Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to benefit from the growth in intelligent driving and general robotics, marking 2025 as a pivotal year for commercial penetration in L4 applications [8] - The company has successfully transitioned its product offerings, with significant increases in sales volume for both intelligent driving and robotics sectors [8] - The company has established partnerships with major global automotive manufacturers, enhancing its product matrix and market reach [8] Financial Performance Summary - For Q1 2025, the company reported total revenue of $53 million, a year-on-year increase of 46.3% but a quarter-on-quarter decrease of 27.0% [8] - The net profit attributable to the parent company was a loss of $2 million, improving by 83.6% year-on-year but turning to a loss quarter-on-quarter [8] - The gross margin for Q1 2025 was 41.7%, reflecting a year-on-year increase of 3.0 percentage points and a quarter-on-quarter increase of 2.7 percentage points [8] Revenue and Profit Forecast - The company forecasts total revenue of $474.27 million for 2025, representing a year-on-year growth of 64.13% [1] - The net profit attributable to the parent company is projected to be $33.91 million in 2025, with a significant year-on-year increase of 338.10% [1] - The earnings per share (EPS) is expected to reach $0.26 in 2025, compared to a loss of $0.11 in 2024 [1] Market Position and Product Development - The company has seen a 178.5% year-on-year increase in the shipment of ADAS LiDAR units, totaling 146,000 units in Q1 2025 [8] - The company has launched several new LiDAR products aimed at L2-L4 applications, enhancing its competitive edge in the market [8] - The company has established collaborations with leading automotive manufacturers in both domestic and international markets, indicating strong demand for its products [8] Guidance and Capacity Expansion - The company maintains its revenue guidance for 2025 at $3 billion to $3.5 billion, corresponding to a year-on-year growth of 44% to 69% [8] - The company aims to achieve a production capacity of 2 million units per year by the end of 2025, with capital expenditures projected between $30 million to $50 million [8] - The company has signed a leasing agreement for overseas production capacity, expected to be operational by the end of 2026 or early 2027 [8]

南方财经记者彭敏静 珠海报道 在新一轮科技革命和产业变革中，人工智能与机器人产业正成为重塑经济格局的关键力量。 当前，珠海前瞻布局"云上智城"，通过产业创新、科技创新和场景创新"三新融合"，聚焦人工智能与机 器人产业集中发力、深耕细作，坚持技术攻关、软硬协同、应用牵引、生态培育的工程化路径，打造具 有珠海特色的产业生态。 从成立市级推动人工智能与机器人产业发展专班、设立总规模800亿元的新质生产力投资基金，到出台 人工智能与机器人产业新政，珠海人工智能与机器人产业 "大动作" 频出，足以看出其产业布局的"野 心"。 5月28日，广东省人工智能与机器人产业创新产品与服务发布会（珠海专场）暨珠海云上智城产业发展 大会在珠海国际会展中心召开。 值得一提的是，此次大会为珠海科技产业集团有限公司、珠海智能机器人关键部件创新中心和珠海人工 智能与机器人产业联盟的成立揭牌，标志着珠海在产业组织和协同创新方面迈出了关键一步。 其中，珠海科技产业集团有限公司的成立，为珠海培育发展新质生产力，加快构建现代化产业体系注入 强劲动能。 2025年4月，珠海启动新一轮国资国企战略重组，整合华发集团、格力集团科技产业资源成立珠海科技 集 ...

Market Overview - On May 27, the Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) fell by 1.39%, with major holdings like Cambricon Technologies dropping by 5.68% [1] - The Robotics ETF (562500) decreased by 1.41%, led by Green Harmony's decline of 8.39%, followed by Jiangsu Leili at 7.75% and Huachen Equipment at 3.83% [1] - The trading volume for the day was 553 million yuan, making it the top ETF in its category, with a turnover rate of 4.28% [1] Key Developments - LeXiang Intelligent announced the completion of a 100 million yuan angel round financing, led by Jinqiu Fund, with participation from existing investors including Jingwei Venture Capital and Oasis Capital [1] - The Beijing Municipal Government released the "Artificial Intelligence Empowering New Industrialization Action Plan (2025)", which supports enterprises in R&D, manufacturing, and quality control, with funding up to 50 million yuan for key simulation verification platforms [1] Institutional Insights - According to China Merchants Securities, a series of policies have reversed market pessimism, with a focus on the effectiveness of policy implementation and fundamental recovery [3] - The medium to long-term focus remains on technological innovation as a growth driver, while short-term attention is directed towards policies catalyzing the consumer sector and sectors like robotics showing marginal improvements [3] Popular ETFs - The Robotics ETF (562500) is the only ETF in the market with over 10 billion yuan in scale, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) captures the "singularity moment" of the AI industry with a 20% price fluctuation limit and small to mid-cap elasticity [4]

