Core Viewpoint - The domestic humanoid robot production line has achieved a significant breakthrough in large-scale manufacturing capabilities, with a capacity of over 10,000 units per year [4]. Group 1: Production Capacity - The newly established production line in Guangdong can produce one humanoid robot every 30 minutes, effectively meeting market demands for large-scale delivery [6]. - The production line has a total annual capacity that exceeds 10,000 units, marking a major advancement in the industry [6]. Group 2: Efficiency and Technology - All 24 precision assembly processes on the production line have been digitized, resulting in over a 50% increase in efficiency compared to traditional methods [6]. - The production line incorporates 77 inspection and testing procedures to ensure the stability and reliability of the products being produced [6]. Group 3: Flexibility and Adaptability - The production line features high flexibility in assembly, allowing for adjustments in workstations and line length, which supports mixed production of multiple models and products [6]. - This adaptability is expected to significantly promote the large-scale development of the humanoid robot industry [6].

Summary of the Conference Call on Humanoid Robots Industry Industry Overview - The humanoid robot sector has experienced a significant upward trend since September 24, 2024, with minor corrections. Key catalysts include the entry of Huawei into the robotics market and the appearance of Yuzhu on the Spring Festival Gala [1][2]. - The industry is expected to gradually converge by 2026, with Tesla's Optimus moving from the laboratory phase to mass production, highlighting the need to focus on companies with confirmed mass production capabilities [1]. Core Changes in the Industry - The humanoid robot industry saw three major changes in 2025: 1. Significant large-scale orders were realized, primarily from government, data collection, and life service scenarios, with Yuzhu, Zhiyuan, and UBTECH leading in shipment volumes [1]. 2. The prices of core robot components have decreased significantly due to industrial capital support, although there is still room for improvement in precision and lifespan [2]. 3. Some models have begun to show initial signs of intelligence, but the lack of sufficient data has prevented the formation of a scaling law cycle [2]. Strategic Outlook for 2026 - The strategy for 2026 is summarized as "Harmony and Victory": 1. **Harmony**: With Tesla's Optimus successfully iterating, 2026 is set to be a year of large-scale production. Key focus areas include Tier 1 suppliers, lead screws, and harmonic reducers, as the supply chain begins to tighten [2]. 2. **Victory**: Attention should be given to flexible robot targets that focus on technological iteration and cost reduction. Key drivers include: - **Dexterous Hands**: Improvements in degrees of freedom, lifespan, cost reduction, and dexterity [2]. - **Motors**: The penetration of high torque density and compact axial flux motors is accelerating [2]. - **Lightweight Materials**: As robots transition to mass production, the importance of lightweight materials will increase, with PEEK and magnesium-aluminum alloys being noteworthy [2]. Investment Recommendations - **Certainty Directions**: Recommended companies include: - Tier 1: Sanhua Intelligent Controls, Top Group - Lead Screws: Hengli Hydraulic, Zhejiang Rongtai, New Coordinates, Wuzhou New Spring [2]. - **Technological Changes & Cost Reduction**: Suggested companies include: - Dexterous Hands & Electronic Skin: Zhaowei Electromechanical, Hanwei Technology, Riying Electronics, Zhenghe Industrial - Motors: Hengshuai Co., Ltd., Buke Co., Ltd. - Lightweight Materials: Hengbo Co., Ltd., Xingyuan Zhuomei [3]. Domestic Supply Chain - Key players in the domestic supply chain include: - Yuzhu Core: Shoucheng Holdings, Meihu Co., Ltd., Changsheng Bearings - Galaxy General Core: Tianqi Co., Ltd. - Other domestic chains: UBTECH, Yuejiang, etc. [3]. Risk Factors - Potential risks include: - The industrialization of robotics may not meet expectations - Technological iterations could render existing components obsolete - Risks associated with international trade friction and reliance on major customers [3].

Group 1 - The humanoid robot industry is expected to enter a phase of large-scale production in 2026, with Tesla's Optimus moving from the lab to mass production, creating supply chain opportunities [1] - New Coordinates (603040) is highlighted as a key focus in the screw rod segment, emphasizing its potential for cost reduction and technological iteration in robotics [1] - This industry trend may positively impact the long-term business outlook for New Coordinates [1] Group 2 - On February 9, 2026, New Coordinates held its sixth second board meeting to review the election of independent directors, which is considered a routine operational matter with limited short-term impact on stock prices [2] Group 3 - Over the past week (February 7 to 13, 2026), New Coordinates' stock price has shown volatility, with a latest price of 104.20 yuan on February 13, down 3.13% from the closing price of 106.49 yuan on February 9, with a price fluctuation range of 7.00% [3] - During the same period, the automotive parts sector declined by 0.59%, and the overall market index (Shanghai Composite Index) showed weakness with a drop of 1.19%, indicating that the company's stock performance was slightly weaker than the industry but stronger than the overall market [3] - On February 13, there was a net inflow of 7.21 million yuan in main funds, indicating a high level of short-term investor interest [3]