Core Viewpoint - The company has segmented its business into four major sectors: Automotive, Power Energy, Digital Energy (AI Liquid Cooling), and Embodied Intelligence, aligning with industry trends and its own development strategy [1] Group 1: Automotive Sector - The automotive business serves as the company's foundation, covering both passenger and commercial vehicles. It is expected to maintain steady growth due to market share enhancement, increased product value, and high growth in overseas markets [1] Group 2: Power Energy Sector - The power energy sector is benefiting from explosive growth in overseas AI data centers, with downstream clients continuously expanding diesel (including backup and power generation) and gas generator units. The company has entered mass production for diesel generator cooling and is preparing capacity for gas generator-related businesses. The high product value in this sector, combined with a long-term power supply shortage in North America, is expected to provide significant growth potential [1] Group 3: Digital Energy (AI Liquid Cooling) Sector - This sector focuses on four application areas: data centers, energy storage, charging and swapping, and low-altitude economy, with data center liquid cooling products at its core. The company is advancing product testing and capacity planning with leading global liquid cooling clients, and several key projects have shown positive progress. This sector is anticipated to experience rapid growth over the next 2-3 years [1] Group 4: Embodied Intelligence Sector - The company has defined a product layout of 1+4+N, where 1 represents a comprehensive understanding of the entire system to meet customer needs. The 4 refers to four types of assembly products: rotary joint modules, actuator modules, dexterous hand modules, and thermal management modules. N includes various components supporting these four modules, such as motor modules, micro motors, body structure parts, and heat exchangers. The company has established collaborations with key clients, with some product categories already in supply and others in development [1]

Core Viewpoint - The company is strategically focusing on four main business segments: Automotive, Power Energy, Digital Energy (AI Liquid Cooling), and Embodied Intelligence, with an emphasis on international expansion and collaboration with global leading clients to drive growth and stability. Group 1: Business Structure and Trends - The company has segmented its operations into four key areas: Automotive, Power Energy, Digital Energy (AI Liquid Cooling), and Embodied Intelligence [3][4] - The Automotive segment is expected to maintain steady growth driven by market share increase, product value enhancement, and overseas market expansion [3][4] - The Power Energy segment benefits from the explosive growth of overseas AI data centers, with diesel generator cooling now in mass production and gas generator business in development [3][4] - The Digital Energy segment focuses on data centers and other applications, with liquid cooling products at its core, anticipating rapid growth in the next 2-3 years [4] - The Embodied Intelligence segment employs a 1+4+N product layout, collaborating with key clients, with some products already supplied and others in development [4] Group 2: Internationalization Strategy - The internationalization strategy, initiated in 2010, has evolved over 16 years, transitioning from establishing offices to building manufacturing bases, resulting in profitable overseas subsidiaries [5][6] - The company has developed a strong international talent pool and operational experience, forming strategic partnerships with leading global clients across various industries [5][6] - The strategic value of the international layout is becoming evident, with accelerated capacity expansion, customer acquisition, and order growth across all business lines [6] Group 3: Future Outlook - The company aims to solidify its global strategy and enhance its core competitiveness in key markets, expecting significant breakthroughs with leading clients in liquid cooling, power energy, and embodied intelligence sectors [6]

Core Viewpoint - The company has defined a "1+4+N" product layout for its embodied intelligence sector, indicating a strategic approach to product development and customer collaboration [1] Group 1: Product Layout - The "1" in the layout represents the understanding and cognition of the entire machine system [1] - The "4" includes four key modules: rotary joint module, actuator module, dexterous hand module, and thermal management module [1] - The "N" signifies supporting components such as motor modules, micro motors, body structural parts, and heat exchangers [1] Group 2: Customer Collaboration - The company has established partnerships with several leading clients, indicating a strong market presence [1] - Some product categories are already in supply, while others are still in the development phase [1]

Group 1: Business Structure and Development Trends - The company has divided its business into four main segments: Automotive, Power Energy, Digital Energy (AI Liquid Cooling), and Embodied Intelligence [2][3] - The Automotive segment is expected to maintain steady growth, supported by market share increase and high growth in overseas markets [2] - The Power Energy segment is benefiting from explosive growth in overseas AI data centers, with significant demand for diesel and gas generator sets [3] Group 2: Internationalization Strategy and Importance - The internationalization strategy, initiated in 2010, has evolved through establishing overseas offices, warehouses, and manufacturing bases, leading to a gradual transition from losses to profitability [4] - The company has built strong strategic partnerships with global leaders in various sectors, enhancing its international operational experience [4] - The overseas business lines are entering a phase of accelerated growth, with increased capacity expansion and customer acquisition [4][5] Group 3: Future Outlook for New Business Areas - The company aims to strengthen its global strategy and enhance competitiveness in key areas such as AI liquid cooling, power energy, and embodied intelligence [5] - As new businesses accelerate and scale up, significant growth momentum and performance elasticity are expected [5]

Core Viewpoint - The company has established a clear product layout in the field of embodied intelligence, consisting of a 1+4+N structure, which aims to meet customer needs effectively [2] Group 1: Product Layout - The "1" in the layout represents the company's understanding of the entire machine system, ensuring a comprehensive grasp of customer requirements [2] - The "4" refers to four categories of assembly products: rotating joint modules, actuator modules, dexterous hand modules, and thermal management modules [2] - The "N" signifies the numerous components supporting the four main modules, including motor modules, micro motors, body structural parts, and heat exchangers [2] Group 2: Customer Collaboration - The company has formed partnerships with several key clients, with some product categories already in supply and others still in the development phase [2]

