Core Viewpoint - The company, Qiaoyin Co., Ltd. (002973), is actively developing and launching unmanned urban service intelligent equipment, including road cleaning and delivery robots, aimed at enhancing urban management and services [1] Group 1: Product Development - The company has successfully rolled out unmanned driving urban service intelligent equipment, including road and park cleaning equipment, municipal patrol, and delivery robots [1] - The primary applications of these products are in municipal road cleaning, public space patrol, indoor commercial management, and other urban comprehensive service scenarios [1] Group 2: Future Plans - The company plans to promote the orderly deployment of unmanned driving urban service intelligent equipment in project scenarios [1] - There is a collaboration with the National Local Human-shaped Robot Innovation Center focusing on resource integration and technical synergy in urban service scenarios and embodied intelligent robots [1] Group 3: Collaboration Focus - The collaboration will emphasize deep cooperation in the fields of humanoid robots and algorithm computing power, particularly under the theme of urban service management [1] - The initial focus will be on three application types of humanoid robot products for sanitation, property management, and home scenarios, which are currently in the joint development stage [1] Group 4: Current Status - As of now, the humanoid robots developed in collaboration with the innovation center are still in the research and development phase [1] - The company has not yet established a partnership with Yushu [1]

Group 1: Collaboration with National Innovation Center - The National Innovation Center focuses on key technologies in humanoid robots, aiming to create an innovation ecosystem that integrates innovation, industry, finance, and talent [2][3] - The collaboration with the National Innovation Center will enhance resource integration and technological synergy in urban service scenarios and humanoid robotics [4][8] Group 2: Technological Advancements in Robotics - The center has developed the world's first full-size open-source humanoid robot "Qinglong" and plans to establish a leading training ground for over 1000 humanoid robots by 2027 [3] - Key technological breakthroughs are required in protection levels, visual systems, heavy-duty drag technology, and legal regulations for urban service robots [6] Group 3: Smart City Initiatives - In December 2023, the company established a smart city research institute to enhance AI technology in urban management [7] - By May 2025, the company had secured contracts totaling CNY 110 million for smart city service projects, including sanitation and maintenance services [7] Group 4: Future Plans for Smart City Development - In 2025, the company aims to leverage AI and big data to create a smart management system for urban services, covering planning, execution, and supervision [9] - The company will focus on the deployment of various AI robots in urban service scenarios to strengthen the foundation for smart city construction [9]

Strategic Layout - In 2025, the company will implement a "two verticals and three horizontals" development strategy, focusing on integrating main business with technology and expanding into new market areas [1] - The goal is to upgrade to a technology-enabled enterprise and establish a global development framework [1] 2024 Financial Performance - The company achieved a revenue of CNY 3.914 billion and a net profit of CNY 289 million in 2024 [3] - The gross profit margin was 26.86%, an increase of 0.82 percentage points year-on-year [3] - Total assets reached CNY 8.260 billion, a growth of 9.82% from the beginning of the year [3] Industry Overview - The sanitation industry is transitioning from mechanization to intelligent and digital transformation, with private enterprises holding a 62% market share [4] - The total contract amount for sanitation services exceeded CNY 246.5 billion, with an annualized amount of CNY 95.5 billion [4] - The market size is projected to reach CNY 644.2 billion by 2029, with a growth rate of 15% [4] Order Situation - New orders signed in 2024 amounted to CNY 5.222 billion, with a year-on-year increase in the fourth quarter of 56.67% [5] - The total amount of orders on hand reached CNY 42 billion, providing a solid foundation for future revenue and profit growth [5] Cost Control - The company achieved a management expense reduction of CNY 64.67 million, with a management expense ratio of 6.53%, down 1.59% year-on-year [6] - The three expense ratio was 13.23%, a decrease of 0.88 percentage points [6] Cash Flow and Debt Management - The company collected CNY 3.291 billion in payments in 2024, with a quarter-on-quarter increase of 5.13% in the fourth quarter [7] - The net cash flow reached CNY 158 million, a year-on-year increase of 98.29% [7] - The company is actively collaborating with local governments to improve accounts receivable through national debt policies [8] Digital Transformation Initiatives - The company established a smart city research institute in December 2023, focusing on AI technology for urban management [9] - By May 2024, the company had signed contracts totaling CNY 110 million for smart city projects [10] Future Collaborations - The partnership with the National Local Joint Human-shaped Robot Innovation Center aims to enhance urban service capabilities through resource integration and technology collaboration [11] - The focus will be on developing humanoid robots for various applications in urban management and home services [12] Fundraising and Financial Health - The company plans to raise CNY 900 million through a private placement, which will improve its financial stability and reduce debt ratios [13]