①人形机器人胸腔内部集成大量发热元器件，未来引入液冷方案具有必要性，这家拥有汽车热管理技术的 厂商具备明显技术优势；②人形机器人安全性仍有提升空间，有望加装接近人类触觉的电子皮肤，这家上 市企业为电子皮肤领域的头部厂商之一；③人形机器人量产核心卡点在于灵巧手，腱绳为两大技术趋势之 一，这两家企业已具备腱绳先发优势，有望受益量产浪潮。 《金牌纪要库》是财联社VIP倾力打造的一款高端会议纪要类产品，结合财联社的媒体资源和行业圈层 优势，为投资者提供全面、深入的市场及行业洞察，以及专业分析和解读。 栏目专注于捕捉投资市场 的最新题材机会，通过一线记者的即时报道、资深编辑的专业整理，以及行业资深专家的深度访谈，为 投资者提供前瞻性、独家性、热门性及专业性的市场分析。 前言 ...

Core Viewpoint - The company is steadily advancing its business in the robotics sector, focusing on tendon ropes, electronic skin gloves, coating materials, and outerwear, in line with its strategic plan [1] Group 1: Company Developments - The humanoid robot industry is currently in a critical phase of mass production, and the company is well-prepared with core material technology and production capacity to support this scale-up [1] - The company will respond promptly to market demand and keep pace with the industry's mass production rhythm [1] Group 2: Regulatory Compliance - The company commits to fulfilling its information disclosure obligations in accordance with legal and regulatory requirements if there are any developments that meet the disclosure standards [1]

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司为擎天柱机器人提供的灵巧手小样，目前 验证的进度如何了？是否有小批量订单？国内的机器人头部企业是否已经给贵公司下发了批量订单？ 南山智尚（300918.SZ）12月11日在投资者互动平台表示，尊敬的投资者您好！目前公司在机器人领域 布局的腱绳、电子皮肤手套、包覆材料和外衣等相关业务正按照公司规划稳步推进，当前人形机器人行 业正处于量产攻坚阶段，公司凭借核心材料技术沉淀与产能储备，已做好同步规模化配套的充分准备， 后续将紧跟行业量产节奏及时响应需求。若有达到信息披露标准的相关进展，公司将严格按照法律法规 及监管要求履行信息披露义务，敬请广大投资者注意投资风险，感谢您对公司的关注。 ...

Core Viewpoint - The company, Jun Ding Da (骏鼎达), is currently in the testing and validation phase for its key research product "Tendon Rope" and is making steady progress according to its planned schedule [2]. Group 1 - The product "Tendon Rope" is still undergoing testing and validation, with ongoing research and development work proceeding as planned [2]. - Technical calibration and scenario adaptation for the product are being carried out steadily [2]. - The current testing and validation of the product do not involve applications in the low-altitude aircraft sector [2].

Group 1: Collaboration and Product Development - The collaboration with Junsheng Electronics focuses on the development of key components for humanoid robots and the supply of high-performance new materials [1][2] - The company is currently producing fabric materials for robot heads, meeting various performance requirements such as tensile strength, temperature resistance, and aesthetics [2] Group 2: Future Applications of Data Gloves - Data gloves are expected to be used in three main scenarios: remote operation of industrial robots, skill learning for robots, and virtual assembly testing in VR environments [3] Group 3: Market Outlook for Tendon Solutions - The company has received small batch orders from leading domestic and international robot manufacturers for tendon products, which are applicable in various humanoid robot parts [4] - Future focus will be on key products like tendons, smart gloves, and PA66 coating materials, aiming for lightweight, functional, and scalable developments [4] Group 4: Nylon Project and Industry Trends - The nylon fiber market is expected to grow due to the increasing popularity of outdoor and sports apparel, with a focus on sustainable and high-end products [5] - The company aims to integrate technology innovation with sustainable development to enhance the value chain in the nylon industry [5] Group 5: AI Integration in Fashion Design - The company is incorporating AI design systems into its high-end fashion business to meet customized client needs and enhance product differentiation [6] Group 6: Growth Points in Nylon Business - Future growth in the nylon sector will focus on differentiated functional fibers and applications in new consumer markets and humanoid robot coverings [7] Group 7: Financial Performance - In the first three quarters of 2025, the revenue from ultra-high fibers increased by 11.56% year-on-year, with a gross profit increase of 175.24% and a net profit growth of 212% [8] - The company’s foreign trade revenue for ultra-high fibers surged by 256.16% compared to the same period in 2024 [9] Group 8: Employee Stock Ownership Plan - The employee stock ownership plan will not significantly alter the company's equity structure, with a maximum of 10% of the total share capital held by all employees [10] Group 9: Cash Flow and Investment - The decrease in operating cash flow is attributed to increased cash outflows for the 80,000-ton nylon filament project [11] Group 10: Dual-Drive Strategy - The company is implementing a dual-drive strategy of "traditional wool spinning + new materials" to enhance its product matrix and accelerate the development of new materials [12] Group 11: Core Advantages of Nylon Project - The 80,000-ton high-performance differentiated nylon filament project has a total investment of approximately 1.5 billion yuan, focusing on advanced production systems and market positioning [11] Group 12: New Application Areas for Ultra-High Business - The ultra-high business is expanding into new markets such as fishing lines, civilian textiles, and robot tendons, with a focus on high-performance product development [12] Group 13: Performance Standards for Tendon Materials - The lifespan of tendon materials is targeted to reach 100,000 cycles for household use and 1,000,000 cycles for industrial applications, with plans for further development [13]

