顺网科技 20250529 摘要 顺网科技从网吧服务起家，通过并购迅速占据市场领先地位，后转型为 面向游戏公司的广告平台，并提供电竞娱乐增值服务，疫情后业绩表现 优于同行，营收主要来自网络广告及增值业务。 顺网科技凭借电竞领域的技术积累和资源优势，抓住算力和 AI 热潮，差 异化竞争，将业务拓展至云计算和人工智能领域，满足网吧行业对海量 游戏存储上云的需求。 PC 游戏市场复苏，Z 世代和 Y 世代玩家回归，以及《黑神话：悟空》等 大作的推出，推动游戏公司资源向 PC 端倾斜，为顺网科技带来新的业 务增长点。 盛趣集团电竞科技服务和互动娱乐业务稳定发展，通过子公司浮云负责 休闲类游戏研发运营，并积极孵化新项目，寻求 2025 年新的增长点， ChinaJoy 是其核心品牌。 算力上云模式使网吧业主无需承担高昂的硬件升级成本，只需租赁算力 即可完成设备升级，降低资本开支，提高经营效率，顺网科技提供算力 租赁服务。 Q&A 盛网科技在电竞服务领域的业务发展情况如何？ 盛网科技自 2005 年成立以来，一直扎根于电竞服务领域。公司最初通过为网 吧行业提供软件解决方案，逐步扩展至上游、中游和下游各个领域。2006 年 ...

天准科技人形机器人大脑控制器获头部客户量产订单超 1,000 万元，多 家客户测试评估，并有批量订单意向，公司凭借软硬一体化及跨平台综 合服务能力，提供基于 Jetson Orin 和地平线平台的定制化方案。 无人物流车市场快速发展，天准科技服务菜鸟物流、京东、美团等客户， 预计 2025 年该业务将加速，公司正积极跟进大批量订单，并减少乘用 车自驾域控投入，转向竞争较小的商用车市场。 天准科技在无人物流车领域市场份额超 50%，主要竞争对手包括小马智 行等，公司正积极推进地平线平台应用以降低成本，2024 年无人物流 车领域大客户订单达 900 多万元。 天准科技聚焦控制器开发，调整重心适应行业变化，凭借长期积累的机 器视觉技术和完备的工具链生态，为工业和人形机器人领域提供定制化 解决方案，并积极跟进高算力芯片研发。 天准科技发布的无人车售价 19,800 元，另有每月 1,800 元 FBD 费用， 控制器成本占整车约 10%-20%，公司自动驾驶控制器主要以定制品方 式销售，未来考虑开发通用平台。 Q&A 天准科技 20250529 摘要 天准科技在机器人及无人物流车业务方面的布局情况如何？ 包括数据采 ...

武进不锈 20250529 摘要 武进不锈预计 2025 年全年产能达 25,000 吨，核电业务增长迅速，在 手订单约 6,000 吨，主要供应核电主工艺管道，但交付周期较长，预计 两年才能完全反映到报表上。国内石油化工行业投资下降，煤化工启动 速度低于预期。 核电产品毛利率显著高于公司常规管材，虽因竞争加剧从往年超过 40% 降至 30%-35%，但仍具优势。2025 年核电接单量预计可达数千吨至 一万吨，但实际营收增长需时间体现。 高压锅炉管 2025 年一季度至 5 月订单改善，在手订单约 7,000 多吨， 火电订单已达 4,000 多吨。火力发电行业预计未来四到五年内保持稳定 增长，高压锅炉管毛利率稳定在 17%到 20%左右。 石油化工行业需求疲软，国内市场机会有限，企业趋势转向出口。中东、 南美等国外市场机会较多，中国对这些地区出口量不断增加，但国内换 热器厂及反应器等设备厂表现依旧不佳。 出口是公司当前最重要的方向，2024 年出口营收占比约 15%，2025 年一季度稳步上升，目标 20%以上。出口产品毛利率明显高于国内，主 要集中在中东、南美、东南亚和俄罗斯。 Q&A 请介绍一下武进不锈 ...