Core Viewpoint - Tesla's stock is rebounding despite a significant decline in electric vehicle sales in Europe, with a notable focus on CEO Elon Musk's renewed commitment to the company [1][5][6]. Group 1: Stock Performance - Tesla shares fell 3% last week, ending a four-week winning streak, but rebounded over 5% early Tuesday morning [1]. - As of 10:40 a.m. ET, Tesla stock was trading up by 4.9% [1]. Group 2: Sales Performance - New Tesla EV registrations in Europe dropped 49% in April compared to the previous year, despite a 34% increase in overall battery electric car sales [3]. - Tesla sales in Europe for the first four months of 2025 have decreased by 39% [4]. Group 3: Competitive Landscape - Chinese EV maker BYD has reduced prices on several models, intensifying competition in the EV market, particularly affecting Tesla's sales and margins [4]. - Increased competition in the EV space has provided consumers with more choices, contributing to Tesla's sales challenges [5]. Group 4: Leadership Focus - Elon Musk announced plans to refocus on Tesla, spending less time in politics and more time on business operations, indicating a commitment to the company's future [6]. - Musk expressed intentions to be "super focused" on Tesla and other companies, highlighting the importance of upcoming technologies [6]. Group 5: Investor Sentiment - Despite sales struggles, investors remain optimistic about Tesla due to the potential of its autonomous driving technology and robotics segment [7]. - Musk's renewed focus on leading the company has contributed to a more bullish sentiment among investors [7].

Core Insights - One Stop Systems, Inc. (OSS) is participating in the NVIDIA GTC Paris Conference on June 11-12, 2025, showcasing its rugged, enterprise-class compute solutions for AI and machine learning applications [1][2] - OSS emphasizes its long-term partnership with NVIDIA and the importance of the GTC Paris event for demonstrating its specialized AI computing solutions [2] - The conference will feature discussions on various AI applications, including generative AI and robotics, attracting developers and business leaders [3] Company Overview - OSS is a leader in AI-enabled solutions designed for edge environments, providing enterprise-class compute and storage products that perform in challenging conditions [4] - The company's product offerings include ruggedized servers, compute accelerators, and storage solutions, utilized across industries such as autonomous trucking, defense, and aerospace [5][6] - OSS addresses the entire AI workflow, from data acquisition to deep learning and inference, positioning itself in the rapidly growing edge computing market [6] Event Details - The NVIDIA GTC Paris Conference is organized in partnership with VivaTech 2025, focusing on real-world applications of AI and accelerated computing [3] - OSS will have a presence at Booth E07, with representatives from its European subsidiary, Bressner, also exhibiting at the conference [2]

Core Insights - Walgreens is increasing its investment in robotics with a new micro-fulfillment center in Minnesota, which will support nearly 200 locations and process approximately 13 million prescriptions annually [1][4] - The micro-fulfillment centers allow pharmacists to focus more on patient care rather than prescription filling, enhancing community health and patient experience [2][5] - The company operates a network of 12 micro-fulfillment centers that fulfill over 3.5 million prescriptions weekly, supporting more than 5,000 stores nationwide [3][4] Operational Efficiency - The micro-fulfillment centers have resulted in a 24% year-over-year increase in shipped volumes, with around 16 million prescriptions filled monthly [4][5] - In October 2023, these centers supported 4,300 locations, increasing to 4,800 by February 2024, handling 40% of the prescription volume at supported pharmacies [4][5] Industry Context - Other major retailers like Walmart and Amazon are also investing in robotics for fulfillment, with Amazon introducing a robot capable of sensing touch and Walmart utilizing robotic 3D printing technology for warehouse construction [6][7]

Group 1: Company Overview - The company specializes in PCBA electronic manufacturing services across three main sectors: consumer electronics, automotive electronics, and industrial control [4][12] - The company has established long-term cooperative relationships with several downstream clients, enhancing its core competitiveness [4][5] Group 2: Financial Performance - In 2024, the revenue breakdown for the main business segments is as follows: consumer electronics at ¥211,604,606.08 (56.15%), automotive electronics at ¥77,052,808.32 (20.45%), and industrial control at ¥66,144,670.71 (17.55%) [6] - The net profit attributable to shareholders for the reporting period is ¥48,265,700, reflecting a year-on-year growth of 12.10% [6] Group 3: Production Capacity and Expansion - The production capacity utilization rate for 2024 is 112.25%, indicating a saturated state [6] - The company has purchased 54,576.19 square meters of industrial land for a new factory, which will be 2-3 times the size of the current facility, expected to be operational by 2025 [7] Group 4: Market Trends and Future Outlook - The automotive electronics sector is anticipated to see significant growth due to the rapid development of new energy vehicles and the increasing level of automotive electronic integration [12] - The overall industry is projected to grow, driven by the accelerated replacement of consumer electronics and advancements in industrial automation [12] Group 5: Shareholder Relations and Market Perception - A major shareholder reduced their stake from 12.4404% to 10.4404% due to personal financial needs, which does not impact the company's governance structure [8] - The company emphasizes long-term value creation over short-term market fluctuations and is committed to enhancing operational quality and investor communication [9][10]

