薄如蝉翼的柔性太阳翼，为卫星和空间站供给稳定电能；尺寸袖珍的微纳机器人，可钻血管进行病症治 疗；动作敏捷的"钢铁侠"拳手，献上精彩的拳击赛……在今年的高交会上，5000余项新技术、新成果集 中展示，吸引全球业界目光投向深圳、投向中国。 转自：深圳特区报 深圳特区报记者 闻坤 熊子恒 从小小的"荔枝节"，发展壮大成为"中国科技第一展"，高交会不仅是全球科创力量汇聚与高水平创新资 源对接的大平台，更是深圳、大湾区以及中国对外开放的重要窗口，引领全球科技创新产业创新风向， 推动高水平"走出去"、高质量"引进来"。 11月14日至16日，第27届高交会这个一年一度的大展，汇聚全球前沿科技，将今年的创新热度推向高 潮。 "中国科技第一展"的实力体现在集体亮相的"硬科技"项目。40多家央国企带来的"大国重器"尤为吸 睛："深圳星"亚太6D卫星见证太空探索的中国力量，华龙一号彰显能源领域的自主创新，EH216-S无人 驾驶载人航空器勾勒低空经济的发展蓝图，每一项成果无不彰显着中国创新的硬核实力。 数据会说话：本届高交会吸引全球120多个国家和地区的专业观众，3天累计入场突破45万人次，同比增 长13%；举办重大活动200余 ...

高交会被誉为"中国科技第一展"，历来是科技创新、产业发展的风向标。11月14日，第二十七届中国国 际高新技术成果交易会（简称"高交会"）在深圳国际会展中心启幕，为期三天。 开展首日，南都湾财社记者在现场看到，12号馆的宇树科技展区被围得水泄不通。展台中央，两台人形 机器人正在擂台上"激烈互殴"，出拳凶猛， 甚至有零件被打落在地。围观者举着手机，快门声不绝于 耳。 而在不远处的11号馆，一场"机器人总动员"快闪巡游正在上演，众擎、乐聚、戴盟等一众机器人企 业"组队"亮相，仿佛一支"硅基军团"。 如果说"格斗"和"巡游"是武力展示，那么"才艺秀"则展现了"精细活"。在智平方展台，通用智能机器 人"爱宝"正激情"演奏"架子鼓；另一边，晨昏线科技的机器人则在"说啥弹啥"，根据语音指令弹奏起 《我和我的祖国》。 一 人形机器人"大脑"竞速 南都湾财社记者探馆发现，无论是宇树机器人的格斗，还是智平方机器人的打鼓，看似炫技的背后，实 则是AI大模型、灵巧手、传感器等核心技术的一次集体"亮剑"。这背后，一场从"秀肌肉"转向"亮订 单"、从"展品"变为"产品"的商业竞速赛，已悄然打响。 "硬件这两年发展得非常快，下一步的挑战， ...

Core Insights - The application value of general-purpose robots largely depends on their upper limb operational capabilities, which are tied to their sensory abilities and the enhancement of sensory hardware and software [1] - The emerging consensus in the industry is that the embodied intelligent robot market is driving significant growth in China's sensor market, creating new downstream applications beyond traditional consumer and automotive electronics [1] - The rise of the Chinese robotics industry is accelerating the growth and technological breakthroughs of domestic sensor manufacturers [1] Sensor Market Dynamics - The humanoid robot industry is becoming a new engine for the growth of the sensor market, with sensors accounting for approximately 20% of the cost in robotic systems [4] - China's sensor market is projected to exceed 406.12 billion yuan in 2024, with a year-on-year growth of 11.4%, and is expected to reach 579.34 billion yuan by 2027 [4] - The high-end sensor market has been dominated by international giants, with the top five foreign manufacturers holding 88% of the market share in IMU sensors [4] Technological Advancements - The "Tiangong" humanoid robot, developed by the Beijing Humanoid Robot Innovation Center, won the 100-meter race at the World Humanoid Robot Games, showcasing its advanced sensory capabilities [2] - The robot's performance is attributed to its use of inertial sensors that provide real-time motion data, enabling it to maintain balance and navigate complex environments [2] - Domestic companies are demonstrating strong technological capabilities, with examples like Daimeng Robotics creating the world's first mass-producible millimeter-thick tactile sensors [4] Domestic Sensor Industry Growth - The demand from the humanoid robot industry is driving an increase in the market share of domestic sensor products, with a reported 1100% year-on-year increase in the shipment of six-dimensional force sensors in the humanoid robot sector [6] - The domestic localization rate of these sensors has risen from 19% four years ago to 57.8% [6] - However, challenges remain for domestic manufacturers, including insufficient chip manufacturing capabilities and the need to overcome established customer barriers set by foreign competitors [6]

