The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Zhejiang IPLUSMOBOT Technology Co., Ltd. 浙江迦智科技股份有限公司 (the "Company") (A joint stock company incorporated in the Pe ...

从珠江口岸的舟楫往来，到珠三角工厂的机器轰鸣，再到如今算法驱动的智能产线，"广货"二字所承载 的时代气质在变。 一 粤企领跑人形机器人量产元年 2025年被认为是"人形机器人量产元年"。在过去的这一年，国内整机企业数量超140家，发布人形机器 人产品超330款。而广东企业是先行军。 首先是被称为"人形机器人第一股"的优必选，2025年12月22日，其中标惠州市惠阳区人形机器人大湾区 数据采集中心项目，合同金额达5962.02万元，全部采用其工业人形机器人Walker S2。 据优必选介绍，2025年，其人形机器人订单总金额超14亿元。预计2026年工业人形机器人的产能将达到 万台规模。除中国本土市场外，也开始逐步将人形机器人拓展至欧美等海外制造市场。 此外，另一家深圳企业越疆科技的机器人订单也在放量。2025年11月，越疆机器人与蓝思科技达成战略 合作并下达1000台机器人采购订单；当月还与绿源达成战略合作，推动5000台机器狗规模应用于智慧门 店升级计划。 今年1月，越疆科技旗下的全自主人形机器人Atom进驻深圳K11 ART HOUSE电影院，在开放式柜台环 境实现全自主运营，单日连续工作约14小时，独立 ...

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 选具身还是留自驾，很多同学都在咨询我们。关于这个问题，柱哥先分享下自己的看法，首先明确一点是不能一概而论，要看自己的情况。 具身现在是真的火，很多招聘的朋友都在问我们要自驾的简历。从风险端考虑，具身是未来5-10年的趋势，一定会有一大批初创倒下，问自己能不能接受高风险。 目前业内很多初创的估值都在百亿以下，一两个产品失败可能就没了。 二是具身的技术发展迭代很快，在这个领域成长会很快。和自驾不同的地方在于，具身更全栈一些，你需要的不仅仅是搞好算法，硬件也需要。而最重要的一点， 对自己的选择负责。 明晚星友面对面，邀请到一位自驾转具身的小伙伴和大家线上交流。欢迎加入自动驾驶之心知识星球。我们准备了大额新人优惠...... 嘉宾：Echo，清华联培硕士，自动驾驶转行到具身智能，具备7年相关经验。 从事过3D 检测，闭环仿真，OCC，e2e,world model。现在于具身头部公司从事 VLA+RL算法研究工作，主要研究机械臂操作和移动操作方向。熟悉IL训练，Reward model ，offline RL ， o ...

Core Insights - The automotive industry in China is undergoing a significant value reassessment in 2025, characterized by a modest salary increase trend [6] - The overall salary adjustment rate for the automotive sector is projected to be only 3.7% in 2025, lower than other industries such as the internet (5.3%) and high-tech (4.9%) [7] - There is a notable regional disparity in salary adjustments, with manufacturing positions in Shanghai seeing a 4.0% increase, while Guangdong's manufacturing and office roles are at 3.8% [7] Salary Trends - The salary increase forecast for 2026 is expected to decline further to 3.6%, indicating a downward trend in salary growth [7] - Certain positions, particularly those requiring overseas R&D experience and expertise in AI and automotive technology, command salaries 20%-30% higher than their domestic counterparts [10] - The ranking of salary potential has shifted, with smart-related R&D roles now surpassing traditional management positions [11] High-Paying Positions - The highest-paying roles in the automotive sector include autonomous driving algorithm engineers, technical marketing, and algorithm development positions, all with annual salaries exceeding 570,000 [14] - The second tier of high-paying jobs includes product management, information systems security, and software development, with salaries above 530,000 [14] - The demand for top-tier talent is increasing, with 68% of core R&D positions requiring overseas work experience and a 27% higher demand for master's degrees in technical roles compared to domestic positions [14] Employee Turnover - The voluntary turnover rate in the automotive industry for the first half of 2025 is only 2.9%, lower than the high-tech industry's average of 3.1% [17] - There has been a 37% increase in mid-to-senior level technical talent leaving the automotive sector for high-tech and internet companies, while the reverse flow has only increased by 12% [17] Competitive Landscape - Automotive companies are finding their salary budgets competing directly with those of internet giants and tech leaders [18] - The era of universal salary growth in the automotive sector has ended, giving way to a merit-based system where technical skills and educational background significantly influence salary levels [19] - Over the next three years, as AI and new energy technologies advance, the salary gap between core and ordinary positions is expected to widen, emphasizing the importance of choosing the right career path and enhancing skills [19]

