[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 09 月 29 日 [Table_Title] 宇树 H2 将推出新品，新时达人形机 器人于海尔工厂完成部署 ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 9 月 21 日至 9 月 26 日，人形机器人概念指数下跌 0.68%， 相较沪深 300 指数跑输 1.74pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 77.17%，相较沪深 300 指数跑赢 58.07pct。A 股 人形机器人指数（iFinD 概念）相关个股中，力星股份周涨幅最 大（+26.96%），云南旅游周跌幅最大（-18.37%)。 周度热点回顾 -50% 0% 50% 100% 150% 200% 250% 2024-09-19 2024-10-20 2024-11-20 2024-12-21 2025-01-21 2025-02-21 2025-03-24 2025-04-24 2025-05-25 2025-06-25 2025-07-26 2025-08-26 2025-09-26 ...

Market Overview - US stock markets experienced a decline, with the Dow Jones down 0.19%, Nasdaq down 0.95%, and S&P 500 down 0.55% [1] - Major tech stocks also fell, including Amazon down 3.04%, Nvidia down 2.82%, Tesla down 1.93%, Meta down 1.28%, Microsoft down 1.01%, Apple down 0.63%, and Google A down 0.34% [1] Company Developments - Lithium Americas saw a post-market surge of over 94% following reports that the Trump administration is considering holding shares in the company [2] - The US Department of Defense awarded a $245 million contract to a US antimony company [3] - Micron Technology reported that AI-driven demand is accelerating the shortage of DRAM supplies [5] - Microsoft announced the launch of a chip-integrated microfluidic cooling system [7] Industry Insights - The semiconductor industry is facing rising prices, with reports indicating that the price of the last generation 3nm CPUs has increased by approximately 20%, and the upcoming 2nm generation is expected to rise by over 50% [12] - TSMC has notified clients of price increases of about 5% to 10% for 5nm, 4nm, 3nm, and 2nm wafer foundry services [12] - The global semiconductor wafer production capacity is projected to grow from 31.5 million pieces per month in 2024 to 33.7 million pieces per month in 2025, driven by increasing chip demand [12] - The photovoltaic industry is seeing significant price control measures, with expectations for supply-side improvements through policy support and market-driven capacity exits [15] Investment Opportunities - Tether is seeking to raise up to $20 billion at a valuation of $500 billion [6] - Cloud AI and robotics sectors are gaining traction, with companies like CloudWalk and others showcasing advancements in AI-driven products and technologies [19][20] - The demand for high-end copper foil is surging due to AI server requirements, with a notable price increase of about 15% announced by Mitsui Mining [16] Upcoming Events - The Cloud Summit is set to open today, featuring Nvidia and discussions on robotics [13] - The Shanghai International Intelligent Robotics Conference will also take place today, with participation from various tech companies [13]

