机器人的功能触角：灵巧手 20250821 摘要 灵巧手技术层面聚焦驱动、传动和感知。驱动系统以空心杯电机为主， 但普通直流无刷电机和新型轴向磁通电机等方案可提高功率密度。传动 方面，键绳、微型丝杠、精密减速器各有优劣，可组合应用。感知领域 中，触觉传感器技术壁垒高，压阻式传感器应用广泛，未来或发展为电 磁电子皮肤。 灵巧手发展历史悠久，早期应用功能单一。2000 年后，仿生灵巧手快 速发展，如德国宇航中心推出高自由度灵巧手，但成本高昂。国内哈工 大推出首个进入工业测试的国产灵巧手。特斯拉 Optimus 人形机器人 推动行业发展，不断迭代技术方案，验证多种驱动和传动方案。 海外市场由领先公司主导，中国企业积极布局。非上市公司如银石、强 岛，上市公司如兆维机电、明智电器、雷赛智能和禾川等具有优势。末 端执行器分为多指夹爪和多指灵巧手，后者模仿人类生理结构，是未来 发展趋势，可实现复杂精细操作。 特斯拉人形机器人不断迭代，第一代采用空心杯电机加涡轮蜗杆方案， 第二代改用直流无刷电机加微型丝杠加腱绳方案，并验证直驱及微型谐 波减速器等新方案。特斯拉计划在 11 月发布第三代人形机器人产品， 其零销售方案将更清晰。 ...

Group 1 - The company is focusing on axial flux motors and is continuously advancing its technology research and development [1] - Currently, this business segment accounts for a small proportion of the company's overall operations, resulting in a limited impact on its performance [1]

Group 1: Investor Relations Activities - The investor relations activities included analyst meetings and site visits [2] - Participating institutions included major securities firms and asset management companies [2] - The activities took place on August 19 and 20, 2025, via phone conference and on-site visits [2] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of CNY 2.86 billion, remaining flat year-on-year [3] - The net profit attributable to shareholders was CNY 50 million, with a significant quarter-on-quarter increase of 677% in Q2 [3] - The gross profit margin for the first half was 10.84%, an increase of 0.64 percentage points year-on-year [3] Group 3: Business Development - The company invested approximately CNY 30 million in R&D for new business areas such as humanoid robots and drones, with a 20% increase in R&D expenses [3] - The recovery in the main business was driven by a rapid increase in electric vehicle sales from core customers starting in Q2 [3] - The company anticipates improved profitability in the second half of the year due to sustained sales of multiple models from core customers [3] Group 4: Robotics Product Development - The R&D teams are focused on core components for robots, particularly frameless torque motors and slotless micro motors [4] - Innovations in frameless torque motors have led to increased torque density and efficiency, meeting the demands for compact and high-power applications [4] - The company is exploring advanced technologies such as direct-drive motors and axial flux motors to enhance precision and response speed in robotic applications [4] Group 5: Future Outlook - The company plans to enhance product quality in traditional business areas and maintain its industry-leading position [6] - In emerging business areas, the company aims to shorten R&D and commercialization cycles through joint development and strategic partnerships [6] - The product line will expand to include frameless torque motors, slotless micro motors, direct-drive motors, and axial flux motors, focusing on drones and humanoid robots [6]

Summary of Wolong Electric Drive Conference Call Company Overview - Wolong Electric Drive reported approximately 8.03 billion yuan in revenue for the first half of 2025, a year-on-year increase of 1%, despite divesting from energy storage and photovoltaic businesses. However, net profit saw significant growth, reaching 540 million yuan, up 44% year-on-year [2][12][4]. Market Position - The company holds the leading global market share in explosion-proof motors at 4.5%, ranks fourth in industrial motors at 2.8%, and fifth in HVAC motors at 5%. The long-term goal is to become the number one in the global electric drive system market [2][5][10][23]. Business Segmentation - Wolong Electric Drive has redefined its business segments in its Hong Kong IPO prospectus, now categorizing its operations into five areas: explosion-proof motors, industrial motors, HVAC motors, transportation motors, and robotic components and systems [3][10]. Strategic Focus - The company is heavily investing in robotics components, including frameless torque motors, hollow cup motors, servo drives, and control systems, aiming to become a global T20,000 supplier. New developments include dexterous hands and exoskeletons [2][6][19]. Financial Performance - The net profit margin for the first half of 2025 was approximately 7%, indicating a continuous improvement in overall profitability. The revenue structure shows that explosion-proof motors account for 30%, industrial motors for 26%, and HVAC motors for 32% of total revenue [3][14][15]. Future Growth Expectations - Wolong Electric Drive anticipates that its performance in the next two to three years will primarily depend on the recovery of demand in industrial and