Industry News - The Beijing Municipal Housing and Urban-Rural Development Commission and the Beijing Housing Provident Fund Management Center jointly issued a notice to further optimize and adjust real estate policies, allowing eligible families to purchase an unlimited number of commercial housing units outside the Fifth Ring Road starting from August 9, 2025 [4] - The China Securities Regulatory Commission (CSRC) will continue to strictly control the entry of IPOs and will not allow large-scale expansion, focusing on nurturing long-term capital and improving the policy system to support long-term investments [6] - At the 2025 World Robot Conference, Wang Xingxing, founder of Yushu Technology, stated that the main focus of intelligent robot technology in the next 2-5 years will be on large models, low-cost hardware, and computing power, with the humanoid robot shipment volume expected to double annually [6] - The Beijing Economic and Technological Development Zone announced a plan to support the development of embodied intelligent robots with ten key measures [6] - The National Immigration Administration reported that the number of foreign entries and exits exceeded 38 million in the first half of the year, a year-on-year increase of 30.2%, with visa-free entries increasing by 53.9% [6] Company News - Haosai announced that the company and its former chairman Dai Baolin have been prosecuted for suspected unit bribery [9] - Shiyun Circuit announced that its shareholder New豪 International plans to reduce its holdings by no more than 3% of the company's shares [9] - *ST Gaohong received a notice from the China Securities Regulatory Commission regarding potential major illegal forced delisting [11] - Industrial Fulian reported a net profit of 12.1 billion yuan in the first half of the year, a year-on-year increase of 39% [11] - Liou Co. announced plans to use no more than 3 billion yuan of its own funds for securities investments [11] - Wan Tong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudu Technology, injecting quality chip design business assets [11]

王兴兴预计，如果快的话，可能未来一两年或2—3年有可能实现，最慢的话，估计3—5年很大概率能实 现。 王兴兴认为，未来2—5年智能机器人技术的重心是在端到端智能机器人大模型，以及更低成本、更高寿 命的硬件及超大批量的制造，分布式的低成本、大规模算力。 （文章来源：中国基金报） 在王兴兴看来，智能体机器人当前虽然不是非常完美成熟，但当下已经够用了，未来主要是持续完善硬 件细节、降低成本、增加寿命和可靠性等；智能体机器人当下和未来最关键的挑战，不是在数据方面， 而是在机器人大模型（具身智能），该领域目前的发展进度，可能类似于ChatGPT发布前1—3年左右的 水平。 "目前全球范围内对数据问题的关注度有点太高了，现在最大的问题反而是模型的问题。"王兴兴 称，"目前业界已经发现了类似的方向和技术路线，但是还没人把它做出来。" 在8月9日上午举行的2025世界机器人大会主论坛上，宇树科技创始人、首席执行官兼首席技术官王兴兴 发表了题为"机器人产业规模化的机遇与挑战"的主题演讲。 据王兴兴介绍，今年上半年机器人行业最大的特点是，包括零部件厂商、整机厂商在内，行业平均增长 幅度在50%—100%，"增长非常吓人，非常少见 ...

Core Viewpoint - KOKOBOTS GROUP, also known as "Mao Donkey Run," is planning to go public on NASDAQ under the ticker symbol KOKO, having updated its prospectus with the SEC on July 11, 2025, after initially filing confidentially on January 10, 2025 [3][4]. Company Overview - KOKOBOTS GROUP is an innovative technology company focused on the large-scale application of intelligent robotics, utilizing low-speed L4 autonomous driving and IoT technology [4]. - The company primarily engages in the research, sales, and leasing of smart commercial cleaning robots, as well as the manufacturing and sales of IoT solution products [4][5]. Business Model - The smart commercial cleaning robots are equipped with proprietary L4 low-speed autonomous driving technology, enabling them to navigate complex environments with minimal human intervention, enhancing operational efficiency and safety in high-traffic areas such as hotels and hospitals [4][5]. - The IoT products incorporate RFID chips for wireless communication, widely used in smart data storage, identity verification, access control, and contactless payment, with high repurchase rates [4][5]. Market Presence - KOKOBOTS GROUP has expanded its operations to over 18 provinces and municipalities in China and sells products in 12 countries, including the United States, Germany, and Poland, through distributors [5]. Financial Performance - For the fiscal years ending June 30, 2023, and June 30, 2024, the company's revenues were $3.49 million and $4.05 million, respectively, with net profits of $194,500 and $1,003,200 [12][14]. - In the first six months of fiscal year 2025, the company reported revenues of $2.01 million but incurred a net loss of $206,695 [12][13]. Shareholder Structure - Prior to the offering, the major shareholders include Congming Pi, who holds 94.0% of the voting power through his subsidiaries, and other shareholders with significantly lower percentages [7][8]. Management Team - The management team includes Congming Pi as CEO, Guiping Peng as CFO, and several director nominees [11]. Underwriting Team - The underwriting team for the IPO includes AC Sunshine Securities LLC as the exclusive underwriter, Marcum Asia CPAs LLP as the auditor, and various legal firms for both Chinese and U.S. legal representation [15].

