Group 1 - Teradyne has a growing market opportunity in semiconductor test equipment and robotics, positioning the firm for multiple secular growth trends in the coming years [1] - The utilization of AI-enabled robotics to automate manufacturing processes is a significant driver for Teradyne's growth [1] Group 2 - The analyst, Michael Del Monte, has expertise in technology, energy, industrials, and materials sectors, indicating a strong background for evaluating Teradyne [1]

Core Viewpoint - The CEO of Tesla has indicated that the development of humanoid robots could potentially increase the company's valuation by $20 trillion [1] Group 1 - The introduction of humanoid robots is seen as a significant opportunity for Tesla to expand its market and revenue streams [1] - The potential valuation increase of $20 trillion highlights the ambitious vision Tesla has for its future growth [1]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Zhejiang IPLUSMOBOT Technology Co., Ltd. 浙江迦智科技股份有限公司 (the "Company") (A joint stock company incorporated in the Pe ...

1月22日，宇树科技发帖澄清2025年销量数据，称过去一个月，"网上流传着很多关于我司2025年出货数 量的不实信息。宇树此前从未对外告知过2025年的销售数据。" 据宇树科技透露，他们2025全年人形机器人实际出货量超5500台，2025年本体量产下线超6500台。 事实上，因统计方式或口径不同造成的数据打架情况在各行业时有出现。除了出货量以外，机器人行业 的订单量此前也曾引起关注。比如，去年年底机器人行业大单频现，但高盛一份调研报告却指出，"大 多数供应商都在积极规划中国和海外产能，以支持人形机器人的潜在量产，但尚无公司证实接获大额订 单或已有明确的生产时间表。" （文章来源：南方都市报） 宇树还强调，"去年出货量超5500台"，是指实际出售发货给终端客户的数量而并非订单数量，订单数量 更高。而且还仅仅包含人形机器人的数量，不包含双臂轮式等其他机器人产品。"目前各种机器人形态 多样，建议大家请勿把不同类型的机器人数量，直接合并在一起对比。"宇树在公告中称。 不过，日前全球权威市场研究机构Omdia发布的《通用具身机器人市场雷达》报告显示，2025年全球人 形机器人市场迈入快速增长阶段，全年总出货量预计超1 ...

Core Viewpoint - Yushu Technology has clarified that it has not previously disclosed its sales data for 2025, amidst circulating misinformation about its shipment numbers for that year [3]. Group 1: Company Performance - Yushu Technology's actual shipment volume of humanoid robots for 2025 is over 5,500 units, which refers to the number sold and delivered to end customers, not the order quantity, which is higher [3]. - The total production of humanoid robots for 2025 is expected to exceed 6,500 units [3]. - The reported figures pertain solely to humanoid robots and do not include other types of robots such as dual-arm wheeled robots [3]. Group 2: Company Background - Yushu Technology is a consumer robotics company focused on the independent research, development, production, and sales of high-performance general-purpose bipedal/humanoid robots and dexterous robotic arms [6]. - The company has submitted over 200 patent applications domestically and internationally, with more than 180 patents granted [6]. Group 3: IPO Plans - As of November 2025, Yushu Technology has completed its IPO counseling report and plans to apply for an initial public offering (IPO) to list its shares in the People's Republic of China [8].

Company Overview - Serve Robotics Inc. (NASDAQ:SERV) specializes in building and operating a fleet of self-driving, low-emission robots for food delivery [2] - The company recently announced an agreement to acquire Diligent Robotics, which provides AI robot assistants for the healthcare sector [2] Market Performance - Since a notable comment made by Jim Cramer, Serve Robotics Inc.'s stock has increased by nearly 73% [3] - Cramer referred to Serve Robotics as a "meme stock" and expressed concerns about its financial losses, indicating that it may not be a favorable investment at this time [2][3] Investment Perspective - While Serve Robotics shows potential as an investment, there are other AI stocks that may offer greater upside potential and carry less downside risk [3] - The company is highlighted in discussions about undervalued AI stocks that could benefit from current market trends, such as Trump-era tariffs and the onshoring trend [3]