consumer motors, supported by policies promoting equipment upgrades. Expected revenues are projected to reach 1 to 1.1 billion yuan in 2025, 1.2 to 1.3 billion yuan in 2026, and over 2.4 billion yuan in 2027 [2][8][9]. Emerging Technologies - The company is focusing on electric aviation and intelligent robotics, expecting these sectors to contribute to revenue starting in 2027. Significant resources are being allocated to electric aviation, with collaborations established for system certification and product development [9][20][21]. Industry Trends - The electric motor industry is projected to maintain a high compound growth rate over the next five years, driven by tightening safety regulations and increased industrial automation. The HVAC and new energy motor sectors are expected to see significant growth due to the rapid expansion of data centers and the commercialization of electric vehicles [22][11]. Capacity Utilization - The overall capacity utilization rate of the company remains above 90%, with expectations for further improvement as industry demand recovers, particularly in HVAC and power sectors [24][25]. Conclusion - Wolong Electric Drive is strategically positioned for growth in both traditional and emerging markets, with a strong focus on innovation and market expansion. The company's robust financial performance and market leadership in key segments provide a solid foundation for future growth opportunities.

Investment Rating - The report rates the industry as "Overweight," indicating that it is expected to outperform the overall market [3]. Core Insights - The axial flux motor has significant advantages in torque density and efficiency, already being applied in robotics. For instance, the YASA axial flux motor achieves torque density and power density of 160 Nm/L and 14.9 kW/kg, respectively, which is four times that of traditional radial flux motors [3]. - PCB motors, a branch of axial flux motors, have increased application potential due to optimized PCB technology. They replace traditional iron core stators with PCBs, leading to reduced weight and enhanced efficiency [3]. - PCB motors excel in lightweight design, high efficiency, stability, automated production, low noise, and flexible design, making them suitable for robotic applications that require high torque density and rapid response [3]. - The robotics sector presents new development opportunities for PCB axial flux motors, with leading companies actively seeking innovative motor technologies as traditional solutions face limitations [3]. Summary by Sections Axial Flux Motor Advantages - The axial flux motor is characterized by a flat shape and a larger effective magnetic area, resulting in higher torque and efficiency compared to traditional motors [3]. - The efficiency of these motors typically exceeds 96%, with lower operational noise and vibration [3]. PCB Motor Characteristics - PCB motors are lightweight, reducing copper usage by 66% and significantly decreasing weight [3]. - They offer high efficiency due to reduced magnetic path losses and improved thermal stability [3]. - The automated production process ensures consistent quality and allows for rapid customization [3]. Investment Opportunities - Recommended companies to watch include: - Wolong Electric Drive: A comprehensive motor supplier focusing on high torque density axial flux motors [3]. - Xiaxia Precision: Invested in ZhiJian Intelligent, specializing in micro motors [3]. - Mingyang Circuit: Capable of full-process PCB production with a focus on robotics [3]. - Dongmu Co., Ltd.: Holds a 22% stake in Xiaoxiang Motor, a leader in axial flux motor technology [3]. - Yidelong: A flexible EMS manufacturer with a diverse product range [3].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses advancements in the **efficient motor technology** industry, focusing on various innovative techniques and their implications for performance and manufacturing efficiency [1][2][22]. Core Technologies and Innovations - **Bonded Core Technology**: Utilizes adhesive to bond silicon steel sheets, maintaining insulation and optimizing stator performance. Key players include **Zhenyu Technology**, **Longsheng Technology**, and **Suzhou Weimi** [1][16]. - **LCP Coating Technology**: Involves a 0.1 mm thick layer of LCP material that provides a thinner and more uniform insulation layer, enhancing stator performance. The value of a small square stator is approximately 100 yuan, dependent on the thickness and uniformity of the LCP injection [1][5][7]. - **Axial Flux Motor Structure**: Characterized by a flat