Group 1 - The company has established Beijing Dongtu Semiconductor Technology Co., Ltd. with a registered capital of 10 million yuan, holding 70% of the shares [1] - The semiconductor equipment sector is a strategic entry point for the company's intelligent controllers and solutions, achieving breakthroughs in this field [1] - The company has formed deep collaborations with leading enterprises for the domestic replacement of semiconductor equipment control systems, delivering hundreds of customized intelligent industrial control devices [1] Group 2 - The establishment of Beijing Dongtu Semiconductor Technology Co., Ltd. aims to enhance the core team's motivation and improve the efficiency of market expansion in the semiconductor equipment sector [2] - The company plans to accelerate the iteration and upgrade of core technologies in semiconductor equipment control through refined operations and market-oriented incentive mechanisms [2] - This initiative is expected to lay the foundation for scaling up the company's emerging business [2]

Core Viewpoint - The company has established a joint venture, Beijing Dongtu Semiconductor Technology Co., Ltd., to enhance its presence in the semiconductor equipment sector and drive commercialization of its intelligent control solutions [1][2] Group 1: Joint Venture Establishment - The company, along with Beijing Litu Technology Co., Ltd. and Beijing Daoxin Zhihui Information Consulting Center (Limited Partnership), has invested to set up Beijing Dongtu Semiconductor Technology Co., Ltd. with a registered capital of 10 million yuan [1] - The company holds a 70% stake in the new venture, contributing 7.5 million yuan, while Litu Technology and Daoxin Zhihui hold 5% and 25% respectively [1] Group 2: Strategic Importance - The semiconductor equipment sector is identified as a strategic entry point for the company's intelligent controllers and solutions, marking a breakthrough in high-end equipment manufacturing [1] - The company has established deep collaborations with leading enterprises in 2024, focusing on domestic replacement of semiconductor equipment control systems [1] Group 3: Commercialization Progress - The company has delivered hundreds of customized intelligent industrial control devices, covering key processes such as semiconductor etching and cleaning [1] - A comprehensive domestic solution has been developed, including the Hongdao industrial operating system, industrial network, controller hardware, and MaVIEW software, indicating a shift from product validation to commercial implementation [1]

Investment Rating - The report maintains a positive outlook on the humanoid robot industry, emphasizing the importance of software development for commercialization [3][4]. Core Insights - The report identifies that the hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization. It highlights the need for advancements in algorithms, data, and control systems to drive the industry forward [3][5][6]. Summary by Sections 1. Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [3][11][18]. - The report discusses the evolution of control algorithms, noting a shift from traditional methods to modern approaches like reinforcement learning (RL) and imitation learning (IL) [3][19][29]. - The VLA (Vision-Language-Action) model is highlighted as a significant advancement in upper-level control, enabling robots to understand and execute tasks through natural language processing [3][36][40]. 2. Data: The Foundation of Algorithm Learning - Data quality and diversity are crucial for algorithm performance, with sources categorized into real data, synthetic data, and web data. Real data is the most accurate but least abundant [3][74][76]. - The report emphasizes the importance of remote operation and motion capture technologies for collecting high-quality real data [3][79]. 3. Control Systems: The Foundation of Embodied Intelligence - The control system is described as the "brain" of humanoid robots, consisting of hardware (SoC chips, CPUs, GPUs, NPUs) and software components [3][3][3]. - The report notes that the industry lacks a unified consensus on the structure of the "brain" and "cerebellum" in humanoid robots, which are essential for executing complex algorithms and tasks [3][3][3]. 4. Investment Opportunities - The report identifies several key companies in the humanoid robot industry worth monitoring, including: - Controller segment: Tianzhun Technology, Zhiwei Intelligent, Desay SV [4][4]. - Motion control technology: Huichuan Technology, Xinjie Electric, Leisai Intelligent, Gokong Technology, Tosida [4][4]. - Chip manufacturers: Rockchip, Horizon Robotics [4][4]. - Data collection equipment: Lingyun Optical, Aofei Entertainment [4][4].