" AI硬件市场没有正确答案，深耕一款产品容易钻进误区。 " 作者丨 吴优 编辑丨 刘伟 走进玄源科技CEO李蕴洲的办公室，桌上摆满了《哪吒》的手办，哪吒、结界兽、石矶娘娘......李蕴洲欣 赏哪吒的破局与坚韧的精神，这些手办对他而言不仅仅只是不会说话的收藏品，更是提供情绪价值的锚 点，获得拥有感和满足感。 雷峰网·鲸犀：您从本科起就开始创业，获得哈工大特殊培养，还带领团队拿下中国首个重量级格 斗机器人大赛国际冠军，后续孵化ToB的玄创机器人，到现在又创办玄源做AI陪伴硬件，两次创业 有何不同？ 李蕴洲： 创业分为三个阶段，第一个阶段交学费，第二个阶段是做生意，第三个阶段才是做事业。我第一 次创业就是交学费阶段，作为学校的创新创业类人才被培养，更多是实践、学习和对创业本质的体悟。如 今玄源是务实落地阶段，我们梳理了完整的商业模式，确立战略定位。 为什么从玄智到玄源？是因为我们认为AI是重塑历史的机遇。既然要做落地的生意，就要思考AI时代的核 心诉求：什么才是人类根本需求？AI不是工具的叠加，而是需求的重构。 雷峰网·鲸犀：您上一次创业交了多少学费？主要在哪些方面？ 在他看来，即使没有AI的手办也可以带来情绪 ...

Summary of Daotong Technology Conference Call Company Overview - **Company**: Daotong Technology - **Period**: First half of 2025 - **Revenue**: 2.045 billion CNY, up 27% YoY - **Net Profit**: 475 million CNY, up 64% YoY - **Key Business Segments**: - Intelligent Maintenance Terminals: 1.54 billion CNY - Energy Intelligent Hub: 524 million CNY - AI and Software: 281 million CNY Key Points and Arguments Financial Performance - **Overall Growth**: Achieved significant growth across all business segments, with total revenue reaching 2.045 billion CNY, a 27% increase YoY [2][3] - **Net Profit**: Non-GAAP net profit was 475 million CNY, reflecting a 64% increase YoY, with a further adjusted net profit of 506 million CNY, up 75% YoY [3] - **Quarterly Performance**: In Q2 2025, revenue was 1.252 billion CNY, a 14% increase from Q1, with net profit of 281 million CNY, also showing sequential growth [3] Business Segment Performance - **Intelligent Maintenance Terminals**: Revenue of 1.54 billion CNY, a 22.96% increase YoY. Key products include: - Automotive Diagnostic Products: 694 million CNY, up 14% - TPMS Products: 516 million CNY, up 57% - ADAS Products: 207 million CNY, up 17% - AI Agents Services: 276 million CNY, up 31% [5][6] - **Energy Intelligent Hub**: Revenue of 524 million CNY, a 40.47% increase YoY, with a gross margin improvement of 2.23 percentage points [5][8] - **AI and Software**: Revenue of 281 million CNY, a 30.13% increase YoY, driven by AI strategy and software upgrades [16] Market Dynamics - **TPMS Growth**: The TPMS market is expected to maintain high growth due to regulatory requirements and increasing safety awareness. The global demand for new TPMS sensors is estimated to exceed 30 billion CNY annually [7][17] - **Regulatory Impact**: New regulations in North America and Europe mandate TPMS installation in commercial vehicles, further driving demand [7][18] Strategic Initiatives - **AI Integration**: The company is advancing its AI-driven management transformation across core business areas, enhancing operational efficiency and decision-making [3][12] - **Digital Currency Exploration**: Daotong is exploring the use of digital currencies for payment in the energy charging sector to simplify overseas transactions [14][15] - **Product Development**: New products like the liquid-cooled charging module are set to launch in Q4 2025, expected to enhance performance and market competitiveness [8][29] Challenges and Future Outlook - **Gross Margin Pressure**: Overall gross margin slightly decreased by 1.9 percentage points, primarily due to U.S. tariffs. However, the company anticipates maintaining its gross margin targets for the year through cost control and product optimization [3][20] - **Future Growth Projections**: - AI Diagnostic Business: Expected revenue growth of approximately 20% in 2026 [36] - Energy Charging Business: Anticipated revenue growth of about 50% in 2026 [37] - TPMS Business: Continued high growth expected, with significant market potential remaining [37] Additional Insights - **Inventory Management**: The company increased its safety stock from 6 months to 9 months to mitigate tariff impacts while improving inventory turnover by 10% YoY [4] - **Software Revenue Trends**: The software cloud services segment showed a slight decline in short-term contract liabilities, indicating a shift towards longer-term customer commitments [21][23] This summary encapsulates the key insights from Daotong Technology's conference call, highlighting its financial performance, business segment growth, strategic initiatives, and future outlook.

Group 1 - The investment enthusiasm in the field of embodied intelligence continues to rise, with 91 investment events recorded in China by June 23, surpassing the total of 77 events for the entire year of 2024, and the total investment amount reaching 11.037 billion yuan [1] - By July 3, 2025, the number of investment events further increased to 114, indicating an exceptionally active investment market [1] - Notable financing cases include Yushu Technology completing nearly 700 million yuan in Series C financing, and Galaxy General Robotics receiving 1.1 billion yuan in a new round of financing led by CATL, setting a record for the largest single financing in the field of embodied large model robots [1] Group 2 - Embodied intelligence has been recognized as an emerging technology sector with broad industrial prospects, being included in the government work report alongside 6G and quantum technology, highlighting its significant national strategic importance [3] - Statista estimates that the global AI robotics market will exceed 19 billion USD in 2024, representing a nearly 30% growth compared to 2023, and is expected to surpass 35 billion USD by 2030 [3] - Citi predicts that the global humanoid robot market will reach 7 trillion USD by 2050, with approximately 650 million humanoid robots worldwide, while Morgan Stanley forecasts a potential market size of 60 trillion USD [3]