（文章来源：证券日报） 证券日报网讯 12月11日，高测股份在互动平台回答投资者提问时表示，公司主推的复合钨丝腱绳具备 低蠕变小折弯超耐磨特点，性能优势明显。相较其他材料腱绳，复合钨丝腱绳具备极小的折弯半径，可 以适配客户减小机械尺寸，提升设计空间诉求；极高的抗蠕变能力，大幅提升传动精度；独特分子结构 设计具备更优耐磨及耐疲劳性能，可以提升灵巧手传动部件寿命。同时，复合钨丝腱绳在破断力、耐高 温等指标上优势也比较明显。复合钨丝腱绳综合性能优势突出，能为人形机器人灵巧手绳驱方案提供更 可靠、耐久且精准的动力传输和高自由度解决方案。 ...

Core Viewpoint - The company, Gaoce Co., Ltd. (688556.SH), has developed a composite tungsten wire tendon rope that features a very small bending radius and a unique molecular structure design, providing superior wear resistance and fatigue performance, which is highly recognized by clients [1] Group 1: Product Features - The composite tungsten wire tendon rope offers a very small bending radius, enhancing its flexibility and usability in various applications [1] - The unique molecular structure design of the product contributes to improved wear resistance and fatigue performance, making it suitable for demanding environments [1] Group 2: Market Recognition and Demand - The product has received high recognition from clients, indicating strong market acceptance and potential for growth [1] - Several robotics-related clients are currently testing the product, which suggests a positive reception and potential for future orders [1] - The company has secured small batch sales orders from multiple clients and is engaged in in-depth R&D collaborations with leading domestic enterprises [1]

Core Viewpoint - The company, Gaoce Co., Ltd. (688556.SH), has developed a composite tungsten wire tendon rope that features a very small bending radius and a unique molecular structure design, providing superior wear resistance and fatigue performance, which is highly recognized by clients [1] Group 1: Product Features - The composite tungsten wire tendon rope offers a very small bending radius, enhancing its flexibility and usability in various applications [1] - The unique molecular structure design of the product contributes to improved wear resistance and fatigue performance, making it suitable for demanding environments [1] Group 2: Market Recognition and Demand - The product has received high recognition from clients, indicating strong market acceptance and potential for growth [1] - Several robotics-related clients are currently testing the product, showcasing its relevance in the robotics industry [1] - The company has secured small batch sales orders from multiple clients, reflecting initial commercial success [1] Group 3: Collaboration and Development - The company is engaged in in-depth research and development collaborations with leading domestic enterprises, which may enhance its technological capabilities and market position [1]

