Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report mainly elaborates on the responses of Xiangyuan New Materials to investors' questions, including the company's investment in Hubei Sanhai Optical Co., Ltd., the progress of robot skin products, and market - value management [24][25]. 3. Summary by Directory 3.1. Basic Research Situation - The research object is Xiangyuan New Materials, belonging to the plastics products industry [17]. - The reception time was June 12, 2025, and the reception staff included the director and deputy general manager Huang Yonghong, and the financial controller and board secretary Wang Pan [17]. 3.2. Detailed Research Institutions The reception objects include investors' online questions and others [20]. 3.3. Proportion of Research Institutions No information provided. 3.4. Main Content Data - **Investment in Hubei Sanhai Optical Co., Ltd.**: The company has subscribed 12% of the capital of Hubei Sanhai Optical Co., Ltd. Its main business focuses on robot core components and encoder code disc products, and will enter the R & D, production, and sales of VR/AR - related products [24]. - **Robot Skin Products**: The company is planning to form a joint - venture company in this field, and relevant samples have been sent to potential customers for verification, but there is no batch order yet [24]. - **Market - Value Management**: The company's stock price is not currently below the issue price. In the past two years, it has carried out regular dividend distribution and share repurchase, and will continue to promote market - value management in the future [25].

Group 1: Company Investments and Collaborations - The company has invested in Hubei Sanhai Optical Co., Ltd., holding a 12% stake, focusing on core components for robots and encoder discs, with plans to develop VR/AR products [2] - The company is planning to establish joint ventures in the robotics skin product sector, with samples sent to potential clients for validation [2][3] Group 2: Product Development and Market Position - Currently, there are no bulk orders for robotics skin products, but samples are under validation with potential clients [3] - The company is exploring various strategies to enter the robotics industry, including forming joint ventures, although outcomes remain uncertain [3] Group 3: Stock Performance and Value Management - The company's stock is not currently in a state of decline; it has engaged in regular dividends and share buybacks over the past two years [3] - The company is committed to enhancing its core business operations and will continue to actively pursue value management strategies [3]

Core Insights - Weihai Juqiao Industrial Technology Co., Ltd. has completed a multi-million A round financing, with funds primarily allocated for the development of tactile and robotic skin, expansion of production lines, and market promotion [1][12] - The company focuses on the research and production of flexible fiber sensors, with applications in robotics, medical care, and automotive sectors [1] - Juqiao Industrial has developed a fourth-generation fiber resistive flexible sensor, which overcomes limitations of traditional thin-film pressure sensors, offering high flexibility, durability, and environmental resistance [2][11] Company Overview - Juqiao Industrial was established in early 2024 and has completed two rounds of financing, currently initiating a new round [1] - The company’s product offerings include robotic skin, tactile sensors, software algorithms, and solutions for elderly care and automotive comfort assessment systems [1] Technology and Innovation - The fourth-generation fiber sensor features a unique structure that enhances flexibility and durability, with a minimum folding radius of less than 0.1 mm and the ability to withstand over 100,000 automotive-grade impact tests [2] - The fiber sensor is designed to be breathable and skin-friendly, making it adaptable to various scenarios [2] Market Applications - Juqiao Industrial is expanding its business in humanoid robotics, aiming to produce large-area electronic skin for robots to enhance environmental perception and ensure safe human-robot interaction [3][6] - The company has established partnerships with leading humanoid robot companies to provide comprehensive skin solutions [6] Industry Challenges - The flexible sensor industry faces challenges in mass production consistency and yield rates, which Juqiao Industrial addresses through self-built factories and process improvements, achieving an 80% reduction in production costs and a 200% increase in consistency [11] Future Plans - The company is initiating a new round of financing to support ongoing technology development, capacity expansion, and team growth [12] - Investors express confidence in Juqiao Industrial's ability to lead the humanoid robot industry into a new era of "full skin perception" through cost-effective and reliable mass production [13]