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]

Group 1: Investor Relations Activity Overview - The event was a product launch for the fabric tactile smart gloves, aimed at disclosing core product R&D and industrialization progress to investors [3] - The event included participation from over 80 institutions, including notable names like Hong Kong University and Shanghai Jiao Tong University [3][4] - The event took place on September 12, 2025, from 13:30 to 17:00 [3] Group 2: Academic Reports - Experts presented on breakthroughs in robotic manipulation technology, focusing on "grasping" as a core element [4] - Topics included human demonstration learning, robot throwing research, tactile perception and control, and visual-tactile integration for grasping [4] Group 3: Product Launch Details - The new fabric tactile smart gloves integrate flexible sensing and actuation fibers, achieving high integration of perception, actuation, and processing [4] - The gloves are designed for applications in remote operation of industrial robots, robot skill learning, and virtual assembly testing [6] - The gloves feature high precision, low latency, and strong comfort, supporting multiple platform applications [6] Group 4: Strategic Partnerships - Strategic cooperation agreements were signed with Junsheng Electronics and Changsheng Bearings to promote market deployment of the smart gloves [4] - The collaboration aims to develop key components for humanoid robots and enhance material supply chains [8] Group 5: Future Applications and Market Strategy - The gloves are expected to be used in three main scenarios: remote operation, robot skill training, and virtual assembly [6] - The company plans to collaborate with partners to drive commercialization and market expansion of the gloves [6] - The company aims to enhance the quality of tendon ropes, targeting a lifespan of 1 million uses for industrial applications [8] Group 6: Event Summary - The event effectively communicated the company's core product advancements, technical advantages, and strategic plans to investors [9] - The company will maintain regular communication with investors through various channels to ensure transparency and protect investor rights [9]

Group 1 - The company reported a revenue of 731 million HKD for the first half of 2025, representing a year-on-year growth of 36% [1][2] - The net profit attributable to shareholders was 339 million HKD, showing a year-on-year increase of 30% [1][2] - Asset financing increased significantly by 69%, with an annual dividend yield approaching 8% [1][2] Group 2 - The company announced the establishment of a new subsidiary focused on advanced materials for robotics, targeting key materials such as electronic skin, tendons, and lightweight PEEK [2] - The new subsidiary aims to enhance collaboration with research institutions and industry partners to address critical performance and cost control challenges in robotics [2] - The company has made systematic investments in leading firms across core areas including humanoid robot bodies, motion control, perception interaction, and intelligent algorithms [2]

Investment Rating - Industry Rating: Outperform the market [5] - Rating Change: Maintain [5] Core Insights - Dexterous hands are the core solution for humanoid robot end effectors, with current technology routes not converging and significant customization demands from downstream customers, giving an advantage to whole hand and module manufacturers [1][3] - Dexterous hands mimic human hands, integrating drive systems, transmission systems, and sensing systems, offering high flexibility but at a higher cost and lower reliability and maintainability compared to traditional grippers [1][3] - The report identifies three main trends in the development of dexterous hands: the coexistence of multiple technology routes, an increase in degrees of freedom and sensor usage, and the necessity for collaboration between manufacturers and external suppliers due to high R&D costs and long cycles [3][27] Summary by Sections Section 1: Dexterous Hands as Core Solutions - Dexterous hands are designed to flexibly manipulate objects and meet various operational needs, with Tesla's dexterous hand currently in its third iteration capable of performing complex tasks [13][15] - The key difference between dexterous hands and traditional grippers is the higher degree of freedom in dexterous hands, allowing for more complex grasping operations [1][19] Section 2: Core Systems of Dexterous Hands - The dexterous hand consists of three core systems: drive system, transmission system, and sensing system [27] - The drive system primarily includes electric, hydraulic, pneumatic, and shape memory alloy drives, with the electric drive being the mainstream solution [27][30] - The transmission system includes reducers, screws, and tendon systems, with planetary reducers and worm gearboxes being the most commonly used [27][46] - The sensing system comprises force/moment sensors, position sensors, and tactile sensors, which are crucial for providing feedback and enhancing the dexterous hand's functionality [27][75] Section 3: Development Trends of Dexterous Hands - The technology routes for dexterous hands are expected to remain diverse in the short term, with no convergence anticipated [3][92] - Future improvements in dexterous hands will likely include increased degrees of freedom and a rise in the usage of tactile sensors, which will enhance the overall value of the dexterous hand [3][92] - The high R&D investment and long development cycles necessitate collaboration between manufacturers and external suppliers, as dexterous hand development constitutes a significant portion of humanoid robot engineering [3][92] Section 4: Investment Recommendations - Companies such as Jiechang Drive, Longsheng Technology, Zhaowei Electromechanical, and Jiangsu Leili are highlighted for their potential in the dexterous hand market due to their innovative approaches and collaborations [8][4]