Summary of Quadruped State of The Market Industry Overview - The quadruped robotics market is currently dominated by two main players: **Boston Dynamics** and **Unitree**, with **ANYbotics** and **DEEP Robotics** as notable competitors [4][37]. - Quadrupeds are recognized as the most advanced general-purpose robots, particularly with the advent of Level 2 Autonomy, which opens new market opportunities [3][9]. Key Players and Market Dynamics - **Unitree** holds an estimated **70% share** of global sales by volume in 2023, with annual revenues surpassing **1 billion RMB (~$140 million)** [46]. - **Boston Dynamics** generates an estimated **$100 million to $200 million** in annual revenue from its product line, including the quadruped **Spot** [38]. - **ANYbotics** focuses on environments requiring high protection ratings (IP67) and has an annual revenue of less than **$27 million** [44]. - **DEEP Robotics** is rapidly expanding, with around **600 deployments** across **40+ countries** [42]. Competitive Advantages - Unitree benefits from a substantial cost advantage compared to Western peers, with its high-end quadrupeds priced up to **50% lower** than those of competitors [8][108]. - The company has a broader product portfolio and faster product release cadence due to China's manufacturing capabilities [11]. Technological Developments - Recent advancements in **li-ion batteries** and **actuator technology** have significantly improved quadruped capabilities, reducing costs and increasing efficiency [33][134]. - Unitree employs a **Quasi-Direct-Drive (QDD)** actuator design, which offers a balance of cost and performance, although it may compromise robustness [137][143]. Market Opportunities - The Total Addressable Market (TAM) for quadrupeds includes industries such as **Oil & Gas**, **Semiconductor Fabs**, and **Datacenters** [6]. - Potential applications for quadrupeds include: - **Datacenters**: Inspecting electrical yards to prevent costly downtime [85]. - **Last-mile Delivery**: Offering a cost-effective alternative to human couriers [89]. - **Security Patrol**: Reducing costs associated with human security personnel [93]. Challenges and Risks - Security concerns have been raised regarding Unitree's technology, particularly in sensitive sectors like **semiconductor fabs** and **oil and gas** [132]. - The quadruped market remains fragmented, lacking a dominant player akin to a "hyperscaler" that could consolidate the market [84]. Conclusion - The quadruped robotics market is poised for growth, driven by technological advancements and increasing demand across various industries. Unitree's competitive pricing and strong market presence position it favorably, although challenges related to security and market fragmentation remain significant considerations for future developments.

Summary of Foxconn Industrial Internet (FII) Conference Call Company Overview - **Company**: Foxconn Industrial Internet (FII) - **Ticker**: 601138.SS - **Market Cap**: Rmb1.2 trillion / $172.9 billion - **Investment Rating**: Buy - **Price Target**: Rmb83.80, representing a 35.0% upside from the current price of Rmb62.06 Key Industry Insights 1. **Profitability Focus**: Management emphasized the importance of maintaining margins, particularly in the AI server segment. Strategies include: - **Scale Expansion**: FII plans to add new customers and increase allocations to existing ones to enhance production efficiency [2][2] - **Margin Improvement**: Targeting leading cloud service providers (CSPs) for better margins compared to brand customers [2][2] - **R&D and Automation**: Continued investment in robotics and AI to improve production efficiency and cash flow [2][2] - **Management Efficiency**: Strong local management in production sites enhances relations with local stakeholders [2][2] 2. **Competitive Advantages**: FII is confident in its competitive position in the AI server market, drawing parallels to previous tech cycles where customers consolidated suppliers. Key points include: - **High Entry Barriers**: The need for strong R&D and global production capabilities increases entry barriers, benefiting FII [3][3] - **Comprehensive Offerings**: FII's partnerships with major suppliers like NVIDIA and AMD enhance its market position [3][3] - **Ecosystem Collaboration**: Close collaboration with supply chain partners, such as TECO, accelerates customer deployment in AI [6][6] 3. **Networking Equipment Expansion**: FII is optimistic about its networking business, driven by the Gen-AI trend. Key developments include: - **Specification Upgrades**: Transitioning from 800G in 2025 to 1.6T in 2026, and up to 3.2T by 2027, significantly increasing switching capacity [7][7] - **Market Share**: FII holds over 75% market share in global switch sales as of 1H25 [7][7] Financial Projections - **Revenue Growth**: Forecasted AI revenue contribution is expected to grow from 8% in 2022 to 68% by 2026 [8][8] - **Earnings Estimates**: Projected EPS growth from Rmb1.17 in 2024 to Rmb3.56 in 2027 [11][11] Risks and Challenges 1. **Demand Fluctuations**: Potential for worse-than-expected demand in the AI server business [10][10] 2. **Competitive Pressures**: Strong competition in the iPhone component business could impact growth [10][10] 3. **Capacity Constraints**: Slower-than-expected ramp-up in new factories may hinder production [10][10] Conclusion - FII is well-positioned to capitalize on the growing demand for AI servers and networking equipment, supported by strong R&D, strategic partnerships, and a focus on profitability. The company maintains a positive outlook despite potential risks associated with market competition and demand fluctuations.

