融资潮一波接一波，钱全往这儿砸 你敢信吗？2025年人形机器人量产元年一开启，灵巧手这小玩意儿直接成了资本疯抢的抢手货！ 这被业内叫做机器人"皇冠上的明珠"的部件，如今正踩在产业爆发的风口上，而咱们中国公司，早就悄 悄在核心环节布好了局，就等收割红利了！ 说白了，资本的鼻子比狗还灵，哪里有机会就往哪里钻。从2024年开始，国内跟灵巧手相关的融资就没 断过，累计超过20起，总金额直接冲破30亿元大关。 进入2025年，这股热潮更是直接翻倍，4月份灵心巧手拿到超亿元种子轮融资，直接创下行业种子轮融 资的最高纪录。 同期傲意科技、因时机器人也先后斩获近亿元投资，资金扎堆进场的架势肉眼可见。 最让人意外的是2025年12月29日，灵心巧手再传捷报，顺利拿下A++轮融资，红杉中国这类顶流机构都 果断入局。 更关键的是，这家公司现在已经占据全球80%以上的高自由度灵巧手市场，2026年计划交付5万到10万 台，产能直接拉满，妥妥的行业领头羊姿态！ 不光是它，背靠江苏雷利和中科大的中科灵犀，也凭着全产业链优势，在工业场景落地方面一路高歌， 成为资本暗中关注的潜力股。 我跟你说，任何产业要想爆发，政策必须给劲儿托底。 国家七 ...

据智通财经12月19日讯，据国家药监局消息，12月18日，国家药监局在北京召开脑机接口医疗器械工作 推进会。会议听取高等院校、科研院所、医疗机构相关专家学者和研发企业代表意见建议。国家药监局 党组成员、副局长雷平出席会议并讲话。 会议要求，要深入贯彻落实党的二十届四中全会精神，深刻领会脑机接口作为前瞻布局未来产业的重要 战略意义；要坚持安全有效为首要前提，创新审评监管方法，构建标准体系，加强技术指导服务；要加 强跨部门合作，联手产学研医各方，合力解决关键技术问题，完善产业链供应链；要落实企业主体责 任，以问题为导向，提升产品可靠性和整体竞争力，积极推动脑机接口器械更快更好服务临床、惠及患 者。 国家药监局器械注册司、标管中心、器审中心负责同志及有关人员参加会议。 相关市场板块分析 医疗器械与康复设备：脑机接口技术率先在医疗康复领域落地，多家公司产品进入临床试验阶段，相关 医疗器械企业迎来技术升级与需求扩张，市场潜力巨大。 人工智能与大数据：脑机接口依赖高精度算法与海量数据处理，AI企业在脑电信号解码、情绪识别、 脑电大模型等领域深度布局，推动技术迭代。 消费电子与智能穿戴：非侵入式脑机接口在游戏、教育、疲劳监 ...

Core Viewpoint - Hanwei Technology is strategically investing in Chongqing Stabao Technology Co., Ltd. to enhance its capabilities in high-end temperature sensors, aiming to break the long-standing foreign monopoly in this field [1][2] Investment and Expansion - Hanwei Technology plans to invest nearly 28 million yuan of its own funds in Chongqing Stabao, which has developed various models of thin-film platinum resistance temperature sensors that meet international advanced technology standards [1] - The company is also planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to accelerate overseas business development and enhance its international brand recognition [1] Product Development and Market Position - Hanwei Technology holds a 70% market share in domestic gas sensor products, establishing itself as a leader in the sensor industry, with many products filling domestic gaps [2] - The company has developed over 300 types of sensors across 17 series, including semiconductor, catalytic combustion, electrochemical, infrared, and more, positioning itself to capitalize on trends in AI and robotics [2] Sensor Technology and Applications - The company has created a multi-dimensional sensor matrix covering smell, touch, balance, force control, and vision for robotics, enhancing the capabilities of intelligent robots [4][5] - Hanwei's electronic nose can detect various gases for environmental safety monitoring, while flexible tactile sensors enable real-time force perception for human-robot interaction [4][5] Future Prospects and Industry Trends - The domestic sensor industry is expected to grow significantly, with increasing localization rates presenting substantial market opportunities [6] - Hanwei Technology is committed to enhancing its R&D investments to maintain its technological edge, despite potential short-term impacts on financial performance from new business ventures [6] - The market for humanoid robots is projected to reach a scale of 10 trillion yuan, with electronic skin as a core component, indicating strong growth potential for Hanwei's products [6]

