Core Insights - Shanghai Zhi Shi Intelligent Technology Co., Ltd. (referred to as "Yao Le Technology") has completed financing of several tens of millions, exclusively invested by Xiaomi, with funds aimed at enhancing R&D in embodied intelligence, accelerating mass production, and expanding service capacity [1][10] - Yao Le Technology focuses on flexible pressure technology, with its core product being flexible fabric tactile sensors, providing customized solutions for various industries including automotive, furniture, medical, and sports [1][2] - The company is currently the only domestic supplier that has passed stringent automotive-grade testing, establishing itself as a core supplier for luxury automotive brands [2][10] Company Development - The introduction cycle for automotive-grade products typically exceeds three years, involving hundreds of tests under extreme conditions [2] - Since 2019, Yao Le Technology has been a core supplier for a leading luxury car manufacturer, breaking the monopoly of international giants and securing mass production orders from major domestic automotive manufacturers [2][9] - The founder and CEO, Lv Liyun, has extensive experience in sensor and robotics perception, previously serving as a chief architect at Harman [2][10] Technology and Innovation - The global smart sensor market is projected to reach $51.42 billion in 2023, with a compound annual growth rate of 19.0% from 2024 to 2030, highlighting the potential of flexible sensors in various applications [3] - Yao Le Technology's innovative "metal wire + sandwich matrix" flexible fabric sensor design allows for high sensitivity, flexibility, and washability, enabling real-time monitoring of pressure distribution on soft surfaces [3][4] - The sensor's design incorporates conductive materials and traditional fabrics, enhancing its ability to perceive environmental changes and human signals [3][4] Market Applications - In the smart mattress sector, Yao Le Technology offers standardized solutions that cover 80%-90% of mainstream functions, significantly lowering the R&D threshold and transformation costs for clients [6] - The sensors are also integrated into robotic hands, enabling precise control and adaptability in various environments, enhancing the operational capabilities of robots in tasks such as household cleaning and industrial assembly [7][9] - The company has secured stable mass production orders in automotive and smart home sectors, collaborating with leading robotics and wearable manufacturers to ensure robust cash flow and order reserves [9][10] Investment Perspective - Cloud Road Capital views Yao Le Technology's breakthroughs in flexible tactile sensing as a significant strategic opportunity, recognizing its unique position as the only domestic supplier to pass automotive-grade testing [10] - The company's ability to leverage automotive-grade technology in emerging markets like embodied intelligence and healthcare is seen as a major competitive advantage, creating a cross-industry solution moat [10]

Core Insights - Magnetic sensors are identified as core components in the intelligent perception layer, benefiting from the growth in robotics, automotive electronics, and the recovery of demand in new energy, industrial control, and consumer electronics sectors [1][2] Market Overview - The global magnetic sensor market was valued at $2.9 billion in 2023 and is projected to grow to $3.7 billion by 2029, with a CAGR of 4%. The primary application markets include automotive electronics, industrial, and consumer electronics [2] - Hall effect sensors are expected to dominate the market with a 64% share in 2024, while magnetoresistive sensors (AMR/GMR/TMR) are gaining traction due to their high precision and low power consumption [2] Emerging Applications - In the robotics sector, high-precision magnetic sensors are crucial for industrial automation and humanoid robots, exemplified by Tesla's Optimus Gen-3 [3] - In automotive electronics, the number of magnetic sensors per vehicle is projected to increase from 30-50 in traditional vehicles to 80-100 in hybrid and electric vehicles, driven by the rise of electric vehicles and ADAS features [3] - The new energy sector is seeing increased demand for TMR sensors due to higher precision requirements in photovoltaic inverters [3] - In industrial control, the penetration of magnetic sensors is expected to rise steadily due to the convergence of inventory cycles and Industry 4.0 upgrades [3] - In consumer electronics, government subsidies and AI hardware innovations are stimulating demand for magnetic sensors in high-value applications like AI glasses and wearable devices [3] Competitive Landscape - The magnetic sensor market is highly concentrated, with the top five global manufacturers holding over 70% market share, including Allegro, Infineon, and Melexis [4] - The domestic market in China has a low localization rate of 25% for magnetic sensor chips, indicating significant room for domestic manufacturers to grow [4] - Companies like Naxin Micro are actively pursuing technological advancements and market share, with plans to launch new AMR-based speed sensors and expand through acquisitions [4]