Mergers and Acquisitions - Hualing Cable plans to acquire control of San Bamboo Intelligent for no more than 270 million yuan, with San Bamboo being a leading provider of industrial connection product solutions in the industry [1] Share Buybacks - Shennma Co. intends to repurchase shares worth between 100 million and 200 million yuan [2] - Fenghuo Communication plans to repurchase shares worth between 75 million and 150 million yuan and will cancel the repurchased shares [2] Investment Cooperation and Operational Status - Yuntian Lifei's self-developed AI-driven product, Luka Doctor AI plush toy, is expected to launch by the end of 2025. The company is also developing the next-generation "brain" chip, DeepXBot series, to enhance humanoid robots' perception, cognition, decision-making, and control tasks [3] - Zhejiang Haideman is in the prototype trial phase for its humanoid robot and robotic dog projects [3] - Haimuxing is among the first in the industry to achieve the "oxide + lithium metal anode" technology route and has completed the commercial closed loop for lithium metal solid-state batteries, which are currently being delivered in batches [3] - Guomai Culture is investing in the film "The Starry Sky of the Three Kingdoms Part One," set to premiere on October 1 [3] - Visionox plans to use Suzhou Guoxian as the project company to carry out preliminary work for the Kunshan Global New Display Industry Innovation Center project [4] - Fola New Materials has collaborated with several domestic and international dexterous hand and humanoid robot companies [5] - Jiuwu High-Tech signed a procurement contract for a membrane treatment system worth 81.5 million yuan with Guotou Xinjiang Lithium Industry Co., Ltd. [6] - Wolker Materials' controlling subsidiary plans to invest 1 billion yuan in the construction of the Kote (Suzhou) New Materials Project [7] - Heng Rui Pharmaceutical's SHR7280 tablet application for marketing approval has been accepted by the National Medical Products Administration, with no oral GnRH antagonists approved in the domestic and international assisted reproductive fields [7] - Ganli Pharmaceutical signed a "Technology Transfer and Supply Agreement" with FZ and BIOMM for a production partnership plan in Brazil, with a total contract value expected to be no less than 3 billion yuan (including tax) [7] - Sinovac Biotech's human interferon α1b inhalation solution has been included in the list of breakthrough therapeutic varieties [8] - Baijin Medical's radiofrequency ablation system has entered the special review process for innovative medical devices [8] - Jiangbolong anticipates an increase in demand for server NAND market inventory in the second half of the year, with storage market prices expected to rise in the fourth quarter. The company's enterprise-level PCIe SSD and RDIMM products have begun bulk imports to leading domestic enterprises [8] - Jingzhida has completed its annual target ahead of schedule for the high-speed FT testing machine, with steady progress on the KGSD CP testing machine, continuously iterating and upgrading in conjunction with storage industry technology solutions [8] - Fuhuang Steel Structure signed a strategic cooperation agreement with the Twenty-Second Metallurgical Group [9] - Poly Development plans to issue company bonds not exceeding 15 billion yuan [10] - Shangwei New Materials has completed the transfer of shares and the controlling shareholder has changed to a holding platform established by an affiliate of Zhiyuan Robotics [11]

Core Viewpoint - The company, Yuntian Lifi (688343.SH), is set to launch its self-developed AI-driven product, Luka Doctor AI plush toy, by the end of 2025, indicating a focus on innovative consumer products in the AI sector [1] Group 1: Product Development - The company is developing a new generation of "brain" chips, the DeepXBot series, aimed at enhancing perception, cognition, decision-making, and control tasks in humanoid robots [1] - The company has completed the research and development of its fourth-generation NPU and is currently advancing the development of the next-generation high-performance NPU, which will be more suitable for AI inference applications [1] - The company is working on multiple chip designs to cater to diverse application scenarios, showcasing its commitment to broadening its technological capabilities [1]

Core Viewpoint - The company is experiencing significant growth opportunities in edge AI due to advancements in large model intelligence and lightweight technology, prompting hardware companies to enter the market [1] Group 1: Business Strategy and Product Development - The company has adjusted its business strategy since last year to promote edge AI across consumer, enterprise, and industry scenarios [1] - The company plans to launch an AI learning machine equipped with the "YunTianTianShu" multimodal large model by the end of 2024, with over 70,000 units shipped across all channels to date [1] - The company is preparing to launch the AI plush toy "LuKa Doctor" by the end of 2025, aimed at providing digital companionship for children [1] Group 2: Financial Performance - In the first half of the year, the company achieved revenue of 646 million yuan, a year-on-year increase of 123.10%, while narrowing its net loss to 206 million yuan, a 33.51% increase in loss [2] - The increase in revenue is attributed to higher sales in consumer and enterprise scenarios, while the narrowing loss is due to increased revenue and gross margin, with a gross margin of 28.5%, up 12.8 percentage points year-on-year [2] Group 3: Marketing and Sales Expenses - The company's sales expenses have significantly increased, with promotional expenses rising from 6.86 million yuan in mid-2023 to 23.30 million yuan in the first half of 2024, more than doubling [3] - The company is actively engaging in marketing efforts to support its sales strategy, despite investor concerns regarding high sales expense ratios [3] Group 4: Technological Advancements - The company has developed the Deep Edge 10 chip series, a high-performance SoC chip that supports various mainstream models and is being commercialized in robotics and edge gateway applications [3] - The company is also developing the next-generation "brain" chip series, DeepXBot, to enhance perception, cognition, decision-making, and control tasks in humanoid robots [3] - The company ranks among the top three providers of AI inference chip products and services in the industry, and is the second in China for NPU-driven AI inference chips [4] Group 5: Application and Market Expansion - The company has successfully adapted its YunTianTianShu large model training and inference machine for various applications, including government cloud platforms [5] - The company is developing multiple chips to cater to diverse application scenarios, including the DeepVerse chip series designed for large model inference applications [5] - The company is building a "robot brain" computing platform, DeepXBot, integrating high-performance NPU cores to support various algorithms [5] Group 6: Future Developments - The company is working on the fifth-generation Nova500 chip, which features significant technological breakthroughs and supports compatibility with most AI large model architectures [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9] Core Views - The company reported better-than-expected revenue in the first half of 2025, with a revenue of 646 million yuan, representing a year-on-year increase of 123.10% [3] - The gross margin improved to 28.53%, up by 12.77 percentage points year-on-year, while the net profit attributable to shareholders was a loss of 206 million yuan, reducing the loss by 104 million yuan year-on-year [3] - The growth in revenue was primarily driven by AI toys and computing power services, with significant contributions from consumer and enterprise-level business segments [4] Company Overview - The latest closing price of the stock is 88.44 yuan, with a total market capitalization of 31.7 billion yuan [2] - The company has a total share capital of 359 million shares, with 264 million shares in circulation [2] - The asset-liability ratio stands at 19.8% [2] Financial Performance - For the second quarter of 2025, the company achieved a revenue of 382 million yuan, reflecting a year-on-year growth of 99.84% [3] - The company’s revenue is projected to grow significantly over the next few years, with forecasts of 1.352 billion yuan, 1.798 billion yuan, and 2.265 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 47.33%, 33.01%, and 25.98% [7][11] - The net profit attributable to shareholders is expected to improve from a loss of 322 million yuan in 2025 to a profit of 52 million yuan by 2027 [7][11] Business Segments - The company’s revenue is derived from three main business segments: consumer-level, enterprise-level, and industry-level applications, with respective revenues of 269 million yuan, 298 million yuan, and 76 million yuan in the first half of 2025 [4] - The consumer segment includes AI-native products and AI-enabled products, with significant sales of AI toys [4] - The enterprise segment focuses on providing AI training and inference computing power services, with ongoing collaborations with well-known companies in various sectors [4][5]