Tianyi Yan +86(21)2401-8609 | tianyi.yan@goldmansachs.cn Goldman Sachs (China) Securities Company Limited 20 October 2025 | 6:17PM CST Equity Research United Imaging (688271.SS): Quantify China PCCT market potential; TP up to Rmb175; Buy CT scanner is the largest category by bidding value among medical imaging equipment in China. Recently, with the NMPA approval of domestic Photon-Counting CT (PCCT) from United Imaging and Neusoft on the same day (Aug 26, 2025), as well as the strong sales performance of Si ...

October 20, 2025 08:20 AM GMT Yangjie Technology | Asia Pacific Robust earnings growth plus market share gain; OW Expect 20%+ revenue CAGR: Management reiterated its 2025 target set in the employee stock incentive plan for 2027 revenue to be not less than Rmb10bn or net profit to be not less than Rmb1.5bn, indicating ~20% revenue CAGR. We expect with the contribution from Better Fuse, Yangjie's revenue will grow at 22% CAGR (2024- 27e). Gross margin should improve steadily helped by better product mix with ...

ab 20 October 2025 First Read China Banks Marketing feedback: sector rotation a key investor watch Decent investor interest in China banks amid market consolidation Global Research During our Singapore and Kuala Lumpur marketing last week, we met with 25 institutions, of which the majority (c80%) were long-only funds. On positioning, while China banks remain a core holding for many LO investors, some trimmed positions amid the sector rally before July, and are considering whether now is a good time to buy g ...

Summary of Sanyou Medical Conference Call Company Overview - **Company**: Sanyou Medical - **Industry**: Orthopedic Medical Devices Key Points Industry and Market Trends - Sanyou Medical benefits from the aging population trend and the diminishing impact of post-collection policies, leading to a potential recovery in the orthopedic industry [2][6] - The orthopedic industry is expected to recover to double-digit growth in the coming years, driven by aging demographics and accelerated domestic production [2][6] Financial Performance - In 2023, revenue declined due to collection policies, but Q1 2024 showed growth, with a forecast for stable growth in H1 2025 [2][5] - Gross margin is expected to recover to 70-75%, with net profit margin anticipated to increase significantly in the coming years [2][5] Product Innovation - Sanyou Medical has launched several spine products tailored to the Chinese market, enhancing competitiveness [2][4] - Innovations include the Zeus system and bag products, with ongoing development of new technologies like the shell fusion device and artificial knee joint [2][4] International Expansion - The company is pursuing internationalization through direct acquisitions, notably of a French listed company, which has resulted in a significant overseas revenue contribution [2][7] - The Zeus system has begun sales in the U.S., with expectations for rapid growth in international markets [14] Response to Market Challenges - Sanyou Medical has introduced new products to meet clinical needs and has expanded sales channels to cover more hospitals, maintaining stable shipment growth despite price declines [8] - The company is focusing on R&D to enhance product diversity and innovation, which has helped sustain overall revenue [8] Emerging Markets and Technologies - The company is actively involved in the ultrasound bone knife business, which is expected to maintain a compound annual growth rate of about 30% [12] - Sanyou Medical has invested in the orthopedic robotics sector, with promising developments expected in the near future [13] Overall Assessment - The company is at an upward turning point, entering a phase of rapid revenue growth while profit margins are expected to improve [15] - Despite a currently high valuation, the potential for international expansion and robotics suggests significant future growth, leading to a recommendation rating [15]

航发动力 20251020 航发动力被认为是一个好的投资品种基于以下几点： 摘要 航发动力在军贸环节中具备与飞机主机厂同等地位，拥有溢价能力和单 独谈价能力，目前处于低估状态，是潜在的投资品种，值得重点关注。 军用飞机交付增长带动发动机更换和维修需求增加，发动机维修和焕发 需求将迎来集中释放，自主可控方面有望取得突破，为航发动力未来发 展提供催化剂。 发动机后市场业务具有高值消耗品特征，维修间隔短，总寿命约为飞机 寿命的 1/4 至 1/6，国内航空发动机后市场空间巨大，截止到 2024 年 底累计已达 4,000 亿至 6,000 亿。 航空发动机维修业务对主机厂有显著的积极影响，主机厂在维修环节具 有定价权，且维修业务利润率高于新机销售，随着维修业务占比提升， 预计将对发动机主机厂盈利能力产生积极作用。 中航沈飞的新型战斗机歼 35 系列，包括歼 35、歼 35A 及一些出口版， 预计会带来强劲增长动力，其放量确定性较高，并且专门设计了出口版， 有较高出口预期。 Q&A 今年军工板块的投资主线是什么？为什么推荐下游主机厂？ 今年军工板块的投资主线是军贸。我们推荐下游主机厂，因为相比于内装，主 机厂在军贸环 ...

