Core Insights - The 138th China Import and Export Fair (Canton Fair) opened in Guangzhou, showcasing strong participation from Suzhou with 779 enterprises and 1498 booths, highlighting the resilience and dynamism of Suzhou's foreign trade [1] Group 1: Product Innovation - Suzhou company Magic Atom launched a family of service robots, attracting significant interest from international buyers, showcasing advanced capabilities such as 42 degrees of freedom in its humanoid robot [2] - Chasing Technology's booth featured an innovative air conditioner with dual robotic arms, capable of intelligent airflow management and environmental purification, demonstrating the integration of robotics into home appliances [3] Group 2: Market Expansion - The Canton Fair serves as a platform for companies to explore global markets, with Turkish buyer Selim Saruhan noting the discovery of new projects and trends, emphasizing the importance of Suzhou's innovative environment [4][5] - Companies like Leike Electric secured a $600,000 intention order for coffee machines on the first day, indicating strong demand for innovative products in the European market [5] Group 3: Domestic Market Integration - The fair introduced a new section for "foreign trade quality products to domestic sales," allowing Suzhou enterprises to tap into the domestic consumer market, reflecting a strategic shift towards integrated development [6] - Companies are actively pursuing both international orders and domestic market opportunities, with a focus on high-end smart home products, as evidenced by the growing demand for innovative cleaning devices tailored to local consumer needs [7]

Group 1: Report Summary - The report is about a research on Mannster, a company in an unspecified industry, conducted on August 29, 2025 [1][16] - The company's mid - 2025 business situation was introduced, with revenue increasing and net profit decreasing compared to the previous year [23] - The company's overseas orders increased, and the construction of the global system achieved results [23] Group 2: Research Basic Information - The research object is Mannster, and the reception time is August 29, 2025. The reception staff includes the board secretary Peng Yalin and the securities affairs representative Xu Bijiu [16] Group 3: Detailed Research Institutions - Participating institutions include Guolian Minsheng Securities, Guohai Securities, Caitong Securities, Northeast Securities, Huatai Securities, etc [2][17] Group 4: Main Content Business Performance - Affected by the decline in new orders in 2024, the revenue and profit of coating application decreased in the first half of this year [23] - In the first half of this year, the company's revenue was 560.4829 million yuan, a year - on - year increase of 59.93%; the net profit attributable to shareholders of listed companies was - 23.5133 million yuan, a year - on - year decrease of 132.66% [23] - Overseas revenue in the first half of the year was 17.8781 million yuan, with a year - on - year growth rate of 146.51% [23] Reasons for Loss and Margin Changes - The decline in coating product gross margin was due to intensified market competition, cost - reduction pressure in the industry, and fluctuations in production capacity utilization [23] - As new orders are gradually delivered and production capacity utilization increases, the gross margin will improve [23] - The company's energy system business turned a profit, and the gross margin improved, supporting overall profits [24] Solid - State Equipment Progress - Solid/dry - process related equipment orders placed last year were sent to customers this year, and the commissioning and verification results were recognized by customers [24] - The company has rich experimental data and technical reserves in the wet - and dry - process layout and has obtained order verifications in multiple processes [24] Pan - Semiconductor Business Progress - The company launched a perovskite pilot platform and released a new vacuum coating equipment product this year [25] - The GW - level perovskite coating system was delivered in the first half of the year [25] - The company's panel display equipment passed customer verification and aims to develop more incremental business [25] Robot Business - The subsidiary Lanfang Technology has a small number of orders for micro - linear electric cylinders and has sent samples of electric grippers, but there is no substantial progress in dexterous hand products [25]

