【视源股份：持续在机器人领域进行战略布局 推出多款机器人产品】智通财经12月11日电，视源股份 在互动平台表示，公司持续在机器人领域进行战略布局，在AI算法、计算机视觉等机器人关键技术方 面持续研究。经近十年的积累，公司在机器人业务方面已具备扎实的技术储备，涵盖视觉感知与导航、 触觉感知与反馈、机器学习、电机及驱动、运动控制、整机设计等核心研究方向，机器人相关专利申请 总量超600项。年内，公司推出了适配工业场景巡检作业需求的工业级四足机器人MAXHUB X7，以及 以"高速轻量、即插即用"为亮点、可满足柔性生产场景需求的MAXHUB A3智能柔性机械臂；公司商用 清洁机器人目前已批量进入欧洲、东南亚及日本市场，实现良好增长。未来，公司将持续在机器人领域 加强研发，打造具备实际应用价值的下一代产品，持续完善机器人业务布局。 转自：智通财经 ...

Core Insights - The rise of conference flat panels is replacing traditional office equipment like projectors and whiteboards, driven by the demand for smart office solutions post-pandemic [1][5] - MAXHUB, a brand under the company, has established a significant presence in over 140 countries, with more than 600,000 interactive flat panels delivered [1][4] - The global market for smart interactive flat panels is projected to reach 913,000 units by 2029, indicating robust growth in this sector [1] Company Overview - The company originated from the LCD display business and has expanded into the education and enterprise service markets, launching the "MAXHUB" and "Seewo" brands in 2009 and 2017 respectively [1][4] - MAXHUB holds a 28% market share in the commercial interactive flat panel market in China, which is expected to grow by 18.7% year-on-year in 2024, surpassing global growth rates [4] Market Dynamics - The global market for conference rooms exceeds 100 million, with over 20 million in China alone, indicating a vast demand for smart conference solutions [5] - The average price point for smart conference flat panels is approximately 10,000 yuan, positioning this market as a trillion-yuan opportunity [5] Strategic Initiatives - The company is focusing on expanding its overseas brand presence, particularly in developed countries for enterprise services and in "Belt and Road" countries for educational products [6] - Collaborations with international tech giants like Microsoft and Intel are crucial for integrating into global ecosystems and enhancing product offerings [6][7] Product Development - The company has developed unique features in its products, such as integration of Windows and Android systems, along with AI capabilities for enhanced user experience [6] - The company is also venturing into the robotics sector, with products like the MAXHUB A3 intelligent flexible robotic arm and MAXHUB X7 quadruped robot, targeting high-consumption markets [8] Future Prospects - The company plans to list on the Hong Kong Stock Exchange to support overseas market expansion and strategic investments [8] - The trend of A-share companies seeking dual listings in Hong Kong is increasing, with over 80 companies currently in the pipeline [9]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][10]. Core Views - The company's Q3 performance shows continued recovery, with a single-quarter profit returning to growth for the first time since 2023, driven by the expansion of its education business and improved operational efficiency [2][3]. - The AI and robotics sectors are opening new growth opportunities, with significant advancements in product deployment and market expansion [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 18.087 billion yuan, a year-on-year increase of 5.45%, while the net profit attributable to shareholders was 867 million yuan, a decrease of 6.81% [1][2]. - In Q3 alone, revenue reached 7.522 billion yuan, up 6.96% year-on-year and 35.29% quarter-on-quarter, with net profit of 470 million yuan, reflecting a year-on-year increase of 7.79% and a quarter-on-quarter increase of 99.15% [1][2]. - The company reported a strong operating cash flow of 1.024 billion yuan for the first three quarters, marking a 42.03% increase year-on-year [2]. Business Segment Insights - The education business continues to expand, with AI-enabled products like the Xiwo Classroom Intelligent Feedback System covering over 7,000 classrooms and the Xiwo AI Preparation Assistant reaching 600,000 users [3]. - The industrial-grade quadruped robots have been applied in various sectors, including power, and the commercial cleaning robot business has expanded into European and Japanese markets [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.007 billion yuan, 1.305 billion yuan, and 1.632 billion yuan, respectively, with corresponding price-to-earnings (PE) ratios of 29, 22, and 18 [4][8]. - Revenue forecasts for the years 2025, 2026, and 2027 are 24.108 billion yuan, 26.574 billion yuan, and 30.300 billion yuan, with growth rates of 7.6%, 10.2%, and 14.0% respectively [4][8].

