Core Viewpoint - The company, Jiachen Intelligent, has responded to inquiries regarding the declining sales revenue from its largest customer, Hangcha Group, over the past three years, attributing the decrease to changes in product structure and intensified market competition [1] Sales Performance - Sales amounts to Hangcha Group from 2022 to 2024 were 178 million yuan, 168 million yuan, and 161 million yuan, representing 52.95%, 44.69%, and 42.16% of total revenue respectively [1] - The company sold 102,300 drive control systems and 69,000 complete machine control systems to Hangcha Group in 2024, while Hangcha Group sold 448,800 new energy forklifts [1] Customer Relationship - The company claims that its cooperation with Hangcha Group remains stable and has long-term sustainability [1] - In response to concerns about high procurement concentration, the company has stated that it has improved relevant internal control processes [1]

Core Viewpoint - The humanoid robot drive control system is a crucial component of the power system, with expectations for mass production in 2025, presenting growth opportunities for general control companies in the humanoid robot sector [1][6]. Group 1: Drive Control System Development - The drive control system requires specialized development due to the need for high load and high freedom of movement in a limited space, which exceeds the requirements of low to medium power mobile collaborative robots [2]. Group 2: Domestic General Control Enterprises - Domestic general industrial control companies are gradually entering the humanoid robot field, with cautious layouts focusing on the incremental performance contributions from humanoid robots. By 2025, several foreign and domestic companies are expected to launch humanoid robot products, leading to initial applications in industrial and service sectors [3][6]. Group 3: International Landscape - Overseas industrial control companies have limited involvement in humanoid robots, primarily led by companies like Tesla. Potential component suppliers mainly extend from the automotive supply chain, with Japanese companies having historical experience but limited current engagement in the humanoid robot market [4].