Summary of Conference Call Records Industry and Company Overview - **Industry**: AI Applications, Robotics, Rare Earth Permanent Magnets - **Companies Mentioned**: DeepSeek, 华如科技 (HuaRu Technology), 展鹏科技 (ZhanPeng Technology), 金力永磁 (JinLi YongCi), 赤峰黄金 (ChiFeng Gold), 厦门钨业 (Xiamen Tungsten), 中油工程 (China Oil Engineering) Key Points and Arguments AI Applications - **DeepSeek** is set to release its latest large model V4, which supports image, video, and text generation, marking a significant update since the R1 inference model launched in January 2025. This aims to meet the market demand for low-cost, open-source models in China [2] - **Financial Insights**: With the increasing penetration of AI applications, major manufacturers are looking to leverage high-frequency consumption scenarios during the Spring Festival to transition AI technology from chat tools to life assistants, accelerating the commercialization of AI applications [2] Robotics and Military Intelligence - **华如科技** has launched a new generation of XSim military intelligence systems, upgrading traditional simulation systems to AI military intelligence platforms [3] - **展鹏科技**'s subsidiary, 领为军融, focuses on providing tactical simulation training and equipment maintenance solutions for aviation troops, utilizing AI algorithms for high realism and intelligent decision-making [3] Rare Earth Permanent Magnets - The **HEIS** standard system for humanoid robots and embodied intelligence was released, predicting a compound annual growth rate (CAGR) of 55% for rare earth permanent magnets in the robotics sector from 2025 to 2030 [4] - **金力永磁** has established a division for humanoid robot motor rotors, with small batch deliveries expected in the first half of 2025 [5] - **赤峰黄金** and **厦门钨业** are collaborating on rare earth resource development in Laos, with significant estimated resources from the "Laos Chuan Kuo Province Mengkang Rare Earth Mine" project [5] Market Trends - The market saw a reduction in trading volume by 504 billion compared to the previous trading day, with an increase in stocks with over 1 billion in trading volume [10] - The **robotics** and **rare earth** sectors are highlighted as strong performers, driven by rising prices and tight supply-demand dynamics, alongside the AI industry chain's upstream material needs [10] Company News - **中油工程** reported a new contract amount of 10.989 billion yuan in January, a year-on-year increase of 9.15%, indicating strong performance in the energy engineering sector [17] - **江丰电子** projected a net profit of 481 million yuan for 2025, a 20.15% increase year-on-year, reflecting robust growth [17] Investment Opportunities - Analysts recommend focusing on leading internet companies' progress in AI commercialization and related investment opportunities as the market evolves [2] - The rare earth permanent magnet industry is expected to see sustained profitability improvements due to expanding global supply-demand gaps starting in 2026 [4] Additional Important Content - The **HEIS** standard system is the first of its kind in China, covering the entire lifecycle of humanoid robots, indicating a move towards standardized development in the industry [4] - The report emphasizes the importance of monitoring the commercialization progress of AI applications and the potential investment opportunities arising from this trend [2]

Group 1: Report Overview - The report is about a research on Huaru Technology in the software development industry on November 5, 2025 [1][2] Group 2: Research Basic Information - Research object: Huaru Technology [17] - Industry: Software development [17] - Reception time: 2025 - 11 - 05 [17] - Reception personnel: Board Secretary Wu Yaguang [17] Group 3: Detailed Research Institutions - Northeast Securities (Securities Company, representative: Huang Ze) [18] - China Foreign Trade Trust (Other, representative: Xia Xingyu) [18] - Yizhi Investment (Investment Company, representative: Deng Xiangwei) [18] Group 4: Proportion of Research Institutions - Securities companies: 33% [21] - Others: 33% [21] - Investment companies: 33% [21] Group 5: Company Information and Key Technologies - The company upgrades its core brand XSim from "military simulation" to "military intelligence" with the "1?5?5?N" new - generation XSim military intelligence system, responding to the future of national defense intelligence [25] - XSimVerse military large - model is a special large - model for the military field, with military cognition and decision - making abilities, supporting five application areas [25] Group 6: Five Application Areas of Military Intelligence Business - Intelligent decision - making: Build an intelligent OODA decision - making system to improve the efficiency of the auxiliary decision - making process [25] - Virtual training: Construct a closed - loop training system to offer a near - real - combat training experience [27] - Digital and intelligent testing: Integrate the digital parallel test field with the military large - model to form an intelligent application product system for weapon equipment testing [28] - Simulation training equipment: Build a combat - realistic confrontation training equipment system to enhance trainees' combat capabilities [29] - Intelligent equipment: Build an unmanned cloud brain and unmanned equipment system to improve equipment's autonomous and collaborative combat capabilities [30] Group 7: Company's Business Performance - In the first three quarters of 2025, the company's operating income was 157 million yuan, a 2.55% increase year - on - year; the net profit after deducting non - recurring gains and losses was - 146 million yuan, a 46.84% increase year - on - year [30] - In the first three quarters of 2025, the company's operating cost was 143 million yuan, a 40.02% decrease year - on - year, mainly due to the cost transfer of terminated projects last year [30] Group 8: Company's Game Business - The armored TPS online game "Armored Red Edge" developed by Beijing Xiaoru Culture and Technology Co., Ltd. (a wholly - owned subsidiary of Huaru Technology) was launched on October 31, 2025, expanding the company's strategic depth in the serious game e - sports field [30][31]

Core Viewpoint - The company, Huaru Technology, will focus on military intelligence-related product development and applications starting in 2025, aiming to create a new paradigm for national defense [1] Group 1: Company Strategy - The company plans to develop the XSim military intelligence system, utilizing a military large model as its foundation [1] - Huaru Technology will leverage its self-developed intelligent simulation platform, digital battlefield, intelligent agents, digital forces, and a series of tools for digital-physical interconnection [1] Group 2: Application Areas - The company aims to provide a range of products and solutions in five key application areas: intelligent decision-making, virtual training, digital intelligence testing, training equipment, and intelligent equipment [1]