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]

Core Viewpoint - The report from Huafu Securities indicates that Shiyuan Co., Ltd. has successfully transitioned from product to platform with its integrated AI teaching solutions under the "Xihuo" brand, maintaining a leading position in the domestic education interactive smart panel market [1] Group 1: Market Position and Performance - In the first half of 2025, the company's domestic education interactive smart panel shipment share reached 45.3%, marking 13 consecutive years at the top of the industry [1] - The company has a broad coverage of over 2.8 million classrooms, 200,000 primary and secondary schools, and more than 2,500 higher education institutions across the country [1] Group 2: Revenue Growth and Product Development - Overseas revenue further increased to 3.032 billion yuan in the first half of 2025 [1] - The company has integrated new hardware into the Microsoft ecosystem, enhancing the penetration of MAXHUB in smart office scenarios, and is expected to experience a turning point in both volume and price [1] Group 3: Innovation and Future Growth - The company has independently developed and launched the MAXHUB X7 industrial-grade quadruped robot, marking its entry into the general intelligent equipment sector, creating a new growth platform alongside its existing controller and commercial display products [1] - As AI education evolves from functional to platform-based solutions, the company's leading position in hardware is expected to sustain growth over the next 2-3 years [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Viewpoints - The company has successfully transitioned from product to platform in its AI education solutions, achieving a 45.3% market share in domestic interactive smart panels in the education sector, maintaining its industry leadership for 13 consecutive years [3][4] - The AI-enabled products are driving structural upgrades in the B-end product offerings, enhancing teacher efficiency and personalized teaching capabilities [3] - The overseas business has shown significant growth, with revenue reaching 5.699 billion yuan in 2024, a year-on-year increase of 22.23% [4] - The company is entering the robotics sector with the launch of the MAXHUB X7 industrial-grade quadruped robot, indicating potential for high margins and strong scene adaptability [5] Summary by Sections Company Overview - The company, established in December 2005, focuses on smart interactive displays and AI technology, evolving from LCD display control boards to a comprehensive provider of smart electronic solutions [13] - It operates under several well-known brands, including Seewo for education and MAXHUB for enterprise services [13] AI Education - The AI education sector is experiencing rapid expansion, with a significant shift towards integrated smart ecosystems in educational settings [40] - The market for interactive hardware in education has reached a 72% share, indicating strong demand for AI-integrated solutions [40] - The company’s Seewo brand has a robust presence, covering over 2.8 million classrooms and serving approximately 10 million teachers [14] Company Highlights - The core component business remains a stable revenue pillar, with a market-leading position in LCD display control boards, achieving a global market share of approximately 32.72% [71] - The overseas business is expanding rapidly, with significant growth in regions like Southeast Asia and India, supported by local partnerships and government initiatives [75][78] - The company is actively investing in R&D, with a budget of 1.54 billion yuan in 2024, representing 6.88% of its revenue, ensuring a competitive edge in technology [72]

Core Insights - The 138th Canton Fair concluded on October 19, showcasing significant interest in service robots from Guangzhou companies, with a total intended transaction amount exceeding 10 million USD by noon on the closing day [1] - Guangzhou's Yingbo Intelligent Robot received strong interest from international buyers, achieving immediate sales upon launch [1] - Visionox, a first-time exhibitor in the service robot section, presented award-winning products including the MAXHUB X7 industrial quadruped robot and a smart flexible robotic arm capable of high-precision tasks, attracting numerous foreign customers for interactive experiences [1] Industry Overview - This year's Canton Fair featured six companies from Guangzhou in the service robot section, an increase of one compared to the previous session, representing 1/8 of the national total of 46 companies [1] - The participating companies cover various fields including companion interaction, aerial work, commercial cleaning, and special operations, highlighting Guangzhou's cluster advantages in the integration of artificial intelligence and robotics innovation [1]

Core Insights - The 138th China Import and Export Fair (Canton Fair) concluded its first phase on October 19, with approximately 157,900 overseas buyers attending from 222 countries and regions, marking a 6.3% increase compared to the previous event [1] Group 1: Robotics Industry Highlights - A number of "hardcore" robotics companies from Guangzhou showcased their innovative products at the service robot exhibition area, achieving a cumulative intended transaction amount exceeding 10 million USD by October 19 [1] - Vision Source, a first-time participant in the service robot exhibition, presented the award-winning MAXHUB X7 industrial quadruped robot and a flexible robotic arm capable of high-precision tasks, attracting significant interest from international buyers [3] - Guangzhou Lingdu Intelligent Technology Development Co., Ltd. introduced a high-altitude cleaning robot capable of operating at 600 meters, featuring AI autonomous obstacle avoidance and intelligent path planning [4] - The MiniPi robot, showcased by Gaoqing Electromechanical, is noted for its lightweight, high openness, and modular design, capable of complex movements such as walking and climbing stairs [4] - Guangzhou Yingbo Intelligent Technology Co., Ltd. secured three orders on the first day of the fair, with products covering companion and performance robots [6] Group 2: Fair Overview - The first phase of the 138th Canton Fair focused on "advanced manufacturing," covering an exhibition area of 520,000 square meters with over 25,000 booths and approximately 12,000 participating companies [6] - The exhibition included five major sectors: electronic appliances, industrial manufacturing, lighting and electrical, hardware tools, and vehicles, with "smart living" and "service robots" being particularly popular areas [6]