design, high torque, and efficient magnetic flux utilization. Companies like **BYD**, **Xiaomi**, and **CATL** are investing in this technology, with expected future penetration rates to increase [1][11][13]. - **Radiation Ring Technology**: Improves traditional rotor designs by preventing the detachment of permanent magnets during high-speed rotation, enhancing magnetic field uniformity. Widely adopted by companies like **Kollmorgen** [1][12]. - **Haierbeck Array Technology**: Optimizes rotor performance by arranging magnets to generate a strong magnetic field with minimal material. Companies involved include **Inst**, **Ningbo Yongsheng**, and **Jinli Permanent Magnet** [1][20]. Market Dynamics and Competitive Landscape - The efficient motor technology is categorized into three levels: - **Mass Application**: Includes bonded cores, nail coatings, and bonded magnetic rings. - **Near-Market**: Features technologies like the automatic steering Haierbeck. - **Early Development**: Encompasses technologies like harmonic field modulation [1][22]. - **Daiyang Motor** is noted for its rapid realization of multi-phase magnetic flux motors, while **Weico** and **Zhenyu** are recognized for their mature technologies [3][22]. Patent and Innovation Landscape - The importance of patents in the motor industry is emphasized, as they secure core technologies and ensure competitive advantages. Companies are focusing on patenting innovations in harmonic elimination and stator design [15]. - **Daiyang Motor** holds approximately 30 patents in the multi-phase magnetic flux motor sector, with other companies like **Wolong Electric Drive** and **Fangzheng Motor** also making strides [19]. Challenges and Considerations - The axial flux motor's design, while advantageous, faces challenges related to heat dissipation [11]. - The weight reduction achieved through LCP materials is minimal compared to the overall motor weight, indicating that insulation performance is the primary focus rather than lightweight design [8]. Conclusion - The efficient motor technology sector is rapidly evolving with significant innovations in design and materials. Key players are actively investing in new technologies, and the competitive landscape is shaped by patent protections and the ability to bring advanced products to market efficiently [1][22].

Core Viewpoint - The article discusses the recent surge in the robotics sector in the secondary market, driven by advancements in AI applications and significant events related to Tesla's Optimus Gen3, which has catalyzed interest and investment in related companies [2][4]. Summary by Sections Market Performance - The robotics sector in the secondary market has experienced a significant uptrend from July to August, indicating a strong market sentiment towards AI and robotics [2]. Catalysts for Growth - Key catalysts include: 1. Tesla's Optimus Gen3 revealing more hardware details and ongoing factory audits, leading to a rise in related stocks [4]. 2. The acquisition of listed company Shangwei New Materials by Zhiyuan Robotics, which resulted in a remarkable stock increase [4]. 3. Yushu Technology's IPO process, with a market valuation exceeding 100 billion, also contributing to the sector's growth [4]. - Additional events such as WAIC 2025, 2025 WRC, and local government support policies have further stimulated the market [4]. Technological Innovations - The article highlights several technological advancements related to Tesla's Optimus Gen3, including: 1. New lightweight materials and enhanced dexterity in robotic hands, which are expected to improve performance and reduce costs [8]. 2. The introduction of MIM (Metal Injection Molding) technology, which is anticipated to benefit from the new motor designs and has led to stock price increases for related companies [9]. 3. The exploration of axial flux motors, which promise higher efficiency and alignment with lightweight requirements, although commercialization may take time [11][12]. Industry Insights - The article notes that several companies in the supply chain are experiencing stock price increases due to their involvement with Tesla's projects, including those focusing on gears and actuators [13]. - The performance of key suppliers, such as Harmonic Drive, has been mixed, with some facing declines due to disappointing earnings reports [13]. Future Outlook - The article suggests that the robotics sector is poised for further growth, with numerous companies in the supply chain expected to benefit from ongoing developments and innovations in humanoid robotics [18][19].