Financial Data and Key Metrics Changes - Full-year 2025 revenue reached $1.9 billion, up 15% year-over-year, exceeding prior guidance of 6% growth at the midpoint [15][18] - Adjusted operating income for 2025 was $280 million, a 45% increase year-over-year, with a margin of 15%, up about 300 basis points compared to 2024 [15][18] - Operating cash flow increased by more than 50% in 2025 [4] Business Line Data and Key Metrics Changes - EyeQ volume for 2025 was 35.6 million units, surpassing the original expectation of 32 million-34 million units [16] - The fourth quarter saw EyeQ volume consistent with the high end of guidance at about 8.2 million units, with expectations of 10 million units shipped in Q1 2026 [17][18] - Higher-than-expected SuperVision units contributed to the positive revenue outlook [17] Market Data and Key Metrics Changes - Demand for products remained strong despite a challenging geopolitical environment, indicating resilience in the auto industry [4] - The company anticipates a decline of about 500,000 units for Chinese OEMs compared to 2025, which was slightly above 3 million units [19] Company Strategy and Development Direction - Mobileye is focusing on launching advanced products, including the EyeQ6 chip, and expanding into humanoid robotics through the acquisition of Mentee Robotics [5][7] - The company aims to leverage synergies between autonomous vehicles and robotics, emphasizing the importance of AI and simulation technologies [12][14] - The strategy includes a unique first-think, slow-think structure for advanced products to enhance precision and scalability [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about volume growth despite flat global auto production, with rising order flows for Q1 2026 [8][22] - The company is experiencing positive demand signals from customers and expects significant growth in next-gen higher ASP ADAS and robotaxi mobility [22] - Management acknowledged challenges related to currency appreciation impacting costs but noted effective hedging strategies in place [22][61] Other Important Information - The company is facing FX headwinds due to the appreciation of the Israeli shekel against the U.S. dollar, which raises headcount costs [22][61] - A non-recurring expense of $7 million related to workforce efficiency initiatives was recorded in Q4 2025 [16] Q&A Session Summary Question: Competitive environment and advanced autonomous solutions - Management believes they are closer to launching advanced products than competitors, with a strong advantage in technology maturity [25] Question: Differentiation for Mentee Robotics - Mentee's differentiation lies in its fully autonomous control, vertical integration, and ability to learn from passive observation [30] Question: Surround ADAS engagement with OEMs - The company has seen increased engagement with multiple OEMs, indicating a strong market need for Surround ADAS [39] Question: Mentee's customer interest post-announcement - Significant interest from customers for on-site pilots and proof of concepts has been observed since the CES announcement [42] Question: Pricing dynamics on EyeQ - Pricing is influenced by the mix of EyeQ products, with no significant changes expected, although a second chip at a lower price may impact overall ASP [99][100]

Financial Data and Key Metrics Changes - Full year 2025 revenue reached $1.9 billion, up 15% year-over-year, exceeding prior guidance of 6% growth at the midpoint [15][16] - Adjusted operating income for 2025 was $280 million, a 45% increase year-over-year, with a margin of 15%, up about 300 basis points compared to 2024 [15][16] - Operating cash flow increased by more than 50% [4] Business Line Data and Key Metrics Changes - EyeQ volume for 2025 was 35.6 million units, exceeding the original expectation of 32 to 34 million units, with a consistent demand trend of nine million units per quarter [16] - The fourth quarter saw higher-than-expected SuperVision units, contributing to a modest upside in guidance [17] Market Data and Key Metrics Changes - The company expects about 10 million EyeQ units shipped in Q1 2026, supporting an outlook of approximately 19% year-over-year growth in the first quarter [18] - For 2026, revenue guidance is in the range of $1.9 billion to $1.98 billion, representing flattish to 5% growth [18] Company Strategy and Development Direction - Mobileye is focusing on launching advanced products, including the EyeQ6 chip, and has secured major programs with two of the largest OEMs [5][6] - The acquisition of Mentee Robotics aims to expand into humanoid robotics, leveraging synergies between autonomous vehicles and robotics technologies [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand signals from customers and the execution progress ahead of numerous advanced product launches [22] - The geopolitical environment has not hindered demand, with the auto industry showing resilience [4] Other Important Information - The company is experiencing a foreign exchange headwind due to the appreciation of the Israeli shekel against the U.S. dollar, impacting headcount costs [22] - Operating expenses for 2025 were slightly above budget at $1.003 billion, with expectations of around $1.1 billion for 2026 [20][21] Q&A Session Questions and Answers Question: Competitive environment and announcements at CES - Management noted increased excitement around advanced solutions and believes they are closer to launching products than competitors, citing the maturity of their technologies [25][26] Question: Differentiation for Mentee Robotics - Mentee's differentiation lies in its fully autonomous control, vertical integration, and the ability to learn from passive observation, which is crucial for unstructured environments [28][30] Question: Surround data opportunities and OEM engagements - Management indicated a growing interest from multiple OEMs in surround data products, with two major OEMs already committed [38][40] Question: Mentee's commercialization timeline - Initial commercialization is expected to involve high double-digit units in 2026, with gradual expansion based on pilot results [77][78] Question: Pricing dynamics for EyeQ - Pricing is influenced by the mix of EyeQ products, with no significant changes expected, although a second EyeQ4 chip is being used in some vehicles as a temporary measure [100][101]