Core Insights - The humanoid robot industry is entering the commercialization phase, with "humanoid tactile interaction" identified as a key bottleneck for application expansion. Flexible tactile sensors, referred to as "electronic skin," are crucial for providing robots with multi-modal perception capabilities, forming the foundational sensory network for interaction with the physical world. By 2030, the demand for flexible tactile sensors is projected to reach 1.525 million square meters, with a market size of 27.4 billion yuan [1][3]. Company Overview - Fulei New Materials, established in 2009 and listed on the Shanghai Stock Exchange in April 2021, focuses on the research, production, and sales of functional coated composite materials. The company has been developing flexible sensors since 2017, launching its first tactile sensor in February and a second-generation product in June, which can detect force vectors in three directions [3][4]. Product Development - Fulei New Materials introduced a new generation tactile sensing system that integrates flexible materials, chips, algorithms, and large models. The system features three core technological breakthroughs: "chip-sensor integration," advanced intelligent algorithms for enhanced object interaction, and an expanded effective sensing area to improve tactile information acquisition [1][4]. Market Positioning - The company has established partnerships with numerous domestic and international clients, with some expressing demand for over a hundred units. In the North American market, clients prioritize product consistency, reliability, lifespan, and signal drift, which are critical for providing reliable data to robotic systems. Fulei New Materials has a competitive edge in supply chain efficiency and has set up a wholly-owned subsidiary in California to facilitate bulk supply [4][5]. Financial Strategy - Fulei New Materials is progressing with its refinancing project, planning to raise up to 707 million yuan through a private placement. The funds will be allocated to expand production capacity for label printing materials, upgrade electronic-grade functional materials, enhance the research center, and supplement working capital. The company aims to transition from a supplier of coated materials to a new materials innovator and comprehensive solution provider [5].

Investment Rating - The report maintains an investment rating of "B" for the electronic skin industry, indicating a leading position in the market [1]. Core Insights - The electronic skin is a key tactile sensing system for humanoid robots, enabling them to interact with their environment through pressure and temperature sensing [13]. - The market for electronic skin is projected to reach $756 million by 2030, driven by the increasing demand for humanoid robots [4]. - The industry faces three major barriers: materials, manufacturing processes, and algorithms, which are critical for establishing competitive advantages [24][32]. Summary by Sections 1. Electronic Skin: Key to Humanoid Robot Interaction - Electronic skin mimics natural skin functions and is essential for humanoid robots to perceive their surroundings [13]. - The technology can be categorized into resistive, capacitive, and piezoelectric types, with resistive sensors being the most common in humanoid robots [2][21]. 2. Domestic Enterprises Accelerating Layout - Overseas companies dominate the high-end market, holding approximately 57.1% of the global flexible tactile sensor market share [4][41]. - Domestic companies are rapidly closing the technology gap, supported by favorable policies and manufacturing capabilities, with firms like Fulei New Materials and Hanwei Technology emerging as key players [5][46]. 3. Key Companies to Watch - Fulei New Materials has completed pilot production and is supplying small batches to leading clients in the dexterous hand sector [5]. - Hanwei Technology has established partnerships with nearly 30 robot manufacturers and is expanding its production capacity [5]. - Keli Sensor and other companies are also making strides in the electronic skin sector, focusing on multi-physical sensors and flexible tactile sensors [5][46].

Core Insights - A significant news event has emerged regarding Yushu Technology, a prominent player in humanoid robotics, which has completed its IPO guidance, indicating a potential listing on the STAR Market in the first quarter of next year [1][2][3] Financial Performance - Yushu Technology's financial performance shows a remarkable net profit of 589 million yuan for the third quarter, reflecting a staggering year-on-year growth of 469.1% [2][5] - The total revenue for Yushu Technology reached 14.454 billion yuan, with a year-on-year decline of 8.8% [2] - Liou Co., a financial investor in Yushu Technology, reported a net profit of 589 million yuan, marking a turnaround from a loss [5] - Jinfa Technology achieved a net profit of 1.065 billion yuan, with a year-on-year growth of 55.86% [6][7] - Zhongke Chuangda reported a net profit of 229 million yuan, reflecting a growth of 50.72% [8][11] Market Dynamics - The recent acceleration in listings of hard technology companies, including Yushu Technology, is seen as a strategic move to inject confidence into the market [3] - Companies closely associated with Yushu Technology, referred to as "shadow stocks," are expected to benefit significantly from its upcoming IPO [4][9] Supply Chain Relationships - Yushu Technology has established strong ties with key suppliers, including Zhongda Lide, Mingzhi Electric, and Aobi Zhongguang, which provide essential components for its robotics [9] - The dual role of companies like Zhongke Chuangda and Allwinner Technology, which both invest in and supply Yushu Technology, enhances their strategic partnership [9][11]

Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

Industry Background - The brain-computer interface (BCI) industry is entering a commercialization phase in 2025, driven by policy support and technological breakthroughs. The Ministry of Industry and Information Technology (MIIT) and other departments have set a goal for key technological breakthroughs by 2027 and the establishment of an industrial system [1] - The National Medical Insurance Administration has added pricing items for BCI implantation and adaptation fees, accelerating clinical applications and charging [1] - Domestic companies are making significant progress, with Shanghai Ladder Medical's implantable wireless BCI system becoming the first to enter the NMPA's green channel for innovative medical devices [1] - Global competition includes Neuralink's plan to launch a Telepathy device by 2029, but domestic companies have achieved technological advantages in certain areas, such as Yanshan Technology's 60ms ultra-low latency control performance [1] Industry Chain Overview - The BCI industry chain consists of three main segments: upstream (electrodes/chips), midstream (EEG processing devices), and downstream (application scenarios), each with distinct technological barriers and commercialization rhythms [3] - Upstream components, particularly implantable and non-invasive electrodes/chips, are critical for signal precision and stability, representing the core competitiveness of the industry [3] Upstream Segment - Implantable electrodes/chips are essential for medical applications, with companies like Gaode Infrared developing flexible tactile sensors that reduce immune rejection and extend signal collection duration [4] - Weisi Medical focuses on optimizing biocompatibility for its microelectrode arrays, which have entered clinical validation for precise localization in epilepsy [4] - Non-invasive chips serve as entry points for consumer applications, with companies like Xiangyu Medical developing multi-modal EEG acquisition devices for rehabilitation [7] Midstream Segment - The midstream segment is responsible for EEG signal acquisition, analysis, and transmission, with a focus on low latency (under 60ms) and multi-modal integration [9] - Companies like iFlytek have achieved a 92% accuracy rate in emotion recognition from EEG signals, indicating significant algorithmic advantages [10] - Yanshan Technology has achieved ultra-low latency control performance, surpassing early versions of Neuralink [11] Downstream Segment - The downstream applications are driven by both medical and consumer sectors, with a focus on epilepsy, Parkinson's disease, and gaming [13] - Medical rehabilitation is a high-demand area supported by policies, with companies like Aipeng Medical developing EEG acquisition devices and achieving a net profit margin of approximately 15% [14] - Consumer applications include gaming and smart home technologies, with companies like Tom Cat integrating BCI into AI games to develop mind-control products [16]

Group 1 - The core viewpoint of the news is that Aishide (002416) is experiencing a strategic transformation focusing on high-value-added businesses, which has led to improved operational quality and financial performance despite short-term revenue and profit pressures [1][3] - In the first three quarters of 2025, Aishide achieved a revenue of 39.375 billion yuan and a net profit attributable to shareholders of 337 million yuan, indicating a proactive approach to restructuring low-margin segments [1] - The company's cash flow from operating activities reached 2.7 billion yuan, with a year-on-year increase of 129%, reflecting enhanced sales collection efficiency and cost control [1] Group 2 - Aishide has established a 500 million yuan "Aishide Smart City Fund" in collaboration with a state-owned investment platform, focusing on AI, smart terminals, and robotics, which aligns with government policy support [2] - The fund has made two significant investments in companies specializing in robotics and flexible tactile sensors, showcasing Aishide's unique competitive advantage through its extensive distribution network [2] - The company’s distribution network covers over 100,000 mobile phone stores nationwide, providing essential market access and support for invested companies, thus creating a "technology + channel" synergy [2] Group 3 - The combination of policy benefits and Aishide's strengths is driving the construction of a "industry + capital + channel" growth model, with the current 500 million yuan fund seen as just the starting point [3] - Aishide is expected to leverage its channel resources and industry insights to evolve the fund from a mere investment tool to a platform for industry integration under policy guidance [3] - The company is well-positioned to expand its industrial layout in response to the recovery of the consumer electronics industry and the cultivation of new productive forces, indicating significant future growth potential [3]

Core Insights - The development of robots requires advanced sensors to replicate human senses, presenting significant opportunities for the sensor industry, which is expected to surpass the industrial market in scale [2][3]. Industry Overview - The sensor industry is recognized for its growth potential over the next one to two decades, with applications expanding across various sectors including industrial, home, elderly care, and monitoring, as well as robotics [2][3]. - The global smart sensor market is projected to reach $88.6 billion by 2025 and $512.9 billion by 2035, with a compound annual growth rate (CAGR) of 19.2% [4]. Company Strategy - The company has been strategically developing a sensor product matrix since 2013, focusing on the five senses of robots, including tactile, olfactory, and infrared vision sensors [5][6]. - The company employs a dual strategy of consolidating its leading position in traditional markets while fostering new product categories such as ultrasonic, flexible, force, and optical sensors [6]. Technological Development - The company has established two subsidiaries dedicated to the development of flexible tactile sensors, addressing various technical challenges to ensure product reliability and performance [6]. - The company aims to provide comprehensive solutions from perception to analysis, enhancing its role as a sensor solution provider rather than just a manufacturer [6]. Market Trends - The rise of embodied intelligence in robotics is expected to create unprecedented market opportunities for sensors, surpassing those in energy, automotive, and IoT sectors [3][4]. - The sensor industry in China is characterized by a diverse range of products, with a need for advancements in high-end and cutting-edge technologies, as well as upstream materials and processes [7].