Summary of Axial Flux Motor Application in Humanoid Robots Industry Overview - The axial flux motor is increasingly being applied in the humanoid robot sector, offering significant advantages in space and weight savings, particularly in joints such as arms, lower limbs, and hips [1][2]. Key Points and Arguments - **Space and Weight Efficiency**: Axial flux motors can save 30%-60% in space and 30%-70% in weight compared to traditional radial flux motors, making them particularly suitable for humanoid robots [1][2]. - **High Torque and Power Output**: These motors excel in enhancing torque density and power density in humanoid robot joints, especially in high-torque areas like hips, waist, and shoulders [1][4]. - **Cost Considerations**: The current cost of axial flux motors is relatively high due to the use of heavy rare earth materials like dysprosium and tantalum, which increases costs by 10%-30% compared to traditional neodymium-iron-boron permanent magnets [1][5]. - **Emerging Startups**: Several startups are adopting the PPB configuration of axial flux motors, achieving a balance between performance, cost, and quality stability, with products suitable for both large and small joints [1][5]. - **Technological Barriers**: The design and manufacturing of axial flux motors face significant technical barriers, including the need for advanced materials and precision manufacturing processes [10]. Additional Important Insights - **PCB Stator Technology**: This technology offers advantages such as lightweight design and reduced iron loss but faces challenges like low magnetic saturation and poor heat dissipation [7]. - **Market Players**: Key global players include Yasa (acquired by Mercedes), Wireless, and others focusing on high-end products, while domestic leaders like Pangu Power and Xiang Elephant Electric are making strides in commercialization [3][8]. - **Future Cost Reduction**: The cost of axial flux motors is expected to decrease significantly with increased production volumes, with potential prices dropping to 300-500 RMB per unit for large-scale production [15]. - **Adoption in Humanoid Robots**: Current users of axial flux motors in humanoid robots include companies like Xiang Elephant, which prioritize performance stability and reliability in real-world applications [16]. - **Industrialization Timeline**: The large-scale industrialization of axial flux motors in the robot sector may take several more years, requiring further technological integration and support from complete machine manufacturers [17].

Core Insights - The article emphasizes the rapid growth of humanoid robots, particularly focusing on the significance of rotary joints as a core component that affects both performance and manufacturing costs [1] - The rotary joints are expected to maintain double-digit growth in the coming years due to the booming humanoid robot industry [1] Group 1: Technology Routes of Rotary Joints - The three main technological routes for rotary joints are rigid actuators, elastic actuators, and quasi-direct drive (QDD) actuators [2] - Rigid actuators have played a crucial role in early humanoid robot development due to their high torque output and precision, maintaining a dominant position in the market [4] - Elastic actuators enhance compliance control but face challenges in industrial application due to complex control algorithms and high hardware costs [4][6] Group 2: QDD Actuators - QDD actuators combine the advantages of both rigid and elastic actuators, becoming a mainstream solution for humanoid robot rotary joints [6] - They optimize structural design and control algorithms to reduce manufacturing costs and system complexity while ensuring joint performance [6][7] Group 3: Motors in Rotary Joints - Motors are critical for rotary joints, requiring high torque output, dynamic response, low inertia, and lightweight characteristics [8] - The frameless torque motor has emerged as a popular choice due to its compact design and flexibility, aligning well with high integration needs [8] - Axial flux motors show promise for future applications in humanoid robots due to their high torque density and efficiency [9] Group 4: Gearboxes in Rotary Joints - Gearboxes play a key role in torque output, precision, and lifespan of rotary joints, with harmonic and planetary gearboxes being the primary types used [10] - Harmonic gearboxes are widely used for their compact size and high precision, while planetary gearboxes are favored for their cost-effectiveness and durability [13][15] - Both types of gearboxes complement each other to meet diverse joint requirements [16] Group 5: Sensors in Rotary Joints - Sensors are essential for measuring force/torque information to achieve precise motion control in humanoid robots [17] - Force/torque sensors provide high