SIASUN(SZ:300024)2025-02-26 16:51Summary of Conference Call Notes Industry Overview - The conference focused on the humanoid robot industry, particularly developments in domestic and overseas markets since February 2023, highlighting key changes and investment opportunities in the sector [1][12]. Key Points and Arguments 1. Overseas Market Developments: - The overseas market has seen significant advancements, particularly with the introduction of models like Figure AI's Helix, which is believed to lead the humanoid robot sector into a new era of deep learning [1][4]. - The focus has shifted towards end-to-end models and consumer (C-end) applications, marking a departure from previous approaches [1][2]. 2. Model Architecture Adjustments: - The new model architecture emphasizes a semi-layered framework that utilizes pre-training and post-training chains, enhancing performance in motion control and voice planning [2][3]. - This dual-layer framework addresses traditional VR model issues, such as large parameter sizes and the balance between slow thinking and fast actions [3][5]. 3. Collaborative Capabilities: - Demonstrations showed multiple humanoid robots collaborating, indicating advancements in group intelligence and potential applications in both B-end and C-end markets [4][5]. 4. Domestic Market Response: - Domestic companies are expected to follow suit with similar advancements, as seen with Huawei's partnerships and the anticipated developments in humanoid robotics by 2025 [6][7]. 5. Investment Opportunities: - The conference highlighted specific companies, such as 1S, which recently launched the Gamma bipedal humanoid robot, targeting the C-end market with a projected annual sales of 1,000 to 1,200 units by 2025 [8][9]. - The design incorporates 3D printing and aims for high safety standards, catering to household applications [9][10]. 6. Market Dynamics: - The discussion included insights from industry leaders, such as Wang Xinxin from Yushu Technology, who predicts 2025 as a pivotal year for humanoid robots in service and industrial sectors [13][14]. - The industry is still in the experimental phase regarding hardware solutions, with various companies exploring different joint designs and AI models [15][16]. 7. Supply Chain Developments: - The supply chain for humanoid robots is evolving, with companies like Lingqiao and others forming strategic partnerships to enhance their offerings [16][19]. - The focus is on integrating components like joint modules and sensors to improve performance and reduce costs [13][19]. 8. Technological Innovations: - Innovations in motor and transmission technologies are crucial, with companies exploring various drive mechanisms and materials to enhance robot capabilities [22][24]. - The emphasis on reducing costs while improving functionality is a key trend in the industry [21][25]. Additional Important Content - The conference also touched on the broader implications of humanoid robots in the manufacturing sector, particularly in metal processing and machine tools, predicting a significant increase in demand for related machinery [36][37]. - The potential for growth in the humanoid robot market is linked to advancements in AI and machine learning, which are expected to drive further innovations and applications in various sectors [12][38]. - The discussion concluded with a call for investors to consider companies with strong fundamentals and innovative approaches in the humanoid robotics space, particularly those positioned to benefit from upcoming technological shifts [49].