Core Viewpoint - Kusa Technology is focused on developing and deploying autonomous cleaning robots, aiming to enhance urban sanitation efficiency and reduce operational costs significantly [2][8]. Company Overview - Kusa Technology, established in June 2023, has completed several funding rounds, including a recent Pre-A round raising several million yuan led by Jinshui Lake Venture Capital [2][3]. - The company has successfully developed its first autonomous cleaning robot, Kusa Xingjun® S1, which began operations in urban roads in Q4 2023, followed by the launch of Kusa Xingjie® in the subsequent year [3]. Product and Technology - Kusa Technology's robots operate at twice the efficiency of the industry average and have been deployed in over 20 regions across major provinces such as Beijing, Shanghai, and Guangdong [3]. - The core technology of Kusa Technology lies in its comprehensive embodied robot technology architecture, integrating an AI vision-based multimodal perception system [4]. - The robots utilize a self-developed closed operating system, enabling them to understand their environment in open road scenarios and execute cleaning tasks with centimeter-level precision [4][5]. Operational Efficiency - The intelligent cloud control platform of Kusa Technology features dynamic task scheduling and integrates a Multi-Agent data closed-loop system, significantly reducing operational costs by 50% compared to traditional methods [5]. - The company aims to provide a comprehensive solution for unmanned operations throughout the equipment lifecycle, focusing on the sanitation sector as its primary commercial application [5]. Market Potential - Investors express confidence in Kusa Technology's strategic value in reshaping urban services, highlighting its ability to lower operational costs by over 40% and its rapid deployment across 20 cities within two years [8]. - The introduction of autonomous cleaning robots is seen as a means to alleviate labor intensity in the sanitation industry, enhancing safety and precision in operations [9]. Future Plans - Kusa Technology plans to launch new cleaning robot products this year to cover more sanitation scenarios, indicating a commitment to continuous product iteration and market expansion [6].

Core Viewpoint - The report serves as an independent financial advisory opinion on the 2025 restricted stock incentive plan of Zhongfutong Group Co., Ltd, ensuring compliance with relevant laws and regulations while assessing the plan's feasibility and potential impact on the company's sustainable development and shareholder interests [1][19]. Summary by Sections Independent Financial Advisor's Role - The independent financial advisor, Shanghai Xinguang Yihe Enterprise Management Consulting Co., Ltd, was commissioned to provide an opinion on the incentive plan based on information provided by Zhongfutong, ensuring the accuracy and completeness of the data [1][2]. Basic Assumptions - The report is based on assumptions that current laws and regulations will not change significantly, and that all provided information is accurate and complete [5]. Main Content of the Incentive Plan - The incentive plan involves granting 2 million restricted stocks, representing 0.87% of the company's total share capital of 2,297.43622 million shares. The initial grant will be 1.7 million shares (0.74% of total shares), with 300,000 shares reserved [4][6][20]. Timeframe and Conditions - The plan's effective period is up to 48 months from the grant date, with specific conditions for stock vesting and a prohibition on stock transfer during certain periods [6][9]. Grant Price - The initial grant price for the restricted stocks is set at 7.64 RMB per share, which is above the par value and in line with regulatory requirements [10][11]. Performance Assessment - The performance targets for the incentive plan include net profit benchmarks for the subsidiary Shenzhen Yingboda, with specific targets set for 2025 and 2026 [14][16]. Financial Impact - The implementation of the incentive plan is expected to positively influence the company's sustainable operations and shareholder equity by motivating key personnel and aligning their interests with those of the shareholders [21][22]. Compliance and Feasibility - The plan complies with relevant regulations and has a clear operational framework for approval, granting, and vesting processes, ensuring its feasibility [19][20]. Performance Evaluation System - The performance evaluation system is designed to assess both company-wide and individual performance, ensuring a comprehensive approach to measuring effectiveness [24].

Core Viewpoint - The company has completed the IoT AI visual solution industrialization project and decided to terminate it, reallocating the remaining funds to enhance liquidity [1][7]. Fundraising Overview - The company raised a total of RMB 1,328,480,000 through the issuance of 46,000,000 shares at RMB 28.88 per share, with net proceeds amounting to RMB 1,254,859,239.89 after deducting underwriting fees and taxes [1][2]. - The funds were managed in accordance with relevant regulations and internal policies, ensuring compliance with the Shanghai Stock Exchange guidelines [2][3]. Fund Management and Usage - The company established a dedicated account for the management of raised funds, adhering to a three-party supervision agreement with banks [2][3]. - The funds were allocated to various projects, including the AI visual solution enhancement and IoT industrialization projects, with specific amounts designated for each initiative [5][6]. Project Completion and Fund Surplus - The IoT AI visual solution project has reached its intended operational status as of May 20, 2025, leading to its formal conclusion [7]. - The company reported a surplus in the funds allocated to this project, which will be permanently added to the company's working capital [8]. Account Closure - The company has decided to close the fundraising accounts and specialized settlement accounts for financial products, as the funds have been fully utilized or reallocated [8][9].