Event Overview - The company released its Q3 2025 report, showing revenue of 1.81 billion yuan for the first three quarters, a year-on-year increase of 10.13%. The net profit attributable to shareholders was 210 million yuan, up 36.89% year-on-year, while the non-recurring profit was 130 million yuan, down 13.53% year-on-year. In Q3 2025, revenue was 586 million yuan, a year-on-year increase of 0.48% but a quarter-on-quarter decrease of 5.28%. The net profit attributable to shareholders was 106 million yuan, up 109.83% year-on-year and 129.13% quarter-on-quarter, while the non-recurring profit was 30 million yuan, down 45.11% year-on-year and 32.51% quarter-on-quarter [2]. Revenue and Profit Analysis - Revenue remained stable with Q3 2025 revenue at 586 million yuan, showing a year-on-year increase of 0.48% and a quarter-on-quarter decrease of 5.28% [3] - The net profit attributable to shareholders for Q3 2025 was 106 million yuan, reflecting a significant year-on-year increase of 109.83% and a quarter-on-quarter increase of 129.13%. The non-recurring profit was 30 million yuan, down 45.11% year-on-year and 32.51% quarter-on-quarter. The gross margin for Q3 2025 was 15.23%, a decrease of 2.68 percentage points year-on-year and 2.78 percentage points quarter-on-quarter [3] - The increase in net profit and net profit margin year-on-year was primarily driven by non-recurring gains, with fair value changes contributing 87 million yuan [3] Strategic Collaborations - The company is collaborating closely with Nidec to develop a new blueprint for the new energy and humanoid robot industries, focusing on "technology empowerment + capacity collaboration + market resonance." This partnership aims to analyze technological iteration trends and global market demand changes in key components of new energy vehicles [4] - In the field of humanoid robot harmonic reducers, the company and Nidec have engaged in in-depth discussions on technology development, capacity expansion, and processing business collaboration, aiming for further cooperation to meet growth demands in humanoid, collaborative, and industrial robots [4] Investment in Technology - In July 2025, the company made a strategic investment in Shenzhen Diedong Technology Co., Ltd., which has a core team from prestigious universities. Diedong Technology has developed the world's first high-performance visual tactile sensor using MEMS technology. This collaboration is expected to create a synergistic effect between hardware and perception, enhancing applications in robotic end-effectors and dexterous hands [5] Financial Projections - The company maintains a solid position as a leader in EGR, forming a three-dimensional driving pattern of "traditional business + new energy business + international layout." Revenue projections for 2025-2027 are 3.23 billion, 4.08 billion, and 5.07 billion yuan, with net profits of 303 million, 381 million, and 529 million yuan respectively. The expected EPS for these years is 1.33, 1.67, and 2.32 yuan, corresponding to PE ratios of 40, 32, and 23 times based on the closing price of 53.66 yuan per share on October 20, 2025 [6][8]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [8][15]. Core Insights - The company reported a revenue of 1.81 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.13%. The net profit attributable to the parent company reached 210 million yuan, up 36.89% year-on-year [3][4]. - The third quarter of 2025 saw a revenue of 586 million yuan, a slight increase of 0.48% year-on-year but a decrease of 5.28% quarter-on-quarter. The net profit for Q3 was 106 million yuan, showing a significant year-on-year increase of 109.83% and a quarter-on-quarter increase of 129.13% [3][4]. - The increase in net profit is primarily attributed to non-recurring gains, particularly a fair value change gain of 87 million yuan [4]. Financial Performance Summary - Revenue and Profitability: The company’s Q3 gross margin was 15.23%, down 2.68 percentage points year-on-year, while the net profit margin was 18.02%, up 9.39 percentage points year-on-year [4]. - Expense Ratios: The sales, management, R&D, and financial expense ratios for Q3 were 0.73%, 4.19%, 4.14%, and 1.43%, respectively, with management expenses slightly increasing due to higher depreciation of management assets [4]. - Future Projections: The company is expected to achieve revenues of 3.23 billion yuan, 4.08 billion yuan, and 5.07 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 303 million yuan, 381 million yuan, and 529 million yuan for the same years [7][12]. Strategic Developments - Collaboration with Nidec: The company is deepening its collaboration with Nidec in the fields of new energy vehicle components and humanoid robots, focusing on technology empowerment, capacity collaboration, and market resonance [5]. - Investment in Tactile Technology: The company strategically invested in Shenzhen Tactile Technology Co., which specializes in MEMS technology and tactile sensors, aiming to enhance its capabilities in robotics [6].

