证券日报网讯1月30日，际华集团（601718）在互动平台回答投资者提问时表示，公司现有外骨骼产品 可解决部分人群的相关需求，针对特殊功能需求可提供定制开发服务。现阶段主要通过公开招标、定向 招标等规范化订单模式，面向政企、科研院所等大客户进行定制化供应与配套服务，聚焦专业领域规模 化合作需求，暂未开放个人零售及散单销售渠道。 ...

格隆汇1月30日丨际华集团(601718.SH)在投资者互动平台表示，公司现有外骨骼产品可解决部分人群的 相关需求，针对特殊功能需求可提供定制开发服务。现阶段主要通过公开招标、定向招标等规范化订单 模式，面向政企、科研院所等大客户进行定制化供应与配套服务，聚焦专业领域规模化合作需求，暂未 开放个人零售及散单销售渠道。 ...

Summary of Zhenjiang Co. Conference Call Company Overview - **Company**: Zhenjiang Co. - **Industry**: Wind Power, Exoskeleton Technology, Gas Turbines, and Photovoltaic Support Structures Key Points Wind Power Business - Wind power revenue is expected to account for 70% of total revenue by 2025, with over 70% of this from overseas markets [2][5] - The transition to Siemens' 14 MW turbine model is anticipated to enhance value and gross margins [2][5] - The Nantong factory has secured 70% of the 14 MW hub assembly share from Siemens and is expected to contribute over 1.5 billion RMB in revenue [2][5] - The traditional rotor business is closely tied to the growth of the European offshore wind market, projected to grow at a CAGR of 15%-20% over the next five years [2][7] Exoskeleton Business - The exoskeleton business is segmented into four application channels: cultural tourism, rehabilitation medical, military, and industrial [2][6] - Products have been implemented in scenic areas like Songshan and plans are in place to collaborate with brain-computer interface companies to expand into the rehabilitation market [2][6] - Sales of 20,000 units are expected by 2026, with ongoing efforts to penetrate military and industrial markets [2][6][23] Traditional Rotor Business - The traditional rotor business has a strong customer base including Siemens and Anritsu, with a projected CAGR of 15%-20% [3][7] - The decline in raw material prices is expected to further enhance gross margins, which are currently at historical highs [3][7] New Energy Sector - In 2024, the new energy sector generated 3.74 billion RMB, with expectations to maintain this level in 2025 [8] - The domestic wind power market is relatively small, with most clients being overseas, aligning with the company's technical route [8] Assembly Business Growth - Significant growth in assembly business is expected in 2026, with an incremental revenue of approximately 1.5 billion RMB [9] - The shift of the European supply chain to China is a key driver, leveraging China's advantages in labor and costs [9] Financial Projections - The company anticipates a profit of 320 million RMB and revenue of approximately 7 billion RMB in 2026 [19] - The assembly orders are expected to contribute significantly, with traditional businesses benefiting from the growth in the European offshore wind sector [19] Gas Turbine Business - The gas turbine segment is projected to double its revenue in 2026, with ongoing plans to develop associated assembly and integration services [14] Photovoltaic Support Structures - The company has signed an exclusive agreement for photovoltaic support structures in the Saudi market, with 2.3 GW of orders expected to be fully delivered by 2026 [17][18] Exoskeleton Product Pricing and Margins - The exoskeleton products have a gross margin exceeding 50%, with sales prices expected between 7,500-8,000 RMB [24] Overall Market Outlook - The company is optimistic about its performance in 2026, driven by strategic partnerships, new product launches, and market expansions across various sectors [20][21]

Core Insights - The CES 2026 showcased a significant presence of Chinese robotics companies, accounting for 58.8% of the total exhibitors, with 21 out of 38 companies being Chinese, highlighting the growing influence of China in the robotics sector [1][4] - AI has transitioned from conceptual to practical applications, with products demonstrating real-world utility, particularly in robotics, marking a shift towards functional integration of AI and hardware [2][14] - Boston Dynamics unveiled the second-generation Atlas robot, which features advanced capabilities such as 360-degree joint rotation and high adaptability for complex tasks, emphasizing the competitive landscape in robotics [3][4] Group 1: Chinese Robotics Companies - Notable Chinese exhibitors included Yushu Technology with its combat robot G1, Zhiyuan Robotics showcasing its interactive robots, and Fourier Intelligence presenting the GR-3 humanoid robot [5][7][8] - The event featured a variety of robots, including the Vbot from Vitan Power, which is designed for home use and can operate autonomously without remote control [9][17] - Companies like Robotin introduced the R2 Pro, a modular home robot capable of comprehensive cleaning tasks, while other firms showcased robots for outdoor companionship and AI-driven interactions for children [19][22] Group 2: Technological Advancements - The advancements in AI and robotics were evident, with products like the Booster series robots designed for specific applications in research and events, demonstrating high usage rates [14] - The integration of AI capabilities into various sectors was highlighted, with companies like Chasing Technology showcasing a range of smart cleaning robots and electric vehicles [16] - The CES 2026 marked a turning point for AI hardware, with a focus on practical applications rather than mere concepts, indicating a maturation of the market [30][31]