Core Viewpoint - The article highlights the significant growth and innovation in the Chinese service robotics industry, particularly showcased at the Canton Fair, where demand for robots is surging globally due to labor shortages and high costs in developed countries [1][7]. Group 1: Market Trends - The service robot section at the Canton Fair featured 46 leading companies showcasing various robotic forms and applications, indicating a diverse and rapidly evolving market [3]. - The demand for "robot replacing human" solutions is increasing due to immigration restrictions and labor shortages in developed countries, providing a vast opportunity for Chinese robotics companies to expand internationally [7]. Group 2: Technological Advancements - The integration of AI and advanced algorithms in robotics is enabling more flexible and intelligent responses in various scenarios, moving beyond mere mechanical execution [4]. - Companies are focusing on optimizing technology for specific applications, enhancing their competitive edge in international markets [5]. Group 3: Company Performance - COFE+ coffee robot's global sales doubled year-on-year, with the Canton Fair contributing to 10% of its sales, despite a nearly empty revenue stream in the U.S. market during the first half of the year [9]. - Shenzhen Zhihui Technology has signed contracts for over 2,000 commercial cleaning robots in Europe and Russia, indicating strong international demand and confidence in their products [10]. Group 4: Future Opportunities - The article emphasizes the potential for Chinese robotics companies to evolve from merely exporting products to establishing standards and operational norms in the global market, enhancing their competitiveness [11]. - There is a growing interest from overseas clients in intelligent devices for specific scenarios, which could become new growth points for companies like Zhihui Technology [10].

Core Insights - The demand for service robots is surging globally, particularly in regions like the Middle East and Central Asia, as Chinese companies leverage their technological advantages and adaptability to expand their market presence [1][3][4] Group 1: Market Trends - The second service robot section at the Canton Fair showcased 46 leading companies, highlighting advancements in various robotic applications, including industrial arms, quadruped robots, and medical robots [1] - The global sales volume of Chinese robots has doubled year-on-year, with significant contributions from events like the Canton Fair, which accounted for 10% of sales during the event [1][5] Group 2: Technological Advancements - AI technology is becoming a standard feature in robots, enhancing their ability to respond to various scenarios and improving their operational efficiency [2][3] - Companies are focusing on optimizing their products for specific applications, such as the high-altitude cleaning robot that uses 1/20 of the water compared to traditional methods, making it particularly suitable for water-scarce regions [3][7] Group 3: International Demand - The U.S. logistics sector is facing labor shortages due to immigration policies, prompting interest in robotic solutions for delivery and logistics, with one buyer planning to purchase 50 robots initially, potentially scaling to 50,000 [4][5] - Despite uncertainties regarding tariffs, the quality and rapid iteration of Chinese robots present significant opportunities in the U.S. market [5] Group 4: Business Strategies - Companies are diversifying their market strategies to mitigate tariff impacts, focusing on regions such as the Middle East, Europe, Japan, South Korea, Singapore, and Australia [5][6] - The Canton Fair serves as a crucial platform for companies to secure repeat customers and expand their international presence, with some firms reporting substantial order volumes during the event [5][6]

Core Insights - The 138th China Import and Export Fair (Canton Fair) opened in Guangzhou, showcasing a range of robotic products from Visionox Technology Co., Ltd, including the MAXHUB A3 intelligent flexible robotic arm and other robots, attracting significant attention from domestic and international buyers [2] Group 1: Product Highlights - The MAXHUB A3 intelligent flexible robotic arm features a weight of less than 6 kg, a TCP motion speed exceeding 5 m/s, and a repeat positioning accuracy of ±0.1 mm, making it suitable for high-speed and high-precision industrial applications [3] - The MAXHUB X7 industrial quadruped robot is a multi-task platform equipped with an intelligent navigation system and adaptive gait algorithms, suitable for complex tasks in various industries, and has won an innovation product award at the 2025 World Robot Conference [4] - The MAXHUB C3 commercial cleaning robot targets the global cleaning market and has established partnerships with clients in several Asia-Pacific and European countries, facilitating deployment [4] Group 2: Technological Advancements - Visionox has introduced a fully self-developed embodied operation algorithm platform that integrates multi-modal learning capabilities, supporting various intelligent solutions for perception, decision-making, and control [5] - The embodied operation algorithm platform enables rapid mastery of new tasks with low labor costs through a combination of remote operation, human-machine interaction, and reinforcement learning, continuously optimizing for new objects and scenarios [5] Group 3: Strategic Vision - The company emphasizes the importance of combining technology with real-world applications to solve practical problems, aiming to accelerate the development and deployment of commercially viable products like cleaning robots and intelligent robotic arms [6]

