Core Viewpoint - Beijing Jingpin Special Equipment Technology Co., Ltd. is committed to enhancing operational efficiency and shareholder returns, focusing on its core business in the "intelligent perception + robotics" sector, and has outlined a clear action plan for 2025 to achieve these goals [1][2]. Group 1: Business Performance - In the first half of 2025, the company achieved operating revenue of 76.65 million yuan, a year-on-year increase of 112.60% [1]. - The total profit amounted to -11.80 million yuan, with losses significantly narrowing compared to the same period last year [1]. - The net profit attributable to shareholders was -7.55 million yuan, showing a substantial reduction in losses compared to the previous year [1]. Group 2: Research and Development - The company increased its R&D investment to 24.95 million yuan in the first half of 2025, reflecting a steady growth compared to the previous year [2]. - A specific robotics project received the National Defense Science and Technology Progress Award, enhancing the company's position and influence in the special robotics industry [2]. Group 3: Shareholder Returns - The company actively repurchased shares, acquiring 1,523,639 shares, representing 2.01% of the total share capital, with a total expenditure of approximately 66.53 million yuan [2]. - The company has completed its previous share repurchase plan and initiated a new round of repurchases in June 2025 [2]. Group 4: Corporate Governance - The company has restructured its governance by abolishing the supervisory board and transferring its responsibilities to the audit committee of the board [3]. - A total of two audit committee meetings and one remuneration and assessment committee meeting were held in the first half of 2025 to enhance governance capabilities [3]. Group 5: Fund Utilization and Investor Relations - The company is accelerating the implementation of fundraising projects, aiming for early production and expected benefits [3]. - The company emphasizes high-quality information disclosure and maintains regular communication with investors through various channels [4].

Industry Overview - The special robot market in China is experiencing rapid growth, with a market size of approximately 19.7 billion yuan in 2023 and a compound annual growth rate (CAGR) of 29.34% over the past five years, indicating significant market potential [1] Company Product Launch - Yunshen Technology recently launched the M20 series of robots, which are designed for complex terrains and hazardous environments, redefining intelligent operation platforms for various applications such as power inspection, emergency firefighting, logistics, and scientific exploration [3][4] - The M20 robot features a hybrid wheel-leg design that balances speed and adaptability, addressing the limitations of traditional wheeled and legged robots [3][4] Technical Specifications - The M20 robot can intelligently perceive terrain and autonomously adjust its movement posture using AI motion control algorithms, enabling it to navigate challenging environments like rugged mountain roads and muddy wetlands [4] - It has an IP66 protection rating, operates in temperatures ranging from -20°C to 55°C, and is equipped with 96-line LiDAR and dual-directional lighting for nighttime operations [4][5] - Weighing only 33 kg, the M20 can be easily transported by one person and features a flexible joint structure that allows it to navigate narrow spaces and climb stairs with a maximum height of 80 cm [5] Market Implications - Industry experts believe that as the special robot market in China continues to expand at a CAGR of 29.34%, technological advancements will accelerate penetration into vertical scenarios, with products like the M20 providing scalable intelligent solutions for high-risk environments [5]

近日，深圳丞士科技有限公司（以下简称 " 丞士机器人 " ）宣布 完成数千万元股权融资， 本轮由国内 知名产融平台魏桥国科基金独家投资，威海市环翠区国有资本运营有限公司为此次投资和未来产业合作 提供重要支持， 云亭律师事务所和信永中和会计师事务所分别作为魏桥国科基金的专项法律顾问以及专 项财务顾问。 据悉， 此次融资不仅是对企业技术实力与市场前景的高度认可，更标志着双方将在特种机器人研发、产 业资源协同及应急救援场景落地等领域展开深度合作，共同推动智能救援装备的规模化应用与行业革 新。 未来 本轮融资将重点用于新一代轻量化救援机器人研发、工业场景应用拓展及全球化市场布局。 丞士机器人成立于 2019 年，是一家集开发、研制、生产、服务于一体，聚焦于特种机器人领域的创新 技术企业 ， 近年来尝试 将人工智能与救援机器人等技术相结合，为应急救援等特殊行业部门提供更实 用、更可靠、更经济的智能化装备以及系统解决方案 ， 目前覆盖了 "水上救援 + 水下搜救"的水域救援 装备矩阵。 丞士机器人始终以 " 让救援不再承受生命的代价 " 为使命， 现有产品已覆盖水面（智能救生圈、小金 龙、自充气智能救生舟）、水下（水下搜 ...

