Financial Performance - In 2025, the company achieved a revenue of 13.048 billion CNY, representing a year-on-year growth of 28.46% [4] - The net profit attributable to shareholders reached 782 million CNY, with a growth of 20.00% compared to the previous year [4] - The return on net assets was 11.66%, an increase of 1.18 percentage points year-on-year [4] Business Segments - The automotive electronics segment generated a revenue of 9.675 billion CNY, growing by 27.25% year-on-year [4] - The precision die-casting segment reported a revenue of 2.859 billion CNY, with a significant year-on-year increase of 38.47% [4] - From 2020 to 2025, the compound annual growth rate (CAGR) for automotive electronics and precision die-casting was 35.66% and 35.08%, respectively [4] Market Position - The company holds the top market share in HUD and in-vehicle wireless charging products domestically, and ranks highly internationally [4] - As of January 2026, the company ranked first in the domestic market for instrument screens and second for central control display screens [4] Capacity Expansion - 2025 marked the largest capacity expansion in the company's history, with a combination of leasing and self-built factories to meet growing order demands [5] - The company is also developing a new factory in Thailand, with several projects already completed [5] Product Development - In 2025, the company launched several innovative automotive electronic products, including the PHUD product and AI BOX in collaboration with Intel [5] - New product applications include smart surfaces and depth-sensing 3D AR-HUD, enhancing the product matrix and competitive edge [5] Non-Automotive Business Expansion - The company is leveraging its technology and R&D capabilities to explore AI and robotics, aiming to establish a second growth curve [6] - In the AI sector, the company has achieved scale production of optical communication modules and high-speed connectors [6] Capital Expenditure Outlook - The company plans to maintain a high level of capital expenditure in 2026, focusing on expanding production bases in Thailand and enhancing automotive electronics capacity [7] - Ongoing capital investments are expected to support sustained rapid growth in business operations [7]

Group 1: Industry Trends - Multiple consumer electronics and optical electronics companies are accelerating the launch of new products and expanding into emerging markets, indicating a new industry landscape [1] - Companies are focusing on terminal innovations, with significant developments in AR glasses and panoramic drones, enhancing the commercialization process [1] - The industry is witnessing a positive cycle from demand insights, product development to market promotion, creating new market opportunities [1] Group 2: Product Launches - Liyad has launched its first AR glasses and an AI interactive toy, with the AR glasses featuring professional translation and meeting functionalities [2] - The company is leveraging its Micro LED technology to develop AR glasses, targeting sectors like culture, tourism, and office markets for customized solutions [2] - Dragon Flag Technology has begun mass production of AI glasses charging cases, with expected rapid growth in shipments next year [3] Group 3: Automotive and Robotics Developments - Huqin Technology anticipates its automotive electronics revenue will exceed 1 billion yuan for the first time this year, with breakthroughs in smart cockpits and intelligent driving [4] - Tobo's smart automotive products, including charging piles and laser radar motors, are gaining market share, with significant increases in laser radar shipments expected [5] - Fuliwang is transitioning to the humanoid robot parts market, investing 1 billion yuan in a new manufacturing project, with initial samples already sent to major clients [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The company is a precision metal manufacturing platform with multi - process combination technology, which has expanded into the humanoid robot industry since early 2025. Products such as micro planetary roller screws are being sent to 5 leading T1 customers, and metal parts like robot reducers and joint module components have started shipping [24]. - In 2025 H1, the subsidiary Nantong Fulwang had not fully put into production, resulting in a loss of about 31.86 million yuan. The parent company's main business income increased by 10.16% year - on - year, but the cost increased by 24.09% due to recruitment and equipment purchase for a new earphone project. The company's profitability is expected to improve as new projects' demand is released [25]. - The MIM process has advantages in producing complex precision metal parts and has good prospects in the humanoid robot industry, with the company having mature production capacity and technology for MIM parts [26]. 3. Summary According to the Directory 3.1 Research Basic Information - Research object: Fulwang [16] - Industry: Consumer electronics [16] - Reception time: September 4, 2025 [16] - Reception personnel: Chairman and General Manager Xu Huijun, Board Secretary You Dongcha, Financial Controller Chen Jun, Independent Director Liu Qiong [16] 3.2 Detailed Research Institutions - The reception objects are all investors who participated in Fulwang's 2025 semi - annual performance briefing through online interaction [19] 3.3 Main Content Information - **Cooperation with Apple**: The company focuses on R & D, manufacturing, and sales of precision metal parts, and its products are widely used in various fields [23]. - **Robot Parts Supply**: Metal parts such as robot reducers, joint module components, and high - precision wave springs have started shipping, but specific customer information is not disclosed [23][24]. - **Sending Samples to Leading Customers**: The company has sent samples of micro planetary roller screws to 5 leading T1 customers, and specific customer information is not disclosed [23][24]. - **Progress in the Humanoid Robot Industry**: In 2025, the company expanded into the humanoid robot industry, increased R & D investment in micro screws, and developed micro planetary roller screws of different specifications [24]. - **Performance in H1 2025**: The subsidiary Nantong Fulwang suffered a loss, while the parent company's main business income increased, but the cost also rose significantly. The company's profitability is expected to improve in the peak seasons of Q3 and Q4 [25]. - **MIM Process in the Humanoid Robot Industry**: The MIM process has advantages in producing complex precision metal parts and has good prospects in the humanoid robot industry, and the company has mature production capacity and technology [26].