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with significant revenue growth but a decline in net profit due to various market pressures and increased R&D expenses [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 123 million yuan, representing a year-on-year increase of 59.93% [1] - The net profit attributable to shareholders was 23.51 million yuan, showing a year-on-year decrease of 132.66% [1] - Overseas revenue reached 17.88 million yuan, with a year-on-year growth rate of 146.51%, indicating successful global expansion efforts [1] Group 2: Business Segments and Challenges - The gross margin for coating application products was 37.65%, which has significantly declined due to market competition and cost pressures, leading to lower product prices [2] - The company is experiencing fluctuations in capacity utilization, which has increased unit production costs, but expects improvement in gross margin as order deliveries increase [2] - R&D expenses have increased by over 80% due to investments in solid-state/dry technology and new semiconductor business, impacting profit margins [2] Group 3: Technological Developments - Progress has been made in solid-state equipment, with orders from last year being delivered and recognized by clients [2] - The company has established a pilot platform for perovskite technology and launched new vacuum coating equipment, with successful deliveries of GW-level perovskite coating systems [2] - The robotics segment is seeing limited orders, with ongoing efforts to optimize designs and develop more application scenarios [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 560.48 million yuan, a year-on-year increase of 59.93% [3] - The net profit attributable to shareholders was -23.51 million yuan, a year-on-year decrease of 132.66% [3] - Overseas orders increased, with foreign revenue reaching 17.88 million yuan, a growth rate of 146.51% [3] Group 2: Product and Technology Development - The gross margin for coating application products was 37.65%, showing a significant decline due to intensified market competition and increased production costs [3] - The company has made progress in solid-state/dry process equipment, with multiple orders delivered and customer validation achieved [4][5] - The company launched a self-built perovskite pilot platform and successfully developed new vacuum coating equipment [6] Group 3: Business Segments and Future Outlook - The energy systems business turned profitable, contributing positively to overall profits [3] - The robotics subsidiary has received a few orders for micro linear actuators, but there has been no substantial progress in dexterous hand products [7] - The company aims to continue optimizing design solutions and developing more applications for motion control products [7]

Group 1: Industry Overview - The 2025 SIA Shanghai International Smart Factory Exhibition showcased over 1,000 companies presenting various collaborative robots and intelligent control systems, emphasizing the shift from traditional manufacturing to intelligent manufacturing [1] - China has become the world's largest robot producer, with industrial robot production increasing from 33,000 units in 2015 to 556,000 units in 2024, maintaining the largest industrial robot market for 12 consecutive years [2] - The integration of AI technology into industrial robots is a significant trend, enabling them to autonomously perceive, analyze, and make decisions in complex environments [2] Group 2: Technological Advancements - The intelligent pipeline polishing robot developed by Shanghai ZaiKe Intelligent Technology Co., Ltd. can operate in confined spaces, improving work efficiency by over 10 times compared to manual labor [2] - The smart composite robot from Foshan Zhiqing Technology Co., Ltd. features a dual-brain architecture for precise and smooth operations, capable of working in temperatures from 0°C to 50°C with a positioning accuracy of ±0.05 mm [3] - Electric grippers, which are essential for automation, currently have a low market penetration of only 6% in China, indicating significant growth potential [4][5] Group 3: Vertical Integration and Collaboration - Companies are pursuing vertical integration across the entire value chain to provide customized services for industries such as power batteries, automotive, electronics, and semiconductors [4] - A collaboration between Yikaida Technology (Shanghai) Co., Ltd. and Huayan Robotics (Jiangsu) Co., Ltd. has led to standardized solutions in machine tool loading and spraying, enhancing deployment speed for downstream clients [6] - The China Robot Industry Alliance predicts that by 2025, industrial robot sales in China will exceed 400,000 units, with the market size expected to reach 150 billion yuan [6] Group 4: Expanding Applications - Robots are extending their applications beyond industrial sectors into areas like healthcare, with the introduction of acupuncture robots that utilize 3D vision sensors for precise point location [7] - The acupuncture robot employs graphene purification technology to eliminate smoke generated during the process, making it more suitable for patients with respiratory issues [7] - Companies are also focusing on collaborative robots to enhance services in welding, polishing, and material handling within industrial settings [7] Group 5: Market Dynamics - The exhibition highlighted the robust growth momentum of China's robot market, driven by policy support, technological breakthroughs, and increasing demand across various industries [8]

