Core Insights - The company held a specific investor research event on November 4, 2025, attended by representatives from nine institutions, including securities firms and investment funds, to discuss its product layout and future development in the robotics sector [1][2]. Group 1: Robotics Sector Focus - The company is concentrating on the development and industrialization of an intelligent measurement and control platform for robotic joint modules, which integrates multiple parameters such as torque sensors and temperature sensors, providing a "four-in-one" technical advantage for performance optimization [3]. - The company has achieved authoritative recognition for its multidimensional force/torque sensor calibration device, with its subsidiary being one of the first laboratories in China to receive CNAS accreditation for this technology [4]. Group 2: Strategic Development Plans - During the "14th Five-Year Plan" period, the company aims to focus on strategic emerging industries such as new energy, new materials, aerospace, and embodied intelligence, while optimizing resource allocation and enhancing technological innovation for sustainable development [5]. - The company offers systematic design and optimization solutions for robot lightweighting, including material distribution control and topology optimization to enhance performance and energy efficiency [6]. Group 3: Advanced Technology Development - The company is making progress in the development of flexible electronic skin, specifically a resistive tactile sensor with high precision and strong anti-interference capabilities, which is currently in the internal testing and optimization phase [7].

Group 1 - The company is focusing on the development of piezoresistive tactile sensors, which are characterized by high precision and strong anti-interference capabilities [1] - The research and development has made positive progress and is currently in the internal testing and optimization phase [1]

Group 1: Company Products and Technologies - The company focuses on the development and industrialization of intelligent measurement and control platforms for robotic joint modules, including torque sensors, encoders, and temperature sensors [1] - The platform supports the integration of multi-dimensional force and torque sensors, encoders, control, and drive functionalities, achieving a unified testing and control system [2] - The company has developed a multi-dimensional force/torque sensor calibration device, recognized by CNAS, making it one of the first laboratories in China to receive this accreditation [3] Group 2: Strategic Planning and Development - In the new "14th Five-Year Plan" phase, the company aims to leverage national and local policy directions, focusing on strategic emerging industries such as new energy, new materials, aerospace, and embodied intelligence [3] - The company plans to optimize resource allocation and enhance technological innovation and industrial collaboration to achieve high-quality and sustainable development in its main business areas [3] Group 3: Services and Innovations - The company offers systematic design and optimization solutions for lightweight robotics, including material distribution control, stress concentration reduction, and optimal material layout through topology optimization [4] - The company is developing a resistive tactile sensor with high precision and strong anti-interference capabilities, currently in the internal testing and optimization phase [5] Group 4: Employee Incentives - The company is considering implementing long-term incentive plans, including equity incentives, to enhance employee motivation and cohesion, contributing to sustainable development [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the humanoid robot industry, focusing on the development and technology of dexterous hands, which are crucial for precise operations in humanoid robots [1][2][3]. Core Technologies and Trends - **Drive Modules**: The main drive technologies include hydraulic, motor, pneumatic, and shape memory alloy drives. Motor drives are favored due to their cost-effectiveness and technical advantages, with hollow cup motors being seen as the ideal choice for the future due to their efficiency and low noise [1][3][4]. - **Reduction Modules**: These modules increase motor torque and include harmonic reducers, planetary reducers, and RV reducers. Harmonic reducers are considered the mainstream choice due to their compact size and high load capacity, while Japanese manufacturers currently dominate the market [5]. - **Sensor Modules**: These are critical for assessing the usability of humanoid robots, affecting operational flexibility, load efficiency, and interaction safety. The international market is led by Japanese and European manufacturers, but domestic companies are gradually improving their capabilities [6][7]. Market Dynamics - The market for various components is projected to grow significantly over the next three years, with expected market sizes of 13.1 billion, 2.5 billion, 2.5 billion, and 16.3 billion for drive modules, reduction modules, transmission modules, and sensor modules, respectively. The overall compound annual growth rate (CAGR) is anticipated to reach 110% [3][13]. - **Hollow Cup Motors**: European suppliers currently lead in this segment, but domestic companies like Mingzhi Electric and Dingzhi Technology are emerging with competitive advantages in cost and efficiency [8]. - **Tactile Sensors**: The dominant technology is resistive sensors due to their maturity, low cost, and high sensitivity. The six-dimensional torque sensor market is primarily led by overseas companies, but domestic firms are beginning to emerge [9][10]. Competitive Landscape - The dexterous hand industry is still in its early stages, with three main player categories: self-research entities, new entrants, and component extension players. Each category has opportunities for growth and differentiation [14]. - Tesla's humanoid robot is expected to lead the market with large-scale production planned for 2025, which could significantly impact the industry and create opportunities for domestic suppliers [15]. Investment Opportunities - Companies such as Longsheng Technology, Qiangjing Technology, Wuzhou Xinchun, Nanshan Zhishang, Hengshuai Co., and Guangyang Co. are highlighted as potential investment targets due to their strengths in specific segments of the humanoid robot supply chain [15]. Additional Insights - The industry is witnessing trends such as increased dexterity in dexterous hands, expansion of micro-screw applications, the emergence of electronic skin technologies, and the promising application of PEEK materials in lightweight humanoid robots [11][12].

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].