Core Insights - The 138th China Import and Export Fair (Canton Fair) opened in Guangzhou, showcasing a range of robotic products from the company, including the MAXHUB A3 intelligent flexible robotic arm and other robots, attracting significant attention from domestic and international buyers [1] Group 1: Product Highlights - The MAXHUB A3 intelligent flexible robotic arm is a key focus, demonstrating the company's technological advancements in robotics hardware and systems, capable of handling complex tasks in factories with a weight under 6kg, a motion speed exceeding 5m/s, and a repeat positioning accuracy of ±0.1mm [2] - The MAXHUB X7 industrial quadruped robot is designed as a multi-task platform with an intelligent navigation system and adaptive gait algorithms, suitable for complex tasks in various industries, and has won an innovation product award at the 2025 World Robot Conference [3] - The MAXHUB C3 commercial cleaning robot targets the global cleaning market and has established partnerships with clients in several Asia-Pacific and European countries, facilitating deployment [3] Group 2: Technological Innovations - The company introduced a fully self-developed embodied operation algorithm platform that integrates multi-modal learning capabilities, supporting various intelligent solutions for perception, decision-making, and control [4] - The embodied operation algorithm platform enables rapid mastery of new tasks with low labor costs through a structured learning process, continuously optimizing performance for new objects and scenarios [4] - The company aims to accelerate the development and deployment of commercially viable products, including the commercial cleaning robot and intelligent robotic arm, while collaborating with global partners to promote smarter and more practical robotic solutions [4]

Core Viewpoint - The company showcased its robotics series and AI integration innovations at the 138th China Import and Export Fair, highlighting its technological accumulation and accelerated global layout in the fields of artificial intelligence and high-end manufacturing [1] Robotics Product Matrix - The MAXHUB A3 intelligent flexible robotic arm, weighing less than 6 kg and achieving a movement speed of over 5 m/s with a repeat positioning accuracy of ±0.1 mm, was a highlight, designed for high-paced and high-precision industrial applications [3] - The company introduced a fully self-developed embodied operation algorithm platform that supports various learning methods, significantly reducing training costs and time for new tasks [3] - Other showcased products included the MAXHUB X7 quadruped robot and MAXHUB C3 commercial cleaning robot, demonstrating a comprehensive layout from industrial to commercial applications [3] Global Application Breakthroughs - The MAXHUB A3 robotic arm has been successfully applied in the company's own factory for complex tasks like "unordered sorting" and "packaging," requiring only 2 to 3 days for line change debugging without coding [4] - The MAXHUB C3 commercial cleaning robot has gained popularity in overseas markets, with partnerships established in countries such as Japan, South Korea, Singapore, Germany, the UK, France, and Italy, optimizing operational efficiency in unattended environments [4] AI Empowerment and Globalization - The company has made significant progress in various fields, including "AI + enterprise services," "AI + future education," and "AI + life," with MAXHUB products achieving nearly 60% year-on-year growth in overseas brand business revenue by mid-2025 [5] - The company has established subsidiaries in 8 countries and localized teams in 22 countries, serving over 140 countries and regions [5] Education Sector Developments - In the education sector, the company's AI education solutions have been implemented in 19 demonstration areas across over 3,000 schools and 7,000 classrooms domestically, while also enhancing teaching efficiency and promoting educational equity internationally [6] Future Directions - The company plans to continue integrating robotics technology with real-world applications, accelerating the development and deployment of commercially viable products like cleaning robots, intelligent robotic arms, and embodied operation algorithms [6]

Group 1 - The 138th China Import and Export Fair (Canton Fair) opened on October 15, featuring a service robot section with 46 leading companies showcasing various intelligent robots, including exoskeleton robots and robotic dogs, aimed at fostering new highlights in foreign trade development [1] - The fair runs from October 15 to November 4, with a total of 74,600 exhibition booths and over 32,000 participating companies, both setting historical records. More than 240,000 buyers have pre-registered, with over 400 top purchasing companies expected to attend [2] - The first day saw significant business negotiations, with companies like Hangzhou Taixi Zhixing Technology Co., Ltd. reporting high interest in their exoskeleton robots, which reduce physical exertion by 30%. The company received around 50 clients individually and hundreds collectively [3] Group 2 - Many companies secured orders on the first day, with Guangzhou Paibao Robot Company reporting three deals, including two companion robots and one dancing robot, with a Brazilian client making a cash purchase on-site [3] - Zhihui Technology's CMO stated that they signed export orders for approximately 2,000 cleaning robots in the first half of the year, with expectations for a nearly threefold year-on-year increase in exports, driven by rising demand in the U.S. market despite tariffs [3] - The fair features nearly 800,000 new products, with over 10,000 high-quality companies recognized for their advanced technology and specialization, marking a historical high [4] Group 3 - Guangzhou Shiyuan Technology Co., Ltd. showcased the MAXHUB A3 intelligent flexible robotic arm, which has been implemented in various fields, solving industrial automation challenges with minimal setup time [4] - Lingdu Intelligent's new high-altitude glass cleaning robot has gained international interest, addressing safety concerns associated with manual cleaning [4] - The fair also introduced a smart medical section to promote innovative achievements in niche markets [4] Group 4 - Yuanhua Intelligent Technology (Shenzhen) Co., Ltd. presented its orthopedic robot, which utilizes high-precision algorithms for minimally invasive surgeries, having performed over 5,000 operations [5]