Summary of Zhongjian Technology Conference Call Company Overview - **Company**: Zhongjian Technology - **Industry**: Intelligent Robotics and Manufacturing Key Points Financial Performance - In the first half of 2025, Zhongjian Technology achieved a net profit of 80 million yuan, significantly higher than over 60 million yuan for the entire previous year, indicating a year-on-year growth of 14% [2][3] - The increase in profit is attributed to the production launch of the Thailand manufacturing base, completion of the new factory in Yongkang, and expansion in the intelligent robotics sector [2][3] Strategic Developments - The company is actively expanding into the intelligent robotics industry, establishing multiple subsidiaries focused on robotic lawn mowers, quadruped robotic dogs, and AI technology research and development [2][5][6] - Collaborations with leading global companies have led to the launch of large drone lawn mower products, with a product lineup designed to meet North American market demands [2][6] Market Expansion - Zhongjian Technology has successfully launched its Thailand production base, which began operations in June 2025, and is collaborating with Europe's second-largest company to ensure future business growth [7][18] - The North American market has exceeded expectations, with significant contributions to revenue growth, while the European market remains a key area despite slower growth [17][19] Product Development - The company is focusing on two main directions for its robotic dog business: ToB (business-to-business) and ToC (business-to-consumer) [11] - The gross profit margin improved in the first half of 2025 due to an increased proportion of high-margin products like lawn mowers and enhanced production efficiency [12] Future Outlook - Zhongjian Technology plans to continue investing in the intelligent robotics sector, with an expected increase in revenue from this area in the coming years [8][22] - The company aims to achieve breakeven for its Jiangsu Jinmi subsidiary by selling approximately 100 to 150 units of the Lingrui T1 model [24] Operational Insights - The Thailand factory is expected to reach breakeven this year, with production capacity designed to meet annual demand of 300 to 500 million yuan [18][20] - The company has established a fully automated production line for robotic dogs and is preparing for increased output in collaboration with overseas partners [24][25] Challenges and Considerations - The decline in inventory and accounts receivable is attributed to seasonal factors, with the second quarter being a relatively slow period [13] - The company is adjusting its product structure to increase the proportion of higher-margin products, aiming to optimize overall profitability [14] Competitive Landscape - The four-legged robotic dog market is competitive, but the company emphasizes the importance of meeting customer needs and advancing industrialization processes [28] Technological Advancements - Current prototypes of the company's robots have achieved partial functionality, with ongoing development aimed at reducing remote control operations for better application in complex scenarios [29] Additional Notes - The company maintains its revenue growth expectations for the year despite seasonal fluctuations and varying market performances [28]

Industry Overview - The rapid development of artificial intelligence and key component technologies is driving significant breakthroughs in robotics research, with applications expanding from manufacturing to service, consumer, and security sectors [1] - The global humanoid robot market is expected to exceed $20 billion by 2030, with a CAGR of 77.83% from 2026 to 2030, while China's humanoid robot market is projected to reach $5 billion by 2030 [1] Company Strategy - Zhongjian Technology has historically focused on garden machinery exports, establishing a robust marketing network and after-sales service system across Europe, America, Australia, and Asia [2] - The company is transitioning from gasoline-powered equipment to intelligent devices, driven by advancements in SLAM, RTK, and lithium battery technologies [3] - Zhongjian Technology has increased its R&D investment in lithium battery garden equipment and established subsidiaries to enter the intelligent robotics sector [3][5] Competitive Advantage - Strong R&D capabilities are considered the core competitive advantage for robotics companies, with a need to extend influence along the supply chain to enhance resource integration and cost control [1][3] - Chinese companies have significant advantages in manufacturing capabilities, engineer availability, and cost, which are crucial for competing in the global market [3] Financial Performance - Zhongjian Technology's R&D expenses reached 72.68 million yuan in 2024, more than doubling year-on-year [5] - The company's overall gross margin has improved from 18% to approximately 30% due to the integration of automation solutions with traditional garden machinery [6] Product Development - The company has developed a product matrix that includes intelligent garden robots, quadrupedal robots, wheeled robots, and bipedal robots, supported by dedicated R&D teams [4][7] - Effective solutions for practical issues, such as autonomous positioning for intelligent lawn mowers, have been achieved through innovative yet cost-effective methods [7] Market Opportunities - Zhongjian Technology is focusing on expanding its product offerings in high-demand areas such as garden robots, waste collection, tennis training, and security inspections, with some products achieving gross margins of 70% or higher [8]