Core Insights - Qingdao is prioritizing technological innovation to enhance new quality productivity, focusing on embodied intelligent robots and an innovative industrial system [1][2][5] Group 1: Technological Innovation - The core element of developing new quality productivity is technological innovation, with embodied intelligent robots being a key strategy for Qingdao to seize future industrial opportunities [2] - Qingdao has established a robust ecosystem with nearly 100 robot and component companies and over 500 AI firms, ranking sixth among China's advanced manufacturing cities [2] Group 2: Industry Development - Qingdao's "10+1" innovative industrial system includes two leading industries, five emerging industries, and three advantageous industries, aiming to enhance productivity across 40 niche sectors [6] - The city is focusing on the integration of traditional industries with digital transformation, exemplified by the development of high-tech products like the world's first 8K laser television and high-speed magnetic levitation transportation systems [7] Group 3: AI and Digital Economy - Qingdao is building a comprehensive digital economy framework, emphasizing the importance of computing power as a "digital engine" for industrial innovation [8] - The city aims to become a provincial hub for computing power, with plans to enhance infrastructure and promote the integration of traditional and digital economies [8][9] Group 4: Achievements and Future Goals - Qingdao's innovation ecosystem has seen significant growth, with the number of technology-based SMEs increasing by 85% and high-tech enterprises by 98% since 2020 [7] - By 2026, Qingdao plans to achieve substantial advancements in AI and new generation information technology, targeting a scale of 200 billion yuan for the AI industry [6][10]

然而，技术能力的跃升并未自动带来产业秩序的稳定建构。相反，在高频叙事、估值预期与现实落地的 多重张力下，AI系统与具身智能正同步步入一个"制度重构"与"结构筛选"并行推进的临界周期。监管趋 严、资本理性回归以及治理结构的滞后，正在暴露出产业链条中的系统性瓶颈。而产业自身，也已从比 拼"跑得快"，转向竞争"能否留下"的关键阶段。 从"万能助手"到"系统模块"，2025年AI应用驶入结构重构中场 2025年，AI产业从"技术突破"阶段，全面迈入以系统落地与结构重构为标志的"中场阶段"。无论是平台 型大模型向多模态协同与链式调用加速演进，还是具身智能从炫技样机迈向系统交付，一个趋势正在愈 发清晰地浮现：AI不再只是"能力工具"，而正在成为重构产业链逻辑与运行结构的关键变量。工程能 力、流程编排、数据闭环与端侧部署，正逐步取代算法领先与模型规模，成为市场与资本评估的核心锚 点。 2025年，AI产业逐步告别"万能助手"式的早期叙事，进入以垂直深化与系统集成为特征的"应用中场"。 通用大模型的能力边界趋于清晰，产业重心从"能跑通"转向"能用好"。主流平台开始重构产品架构，将 AI能力嵌入商品推荐、资产配置、教育评估等具 ...

Core Viewpoint - Manifold AI, founded by a former key member of SenseTime, aims to redefine embodied intelligence through its World Model technology, enabling robots to not only perceive but also predict physical interactions in their environment [1][4][12]. Group 1: Financing and Growth - Manifold AI has completed over 300 million yuan in financing within just seven months of its establishment, showcasing a rapid fundraising pace that reflects strong market interest in "Physical AI" [2][7]. - The company has successfully raised funds in three rounds: a seed round led by Inno Angel Fund, followed by two angel rounds, each exceeding 100 million yuan [4][7]. - The latest funding round included notable investors such as Meihua Venture Capital, Junlian Capital, and Huawei Hubble, indicating a strong backing from the industry [1][9]. Group 2: Technology Development - Manifold AI's technology focuses on World Model Action (WMA), which allows robots to predict physical state changes based on first-person perspective videos, moving beyond traditional visual-language models (VLM) [12][14]. - The company's WorldScape model enables robots to simulate and interact with their environment autonomously, marking a shift from mere execution of pre-set codes to possessing "brain-like" capabilities [14][15]. - Manifold AI is developing multiple specialized models, including DriveScape for autonomous driving, RoboScape for physical interaction, and AirScape for drones, all built on the foundational WorldScape model [15]. Group 3: Future Aspirations - The company aims to equip over 10% of robots in the market with its "Manifold Brain," pushing the boundaries of Physical AI agents [19][20]. - The long-term vision includes transitioning World Models from experimental stages to practical applications in warehouses, factories, and homes within the next three years [20][21]. - The strategy emphasizes creating a universal embodied world model while simultaneously commercializing sub-domain models to generate revenue and support further development [20].

