Core Viewpoint - The company has provided detailed responses to inquiries from the Shanghai Securities Regulatory Bureau and the Shanghai Stock Exchange regarding its embodied intelligence business, highlighting the complexity of its operations and the contradictions between cautious announcements and high-profile promotions [1]. Group 1: Business Strategy and Communication - There is a contradiction between the cautious content of the announcements regarding the embodied intelligence business and the high-profile promotions, such as the release of a humanoid robot concept poster and the introduction of a "global first personal robot" [1][2]. - The company’s announcements indicate that the humanoid robot products are still in the prototype stage and that the embodied intelligence business is in the early stages of research and team formation, lacking a comprehensive strategic framework [1][2]. Group 2: Independence and Related Transactions - The company faces contradictions regarding its independence and the actual business intersections with related companies, as evidenced by a significant transaction where a related company authorized the use of software code for 26 million yuan, which is claimed to have significant applicability in the embodied intelligence field [2]. - The company differentiates its consumer-grade small robots for home use from the commercial-grade AI robots of the related company, although there are concerns about potential overlaps in market applications [2][3]. Group 3: Control and Business Focus - The company has committed to not changing its main business or making significant adjustments within 12 months to avoid "restructuring" issues, emphasizing that its revenue and profits currently come from new materials, while the embodied intelligence business is still exploratory [4]. - Despite the stated focus on new materials, the current board members and management have backgrounds in communications, automation, and computing, raising questions about the company's commitment to its existing business versus the new embodied intelligence initiatives [4].

Core Viewpoint - The response from the company to the inquiries from the Shanghai Securities Regulatory Bureau and the Shanghai Stock Exchange highlights the complexity of its embodied intelligence business and raises questions about its strategic direction and independence. Group 1: Business Complexity - The company's announcements regarding its embodied intelligence business show a contrast between cautious official statements and high-profile external promotions, indicating a lack of a comprehensive strategic framework [2] - The company has been actively promoting its humanoid robot concepts while officially stating that these products are still in the prototype stage and that the business direction is in the early research and team-building phase [2] Group 2: Independence and Related Business - There is a contradiction regarding the company's independence, as it has engaged in related transactions with its subsidiary, Zhiyuan Robotics, including a significant transaction worth 26 million yuan for software code that is essential for the embodied intelligence field [3] - The company claims that its consumer-grade robots are distinct from Zhiyuan's commercial-grade robots, yet there is potential overlap in their applications, particularly in family settings [4] Group 3: Control and Business Direction - The company has committed to maintaining its existing business focus and not making significant changes to its main operations in the near term, despite the high-level involvement of its management in the embodied intelligence sector [5] - The current board members have backgrounds in communications, automation, and computing, which may not align with the company's traditional materials business, raising questions about its future direction [5]