Core Viewpoint - The company aims to enhance its product offerings and establish a robust ecosystem by releasing affordable robots, with a focus on increasing sales volume and user engagement [1][3]. Group 1: Product Strategy - The release of a low-priced robot at 39,900 yuan is intended to boost sales volume and create a user and developer ecosystem [1][3]. - The company believes that current robot hardware is sufficient, although improvements can still be made [1][6]. - The company has observed a significant increase in customer purchases of humanoid robots, indicating a growing market demand [4][9]. Group 2: Technological Challenges - The company identifies significant shortcomings in embodied AI, stating it has not yet reached a "GPT moment" of breakthrough [1][6]. - There are challenges in aligning AI data with real-world operational conditions, which complicates the development of effective embodied AI models [6][7]. - The company aims to improve the generalization and autonomous decision-making capabilities of robots, which are currently lacking [5][8]. Group 3: Market Position and Future Outlook - The company has a strong presence in the overseas market, with approximately 50% of its annual revenue coming from international sales [9]. - The company is preparing for an IPO, viewing it as a significant milestone in its growth and a way to provide accountability to shareholders [1][11]. - The company anticipates that technological advancements in robotics will occur within the next 2 to 5 years, with a broader wave of change expected within a decade [4][5].

Core Viewpoint - The interview with the CEO of Yushu Technology highlights the company's strategy to release low-cost robots to increase shipment volume and establish a user and development ecosystem [2][4]. Group 1: Product Strategy - The release of a low-priced robot at 39,900 yuan aims to boost shipment volume and create a user ecosystem [2][4]. - The company believes that current robot hardware is sufficient, although improvements can still be made [2][7]. - The CEO emphasizes the importance of product quality, pricing, and customer experience in a competitive market [3][11]. Group 2: AI and Robotics Development - There are significant limitations in embodied AI, which has not yet reached a critical breakthrough similar to the "GPT moment" [2][7]. - The alignment of AI data with actual operational conditions remains a challenge, and small teams may still achieve breakthroughs in embodied AI [2][6]. - The company aims to enhance the capabilities of embodied AI models to achieve more human-like interactions and tasks [6][8]. Group 3: Market Position and Future Outlook - Yushu Technology has a high overseas market share and has been focusing on global cooperation since 2018 [2][12]. - The company has seen rapid growth in sales of humanoid robots, with a significant market presence [11]. - The CEO views the upcoming IPO as a critical step in the company's growth and a reflection of its nine years of effort [2][15]. Group 4: Application Scenarios - The company sees performance and entertainment as easier application scenarios for robots, while practical applications in homes and factories are still developing [10][14]. - The goal remains to enable robots to perform valuable work and enhance productivity, despite current limitations [14]. Group 5: Management and Coordination - The company is expanding its workforce and emphasizes the need for efficient management to coordinate multiple product lines [13]. - The CEO believes that effective management is crucial for the company's development and attracting talent [13].

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - The report highlights the advancements and trends in the AI industry showcased at the WAIC 2025, emphasizing the integration of model applications, embodied intelligence, and smart hardware [1][3] - The AI computing power segment is seeing significant innovations, with the launch of new GPUs and supernodes that enhance computational capabilities [2] - The commercialization of AI applications is progressing, with a shift from mere demonstrations to practical applications in humanoid robots and smart driving [3] Summary by Sections Industry Dynamics - The WAIC 2025 featured exhibitors and products focusing on model applications, embodied intelligence, and smart hardware, including AI chips and infrastructure [1] - Major highlights included the demonstration of advanced models and robots capable of complex tasks, showcasing the rapid development in AI technology [3] AI Computing Power - The report notes the introduction of the Mu Xi Xi Cloud C600 GPU and Huawei's Ascend 384 supernode, which can achieve a maximum computing power of 300 PFLOPS, nearly 50 times the power of a single node [2] AI Applications - Notable AI applications presented include the Yushu Robot R1 and the Zhiyuan Robot Lingxi X2, which can perform complex tasks such as sorting and playing musical instruments [3] - Alibaba launched the Quark AI glasses, integrating various applications into a compact design [3] Market Performance - The communication sector has shown strong relative performance, with a 1-month return of 8.89%, a 3-month return of 28.49%, and a 12-month return of 52.98%, outperforming the CSI 300 index [8]