Group 1: Company Overview and Operations - The company differentiates itself from traditional ODMs by focusing on product definition, R&D design, and leveraging strong R&D capabilities while outsourcing major production processes to external manufacturers [2] - The company has served over 80 countries and regions, adapting to emerging trends in the electronics industry such as customization and flexible manufacturing, enhancing its risk resistance [2] Group 2: Future Development Plans - In May 2024, the company elevated its AI+ strategy to a top-level strategy, aiming to integrate AI technology with smart hardware and vertical scenarios [3] - The establishment of Yidao Digital Research Institute focuses on long-term technological investment in AI, perception technology, and spatial computing to build core competitiveness [3] - The company plans to enhance R&D in XR and AIoT, aiming to seize opportunities in digital China, new productivity, AI, and Industry 4.0 for new profit growth [3]

Group 1: Company Overview - Yidao Information is a provider of smart electronic products and solutions, focusing on product definition and R&D design [2] - The company’s main business segments include rugged smart terminals and consumer smart terminals, with applications in smart manufacturing, transportation, energy exploration, and public utilities [2] Group 2: Business Performance - In the first half of 2025, the company achieved a revenue growth of 19.24% year-on-year [3] - The rugged smart terminal business grew by 24.71%, smart hardware by 16.27%, and XR and AIoT business by 27.60% [3] - R&D expenses increased by 2.71% year-on-year [3] Group 3: R&D Focus - The company is increasing R&D investments in AI, spatial computing, and native hardware to align with the AI+ industry development trend [3] - New R&D projects and patent applications have increased, leading to breakthroughs such as AI industry terminals, AI enterprise workstations, and AI glasses [3] - The establishment of Yidao Research Institute in January 2024 aims to collaborate with universities and research institutions to advance research in AI, perception technology, cloud computing, and spatial intelligence [3]

Company Overview - Yidao Information is a provider of smart electronic products and solutions, focusing on product definition and R&D design [2] - The company’s main business segments include rugged smart terminals and consumer smart terminals, with applications in smart manufacturing, transportation, energy exploration, and public utilities [2] Financial Performance - In the first half of 2025, the company achieved a revenue growth of 19.24% year-on-year [3] - Business segment growth rates: - Rugged smart terminals: 24.71% - Smart hardware: 16.27% - XR and AIoT: 27.60% [3] - R&D expenses increased by 2.71% year-on-year [3] Profitability Insights - The company's gross margin fluctuates due to the diverse product range, with a stable gross margin maintained between 14% and 20%, higher than the industry average [3] Future Development Directions - The company aims to make cutting-edge technology more accessible, focusing on competitive product solutions and services [3] - Plans to deepen customer engagement and expand product offerings to enhance operational scale [3] - Establishment of Yidao Digital (Research Institute) to invest in AI, perception technology, and spatial computing, fostering innovation and talent development [3] - Emphasis on adapting R&D for XR, AIoT, and domestically controlled products to seize opportunities in digital China and Industry 4.0 [3]

Group 1: Business Performance - The company's rugged intelligent industry terminal business achieved revenue of 173.46 million yuan in the first half of 2025, representing a year-on-year growth of 24.71% [2] - Growth is attributed to four main factors: ongoing global industrial digitalization, enhanced product competitiveness of the "ONERugged" series, increased brand influence and effective sales channel expansion, and successful acquisition of new clients in key sectors such as smart retail and fleet management [2] Group 2: Research and Development - The company has increased its R&D investment, resulting in a rise in the number of R&D projects and new patent applications [3] - Breakthrough R&D outcomes include AI industry terminals, AI enterprise workstations, AI glasses, AI edge computing models, AI digital humans, and AI servers, enhancing the company's ability to meet diverse customer needs [3] - The establishment of the Yidao Research Institute in January 2024 aims to collaborate with major universities and research institutions to advance research in cutting-edge technologies such as AI and cloud computing [3] Group 3: Share Repurchase Plan - The company's share repurchase plan is progressing in an orderly manner, with plans to actively advance the buyback project based on market conditions and company development [3]

Core Viewpoint - Humanoid robots are essential carriers of embodied intelligence, relying on the synergy between perception and cognition layers to dynamically recognize environments, learn autonomously, and respond interactively [1] Visual Perception - Visual perception is the primary means for humanoid robots to acquire environmental information, evolving from 2D to 3D, with a complementary relationship between vision and LiDAR [2] - In 2023, the 2D vision market size was approximately 16.15 billion yuan, accounting for 87.24%, while the 3D vision market was about 2.36 billion yuan, making up 12.76% [2] - The leading companies in the 3D vision sensor market include Aobo Zhongguang, which holds over 70% market share in public service robots, and RealSense, which maintains a stable market share in industrial robots [4] LiDAR Technology - LiDAR technology measures distances by emitting laser beams, maintaining stable perception in complex lighting and obstructed environments, effectively compensating for the shortcomings of visual solutions [6] - In the first ten months of 2024, SUTENG, Huawei, and Hesai Technology accounted for 95% of the global LiDAR market [6] Tactile Sensors - Tactile perception is crucial for humanoid robots to perform precise operations, with MEMS sensors and electronic skin being the two main technological paths [7] - The global flexible tactile sensor market was valued at 1.53 billion USD in 2022, with MEMS solutions dominating due to cost advantages [7] - The electronic skin market in China is projected to reach 9.05 billion yuan by 2030, with a compound annual growth rate of 64.3% [9] MEMS Sensors - The global MEMS sensor market size was 9.9 billion USD in 2023, with inertial sensors accounting for 35% [15] - Domestic manufacturers have achieved technological breakthroughs, with MEMS gyroscopes matching international products in key performance indicators [15][19] - Domestic MEMS sensor products are priced at approximately 70-80% of their overseas counterparts, accelerating the replacement process [17] Conclusion and Future Outlook - The evolution of humanoid robot perception technology focuses on improving perception accuracy and practical feasibility, with advancements in 3D vision, LiDAR, MEMS, and electronic skin technologies [20] - The integration of AI algorithms for multi-source sensor data fusion and the durability of electronic skin remain critical challenges for the next 3-5 years [20]

