SIASUN(SZ:300024)2025-02-26 16:22Summary of Conference Call Records Company Overview - Company Name: Galaxy General - Industry: Robotics, specifically humanoid robots - Establishment: Early 2023 - Operational Model: Light asset operation similar to Apple, focusing on design and R&D while outsourcing manufacturing to third-party factories [1][47] Key Points and Arguments Company Structure and Operations - Galaxy General relies on a supply chain based in Jiangsu and assembles machines in Shenzhen without owning factories [1] - R&D centers are located in Beijing (algorithm and model development), Shenzhen (hardware and assembly), and Suzhou (automotive project implementation) [1][6] - The company has approximately 200 employees, with around 110 being full-time [1][16] Product Development and Sales - In 2024, the company sold fewer than 50 units of its wheeled robots, primarily to high-end hotels in the Middle East, with prices around $100,000 [1][11][13] - The sales target for 2025 is approximately 1,000 units, leveraging third-party manufacturing [1][20] - The company’s products are equipped with dual arms, differentiating them from competitors like Chasing, which focuses on delivery robots [3][23] Market Dynamics and Customer Focus - Current customers prioritize application over cost, with major clients including Beijing Benz, Geely, BYD, and Tesla [9][10] - The humanoid robot industry is rapidly evolving, with many companies emerging in 2023, but software and model technology are lagging behind market demands [2] Financials and Valuation - The current valuation of Galaxy General is approximately 5.6 billion RMB (around $1 billion), expected to rise to 7 billion RMB after the next funding round [3][22] - The company has received significant support from state-owned enterprises and government entities, enhancing its credibility and visibility [18][19] Technological Development - All models and algorithms are developed in-house, with 80% of training data sourced from simulations [3][31][32] - The company collaborates with NVIDIA for discounted graphics cards, aiding in training resources [28] Competitive Landscape - The company does not view other domestic firms as direct competitors, except for Shanghai resources, which have strong software capabilities [35][49] - The government is actively supporting the humanoid robot sector, with policies aimed at fostering innovation and growth [46] Future Plans and Collaborations - Galaxy General plans to establish partnerships with larger investment firms and companies for future growth [15] - The company is exploring both B2B and B2C markets, focusing on applications in industrial and governmental settings [48] Additional Important Insights - The Middle East's demand for robots is driven by high-end hotels seeking to enhance customer experience [12] - The company is cautious about rushing into the market with bipedal robots, focusing instead on refining existing products [45] - The government’s support for unicorn companies includes creating data collection centers to foster local robotics industries [27][38] This summary encapsulates the essential details from the conference call, highlighting the company's operational model, market positioning, financial outlook, and future strategies in the robotics industry.