华依科技 20250529 摘要 华依科技与多家智能驾驶厂家建立稳定供货关系，并积极拓展乘用车和 无人物流车市场，两类产品在核心算法和底层数据上具有协同性，能够 有效应对不同客户的需求。 无人物流车市场对 IMU 需求显著，华依科技与头部厂家如九识智能、新 时达等合作，预计 2025 年市场容量将突破万台，2026 年有望进一步 增长，中国短途物流车辆市场规模庞大，潜力巨大。 无人物流车市场发展迅速，政策环境相对宽松，华依科技正与头部公司 展开战略合作谈判，旨在占据更多市场份额，实现持续发展，并积极探 索订阅服务模式。 自动驾驶出租车（Robotaxi）作为重要应用场景，对 IMU 需求同样关 键，华依科技积极关注并布局该领域，通过技术创新与战略合作推动行 业发展，政策环境的优化也为行业提供支持。 无人物流在产品和技术层面已相对成熟，但商业闭环仍受政策限制，随 着政策逐步放宽，无人物流行业有望迅速发展，预计 2025 年出货量将 突破万台，实现显著增长。 Q&A 华依科技在无人驾驶领域的惯性测量单元（IMU）产品布局情况如何？ 华依科技自 2018 年开始布局 IMU 产品，作为姿态测量和惯性导航的核心传感 ...

华鲁恒升 20250529 摘要 华鲁恒升 2024 年营收 342.26 亿元，利润总额 50.15 亿元，经营性现 金流 67 亿元，同比分别增长 26%、17%和 36%。荆州公司投产后贡 献 75 亿元营收和 12.25 亿元利润，成为重要增长点。 公司通过推进 11 个续建/新建项目，完成投资 58 亿元，投产密胺树脂、 尼龙 66 等项目。在线优化创新和技改项目消化市场减利 15 亿元，液氨、 醋酸等产品扩能提质，新能源、新材料产品提高市场占有率。 华鲁恒升在安全、环保和质量管理方面表现出色，全年未发生重大安全 事故，环境污染事故和重大环保投诉为零，产品质量合格率达 100%， 彰显其高度责任感和严格标准。 公司坚持科技引领和创新驱动，深化煤化工与石油化工耦合联产，优化 发展结构，提高运营效益，推动绿色低碳高质量发展，加速转型升级， 构建基础化工品、新能源材料、新材料集群优势。 2024 年公司资产总额增至 466.58 亿元，归属于上市公司股东的净资 产为 310.18 亿元，资产负债率为 29.64%。加权平均净资产收益率为 13.05%，财务状况稳健。 Q&A 华鲁恒升在 2024 年度及 ...

东航物流 20250529 摘要 综合物流业务在公司收入中的占比如何变化？ 东航物流作为民航混改先行者，股权结构多元，东航集团控股 40.5%， 联想控股持股 11.3%，员工持股平台持股 6.3%。公司业务涵盖航空速 运、综合物流及地面综合服务，其中综合物流占比已超航空速运，成为 主要收入来源。 受益于跨境电商发展和空运运价上涨，东航物流 2024 年营收达 241 亿 元，同比增长 17%，归母净利润 27 亿元，同比增长 8%。2025 年一 季度营收 55 亿元，同比增长 5%，净利润同比下降 7%，剔除飞机处置 影响后经营状况良好，并积极分红，股息率达 5.2%。 公司航空速运业务依托 15 架 B777 全货机和客机腹舱资源，构建双运 力体系，覆盖全球 160 多个国家和地区。与东航股份独家合作，获得腹 舱独家经营权，浦东机场航班量和运营投入占比最高，显著助力货量增 长。 综合物流业务是公司营收占比最高的业务，2024 年收入 125 亿元，同 比增长 37%，占比达 52%。其中，跨境电商和产地直达是增长最快的 子板块，跨境电商复合增长率高达 71%，产地直达以生鲜品类为主。 Q&A 东航物流的 ...