Core Insights - The article highlights the rapid development of embodied intelligence, with major companies like Tesla, Nvidia, Huawei, and Alibaba entering the field, alongside emerging domestic robotics firms such as Yushu Technology and Zhiyuan Robotics [2][12] - Xense Robotics, a leading company in embodied touch technology, recently completed a significant Pre-A funding round, marking its third financing round this year, indicating strong investor interest [4][5] Company Overview - Xense Robotics, founded in May 2024 and headquartered in Shanghai, focuses on multimodal tactile perception technology and aims to enhance intelligent agents' dexterous operations [5][6] - The company has attracted investments from notable firms including Hillhouse Capital, Ideal Auto, and others, showcasing its strong market appeal and strategic growth potential [4][5] Technology and Market Position - Xense Robotics is recognized for its innovative tactile technology, which addresses the limitations of visual perception in robotics, enabling more precise operations and interactions [6][7] - The founder, a core member of an MIT team, has pioneered a new approach to robot operation that integrates tactile sensing with spatial awareness, establishing a closed-loop system for "contact-perception-control" [7][8] Product and Application - The company has developed a comprehensive product matrix, including tactile sensors, data acquisition systems, simulators, and control systems, positioning itself as a solution provider in tactile intelligent perception [9][10] - Xense Robotics' products have been validated in various applications, including industrial assembly, tactile detection, and flexible logistics, with partnerships established with leading clients like L'Oréal and Google DeepMind [11] Industry Trends - The article notes a significant increase in interest and investment in embodied intelligence, with predictions of a $5 trillion market for humanoid robots by 2050 and a rapidly growing tactile sensor market expected to exceed $35 billion in the coming years [12][13] - The Chinese government has recognized "embodied intelligence" as a strategic direction, with multiple cities launching action plans aimed at developing a trillion-dollar industry [12][13]

Core Insights - Xense Robotics, a leading player in the embodied intelligence sector, has secured a new round of financing worth hundreds of millions, marking its third round of funding this year [1] - The funding round was led by Foton Capital, with participation from notable industry players such as Li Auto and Binfu Capital, indicating strong market confidence in the company's future [1][2] - Founded in May 2024, Xense Robotics focuses on multi-modal tactile perception technology, aiming to enhance robotic dexterity and interaction with the real world [2] Company Overview - Xense Robotics specializes in multi-modal tactile perception technology and is dedicated to enabling intelligent agents to understand the real world through innovative tactile solutions [2] - The company has successfully validated its products in various applications, including industrial precision assembly and flexible logistics, and has established partnerships with major clients like Li Auto and Google DeepMind [2] Investment Sentiment - The positive outlook from numerous renowned institutions is attributed to three main factors: the broad application prospects of tactile technology, Xense Robotics' global breakthroughs in tactile perception, and its comprehensive capabilities in providing integrated solutions [2][3] - Foton Capital emphasizes that physical intelligence is a frontier challenge in AI development, and Xense Robotics is uniquely positioned to offer solutions that surpass human tactile capabilities [3] Technological Advancements - Xense Robotics' tactile perception capabilities are crucial for the interaction between the model world and the physical world, which is a key technical hurdle for embodied intelligence applications [4] - The company has developed a series of tactile sensors that provide high-precision physical information, which can meet diverse customer needs in motion control and model training [4]

