Core Insights - NVIDIA's Jetson Thor is recognized as the physical intelligence core for robots, featuring a Blackwell GPU and 128 GB memory, achieving 2070 FP4 TFLOPS AI computing power, which is 7.5 times that of the previous Jetson Orin [2] - The humanoid robot chip market is expected to exceed $48 million by 2028, driven by the adoption of advanced robotics by companies like Agility Robotics, Boston Dynamics, and Amazon [2] Industry Insights - The development of humanoid robots varies by country, focusing on pilot projects in the short term, scaling manufacturing and services in the medium term, and aiming for household integration in the long term, with high-level SoCs being crucial during this phase [6] - TrendForce's previous report indicated that global humanoid robots are not expected to stabilize in households until around 2032, at which point sales could exceed 100,000 units [6] - Despite the powerful performance of the NVIDIA Jetson Thor series, its development kit is priced at $3,499, significantly higher than the previous Jetson Orin's $1,499, which may hinder widespread adoption [6] - The industry trend aims to lower humanoid robot prices for broader promotion, suggesting that companies planning simpler tasks may opt for more affordable chips [6] - NVIDIA may leverage its hardware-software integration advantage to launch more software platforms for Jetson Thor, enhancing development efficiency and task execution, thereby increasing the value of AI computing power [6]

Core Viewpoint - Midea Group is focusing on the development of robotics in industrial, household, and commercial applications, with a strategic emphasis on intelligent industrial robots, home appliance robotics, and humanoid robot value creation [1] Group 1: Robotics Development Strategy - The company has established several research institutions, including a Central Research Institute, AI Research Institute, Blue Orange Laboratory, and Humanoid Robot Innovation Center for foundational research [1] - Midea Group has a dedicated robotics and automation division, as well as a New Energy and Industrial Technology Group, and a Smart Home Group for applied research in robotics [1] Group 2: Industrial Robotics - Following the acquisition of KUKA, Midea Group has entered the industrial robotics sector, integrating KUKA's capabilities into its robotics and automation business [1] - KUKA robots are primarily used in manufacturing sectors such as consumer electronics, semiconductors, medical devices, and automotive parts [1] Group 3: Core Components and Production Capacity - By the end of 2024, the company aims to achieve an annual production capacity of 80,000 harmonic reducers and 120,000 robotic servo motors [1] Group 4: Humanoid Robotics Exploration - Midea Group has begun exploring humanoid robotics, with the deployment of its self-developed industrial humanoid robot "Mei Luo" in its washing machine factory in Jingzhou [1] - The applications of "Mei Luo" include tasks such as mixing injection parts, 3D quality inspection, patrol inspection, and equipment maintenance [1] - The company is also developing further applications for component feeding and assembly [1] Group 5: Commercial and Household Applications - Midea Group is exploring the integration of humanoid robots in commercial settings, such as providing interactive services and product introductions in retail environments [1] - In the household sector, the company is gradually implementing humanoid robots through the robotics of home appliances [1]

Group 1: ETF Performance and Liquidity - The liquidity of the Robot ETF managed by Jiashi has a turnover rate of 8.09%, with a transaction volume of 44.39 million yuan [3] - Over the past week, the average daily transaction volume of the Robot ETF reached 44.26 million yuan [3] - The ETF's scale has increased by 200 million yuan in the past six months, with a share growth of 23.7 million shares this year [3] Group 2: Financial Performance - As of August 18, 2025, the net value of the Robot ETF has risen by 8.92% over the past six months, ranking in the top two among comparable funds [3] - The highest monthly return since inception was 25.78%, with the longest consecutive monthly gains being three months and a maximum increase of 37.12% [3] - The average return during the rising months is 8.93% [3] Group 3: Key Holdings - As of July 31, 2025, the top ten weighted stocks in the CSI Robot Index include Keda Xunfei, Huichuan Technology, Stone Technology, Dahua Technology, Zhongkong Technology, Dazhu Laser, Shuanghuan Transmission, Robot, Ecovacs, and Julun Intelligent, collectively accounting for 48.86% of the index [3] Group 4: Industry Developments - Zhiyuan Innovation (Shanghai) Technology Co., Ltd. has partnered with Fulian Precision Engineering Co., Ltd. for a project worth several million yuan, marking the first large-scale commercial contract for embodied robots in the industrial sector in China [5] - The current phase of humanoid robots is likened to the "iPhone era," indicating significant industry potential, with dexterous hands expected to account for over 30% of the robot's value [5] Group 5: Technological Advancements - The robot industry is entering a rapid development phase, with the commercialization process accelerating [6] - Sensors are identified as the core hardware for the intelligence level of humanoid robots, with technological iterations driving significant advancements [6] - The value and technical requirements of sensors may undergo substantial changes due to the accelerated product iterations by main manufacturers [6]