Group 1 - The "Double 12" shopping festival has ignited consumer enthusiasm, with various promotional policies launched to stimulate spending in Zhejiang [1][15] - Retailers in Zhejiang are organizing diverse activities to capture the year-end consumption peak, with sales in some stores increasing by nearly 20% compared to regular days due to new product launches and enhanced discounts [1][20] - Many retail enterprises are upgrading services as a key strategy to drive consumption, offering value-added services such as free design consultations and product trials for large items like home appliances [5][20] Group 2 - The shopping festival's popularity is translating from consumer demand to supply chain responses, with a clothing store in Huzhou achieving over 5,000 orders in 12 hours, necessitating the introduction of automated sorting systems for efficient delivery [6][22] - During the "Double 12" period, a brand management company reported a 30% increase in shipping volume due to multiple live streaming sessions held throughout the day [9][24] - The provincial commerce department is facilitating resource connections for over a hundred new consumer brands, linking them with financial, technological, and platform resources to enhance their market presence [8][26] Group 3 - The government is focusing on creating new consumption scenarios and promoting diverse economic activities such as premiere economy, performance economy, and event economy to optimize consumption supply as key holidays approach [13][31] - The shift in consumer preferences is moving from merely obtaining products to seeking quality, trendiness, and uniqueness, indicating a need for continuous innovation in offerings [15][30] - The integration of government resources is seen as essential for companies to enhance product development and improve overall consumer experience [11][28]

Group 1 - The core product showcased at the event is a lightweight exoskeleton device weighing less than 2 kilograms, designed to assist individuals with mobility challenges in activities such as climbing stairs and hiking [2] - Over 5,000 new products and achievements were released, with more than 90% of the physical exhibits featuring "high, precision, and cutting-edge" technologies and products, and over 20% being debut displays [2] Group 2 - The event attracted over 450,000 professional visitors [3] - A total of 1,023 supply-demand matching and investment financing projects were signed, with the intended transaction and financing amount exceeding 170 billion yuan [3]

Core Insights - The 27th China International High-tech Achievements Fair has commenced in Shenzhen, showcasing significant technological innovations under the theme of "AI+" to reshape industry productivity [6][8] - The second China Low-altitude Economy Industry Expo and Summit Forum is being held concurrently, focusing on the development of the low-altitude economy and presenting Shenzhen as a replicable model for national development [6][7] Low-altitude Economy - The low-altitude economy is evolving into a complex "giant system," with discussions on its future development paths and integration strategies [7] - Key industry leaders emphasize the need for simultaneous advancement in safety, development, and ecological construction to ensure sustainable and high-quality growth in the low-altitude sector [7] - The Shenzhen Low-altitude Economy Standard System 2.0 has been released, establishing a framework that covers various critical areas such as flight activities, infrastructure, and operational management [8] Technological Innovations - The DIKI Shenzhen Low-altitude Industry Intelligent Analysis Platform has been introduced, offering capabilities in data collection, intelligent analysis, risk warning, and industry insights, marking a significant step in low-altitude digital infrastructure [8] - Various cutting-edge products were showcased, including the ZG-ONE unmanned eVTOL and AI-powered drones, highlighting technological breakthroughs and applications in the low-altitude economy [9] Industry Collaboration - The event featured a strong representation from the Bao'an district, showcasing its AI production capabilities and the integration of advanced technologies into everyday life [11][12] - The exhibition included a variety of innovative products, such as lightweight exoskeletons and humanoid robots, demonstrating the potential of robotics in enhancing human capabilities [12]