Core Insights - Xense Robotics has completed a Pre-A round financing of 100 million yuan, marking its third round of funding this year, led by Foton Capital and supported by various notable investors including Ideal Automotive and Binfu Capital [1][2] - The company, established in May 2024, focuses on multimodal tactile perception technology and aims to enhance intelligent agents' tactile understanding of the real world [1][2] - Xense Robotics has gained recognition and investment from multiple institutions within a short period, reflecting strong market confidence in its future prospects [1][2] Company Overview - Xense Robotics specializes in intelligent manipulation and tactile perception, with applications in industrial assembly, tactile detection, flexible logistics, and home robotics [2][3] - The company has established partnerships with leading clients such as Ideal, L'Oréal China, Haier, and Google DeepMind, validating its product offerings [2][3] Investment Rationale - The industry consensus highlights tactile perception as a critical factor for achieving fine-grained flexible operations and enhancing interaction quality [2][4] - High-quality tactile data is viewed as a strategic asset that determines the operational capabilities of intelligent systems, necessitating advanced research and development capabilities [2][4] Technological Edge - Xense Robotics is recognized as the only company capable of providing tactile solutions that surpass human fingertip sensitivity, positioning it uniquely in the market [3][4] - The company has developed a series of tactile sensors that can deliver high-precision physical information, which is essential for various applications including motion control and model training [4] Market Potential - The tactile perception capability is seen as a key technology for the practical implementation of embodied intelligence, with significant potential for market expansion [4]

Core Viewpoint - The company is positioned as a leader in EGR and core components for new energy drive motors, with a three-pronged growth strategy focusing on EGR, new energy and precision components, and aerospace robotics [1] Group 1: Business Segments - The company has established a strong presence in EGR, serving major clients such as BYD, Chery, and Geely [1] - In the robotics sector, the company is developing harmonic reducers, tactile sensors, and dexterous hands, with a focus on advanced designs and lightweight products [2] - The harmonic reducer production capacity is expected to reach 70,000 units by Q1 2026, leveraging superior design and materials [1][2] - The company has made a strategic investment in a technology firm to develop high-performance tactile sensors, which have received international recognition [1][2] Group 2: Electric Motor Components - The electric motor components business is transitioning to semi-assembly, enhancing product value and competitiveness [2] - The company has successfully launched its first rotor and stator semi-assembly product in June 2025, following a project agreement with a major client [2][3] Group 3: New Product Launches - The new Wanjie M7 model is set to launch in September 2025, expected to significantly contribute to the company's revenue growth [2] Group 4: Strategic Partnerships and Investments - The company plans to invest approximately 200 million yuan in a new lightweight component production base in Chongqing, focusing on electric vehicle parts [3] - A strategic partnership with Galaxy Aerospace has been established to develop key precision components for commercial aerospace applications, with significant growth in project volume expected [3] Group 5: Financial Projections - Revenue forecasts for 2025-2027 are projected at 3.238 billion, 4.233 billion, and 5.342 billion yuan, with year-on-year growth rates of 35.1%, 30.7%, and 26.2% respectively [4] - Net profit estimates for the same period are 311 million, 419 million, and 513 million yuan, with growth rates of 38.4%, 34.9%, and 22.4% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is leveraging dual drivers from robotics and commercial aerospace, with comprehensive layouts in harmonic drives, dexterous hands, and sensors [1] - The company has established a three-tier growth curve focusing on EGR systems, new energy vehicle drive motors, and precision components, while actively expanding into aerospace and humanoid robotics [15] Summary by Sections Robotics: Layout of Harmonic Drives, Dexterous Hands, and Sensors - The company has strengthened its position in harmonic drives through its subsidiary, Weihan Intelligent, which focuses on precision harmonic drives and integrated joint actuators [16][19] - A strategic investment in Diedong Technology has been made to develop high-performance visual tactile sensors, which are crucial for robotic applications [29] - The dexterous hand developed by the company features a lightweight visual tactile skin, significantly enhancing performance compared to traditional sensors [35] New Energy Motor Components Business - The company has upgraded its motor core components to semi-assembly, significantly increasing product value and competitiveness [3] - The establishment of a new production base for lightweight components in Chongqing is set to enhance the company's capabilities in the new energy vehicle sector [42] Commercial Aerospace - The company has formed a strategic partnership with Galaxy Aerospace, focusing on the development of core precision components for satellite energy, communication, and control modules [50] - The business volume for satellite modules and drone projects has doubled in the first half of 2025, indicating strong growth potential [52] Financial Forecast - The company is projected to achieve revenues of 32.38 billion, 42.33 billion, and 53.42 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 35.1%, 30.7%, and 26.2% [8][56] - The net profit attributable to shareholders is expected to be 3.11 billion, 4.19 billion, and 5.13 billion yuan for the same years, with growth rates of 38.4%, 34.9%, and 22.4% respectively [8][56] Market Position - The company has successfully integrated into the supply chains of major clients in the automotive and aerospace sectors, enhancing its market presence and competitive edge [7][53] - The company’s stock is currently valued at a PE ratio of 31.6 for 2025, which is competitive compared to similar companies in the industry [56]