Group 1 - The core viewpoint is that Yushu Technology has officially initiated the process for its initial public offering (IPO) and is expected to become a significant player in the humanoid robot sector in the A-share market [1] - Yushu Technology focuses on the research, production, and sales of high-performance quadruped/humanoid robots and dexterous robotic arms, with a clear product line targeting both consumer and developer markets [1] - The company has launched two humanoid robot products, H1 and G1, with G1 being the first humanoid robot priced below 100,000 RMB, attracting significant industry attention [1] Group 2 - The capital market shows a positive outlook for Yushu Technology, having completed nearly 1 billion RMB in B2 round financing in February 2024, with notable investors including Meituan and Source Code Capital [2] - In the latest C round financing, the company secured investments from major industry players such as China Mobile's fund, Tencent, and Alibaba, indicating strong market recognition of its growth potential [2] - With ongoing advancements in core technologies like artificial intelligence and motion control, the humanoid robot industry is experiencing rapid growth, and Yushu Technology is well-positioned to capture market opportunities in service robots and industrial automation [2]

Core Viewpoint - The article highlights the launch of the Tien Kung-Lab, an open-source motion control framework for humanoid robots, which aims to enhance their adaptability and task execution capabilities in complex environments [1][3]. Group 1: Tien Kung-Lab Overview - Tien Kung-Lab is an open-source reinforcement learning motion control algorithm framework developed based on Isaaclab, integrating advanced reinforcement learning techniques and human motion data [3]. - The framework allows humanoid robots to achieve natural, efficient, and stable motion control, demonstrated by the Tian Gong Ultra winning the first humanoid robot marathon with a time of 2 hours, 40 minutes, and 42 seconds [3][7]. - The framework combines the advantages of imitation learning and reinforcement learning, utilizing an Adversarial Motion Prior (AMP) reward mechanism to enhance stability and generalization in complex terrains [3][4]. Group 2: Technical Innovations - The open-source framework improves ray tracing technology for rapid and accurate acquisition of depth maps and LiDAR point clouds, enabling end-to-end training from perception to motion in simulation environments [4]. - Tien Kung-Lab supports high-fidelity physics engine MuJoCo for Sim2Sim cross-validation, facilitating seamless transitions from training to validation [4]. - The framework has been successfully implemented on the Tian Gong 2.0 full-size humanoid robot, achieving high generalization performance in walking and running [4][5]. Group 3: Performance and Achievements - The Tian Gong Ultra demonstrated robust motion control during the marathon, effectively navigating various real-world obstacles such as bumps, dips, and speed bumps [7]. - The Tian Gong 1.0 lite, released in April 2024, was the first full-size electric humanoid robot capable of running on diverse terrains, showcasing significant advancements in motion control technology [9]. - In the 2024 Zhongguancun Bionic Robot Competition, the Tian Gong Ultra won multiple championships, including a running event with a time of 15.66 seconds and an obstacle course, highlighting its superior mobility and task execution capabilities [11]. Group 4: Future Directions - The company aims to advance towards "small brain-level intelligence," focusing on general mobility operations and complex motion control in dynamic environments [14]. - Continuous breakthroughs in motion control will establish a robust "motion intelligence hub" for humanoid robots, enabling them to autonomously navigate and perform tasks in real-world scenarios [14]. - The open-source nature of Tien Kung-Lab is expected to significantly shorten the time required for humanoid robots to achieve high-speed generalized movement across various terrains, laying the groundwork for their deployment in extreme environments [13][14].

Investment Rating - The report suggests a "Strong Buy" rating for the mechanical equipment sector, with a focus on companies with strong performance certainty in the T-chain [2][4]. Core Insights - The mechanical equipment sector has shown a decline of 1.17% compared to the Shanghai Composite Index's decrease of 0.25% during the week of June 9-13, 2025, ranking 21 out of 31 in the Shenwan first-level industry classification [4][8]. - The energy and heavy equipment sub-sector performed the best with an increase of 1.69% [4][9]. - The report highlights advancements in humanoid robotics, emphasizing the integration of cognitive intelligence and motion control, which is accelerating commercialization [4][24]. - The semiconductor equipment sector is expected to benefit from domestic manufacturers taking over overseas DDR4 production capacity, as major global suppliers are reducing their DDR4 output [4][26][28]. Summary by Sections Investment Recommendations - Focus on core companies with strong performance certainty in the T-chain: Top Group, Zhenyu Technology, Longsheng Technology [3]. - Capture investment opportunities in cleaning equipment driven by technology upgrades and low valuations: Shengmei Shanghai, Zhichun Technology, and Northern Huachuang [3]. Market Performance - The mechanical equipment sector's overall PE-TTM valuation decreased by 1.71% during the week, with laser equipment and energy heavy equipment showing the highest increases [16][21]. - The report lists the top five gainers and losers in the mechanical equipment sector, with Beikong Technology leading with a 61.09% increase [14][15]. Technological Advancements - Meta's V-JEPA 2 model enhances robots' understanding of the physical world, marking a significant breakthrough in cognitive robotics [4][24]. - The establishment of the first humanoid robot 4S store in Beijing aims to provide comprehensive lifecycle services, potentially transforming consumer service models [4][25]. Semiconductor Equipment Insights - The DDR4 market is experiencing a price surge due to major manufacturers exiting the market, creating opportunities for domestic suppliers to expand production [4][26][28]. - Recent bidding data indicates a robust activity in semiconductor equipment procurement, with multiple projects awarded in the past week [29][30]. Macro Data - The manufacturing PMI for May was reported at 49.5%, indicating a slight contraction, while the equipment manufacturing PMI was at 51.2%, suggesting expansion [33][35]. - The report notes a year-on-year increase of 22.8% in global semiconductor sales for April, with China's semiconductor sales up by 14.4% [41][43].

