SIASUN(SZ:300024)2025-09-07 16:19Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the robotics industry, particularly focusing on industrial robots and humanoid robots in China and globally. The rapid development of industrial robots in China is highlighted, with the country accounting for over 50% of global installations as of 2024 [1][4]. Core Insights and Arguments - Growth Drivers: The growth of China's industrial robots is attributed to the rise of new energy vehicles, domestic substitution of upstream components, and strong government support. By 2024, the market share of domestic industrial robot manufacturers reached 52% [1][4]. - Global Trends: The global growth rate of industrial robots has slowed down since 2023, with predictions for 2024 indicating almost no growth. The key to future development lies in embodied intelligence technology, which can serve a wider range of physical scenarios [5]. - Humanoid vs. Traditional Robots: Humanoid robots differ significantly from traditional industrial robots, requiring more sensors for enhanced perception and diverse actuator designs. The commercial viability of humanoid robots is still in the exploratory phase, with 2025 marked as the year for small-scale engineering [6][7][8]. - Challenges in Engineering: Many startups face challenges in engineering production capabilities, with estimates suggesting that 80% of them may fail during this phase due to the complexity of assembly and testing processes [8][9]. Important but Overlooked Content - Investment Sentiment: The investment sentiment in the robotics sector has surged in the A-share and Hong Kong markets, driven by industry events and advancements in AI infrastructure [2]. - World Models: The importance of world models in robotics is emphasized, as they help robots understand spatial, action, and causal relationships, which is crucial for improving their decision-making capabilities [13]. - Software Development: The software industry is expected to play a significant role in the robotics sector, with a potential consolidation of players into two or three dominant companies that will set industry standards [26]. - Hardware Investment Opportunities: Investment opportunities in hardware are categorized into mature and non-mature sectors, with a focus on actuator designs and the need for stable products to support small-scale production [22][24]. Future Trends - The robotics industry is anticipated to undergo significant transformation and competition in the coming years, with a blurring of lines between industrial, household, and specialized robots due to advancements in embodied intelligence [11]. - The development of humanoid robots will depend heavily on advancements in algorithms and processing equipment, particularly in critical manufacturing processes [24]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future prospects of the robotics industry.