Core Viewpoint - The company reported its 2025 half-year results, exceeding revenue expectations with significant growth in both revenue and gross margin, while still facing net losses [1]. Financial Performance - For the first half of 2025, the company achieved revenue of 646 million, a year-on-year increase of 123.10%, with a gross margin of 28.53%, up by 12.77 percentage points [1]. - In Q2 2025, revenue reached 382 million, reflecting a year-on-year growth of 99.84%, with a gross margin of 27.88%, an increase of 12.6 percentage points [1]. - The net profit attributable to shareholders was -206 million, a reduction in loss by 104 million year-on-year, while the non-recurring net profit was -235 million, reducing loss by 111 million year-on-year [1]. Revenue Breakdown by Business Segment - The company's revenue is primarily derived from enterprise-level, consumer-level, and industry-level business segments, with H1 2025 revenues of 269 million, 298 million, and 76 million respectively [2]. - Consumer-level products include various AI-native and AI-enabled products, with over 70,000 units shipped by the time of the mid-year report, and new AI pet products expected to launch in Q3 2025 [2]. - Enterprise-level offerings include a range of products such as neural network processors, AI inference chips, and edge computing boxes, providing AI training and inference services to clients [2]. Industry Solutions - The company provides integrated hardware and software solutions for system integrators and public service scenarios, focusing on project quality and economic benefits to enhance revenue and profit quality in the industry [3]. Product Development - The DeepEdge10 chip platform fully supports the DeepSeek model series, with successful deployment in a city in South China for government applications [4]. - The company is developing multiple chip models to cater to diverse application scenarios, including the DeepVerse and DeepXBot series [4]. Profit Forecast and Investment Recommendation - Revenue projections for 2025-2027 are 1.352 billion, 1.798 billion, and 2.265 billion, with year-on-year growth rates of 47.33%, 33.01%, and 25.98% respectively [5]. - The net profit attributable to shareholders is forecasted to be -322 million, -171 million, and 52 million, with year-on-year growth rates of 44.31%, 47.01%, and 130.52% respectively [5]. - The company is initiating coverage with an "overweight" rating [5].

Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, driven by sales growth in both consumer and enterprise scenarios, despite continuing net losses [2][3]. Financial Performance - Revenue for the first half of 2025 reached 645,787,334.97 CNY, representing a year-on-year increase of 123.1% compared to 289,462,659.77 CNY in the same period last year [3]. - The net profit attributable to shareholders was -20,593.82 million CNY, an improvement of 10,380.84 million CNY from the previous year's loss [2][3]. - The net cash flow from operating activities was 39,532,687.45 CNY, a significant increase of 59,345.54 million CNY compared to the previous year [6]. Profitability Metrics - The basic earnings per share for the first half of 2025 was -0.58 CNY, an improvement from -0.87 CNY in the same period last year [5]. - The weighted average return on equity increased to -5.29%, up by 2 percentage points from -7.29% [5]. - Research and development expenses accounted for 31.36% of revenue, a decrease of 31.18 percentage points from the previous year, indicating that revenue growth outpaced R&D growth [5][6]. Business Segments - In enterprise scenarios, the company developed a series of products including neural network processor IP, AI inference chips, and edge computing boxes, which are widely used in various applications such as cameras, robots, and smart computing centers [7]. - In consumer scenarios, the company launched AI-native products like the AI learning machine and plush toys, leveraging AI model capabilities [7]. - In industry scenarios, the company provided integrated hardware and software solutions for system integrators and public service applications, focusing on urban governance and smart transportation [7].

Core Viewpoint - The AI toy market is experiencing significant growth, with a reported sales increase of 600%, indicating a potential billion-dollar market opportunity for companies involved in this sector [1] Company Summary - The company, Yuntian Lifa, is developing its own AI-driven product, the Luka Doctor AI plush toy, which is designed to enhance children's companionship through digital interaction [1] - The Luka Doctor AI plush toy is expected to launch in the third quarter of 2025 and utilizes multimodal visual recognition technology to simulate real feeding scenarios, aiming to foster a sense of responsibility in children [1] - The company plans to leverage its IFMind large model reasoning capabilities to improve consumer electronics products, including AI headphones and AI smartwatches, as part of its AI-enabled product strategy [1]

Core Viewpoint - Yuntian Lifei is advancing towards a dual listing on the A-share and Hong Kong stock markets after successfully landing on the Sci-Tech Innovation Board in 2023, aiming to accelerate its international capital layout [2][3]. Group 1: Company Overview - Founded in 2014, Yuntian Lifei focuses on the research, design, and commercialization of AI inference chips, offering products and services across enterprise, consumer, and industry applications [3]. - The company has established a complete closed loop from AI inference infrastructure construction to product design, development, and commercialization, enabling rapid migration of AI across diverse scenarios [3]. Group 2: Product Offerings - In enterprise applications, Yuntian Lifei provides AI inference chips, computing power services, and IP licensing, primarily for SoC development, large model services, and service robots [4]. - For consumer applications, the company has developed AI-native products such as AI learning machines, AI glasses, and AI-enabled toys, leveraging advancements in AI technology [5]. - In industry applications, Yuntian Lifei offers integrated hardware and software solutions for smart public transport, smart city governance, and emergency response, addressing complex real-world challenges [5]. Group 3: Market Position - According to a report by Zhaoshang Consulting, Yuntian Lifei ranks among the top three providers of AI inference chip-related products and services in China for 2024, and is also among the top two in the NPU-driven AI inference chip sector [5]. Group 4: Financial Performance - Yuntian Lifei's revenue for 2022, 2023, and 2024 is reported as 546 million, 506 million, and 917 million respectively, with a year-on-year revenue growth of over 168% to 264 million in Q1 of this year [6]. - The market size for AI inference chip-related products and services in China is projected to grow from 11.3 billion in 2020 to 162.6 billion in 2024, with a compound annual growth rate of 94.9%, and is expected to reach 1,383 billion by 2029 at a 53.4% CAGR [6]. Group 5: Strategic Initiatives - Yuntian Lifei plans to increase investment in AI inference chips, focusing on edge computing, cloud-based large model inference, and embodied intelligence [7]. - The company has achieved significant milestones in edge computing, with multiple demonstration projects in high-density video intelligent analysis and small-scale edge large model inference [7]. - In cloud inference acceleration, Yuntian Lifei has launched a reasoning acceleration card based on domestic technology, utilizing a "computing power building block" architecture for modular expansion and task parallelism [8]. - The company has established partnerships with over ten robotics manufacturers, deploying edge chip products in service robots, anticipating embodied intelligence to become a new growth engine in the robotics industry within 3-5 years [8].