我们的观点：公司在过去几年的业绩曾令人失望，且投资者关系活动不算很多，因此我们认为市场需要一段时间才能重拾对 公司的信心。然而最近的消息反映，建溢将在未来几年进入下一个增 长 阶 段。建 溢 现 时 较 德 昌 电 机 [0179.HK]、万 宝 至 马 达 和 IROBOT等同业折让，这使建溢值得留意。我们认为流通量偏低 是一些投资者关注的问题。但若投资者希望寻找 一些正在复苏及 有多年增长前景的股份，可将建溢放在观察名单上。 18财年上半年业绩令人满意。于18财年上半年，建溢营业额同比增长 18％至14.747亿港元，电器及电子产品（同比增 长16.9％）及摩打（同 比增长20.5％）业务录得理想增长。电器及电子产品分部占18财年上半 年总营业额的61％，摩 打占31％。公司上半年毛利率同比下降2.4个百 分点，主要原因是人民币升值6％导致原材料和人工成本上涨。由于公 司 严控行政及管理费用，加上其他收益增长，建溢的18财年上半年净利率 同比仅下跌0.2个百分点至5.5％。18财年上 半年，建溢的净利润同比增 长15.7％至8,180万港元。 制造业务前景正面。管理层表示，公司正通过多元化电器及电子产品领 ...

Core Viewpoint - Kin Yat, a leading OEM manufacturer for IROBOT, is experiencing robust growth driven by strong shipment increases and expansion into new markets, particularly in China, Japan, and EMEA [1][2]. Group 1: Company Overview - Kin Yat is the largest supplier to IROBOT, accounting for 70% of its shipments, with IROBOT contributing approximately 50% to Kin Yat's total revenue in the first half of 2018 [1]. - The company has a long-term OEM relationship with IROBOT, which has been established for over 10 years [1]. Group 2: Growth Drivers - Shipment growth is expected to be strong compared to 2.9 million units in FY16, with China being a major growth driver following the opening of a sales office in 3Q16 [2]. - IROBOT plans to launch a new lawn mower product in 2018, which is anticipated to further drive growth for Kin Yat as it co-develops the product [2]. - Kin Yat's Shenzhen plant has a production capacity of 2.5 million units, with a new plant in Guizhou expected to add 2.4 million units of capacity [2]. Group 3: Micro-Motor Segment - The micro-motor segment grew by 20% in the first half of 2018, primarily due to new client orders in the automotive sector, which accounts for 30% of micro-motor sales [3]. - Key clients in the automotive segment include Hyundai, Kia, Subaru, Mitsubishi, and BMW [3]. - Management aims to increase production capacity from 850,000 units per day to 2 million units per day by 2020, anticipating further margin expansion [3]. Group 4: Land Valuation - The company owns three pieces of land in Guangdong province, with the Shenzhen land valued at over RMB 2 billion and the Shaoguan land valued at RMB 75 million [4]. - There are plans to potentially move the plant to Guizhou to free up land for sale in the medium term [4]. - The Shixing land, covering 300 mu, is likely to be co-developed with property developers in the future [4]. Group 5: Valuation and Dividend Policy - Kin Yat is currently trading at a valuation of 5.8x FY18 PE and 4x FY19 PE, which is considered undemanding [5]. - The company has a 30% payout dividend policy, yielding about 5%, with future growth expected from increased micro-motor capacity and IROBOT product sales [5]. - Any potential land sales could provide opportunities for special dividends [5].

Group 1: Industry Overview - The global industrial robot installation market value is projected to reach $16.5 billion by 2025, indicating significant growth compared to previous years [3] - The robotics industry is expected to grow at an annual rate of approximately 20% from 2025 to 2035, with the humanoid robot market potentially reaching $5 trillion by 2050 [4] - The industrial robot market is forecasted to grow from around $17 billion to $35 billion by 2030, driven by labor shortages and automation demands [4] Group 2: Opportunities in Robotics - Robotics is anticipated to create numerous job opportunities, particularly in programming and design, as the industry expands [7] - The medical robotics market is expected to grow to hundreds of billions by 2030, driven by an aging population and increasing demand for robotic assistance in surgeries and elder care [7] - Agricultural robots are projected to increase crop yields by over 20% by 2035, addressing labor shortages in the sector [8] Group 3: Specific Company Developments - Tesla plans to produce thousands of its Optimus robots in 2025, aiming to reduce labor costs to $5 per hour, which could significantly lower logistics costs [5] - Amazon has already implemented robots in its warehouses, increasing sorting efficiency by three times, and is providing robot skills training for 700,000 employees [10] Group 4: Investment Potential - The global investment in robotics is expected to exceed $10 billion by 2025, presenting opportunities for investment in robotics funds and related stocks [11] - The emergence of service industries related to robotics, such as rental, maintenance, and custom programming, is anticipated to grow alongside the technology [11]

