Group 1 - The core components of semiconductor equipment are vacuum manipulators and cluster tools, which are widely used in wafer manufacturing and packaging testing throughout the entire process chain [1] - New松 Semiconductor aims to alleviate the "bottleneck" issue in semiconductor equipment through the self-controllability of its vacuum manipulator series products [1] - The current main products of New松 Semiconductor include vacuum wafer transport products and atmospheric wafer transport products, with the former including vacuum manipulators and platforms [1] Group 2 - New松 Robotics has attracted strategic investors such as the National Integrated Circuit Industry Investment Fund and Northern Huachuang, facilitating deep cooperation with strategic customers [2] - Despite achieving international standards in vacuum manipulators and cluster tools, there is still room for improvement in consistency and reliability [2] - The company is confident in surpassing overseas competitors and aims to capture the largest market share in China by 2027-2028 [2]

2024年，机器人半导体装备业务板块营收约为5.74亿元，同比增长99.41%；占公司总体营业收入的比重 为13.88%，同比提升5.62%；公司在下游半导体行业的毛利率约为26.93%，同比增长8.32%。"未来，在 外部环境及下游需求持续的大背景下，公司此业务板块的规模化效应将进一步显现，营收及毛利率预计 将继续保持增长趋势。"机器人表示，公司在半导体装备业务领域除实现"国产替代"外，同样注重产品 技术的迭代，在原有真空/大气机械手产品的基础上，面向半导体工艺制程和客户端的实际需求，开展 新产品的研发与成熟产品的技术迭代优化工作，如对大气机械手进行全新结构设计，旨在提升大气环境 下特殊工艺的晶圆传输精度；如驱控一体化设计优化，旨在提升工艺设备的产能和空间利用率；如优化 软件控制代码，旨在提高机械手整体运动控制的稳定性等。 机器人认为，从全球市场角度，中国工业机器人市场已然成为全球最大的工业机器人消费市场，长期来 看，受国际市场对自动化解决方案的需求推动影响，尽管外部环境存在不确定性，预计全球工业机器人 的长期增长趋势仍将持续，国内工业机器人市场如汽车整车、新能源等部分终端去年需求增速放缓，部 分下游产业如 ...

Group 1: Semiconductor Equipment Business - The company's semiconductor equipment business includes products such as atmospheric manipulators, vacuum manipulators, EFEM, and vacuum transfer platforms, primarily used in etching, thin film deposition, and ion implantation processes [2][3] - In 2024, the semiconductor equipment business generated revenue of approximately CNY 574 million, a year-on-year increase of 99.41%, accounting for 13.88% of the company's total revenue, up by 5.62% [4] - The gross margin for the semiconductor sector is around 26.93%, reflecting a year-on-year growth of 8.32%, with expectations for continued growth in revenue and gross margin due to external demand [4] Group 2: Market Position and Competition - The company is one of the earliest domestic enterprises to achieve industrialization of semiconductor manipulators, competing with foreign firms like Brooks (USA) and Rorze (Japan) [3] - The company focuses on domestic substitution while also emphasizing product technology iteration, enhancing the precision and efficiency of its products [5] Group 3: Industry Trends and Growth Potential - The Chinese industrial robot market is the largest globally, with long-term growth expected despite uncertainties in the external environment [6] - The company has implemented a "3+3+N" strategy to focus on core business, achieve standardized mass production, and reduce costs, leading to a gradual increase in overall gross margin [7] Group 4: Artificial Intelligence Developments - In 2024, the company is focusing on AI technologies such as large models, intelligent visual perception, and digital twins, with advancements in 3D vision and smart logistics systems [8][9] - The establishment of a research institute for embodied intelligence aims to accelerate the development and application of AI technologies and products [9] Group 5: International Expansion - The company is expanding its global footprint by establishing new entities in countries like Japan, Mexico, and the USA, with a focus on Southeast Asia [9] - In 2024, export revenue is expected to account for approximately 12.25% of total revenue, with limited impact from international policies [9]

Industry Outlook - The domestic robotics industry is in a rapid growth phase, with significant opportunities for development as robots integrate with AI and big data technologies [2][4] - Future trends include broader applications in sectors such as semiconductors, new energy, smart healthcare, smart education, finance, and national defense [3] Financial Performance - In 2024, the company achieved a record revenue of CNY 4.138 billion, a year-on-year increase of 4.33%, while the net profit attributable to shareholders was CNY -194 million, with a gross margin of 14.62%, up by 0.84% [4] - R&D investment for 2024 was CNY 301 million, reflecting a year-on-year growth of 3.6% [4] Strategic Initiatives - The company’s "3+3+N" strategy focuses on three core product areas (industrial, mobile, and special robots) and three application technologies (welding automation, assembly automation, and logistics automation), aiming to foster new business through strategic investments [5][6] - Plans to enhance technological innovation, profitability, market share, and operational efficiency in response to external market changes [4][15] Market Challenges - The company faces challenges from global trade disputes and fluctuating international political and economic conditions, with overseas business revenue accounting for approximately 12.25% in 2024 [8][9] - The slowdown in the growth rate of the Chinese industrial robot market has impacted the company's performance [12] Core Competencies - The company has completed over 800 national technology projects and holds more than 700 patents, establishing a strong foundation in core technologies such as industrial robot control and 3D vision [10] - A diverse product line covers a full range of industrial, mobile, and special robots, certified by ISO9001 quality management systems [10] Future Development Plans - The establishment of the Embodied Intelligence Research Institute aims to advance AI technologies and products, with a focus on creating a comprehensive ecosystem for development [14][15] - The company plans to enhance its overseas market presence, particularly in Southeast Asia, to mitigate regional risks and strengthen its competitive edge [9]