Industry Event - The first World Humanoid Robot Games kicked off in Beijing [1] - Teams from 16 countries competed in soccer, boxing, and other events [1] Technological Advancement - China's Unitree H1 won the first gold medal [1] - Unitree H1 completed a 1,500m run in 6 minutes and 34 seconds [1]

Group 1 - The market space for humanoid robot electronic skin has expanded from 0.15 billion to 15.5 billion, indicating significant growth potential [1] - Institutions have detailed the barriers in "materials/algorithms/processes/channels" and revealed a list of beneficiaries [1] - Microsoft has deployed 15,000 kilometers of hollow core fiber, opening up a business opportunity worth 1 billion dollars, with a compound annual growth rate of 56.52% over six years [1] - Four major domestic leaders are expected to share the largest portion of this market opportunity [1]

Group 1 - The topic of humanoid robots and the Science and Technology Innovation Board is gaining significant attention in the industry [1] - Key components of humanoid robots, such as harmonic reducers, motors, and controllers, are crucial for their operation and directly impact their development [1] - There is a high market demand for robotic arms, mobile composite intelligent robots, and bipedal humanoid robots, which are expected to become investment hotspots due to their high technical barriers and large market needs [1] Group 2 - The market demand for key components like harmonic reducers, motors, and controllers is projected to increase by more than tenfold if the humanoid robot market explodes [1] - Companies that can successfully achieve industrialization and large-scale production of humanoid robots will stand out in a competitive market and provide substantial returns for investors [1]

Summary of Estun Automation Co. (002747.SZ) Conference Call Company Overview - **Company**: Estun Automation Co. (002747.SZ) - **Industry**: Industrial Robotics and Automation - **Current Rating**: Downgraded from Neutral to Sell - **12-Month Target Price**: Rmb9.90, implying a 57% downside potential from the current price of Rmb24.21 [1][25] Key Points Financial Performance and Forecasts - **YTD Performance**: Stock has rebounded +16% in 2025 YTD, outperforming both the average return of the China Industrial Tech sector (+13%) and the CSI300 index (+6%) [1][19] - **Revenue Forecasts**: - 2025E Revenue: Rmb4,710.6 million - 2026E Revenue: Rmb5,442.6 million - 2027E Revenue: Rmb6,224.2 million [3][11] - **EPS Forecasts**: - 2025E EPS: Rmb0.08 - 2026E EPS: Rmb0.28 - 2027E EPS: Rmb0.35 [3][11] - **EBITDA**: Expected to improve from a loss of Rmb27.2 million in 2024 to Rmb387.3 million in 2025E [3][11] Market Position and Competitive Landscape - **Market Share**: Estun is the No.1 industrial robot maker in the domestic market, achieving an 11% market share YTD [7][22] - **Competition**: The humanoid robot market is becoming increasingly competitive, with Estun facing challenges from numerous competitors despite its early-stage R&D in humanoid robots [14][23] End-Market Exposure - **High Exposure**: Estun has a 38% exposure to unfavorable end-markets, specifically solar (13%) and auto (25%) sectors, compared to an average of 14% for its peers [7][15] - **Capex Trends**: Expected capex growth in solar is projected to decline by -72% in 2025E and -5% in 2026E, while auto capex is expected to turn negative at -16% in 2026E [7][25] Margin and Profitability Concerns - **Stagnant Margins**: Despite gaining market share, Estun's margins have shown limited improvement due to persistent pricing competition [13][34] - **Earnings Track Record**: The company has an inconsistent earnings track record, which raises concerns about its ability to sustain profitability [34] Risks and Upside Potential - **Downside Risks**: - High exposure to unfavorable end-markets - Stagnant margins despite market share gains - Uncertain outlook for humanoid robot business - Inconsistent earnings performance [34][35] - **Upside Risks**: - Faster-than-expected market share gains - Shift towards favorable end-markets - Improved margin trends - Accelerated humanoid robot development [27][28][31] Conclusion - **Investment Thesis**: Estun Automation Co. is positioned as a leader in the domestic industrial robot market but faces significant challenges due to high exposure to unfavorable end-markets, stagnant margins, and intense competition in the humanoid robot sector. The current valuation appears demanding given the substantial downside potential, leading to a Sell rating [34][35]