焊接，曾被称作工业制造的 " 针线活 " —— 传统焊工如同经验丰富的裁缝，靠肉眼判断焊缝、凭手感控 制电流，但效率低、质量波动大，且长期面临高温、烟尘的健康威胁。 焊接机器人的诞生，如同为制造业引入了一台 "智能缝纫机"：它能以毫米级精度"穿针引线"，用算法替代 经验，用持续稳定取代人力疲劳。 在 1969 年 通用汽车首次将工业机器人用于点焊 的时候，虽然惊艳其精度和速度，却也一度困扰于这庞 大产品的体积与笨重感：这不是一个符合人类美学与使用习惯的产品。 2025 年 4 月 25 日，我们在法奥以" FAIRINO AIRLab 让机器人看懂焊缝"为主题的产品发布会上， 看 到了人类机器人技术的再次进化。 这场发布会不仅展现了 AI 视觉与协作机器人的深度融合能力，更 为汽车制造、钢结构、船舶等行业的焊 接工艺降本增效开辟了新路径。 数十年来，在如 FANUC 、 ABB 、 KUKA 等日本和欧洲企业主导下，焊接领域的机器人经历了数次革命 性的迭代，例如激光跟踪、视觉系统在机器人上集成，提升了焊接路径精度。又例如采用 PLC 和计算机控 制，实现了机器人复杂轨迹的规划。机器人焊接技术的精度越来越高，应 ...

Group 1: Financing and IPO Plans - Company announced a $100 million financing round and is preparing for an IPO [2] - The CEO indicated that the company has a listing plan and is considering the Hong Kong market due to the current interest in robotics [7][8] - The rapid financing is attributed to the need for cash flow to support business expansion, not due to cash flow issues [8] Group 2: International Expansion - At least half of the new funding will be allocated to overseas market expansion [13] - The company reported a nearly 7-fold increase in overseas revenue last year, with expectations of 3-4 times growth this year [14] - The company aims to expand its presence from 30 to 70 countries, focusing on global brand and regional globalization [14] Group 3: Product Development and Technology - The company is transitioning from flat intelligence to spatial intelligence, aiming to create robots that can manage all aspects of home cleaning [30] - The introduction of AI dual-vision technology is a key innovation for improving indoor navigation and obstacle avoidance [34] - The company is focused on reducing the cost of robotic joints, which are critical components for future products [36] Group 4: Market Position and Competition - The company positions itself as a leader in product innovation and user demand understanding, similar to how the iPhone revolutionized smartphones [32] - The CEO criticized the industry for focusing on unnecessary features that do not add value to users, emphasizing a user-centric product design philosophy [44][45] - The company aims to maintain a balance between product quality and market competitiveness, avoiding the pitfalls of excessive complexity in product design [46]

Market Performance - The main board saw significant gains with Reader Media up by 10.06%, Yingtong Communication up by 10.03%, and Fenda Technology up by 10.00% [1] - The ChiNext board led with Reader Culture increasing by 19.96%, Yuan Dao Communication up by 9.89%, and CITIC Publishing up by 6.14% [1] - The Sci-Tech Innovation board was led by Guoguang Electric up by 9.48%, Anji Technology up by 7.24%, and Hengxuan Technology up by 6.82% [1] - Active sub-industries included SW Semiconductor Equipment up by 1.71% and SW Mass Publishing up by 1.35% [1] Domestic News - Aibao VR industry news reported the launch of MIJIA smart audio glasses 2, priced at 999 yuan, featuring a 5mm thin frame and 27.6g weight with 12 hours of continuous listening [1] - Semiconductor Investment Alliance announced Chuguang 3D completed several million yuan in angel financing, focusing on optical 3D imaging and measurement technology [1] - NIO plans to gradually use self-developed chips in future models, claiming superior edge inference capabilities compared to current flagship chips [1] - Chinese Academy of Sciences developed a breakthrough solid-state deep ultraviolet laser emitting coherent light at 193 nanometers, relevant for semiconductor exposure technology [1] Company Announcements - Walden Materials announced a guarantee progress report, signing a maximum guarantee contract with Shanghai Bank for a maximum debt principal of 500 million yuan [2] - Zhongyuan Media reported a 2024 annual performance forecast with total revenue of 9.857 billion yuan, a year-on-year increase of 0.24%, and a profit total of 1.348 billion yuan, up by 10.93% [2] - Lu Wei Optoelectronics plans to invest 2 billion yuan in a high-precision photomask production base project in Xiamen [2] - Victory Precision announced a financing lease of 10.4738 million yuan for business operations with Zhengqi Financing Leasing [2] International News - Malaysia's Trade Minister stated that the U.S. requested close monitoring of high-end NVIDIA chip movements into Malaysia, suspecting many chips may end up in China, violating U.S. export regulations [3] - Google confirmed the launch of new AI features on the Gemini Live platform, enabling AI to view user device screens or camera feeds and respond to queries [3] - Samsung Display announced a 50% increase in quantum dot OLED shipments this year compared to last year, aiming to expand its product line and market share [3] - Microchip announced a partnership with Macquarie to guide marketing and sales activities for its Arizona Fab 2 wafer fab, which has a capacity of 20,000 wafers per month [3]