Core Viewpoint - The company, Fulei New Materials, has launched its third-generation electronic skin, which represents a significant advancement in tactile sensing technology, enabling robots to have enhanced perception capabilities [4][5][6]. Product Launch and Features - Fulei New Materials held a product launch event in Shanghai, introducing the third-generation electronic skin, also known as "flexible sensors," which incorporates a Tactile Processing Unit (TPU) for edge computing [4][5]. - The new product allows for advanced tactile feedback, providing detailed information about the objects being touched rather than just basic contact data [4][5]. - The third-generation electronic skin features three core breakthroughs: integration of sensing and processing, advanced intelligent algorithms for deeper perception, and an increased effective sensing area [5][6]. Market Demand and Orders - The electronic skin has garnered interest from numerous domestic and international clients, with some expressing clear demand for bulk orders [4][9]. - In the North American market, the company has achieved small batch orders, indicating a growing interest in its products [9]. Strategic Direction and R&D Investment - Fulei New Materials is transitioning from a functional coating material supplier to an intelligent sensing solution provider, with the electronic skin being a key component of this transformation [5]. - The company has significantly increased its R&D investment, particularly in the flexible sensor project, which has seen funding in the million-yuan range [7]. - The R&D team is expanding, bringing together experts in sensor technology and AI algorithms to tackle technical challenges in the sensor field [7]. Collaborations and Industry Impact - The company is fostering partnerships with leading research institutions to enhance its technology, including a collaboration with Zhejiang Tsinghua Flexible Electronics Technology Research Institute [8]. - The integration of flexible sensing technology with AI algorithms is expected to create a significant impact on the industry, driving innovation and development in embodied intelligence applications [8].

Core Viewpoint - The report from Huaxin Securities indicates that Fulei New Materials has experienced a decline in net profit for the first three quarters of 2025, but shows significant growth in Q3, driven by the upcoming launch of the third generation of electronic skin products [1] Financial Performance - For the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 0.65 billion yuan, a year-on-year decrease of 7.83% [1] - In Q3, the net profit attributable to shareholders was 0.14 billion yuan, reflecting a year-on-year increase of 102.23% but a quarter-on-quarter decline of 14.87% [1] Product Development - The company is set to release the third generation of electronic skin on November 27, following the launch of the first and second generations earlier in the year [1] - The company has chosen a simple structure and mass production-friendly resistive technology for its electronic skin, similar to the lithium iron phosphate battery concept in the new energy sector [1] Market Applications - The company's flexible sensors and tactile perception systems are currently applied in various fields, including humanoid robots, industrial inspection, smart wearables, companion robots, and medical testing [1] - Collaborations have been established with several well-known domestic and international robotics and dexterous hand companies [1] International Expansion - In September, the company established a wholly-owned subsidiary, Apex Sensing LLC, in California, USA, and formed a local business team to accelerate the integration of flexible sensing technology with the North American embodied intelligence industry [1] - Progress in this international expansion is reported to be smooth [1] Investment Rating - The company has been given a "Buy" investment rating by Huaxin Securities [1]