证券之星消息，2025年5月14日大叶股份（300879）发布公告称财通证券（601108）于健、浦泓投资彭 聪、华安基金孔涛、博道基金吴子卓于2025年5月14日调研我司。 具体内容如下： 风险提示：本次调研信息中如涉及对外部环境判断、公司发展战略、未来计划等描述，不构成公司对投 资者的实质承诺，投资者及相关人士均应对此保持足够的风险认识。敬请广大投资者理性投资，注意投 资风险。问：投资者及 答： 问：美国与墨西哥之间有没有关税？ 答：目前根据《美墨加协定》要求以及相关政策和法律规定，公司产品不加征关税。 问：新收购的AL-KO公司的基本情况？ 答：L-KO公司是一家欧洲知名园林机械制造商，主要从事园林机械设备的研发设计、生产制造和销 售，主要产品包括割草机、打草机/动力耕作机、吹吸叶机、割灌机等园林机械设备及水泵、烤箱及烤 架等户外和家用设备及其他产品。L-KO公司在欧洲园林机械市场拥有本地化的生产制造基地及技术中 心，能够快速响应客户需求，同时经过近六十年的行业积淀，掌握了多项业务核心技术，在行业中树立 了"品质生活"的良好品牌形象，拥有或获得授权使用"L-KO""SOLO""Masport""MORR ...

Group 1: Company Overview and Acquisitions - The company, Ningbo Daye Garden Equipment Co., Ltd., acquired AL-KO, a well-known European garden machinery manufacturer, enhancing its product offerings and market presence [1][2] - AL-KO specializes in the research, design, production, and sales of garden machinery, including lawn mowers and outdoor equipment, with a strong brand reputation in Europe and Oceania [2] Group 2: Market Performance and Growth - The company reported strong growth in Q1 2025, attributed to high product cost-performance and increased market demand following the acquisition of AL-KO [2] - The integration of AL-KO is expected to further boost overall revenue, leveraging its established market channels and customer base [2] Group 3: Supply Chain and Production Strategy - The company plans to enhance supply chain integration with AL-KO, focusing on centralized procurement and increased production capacity to reduce costs and improve efficiency [3] - A manufacturing base in Mexico is being developed to shorten supply cycles and mitigate international trade risks, potentially covering a significant percentage of revenue from the U.S. market [4] Group 4: Product Development and Innovation - The company is investing in the development of robotic lawn mowers, offering low, medium, and high-end models to cater to various market segments [5] - Features of the robotic mowers include easy installation, boundary-free operation, and advanced technology for efficient cutting and remote operation [5] Group 5: Risk Management and International Strategy - The company has established overseas production bases in Mexico, Austria, and the U.S. to mitigate risks associated with international economic policy changes [6] - Continuous monitoring of tariff policies and maintaining communication with customers will allow the company to adjust its global production distribution to minimize tariff impacts [6]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company focuses on garden machinery and actively expands into humanoid robotics, aiming to create a second growth curve [2][4] - The humanoid robot industry is entering a mass production phase, accelerating the industrialization process [3][30] - The company is investing in embodied intelligence to enhance its growth trajectory [4][36] Summary by Sections 1. Company Overview - Established in December 1997, the company initially focused on electric tools and gradually expanded into garden machinery, obtaining various international certifications to support exports [2][14] - In 2023, the company established Shanghai Zhongjian High-Krypton Robot Co., Ltd. to develop next-generation robotic lawnmowers [2][14] - The company invested in 1X Holding AS in March 2024, collaborating with major international institutions to explore humanoid robot development opportunities [2][14] 2. Industry Trends - The humanoid robot market is experiencing rapid advancements, with Tesla's Optimus robot showing significant improvements in functionality and human-like movements [3][30] - By 2030, the demand for humanoid robots in Tesla and global electric vehicle factories is projected to reach 125,000 and 500,000 units, respectively [34] 3. Financial Performance - The company has shown steady revenue growth, with total revenue increasing from 420 million yuan in 2018 to 667 million yuan in 2023, representing a CAGR of 9.9% [20][23] - The net profit attributable to the parent company rose from 12 million yuan in 2020 to 48 million yuan in 2023, with a forecasted net profit of 59 million yuan for 2024 [20][45] - The company’s gross margin has been improving, with a projected gross margin of 31% for its lawnmower segment in 2024 [42][27] 4. Investment Outlook - The company is expected to maintain robust growth, with projected net profits of 59 million yuan, 73 million yuan, and 90 million yuan for 2024, 2025, and 2026, respectively [45] - The current price-to-earnings ratio is relatively high compared to peers, indicating a premium valuation [45] - The company’s strategic investments in humanoid robotics and partnerships with leading firms position it well for future growth [4][36]