Core Points - The 2025 World Robot Conference is being held from August 8 to 12 in Beijing, showcasing over 1,500 exhibits from more than 200 domestic and international robot companies [3] - The event features various pavilions including innovation, application, and technology, highlighting the latest solutions and products in the robotics industry [3] - Attendees can experience a wide range of robotic products that span medical services, industrial production, and daily life applications, emphasizing the potential of robots to enhance future living [3] Group 1 - The conference includes participation from 50 humanoid robot manufacturers presenting their latest exhibits and industry solutions [3] - Various types of robots are on display, including those for medical, industrial, and service applications, showcasing the versatility of robotics technology [3] - The event aims to demonstrate how robots can illuminate future lifestyles, indicating a strong focus on innovation and practical applications in everyday life [3] Group 2 - Attendees can interact with robots, including humanoid robots, robotic pets, and specialized robots for tasks such as logistics sorting and household assistance [143][148] - The conference also features performances by robotic bands and demonstrations of robotic capabilities, such as a humanoid robot playing soccer [115][138] - The event serves as a platform for industry leaders to showcase advancements in robotics and engage with the public, highlighting the growing importance of robotics in various sectors [3]

Summary of Humanoid Robot Dexterous Hand Conference Call Industry Overview - The report focuses on the humanoid robot dexterous hand industry, highlighting its significance in achieving versatility and generalization capabilities in humanoid robots. The core structure includes four main modules: drive, reduction, transmission, and perception [1][2]. Key Points and Arguments Market Size and Growth - The global market for humanoid robot dexterous hands is projected to reach 900 million yuan by 2025 and 37.6 billion yuan by 2030, with a compound annual growth rate (CAGR) of 110% over five years. The largest market segments will be the drive and perception modules, estimated at 13.1 billion yuan and 16.3 billion yuan, respectively [3][9]. Module Analysis 1. **Drive Module** - The drive module includes hydraulic, motor, pneumatic, and shape memory alloy drives. Motor drives, particularly hollow cup motors, are favored for their mature technology and efficiency. European suppliers currently dominate the market, but domestic manufacturers are expected to gain market share due to cost advantages [4][5]. 2. **Reduction Module** - The reduction module primarily uses harmonic reducers, planetary reducers, and RV reducers. Harmonic reducers are preferred for their high precision and lightweight characteristics. Japanese manufacturers lead this segment, but domestic suppliers are improving their technology [4][5]. 3. **Transmission Module** - Various transmission methods are employed, including worm gear, ball screw, cable transmission, and linkage transmission. Most manufacturers are adopting combination schemes to optimize efficiency, with Japanese and European firms still holding a significant market share [4][5]. 4. **Perception Module** - The perception module includes resistive, capacitive, electromagnetic, voltage, and optical sensors, with resistive sensors being the mainstream due to their maturity and sensitivity. The market is currently dominated by overseas companies, but domestic alternatives are rapidly emerging [5][6]. Competitive Landscape - The dexterous hand market consists of three main player categories: 1. **Self-Developed Entities**: Companies like Xindong Jiyuan and Yuzhu have rich experience in core manufacturing, synergizing with dexterous hand development. 2. **New Entrants**: Startups such as Lingqiao Intelligent focus on sales and invest heavily in R&D and mass production. 3. **Component Extension Players**: Companies like Leisai Intelligent and Zhaowei Electromechanical, originally involved in component production, are expanding into this emerging field [10][11][12]. Future Trends - Key trends in the dexterous hand market include: 1. Increased degrees of freedom, with Tesla's dexterous hand increasing from 11 to 22 degrees from 2023 to 2024. 2. Expansion of micro four-bar mechanisms and built-in applications, which are expected to replace traditional components. 3. The emergence of electronic skin as a new highlight, utilizing flexible materials for better adaptability [8][9]. Investment Recommendations - The report maintains a positive outlook on the humanoid robot industry, recommending a focus on companies like Nengsheng Technology, Xiangxin Technology, and Wuzhou Xinchun, which cover multiple segments such as motors and reducers, presenting significant potential for excess returns [3][13].