Core Viewpoint - Recent policies supporting the robotics industry have been announced across various regions, providing certain industry and consumer subsidies, indicating a strong governmental push for growth in this sector [1] Industry Developments - The World Robot Conference continues to maintain unprecedented popularity, showcasing a diverse range of domestic robots [1] - The supply chain related to embodied intelligence is advancing, with multiple solutions emerging in components such as dexterous hands, joint modules, and sensors [1] Future Catalysts - Upcoming events such as the World Humanoid Robot Games, the Zhiyuan Robot Partner Conference, the release of the third generation of Optimus, and domestic robot bidding are potential catalysts worth monitoring [1] Investment Recommendations - The overall market outlook for the robotics sector remains positive, with a recommendation to focus on segments showing superior industry trends and faster growth, particularly in sensors, dexterous hands, vertical applications, and domestic supply chains [1]

Core Viewpoint - Recent policies supporting the robotics industry have been announced across various regions, providing subsidies for the industry and consumer spending [1] Group 1: Industry Trends - The World Robot Conference continues to maintain unprecedented popularity, showcasing a diverse range of domestic robots [1] - The supply chain related to embodied intelligence, including dexterous hands, joint modules, and sensors, is advancing with multiple solutions emerging simultaneously [1] - Progress in the embodied intelligence supply chain is increasingly evident, with several upcoming events such as the World Humanoid Robot Games and the Optimus third-generation machine release expected to act as potential catalysts [1] Group 2: Investment Recommendations - The overall market outlook for the robotics sector remains positive, with a recommendation to focus on segments showing superior industry trends and faster growth, particularly in sensors, dexterous hands, vertical applications, and domestic supply chains [1]

Core Viewpoint - Recent policies supporting the robotics industry have been announced across various regions, providing certain industry and consumption subsidies, indicating a strong governmental push for growth in this sector [1] Industry Developments - The World Robot Conference continues to maintain unprecedented popularity, showcasing a diverse range of domestic robots [1] - The supply chain related to embodied intelligence, including dexterous hands, joint modules, and sensors, is advancing with multiple solutions emerging simultaneously, which is expected to accelerate the iteration of embodied intelligent robots [1] Future Catalysts - Upcoming events such as the World Humanoid Robot Sports Competition, the Zhiyuan Robot Partner Conference, the release of the third generation of Optimus, and domestic robot bidding are potential catalysts worth monitoring [1] Investment Recommendations - The overall market outlook for the robotics sector remains positive, with a recommendation to focus on segments showing superior industry trends and faster growth, particularly in sensors, dexterous hands, vertical applications, and domestic supply chains [1]