Summary of Rongtai Health Conference Call Industry and Company Overview - **Company**: Rongtai Health - **Industry**: Health and Wellness Equipment, specifically focusing on massage chairs and robotic applications Key Points and Arguments Domestic Market Performance - Despite the impact of the national subsidy policy withdrawal, online sales have maintained a growth rate of 4% to 50% [2][8] - The Double Eleven shopping festival has positively influenced sales, with high-end massage chair sales expected to turn positive [2][8] - The company remains confident in stable growth for the domestic market next year, assuming no new stimulus policies are introduced [9] Overseas Market Challenges and Strategies - Overall performance in overseas markets has been poor, particularly in the U.S. due to tariff impacts, while the Korean market has shown continuous growth [2][10] - A new factory in Thailand is set to commence production by the end of the year, and the company plans to launch a private brand in the U.S. to mitigate tariff risks [2][10][13] - The company anticipates a rebound in overseas markets next year if tariffs stabilize and the political environment remains favorable [10][13] Research and Development (R&D) Investments - R&D expenses have increased significantly, primarily for automotive seating and robotics, with a total increase of over 10 million yuan compared to last year [11] - The company plans to maintain a consistent proportion of R&D investment to ensure ongoing innovation, although large increases in investment ratios are not expected [11] Automotive Massage Seat Developments - Rongtai Health has partnered with leading companies in the automotive sector, with shipments expected to begin in October 2025 [6][7] - The first vehicle featuring the massage seat is anticipated to launch in November, with at least three new models expected next year [6][7] Robotics Application Progress - The single-arm massage robot product is maturing and has begun small-scale sales, with plans to open model stores in Shanghai in collaboration with Meituan by Q4 2025 [4][7] - The company is optimistic about the massage chair market's potential and aims to leverage acquisitions for growth in the robotics sector [4][7] Financial Performance Insights - In Q3 2025, overall revenue remained flat compared to the previous year, with increased operational costs leading to a noticeable decline in profits [3] - The U.S. market's performance was below expectations, with only a brief improvement during a restocking phase [3] Market Penetration and Brand Strategy - The U.S. massage chair market has significant potential due to low penetration rates, and the company has found local partners to address after-sales and warehousing issues [21] - A new brand will be registered for the U.S. market to better integrate into local culture, with operations expected to start in December 2026 [15] Future Outlook - The company is optimistic about achieving significant growth next year, driven by the potential of the massage chair market and new growth areas like automotive seating and robotics [23] - The strategy includes a focus on mergers and acquisitions to enhance performance and business growth [23] Additional Important Insights - The company has implemented self-subsidy measures for certain models to mitigate the impact of the subsidy withdrawal [22] - The overseas market's performance has been affected by economic conditions, particularly in Europe and Southeast Asia, where competition is intense [14][16][17]

Group 1: Core Themes of Innovation and Talent Development - Hangzhou is committed to high-quality development and fostering a strong atmosphere for technology and innovation, focusing on developing new productive forces tailored to local conditions [1] - The city has introduced a complete talent cycle model, successfully attracting over 2 million young talents in the past five years, maintaining a high net inflow rate of talent [2] Group 2: Addressing Startup Needs and Government Support - Many startups express concerns about meeting the high requirements of the 5050 talent plan, indicating a need for more attention from the government towards technology-based startups [3] - The government is responding to the needs of enterprises by establishing online platforms to connect businesses with experts and resources, enhancing the efficiency of matching services [3][4] Group 3: Promoting Technology Transfer and Application Scenarios - The successful transfer of technological achievements is crucial for innovation, with companies seeking government support to create more application scenarios for their products [4] - The West Lake District has initiated online platforms to facilitate connections between supply and demand, successfully resolving numerous issues for local enterprises [5] Group 4: Streamlining Policies for Enterprises - Companies face challenges due to fragmented and overlapping policies from various government levels, prompting the need for integrated policy solutions [6] - The city has launched the "润苗计划" to consolidate various supportive policies for startups, addressing their needs throughout the entrepreneurial process [6] Group 5: Attracting Foreign Investment - Despite being a leading city for private economy, Hangzhou still faces challenges in attracting significant foreign investment compared to other top-tier cities [7] - The city aims to enhance foreign investment through initiatives that leverage local enterprises and improve service quality for foreign businesses [7]

Core Viewpoint - The company, Tsinghua Tongfang (探路者), emphasizes its commitment to timely and accurate information disclosure, stating that its operational status is normal and there are no undisclosed significant matters [1] Group 1: Company Operations - The company is focused on enhancing operational quality and sustainable development as part of its core strategy [1] - It aims to concentrate on its main business while continuously optimizing product and brand strength [1] - The company is in the systematic research and development phase for its exoskeleton products, with expectations for product launch and sales by the end of this year [1] Group 2: Market Influences - The fluctuations in the company's stock price are influenced by various complex factors, including macroeconomic conditions, industry policy adjustments, overall market sentiment, sector rotation, and short-term capital flows [1] - The company is committed to strictly controlling operational risks to solidify its fundamentals and enhance core competitiveness and intrinsic value [1]