Core Viewpoint - The listing of Geek+ (stock code: 2590.HK) on the Hong Kong Stock Exchange marks it as the first publicly traded company in the global AMR warehouse robot market, reflecting strong investor confidence in the robotics sector [1][3]. Company Overview - Geek+ was founded in 2015 and specializes in intelligent warehouse logistics and robotics technology, offering a full range of logistics robot systems including shelf-to-person, smart sorting, and intelligent forklifts, with operations in over 40 countries and regions [3][4]. - The company had previously attempted an A-share listing in 2021 but later withdrew, and it submitted its application for a Hong Kong listing in late 2024 [3]. IPO Details - Geek+ issued a total of 161.4 million H-shares in its IPO, raising approximately HKD 2.71162 billion, making it the largest H-share IPO for a robotics company to date and the largest non-"A+H" tech IPO in Hong Kong this year [1][4]. - The IPO saw an oversubscription of 133.62 times in the Hong Kong public offering and 30.17 times in the international placement, setting records for the highest international placement multiples in the Hong Kong tech sector [1][4]. Market Position - According to Zhaoshang Consulting, the global AMR solutions market is expected to grow to RMB 172.5 billion by 2028, with AMR solutions' penetration in warehouse automation increasing from 3.6% in 2019 to an anticipated 20.7% by 2028 [4]. - Geek+ holds a 6.0% market share in the global AMR solutions market as of 2023, making it the largest provider of warehouse fulfillment AMR solutions, a position it has maintained for five consecutive years [4]. Financial Performance - Geek+'s revenue from AMR solutions is projected to grow significantly, with revenues of RMB 790 million, RMB 1.452 billion, RMB 2.143 billion, and RMB 2.409 billion expected from 2021 to 2024, reflecting a compound annual growth rate of 45% [5]. - The company has faced losses due to heavy investments in R&D, sales, and marketing, with losses of RMB 1.05 billion, RMB 1.567 billion, RMB 1.127 billion, and RMB 832 million from 2021 to 2024, although losses are expected to narrow in the future [5]. - As of April 30, 2025, Geek+ recorded order revenues of RMB 1.016 billion, a 33.4% increase compared to the same period in 2024, indicating strong demand from e-commerce, third-party logistics, and manufacturing sectors [5]. Future Outlook - Geek+ aims to utilize the funds raised from the IPO for R&D, product iteration, sales and service network expansion, supply chain development, and digital management, with a focus on long-term profitability despite short-term losses [5].

在全球能源需求持续上扬、油气资源开发环境日趋复杂的当下，智能机器人技术已成为撬动油气行业转 型升级的重要杠杆。当前，智能机器人在油气勘探、开采、运输以及设施维护等关键领域的实践成果斐 然，有力地提升了作业效率，显著削减成本与风险，为油气行业可持续发展注入全新活力。 助力油气勘探迈向精准化 油气勘探作为油气开发的先行军，传统作业方式长期受困于诸多难题。在深海、极地、沙漠等极端环境 下，人工勘探举步维艰，数据采集效率低下且成本高昂。智能机器人的问世，为这一领域带来突破性进 展。 2024年，挪威国家石油公司（Equinor）在北海油田启用的新一代水下机器人（AUV）表现卓越。该机 器人配备高精度地震传感器，能敏锐捕捉海底地质结构的细微变化。其搭载的人工智能算法更是关键， 如同机器人的"智慧中枢"，可对海量采集数据进行快速分析与处理。在实际作业中，机器人自如穿梭于 海底复杂地形，高效完成海底地形测绘与油气资源探测任务。相较传统勘探手段，该机器人将勘探效率 提升40%，成本降低30%，还极大拓展了油气资源的勘探范围与精度。 美国斯伦贝谢公司（Schlumberger）推出的基于人工智能的钻井机器人同样成绩亮眼。钻井过 ...