Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

围绕5G的广阔空间，家电与科技巨头的联盟正向更深领域渗透，势力也在不断扩大。 近日，多个巨头在5G商用领域动作频频，跨界联合研发，落地生态实验基地，欲孵化新业态。长虹与 上海海思的5G应用联合实验室于近日宣告成立，双方将在智能工厂、安全芯片等领域布局5G产业。联 想集团也与联通在线宣布将成立5G应用联合创新实验室。华为联合长虹、京东方等多家企业智慧屏白 皮书工作组，探索loT智慧家居生态模式。 四川长虹副总工程师何龙接受《证券日报》记者采访时表示："长虹与海思将在智慧工厂、人工智能等 垂直领域展开深度合作，长虹将继续加大在5G融合终端应用上的研发投入，并加速推动新型智能终端 的应用场景落地。" 实际上，这不是双方的首次合作。长虹旗下爱联科技研发的首款国产超小体积5G通信模组，也是采用 上海海思5G模组中间件方案设计，支持5G/4G/3G多种网络制式，可广泛应用在智慧工业、智慧能源、 无人机等领域。长虹内部人士透露，这是继全球首款5G工业互联网模组在长虹下线后的又一突破。 谈及长虹和海思的合作空间，钉科技创始人丁少将接受《证券日报》采访时表示："海思用硬核底层技 术以及围绕其展开的软硬件能力打造数字经济的基础， ...