格隆汇1月5日丨京基智农(000048.SZ)近日在电话会议上表示，汇博机器人具备深厚的人形机器人技术 与产品积淀，目前已发布第一代轮足双臂机器人及四足机器人产品，应用场景清晰明确，主要覆盖科研 教学、能源行业巡检、智能制造及商业交互四大领域。依托成熟的销售与供应商管理体系，以及多年积 累的行业客户资源，汇博机器人未来将围绕教育、工业、商业等多元场景，打造全场景适配的具身机器 人产品矩阵。 ...

Core Viewpoint - Confidence is more important than gold, and activating China's massive market through innovation breakthroughs is crucial for high-quality economic growth [2] Group 1: Innovation and Technology Breakthroughs - In 2025, significant advancements in AI models like DeepSeek and breakthroughs in the innovative drug sector showcased China's competitiveness in the AI and biopharmaceutical fields [3] - The rapid iteration of large model technologies and breakthroughs in innovative drugs have created new industries and jobs, sending a strong signal of China's capability in the new technological revolution [3] - The Chinese space industry achieved multiple breakthroughs in 2025, including a record 92 launches, which has further boosted market confidence [3][4] Group 2: Future Expectations and Market Dynamics - The year 2026 is expected to see continued breakthroughs in various fields, including practical applications of AI and advancements in commercial space endeavors [4] - The integration of AI and robotics is anticipated to create new market opportunities in sectors such as elderly care and domestic services, leading to a clear path from technology investment to new consumption [4] - Cross-sector innovations are expected to generate new economic growth points, enhancing consumer confidence and creating significant opportunities for consumption upgrades [5] Group 3: Economic Interaction and Growth - The interaction between innovation and consumption is projected to be a key driver of economic growth in 2026, with technological advancements providing new supply and consumption upgrades creating new demand [5] - The expectation is to witness breakthroughs across various fields, including AI, chips, biotechnology, and renewable energy, contributing to a broader societal confidence boost [5]

Investment Rating - The report maintains a "Recommended" investment rating for the company [3]. Core Insights - The company has released a video showcasing the testing of humanoid robots developed in collaboration with Harbin Institute of Technology, highlighting significant advancements in key components and full-stack self-research capabilities [6]. - The company is recognized as a hidden champion in the field of intelligent equipment for solid material handling, primarily serving the petrochemical industry, with a record high order backlog of 6.322 billion yuan, which is expected to support revenue for the next two years [6]. - The projected net profit for the company from 2025 to 2027 is estimated to be 572 million yuan, 645 million yuan, and 720 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 29, 26, and 23 [6]. Financial Forecast Summary - **Revenue Forecast**: - 2024: 2,863 million yuan - 2025: 2,850 million yuan - 2026: 3,100 million yuan - 2027: 3,500 million yuan - **Net Profit Forecast**: - 2024: 524 million yuan - 2025: 572 million yuan - 2026: 645 million yuan - 2027: 720 million yuan - **Gross Margin**: - 2024: 33.39% - 2025: 35.68% - 2026: 35.87% - 2027: 35.51% [2][7]. Key Financial Ratios - **Earnings Per Share (EPS)**: - 2024: 0.51 yuan - 2025: 0.56 yuan - 2026: 0.63 yuan - 2027: 0.70 yuan - **Price-to-Earnings (PE) Ratio**: - 2024: 31.76 - 2025: 29.10 - 2026: 25.80 - 2027: 23.13 [2][7].

Core Viewpoint - The company Zhonghaidah is currently in the small-batch trial production stage of its Inertial Measurement Unit (IMU), which provides real-time three-dimensional spatial awareness for robots, ensuring balance control and movement [1] Company Summary - Zhonghaidah's IMU technology is designed to enhance the performance of embodied robots by offering critical spatial awareness [1] - The current application of the IMU in embodied robots is still in the early stages of production, indicating potential for future growth and development in this sector [1]

（文章来源：证券日报） 证券日报网讯 12月30日，中海达在互动平台回答投资者提问时表示，公司的惯性测量单元（IMU）为 机器人提供实时的三维空间姿态感知，为机器人的平衡控制和移动提供保障。目前，imu应用在具身机 器人上仍处于小批量试制投产阶段。 ...

Core Viewpoint - The company Zhonghaidah (300177) is currently in the small-batch trial production phase of its Inertial Measurement Unit (IMU), which provides real-time three-dimensional spatial attitude perception for robots, ensuring balance control and movement [1] Group 1 - The IMU is designed to enhance the performance of robots by offering critical spatial awareness [1] - The application of IMU technology in embodied robots is still in the early stages of production [1]

格隆汇12月30日丨中海达(300177.SZ)在互动平台表示，公司的惯性测量单元（IMU）为机器人提供实 时的三维空间姿态感知，为机器人的平衡控制和移动提供保障。目前，imu应用在具身机器人上仍处于 小批量试制投产阶段。 ...

