Core Viewpoint - The humanoid robot sector is attracting more capital investment, with Runyang Technology planning to invest up to 300 million yuan in Fourier, which has a pre-investment valuation of 8 billion yuan, to enhance its business landscape and competitiveness [1][6]. Company Overview - Runyang Technology focuses on the research, production, and sales of polyolefin foaming materials, with core products including electron beam cross-linked polyethylene (IXPE) [6]. - Fourier Intelligent, established in July 2015, specializes in general humanoid robots and rehabilitation robots, having launched its first lower limb exoskeleton rehabilitation robot, Fourier X1, in March 2017 [4][5]. Investment Details - Runyang Technology's investment in Fourier is aimed at expanding the application scenarios of its foaming materials and enhancing its product technology content, aligning with its strategic development plan [1]. - The investment is expected to positively impact Runyang Technology's continuous development [1]. Product Development - Fourier Intelligent has developed the GRx series humanoid robots, including GR-1 and GR-2, with GR-1 launched in July 2023 and GR-2 set to be released in September 2024 [5]. - The GR-1 robot features 44 degrees of freedom and a height of 165 cm, while GR-2 will have 53 degrees of freedom and a height of 175 cm [5]. Market Presence - Fourier Intelligent has extended its sales channels to e-commerce platforms, offering a range of rehabilitation products from portable aids to high-end training devices [4]. - As of now, approximately 10% of Fourier's rehabilitation business revenue comes from overseas sales [4]. Financial Performance - Runyang Technology reported a revenue of 407 million yuan in 2024, a year-on-year increase of 13.16%, but its net profit decreased by 39.51% to 25.44 million yuan [6]. - In the first quarter of 2025, the company recorded a total revenue of 96.04 million yuan, a slight increase of 0.34%, while net profit dropped by 63% to 4.95 million yuan, indicating significant pressure on profitability [6].

Core Insights - Fourier emphasizes its focus on health and wellness as it celebrates its tenth anniversary, announcing a new strategic direction and partnerships to enhance its presence in the rehabilitation and elderly care sectors [1][9] - The company has developed various robots, including the Fourier M2 and Fourier N1, and has explored multiple practical applications in hospitals, community health centers, and nursing homes [1][9] Group 1: Company Strategy and Developments - Fourier has launched a ten-year strategy focused on health and wellness, collaborating with Shanghai International Medical Center to create a demonstration base for embodied intelligent health care [1][9] - The company has signed a strategic cooperation agreement to establish a humanoid robot innovation center, aiming to advance the application of embodied intelligence in rehabilitation and medical settings [1][9] - Fourier's robots have been deployed in over 3,000 medical institutions, indicating a significant accumulation of data and practical experience in various scenarios [9] Group 2: Interaction and User Experience - The concept of "interaction" is central to Fourier's approach, as rehabilitation and elderly care require extensive user engagement [2][3] - Challenges in human-robot interaction have been identified, particularly regarding the usability of robots for elderly users, which affects the likelihood of repeat purchases by care institutions [3][4] - Fourier's Fourier X1 rehabilitation robot utilizes force feedback technology to enhance user interaction by recognizing walking intentions and adjusting gait trajectories accordingly [3][4] Group 3: Market Dynamics and ROI - The return on investment (ROI) for health care robots is being reevaluated, with effectiveness in improving patient outcomes and quality of life becoming a new standard [5][6] - The introduction of international standards for elderly care robots is expected to streamline certification processes, facilitating faster deployment in real-world settings [6][9] - The elderly care market is seen as a promising area for growth, with a strong willingness to pay and a complex environment that provides ample data for machine learning [9][10] Group 4: Competitive Landscape - The robotics sector is experiencing rapid growth, with investment in the field increasing significantly from 2019 to 2023, indicating heightened competition [10] - As more players enter the market, Fourier must demonstrate effective functionalities in specific scenarios, such as long-term companionship and targeted treatment plans, to solidify its market position [10]