Summary of Luster LightTech Co. (688400.SS) Conference Call Company Overview - **Company**: Luster LightTech Co. (688400.SS) - **Industry**: Optical Motion Capture (MoCap) and Machine Vision Technology Key Points and Arguments Industry Dynamics - The optical MoCap business is experiencing a surge driven by increasing demand for humanoid training from universities, scientific institutions, and AI companies, with a projected 4-5x year-over-year growth in 2025 [17][30] - The global market share for optical MoCap is expected to decline from 64% in 2025 to 56% in 2030, while hybrid solutions will increase from 18% to 23% in the same period [18][23] - The total addressable market (TAM) for humanoid-related MoCap is forecasted to expand from Rmb3 billion in 2025 to Rmb26 billion by 2030, representing a CAGR of +54% [18][22] Financial Performance and Projections - Luster's revenue is expected to grow at a CAGR of 16% from 2025 to 2030, driven by a 28% CAGR in machine vision systems and a 15% CAGR in machine vision equipment [30] - The company's optical motion capture system is projected to contribute 18% to revenue and 17% to net income by 2030, up from just 3% in 2025 [22][28] - The earnings outlook for 2025 has been adjusted down by 6% due to lower-than-expected consumer electronics demand, while EPS for 2026-2030 has been revised up by 6% to 27% [30][33] Market Position and Valuation - Luster's 12-month target price (TP) has been increased by 44% to Rmb22.1, based on a 2030E P/E of 30x [30][31] - The current valuation implies a 30% downside from current levels, compared to 4% for the broader China Industrials coverage [30][33] - The company has seen a significant increase in revenue from its FZMotion motion capture systems, particularly in humanoid robot applications, with a 180% year-over-year revenue increase in Q1 2025 [19] Risks and Challenges - Key risks include the pace of recovery in the new energy sector, development of vision software, and competition in the machine vision industry [15][34][36] - The company has lost 2 percentage points in net profit margin over the past two years due to pricing competition, which could continue to impact margins if the industry remains competitive [37] Conclusion - Luster LightTech is positioned to benefit from the growing demand for humanoid-driven MoCap technology, with significant revenue growth expected in the coming years. However, the company faces challenges related to market competition and external economic factors that could impact its performance.

Group 1 - The core viewpoint of the news highlights the active performance of the robotics sector, particularly focusing on the launch of Unitree A2 by Yushu Technology, which showcases advanced capabilities in terrain navigation and load-bearing [1][2] - Yushu Technology's Unitree A2 weighs approximately 37 kilograms, has a maximum running speed of 5 meters per second, and can climb heights of up to 1 meter, demonstrating its robust design for various applications [1] - The upcoming "2025 World Robot Conference" on August 8 will feature over 1,500 exhibits from more than 200 domestic and international robotics companies, indicating a significant industry event [1] Group 2 - Yushu Technology is recognized as one of the earliest companies in China to develop robotic dogs, achieving a global market share of nearly 70% in 2023, which is crucial for its expansion into humanoid robotics [2] - Recent orders from major companies, including China Mobile's procurement of Yushu and Zhiyuan Robotics products worth 124 million yuan, signify a growing demand for robotic solutions across various sectors [2] - The China Securities Regulatory Commission has initiated the listing guidance for Yushu Technology, with a comprehensive evaluation scheduled between October and December to assess its eligibility for public offering [2] Group 3 - Several companies are identified as key suppliers to Yushu Technology, including Changsheng Bearing, which provides self-lubricating bearings and linear actuators, and Zhongdali De, which supplies planetary gear reducers and high-precision gears [3][4] - Other notable suppliers include Aobi Zhongguang, which offers 3D vision cameras and depth engine chips, and Hanwei Technology, which supplies flexible tactile sensors to enhance robot interaction [3][4] - The collaboration between Yushu Technology and Shengtong Co., Ltd. in the educational robotics sector reflects the expanding applications of robotics in various fields [3][4]