Core Viewpoint - The report from Guohai Securities highlights that breakthroughs in dexterous hands, a core component of humanoid robots, directly influence the commercialization process of these robots [1][2]. Market Size - The global market for humanoid robot dexterous hands is projected to reach 900 million yuan in 2025 and 37.6 billion yuan in 2030, with a compound annual growth rate (CAGR) of 110% over five years [5]. Industry Trends - The complexity of dexterous hands is increasing, driving demand for various components [3]. - The introduction of a 22-degree-of-freedom dexterous hand at the "werobot" launch event marks a significant advancement compared to the 11 degrees of freedom in second-generation robots [3]. Component Innovations - The application of micro-screws and tendon ropes is expanding, with companies like Tesla adopting these as more efficient transmission solutions [4]. - Flexible sensors, referred to as "electronic skin," are expected to gain importance due to their superior performance compared to traditional sensors [4]. - The use of PEEK materials is anticipated to rise as they gradually replace metals in mid-to-high-end applications, particularly in dexterous hands [4]. - End-to-end large models are enhancing the generalization capabilities of dexterous hands, enabling them to perform complex tasks more effectively [4]. Competitive Landscape - The market for dexterous hands is becoming increasingly competitive, with three main types of players: self-researching robot manufacturers, startups focused on dexterous hands, and companies extending their expertise from other sectors like automotive and new energy into robot components [6].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The solid-state battery industry is rapidly developing, with equipment manufacturers expected to benefit in the early stages of industrialization. Solid-state batteries offer high energy density and safety, with applications anticipated in various fields by 2030 [2][17] - The humanoid robot sector is advancing with the release of the DM series 17-degree-of-freedom dexterous hand, which enhances operational capabilities and is crucial for the commercialization of humanoid robots [3][26] - The forklift industry shows promising growth, with May sales reaching 123,000 units, a 12% year-on-year increase, indicating strong performance from leading companies [4] Summary by Sections Solid-State Battery Equipment - Solid-state batteries are expected to transition from pilot testing to small-scale production between 2026 and 2027, with mass production anticipated by 2028-2029. The equipment value for a single GWh is projected to decrease from 500-600 million to 250 million yuan as production scales up [2][17][18] - Key equipment manufacturers include: - XianDai Intelligent, which has achieved mass production of pilot line equipment [19] - Winbond Technology, focusing on front-end equipment [19] - Mannesmann, which has completed dual-line layouts for dry and wet processes [19] Humanoid Robots - The DM series dexterous hand features advanced drive and transmission systems, enhancing its operational capabilities. The integration of sensors allows for high sensitivity and durability, crucial for the interaction between humanoid robots and their environment [3][26] - Investment recommendations in this sector include: - Zhaowei Electromechanical for dexterous hands and micro drive systems [3] - Fulei New Materials for sensors and electronic skin [3] Forklift Industry - The forklift industry saw a significant increase in sales, with domestic sales reaching 79,000 units and exports at 44,000 units in May, reflecting a strong demand for domestic manufacturers [4] - Recommended companies in this sector include: - Anhui Heli, which has strategic partnerships with major logistics companies [4] - Hangcha Group, focusing on intelligent logistics solutions [4] - Zhongli Group, investing in automation and intelligent solutions [4]