Core Insights - The robot industry is experiencing unprecedented growth, with a market size surpassing 100 billion and an annual growth rate exceeding 20% [1] - There is a widening information gap in the industry, highlighting the need for a professional platform that can provide in-depth analysis and insights [1] - The "Robot Lecture Hall" serves as a leading vertical media platform in China, boasting over 1 million precise users and covering the entire industry chain [1] Industry Opportunities - The robot industry is at a historic turning point, with both domestic and international giants investing heavily [1] - The lack of a comprehensive platform for deep analysis presents a unique opportunity for content creators and analysts [1] Platform Advantages - Joining the "Robot Lecture Hall" allows individuals to be at the forefront of observing the robot industry [2] Recruitment Needs - The company is seeking talent across five major sectors, including media, short video production, planning, think tank consulting, and government relations [4][7] - Specific roles include deputy editor, lead writer, and various positions in short video and planning sectors [4][7] Media Sector Roles - The media sector requires individuals with experience in technology media or related fields, capable of producing original content and tracking industry trends [5][8] Short Video Sector Roles - The short video sector is looking for content planners and operators who can create engaging video content and manage social media accounts effectively [9][11] Planning Sector Roles - The planning sector seeks individuals who can conceptualize and execute brand events, ensuring alignment with brand identity and messaging [13][15] Think Tank Consulting Roles - The think tank consulting sector requires senior researchers and industry analysts who can conduct in-depth policy analysis and produce comprehensive reports [16] Government Relations Roles - The government relations sector focuses on establishing and maintaining connections with various government levels to align company resources with governmental needs [17] Company Background - The "Lide Robot Platform" has been a prominent service provider in the robot industry for 10 years, offering various professional services to over 300 leading companies [20][22] - The platform has a strong focus on the development of the robot industry, particularly in key regions like Beijing, Shanghai, and Hangzhou [22]

Core Insights - Chengdu is accelerating in the field of embodied intelligence, with the opening of the "Robot World" platform, which showcases nearly a hundred robot products from both domestic and international sources [1] Industry Overview - The "Robot World" platform, which is the first core carrier of the embodied intelligence robot ecosystem in China, officially opened on December 5, 2025, in Chengdu's Jinjiang District [1] - The platform has already received over 80 groups from government and enterprises, along with approximately 4,000 visitors from the public within just over a month of its opening [1]

Core Insights - The robot industry is experiencing unprecedented growth, with a market size surpassing 100 billion and an annual growth rate exceeding 20% [1] - There is a widening information gap in the industry, highlighting the need for a professional platform that can provide in-depth analysis and insights [1] - The "Robot Lecture Hall" serves as a leading vertical media platform in China, boasting over 1 million precise users and covering the entire industry chain [1] Industry Opportunities - The robot industry is at a historic turning point, with both domestic and international giants investing heavily [1] - The lack of a comprehensive platform for deep analysis presents a unique opportunity for content creators and analysts [1] Platform Advantages - Joining the "Robot Lecture Hall" allows individuals to be at the forefront of observing the robot industry [2] Recruitment Needs - The company is seeking talent across five major sectors, including media, short video production, planning, think tank consulting, and government relations [4][7] - Specific roles include deputy editor, lead writer, and various positions in short video and planning sectors [4][7] Media Sector Roles - The media sector requires individuals with experience in technology media or related fields, capable of producing original content and tracking industry trends [5][8] Short Video Sector Roles - The short video sector is looking for content planners and operators who can create engaging video content and manage social media accounts effectively [9][11] Planning Sector Roles - The planning sector seeks individuals who can conceptualize and execute brand events, ensuring alignment with brand identity and messaging [13][15] Think Tank Consulting Roles - The think tank consulting sector requires senior researchers and industry analysts who can conduct in-depth policy analysis and produce comprehensive reports [16] Government Relations Roles - The government relations sector focuses on establishing and maintaining connections with various government levels to align company resources with governmental needs [17] Company Background - The "Lide Robot Platform" has been a prominent service provider in the robot industry for 10 years, offering various professional services to over 300 leading companies [20][22] - The platform has a strong focus on the development of the robot industry, particularly in key regions like Beijing, Shanghai, and Hangzhou [22]