Group 1: Research Basic Information - The research object is Yidao Information, and the reception time is June 12, 2025. The listed company's reception staff includes Deputy General Manager and Board Secretary Qiao Minyang, and Investor Relations Specialist Xie Die [17] Group 2: Detailed Research Institutions - The reception objects include Guotai Haitong (securities company), Chuangjin Hexin (fund management company), and Everbright Yongming (others) [18] Group 3: Company and Product Introduction - Yidao Information is an intelligent electronic product and solution provider focusing on product definition and R & D design. Its main businesses are divided into rugged intelligent terminals and consumer - class intelligent terminals [24] - The rugged intelligent terminals include rugged laptops, rugged tablets, rugged handheld terminals, and various rugged industrial control products, which are applied in scenarios such as intelligent manufacturing, transportation, energy exploration, and public utilities [24][26] - The company's consumer products include PCs, tablets, AIoT, and XR/AI wearable products, serving brand and enterprise customers and providing full - process services [25] - The company's Yidao Digital (Yidao Research Institute) focuses on artificial intelligence, perception technology, and spatial intelligence [25] - Three - proof rugged products have waterproof, dustproof, and anti - fall features, designed for harsh environments and complex working conditions. The company's "ONERugged" brand offers products and services globally, and the company will focus on key areas and diversify its market layout [26]

Group 1: Company Overview - Yidao Information is a provider of smart electronic products and solutions, focusing on product definition, research, and design [2] - The company's main business segments include rugged smart terminals and consumer smart terminals [2] - Rugged smart terminals include rugged laptops, tablets, handheld devices, and various industrial control products, successfully applied in diverse sectors such as smart manufacturing, transportation, energy exploration, and public utilities [2] Group 2: Consumer Products - Consumer products encompass PCs, tablets, AIoT, and XR/AI wearable devices, primarily serving brand and enterprise clients [2] - The company collaborates with several well-known domestic and international clients, leveraging years of R&D and quality accumulation [2] - Yidao provides comprehensive services from solution design to product development and complete machine services [2] Group 3: Research and Development Focus - Yidao Digital (Yidao Research Institute) focuses on long-term technological investment to build core competitiveness, specializing in artificial intelligence, perception technology, and spatial intelligence [2] - The aim is to advance the paradigm of human-computer interaction and cultivate innovative talent in research and product integration [2] Group 4: Rugged Products - Rugged products are designed with waterproof, dustproof, and drop-resistant features, suitable for harsh environments and complex working conditions [3] - The company's rugged computing brand "ONERugged" offers innovative, efficient, and reliable products and services to global users [3] - Future focus areas include industrial automation, smart manufacturing, retail, warehousing logistics, vehicle-mounted applications, and public utilities, with a diversified online and offline channel strategy [3]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 548 million CNY, representing a year-on-year growth of 14.41%, and a net profit growth of 80.85% [2] - Since its listing on February 14, 2023, the company has distributed a total cash dividend of 59.5862 million CNY, with a proposed cash dividend of 0.9 CNY per 10 shares for 2024, totaling 12.7302 million CNY [3] Group 2: Business Strategy and Market Position - The company focuses on a customer-centric strategy, increasing R&D investment and enhancing product design capabilities to meet diverse customer needs [2] - The company actively expands its market presence by onboarding quality clients and improving technical support and after-sales service [2] Group 3: Product Offerings - The company’s smart hardware products include rugged smart terminals (rugged laptops, tablets, handheld devices) and consumer smart terminals (PCs, tablets, AIoT, XR products), serving various sectors such as smart manufacturing and public utilities [4] - The company has launched several breakthrough R&D products, including AI industry terminals and AI edge computing models, enhancing its service capabilities for medium and large brand clients [5][6] Group 4: R&D and Innovation - The company has increased its R&D investment, resulting in a rise in the number of R&D projects and new patent applications [5] - In 2024, the company established the Yidao Research Institute to collaborate with universities and research institutions on cutting-edge technologies like AI and cloud computing [6] - The company maintains partnerships with major tech firms (Intel, Qualcomm, etc.) to enhance its product development and market competitiveness [6]

Core Viewpoint - The development of humanoid robots is advancing from science fiction to reality, with companies like Yuzhu Technology showcasing their capabilities in combat and martial arts through live demonstrations and videos [1][10]. Company Developments - Yuzhu Technology announced plans to launch robot combat live streaming within the next month, highlighting their humanoid robots' abilities in boxing and martial arts [1][7]. - The company has applied for the trademark "Kung Fu Robot," indicating its focus on enhancing the martial arts capabilities of its humanoid robots [10]. Technical Insights - The performance of humanoid robots relies heavily on motion control and perception technologies, which are critical for their ability to execute complex movements like boxing and martial arts [3][8]. - Current demonstrations show that while humanoid robots have made progress, there is still significant room for improvement in speed, stability, and responsiveness [5][8]. Market Potential - The humanoid robot market is projected to grow significantly, with estimates suggesting a global market size of approximately $10.17 billion by 2024 and $15 billion by 2030, reflecting a compound annual growth rate of over 57% [10][11]. - In China, the humanoid robot market is expected to reach 750 billion yuan by 2029, accounting for 32.7% of the global market share, positioning the country as a leader in this sector [11].