Market Overview - The Sci-Tech AI ETF Huaxia (589010) closed down 0.49% on June 27, 2025, with major declines in stocks such as Cambricon down 4.10%, Lexin Technology down 2.88%, and Hengxuan Technology down 1.69% [1] - The Robot ETF (562500) also saw a slight decline of 0.12%, with leading declines from Hechuan Technology down 2.05%, Jiangsu Leili down 1.88%, and Huachen Equipment down 1.81% [1] - The trading volume for the day was 664 million yuan, indicating high market activity and good liquidity [1] - The Robot ETF experienced a net inflow of 54 million yuan, marking continuous inflows over the past four trading days, with a peak single-day inflow of 273 million yuan, totaling 570 million yuan [1] Industry Highlights - On June 27, Neuralink, a brain-computer interface company led by Elon Musk, showcased its latest advancements, with 7 participants currently involved in trials [2] - The 2025 Hangzhou International Humanoid Robot and Robotics Technology Exhibition was held, focusing on the entire industry chain of humanoid robots, with significant attention on dexterous hands, which are now being mass-produced and seeing price reductions to below 10,000 yuan [2] - The 2025 RoBoLeague robot football league finals took place in Beijing, featuring AI-driven robots that operated independently without human intervention, showcasing advancements in AI strategies [2] Institutional Insights - CITIC Securities suggests that the current market valuation may not support a purely liquidity-driven rally, but unexpected interest rate cuts by the Federal Reserve and the People's Bank of China could act as catalysts for market sentiment [3] - There is a noted shift of active funds from pharmaceuticals and consumer sectors towards technology and finance, with structural opportunities expected to dominate the mid-year reporting season [3] - The upcoming third quarter is anticipated to see a resurgence in IPOs for tech companies, with a focus on AI and military sectors as key areas for structural opportunities [3] Popular ETFs - The Robot ETF (562500) is the only fund in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Sci-Tech AI ETF Huaxia (589010) is positioned as the brain of robotics, with a 20% fluctuation limit and small-cap elasticity, aimed at capturing pivotal moments in the AI industry [4]

Financial Performance - In 2024, the company achieved a revenue of 3.144 billion CNY, a year-on-year increase of 8.76% [2] - The net profit attributable to shareholders for 2024 was 97.09 million CNY, up 117.44% year-on-year; the net profit excluding non-recurring items was 71.07 million CNY, a growth of 151.92% [3] - In Q1 2025, the company reported a revenue of 760 million CNY, a 15.82% increase year-on-year; the net profit attributable to shareholders was 40.45 million CNY, up 84.07% [3] Market Strategy - The company has nearly 80% of its business in overseas markets, with approximately 30% from the Americas, particularly the U.S. [4] - To mitigate the impact of U.S. tariffs, the company has established a production base in Vietnam, which achieved profitability in 2024 and is expanding capacity [5] - The company is diversifying its market strategy to reduce reliance on single markets and enhance risk resilience [5] Artificial Intelligence Initiatives - The company has established partnerships with leading firms like Alibaba, Amazon, and Huawei to explore AI hardware applications [6] - It is focusing on differentiated solutions in AI hardware, including products like AI chess robots and desktop companion robots [6][7] - The company aims to provide integrated solutions leveraging its extensive experience in AI applications and manufacturing [6] Robotics Development - The company has made early investments in the robotics sector, with successful products like the AI chess robot "Yuan Luobo" and AI desktop robots [8] - It is expanding into high-end components for humanoid robots and has established a subsidiary, Weir New Power, for developing axial field motors [9] - The company is collaborating with Tsinghua University for key component development and has received positive feedback from clients on its robotic joint motors [10]

Group 1: Business Segments and Developments - Aerospace precision manufacturing is a key future business area for the company, with a focus on UAV components and missile precision parts [2][3] - The company is developing the third generation of dexterous hands for humanoid robots, targeting multi-sensor integration and control [3] - The company has established a strong market presence in the new energy electric drive core, with significant supply to leading electric vehicle manufacturers [3][4] Group 2: Strategic Partnerships and Projects - The company is collaborating with Bosch on the new energy commercial vehicle drive motor assembly, with supply expected to start in the second half of 2025 [3][4] - The company has successfully broken the foreign monopoly in the heavy-duty truck EGR valve market and is expanding its customer base [7] - The company has entered into contracts for commercial satellite projects with Galaxy Aerospace, with ongoing cooperation with China Aerospace Technology Group [10][11] Group 3: Market Position and Competitiveness - The company holds a leading position in the domestic EGR system market for passenger vehicles, supplying major clients such as BYD, Chery, and Geely [6][7] - The EGR technology is positioned as a key solution for energy conservation and emission reduction in both commercial and passenger vehicles, aligning with national policies [5][6] - The company is optimistic about the market prospects for EGR systems, leveraging over 20 years of industry experience [5][6] Group 4: Financial Outlook and Growth Drivers - The revenue contribution from satellite products is expected to be 10-15% in 2024 [10] - The company anticipates significant growth in the precision components sector driven by new project mass production and an expanding customer base [7][8] - The copper busbar business is projected to double in 2025, supported by various vehicle models [8]