Viewpoint - Shenzhen Laisai Intelligent Control Co., Ltd. has completed the initial registration of stock options under the 2025 stock option and restricted stock incentive plan, which aims to motivate employees and align their interests with the company's performance [1][2][3] Summary by Sections Approval Procedures - On May 16, 2025, the company's board and supervisory board approved the incentive plan and related management measures [2][3] - The list of incentive recipients was publicly announced from May 19 to May 29, 2025, with no objections received [2] - The first extraordinary general meeting of shareholders approved the incentive plan on June 3, 2025 [3] Initial Grant Details - The initial grant date for stock options was June 11, 2025, with registration completed by June 24, 2025 [4] - A total of 4.863 million stock options were granted to 266 recipients, with an adjusted exercise price of 50.28 yuan per share [4][5] Stock Option Distribution - The total stock options granted under the plan amount to 6 million, with 4.863 million granted initially, representing 1.58% of the company's total share capital at the time of the plan announcement [4][5] - The reserved portion of stock options is 1.137 million, accounting for 0.37% of the total share capital [4][5] Exercise Conditions - The stock options can be exercised starting 12 months after the grant date, with specific conditions outlined for each exercise period [6][7] - The exercise conditions include company performance metrics such as revenue and net profit growth rates, with specific targets set for the years 2025 to 2027 [9][10] Financial Impact - The estimated cost of the stock option incentive plan is approximately 25.3362 million yuan, which will be amortized over the years 2025 to 2028 [14] - The plan is expected to have a positive impact on the company's long-term performance by enhancing employee motivation and operational efficiency [14]

证券代码：002979 证券简称：雷赛智能 公告编号：2025-048 深圳市雷赛智能控制股份有限公司 关于 2025 年股票期权与限制性股票激励计划 之股票期权首次授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要提示： 深圳市雷赛智能控制股份有限公司（以下简称"公司"或"雷赛智能"）根 据《上市公司股权激励管理办法》、深圳证券交易所、中国证券登记结算有限责 任公司深圳分公司有关规则的规定，完成了 2025 年股票期权与限制性股票激励 计划（以下简称"《2025 年激励计划（草案）》"或"本激励计划"）之股票 期权首次授予登记工作，具体情况公告如下： 一、本激励计划已履行的相关审批程序 （一）2025 年 5 月 16 日，公司第五届董事会第十七次会议审议通过了《关 于公司<2025 年股票期权与限制性股票激励计划（草案）>及摘要的议案》《关 于公司<2025 年股票期权与限制性股票激励计划实施考核管理办法>的议案》《关 于提请股东大会授权董事会办理公司 2025 年股票期权与限制性股票激励计划有 关事宜的议案》。 股票期权简称：雷赛 ...

证券代码：002979 证券简称：雷赛智能 公告编号：2025-049 深圳市雷赛智能控制股份有限公司 关于 2025 年股票期权与限制性股票激励计划 之限制性股票首次授予登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要提示： 深圳市雷赛智能控制股份有限公司（以下简称"公司"或"雷赛智能"）根 据《上市公司股权激励管理办法》、深圳证券交易所、中国证券登记结算有限责 任公司深圳分公司有关规则的规定，完成了 2025 年股票期权与限制性股票激励 计划（以下简称"《2025 年激励计划（草案）》"或"本激励计划"）之第一 类限制性股票的首次授予登记工作，具体情况公告如下： 一、本激励计划已履行的相关审批程序 （一）2025 年 5 月 16 日，公司第五届董事会第十七次会议审议通过了《关 于公司<2025 年股票期权与限制性股票激励计划（草案）>及摘要的议案》《关 于公司<2025 年股票期权与限制性股票激励计划实施考核管理办法>的议案》《关 于提请股东大会授权董事会办理公司 2025 年股票期权与限制性股票激励计划有 关事宜的议案》。 （二）2 ...

证券代码：002979 证券简称：雷赛智能 公告编号：2025-047 一、持有人会议召开情况 深圳市雷赛智能控制股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日在公司会议室以现场结合通讯表决的方式召开 2025 年员工持股计划第一次持 有人会议。本次会议由公司董事会秘书向少华先生主持。本次会议应出席持有 人 266 人，实际出席持有人 266 人，代表 2025 年员工持股计划有表决权的份额 为 2,367,000 份，占 2025 年员工持股计划有表决权份额总数的 100%。本次会议 的召集、召开和表决程序符合相关法律法规、规范性文件及公司 2025 年员工持 股计划的有关规定，会议合法有效。 二、持有人会议审议情况 （一） 审议并通过《关于设立公司2025年员工持股计划管理委员会的议 案》 为保证公司 2025 年员工持股计划的顺利进行，保障持有人的合法权益，根 据《深圳市雷赛智能控制股份有限公司 2025 年员工持股计划（草案）》和《深 圳市雷赛智能控制股份有限公司 2025 年员工持股计划管理办法》的相关规定， 同意设立 2025 年员工持股计划管理委员会，作为 2025 年员工持 ...

深圳市雷赛智能控制股份有限公司 证券代码：002979 证券简称：雷赛智能 公告编号：2025-046 1、公司于2021年7月19日召开的2021年第二次临时股东大会审议通过了《关 于回购部分社会公众股份方案的议案》，同意公司使用自有资金以集中竞价交易 方式回购部分社会公众股份用于后续实施股权激励或员工持股计划。截至2022 年6月22日，公司通过股份回购专用证券账户以集中竞价方式累计回购公司股份 493.0157万股，占公司公告时总股本比例的1.30%。最高成交价为29.40元/股， 最低成交价为17.11元/股，支付的总金额为127,819,621.47 元（不含交易费用）， 回购均价25.93元/股，公司本期回购股份计划实施完毕，实施情况符合既定的《回 购报告书》的要求。 2022年11月25日，公司回购专用证券账户所持有的2,384,000股公司股票通 过非交易过户至"深圳市雷赛智能控制股份有限公司-2022年员工持股计划"专 户，完成本次非交易过户后，公司回购专用证券账户内剩余股份数量为2,546,157 股。2023年3月14日， 公司回购专用证券账户所持有的1,155,000股公司股票通 过非 ...