调研速递|祥鑫科技接受投资者调研，聚焦新能源、机器人与液冷业务要点

Core Viewpoint - Xiangxin Technology held an online performance briefing on September 19, 2025, discussing its business strategies and future outlook, particularly in the energy storage and robotics sectors [1] Group 1: Energy Storage and Robotics - The company signed energy storage orders focusing on commercial energy storage needs, emphasizing safety and longevity, with a competitive edge in a growing market over the next six years, but did not specifically compare its products to Tesla's [1] - Xiangxin Technology holds a 1.25% stake in Nuwa Robotics, which combines software tools with cost-effective hardware to provide multi-scenario solutions, having secured partnerships with major firms like SoftBank [1] - The second-generation dexterous hand is ready for mass production, designed to adapt to production line needs, but the monthly shipment volume was not disclosed [1] Group 2: Capacity Expansion and Production Planning - The company is implementing a dual-engine mechanism focusing on core business improvement and capturing emerging opportunities, with strategic directions including low-altitude economy [1] - Xiangxin Technology is establishing dedicated production lines for liquid cooling technology and dexterous hands, preparing for large-scale production [1] - The company supplies lightweight automotive structural components to clients in China and Mexico, while also focusing on the development of the robotics industry [1] Group 3: Financial Performance and Market Strategy - Specific details regarding the orders and revenue proportions for robotics and liquid cooling products were not disclosed due to confidentiality [1] - The company has developed a micro-channel liquid cooling module for servers, featuring a 0.15mm channel width and a 250% increase in heat exchange area [1] - The company aims to enhance operational efficiency and resilience against risks by focusing on core business and optimizing product structure in the second half of the year [1] Group 4: Future Business Outlook - The company plans to solidify its automotive and photovoltaic storage businesses while expanding into computing servers and humanoid robotics, currently engaging with leading companies in these sectors [1] - Future revenue contributions from humanoid robotics and liquid cooling products over the next three to five years were not specified [1] - The company is collaborating with major international clients, including Benteler and Faurecia, across various industries, but specific order details remain undisclosed [1]