Summary of the Conference Call for Gaoce Co., Ltd. Company Overview - **Company**: Gaoce Co., Ltd. - **Date**: October 29, 2025 Key Points Financial Performance - **Net Profit**: For the first three quarters of 2025, the company reported a net loss of 81.63 million yuan, a year-on-year decline of 139%. However, in Q3, the net profit was 6.92 million yuan, showing a year-on-year increase of 110% and a quarter-on-quarter increase of 148% [2][3] - **Total Revenue**: The total revenue for the first three quarters was 2.431 billion yuan, a year-on-year decrease of 29%. Q3 revenue was 979 million yuan, a year-on-year increase of 24.71% and a quarter-on-quarter increase of 27.81% [3] - **Gross Margin**: The gross margin for the first three quarters was 12.49%, down 10.49 percentage points year-on-year. In Q3, the gross margin improved to 13.58%, up 1.39 percentage points year-on-year [3] Revenue Breakdown - **Revenue Composition**: - Slicing services accounted for 52% of total revenue - Diamond wire revenue accounted for 23% - Photovoltaic equipment revenue accounted for 5% - Innovative business revenue (including semiconductors and silicon carbide) accounted for 8.74% [2][4][5] Product Performance - **Diamond Wire Shipment**: In the first three quarters, the company shipped approximately 49 million kilometers of diamond wire, with tungsten wire accounting for 77.29% and carbon wire for 17.06% [6] - **Silicon Wafer Cutting Sales**: The silicon wafer cutting sales reached 43.9 GW for the year, with Q3 sales at 17.9 GW, significantly exceeding last year's total [6] Inventory and Cost Management - **Inventory Increase**: Inventory rose to 1.045 billion yuan by the end of Q3, primarily due to increased shipments of tungsten wire and inventory buildup to support the silicon rod segment [7] - **Price Adjustment Strategy**: The company intends to raise prices on some products to restore reasonable profits but will do so gradually through reduced discounts rather than large-scale price hikes [9] Industry Outlook - **Market Dynamics**: The company believes that specialized manufacturers will have advantages in the future industry landscape, focusing on cost control, quality, and delivery capabilities to enhance customer loyalty [12] - **Competition and Pricing**: The company does not foresee significant price reductions in the industry due to existing guidelines to maintain price stability. The focus will be on cost and quality competition [9] Future Projections - **Q4 Expectations**: Although Q4 customer production plans are not yet clear, the company anticipates that the situation will be more optimistic than Q3, despite potential slight declines in November due to customer scheduling uncertainties [29][26] - **Long-term Equipment Demand**: The company remains optimistic about future equipment market demand, particularly as existing equipment approaches the end of its useful life, leading to replacement needs [31] R&D and Innovation - **R&D Investment**: The company invested 132 million yuan in R&D in the first three quarters, indicating a commitment to innovation despite current financial challenges [3] - **Robotics Development**: The company is actively developing robotic technologies, including gear reducers, and is focused on enhancing automation and digital capabilities [17][20] Risk Management - **Accounts Receivable Risks**: The company maintains a strong customer structure to mitigate risks associated with accounts receivable and has strict controls over risky clients [10] - **Payment Terms**: The company continues to enforce standard payment terms of two to three months, with some flexibility based on market conditions [11] Conclusion - **Overall Performance**: The company has shown significant improvement in profitability in Q3, with a focus on enhancing operational efficiency and customer relationships. The outlook for the future remains cautiously optimistic, with strategic plans in place to navigate market challenges and capitalize on growth opportunities in both the photovoltaic and robotics sectors [28][32]

Core Viewpoint - The company has successfully launched composite metal tendon ropes suitable for humanoid robot dexterous hands and other parts, forming small batch orders [1] Group 1: Product Development - The company promotes composite tungsten tendon ropes designed for high flexibility requirements of dexterous hands, featuring a very small bending radius and superior wear and fatigue resistance [1] - The unique molecular structure design of the composite tungsten tendon ropes provides reliable, durable, and precise power transmission solutions for humanoid robot dexterous hands [1] Group 2: Market Response - The product has received high recognition from customers, with multiple robotics-related clients currently testing the product [1] - The company has secured small batch sales orders from several clients and is engaged in in-depth R&D collaborations with leading domestic enterprises [1]

Core Viewpoint - The company has successfully launched composite metal tendon ropes suitable for humanoid robot dexterous hands and other parts, resulting in small batch orders [1] Group 1: Product Development - The company promotes composite tungsten wire tendon ropes designed for high flexibility requirements of dexterous hands, featuring a very small bending radius [1] - The unique molecular structure design of the composite tungsten wire tendon ropes provides superior wear resistance and fatigue performance [1] Group 2: Market Recognition and Collaboration - The product offers reliable, durable, and precise power transmission solutions for humanoid robot dexterous hands, receiving high recognition from customers [1] - The company has entered trials with multiple robotics-related enterprises and has engaged in in-depth R&D collaborations with leading domestic companies [1]

