Core Viewpoint - The company, Zhonghaidah, has developed an Inertial Measurement Unit (IMU) that provides real-time three-dimensional spatial awareness for robots, ensuring balance control and mobility [2] Group 1: Technology Development - The company has invested years in research and development of satellite navigation, laser radar, sonar detection, and automotive-grade inertial navigation technologies, achieving mastery of core underlying technologies [2] - The IMU products are recognized for their autonomy, anti-interference, and continuity, making them essential components for high-precision positioning in autonomous driving [2] Group 2: Market Application - The IMU is currently in the trial production stage for application in embodied robots, indicating ongoing development and potential future market expansion [2]

Group 1 - The company, Zhonghaidah (300177), provides domestically produced self-calibrating positioning and orientation systems, industrial-grade LiDAR, and high-precision positioning receiving terminals to specialized institutional clients [1]

Core Viewpoint - The company, Zhonghaidah (300177), is one of the few domestic enterprises capable of providing a full product line of high-precision positioning products and solutions, showcasing strong competitiveness in core technology research and development, industry technology accumulation, product system, sales service capability, and brand influence [1] Company Competitiveness - The company possesses strong competitiveness in core technology research and development [1] - The company has significant industry technology accumulation [1] - The company offers a comprehensive product system [1] - The company demonstrates robust sales service capability [1] - The company has a notable brand influence in the market [1]

Core Viewpoint - The company, Zhonghaidah (300177), is one of the few domestic enterprises capable of providing a full range of high-precision positioning products and solutions, showcasing strong competitiveness in various aspects [1] Group 1 - The company has strong capabilities in core technology research and development [1] - The company possesses significant industry technology accumulation [1] - The company has a comprehensive product system [1] Group 2 - The company demonstrates robust sales service capabilities [1] - The company has a notable brand influence [1]

人民财讯12月8日电，中海达（300177）12月8日在互动平台表示，目前公司已成功获得国内三家具身智 能机器人企业的IMU产品定点，并实现小批量交付。现阶段，具身智能技术现处于快速变化和迭代的时 期，客户的具身产品亦处于试制阶段。 ...

Core Insights - The company has successfully secured designated contracts for its IMU products with three domestic embodied intelligent robot enterprises and has achieved small-scale deliveries [1] - The designated robot enterprises are not the ones mentioned previously, indicating a shift in client relationships [1] - The embodied intelligence technology is currently in a phase of rapid change and iteration, with clients' embodied products still in the trial production stage [1]

Core Points - The stock price of Zhonghaidah dropped by 2.08% on December 2, trading at 9.42 CNY per share with a market capitalization of 7.01 billion CNY [1] - The company has seen a year-to-date stock price decline of 13.66% and a 5-day drop of 2.89% [1] - Zhonghaidah's main business involves high-precision positioning technology, with 83.32% of revenue from positioning equipment and solutions [1] Financial Performance - For the period from January to September 2025, Zhonghaidah reported a revenue of 683 million CNY, a year-on-year decrease of 7.48% [2] - The net profit attributable to the parent company was -45.98 million CNY, reflecting a significant year-on-year decline of 78.40% [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 12.11% to 65,000, while the average number of circulating shares per person increased by 13.78% to 9,322 shares [2] - The company has distributed a total of 102 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Institutional Holdings - As of September 30, 2025, the General Aviation ETF was the seventh-largest circulating shareholder, holding 1.86 million shares as a new shareholder [3] - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Core Viewpoint - The company has successfully secured designated IMU product contracts with three domestic intelligent robot enterprises and has begun small-scale deliveries, although these enterprises are not the preferred partners for the company [1] Group 1 - The company has achieved successful contracts with three domestic intelligent robot companies for its IMU products [1] - Small-scale deliveries of IMU products have commenced [1] - The designated robot companies are not the company's preferred partners [1]

Group 1 - The company, Zhonghaidah (300177.SZ), has successfully secured designated IMU product contracts with three domestic intelligent robot enterprises [1] - The company has achieved small batch deliveries of its products to these designated robot enterprises [1] - The designated robot enterprises do not include Ubtech Robotics [1]

Core Viewpoint - The company, Guangzhou Zhonghaidah Satellite Navigation Technology Co., Ltd., focuses on high-precision navigation and positioning technology, offering a comprehensive range of products and solutions across three core business segments: spatiotemporal perception equipment, Beidou high-precision industry applications, and intelligent driving and navigation control [1][2]. Business Segments Summary Spatiotemporal Perception Equipment - The company provides high-precision positioning equipment and solutions primarily for industries such as natural resources and construction, utilizing technologies like high-precision satellite positioning and LiDAR to deliver intelligent solutions with millimeter to centimeter measurement accuracy [4]. Beidou High-Precision Industry Applications - Zhonghaidah employs a "product + scenario application" model, offering integrated solutions that include a Beidou high-precision positioning cloud platform and operational equipment, aimed at enhancing safety monitoring and digital transformation across various industries [3]. Intelligent Driving and Navigation Control - This segment has shown significant growth, with over 1 million high-precision positioning products delivered in 2025, including partnerships with major automotive manufacturers. The company is also expanding its presence in engineering machinery and agricultural machinery control, establishing a sales network in Europe and Asia [5].