Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months compared to market benchmarks [6]. Core Insights - The collaboration between the company and Geely's Zeekr marks the beginning of a new phase in humanoid robotics, transitioning from single-machine autonomy to multi-machine collaboration through innovative group intelligence architecture [4]. - The company has developed the world's first humanoid robot multimodal reasoning model, enhancing robots' decision-making capabilities in complex production line tasks [2]. - The implementation of group intelligence technology has enabled the company to achieve significant advancements in collaborative tasks such as sorting, handling, precision assembly, and quality inspection within various industrial scenarios [3]. Summary by Sections Investment Recommendation - The report suggests that the company's innovative group intelligence architecture and the successful implementation of training scenarios will lead to accelerated product functionality iterations and technological upgrades [4]. Technological Innovations - The company has introduced the BrainNet software architecture, which connects reasoning and skill nodes to form a super brain and intelligent small brain, facilitating high-dimensional decision-making for complex tasks [2]. - The multimodal reasoning model, based on DeepSeek-R1 technology, allows robots to perform complex task decomposition and scheduling efficiently, leveraging a vast dataset accumulated from various automotive factories [2]. Training and Application Scenarios - In 2025, the company will enter the training 2.0 phase, utilizing dozens of Walker S1 robots across multiple scenarios in the Zeekr 5G smart factory, demonstrating successful applications of group intelligence technology [3]. - Key applications include collaborative sorting using visual perception technology, optimized handling of large and heavy items, precision assembly of delicate materials, and accurate quality inspection through advanced sensory techniques [3].