Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1]. Core Insights - Humanoid robots have significant potential, with the sensory system being one of the core subsystems. The market is expected to grow rapidly as humanoid robots begin to be deployed in various applications [3][9]. - The sensory layer is crucial for interaction with the environment, accounting for approximately 15% of the total cost of humanoid robots [10][11]. - The report emphasizes the importance of multi-sensory integration, including 3D vision, force sensing, inertial sensing, and tactile sensing, in enhancing the capabilities of humanoid robots [12][39]. Summary by Sections 1. Humanoid Robot Potential - The humanoid robot market is in its early stages but is expected to transform human production and lifestyle significantly. The global sales volume is projected to grow from approximately 26,000 units in 2025 to 606,000 units by 2030, with a CAGR of about 87.6% [9]. 2. 3D Vision - 3D vision is the primary environmental information input for humanoid robots, responsible for real-time modeling of the surroundings. The Chinese machine vision market is expected to grow from 4.687 billion yuan in 2016 to 39.529 billion yuan by 2028, with a CAGR of approximately 19.4% [19]. 3. Force and Inertial Sensing - Force sensing, particularly six-dimensional force sensing, is essential for precise operations in humanoid robots. The global market for humanoid robot force sensors is expected to grow from 179 million yuan in 2024 to 32.806 billion yuan by 2030, with a CAGR of 138% [46]. 4. Tactile Sensing - Tactile sensing is crucial for humanoid robots to perform delicate operations. The global market for robotic tactile sensors is projected to grow from 210 million USD in 2022 to 430 million USD by 2029, with a CAGR of 10.8% [71]. 5. Investment Recommendations - The report recommends focusing on companies involved in 3D vision, six-dimensional force sensing, MEMS IMU, and electronic skin technologies, highlighting firms like Chipone Technology, Aobo Technology, and Hanwei Technology as key players [3][9].

Summary of the Conference Call Company and Industry Overview - The conference call focuses on Hanwei Technology, a company in the sensor field listed on the A-share market, which has expanded its business to various types of sensors, including electronic skin technology for humanoid robots [2][6][16]. Key Points and Arguments - **Growth Potential of Electronic Skin**: The application of electronic skin in humanoid robots is expanding beyond hands to arms and feet, indicating significant growth potential. Tactile sensors are crucial for precise interaction between robots and their environment, providing information on force, texture, and temperature, thereby enhancing operational safety and comfort [2][3][4]. - **Revenue Projections**: Hanwei Technology's subsidiary, Suzhou Micro-Nano Sensors, has begun small-scale supply of electronic skin products, generating approximately 1 million yuan in revenue in 2024, with significant growth expected in 2025. The company is also actively developing flexible sensors for applications in robotics, consumer electronics, medical devices, and automotive smart cockpits [2][6]. - **Production Capacity and Product Line**: Hanwei Technology has a diverse product line and a mature production capacity, currently operating four production lines primarily serving the 3C, medical, and automotive sectors. Plans are in place to expand by adding two new production lines in 2025 [2][7]. - **Market Pricing and Cost Structure**: The market price for electronic skin is approximately 500 yuan per finger, totaling around 7,000 to 8,000 yuan for a complete hand setup. Initial costs for two fingers are about 2,000 yuan, with potential increases as technology matures [2][8]. - **Market Size and Profitability**: The long-term market for electronic skin is projected to reach 1 million units, with each unit valued at 5,000 yuan, leading to a total revenue potential of 5 billion yuan and a profit margin of around 1 billion yuan. The gross margin for flexible sensors is estimated at 45%, with a net margin of 20% [2][9]. - **Demand from Robotics Manufacturers**: There is a strong demand for electronic skin from both domestic and international robotics manufacturers. Companies like Keda have supplied to 17 domestic robot manufacturers, including Xiaomi and BYD, indicating high recognition and demand for electronic skin solutions [4][10][11]. Additional Important Insights - **Xiaomi's Strategic Positioning**: Xiaomi is accelerating its robotics business, planning to launch new products in the second quarter of 2025. The company's successful experience in the automotive sector is expected to be leveraged in its robotics strategy, enhancing its market position [4][13][14]. - **Hanwei Technology's Role in Xiaomi's Supply Chain**: As a key supplier in Xiaomi's supply chain, Hanwei Technology is positioned for significant growth. The scarcity of electronic skin technology and the limited number of listed suppliers in Xiaomi's ecosystem enhance Hanwei's growth prospects [2][16]. - **Future Outlook for Sensor Companies**: Companies like Nengsida are also planning to expand production capacity to meet the growing demand for small sensors in medical and 3C applications, with a projected net profit of 180 million yuan in 2025 [12]. This summary encapsulates the critical insights from the conference call, highlighting the growth potential of Hanwei Technology and the electronic skin market, along with the strategic positioning of key players like Xiaomi.