Core Viewpoint - The article discusses the rapid advancements and competitive landscape of dexterous hand technology within the embodied intelligence sector, highlighting key players and their innovative products in the field [1][63]. Group 1: Company Summaries - **Beijing Yinshi Robot Technology Co., Ltd.**: Founded in 2016, focuses on micro precision motion components and servo control technology, with products like micro servo cylinders and humanoid dexterous hands, excelling in miniaturization and precision control [1]. - **Shanghai Aoyi Information Technology Co., Ltd.**: Established in 2015, specializes in smart bionic prosthetics and rehabilitation systems, recently launching the second-generation dexterous hand ROH-AP001, which features high-density tactile sensors and lightweight design [1][2]. - **Paxini Perception Technology (Shenzhen) Co., Ltd.**: Founded in 2021, focuses on advanced tactile technology and humanoid robots, offering dexterous hands with extensive tactile sensing capabilities [1][9]. - **Zhejiang Qiang Brain Technology Co., Ltd.**: Established in 2015, aims to lead in non-invasive brain-computer interface technology, developing smart bionic hands that integrate with brain-computer interfaces for intuitive control [1][12]. - **Daimeng (Shenzhen) Robot Technology Co., Ltd.**: Founded in 2021, develops high-resolution tactile sensing dexterous hands, integrating AI and robotics for innovative solutions in various fields [1][13]. - **Lingxin Qiaoshou (Beijing) Technology Co., Ltd.**: Established in 2019, focuses on dexterous hands with high degrees of freedom, surpassing human capabilities in certain movements [1][19]. - **Zhejiang Lingqiao Intelligent Technology Co., Ltd.**: Founded in 2024, emphasizes dexterous operation technology, with flagship products featuring multiple degrees of freedom and advanced sensor integration [1][20]. - **Shenzhen Yihai Yuanshi Technology Co., Ltd.**: Established in 2021, focuses on brain-like intelligence and dexterous hand technology, providing innovative solutions for robotic dexterity [1][28]. - **Shenzhen Zhaowei Electromechanical Co., Ltd.**: Founded in 2001, offers micro drive systems, recently launching a new generation of bionic dexterous hands with significant upgrades [1][32]. - **Beijing Siling Robot Technology Co., Ltd.**: Established in 2018, leverages technology from the German Aerospace Center to innovate in robotic applications, focusing on lightweight robotic arms [1][35]. - **Zhongke Guiji (Nanjing) Robot Co., Ltd.**: Founded in 2024, specializes in general dexterous operation capabilities for robots, developing a series of products for various applications [1][54]. Group 2: Industry Trends - The article highlights the competitive landscape of the dexterous hand technology sector, indicating a surge in innovation and product development among numerous companies [1][63]. - The rapid technological advancements and the expansion of application scenarios suggest that the Chinese market for embodied intelligence components is entering a critical phase of competition [1][63].

Group 1: Company Overview and Investor Relations - The investor relations activity involved 43 institutions, including various funds and securities companies [2] - The meeting took place on June 17, 2025, at the company's conference room in Shenzhen [2] Group 2: Solid-State Battery Technology - The company has made significant progress in solid-state battery technology, offering dry and wet film production processes [3] - At the CIBF exhibition, the company launched a solid-state battery manufacturing solution, including dry powder handling and wet electrolyte coating systems [3] - The company has developed multiple core products in dry and wet processes, with ongoing orders and deliveries [3][4] Group 3: Competitive Advantages and Innovations - The company’s dry film technology faces challenges in large-scale application, but it has a strong foundation in wet coating technology [3] - The company has developed innovative ceramic materials for battery equipment, enhancing durability and corrosion resistance [4] - The electrolyte coating technology allows for a thickness control of 1-15µm, providing a competitive edge [4] Group 4: Robotics Business Development - The robotics segment includes products like micro linear actuators and electric grippers, with initial small-scale orders received [5] - The company is in the early investment phase for robotics, with significant uncertainties in industry development and business expansion [5] Group 5: Strategic Business Layout - The company aims to leverage its advanced coating technology to support various applications, focusing on new material industrialization [6] - The strategic positioning encompasses lithium batteries, semiconductors, energy storage, and robotics [7]

Group 1 - The core focus of the Guangdong provincial government is to promote the development of the artificial intelligence and robotics industries, aiming to create a high-tech and high-growth industrial pillar [2][3] - The establishment of the Guangdong Artificial Intelligence and Robotics Industry Alliance is a strategic move to gather resources and enhance the industry's capabilities [2] - The initiative aligns with the national strategy for developing artificial intelligence and robotics, emphasizing high-quality development and innovation [2] Group 2 - Dahuang Robotics is a national high-tech enterprise specializing in industrial intelligent manufacturing, providing core components for precision motion and force control [5][6] - The company was founded by a team with a strong technical background, led by a prominent academic in robotics, aiming to address the limitations of existing robotic end-effectors [6] - Dahuang Robotics has developed a product matrix that includes dexterous hands, electric grippers, and other components, filling gaps in domestic precision manufacturing [8] Group 3 - The company's core technologies include precision control and feedback, high-precision force control, integrated technology, and intelligent technology, achieving superior performance compared to industry standards [10] - Dahuang Robotics has successfully implemented a closed-loop force control algorithm that significantly improved product yield rates for clients [11] - The company emphasizes its ability to provide customized solutions and rapid local support, which has helped it maintain a competitive edge in the market [11] Group 4 - The industry is witnessing a shift from pneumatic to electric technologies, with electric actuators expected to replace pneumatic grippers due to their advantages in precision and energy efficiency [12] - Key trends in the robotics industry include modularization, intelligent perception, and the emergence of collaborative robots, which are expected to drive demand for advanced components [12][13] - Dahuang Robotics aims to lead in the global market for dexterous actuators, focusing on the integration of AI and physical systems to enhance precision and intelligence [13]