格隆汇12月30日丨中海达(300177.SZ)在互动平台表示，公司的惯性测量单元（IMU）为机器人提供实 时的三维空间姿态感知，为机器人的平衡控制和移动提供保障。目前，imu应用在具身机器人上仍处于 小批量试制投产阶段。 ...

Financing Information - The company "Zhongke Shidai" has completed a Series B2 financing round, raising 300 million RMB [1] - Investors include Yueke Financial, Guangzhou Development Zone Investment Group, Bank of China Capital, and existing shareholders such as Bojiang Capital, Lenovo Ventures, Zhuoyuan Asia, and Guoxin Guozheng [1] - The funds will be used to enhance the iteration and innovation of general industrial intelligent computing terminals, expand the ecosystem of the dual-domain operating system (MetaOS), improve the functionality and user experience of the unified development environment (MetaFacture), and innovate the real-time operating core (MetaCore) [1] Company Overview - "Zhongke Shidai" was established in 2022 and is headquartered in Shenzhen [2] - The company specializes in industrial intelligent computers that integrate real-time control, motion control, smart vision, edge computing, configuration display, human-computer interaction, and robotics, achieving global leading levels in real-time task response speed and multi-axis synchronous motion control [2] - The self-developed dual-domain operating system (MetaOS) ensures hard real-time deterministic execution of control tasks while being compatible with a rich IT ecosystem [2] Market Potential - The global industrial computing market is estimated to reach approximately 80 billion USD by 2025, with a projected compound annual growth rate (CAGR) of around 5.4% over the next five years [3] - By 2030, the global industrial computing market is expected to exceed 100 billion USD, with China accounting for over 35% of the global market share by 2025, estimated to be between 1900 billion to 2200 billion RMB [3] - The Chinese industrial computing market is expected to grow at a CAGR of 10%-15% over the next five years, driven by manufacturing transformation, reaching 3500 billion to 4000 billion RMB by 2030 [3] Company Performance - Since its establishment, "Zhongke Shidai" has achieved over threefold revenue growth year-on-year [4] - The company focuses on high-end control fields such as semiconductor, energy, and precision processing, forming close collaborations with multiple benchmark and strategic clients [4] - The company’s products are well-suited for the emerging field of embodied robotics, which requires high-speed, high-precision, and high-integration computing platforms [4] Team Background - The founding team comes from the Institute of Computing Technology, Chinese Academy of Sciences, and includes members from Alibaba Damo Academy, Beckhoff, Siemens, and Schneider [5] - The team is led by Dr. Ma Jun, a serial entrepreneur with a strong technical background in operating systems, automation control, and industrial software algorithms [5] - The company has received multiple accolades, including being named a "potential unicorn enterprise" in Shenzhen by 2025 and winning first place in the HICOOL Global Entrepreneurship Competition [5] Company Insights - The company positions its industrial intelligent computers as next-generation industrial controllers that integrate automation and computing technologies, significantly enhancing industrial computing efficiency [6] - The operating system's performance metrics, such as latency and jitter, are significantly better than traditional industrial controllers, allowing for higher production line speeds [7] - Future development will focus on high-end markets and international expansion, with plans to introduce a new product line for embodied robotics [8] Investor Perspectives - Investors recognize the urgent need for high-performance, domestically developed solutions in the industrial control system market, which has been dominated by foreign companies [9] - The investment in "Zhongke Shidai" is seen as a strategic move to support the transition of Chinese manufacturing towards intelligent, high-end, and autonomous solutions [10] - The company’s products are expected to break the monopoly of foreign firms in the mid-to-high-end industrial control sector, contributing to the industrial upgrade in the Greater Bay Area [10]

Core Insights - The establishment of the embodied robotics division by Yian Technology marks a strategic upgrade, focusing on the development and manufacturing of AI-related components for humanoid robots, with an expected market size of over 1 trillion yuan by 2035 in China [1][2] - Yian Technology has a strong technological foundation, being the only company globally to achieve large-scale production and commercial delivery of liquid metal technology, which is crucial for high-precision and reliable components in embodied robots [1][2] - The company aims to increase its revenue from robotics to over 25% by 2026, leveraging its material technology and production capacity to capture a significant share of the burgeoning embodied intelligence market [3] Company Developments - Yian Technology has completed the construction of its new factory in Zhuzhou, which will serve as a leading production base for amorphous alloys, with mass production expected to start in March 2026 [2] - The company has invested 120 million yuan to expand production capabilities, with specialized production lines set to be operational between Q3 2025 and Q2 2026, aligning with the mass production schedule of robotics components [2] - The establishment of the robotics division enhances Yian Technology's business structure, diversifying its operations across consumer electronics, new energy vehicles, and robotics, thereby reducing reliance on a single industry [2] Industry Outlook - The humanoid robot market is anticipated to experience explosive growth starting in 2026, driven by increased demand for high-value products such as sensor housings and dexterous hand components [3] - Yian Technology's liquid metal products hold over 60% market share domestically, which is expected to boost the localization rate of core robotics components and alleviate upstream supply chain pressures [2]