Core Viewpoint - Henghui Security (300952) has established a development center for core components and protective parts of embodied intelligent robots, focusing on the research and development of flexible joint protection parts, protective gloves, tendons, and lightweight profiles [1] Group 1: Product Development - The company is currently developing flexible joint protection parts, protective gloves, tendons, and lightweight profiles [1] - Some products, such as flexible joint protection parts and protective gloves, have already achieved commercialization and delivery [1] - Products like tendons and lightweight profiles are in multiple rounds of sample delivery and technical communication stages, and have not yet achieved mass production [1]

Core Viewpoint - The company has established a development center for core components and protective gear of embodied intelligent robots, focusing on the research and adaptation of various products, including flexible joint protective parts and protective gloves [2] Group 1: Business Development - The company has successfully commercialized some products, such as flexible joint protective parts and protective gloves, while other products like tendons and lightweight profiles are still in the sampling and technical exchange phase, with no mass production achieved yet [2] - The company has not disclosed information regarding customer cooperation lists or entry into specific supply chains (T chain) due to commercial confidentiality [2] Group 2: Future Outlook - The company will announce any significant progress regarding orders and mass production in accordance with regulations [2]

Core Insights - Nanshan Zhishang reported a revenue of 1.226 billion yuan and a net profit of 117 million yuan for the first three quarters of 2025, showcasing strong financial performance driven by innovations in high-end new materials [1] Group 1: Financial Performance - The company achieved a revenue of 1.226 billion yuan and a net profit of 117 million yuan in the first three quarters of 2025 [1] - The gross profit of ultra-high molecular weight polyethylene fiber products increased by 175.24% year-on-year, with a gross margin growth of 15.54% [1] - Net profit from ultra-high molecular weight polyethylene fiber products grew by 212%, indicating its role as a core growth engine for the company [1] Group 2: Product Innovations - The company has developed a fabric tactile smart glove that integrates electronic skin technology with flexible fabric sensors, enabling humanoid robots to achieve near-human tactile perception [2] - The smart glove can accurately identify pressure, texture, and temperature changes, facilitating refined and intelligent actions for robots [2] - Nanshan Zhishang plans to collaborate with Changsheng Bearing and Yihaiyuan to develop high-strength, high-lifetime tendon ropes, aiming for a lifespan of up to ten million cycles [2] Group 3: Production Capacity - The company has established a 3,600-ton ultra-high molecular weight polyethylene fiber intelligent production line and an 80,000-ton high-performance differentiated nylon filament production line to meet future demands [2] - The nylon fiber products, particularly the 66 nylon with a density of 1.14-1.15 g/cm, are positioned to capitalize on the lightweight trend in robotics [2] Group 4: Talent Retention and Corporate Strategy - Nanshan Zhishang has introduced an employee stock ownership plan aimed at attracting and retaining professional talent, focusing on the core technology team in the robotics business [3] - The plan, approved at the second extraordinary shareholders' meeting in October 2025, aims to enhance the company's competitive edge in the new materials sector for humanoid robots [3] - This initiative reflects the company's commitment to advancing industrial upgrades and seizing future technological opportunities [3]

Core Insights - Nanshan Zhishang (300918.SZ) has successfully completed multiple sample deliveries to leading domestic and international manufacturers of robotic bodies and dexterous hands, with some manufacturers already receiving small batch orders [2] Group 1: Company Developments - The company’s tendon products now cover various application scenarios for humanoid robots, including dexterous hands, arms, and legs [2] - Nanshan Zhishang plans to further deepen its layout in key segments of the humanoid robot industry chain, focusing on core products such as tendons, smart gloves, PA66 coating materials, and outerwear [2] - The company aims to continuously promote breakthroughs in the development of robotic application materials towards lightweight, functional, and large-scale directions [2] Group 2: Shareholder Information - As of September 30, 2025, the number of shareholders for the company stands at 28,977 [2]

Core Insights - The company Nanshan Zhishang has made significant progress in the iteration of its tendon products for humanoid robots, including high-strength, low-creep, high-wear, and elastic tendons, enhancing performance through advanced materials and processes [2] Group 1: Product Development - The company has developed multiple iterations of tendon products that cater to applications in humanoid robot dexterous hands and bionic robot body drives [2] - The tendon products are based on ultra-high molecular weight polyethylene fibers, with enhancements such as surface reinforcement and low-friction high polymer material coatings [2] Group 2: Market Engagement - The company has sent samples of its tendon products to leading domestic and international robot manufacturers, with some firms already placing small batch orders [2]