wo[Table_Title] Research Report 28 Jul 2025 电子 Technology WAIC 2025 前沿聚焦（4）：从模型驱动向意图驱动的重大范式跃迁 WAIC 2025 Frontier Focus (4): A Paradigm Shift from Model-Driven to Intent-Driven 姚书桥 Barney Yao 邓雅文 Linda Deng barney.sq.yao@htisec.com linda.yw.deng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件： 2025 年 7 月 27 日，在上海举行的 2025 世界人工智能大会明确指出，人工智能正从"模型驱动范式向"意图驱动"范 式加速跃迁。模型驱动依赖于大规模统计相关性和预定义规则，将输入映射为输出；而意图驱动则强调将人类目 标、价值体系与 AI 的信息处理深度融合，使系统能在缺乏明确指令时自主识别并分解目标、执行闭环反馈 ...

Core Viewpoint - Shenzhen Modulus Technology Co., Ltd. has completed a multi-million angel round financing led by Denning Capital, with funds primarily allocated for product development, market promotion, and team building [3][5]. Company Overview - Modulus Technology focuses on multi-modal multi-dimensional tactile sensing technology and tactile model research and application, with products including robotic touch, industrial pressure distribution detection, flexible fabric sensors, and flexible film sensors [3][5]. - The company was established at the end of 2024 and aims to address the growing demand in various sectors such as robotics, industrial inspection, consumer electronics, and healthcare [3][5]. Market Dynamics - The global market for tactile sensors and flexible sensors is rapidly developing, driven by the explosion of industries like consumer electronics, healthcare, and industrial automation [5][6]. - The tactile sensing industry is currently in its early stages, characterized by non-standardized technology routes and high customization demands, which increase R&D and production costs [5][6]. Technological Innovations - Modulus Technology has developed high-sensitivity sensing materials and micro-structural processes to enhance sensor range, precision, and sensitivity, achieving a maximum pressure range of 20 MPa and linearity of 99.9% [5][6]. - The company has established a full-stack R&D capability, covering sensor materials, hardware, algorithms, and systems, facilitating data collection, calibration, and software analysis for clients [5][6]. Product Offerings - The core products include robotic tactile sensors and industrial pressure distribution detection solutions, serving sectors like lithium batteries, energy storage, and 3C manufacturing [6][7]. - The company is also developing flexible fabric sensors for applications in smart cabins, smart mattresses, smart pillows, and smart clothing [6][7]. Supply Chain and Team - Modulus Technology has validated its supply chain capabilities from small to large batch production, with expected order amounts reaching tens of millions this year [7]. - The team consists of nearly 20 members, with over 80% in R&D, covering key areas such as algorithms, hardware, software, and sensors [7]. Investment Perspective - Denning Capital views robotic tactile sensors as essential components for robots to perceive their environment, with significant application value in various fields [8]. - The firm believes that the tactile sensor market has substantial growth potential, with Modulus Technology positioned well due to its interdisciplinary team and experience in product engineering and commercialization [8].

Company Overview - Shenzhen Modulus Technology Co., Ltd. has completed a multi-million angel round financing led by Denning Capital, with funds primarily allocated for product development, market promotion, and team building [1] - Founded in late 2024, the company focuses on multi-modal multi-dimensional tactile sensing technology and tactile model research and application, with products including robotic touch, industrial pressure distribution detection, flexible fabric sensors, and flexible film sensors [1][3] Technology and Product Development - The company’s self-developed technology is driven by the rapid growth of consumer electronics, healthcare, industrial automation, and emerging humanoid robotics industries, leading to increased demand for tactile and flexible sensors [3] - Modulus Technology addresses core issues in the flexible sensing industry, such as insufficient range and sensitivity, by developing high-sensitivity materials and micro-structural processes, achieving a maximum pressure range of 20 MPa and linearity of 99.9% [4][5] - The company has established a full-stack R&D capability, covering sensor materials, hardware, algorithms, and systems, facilitating sensor data collection, calibration, and software analysis [4] Market Applications - The core products include robotic touch and industrial pressure distribution detection, serving clients in humanoid robotics, dexterous hands, and mechanical arms, as well as providing real-time digital solutions for pressure distribution monitoring in industries like lithium batteries and 3C manufacturing [5][6] - Modulus Technology is also developing flexible fabric sensors for applications in smart cabins, smart mattresses, smart pillows, and smart clothing [5] Team and Expertise - The company has a team of nearly 20 people, with over 80% in R&D, covering key areas such as algorithms, hardware, software, and sensors [6] - The founder has extensive experience in supply chain collaboration and investment in the smart wearable sector, while co-founders possess backgrounds in polymer materials, electronic ink, and flexible sensor research [6] Investment Perspective - Denning Capital views robotic tactile sensors as essential components for robots to perceive their environment, with significant application value in humanoid robots and dexterous hands, as well as potential in 3C and new energy manufacturing [7] - The investment firm believes that the future of the sensor industry lies in multi-modal sensor integration and AI-driven sensor intelligence, aligning with Modulus Technology's business direction [7]

技术驱动与应用牵引的双重作用下，2025年具身智能产业呈现爆发式的增长，这些趋势不仅塑造着 行业的技术路线，也深刻影响着商业化落地的路径与节奏。这里也为大家盘一下这两年具身重点关 注的技术领域。 感知能力升级与多模态融合是具身技术路线发展的重要一环，在视觉感知之外，触觉感知则是这两 年发力的重点，特别是灵巧手领域，力控能大幅提升操作的精细度及结果反馈能力。多模态传感器 融合技术使机器人能够同时处理视觉、听觉、触觉等多种信息，这种融合不仅体现在硬件层面，更 在于算法层面的深度整合。大幅提升了环境感知的准确性和全面性。 还有源源不断的求职、岗位分享哦，欢迎和我们一起打造完整的具身生态。 大模型驱动的大脑算法正在不断地提升机器人对世界的经验认知与理解。特别是在人形机器人领 域，大模型基于多模态数据提升机器人的感知能力，推动机器人的自主学习、决策规划能力，并结 合动作训练、行为交互训练，有望提升动作的泛化能力。同时，轻量化的模型设计也成为行业落地 的迫切需求，我们更需要低算力、多模态、跨平台的轻量化模型作为支撑！ 同时，仿真环境与数据生态建设也极为重要！仿真环境与世界模型的持续完善为具身智能提供了高 效的训练平台。基 ...

