Core Viewpoint - Zhongding Co., Ltd. is expanding its investment in humanoid robots by establishing a joint venture with two other companies to focus on manufacturing and supplying core components for humanoid robots [2][4]. Group 1: Joint Venture Details - The joint venture will have a registered capital of 50 million yuan, with Zhongding's subsidiary, Anhui Ruisi Bo Robot Technology Co., Ltd. (Ruisi Bo), contributing 30 million yuan for a 60% stake [4]. - The other partners include Shenzhen Zhujidong Technology Co., Ltd., which will contribute 10 million yuan in technology valuation for a 20% stake, and Hefei Flexible KOTIAN Robot Materials Co., Ltd., which will also contribute 10 million yuan for a 20% stake [4]. Group 2: Business Focus and Collaboration - The joint venture aims to engage in humanoid robot manufacturing and enhance the supply capability of core components [4][5]. - Zhujidong will exclusively commission the new company to process its robot body products and will grant the new company priority in outsourcing production if needed [5]. - The new company will receive technical support from Zhujidong, including the training of specialized personnel [6]. Group 3: Technological Synergies and Market Position - Zhongding has a strong background in automotive sealing, thermal management, lightweight materials, and precision rubber parts, which will be leveraged in humanoid robot component development [6]. - The company has already established collaborations with several firms in the humanoid robot sector, including Efort and Shenzhen Zhongqing Robot Technology Co., Ltd. [6]. - Zhongding's subsidiary has successfully mass-produced various sensors for robotic applications, indicating a solid foundation for future developments in humanoid robotics [6].

Summary of Conference Call on KAIT Co., Ltd. and the Human-Robot Sensor Industry Industry Overview - The human-robot sensor market is currently dominated by foreign manufacturers, with approximately 90% of the MEMS technology market share held by them. However, domestic companies like KAIT are actively pursuing domestic substitution, benefiting from cost advantages and technological advancements [2][9]. - The global sensor market is expected to grow at an annual rate of about 10% over the next decade, while the domestic market may see a growth rate of around 15% due to the push for domestic substitution [2][6]. Key Points on KAIT Co., Ltd. - KAIT's core business has shown significant growth, with a net profit increase of 40% year-on-year in Q3 2025. The company anticipates a doubling of its business in the next two to three years, with an annual growth rate exceeding 30% [4]. - The company is collaborating with North American clients to develop temperature sensors and various force sensors, which positions KAIT favorably in the domestic substitution process for human-robot applications [5]. - The BOM cost of sensors in human robots is estimated to be around 20%, while actuators account for about 30%. Despite the lower value compared to actuators, the sensor sector has higher profitability, making it a key area of focus [3][8]. Market Dynamics and Profitability - The sensor industry generally has a gross margin of 30% to 50%, compared to 20% to 30% for ordinary hardware components. This indicates that sensor companies can achieve a net profit margin of around 20%, significantly higher than the 10% typical for other component manufacturers [8]. - The demand for various types of sensors, including visual and force sensors, is expected to rise, particularly in the automotive and industrial sectors. The global sensor market is projected to reach approximately $550 billion in ten years, with the domestic market expected to grow to 550 billion RMB by 2026 [11]. Competitive Landscape - Major competitors in the robot sensor market include Amphenol, Donghua, Keli, Huapei, and KAIT. The competition is relatively concentrated, with a unique environment due to the need for close integration with host manufacturers' software algorithms [14]. - Domestic manufacturers are beginning to make strides in the automotive sector, with companies like Anpeilong achieving breakthroughs in automotive-grade pressure sensors, indicating a gradual advancement in domestic substitution [15][16]. Future Prospects - The development of six-dimensional force sensors is promising, with MEMS technology potentially reducing costs and improving efficiency. KAIT is collaborating with Xi'an Xutong to develop these sensors, indicating a positive outlook for this segment [18]. - The encoder market is also expanding, with KAIT and Xi'an Xutong making significant contributions. Encoders are essential for robots, with each unit requiring around 40 encoders, and the demand is expected to increase for more complex robotic systems [19]. Conclusion - The human-robot sensor market presents significant growth opportunities, particularly for domestic manufacturers like KAIT. The combination of technological advancements, strategic partnerships, and a focus on domestic substitution positions these companies well for future success in a rapidly evolving industry [2][9][20].