Core Viewpoint - The launch of the second-generation flexible tactile sensor by Zhejiang Fulai New Materials Co., Ltd. represents a significant upgrade over the first generation, enhancing multi-modal and shear force perception capabilities for more complex interactions in robotic applications [2][3]. Group 1: Product Features - The second-generation tactile sensor features "true flexibility," utilizing highly flexible materials that conform to various complex surfaces, improving reliability and accuracy in practical applications [3]. - It achieves "full surface" coverage, allowing deployment on critical areas of robotic hands, thus expanding the effective perception range and environmental adaptability of robots [3]. - The sensor possesses "three-dimensional force" vector sensing capabilities, enabling precise detection of vertical and shear forces, which is crucial for delicate and dexterous operations in complex interaction scenarios [3]. Group 2: Core Technologies - The core technology supporting these features includes molecular-level optimized composite sensing materials that enhance sensitivity and reliability, along with biomimetic silicone surfaces that simulate human skin structure to improve contact stability [3]. - Advanced algorithms employing deep learning for tactile recognition and multi-modal data fusion significantly enhance perception accuracy by enabling real-time extraction of high-dimensional features and intelligent integration of heterogeneous signals [3]. Group 3: Product Range and Future Prospects - The second-generation tactile sensor product line includes multiple models such as FOS-P300 (flat version), FOS-P300T (single curved version), FOS-P300S (full curved version), and FOS-W500 (whole hand tactile version) to meet diverse application needs [4]. - The new tactile sensing technology is expected to provide robots with comprehensive perception capabilities akin to "electronic skin," paving the way for more natural human-robot interactions, particularly in the emotional robotics sector [4].

东莞证券表示，当前，市场仍在各热点中快速轮动，国内经济内生增长动能依然承压，叠加政策处于窗 口观察期，预计未来一段时间A股仍将延续震荡格局，以结构性行情为主。短期内需求端仍需有效提 振，有待积极政策持续加力。从中长期来看，我国经济具有较大潜力，不过短期经济的需求仍然需要提 振，仍需积极政策持续发力。尽管当前市场成交量尚未显著放大，但连续三日上涨叠加板块热点轮动活 跃，推动市场情绪持续回暖，后续有望延续修复态势。 今日投资机会解析 六维力传感器市场加速扩容 据悉，运动控制能力仍为当前人形机器人重点提升方向，六维力传感器或为运动控制能力的优解。以行 走和奔跑为例，人形机器人在脚踝或足底使用六维力传感器，可以实时测量地面力的大小和方向分布， 进而将数据传输给小脑，通过控制算法调整人形机器人的机体平衡和步态，完成在非平整地面、障碍地 面的稳定行走和避障。 5日，沪指盘中窄幅震荡上扬，创业板指、科创50指数午后走高，双双涨超1%；截至收盘，沪指涨 0.23%报3384.1点，深证成指涨0.58%报10203.5点，创业板指涨1.17%报2048.62点，科创50指数涨 1.04%；沪深北三市合计成交13172亿元，较此 ...

