Core Viewpoint - The company is strategically focusing on the robotics sector, with a clear positioning of its core components business integrated into its "14th Five-Year" strategic plan [1] Group 1: Strategic Planning - The company emphasizes the importance of the robotics field, led by the chairman, focusing on core component technology breakthroughs [1] - The strategic development path is defined as "from core components to scenario-based solutions," leveraging advanced materials and patent reserves [1] Group 2: Product Development and Progress - Several protective products, including flexible joint protectors and protective gloves, have completed commercialization and small-scale deliveries [2] - The ultra-high molecular weight polyethylene fiber transmission tendons are being tested by multiple domestic and international robotics companies [2] - Development of electronic skin garments and gloves is progressing steadily, focusing on the integration of flexible elastomers and sensors [2] Group 3: Business Operations and Collaborations - The company is advancing multiple lines of business in humanoid robotics, engaging in deep collaborations with leading firms in the sector [2] - The company is planning and constructing pilot production lines to enhance scalable and customized production capabilities [2] Group 4: Market and Financial Outlook - The robotics-related business is currently in the market expansion and capacity building phase, with no significant profit contribution yet [3] - Future performance and profitability will depend on the development pace of the downstream robotics industry, with uncertainties affecting precise forecasts [3]

格隆汇1月26日丨恒辉安防(300952.SZ)近日接受特定对象调研时表示，公司机器人相关产品正处于多品 类、分阶段并行推进的状态。其中，柔性关节保护件、防护手套等多款外覆防护产品，已完成商业化落 地并实现小批量商品交付；超高分子量聚乙烯纤维传动腱绳已向国内外多家机器人本体及灵巧手企业送 样测试，同步协助完成配套固定装置适配，重点推进"腱绳 + 套管 + 封夹 + 传感器"一体化解决方案研 发，目前处于供应商准入对接阶段；皮肤衣、皮肤手套已完成多轮送样，正根据终端反馈持续迭代打磨 优化产品性能；电子皮肤衣、电子皮肤手套的开发工作稳步推进，现阶段聚焦柔性弹性体与传感器的集 成封装及功能测试。与此同时，公司正加紧推进相关中试产线的规划与建设，力争春节前中试车间建成 落地，系统性提升规模化、定制化产能配套能力。 ...

Group 1: Company Overview and Strategic Focus - Jiangsu Henghui Security Group Co., Ltd. emphasizes its strategic planning in the robotics sector, integrating core components into its "14th Five-Year Plan" [3] - The company aims to leverage its expertise in high-end materials, such as ultra-high molecular weight polyethylene fibers, to enhance its robotics business [3][4] - The strategic development path includes three main sectors: traditional security, high-end new materials, and robotics, fostering mutual empowerment and collaboration [3] Group 2: Robotics Business Development - The company is currently advancing multiple robotics-related products, including flexible joint protectors and protective gloves, with initial commercial deliveries already made [3][5] - Ongoing projects include the development of an integrated solution involving tendon ropes, casings, clamps, and sensors, with supplier qualification processes underway [3][4] - The robotics business is still in the market expansion and capacity building phase, with no significant profit contributions expected in the near term [5] Group 3: Production Capacity and Technological Advancements - The company has made substantial progress in its project to produce 4,800 tons of ultra-high molecular weight polyethylene fibers, with two production lines achieving stable output and initial order deliveries completed [6] - Future plans include an additional 12,000 tons of production capacity, with 7,200 tons to be initiated based on market demand and strategic alignment [6] Group 4: Biodegradable Polyester Rubber Project - The company is developing an 11,000-ton biodegradable polyester rubber project, with the first phase of 1,000 tons expected to commence production in August 2024 [7] - This material is intended for diverse applications, including tire manufacturing and medical uses, and is anticipated to create new revenue streams [7] Group 5: Share Repurchase and Management Insights - The company has repurchased 1.701711 million shares for employee stock ownership plans or equity incentives, though the specific timing for the equity incentive rollout remains undetermined [8] - Recent share reduction plans by major shareholders were not fully executed due to confidence in the company's core business potential and to maintain stock price stability [8]