Summary of UBTech Robotics Conference Call Company Overview - **Company**: UBTech Robotics - **Industry**: Humanoid Robotics - **Location**: Shenzhen, China - **Rating**: Overweight (OW) with a price target of HK$135 by December 2026, implying approximately 50% potential upside based on a P/S methodology reflecting the industry's early stage and high growth potential [2][11][29] Key Points Industry Insights - The global humanoid robot industry is characterized as a disruptive technology with vast growth potential, projected to unlock a total addressable market (TAM) of 5 billion units over the next decade [6][13] - Growth will be driven by technological advancements and penetration into industrial, logistics, and household applications within an 8-year horizon [6] - The humanoid robot market is expected to mirror the success of the electric vehicle (EV) and smartphone sectors, with significant expansion anticipated due to government support and labor shortages [13][56] UBTech's Position - UBTech is positioned as a front runner in the humanoid robot industry, benefiting from a robust customer base including over 10 clients in trial runs or confirmed orders, such as BYD, Dongfeng Liuzhou Motor, and Foxconn [2][8][12] - The company's strategic location in Shenzhen provides access to a sophisticated manufacturing supply chain and a supportive policy environment, enhancing growth prospects [6][12] - Revenue growth estimates indicate a projected 260% CAGR for UBTech's humanoid robot revenue from FY25 to FY27E, with overall revenue expected to reach Rmb5 billion by FY27E [6][7] Financial Projections - Financial estimates for UBTech include: - FY24 Revenue: Rmb1,305 million - FY25 Revenue: Rmb1,865 million - FY26 Revenue: Rmb3,334 million - FY27 Revenue: Rmb5,262 million - Expected breakeven in 2H27E [7][26] - Adjusted EBITDA is projected to improve from a loss of Rmb1,069 million in FY24 to a profit of Rmb142 million in FY27E [7] Risks and Challenges - Potential risks include increased competition from new entrants and reliance on key customers like BYD, which may present challenges as the market evolves [6][14] - The company faces inherent risks associated with the nascent stage of humanoid robot technology, which may impact its ability to maintain leadership [14] Market Performance - UBTech's share price has shown significant volatility, with a year-to-date increase of 67% as of July 28, 2025, compared to a 26% increase in the HSCEI index [32][38] - The company has experienced fluctuations in share price due to factors such as IPO lock-up expirations and market sentiment towards the humanoid robot theme [34][36] Strategic Partnerships and Product Offerings - UBTech's diverse product offerings include Education Smart robotics, Logistics Smart robotics, and Consumer-level robots, with advanced features like mapping and facial recognition [12] - The company has established strategic partnerships that enhance its R&D capabilities and market presence, including collaborations with Baidu and FAW Volkswagen [43] Future Outlook - The humanoid robot industry is expected to see exponential growth, with UBTech positioned to capitalize on significant market opportunities [13][44] - The projected global demand for humanoid robots suggests a potential 1:1 ratio with the human population in the long run, with applications extending across various industries and domestic settings [62][63] Conclusion UBTech Robotics is strategically positioned in a high-growth industry with substantial market opportunities. While the company faces risks associated with competition and reliance on key customers, its strong partnerships, innovative product offerings, and favorable market dynamics suggest a promising outlook for future growth.