Core Insights - NVIDIA has introduced the NVIDIA Isaac GR00T N1.5, an updated foundation model for humanoid reasoning and skills, along with the GR00T-Dreams blueprint for generating synthetic motion data and Blackwell systems to enhance humanoid robot development [1][3][10] Group 1: Product Announcements - The NVIDIA Isaac GR00T N1.5 model improves adaptability to new environments and workspace configurations, enhancing its success rate in material handling and manufacturing tasks [7][8] - The GR00T-Dreams blueprint generates vast amounts of synthetic motion data, allowing robots to learn new behaviors and adapt to changing environments [3][4] - The GR00T-Dreams blueprint complements the previously released GR00T-Mimic blueprint, which augments existing data rather than generating new data [5] Group 2: Industry Adoption - Various humanoid and robotics developers, including Agility Robotics, Boston Dynamics, and XPENG Robotics, are adopting NVIDIA's Isaac platform technologies to advance their robot development [2][9] - Early adopters of the GR00T N models are utilizing them for tasks such as natural language understanding and complex workflows in industrial settings [8] Group 3: Technological Advancements - NVIDIA's simulation technologies, including Isaac Sim and Isaac Lab, are being used by companies to close the data and testing gap in humanoid robot development [9] - The Blackwell systems, including NVIDIA RTX PRO 6000 workstations, provide a unified architecture for running various robot development workloads, achieving up to 18 times greater performance for data processing [10][11]

回撤方面，截至2025年5月16日，机器人ETF今年以来相对基准回撤0.35%，在可比基金中回撤风险较低。 费率方面，机器人ETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 跟踪精度方面，截至2025年5月16日，机器人ETF近半年跟踪误差为0.017%，在可比基金中跟踪精度最高。 截至2025年5月19日 11:18，机器人ETF(562500)下跌1.03%，成分股方面涨跌互现，*ST新元领涨6.27%，国茂股份上涨4.12%，亚威股份上涨3.07%；信捷电 气领跌6.91%，天准科技下跌4.82%，禾川科技下跌4.29%。拉长时间看，截至2025年5月16日，机器人ETF近2周累计上涨1.63%。 流动性方面，机器人ETF盘中换手3.03%，成交3.97亿元。拉长时间看，截至5月16日，机器人ETF近1周日均成交9.04亿元，排名可比基金第一。 资金流入方面，机器人ETF最新资金净流出1.76亿元。拉长时间看，近17个交易日内，合计"吸金"4.17亿元。规模方面，机器人ETF近3月规模增长56.22亿 元，实现显著增长，新增规模位居可比基金1/7。份额方面，机器人ETF近1月份额 ...

6,10 ★ TSS2025 2025年，全球半导体产业在复杂国际形势、终端市场需求波动及颠覆性技术突破的三重变量中深度演 进。AI算力革命与人形机器人产业风口加速形成，晶圆代工市场呈现高端制程与成熟工艺两极化发展， 先进封装产能需求持续攀升，存储芯片周期波动仍存不确定性，第三代半导体产业化进程全面提速。 展望未来，在AI与机器人浪潮驱动下，半导体产业技术变革与产业机遇并存，但也同样面临一系列挑 战。 2025年6月10日（周二） ，TrendForce集邦咨询将在深圳举办" 2025集邦咨询半导体产业高层论坛 （TrendForce Semiconductor Seminar 2025）"。 本次会议为主要面向产业链高层的精品会议，行业精英云集，全程干货分享交流。 目前，演讲嘉宾团队已集结完毕。届时，集邦咨询多位重量级资深分析师将持续聚焦AI人工智能领域， 围绕晶圆代工、IC设计、内闪存、服务器、宽禁带半导体等产业链热门议题，全方位剖析半导体产业现 状与未来，敬请期待！ 演讲阵容 TSS2025 演讲嘉宾： 郭祚荣 集邦咨询资深研究副总经理 分享主题： AI持续升温，全球半导体市场战略布局 ✦ • ✦ 分享 ...