第六届董事会第十八次会议决议公告 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。 证券代码：300007 证券简称：汉威科技 公告编号：2025-003 汉威科技集团股份有限公司 一、董事会会议召开情况 1、本次会议通知于 2025 年 2 月 24 日以邮件或通讯方式送达。 2、本次会议于 2025 年 2 月 28 日在公司会议室以现场结合通讯的方式召开。 5、本次董事会的召集、召开和表决程序符合《中华人民共和国公司法》及 《公司章程》的有关规定，表决所形成的决议合法、有效。 二、董事会会议审议情况 1、审议通过《关于对外投资设立境外下属子公司的议案》 为进一步拓展海外市场，完善海外业务布局，提升公司产品在国际上的知名 度和市场占有率，满足国际化战略发展需要，公司拟通过全资子公司海南汉威智 感科技有限公司在新加坡设立全资孙公司艾维国际（新加坡）有限公司，并通过 艾维国际（新加坡）有限公司在马来西亚设立下属子公司艾维国际（马来西亚） 有限公司。本次对外投资总金额不超过 7,500 万元人民币。 具体内容详见同日刊登在巨潮资讯网（www.cninfo.com. ...

证券代码：300007 证券简称：汉威科技 公告编号：2025-004 汉威科技集团股份有限公司 关于对外投资设立境外下属子公司的公告 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。 一、对外投资概述 为进一步拓展海外市场，完善海外业务布局，提升公司产品在国际上的知名 度和市场占有率，满足国际化战略发展需要，汉威科技集团股份有限公司（以下 简称"公司"）拟通过全资子公司海南汉威智感科技有限公司（以下简称"海南 智感"）在新加坡设立全资孙公司艾维国际（新加坡）有限公司（暂定名，以下 简称"新加坡公司"），并通过新加坡公司在马来西亚设立下属子公司艾维国际 （马来西亚）有限公司（暂定名，以下简称"马来西亚公司"）。本次对外投资 总金额不超过 7,500 万元人民币。 该事项已经公司于 2025 年 2 月 28 日召开的第六届董事会第十八次会议审议 通过，无需提交公司股东大会审议。 本次对外投资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 二、投资标的基本情况 （一）新加坡公司 上述具体信息以相关部门实际核准或备案登记为准。 1、公 ...

汉威科技集团股份有限公司 证券投资管理制度 第一章 总则 第一条 为规范汉威科技集团股份有限公司及其下属子公司（以下简称"公 司"）的证券投资行为及相关信息披露工作，提高资金使用效率和效益，防范投 资风险，强化风险控制，保护投资者的权益和公司利益，公司根据《中华人民共 和国公司法》《中华人民共和国证券法》《深圳证券交易所创业板股票上市规则》 第四条 以下情形不适用本制度从事证券投资规范的范围： （一）作为公司或其控股子公司主营业务的证券投资行为； （二）固定收益类或者承诺保本的投资行为； （三）参与其他上市公司的配股或者行使优先认购权利； （四）购买其他上市公司股份超过总股本的 10%，且拟持有三年以上的证券 投资行为； （五）公司首次公开发行股票并上市前已进行的投资。 第五条 开展证券投资的基本原则： （一）公司开展证券投资应遵守国家法律、法规、规范性文件等相关规定。 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》等有关法 律、法规和规范性文件及《汉威科技集团股份有限公司章程》（以下简称"《公 司章程》"）的有关 ...