Core Viewpoint - The company is advancing its robotics-related products through multiple categories and stages, focusing on the development of core components for robots, which is a strategic extension of its existing business in protective materials and technology applications [1] Group 1: Product Development - The company has successfully commercialized several protective products, including flexible joint protectors and protective gloves, with small batch deliveries already taking place [1] - High molecular weight polyethylene fiber tendon ropes have been sent for testing to various domestic and international robotics companies, with ongoing support for the adaptation of associated fixtures [1] - Development of electronic skin garments and gloves is progressing steadily, focusing on the integration and functional testing of flexible elastomers and sensors [1] Group 2: Strategic Positioning - The core components business has been clearly defined and is included in the company's "14th Five-Year Plan" as a new business segment [1] - The company aims to leverage its 20 years of experience in protective materials and processes to enhance its research and development in robotics components and expand its customer base [1] - The goal is to create a synergistic development model that combines traditional safety protection, advanced new materials, and new robotics business, establishing a new growth driver for the company [1]

Core Viewpoint - The company is actively developing its humanoid robot business and has established collaborations with leading firms in the robotics sector, focusing on technology exchange and joint research [1] Group 1: Company Strategy and Performance - The company acknowledges the stock price volatility influenced by macroeconomic factors and industry cycles, emphasizing its commitment to core business and improving operational performance to create long-term value for shareholders [1] - The company has a clear layered strategy in the humanoid robot field, leveraging its core technology in ultra-high molecular weight polyethylene fibers and 20 years of experience in hand protection [1] Group 2: Product Development and Collaborations - Multiple products, including flexible joint protection components, have achieved commercialization in humanoid robot scenarios, with positive testing feedback from domestic and international robotic companies [1] - The company is advancing the development of integrated solutions and supplier access for robotic tendon cables, as well as iterating and optimizing products like skin suits and skin gloves based on customer customization needs [1] - The development of electronic skin suits and electronic skin gloves with integrated sensors is progressing according to plan, with ongoing deep engagement with several leading companies in the robotics field [1]

Group 1: Robot Business Development - The company is making parallel progress in robot development, with several products achieving substantial milestones, including protective components and integrated solutions for humanoid robots [2] - The company is focusing on customized development for robot skin clothing and gloves, with ongoing collaborations with domestic and international clients [2] - The company has partnered with leading sensor companies to enhance the development of electronic skin products, aiming to integrate protective and flexible sensing functions [2] Group 2: Market Outlook and Strategic Planning - The company is optimistic about the robot industry's growth, driven by the acceleration of industrialization in humanoid robots, medical robots, and other segments [3][5] - The company has incorporated robot business into its "14th Five-Year" strategic plan, emphasizing a clear layout for technology collaboration and component development [5] - The company plans to build a dual production capacity system in China and Vietnam to ensure supply chain stability and cost advantages [5] Group 3: Production Capacity and Material Development - The company is progressing with a project to produce 4,800 tons of ultra-high molecular weight polyethylene fiber, which is expected to enhance its production capacity and market competitiveness [7][8] - The company anticipates strong growth in the ultra-high molecular weight polyethylene fiber sector, supported by increasing global demand and its unique technological advantages [8] - The biodegradable polyester rubber project is advancing smoothly, with initial production expected to begin in August 2024, and potential customer engagements are underway [9] Group 4: Order Status and Market Response - The company reports a positive trend in glove orders, with a recovery in the U.S. market following a period of pressure due to tariffs [6] - The company is addressing production bottlenecks in new factory processes to meet order delivery demands [6] - The company is actively pursuing market connections for its biodegradable rubber, with preliminary discussions with potential clients in various applications [9]