Core Insights - The 2025 China Mobile Global Partner Conference was held in Guangzhou, focusing on "Carbon-Silicon Symbiosis and Co-creation in the AI Era" [1] - Visionox's education technology brand, Seewo, showcased various AI-driven educational products, attracting significant attention from parents and industry professionals [2][4] - MAXHUB, another brand under Visionox, presented advanced office solutions, including an industrial-grade quadruped robot, which engaged attendees and highlighted the integration of AI in smart office environments [7] Seewo's Product Highlights - Seewo introduced several new products, including the Seewo Parent-Child Screen and AI Learning Machine, which aim to enhance family education [2] - The AI Learning Cloud Computer, a combination of a learning machine, computer, and tablet, was particularly popular among parents, featuring extensive learning resources and AI homework assistance [4] - Seewo received multiple awards at the conference, including the "Best Product Partner Award" and "Top Ten Excellent Partner Award" from China Mobile [6] MAXHUB's Innovations - MAXHUB created an immersive exhibition area that allowed attendees to experience various smart office functionalities powered by AI [7] - The MAXHUB X7 quadruped robot attracted considerable interest, demonstrating its capabilities as a companion and assistant in daily life [7] - MAXHUB also showcased a comprehensive cloud video conferencing solution developed in collaboration with China Mobile, integrating core functions like writing, displaying, remote communication, and AI meeting minutes [9] Strategic Collaborations - Visionox and China Mobile launched the "Smart Engine, Enjoy Action" initiative, focusing on AI-customized mobile phones and a broader AI terminal ecosystem [11] - The partnership aims to leverage AI technology and cloud network capabilities to create social value and address user needs across various industries [11][13] - Visionox plans to deepen its collaboration with China Mobile to integrate leading AI educational technologies and enterprise services, contributing to the vision of "Carbon-Silicon Symbiosis" [13]

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]

Financial Performance - The company achieved a revenue of 1,056,460.75 million yuan in the first half of 2025, representing a year-on-year growth of 4.39% [3] - The comprehensive gross margin decreased by 1.38 percentage points compared to the previous year, with a slight decline in gross profit [3] - Net profit attributable to shareholders decreased by 19.66% year-on-year, amounting to a reduction of 39,767.63 million yuan [3] - Non-recurring gains and losses increased compared to the same period last year, with a net profit excluding non-recurring items decreasing by 39.72% [3] Product Performance - Revenue from liquid crystal display main control boards decreased by 7.26% to 308,336.50 million yuan due to a decline in shipments from major TV customers [3] - Revenue from household appliance controllers surged by 66.43% to 129,969.34 million yuan, driven by increasing domestic and international orders [3] - The MAXHUB brand experienced a revenue decline of 13.63% to 56,689.87 million yuan, influenced by weak offline market demand [4] Market Expansion - The LED business saw a significant revenue increase of 52.26% year-on-year [5] - Overseas self-owned brand business revenue grew by 59.56%, despite an overall decline of 17.94% in overseas business revenue [5][15] - The company is actively expanding its presence in the robotics sector, with the launch of the MAXHUB X7 quadruped robot at the World Robot Conference [6][12] AI and Education Sector - The company is leveraging AI in education, with the Xiwo classroom intelligent feedback system implemented in over 3,000 schools, generating more than 360,000 feedback reports [7][9] - The Xiwo AI preparation assistant has activated over 600,000 users, significantly enhancing teaching efficiency [7][10] - The education AI product market is expected to grow rapidly, supported by a large user base of over 900,000 active teachers [10][11] Future Outlook - The company plans to maintain a strong focus on R&D, with research expenses consistently around 7% of revenue, targeting advancements in smart control components and robotics [18] - The company aims to enhance its digital capabilities and expand internationally, with funds raised from the Hong Kong listing primarily allocated for these purposes [17][18]

Industry Trends - The human-shaped robot industry in China is transitioning from "visible" to "usable," with products evolving from "single function" to "multi-functional" and from "individual operation" to "collective intelligence" [1][10] - The technology is advancing from mechanical responses to "proactive prediction," and capabilities are shifting from "precise and efficient" to "generalized intelligence" [1][10] Product Innovations - The 2025 World Robot Conference showcased a record number of human-shaped robot exhibitors, with over 100 new products launched globally [1] - Companies are demonstrating "embodied intelligence" and "disembodied intelligence" technologies, enabling robots to predict needs and respond autonomously [2] Market Growth - The robot industry in China saw a revenue increase of 27.8% year-on-year in the first half of the year, with industrial and service robot production rising by 35.6% and 25.5% respectively [4] - The global high-risk operation robot market is valued at approximately $3 billion, with an annual growth rate of 25%, while the domestic target market is expected to exceed 50 billion yuan by 2028, with a compound annual growth rate exceeding 30% [5] Company Developments - Yushutech, a prominent company at the conference, showcased new products and emphasized the importance of their upcoming IPO as a step towards maturity in management and operations [3] - The company aims to redefine societal perceptions of robots as they become capable of performing significant tasks [3] Technological Advancements - The conference highlighted advancements in industrial robots, with applications expanding rapidly across various sectors [4] - The MAXHUB X7, an industrial quadruped robot, was introduced, capable of navigating complex terrains and operating in extreme conditions [7] Investment Activities - Shoucheng Holdings plans to establish and manage a 10 billion yuan investment fund for the development of the robotics industry, having already invested in leading companies in the sector [9]