证券代码：300007 证券简称：汉威科技 公告编号：2025-002 汉威科技集团股份有限公司 关于股票交易异常波动的公告 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。 一、股票交易异常波动的具体情况 汉威科技集团股份有限公司（以下称"公司"）股票交易价格连续 3 个交易 日（2025 年 2 月 17 日、2025 年 2 月 18 日、2025 年 2 月 19 日）收盘价格涨幅 偏离值累计达到 30%，根据《深圳证券交易所交易规则》等相关规定，属于股票 交易异常波动的情况。 二、公司关注并核实情况的说明 1、针对公司股票交易异常波动，公司及全体董事、监事、高级管理人员就 相关问题进行了自查，现就自查情况进行如下说明: （1）公司前期披露的信息不存在需要更正、补充之处； （2）公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产 生较大影响的未公开重大信息； （3）近期公司经营情况及内外部经营环境正常，公司核心业务仍为传感器、 仪器仪表的研发、生产、销售以及相关智慧化综合服务，业务内容和经营情况未 发生重大变化。 2、针对公司股票交易异常波动， ...

人形机器人概念19日盘中再度活跃，截至发稿，平治信息、汉威科技20%涨停，双林股份涨超17%，骏 创科技、凌云光、万达轴承涨超12%，丰立智能涨超10%逼近历史高点，杭齿前进、四川金顶分别收获 6连板和3连板。 校对：杨舒欣 消息面上，北京时间18日中午，马斯克在X平台直播发布旗下xAI公司研发的最新聊天机器人Grok3。此 前马斯克曾称，Grok3"聪明得可怕"，性能超过目前发布的所有其他产品，并且强调Grok3为"地球上最 聪明的人工智能"。 此外，Meta正投资研发基于AI驱动的仿生机器人，计划成为"行业安卓"定义整个平台。Meta公司正大 力投资于基于AI驱动的仿生人形机器人，其远期目标是开发用于机器人制造的AI、传感器和软件，并 将其销售给第三方公司，以便这些公司能够开发自己的机器人。 2月12日，宇树科技的Unitree H1和G1人形机器人在京东官方旗舰店上架开售，其中Unitree H1人形机器 人售价为65万元，预计60天可交货。Unitree G1人形机器人售价为9.9万元，预计45天可交货。目前，该 产品已从京东平台下架，据报道，目前两款机器人下架的主要原因是存量不够现货，因此暂时取消了 ...

Summary of Hanwei Technology Conference Call Company Overview - Hanwei Technology focuses on flexible sensors and electronic skin technology, with significant advancements in the field since its establishment in 2013 [3][4]. Key Developments in Flexible Sensors - The flexible sensor, previously known as electronic skin, is primarily applied in three areas: high-end consumer electronics, general medical applications, and human-machine interaction [3][4]. - The company collaborates with 17 robotics companies, expecting small-scale production by the end of 2024 and product launches in the first half of 2025 [3][4]. - Partnerships with major manufacturers like Xiaomi and BYD enhance the market presence of flexible sensors, particularly in humanoid robots [3][5]. Product and Pricing Insights - Flexible sensors vary in price based on application, ranging from a few yuan for wireless earphones to over ten thousand yuan for robotics applications [3][16]. - The company has four production lines with an annual capacity of 5 million units, primarily for electric vehicle seat sensors, with plans to add two more lines by 2025 [3][18]. Market Outlook and Growth Projections - Hanwei Technology anticipates a 10% growth in its main business, with a doubling of product value for household gas alarms by 2025 [3][22]. - The IoT business is expected to maintain a steady growth rate of around 10%, with potential for higher growth as the company restructures its portfolio [3][24]. Challenges and Strategic Adjustments - The company faces challenges in the environmental sector, but losses are decreasing, and new projects are beginning to receive larger orders [3][22]. - Plans to divest public utility assets are underway, with a target completion date of September 30, 2025 [3][25][26]. Technological Innovations - The sensitive materials used in flexible sensors are developed in collaboration with Suzhou Nano Institute, with only two companies globally possessing similar technology [3][20][21]. - The company is exploring various technical paths for sensor development, including piezoresistive, piezoelectric, and biochemical methods [3][13][14]. International Expansion Plans - Hanwei Technology is increasing its overseas presence, having established a trading company in Haikou and planning to set up production lines abroad [3][33][34]. - The company aims to focus on sensor and instrumentation sectors in international markets, anticipating stable revenue from these areas [3][35]. Conclusion - Hanwei Technology is positioned for growth in the flexible sensor market, with strategic partnerships, innovative product offerings, and a focus on international expansion, while navigating challenges in the environmental sector and restructuring its business model [3][37].