Summary of Key Points from the Conference Call Industry Overview - The robotics industry differs significantly from the automotive industry, primarily due to constraints in chip power consumption, performance, and size, as well as the unique modular supply chain of robotics, making breakthroughs in centralized architectures challenging [1][4] - The current industry scale is small, relying on similar product modifications for services, with a potential future shift towards centralized approaches as chip segmentation occurs [1][4] Communication Architecture - Two main communication architectures exist in the robotics field: CAN/Serviceware and ROS/ROS2. The former is heavy and power-consuming, while the latter is cost-effective and efficient. A future trend may involve a combination of fiber optics and hard wiring [1][5] - The industry may require 1-2 years to explore a clear communication technology outlook [1][6] Chip Design and Performance - NVIDIA's Orin series chips are compatible with both automotive and robotics applications, but the AGX automotive platform has higher power consumption than the Jetson series due to the ability to use water cooling in cars, while robots are limited to smaller cooling solutions [1][7] - The typical power redundancy for humanoid robots is between 35-45 watts, which poses challenges for heat dissipation and battery life [1][7] - Robots require higher algorithmic demands but face stricter power limitations, necessitating better chips that can operate at lower frequencies to improve energy efficiency [1][8] Market Dynamics - The utilization rate of chips in autonomous driving is higher than in robotics, but physical constraints lead to more redundancy in robotics, requiring selective hardware usage to manage heat [1][9] - Jetson versions are 30%-40% cheaper than AGX versions due to the absence of functional safety requirements in robotics [1][10] Industry Challenges - The robotics industry suffers from immature division of labor and a lack of standardization in control systems, which complicates mass production [1][12][13] - Communication protocol consistency is crucial for achieving scalable production, as current discrepancies lead to supply chain chaos [1][13] Future Outlook - The timeline for achieving mature mass production in robotics is estimated to be around three years, contingent on resolving communication protocol issues and reducing the costs of advanced manufacturing processes [1][18] - Qualcomm is positioned to potentially dominate the robotics chip market, similar to NVIDIA's role in autonomous driving, due to its strengths in ISP integration and low-power development [1][15] - Domestic chip manufacturers face challenges but could see advancements if companies in the cleaning robot sector develop their own chips, which may drive progress in humanoid robotics [1][16] Conclusion - The robotics industry is at a critical juncture, with significant opportunities for growth and innovation, but it must overcome substantial technical and market challenges to realize its full potential [1][18]

Summary of Hainan Airlines Conference Call Company and Industry Overview - **Company**: Hainan Airlines - **Industry**: Aviation Key Points and Arguments 1. **Revenue and Profit Growth**: Hainan Airlines reported that its revenue and profit for Q2 2025 have exceeded the same period last year, with cumulative revenue from January to May also surpassing last year’s figures [2][3] 2. **Summer Profit Expectations**: The airline anticipates a significant profit surge during the summer season, particularly in the northwest market, with ticket sales showing a notable increase compared to last year [2][4] 3. **Performance During Holidays**: During the May Day holiday, available seat kilometers (ASK) increased by 5.8%, domestic load factor rose by 1.6%, and passenger kilometer revenue grew by 2.2% [5][6] 4. **Supply and Demand Dynamics**: A shortage in aircraft supply from manufacturers like Boeing and Airbus, combined with stable growth in domestic travel demand, has led to increased ticket prices and passenger revenue [2][7] 5. **OTA Regulation Measures**: Hainan Airlines has established a department to address issues with Online Travel Agencies (OTAs), implementing scoring systems and penalties for non-compliance to protect passenger rights and revenue [2][8] 6. **Reduction in Price Wars**: Major airlines are gradually moving away from price wars, focusing instead on price control, which is expected to enhance overall industry revenue, though long-term effects remain uncertain [2][9] 7. **Financial Recovery**: From January to May 2025, Hainan Airlines' revenue grew by approximately 3%-5%, with April profits nearing 100 million yuan and May showing a turnaround from losses [2][11] 8. **Changes in Profit Structure**: The profitability structure of the civil aviation industry has undergone significant changes, with expectations of continued revenue growth in the summer season [12][27] 9. **Impact of Hainan's Free Trade Policies**: Post-Hainan's customs closure, airlines benefit from tax exemptions on fuel, which reduces operational costs and supports market growth [2][17] 10. **High Debt Ratio**: The company’s high debt ratio is attributed to past financial difficulties, but recent capital injections have stabilized its financial structure [18][19] 11. **Government Support**: The Hainan provincial government has established investment funds to support the airline, providing nearly 1 billion yuan in cash to subsidiaries [20] 12. **Aircraft Delivery Plans**: Hainan Airlines plans to introduce 28 new aircraft over three years, with a focus on leasing to manage costs effectively [21][22] 13. **International Route Performance**: The airline's international routes have seen a decline in passenger load compared to major competitors, but efforts are underway to enhance service frequency and connectivity [23][24] 14. **Recovery in Southeast Asia**: The Southeast Asian market has shown signs of recovery from negative impacts, with no significant long-term damage to overall business [26][27] Additional Important Insights - **Market Share and Strategy**: Hainan Airlines holds a significant market share in various regions, including nearly 50% in Hainan and over 50% in Shenzhen for international routes [25] - **Long-term Growth Outlook**: The airline's recovery post-restructuring and pandemic is promising, with expectations for sustained revenue growth and improved asset-liability ratios [27]