Group 1: US Economic Outlook - The US PMI readings have shown a high level of economic activity since the beginning of the year, but the expansion trend may face obstacles in the first half of the year, potentially fluctuating around the lower end of the growth line [1] - The manufacturing PMI has not shown a trend recovery following the Federal Reserve's interest rate cuts, indicating a lack of significant demand rebound [1][2] - Export leading indicators such as South Korea's exports and the Philadelphia Semiconductor Index have shown signs of decline, suggesting potential challenges for the US economy [1][2] Group 2: Trade Policies and Tariffs - The recent tariff threats from Trump against Mexico, Canada, and China may have a manageable impact on China's exports and GDP, with estimated reductions of 3.3 percentage points and 0.36 percentage points respectively [3] - The market's tolerance for external disturbances is expected to increase as risk appetite improves, and Trump's focus remains on domestic policies rather than US-China tensions [3] - The new tariffs on Chinese imports are projected to reduce China's export growth by approximately 3 percentage points for the year 2025, particularly affecting textiles, toys, and footwear [6] Group 3: Industry-Specific Insights - The white liquor industry is currently in a bottoming phase, with expectations of a recovery driven by policy signals and improving demand, suggesting a potential upward cycle for leading brands [7] - The home furnishing sector is seeing improvements in demand, particularly in regions with flexible policies, but the recovery of the renovation market is still pending further policy support [9] - The wind power industry is expected to experience significant growth due to technological advancements and increased domestic demand, particularly in the blade manufacturing segment [18] Group 4: Market Trends and Investment Strategies - The current macroeconomic environment is conducive to a more sustained theme-driven market, with a focus on fundamental expectations rather than speculative trends [13] - The upcoming traditional peak season for the chemical industry is anticipated to provide investment opportunities, particularly in sectors with favorable supply-demand dynamics [19] - The textile and apparel sector is expected to see a recovery in 2025, driven by improved consumer sentiment and policy clarity, with several investment themes identified [24]

Summary of Defense and Aerospace Industry Conference Call Industry Overview - The defense industry is expected to recover in 2025, driven by new technologies such as special robots, which are boosting market sentiment. The recovery of military orders is highly certain in the final year of the 14th Five-Year Plan, particularly in missile, unmanned equipment, and information technology sectors, which show significant elasticity. Attention is drawn to "military +" concept companies, such as those integrating military with AI and robotics [1][2][4]. Key Points and Arguments - **Market Sentiment and Recovery**: The military sector has shown positive performance recently, driven by various factors including capital strategies and increased geopolitical uncertainties. The expectation of order recovery in 2025 supports the sector's growth [2]. - **Optimism Among Suppliers**: Many military supply companies are optimistic about order recovery, with expectations to return to peak levels seen in 2022 or 2023. This change in sentiment is significant and may lead to some companies exceeding their previous scales [5]. - **Missile Sector Recovery**: The missile sector is witnessing a revival after being impacted by anti-corruption measures. Orders for mature models are gradually being issued, and low-cost precision-guided munitions are accelerating in development. Companies with features like new materials, AI, or robotics in missile production are recommended for attention [7]. - **Special Robots Development**: Special robots are leading in commercial applications such as power inspection and bomb disposal. Military robots are expected to undergo qualitative leaps during the 14th Five-Year Plan, with AI enhancing their tactical value. The deployment of robotic dogs is anticipated to increase significantly in the latter half of the plan [8]. - **Military Chip Market Outlook**: The military chip market is expected to show significant elasticity over the next three years, with improved demand and inventory cycles. Companies in this sector are optimistic about future orders and overall outlook for 2025 [3][9]. - **Unmanned Equipment Growth**: The demand for military drones is strong, with a golden development period expected during the 15th Five-Year Plan. Orders for medium and small military drones are likely to be delivered in 2025, significantly boosting related companies' revenues [3][16]. - **AI Integration in Military**: The application of AI in the military sector is gradually being implemented, with initiatives from state-owned enterprises to enhance AI capabilities. This trend is expected to reshape future battlefields and break traditional monopolies held by established military corporations [27][28]. Additional Important Insights - **Investment Strategy Adjustments**: In 2025, investment strategies have shifted to focus on sectors with greater elasticity, such as missiles, unmanned equipment, and information technology. The emphasis is on companies with "military +" concepts that can leverage multiple growth trends [4][6]. - **Emerging Industries**: New industries such as AI, robotics, and low-altitude economy are highlighted for their high growth potential and ability to achieve higher valuation premiums [6][17]. - **3D Printing and New Materials**: The 3D printing sector is seeing growth, particularly in aerospace applications, with expectations for significant increases in order volumes in 2025. The military materials sector is also expected to experience explosive growth, particularly in carbon fiber and ceramic composite materials [12][13]. - **Low Altitude Economy**: The low-altitude economy is set to focus on new infrastructure projects, including communication, navigation, and meteorological systems, with a push towards standardization and operational demonstration [17]. - **Aerospace Engine Sector**: The aerospace engine industry is recovering from previous supply chain issues, with expectations for improved delivery and performance in 2025. Key companies in this sector are recommended for investment due to their low valuations and growth potential [19][20]. Conclusion - The overall outlook for the military sector in 2025 is positive, with significant investment opportunities arising from the completion of the 14th Five-Year Plan and the anticipated recovery of military orders. The "military +" direction, particularly in AI and robotics, is expected to perform well [30].