Summary of Hanwei Technology Conference Call Company Overview - **Company**: Hanwei Technology - **Industry**: Sensor Technology, specifically focusing on gas monitoring and flexible sensors Key Points and Arguments Development Plans - Hanwei Technology has been focused on sensor R&D since its establishment in 1998, particularly in gas monitoring. The company plans to expand its sensor applications to include temperature, humidity, pressure, and vibration sensors over the next three to five years [3][4] - The company has early investments in flexible sensors since late 2013 and is set to begin small-scale production in the second half of 2024, primarily for the robotics sector [3][4] Market Focus - The company aims to maintain its advantage in electronic skin sensors while increasing its focus on ultrasonic, flexible, and optoelectronic sensors. Key markets include automotive, home appliances, and minimally invasive robotics, with a strong emphasis on the high-growth potential of the robotics market [3][6] - In the home appliance sector, a market demand increase is expected in 2024, while the automotive sector has longer supply cycles, making precise order predictions challenging for Q1 2025 [3][8] Robotics Business - The robotics business is expected to start small-scale production in the second half of 2024, with plans to expand production lines in the first half of 2025. The company is also considering mergers and acquisitions to build a dedicated robotics team similar to its automotive and home appliance teams [3][9][10] Financial Performance - The overall gross margin for the company is projected to be around 46% in 2024, with expectations for growth exceeding previous forecasts in the coming two years [3][28][33] Technology and Innovation - Hanwei Technology has approximately 170 patents in the industry, focusing on maintaining trade secrets for materials and formulas. The company has successfully resolved technical bottlenecks in flexible sensor manufacturing over the past 11 years [3][11][18] - The cost of electronic skin technology is approximately 2000 RMB for a hand, including sensors and signal acquisition components [3][12] Competitive Landscape - The company claims to have no significant competitors due to the technical challenges in the industry. It has a complete production line from R&D to mass production, which provides a competitive edge [3][15] Future Expectations - The company is optimistic about the growth in the robotics tactile sensor market, expecting significant output in 2025, despite current revenues being lower than traditional sensors [3][31] - Plans to expand production capacity in 2025 include two new production lines for medical devices and the automotive industry, as current capacity is fully utilized [3][32] Supply Chain and Pricing - The pricing strategy for sensors is based on area and precision, with costs influenced by material usage and resolution [3][36] - The company collaborates with Interlink Electronics, a Nasdaq-listed company, for supply chain partnerships, although their pricing and capacity details are publicly available [3][35] Challenges and Considerations - The company acknowledges challenges in material selection and manufacturing processes for electronic skin sensors but believes these have been largely addressed [3][11] - There are ongoing considerations regarding patent protections for new materials and technologies, which could provide exclusive usage rights [3][17] Additional Important Information - The company is exploring new types of electronic skin that can recognize material properties through touch, aiming for more human-like interactions [3][30] - The team consists of members with strong backgrounds in materials science, which is crucial for advancing sensor technology [3][24]

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