Summary of Exoskeleton Robot Industry Conference Call Industry Overview - The exoskeleton robot industry is primarily applied in medical, industrial, and military fields, with rapid growth in the medical rehabilitation sector as traditional medical companies gradually enter the market [1][2][3] - The consumer market for exoskeleton robots shows significant potential, especially in outdoor sports and home rehabilitation training, although product comfort and fit are critical concerns [1][2] Key Points Market Growth and Applications - The exoskeleton robot industry began its development phase during the COVID-19 pandemic in 2020, entering a high-speed growth stage [2] - Initial applications were in the military sector abroad, enhancing soldiers' speed and load-bearing capacity [2] - In the medical field, exoskeleton robots target lower limb disability patients, such as those with hemiplegia, paraplegia, and cerebral palsy, facilitating precise motor control and muscle recovery [2][3] - Industrial applications include upper limb exoskeletons assisting workers in repetitive assembly tasks, with some countries mandating their use [2] Pricing and Product Types - Consumer-grade exoskeleton robots are priced between 2,000 to 10,000 yuan, available in active and passive types, aimed at assisting the elderly or outdoor enthusiasts [1][5] - Medical-grade exoskeleton robots range from 600,000 to 1,800,000 yuan, primarily used for rehabilitation after acute phases [2][24] Technological Barriers - Key technological barriers include battery life, structural design, weight control, and the integration of brain-machine interfaces with artificial intelligence [1][14][15] - Current exoskeleton robots mainly serve rehabilitation purposes and have not yet become essential assistive devices like canes [15] Market Demand and Competition - The market for exoskeleton robots is growing, particularly among younger consumers seeking to reduce physical strain during outdoor activities [10] - Leading companies in the market include Hangzhou Zhongtian Technology, which has advantages in standardized production and product application rates in personal and medical settings [18][19] - The expected total sales for Zhongtian Technology in 2025 is projected to reach 200 million yuan, with significant contributions from consumer-grade products [23] Future Prospects - The consumer-grade exoskeleton robot market is expected to see sales of approximately 25,000 units in 2025, with a potential market size of 500 million yuan if current trends continue [27] - The medical equipment sales forecast for 2025 is between 200 million to 300 million yuan, subject to fluctuations due to anti-corruption measures and healthcare policy reforms [26] Additional Insights - The integration of brain-machine interfaces and AI technology is anticipated to enhance the precision of exoskeleton robots, potentially allowing paralyzed individuals to regain mobility [3][19] - The consumer market's acceptance of exoskeleton robots is influenced by their affordability compared to other high-cost items, such as smartphones [10] - The development of exoskeleton robots for industrial applications is still in its early stages, with companies like Zhongtian exploring this area [30] This summary encapsulates the key insights from the conference call regarding the exoskeleton robot industry, highlighting its growth, technological challenges, market dynamics, and future potential.