Investment Rating - The report maintains a "Buy" rating for the company [10][12]. Core Viewpoints - The company is a leading player in both the driver and controller sectors in China, with a strong focus on humanoid robots, which are expected to drive significant growth in the motion control industry [3][7]. - The company has launched new products, including high-power density motors and micro servo drivers, enhancing its capabilities in providing core components for robotic systems [3][9]. - The automation industry is anticipated to experience a cyclical recovery, driven by domestic substitution and emerging demand, which will likely contribute to the company's rapid growth [3][8]. Summary by Sections Company Overview - The company has undergone three entrepreneurial phases since its establishment in 1997, focusing on motion control technology and expanding into general automation and humanoid robotics markets [7][22][25]. - The founder, with a strong technical background, emphasizes R&D, with over 33% of employees in R&D and a research expense ratio exceeding 12% [7][27][28]. Product and Market Strategy - The company has transitioned from a controller-centric approach to a platform-based layout that includes drivers and motors, establishing a comprehensive product range [8][38]. - The company has seen a significant increase in its market share in the servo system sector, with a rise to 3.6% in Q1 2025, ranking second among domestic competitors [8][61]. Financial Performance - The company achieved a revenue of 1.584 billion yuan in 2024, marking an 11.93% year-on-year increase, with a net profit of 200 million yuan, up 44.7% [42][45]. - The gross margin for the control technology segment remains high at over 65%, reflecting the company's strong pricing power and customer loyalty [45]. Marketing and Sales Strategy - The company has shifted its marketing strategy from direct sales to a channel-based approach, increasing the proportion of revenue from distributors from 24.6% in 2021 to 48.3% in 2024 [49][50]. - The company is focusing on expanding its presence in emerging markets and enhancing its product offerings to drive sales growth [49][50]. Future Outlook - The humanoid robot market is expected to grow rapidly, with the company positioned to benefit from this trend through its advanced component solutions [9][65]. - The company forecasts net profits of 263 million, 335 million, and 420 million yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [10].

Group 1: Investor Relations Activity - The company held an earnings briefing on May 14, 2025, via an online platform [3] - Key participants included the Chairman Zhao Jun and CFO Li Shijie [3] Group 2: Product and Market Insights - The main products are glue dispensing control systems, general motion controllers, and servo drivers, primarily serving the consumer electronics sector [4][15] - The company does not currently have plans to expand into humanoid robotics or directly into overseas markets [5][14] Group 3: Financial Performance - In 2024, revenue from glue dispensing control systems was CNY 48.68 million, a decrease of 9.68% year-on-year [15] - General motion controller revenue increased by 21.55% to CNY 10.69 million, with a sales volume growth of 31.7% [15] - Servo driver revenue rose by 40.68% to CNY 8.27 million, attributed to increased sales alongside glue dispensing systems [15] Group 4: R&D and Future Plans - The company plans to enhance R&D in intelligent motion control systems, focusing on high-speed and high-precision applications [7][9] - Key R&D areas include glue dispensing technology for irregular shapes and semiconductor processing [9][10] - The company aims to improve product quality and iteration frequency through standardized software and hardware interfaces [13] Group 5: Challenges and Strategies - The company faces challenges in expanding overseas and plans to support domestic EMS manufacturers in their international operations [5][14] - Strategies to mitigate market risks include enhancing product differentiation and improving customer credit assessments [23] Group 6: Shareholder Returns and Dividends - The company plans to continue cash dividends, proposing CNY 2.00 per share for 2024, alongside a capital increase of 4 shares for every 10 held [26][27] - In 2023, the company distributed CNY 14.48 million in cash dividends [26] Group 7: Intellectual Property and Innovation - In 2024, the company applied for 6 new patents, totaling 37 invention patents and 55 software copyrights by year-end [31]

