Group 1: Research Basic Information - The research object is Keyuan Wisdom, belonging to the Internet services industry, and the reception time was on June 4, 2025. The listed company's reception staff included the board secretary, Zhao Wenqing, and the securities affairs representative, Wu Yating [16] Group 2: Detailed Research Institutions - The research institutions include Huachuang Securities, Western Securities, Guangzheng Asset Management, Changjiang Securities, Zhongguangyun Investment, and Yuanwangjiao Investment, along with their corresponding personnel [17] Group 3: Company Overview - The company is a leading domestic provider of industrial automation, informatization, and intelligent technology, products, and solutions, with two major business segments: Automation & Intelligence BG and Industrial Digitalization BG, serving downstream industries such as energy and power, petroleum and chemical, steel and metallurgy, municipal building materials, and some discrete manufacturing industries [21] - The company is actively deploying an embodied intelligence product line, developing an embodied intelligence drive and control integrated platform, and aiming to become a "shovel-type" company in the AI robot era [21][22] Group 4: Company Strategy and Business Layout - The company focuses on industrial automation, industrial Internet, and industrial software businesses, seizing opportunities in industrial digitalization, digital industrialization, and domestic substitution, and strengthening the development of independent and controllable industrial control systems and PLC products [22] - The company's business layout covers industrial automation, intelligence, and digitalization, serving multiple industries. The growth logic lies in the policy-driven domestic substitution wave and the potential of the industrial AI business [23] Group 5: Company Business Strategies - The company's industrial AI business commercialization strategy focuses on solving industrial pain points, using a combination of software and hardware to achieve closed-loop monetization, starting with pilot projects in state-owned enterprises and gradually expanding to other industries [23] - The company's robot business focuses on industrial scenarios, positioning as a core component supplier for industrial robots, and using a "selling shovels" model to enter the industrial robot field [24]