Investment Rating - The report maintains an "Outperform" rating for the humanoid robot industry [4] Core Insights - Electronic skin is a key technology for humanoid robots, enabling tactile perception and interaction with the environment. The technology is expected to expand from hands to other body parts, enhancing the robot's capabilities [7][12] - The global market for electronic skin is projected to reach 9.2 billion yuan by 2030, with specific segments for hand applications estimated at 4.4 billion yuan and other body parts at 4.8 billion yuan [65][69] Summary by Sections 1. Electronic Skin as a Core Component - Electronic skin mimics natural skin functions, allowing robots to sense pressure and temperature, crucial for interaction with their surroundings [12][13] - The technology is primarily based on flexible sensors that can be integrated into various parts of humanoid robots, enhancing their dexterity and adaptability [12][14] 2. Technology Pathways - The report identifies multiple pathways for electronic skin technology, with resistive and capacitive sensors being the most common. Resistive sensors are favored for their simplicity and cost-effectiveness [16][20] - Various types of sensors, including piezoelectric and optical sensors, are discussed, each with unique advantages and limitations [24][27] 3. Market Potential - The electronic skin market is in its early growth stage, with significant opportunities for domestic manufacturers to accelerate development through self-research and industry collaboration [7][66] - The report highlights key players in the market, including Hanwei Technology and Fule New Materials, which are well-positioned to benefit from the growing demand for electronic skin in humanoid robots [7][66] 4. Application in Humanoid Robots - Major companies like Tesla, Zhiyuan, and Xiaopeng are integrating electronic skin into their humanoid robots, enhancing their tactile feedback and interaction capabilities [56][62] - The report outlines the potential for electronic skin applications to extend beyond hands to arms, legs, torso, and even facial areas, significantly improving robot functionality [63][65] 5. Future Projections - The report forecasts that by 2030, the production of humanoid robots will reach 1 million units for Tesla and 500,000 units for other manufacturers, driving demand for electronic skin [66][69] - The anticipated growth in the humanoid robot market is expected to create substantial opportunities for electronic skin technology, with a projected market size of 9.2 billion yuan by 2030 [65][69]

六维力传感器适用于力的作用点和方向均随机变化的场景，比如机器人末端关节控制。应变式传感器在 稳定性、刚度、精度方面表现优秀，是目前主流的技术路线。其有三大技术壁垒，涉及到产品结构设 计、生产工艺和标定检测，其中核心壁垒主要体现在标定和测试阶段：标定设备属于非标设备，无法直 接采购，需要六维力传感器厂商自行研制;相比一维力传感器，六维力传感器需要标定的样本点呈指数 级增长;各个测量方向间存在维间耦合，消除耦合误差是影响精度和准度的关键。 六维力传感器的市场空间及竞争格局 随着人形机器人产业化进程加速，将会带动零部件行业快速降本，六维力传感器成本下降也会进一步刺 激行业采用更多的六维力传感器，人形机器人将为六维力传感器贡献主要增量。根据我们的测算，至 2030年，六维力传感器市场空间将有望达到144.42亿元，CAGR-5为49.73%;至2035年有望达到277.80亿 元，CAGR-10为30.6%。目前六维力传感器的总销量仍然较低，生产成本较高，降本需求迫切。且外资 占据了主要的高端市场，近年来国产品牌也开始发力，逐步缩小差距，国产替代空间广阔。 智通财经APP获悉，华金证券发布研报称，人形机器人产业化进展 ...