Financial Data and Key Metrics Changes - Full year 2025 revenue reached $1.9 billion, a 15% increase year-over-year, exceeding prior guidance of 6% growth at the midpoint [13] - Adjusted operating income for 2025 was $280 million, up 45% year-over-year, with a margin of 15%, an increase of approximately 300 basis points compared to 2024 [13][14] - Operating cash flow increased by more than 50% in 2025 [3] Business Line Data and Key Metrics Changes - EyeQ volume for 2025 was 35.6 million units, surpassing the original expectation of 32 to 34 million units, with a consistent demand trend of nine million units per quarter [14] - The fourth quarter saw higher-than-expected SuperVision units, contributing to a modest upside in guidance [15] Market Data and Key Metrics Changes - Demand for Mobileye's products remained strong despite a challenging geopolitical environment, indicating resilience in the auto industry [3] - The company expects about 10 million EyeQ units to be shipped in Q1 2026, supporting an outlook of approximately 19% year-over-year growth in the first quarter [15] Company Strategy and Development Direction - Mobileye is focusing on launching advanced products, including the EyeQ6 chip, and has secured major programs with two of the largest OEMs [4] - The acquisition of Mentee Robotics aims to expand into humanoid robotics, leveraging synergies between autonomous vehicles and robotics technologies [5][11] - The company is implementing a unique "fast-think, slow-think" structure to enhance the precision and scalability of its products [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about volume growth despite expectations of flat global auto production [6] - Positive demand signals from customers have been noted, with expectations for continued growth in 2026 [19] - The company is cautious about the short-term visibility into order flow, particularly with Chinese OEMs, but remains encouraged by growth trends [17] Other Important Information - The company is experiencing foreign exchange headwinds due to the appreciation of the Israeli shekel against the U.S. dollar, impacting headcount costs [19] - Operating expenses for 2025 were slightly above budget at $1.003 billion, with expectations of around $1.1 billion in 2026, driven by normal inflation and Mentee R&D expenses [18] Q&A Session Summary Question: Competitive environment in advanced autonomous solutions - Management believes they are closer to launching advanced products than competitors, with proven technologies and a strong market position [22] Question: Differentiation for Mentee Robotics - Mentee's strength lies in its fully autonomous control, vertical integration, and ability to learn from passive demonstrations, setting it apart from competitors [25][26] Question: Engagement with OEMs for surround data - The company has seen increased interest from multiple OEMs, with two major design wins already secured, indicating a strong market demand [32][33] Question: Near-term pricing dynamics on EyeQ - Pricing is influenced by the mix of EyeQ generations, with no significant changes expected, although a second EyeQ chip at a lower price may impact overall ASP [81] Question: Updates on Porsche and VW programs - The SuperVision program for Porsche and Audi is expected to start in Q1 2027, with no significant volume expected in 2026 [57] Question: Memory supply chain concerns - Management is actively working with Tier 1 customers to ensure supply availability and mitigate cost impacts from memory component fluctuations [50][51] Question: Next steps for Mentee Robotics commercialization - Initial deployments will involve a small number of robots for proof of concept, with plans to scale up based on performance evaluations [62][64]

Core Insights - The article discusses how China's 15th Five-Year Plan will influence its industrial landscape, particularly focusing on AI and semiconductors as national priorities [1][5]. AI and Semiconductor Industry - AI is being integrated with manufacturing and energy systems, emphasizing the development of industry-specific large models rather than being treated as a standalone growth sector [6]. - Demand for computing power has shifted from being a discretionary choice to a foundational demand, benefiting sectors like optical communications, where companies like Zhongji Innolight and Eoptolink Technology have seen share price increases of 389.7% and 320% respectively over the past year [7][8]. - In semiconductors, the focus has shifted from comprehensive substitution to deployable capabilities, with SMIC's shares rising about 80% over the past year due to demand for mature-node processes and automotive chips [8][9]. AI Platforms and Market Dynamics - The competition in AI large models is transitioning from startups to major internet platforms, with Baidu and Alibaba facing investor skepticism despite their technological visibility [11][12]. - Tencent has shown stable market performance by embedding AI across its services, resulting in a share price increase of over 50% in the past year, indicating a preference for AI narratives that enhance cash flow quality [13]. Emergence of AI Agents - AI agents are evolving from general-purpose models to specific applications, marking a shift towards embedding AI in real-world workflows, as seen with ByteDance's Doubao [14][15]. - The U.S. tech giants focus on frontier model capabilities, while China emphasizes rapid deployment and monetization of AI technologies [16][17]. Robotics and Power Systems - Robotics is increasingly adopting a Robotics-as-a-Service (RaaS) model, which lowers adoption barriers for enterprises, with global installations of humanoid robots expected to reach approximately 16,000 units by 2025 [19][20]. - Companies like Ubtech have seen stock price increases of over 135% in the past year, while other industrial automation firms have also experienced gains of around 30% [21]. - Power and energy systems are being re-evaluated, with a focus on stability and efficiency, leading to a resurgence in interest for power electronics and energy storage companies [23][24]. - Share prices for companies like Sungrow Power Supply have more than doubled, reflecting a recovery in demand for energy storage solutions [24][25].