Core Insights - The breakthrough success of Physical Intelligence's π VLA model marks a significant turning point in the robotics industry, revealing the complexity and fragmentation involved in building true robotic intelligence [1] - The future of robotics will not be about creating more human-like robots but rather about developing a more powerful and flexible technology stack [2] - The article emphasizes that the next wave of successful robotics will focus on diverse forms shaped by tasks, terrain, and environments rather than converging on a single humanoid form [6][14] Group 1: Robotics Evolution - The robotics technology stack is undergoing a major deconstruction, similar to the development of autonomous driving and VR industries, where specialized companies excel in specific areas rather than trying to dominate the entire industry [1] - The success of the π0.5 model raises the stakes for the entire industry, as robotics must prove itself in the real world filled with physical constraints [1] - The article draws parallels between the evolution of robotics and the concept of carcinization in biology, where different species evolve similar traits to adapt to their environments [5] Group 2: Human-like Robots vs. Functional Design - The assumption that robots must mimic human forms to be effective is termed the "humanoid fallacy," which overlooks the potential for innovation through non-human designs [8][9] - The efficiency of bipedal locomotion is questioned, with evidence showing that wheeled robots are significantly more efficient than humanoid robots [9][11] - Successful consumer robots, like vacuum cleaners, thrive not because they resemble humans but due to their unique designs that cater to specific tasks [10] Group 3: Practicality and Deployment - The article highlights that practical applications and deployment in real-world environments are crucial for generating valuable training data for robots [18] - Companies like Formic emphasize that the only way to achieve large-scale deployment is through useful robots that provide economic value from day one [18] - The focus should shift from creating humanoid robots to developing specialized robots that can perform tasks effectively in various environments [12][19] Group 4: Learning and Adaptation - The future of robotics lies in decoupling intelligence from specific forms, allowing for generalized learning across different embodiments [13][14] - Physical Intelligence's approach to cross-modal and cross-embodiment learning demonstrates that diverse data sources can enhance robotic learning and performance [17] - The article suggests that the next generation of robotics will benefit from a model that aggregates data from various physical forms and tasks, leading to improved generalization [16][17] Group 5: Robotics Stack - A clear hierarchical map of the robotics system is proposed, breaking down the components from data collection to intelligent control [20] - Each layer of the robotics stack supports the next, facilitating the flow of data from deployed robots into structured training for models like π0.5 [20]

中国的餐饮连锁品牌也在韩国加速推广，其中火锅最受欢迎。记者每次请韩国朋友到中国火锅连锁店吃 饭都需要提前几天预订位置，现场的川剧变脸等节目视频更是被韩国人争相发到社交媒体平台。中国火 锅连锁品牌"海底捞"在首尔的繁华地区设有许多分店。数据显示，"海底捞"2020年在韩国销售额约为 139亿韩元（1000韩元约合5元人民币），到2024年已激增到781亿韩元。同期，营业利润也达到了110亿 韩元。如此高额的营业额仅由9家门店实现，在韩国的餐饮界成绩可谓亮眼。 【环球时报综合报道】编者的话：在韩国的一些城市，有越来越多的年轻人开始习惯于手握中国奶茶， 品尝中国火锅。中国的智能手机、电视机等商品也纷纷前来同韩国本土品牌同场竞技。韩国经济新闻网 5月6日报道称，中国智能家电企业凭借超高性价比的产品加快在韩国市场扩张的步伐。在电动汽车领 域，中国品牌今年也集体在韩国市场展开攻势。"中国制造"正在韩国市场崛起。 中式风潮带动奶茶与 " 麻辣 " 需求 《环球时报》驻韩国记者注意到，近年来，中国特色饮食在韩国影响力不断增加。除了传统的中餐厅， 麻辣烫、糖葫芦、羊肉串、火锅特色饮食的店铺数量增加明显。韩国年轻人对中式餐饮接受 ...