Summary of Conference Call Records Industry and Company Involvement 1. **Magnetic Sensors**: The report highlights the magnetic sensor industry, emphasizing its role as a core component in intelligent perception layers, benefiting from the growth in robotics and automotive electronics markets [1][3][5]. 2. **Pharmaceuticals**: The report discusses the pharmaceutical industry, particularly focusing on the impact of centralized procurement policies on generic drugs and the potential for performance recovery in the formulation sector [15][32]. 3. **Coal Industry**: The coal sector is analyzed, with insights into port inventory dynamics and the expected rebound in coal prices due to seasonal demand [28][29]. 4. **Gaming Industry**: The gaming industry is covered, noting the successful launch of new games and their impact on company growth [30][31]. Core Insights and Arguments Magnetic Sensors 1. **Market Growth**: The magnetic sensor market is expected to grow due to increased demand from robotics, automotive electronics, and other sectors like renewable energy and consumer electronics, with a projected market size increase from $2.9 billion in 2023 to $3.7 billion by 2029, reflecting a CAGR of 4% [6][11]. 2. **Technological Advancements**: The report details the technological evolution of magnetic sensors, with Hall effect sensors holding a 64% market share in 2024, and the rise of AMR/GMR/TMR sensors in high-end applications [4][11]. 3. **Domestic Market Potential**: There is significant room for domestic manufacturers to replace international leaders, as the current localization rate for magnetic sensor chips in China is only 25% [11][13]. Pharmaceuticals 1. **Centralized Procurement Impact**: The pharmaceutical sector has faced challenges due to centralized procurement policies, which have been in place for eight years, affecting the performance of certain companies [15][16]. 2. **Optimizing Procurement Policies**: Recent trends indicate a shift towards optimizing procurement policies, which may lead to performance recovery opportunities for companies in the formulation sector [15][20]. 3. **Long-term Cash Flow Transition**: The report suggests that the generic drug business is transitioning to a cash flow model, with a focus on stabilizing prices post-competition [25][27]. Coal Industry 1. **Inventory Dynamics**: Port inventories are decreasing due to improved demand from thermal power plants, which is expected to lead to a rebound in coal prices as seasonal demand peaks [28][29]. 2. **Investment Opportunities**: The report identifies stable dividend-paying coal companies as potential investment opportunities, particularly those with robust cash flow and growth prospects [29]. Gaming Industry 1. **Market Growth**: The gaming market in China saw a total sales scale of 27.35 billion yuan in April 2025, marking a year-on-year growth of 21.93% [30]. 2. **Successful Game Launches**: Several gaming companies have successfully launched new products, which are expected to drive further growth [30][31]. 3. **Product Pipeline**: Companies are well-positioned with a rich pipeline of upcoming games, indicating strong future growth potential [31]. Other Important Insights 1. **Market Sentiment**: The overall market sentiment is improving, particularly in the pharmaceutical sector, as companies adapt to new procurement policies [20][23]. 2. **Sector-Specific Risks**: The report highlights the risks associated with centralized procurement for generic drugs, including potential price declines and market volatility [16][18]. 3. **Technological Innovations**: The advancements in magnetic sensor technology are crucial for applications in various sectors, including industrial automation and consumer electronics [4][7]. This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the discussed industries and their respective dynamics.

Core Viewpoint - The oxygen sensor industry in China is experiencing significant growth and technological advancements, driven by increasing demand in automotive emissions control, industrial applications, and emerging fields such as healthcare and smart manufacturing. The market size is projected to reach 20.901 billion yuan in 2024, with a year-on-year growth of 28.98% [1][11]. Industry Overview - Oxygen sensors are devices used to detect the oxygen content in gases or liquids, providing feedback signals to optimize system performance. They operate similarly to batteries, utilizing zirconia ceramics to generate measurable voltage signals through oxygen concentration differences [2]. Industry Development History - The development of the oxygen sensor industry in China has gone through three main stages: 1. Initial stage (1950s-1980s) focused on high-end applications with reliance on imports and limited domestic production capabilities [4]. 2. Technology introduction and independent research phase (1990s-early 2000s) where domestic companies began to absorb foreign technology and improve product quality [5]. 3. Rapid development phase (early 21st century) supported by national policies and increasing environmental requirements, leading to widespread applications in emissions control and industrial efficiency [5]. Industry Supply Chain - The upstream of the oxygen sensor industry includes raw materials such as zirconia, titanium dioxide, and precious metals, while the midstream involves the manufacturing of oxygen sensors. The downstream applications span automotive, industrial, healthcare, environmental monitoring, smart home, and aerospace sectors [7]. Market Size - The Chinese oxygen sensor market is expected to reach 20.901 billion yuan in 2024, with a significant increase in demand due to the implementation of the National VI emission standards and stricter environmental regulations in industries like steel and chemicals [11]. Key Companies' Performance - The competitive landscape of the oxygen sensor industry features international giants like Bosch and DENSO, alongside domestic players such as Anpeilong Technology and Sifang Optoelectronics. Anpeilong has achieved a full supply chain control in oxygen sensor production, while Sifang has made breakthroughs in nitrogen-oxygen sensor technology [12][17]. Industry Development Trends 1. **Technological Upgrades and Smart Integration**: The industry is moving towards smart, multifunctional oxygen sensors that integrate advanced technologies such as wireless transmission and self-diagnosis, enhancing operational efficiency and maintenance [19]. 2. **Diversified Market Demand**: The demand for oxygen sensors is diversifying across various sectors, including automotive, healthcare, and industrial applications, driven by the growth of electric vehicles and smart devices [21]. 3. **Accelerated Domestic Substitution and Policy Support**: The domestic substitution process is gaining momentum, supported by government policies that encourage the development of the sensor industry, reducing reliance on imports and enhancing the competitiveness of local companies [22].