precision but are costly and require careful installation [19] - Current loop sensors offer a cost-effective alternative with lower precision, suitable for cost-sensitive applications [21] Group 6: Market Competition in Core Components - The market for humanoid robot rotary joints is characterized by intense competition among core components like motors, gearboxes, and sensors [22] - Domestic companies such as Boke, Haozhi, and Weichuang have made significant advancements in frameless torque motors, enhancing domestic competitiveness [24] - The harmonic gearbox market is led by companies like Harmonic Drive and Lide, while the planetary gearbox sector is competitive with domestic players like Zhongdali and Niusidate [27][31] Group 7: Six-Dimensional Force Sensors - Six-dimensional force sensors are increasingly used in various fields, including humanoid robots, where they have become a standard trend [34] - The market for these sensors is expected to grow significantly, with a current average price of around 40,000 RMB for foreign brands and 20,000 RMB for domestic products [34] - The market is concentrated, with leading companies like ATI and Yuli Instruments holding significant market shares [35] Group 8: Future Outlook - The humanoid robot industry is seen as a new direction in industrial automation with substantial growth potential [36] - The demand for key products like motors, controllers, gearboxes, and six-dimensional force sensors is expected to rise as the industry develops [36] - Companies with technological advantages in gearboxes and sensors are likely to benefit from the growth in humanoid robot demand [36]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **robotics industry** and **Xpeng Motors**' advancements in this sector, particularly in AI robotics and related technologies [1][2][15]. Core Insights and Arguments - **Xpeng Motors** is rapidly advancing in the robotics field, with self-developed software and leading autonomous driving technology. The company is expected to mass-produce ToB (business-to-business) robots by 2026, utilizing innovative hardware technologies such as screw drives, high degrees of freedom in hands, and axial flux motors [1][2]. - The **2025 Shanghai Auto Show** saw a decrease in foot traffic and vehicle models compared to previous years. Domestic brands are significantly iterating in new energy and intelligence, surpassing joint venture brands. Traditional domestic automakers are outperforming new entrants in terms of new model quantity and quality, with a recovery expected in the mid-to-large SUV and MPV markets [1][5]. - There is an increasing market focus on the softer segments of the robotics industry, including operating systems, SoC chips, and large model advancements. Progress has been noted in end-side models based on the DeepSeek open-source model [1][6][7]. - **SoC companies** in the robotics sector reported impressive Q1 2025 results, with revenue and net profit significantly increasing, driven by AI-driven demand for system-level chips. Companies like Rockchip are launching new products and planning next-generation releases, indicating substantial profit elasticity [1][8]. - The **MCU analog chip market** is showing signs of recovery, with increased demand from industrial sectors and potential growth driven by robotics. The domestic market is accelerating the localization replacement cycle, which is expected to enhance traditional demand growth [1][9]. Additional Important Insights - **Tesla** has made significant moves, including the release of new products and a visit to domestic suppliers, indicating a commitment to advancing its localization replacement chain, which could positively impact related companies [1][11]. - The **T-chain industry** is witnessing notable changes, with companies like Rongtai showing advantages in lightweight structural components and micro-screw technology. This sector is becoming clearer as demand for micro-screw products increases [1][12]. - The **demand for humanoid robot screw equipment** is robust, with domestic machine tool companies receiving substantial orders, although supply is currently insufficient to meet demand [1][17]. - There are significant differences in pricing and technology between domestic and international humanoid robot machining equipment, with domestic prices generally lower, leading to a preference for local machines for rapid prototyping [1][18]. - The **production efficiency** of specialized machining methods is improving, with new techniques reducing production time significantly compared to traditional grinding methods [1][19][20]. - The future development trends for humanoid robot screw equipment indicate a strong commitment to improving machining processes, although challenges remain in fully replacing traditional methods [1][21].