Group 1: Financial Data Overview - In April 2025, new social financing amounted to approximately 1.16 trillion, an increase of 1.22 trillion year-on-year, with stock social financing growing by 8.7% year-on-year, and a month-on-month increase of 0.3 percentage points [11][13][14] - New credit in April was 280 billion, a decrease of 450 billion year-on-year, reflecting a weak demand in the corporate sector and a low retail demand under pressure [11][13][17] - M1 grew by 1.5% year-on-year, while M2 increased by 8.0%, with a month-on-month rise of 1 percentage point [11][13][17] Group 2: Robotics Industry Insights - The core of embodied intelligence lies in algorithms, which are divided into upper-level "brain" for task planning and decision-making, and lower-level "cerebellum" for real-time motion planning and joint control [12][10] - Data quality and diversity are crucial for algorithm performance, with real data being the primary source, supplemented by synthetic data generated through simulation platforms [12][10] - The control system serves as the foundation for embodied intelligence, with the brain executing complex algorithms and the cerebellum controlling robot movements, primarily using SoC chips [12][10] Group 3: Company Performance Highlights - Nocera's revenue in Q1 2025 increased by 130% year-on-year, reaching 381 million, with a net profit of 18 million, compared to a net loss of 142 million in the same period last year [16][19] - The sales of the core product, Acalabrutinib, grew by 89% to 311 million in Q1 2025, leading to an upward revision of the annual sales target from over 30% to over 35% growth [16][19] - The company is actively expanding its pipeline for autoimmune diseases and has submitted an IND application for its first ADC product [19][16]
申万宏源证券晨会报告-20250516
Shenwan Hongyuan Securities·2025-05-16 00:43