Summary of Conference Call Records Industry or Company Involved 1. **Magnetic Sensors**: Core component in intelligent perception layer, benefiting from growth in robotics and automotive electronics [3][5][11] 2. **Pharmaceuticals**: Focus on drug formulation and the impact of centralized procurement [15][32] 3. **Coal Industry**: Insights on coal price rebound and inventory dynamics [28][29] 4. **Gaming Industry**: Performance of newly launched games and market growth [30][31] Core Points and Arguments Magnetic Sensors 1. **Market Growth**: The magnetic sensor market is expected to grow due to increased demand from robotics, automotive electronics, and other sectors like renewable energy and consumer electronics. The global market size is projected to increase from $2.9 billion in 2023 to $3.7 billion by 2029, with a CAGR of 4% [6][11]. 2. **Domestic Manufacturers**: There is significant room for domestic manufacturers to replace international leaders, as the current domestic market share is only 25% [11][13]. 3. **Technological Advancements**: The market is driven by technological evolution and diverse applications, with Hall effect sensors dominating the market with a 64% share in 2024 [4][11]. Pharmaceuticals 1. **Centralized Procurement Impact**: The pharmaceutical industry has faced challenges due to centralized procurement, which has been in place for eight years. However, recent optimization policies may lead to performance recovery for some companies [15][20]. 2. **Performance Recovery**: Companies like Huadong Medicine may see a reduction in procurement risks for several products in 2024, potentially stabilizing their sales [23][25]. 3. **Long-term Outlook**: The pharmaceutical sector is transitioning towards cash flow generation as competition increases and prices stabilize post-procurement [27]. Coal Industry 1. **Inventory Dynamics**: Recent improvements in coal inventory levels are expected to lead to a price rebound as demand increases during peak seasons [28][29]. 2. **Market Sentiment**: The coal sector is anticipated to experience valuation increases as stable high dividends become more attractive [29]. 3. **Demand Recovery**: The demand for thermal power generation is expected to turn positive, supporting coal price recovery [28]. Gaming Industry 1. **Market Growth**: The gaming market in China saw a total sales scale of 27.35 billion yuan in April 2025, a year-on-year increase of 21.93% [30]. 2. **Successful New Releases**: Several gaming companies have launched successful new products, contributing to their growth and market presence [30][31]. 3. **Future Potential**: Companies with strong product pipelines and successful launches are expected to continue growing, with notable titles set to release soon [31]. Other Important but Possibly Overlooked Content 1. **Magnetic Sensor Applications**: The sensors are crucial in various applications, including industrial automation, automotive systems, and consumer electronics, indicating a broad market potential [7][9]. 2. **Pharmaceutical Pricing Dynamics**: The long-tail effects of centralized procurement pricing governance may continue to impact the market, necessitating ongoing adjustments [18][19]. 3. **Coal Supply Constraints**: The reduction in coal production due to low prices and high-cost mines may support price stability in the coal market [28]. This summary encapsulates the key insights from the conference call records, highlighting the growth potential and challenges across multiple industries.

Group 1 - The sensor industry is experiencing a growth spurt due to advancements in artificial intelligence, with a focus on smart sensors and their applications in various fields [3][4] - Bengbu City, located in Anhui Province, is positioning itself as a key player in the sensor manufacturing sector, having established a comprehensive industrial chain for smart sensors [4][5] - The "China Sensor Valley" initiative aims to integrate technology and industry innovation, attracting over 200 upstream and downstream enterprises in the smart sensor sector, including more than 40 specialized companies [4][5] Group 2 - Companies like Anhui Xici Technology Co., Ltd. are increasing R&D investments to meet the demands of emerging industries such as smart connected vehicles and robotics [5] - The Anhui North Microelectronics Research Institute is focusing on multi-modal sensing technology to enhance core technological capabilities and drive collaborative innovation across the industry chain [5][6] - A three-tiered policy support system has been established in "China Sensor Valley" to facilitate innovation and growth for enterprises, covering funding, talent development, and international expansion [5][6]