温馨提示 ： 点击下方图片，查看运营团队2025年最新原创报告（共210页） 说明： 欢迎约稿、刊例合作、行业人士交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ） 微信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 作为国内主流人形机器人产品们首次集体公开户外练兵， 央视 现场直播，话题更是冲上 微博热搜， 被认为将是 一场科技狂欢，结果则是人形机器人们集体"失速"，"窘态"百出，人形机器人产品迎来大众"祛魅"时刻，应了一 句俗语" 理想很美好，现实很残酷，"人形机器人真正能进入现实场景，道阻、路长。 —— 精选网友评论： 4月19日报道，备受瞩目的全球首场人形机器人半程马拉松（ 21.0975公里）在北京亦庄鸣枪开跑，20 支 由全国 多家企业、高校和科研机构组成的人形机器人队伍参赛。 最终，来自北京人形机器人创新中心的 全尺寸人形机器人— 天工Ultra以2时40分42秒的成绩冲线，夺得冠军， 这或许是本次半马唯一值得肯定的全尺寸人形机器人。 然而，随着本次人形机器人马拉松举办，没有参赛 [宇树科技]却无故"躺枪"，或许将迎来真 ...

Summary of Human-Robot Industry Conference Call Industry Overview - The conference call focused on the human-robot industry, particularly the outlook for humanoid robots in 2024 and beyond [2][4]. Key Points and Arguments - **Market Expectations for Production**: The market currently anticipates production levels of humanoid robots to be between 5,000 and 10,000 units in 2025, with a target of 100,000 units by 2027. The ability to meet the 100,000-unit target in 2026 is a critical focus [2][4]. - **Impact of Production Rhythm**: The rhythm and scale of humanoid robot production are pivotal for market trends. A downward adjustment in production expectations could lead to a significant market correction [2][3]. - **Investment Focus on Motion Control**: Motion control is identified as a key investment area for 2025, crucial for scaling production from thousands to tens of thousands of units. The market shows high interest in motion control, but there are significant expectation gaps [5][17]. - **Differences in B2B and B2C Applications**: B2B applications prioritize cost and efficiency over universal compatibility, contrasting with B2C applications that require diverse functionalities [6][7]. - **Development Phases**: The humanoid robot industry will evolve through primary development (by original equipment manufacturers) and secondary development (by application developers), similar to mobile app development [8][11]. - **Importance of Local Partnerships**: Companies closely partnered with local manufacturers have a competitive edge in motion control algorithm development, as local firms are more likely to provide necessary API access for software development [9][10]. - **Role of Motion Capture Technology**: Motion capture technology is essential for data collection and training in the early stages of humanoid robot development, with a projected surge in demand for related equipment [13][16]. - **Market Dynamics and Supply Chain**: The supply chain's ability to meet hardware demands is critical for the humanoid robot market's growth. Regular updates on supply chain dynamics will be essential for understanding industry developments [19]. Additional Important Insights - **Anticipated Order Volume**: The demand for motion capture equipment is expected to explode, with projections indicating hundreds to thousands of data points generated daily, reflecting a robust market for training and development [14][15]. - **Investment Opportunities**: The best investment opportunities are anticipated in the secondary development sector, where tailored software applications for specific industry needs can be developed [10][12]. - **Future Trends**: The trajectory of the humanoid robot market will heavily depend on local manufacturers' capabilities and the overall supply chain's readiness to support mass production [17][18].

创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新 旧产业融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露 的风险因素，审慎作出投资决定。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 （北京市朝阳区安立路66号4号楼） 固高科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明 固高科技股份有限公司 GOOGOL TECHNOLOGY CO., LTD. （深圳市南山区高新区南区深港产学研基地西座二楼W211室） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 本次发行概况 | 发行股票类型 | 人民币普通股（A股） | | --- | --- | | 发行股数 | 为 本次公开发行4,001.00万股，占发行后总股本的比例 10.00%。本次发行股份均为公开 ...

创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新 旧产业融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露 的风险因素，审慎作出投资决定。 固高科技股份有限公司 GOOGOL TECHNOLOGY CO., LTD. （深圳市南山区高新区南区深港产学研基地西座二楼W211室） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 固高科技股份有限公司 首次公开发行股票并在创业板上市招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投 ...

创业板投资风险提示：本次发行股票拟在创业板上市，创业板公司具有创新投入大、新 旧产业融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露 的风险因素，审慎作出投资决定。 固高科技股份有限公司 GOOGOL TECHNOLOGY CO., LTD. （深圳市南山区高新区南区深港产学研基地西座二楼W211室） （注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书 不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招 股说明书作为投资决定的依据。 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 固高科技股份有限公司 首次公开发行股票并在创业板上市招股说明书（注册稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经 ...