Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company has launched its second-generation flexible sensor products, showcasing significant advancements in sensitivity, durability, and multi-modal perception [5][6] - A strategic partnership with Zhaowei has been established, positioning the company as a key supplier for the new generation of bionic hands, enhancing its market presence [6][7] - The company has implemented a new equity incentive plan aimed at binding core R&D personnel, which reflects confidence in future growth and aims to stabilize the research team [8] Summary by Sections Market Performance - The current stock price is 32.12 yuan, with a total market capitalization of 9 billion yuan and a total share count of 280 million [1] Product Development - The second-generation electronic skin products have improved in three key dimensions: true flexibility across surfaces, integration of multiple physical modalities, and the ability to capture multi-directional forces [5][6] Strategic Partnerships - The collaboration with Zhaowei includes the application of the company's sensors in ZWHAND's new bionic hand series, enhancing the product's tactile sensing capabilities [6][7] Equity Incentive Plan - The new equity incentive plan involves granting 2.427 million restricted shares at a price of 15.64 yuan per share to 103 core employees, including key R&D personnel [8] Profit Forecast - The company is projected to achieve net profits of 123 million yuan, 156 million yuan, and 219 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 72.9, 57.6, and 41.1 [9][11]

Industry Definition - Electronic skin (E-skin) is a flexible electronic system that simulates human skin's sensory functions, capable of sensing pressure, temperature, humidity, strain, and chemical substances [3] - It consists of flexible sensors, conductive materials, and microelectronic circuits, aiming to achieve "skin-like touch" in robotics, biomedical applications, and wearable devices [3] Key Features and Materials - E-skin features flexibility, stretchability, and sensitivity, allowing it to mimic human touch and perception [5] - Flexible sensors can accurately capture minute changes in pressure, temperature, and tactile sensations through integrated micro-sensor arrays [5] - Common materials used include silicone rubber, polymer composites, and nanocomposites, which maintain stable electronic performance even when bent or stretched [5][8] Sensor Types and Applications - The main types of flexible tactile sensors include resistive, capacitive, and piezoelectric sensors, each with unique characteristics and applications [7] - Applications span across wearable health monitoring, humanoid robots, smart prosthetics, virtual reality systems, and flexible displays [11] Industry Chain and Trends - The electronic skin industry chain includes upstream material development, midstream manufacturing, and downstream application integration [11] - The industry is transitioning from laboratory research to commercialization, with a focus on domestic material localization, multifunctional system integration, and cost-effective manufacturing [11] Financing Trends - The number of financing events in the electronic skin sector fluctuated significantly, with a peak of 13-14 events from 2020 to 2022, dropping to 4 in 2023, before recovering to 10 and 12 in 2024 and 2025 respectively [12] Company Highlights - Nengsida, established in 2013, specializes in flexible micro-nano sensing technology and has developed various types of flexible sensors, achieving mass production capabilities [15][16] - Moxian Technology, founded in 2021, focuses on flexible pressure sensor solutions, capable of detecting a wide range of pressures from 3.5 grams to 500 kPa [19][20] - Pashini, founded in 2021, has developed a multi-dimensional tactile product system for robots, significantly reducing sensor costs and enhancing functionality [24][25] Recent Innovations - Xiamen University developed a bionic electronic skin inspired by electric eels, enabling continuous perception from proximity to contact, with potential applications in medical rehabilitation and virtual reality [29] - A new type of electronic skin developed by an international research team can self-repair within 10 seconds, maintaining over 80% functionality after damage, suitable for extreme environments [30]