Key Points Summary of Keda Li's Conference Call Company Overview - Keda Li reported a record high revenue of 3.6 billion yuan in Q2, with a profit also reaching a new high. The overall growth rate for the first half of the year was approximately 20%, with a target of 30% growth for the full year. Q3 revenue is expected to exceed 4 billion yuan, while Q4 is anticipated to be slightly lower than Q3 [2][12][38]. Financial Performance - For the first half of the year, Keda Li achieved a revenue of 6.645 billion yuan, a year-on-year increase of 22%. Net profit was 769 million yuan, up 18%. In Q2 alone, revenue was 3.623 billion yuan, with a quarter-on-quarter growth of 20% and a net profit margin of 10.54% [3][12]. Business Segments Robotics Business - Keda Li has launched new products in the robotics sector, including board lines, focusing on lightweight, long-life, and low-cost technologies. The company is collaborating with key clients and expects revenue from robotics to reach several tens of millions this year, with a growth target of 20%-30% for emerging clients [4][8][31]. - The company is preparing for a significant increase in production capacity and expects to see substantial growth in overseas revenue starting next year, particularly from projects like the CATL Hungary project and Korean clients [4][31]. Harmonic Products - New harmonic products made from steel-aluminum and aluminum-steel composites have been introduced. The company is also developing assembly products and has begun sample testing with clients, with plans to showcase these products next year [6][20]. - The wave harmonic technology is mature, and the company is ready for client volume production and solution confirmation [7]. Market Dynamics - The demand for industrial robots is currently high, while humanoid robots are still in small-scale production, with expectations for significant growth in the humanoid robot market by 2026, potentially reaching sales of several hundred million yuan [9]. - The company is facing pricing pressure due to market conditions but has managed to maintain a net profit margin above 10% through internal cost management [25][14]. Client and Market Growth - Increased client demand and market share gains are the main drivers of Keda Li's performance, with no inventory backlog reported [13]. - The company is actively working with 20-30 domestic clients for sample testing and is synchronizing production planning with client needs [15]. Future Outlook - Keda Li aims to become a comprehensive platform for robot components, with aspirations to lead in various parts of the robot assembly market. However, there are risks associated with potential development failures [24]. - The company is committed to maintaining growth in its core business while rapidly developing its robotics segment, with a target of continued high growth into 2026 [38].