Group 1 - The company has established a clear product layout in the field of embodied intelligence, defined as 1+4+N, where 1 represents a comprehensive understanding of the entire system to meet customer needs [1] - The four categories of assembly products include rotary joint modules, actuator modules, dexterous hand modules, and thermal management modules [1] - The N represents various components supporting the four main modules, including motor modules, micro motors, body structure parts, and heat exchangers [1] Group 2 - The company has formed partnerships with several key clients, with some product categories already in supply and others still in the development phase [1] - There is ongoing inquiry from investors regarding which components and modules have received product certification from major clients and which categories have established strong strategic supply relationships [3]

Group 1 - The company, 雷迪克 (300652.SZ), has established strong partnerships with various domestic and international clients in the field of key robotic components and module assembly products [1] - The company is focusing on the precision transmission sector by independently developing and producing new products such as automotive screws, humanoid robot roller screws, planetary roller screws, micro screws, and cross roller bearings [1] - 雷迪克 has made a strategic investment by acquiring 20.41% of Shanghai Aoyi Information Technology Co., Ltd. and jointly established Zhejiang Lei Ao Robot Co., Ltd. to enhance its capabilities in the field of embodied intelligence [1]

Core Viewpoint - Leadrick (300652.SZ) has established a multi-level strategic partnership with Aoyi Technology, involving a significant investment and joint venture aimed at enhancing their capabilities in robotics and intelligent systems [1] Investment and Financing - Leadrick is investing 160 million yuan in Aoyi Technology's B3 round financing [1] - Both companies are jointly investing 100 million yuan to establish Zhejiang Leiao Robot Co., Ltd., with Leadrick holding 90% and Aoyi Technology holding 10% [1] Product Development and Collaboration - The new joint venture will serve as the core platform for the research and production of Leadrick's robotic joint modules and dexterous hand modules [1] - Aoyi Technology's dexterous hand has become a leading product in the domestic humanoid robot sector, collaborating with over 200 enterprises [1] Technological Synergy - The collaboration aims to integrate Leadrick's strengths in precision transmission component development with Aoyi Technology's advantages in technology, electrical control, and algorithms [1] - This partnership seeks to streamline the entire industrial chain from precision transmission components to final execution units and dexterous hand products [1] Healthcare Applications - In the medical and health sector related to brain-machine interfaces, Leadrick will provide mechanical structural support for Aoyi Technology's wearable exoskeletons and smart assistive devices [1]

Group 1: Company Overview and History - Founded in 1995, the company started with small modulus spiral bevel gears, achieving import substitution and exporting to Germany, Japan, and the USA [3] - From 1998 to 2003, the company entered the supply chain of global top enterprises, establishing long-term partnerships with renowned companies like Bosch and Siemens [3] - The product range expanded from bevel gears to include cylindrical gears, powder gears, and precision mechanical parts, with significant developments in harmonic reducers and other technologies by 2016 [3] Group 2: Business Development and Future Plans - In 2022, the company went public, raising funds primarily for the robotics and new energy vehicle sectors [3] - The focus for 2023 is on equipment investment, while 2024 will emphasize developing new customers, fields, and products in humanoid robots, automotive, marine economy, and low-altitude economy [3] Group 3: Key Product Areas - Robotics: Products include harmonic reducers and planetary reducers, with clients from automotive and robotics industries [3] - Automotive: Development includes gears for fuel and electric vehicles, smart driving components, and differential products for balance adjustment, with clients like BYD and Dongfeng [3] - Marine Economy: Products developed for marine applications include spiral bevel gears, competing with Japanese brands [3] - Low-altitude Economy: Products for flying vehicles, including reducers for vertical take-off and landing mechanisms [3] Group 4: International Expansion - The company has three overseas subsidiaries: 1. A subsidiary in Stuttgart, Germany, leveraging Bosch's influence to secure orders in smart home and new energy sectors [4] 2. A subsidiary in Vietnam, providing customized production services to reduce procurement costs for clients [4] 3. A subsidiary in Malaysia, primarily serving automotive companies [4] Group 5: Investor Relations Activity - The investor relations activity took place on December 25, 2025, at the company's headquarters, involving key personnel and analysts from Huajin Securities [2] - The activity included a risk warning regarding the speculative nature of future business developments [3]

Group 1: Company Overview - Founded in 1995, the company started with small modulus spiral bevel gears and achieved import substitution, exporting to Germany, Japan, and the USA [2][3] - Established long-term partnerships with global enterprises like Bosch, Stanley, Makita, and Siemens since 1998, enhancing technology and business capabilities [3] Group 2: Business Expansion - Expanded product range from bevel gears to include cylindrical gears, powder gears, and precision machinery components between 2013 and 2015 [3] - Launched an IPO on December 15, 2022, raising funds primarily for robotics and new energy vehicle sectors, with plans to develop new customers and products in 2023 and 2024 [3] Group 3: New Business Areas - Robotics: Developed products such as harmonic reducers and planetary reducers for various robotic applications, serving clients including major automotive and tech companies [3] - Automotive: Focused on three main areas: gears for fuel and electric vehicle transmissions, smart drive components, and differential products for vehicle balance [3] - Marine Economy: Developed spiral bevel gears for outboard motors, targeting quality standards comparable to Yamaha [3] - Low-altitude Economy: Created reducers for flying cars, specifically for vertical take-off and landing mechanisms [3] Group 4: Subsidiary Information - Shenzhen Fengli Intelligent Robot Technology Co., Ltd., a wholly-owned subsidiary established in August 2025 with a registered capital of 50 million yuan, focuses on R&D of industrial and intelligent robots [3]