Core Viewpoint - Fuliwang (688678.SH) has entered the sample delivery phase for its micro screw products, indicating progress in its product development and potential market expansion [1] Group 1: Product Development - The company has begun delivering samples of micro screws to five leading industry clients, showcasing its commitment to innovation and customer engagement [1] - In addition to micro screws, Fuliwang has started shipping various metal components, including parts for robotic reducers (planetary gear reducers, limit sleeves), joint module components (joint covers, drive brackets, finger joint components, linear joint main housings), and high-precision wave springs [1]

Core Viewpoint - Fuliwang (688678.SH) has entered the sample delivery stage for its micro screw products, indicating progress in its product development and potential market expansion [1] Group 1: Product Development - The company has sent samples of micro screws to five leading industry clients, showcasing its commitment to innovation and customer engagement [1] - Fuliwang has begun shipping various metal components, including parts for robotic reducers (planetary gear reducers, limit sleeves), joint module components (joint covers, driver brackets, finger joint assemblies, linear joint main housings), and high-precision wave springs [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **gear reducer** industry, specifically focusing on the **harmonic reducer** used in industrial robots, which is one of the three core components of robots, accounting for approximately one-third of the cost [1][2]. Core Insights and Arguments - **Types of Gear Reducers**: Gear reducers are classified into traditional and precision reducers. Precision reducers offer higher control accuracy and reliability, suitable for high-end CNC machines and industrial robots [2]. - **Market Growth**: The industrial robot market is experiencing rapid growth, with China's industrial robot production expected to reach **556,000 units** in 2024, a year-on-year increase of approximately **30%**. The compound annual growth rate (CAGR) for harmonic and RV reducers from 2020 to 2024 is projected to exceed **20%** [1][16]. - **Material Requirements**: Harmonic reducers have high material requirements, especially for the flexible wheel, which needs good toughness, wear resistance, and processing performance. Common materials include **40CrNiMo** and **12CrMo** [1][6]. - **Production Techniques**: Precision stamping technology is expected to replace traditional forging in robot manufacturing, significantly improving efficiency and reducing costs [1][12]. - **Harmonic Reducer Demand**: The demand for harmonic reducers is growing faster than that for RV reducers, aligning with the trends of miniaturization and high precision in robotics [1][16]. Additional Important Content - **Material Composition Impact**: The performance of flexible and rigid wheels is significantly influenced by material composition, where the balance between strength and toughness is crucial [7][8]. - **Harmonic Reducer Structure**: The structure of the flexible wheel can vary, with cup-shaped designs being the most common in the market due to their effective engagement with the rigid wheel [9]. - **Challenges in Manufacturing**: The wear of the rigid wheel is a primary failure cause in harmonic reducers, necessitating high-quality steel to ensure long-term stability and reduce failure risks [13][14]. - **Future of Humanoid Robots**: Humanoid robots are anticipated to be a major growth area, with Tesla's plan to produce thousands of its Optimus robot by 2025, significantly increasing the demand for harmonic reducers [17]. - **Market Size Projections**: If industrial robot production reaches **10 million units**, the overall gear reducer steel market could be approximately **19.1 billion RMB**, with a potential increase of **4 billion RMB** from material substitutions [17]. - **Company Developments**: Companies like **Xianglong New Materials** and **Henggong Precision** are focusing on precision stamping and ductile iron production, respectively, with significant market shares and growth potential [18][19]. Conclusion The conference call highlights the robust growth trajectory of the gear reducer market, particularly for harmonic reducers in the industrial robotics sector. The emphasis on material innovation, production efficiency, and the evolving landscape of humanoid robots presents significant investment opportunities and challenges within the industry.