Core Viewpoint - Hefei Jinghe Integrated Circuit Co., Ltd. has decided to conclude the "40nm Logic Chip Process Platform R&D Project" and permanently supplement its working capital with the remaining funds from the fundraising projects [1][5]. Fundraising Overview - The company raised a total of approximately 9.96 billion RMB through its initial public offering, issuing 501,533,789 shares at a price of 19.86 RMB per share [1]. - The funds were managed in a dedicated account with oversight from the sponsor and the bank [2]. Project Details - The fundraising projects included the "40nm Logic Chip Process Platform R&D Project," which has now been concluded, and the total planned funding for the projects was 9.5 billion RMB [2]. - The company has adjusted its fundraising project plans, with the total amount remaining at 9.5 billion RMB despite changes in specific project allocations [2]. Remaining Funds and Usage - As of June 15, 2025, the remaining funds from the concluded project amount to 353.24 million RMB, which will be used to permanently supplement the company's working capital [5]. - The remaining funds include unspent contract payments and other costs, which will be settled using the company's own funds [4]. Reasons for Surplus Funds - The company has effectively managed its funds, optimizing resource allocation and reducing project implementation costs through the integration of advanced technologies and domestic procurement [4]. - The company also generated some investment income from cash management of idle funds during the fundraising period [4]. Impact of Fund Reallocation - The decision to permanently supplement working capital with surplus funds is aimed at improving the efficiency of fund usage and does not harm the interests of the company or its shareholders [5][6]. - The supervisory board and the sponsor have both expressed their agreement with this decision, confirming compliance with relevant regulations [6][8].

Core Insights - The financial industry is leveraging AI large models to significantly reduce development costs, with current reductions estimated at 25-30%, and future goals aiming for up to 40% [2][11] - AI large models are being applied across various business functions in financial institutions, including customer service, credit assessment, risk management, and investment research [2][3][4] AI Applications in Financial Sector - Over 80% of customer service functions in a financial institution are now handled by intelligent customer service systems [4] - Jiangsu Bank has achieved over 97% accuracy in credit material recognition and a 20% efficiency improvement in the entire credit review process through localized deployment of the DeepSeek large model [5] - AI models are also being utilized for automatic generation of credit reports and customer qualification pre-assessment, leading to full automation in some banks [5] Investment in AI Technology - The penetration rate of large models in the financial sector has surpassed 50%, the highest among all industries [3] - In 2024, the six major state-owned banks are projected to invest a total of 125.46 billion yuan in financial technology, reflecting a year-on-year increase of 2.15% [3] Transition from IT to Business Model - The shift from IT-driven to business model-driven digital transformation is crucial, requiring more involvement from business personnel in the development process [6][7] - Financial institutions face challenges in ensuring the completeness and accuracy of business models during this transition, as well as the quality of training for industry-specific models [6][7] Strategies for Small and Medium Financial Institutions - Smaller financial institutions are encouraged to adopt a targeted approach by focusing on core scenarios that can effectively reduce costs and improve efficiency [9][10] - The digitalization of knowledge within these institutions is essential to prevent the loss of expertise when experienced employees leave [10] Future Directions - The core focus of AI applications in various industries, including finance, will continue to be on cost reduction and efficiency enhancement [11]

Core Insights - Digital transformation is crucial for companies to reshape their competitiveness, with AI technology accelerating changes in the financial software industry [1] - Shenzhou Information is developing a "black factory" in the financial software sector, driven by AI agents to automate the entire process from demand design to operation [1] Group 1: Technological Advancements - Shenzhou Information has been responding to the digital needs of the financial sector through technological innovation, having anticipated the potential of distributed technology a decade ago [2] - The company has successfully captured market share with its distributed architecture core system solutions since 2019, following the industry's increasing technological demands [2] - The application of AI coding technology has significantly reduced the average development cycle and improved code accuracy, with the company starting large-scale applications in 2022 [2][3] Group 2: Model-Driven Transformation - The concept of a "black factory" in financial software involves automating the generation of business models from natural language descriptions, which are then converted into executable code [4] - The transition from "code development" to "model-driven" is essential for achieving full automation in processes from demand to operation [5] - Shenzhou Information aims to create a smart ecosystem where systems can generate personalized solutions quickly, enhancing operational efficiency [6] Group 3: Industry Focus and Ecosystem Building - The company emphasizes vertical specialization, training its industry models with real-world banking scenarios, which distinguishes it from general-purpose models [7] - Shenzhou Information is focused on building an ecosystem that enhances efficiency, with a vision that the ultimate competition in fintech is about ecological efficiency [8] Group 4: Global Expansion and Strategic Initiatives - The company is adopting a global perspective, starting its international strategy in Southeast Asia, and has established an overseas headquarters in Singapore [9] - Shenzhou Information has secured contracts for digital banking solutions in Singapore and digital transformation projects in Malaysia, showcasing its capability to deliver comprehensive financial solutions [10] - The company is moving towards a systematic output of solutions, differentiating itself from traditional IT vendors by creating a "technology + business" ecosystem [10]

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