Core Insights - The report highlights the significant growth in net profits for several companies, with Jinli Permanent Magnet (金力永磁) reporting a 154.81% year-on-year increase in net profit for the first half of 2025, proposing a dividend of 0.18 yuan per share [9] - Fuyao Glass (福耀玻璃) also showed strong performance, with a net profit of 4.804 billion yuan for the first half of 2025, reflecting a 37.34% year-on-year growth and proposing a dividend of 0.9 yuan per share [9] - The report notes the rising prices in the photovoltaic film sector due to increased costs and improved supply-demand dynamics, indicating potential investment opportunities in related stocks such as Saiwu Technology (赛伍技术) and Jusaylong (聚赛龙) [7] Industry Dynamics - The report mentions that the China Securities Regulatory Commission is gradually expanding the range of futures and options products available for qualified foreign investors [5] - The Henan Provincial Financial Office states that the Zhengzhou Commodity Exchange is becoming a significant global center for futures trading, pricing, and risk management [5] - The report indicates a technological breakthrough in the mass production of monocrystalline chips, with related companies like Hite High-tech (海特高新) and Kaide Quartz (凯德石英) being highlighted [7] - The satellite internet sector in China is accelerating its network deployment, with companies such as Tongyu Communication (通宇通讯) and Tianyin Machinery (天银机电) being mentioned as key players [7] Market Overview - On August 20, the market experienced a rebound, with the Shanghai Composite Index, Shenzhen Component Index, and Sci-Tech Innovation 50 Index all reaching new highs for the year [11] - The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of trading volume exceeding 2 trillion yuan [11] - The report notes a mixed performance among sectors, with chip stocks experiencing a surge, while high-priced stocks faced significant declines [11] - The outlook suggests a strong market momentum, with a focus on maintaining a watchful eye on the 5-day moving average for potential market movements [11]

Robotics - Xince Standard: The joint venture Xince Standard (Suzhou) Robot Technology Co., Ltd. has not generated any business revenue [1] - High Measurement Co.: The composite tungsten wire tendon rope used in humanoid robots has formed small batch orders [1] - Hongqi Chain Store: The company's robot project is currently under development [1] - Shuangfei Group: The company will actively seek cooperation opportunities with humanoid robot clients [1] Liquid Cooling - Hu塑科技: The company has not yet cooperated with Vidi Technology to develop a dedicated BMU solution for liquid cooling systems [1] Other Developments - Aerospace Electric: The company's connectors, cables, and motors have been applied in supporting new energy vehicles [1] - Zhuoyi Information: The company's BIOS products have a layout in the Harmony ecosystem [1] - Fuxin Technology: The company has initiated the development of the Micro TEC project for 1.6T optical modules [1] - Qiaofeng Intelligent: The company's CNC machine tool products can be applied in the processing of folding screen structural components [1] - Airo Energy: The company's technology and products do not involve AIDC [1] - Sande Technology: There is strong demand, and the revenue growth of the company's unmanned intelligent equipment is sustainable [1] - Yingjie Electric: The demand for nuclear fusion-related power supplies may form an increment in the second half of this year and the first half of next year [1] - Tongguan Copper Foil: The company has sufficient orders for copper foil products, and prices will be adjusted according to market conditions [1]

人民财讯8月20日电，高测股份(688556)8月20日在互动平台回复称，公司推出的复合钨丝腱绳具备极小 的折弯半径，独特分子结构设计具备更优耐磨及耐疲劳性能，能为人形机器人灵巧手绳驱方案提供更可 靠、耐久且精准的动力传输和高自由度解决方案，受到客户高度认可，已进入多家机器人相关企业试 用，并已形成小批量订单，公司目前正在积极开拓更多客户市场。 ...

Core Viewpoint - The company has introduced a composite tungsten wire tendon rope that features a very small bending radius and a unique molecular structure design, providing superior wear resistance and fatigue performance, which is highly recognized by customers [1] Group 1 - The composite tungsten wire tendon rope offers reliable, durable, and precise power transmission solutions for humanoid robot dexterous hand rope drive applications [1] - The product has entered trial phases with multiple robotics-related enterprises and has already generated small batch orders [1] - The company is actively expanding its customer market [1]