扬杰科技 20251020 摘要 扬杰科技汽车电子业务营收占比超 15%，同比增长超 65%，消费类电 子和工业市场营收分别增长 20%和 30%以上，受益于国内经济向好和 政策推动，显示出强劲的增长势头。 越南工厂投产及海外需求释放驱动海外营收增长，占总营收比例超 26%，同比增长超 30%，表明公司国际市场拓展取得显著成效。 毛利率同比上升 4 个百分点以上，得益于产品结构调整和降本增效，同 时，股票公允价值变动带来 6,000 多万元收益，共同推动净利润提升。 公司计划到 2027 年营收达 100 亿元或归母净利润不低于 15 亿元，未 来 1-2 年保持约 20%的复合增长率，毛利率不低于 30%，HR 板块预计 维持 20%-30%高速增长。 安世半导体受制裁可能导致订单转移至扬杰科技等国内厂商，公司已收 到下游客户询单，并积极扩展料号以满足需求，小信号产品领域有望受 益。 预计 12 月完成对东莞贝特的并购并表，贝特毛利率高于母公司，并表 后将显著提升公司整体毛利水平，且长期毛利率有望进一步提高。 公司未来资本开支主要集中在越南工厂二期建设、八寸晶圆扩产、碳化 硅晶圆增产以及 IGBT 和大模块 ...

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Industry**: Mining (Gold, Copper, Lithium) Key Financial Highlights - **Revenue**: 221.1 billion CNY for the first three quarters, up 55% year-on-year [2][3] - **Net Profit**: 34.1 billion CNY, a 44% increase year-on-year [2][3] - **Operating Cash Flow**: 52.1 billion CNY, up 44% year-on-year [2][3] - **Cash Balance**: 61.5 billion CNY at the end of the period [2][3] - **Debt Ratio**: Decreased to 53%, down 2.18 percentage points from the previous year [3] Gold Business Performance - **Gold Production**: 65 tons, a 20% increase year-on-year [2][5] - **Third Quarter Gold Production**: 24 tons [5] - **Zijin Gold International IPO**: Successfully listed in Hong Kong, raising 28.7 billion HKD, making it the largest gold IPO globally [2][5] - **Future Gold Production Target**: Aiming for 100-110 tons by 2028, with expected production of nearly 50 tons in 2025 after the acquisition of the Akin Mine [6][5] Cost and Profitability - **Sales Cost Increase**: Unit sales costs have risen, but gross margins remain high [7][8] - **Gold Ingot Gross Margin**: 55.8% [7] - **Copper Products Gross Margins**: Copper concentrate at 64.77%, electrolytic copper at 47.21% [8] Copper Production Outlook - **2025 Copper Production Target**: Originally planned for 1.15 million tons, now expected to be around 1.1 million tons [14][15] - **2028 Copper Production Goal**: Targeting 1.5 to 1.6 million tons, with growth driven by projects in Tibet and other regions [14][15] Lithium Strategy - **Lithium Production**: Significant focus on lithium, with projects in Tibet and Argentina [4][16] - **Cost Control**: Lithium production costs range from 35,000 to 60,000 CNY per ton depending on the project [20][21] Market Trends and Future Outlook - **Gold Price Trends**: Gold prices have increased by 61% in 2025, with significant volatility expected [13] - **Copper Market Dynamics**: Anticipated price increase to over 12,000 USD per ton due to supply constraints and rising demand [22] - **Cost Management**: Company plans to optimize internal management and control costs through technological innovation [19] Additional Insights - **Non-Recurring Income**: Approximately 2.07 billion CNY in non-recurring income for the third quarter, primarily from financial asset changes [25] - **Profit Contribution**: Gold and copper each contributed about 38.5% to the overall profit in the third quarter [26] This summary encapsulates the key points from the conference call, highlighting Zijin Mining's financial performance, strategic initiatives, and market outlook.

三棵树 20251020 摘要 公司前三季度归母净利润同比增长超 80%，经营性净现金流达 10.88 亿元，创历史新高，显示出强劲的盈利能力和现金流管理能力。 零售业务成为增长核心驱动力，前三季度收入占比达 48%，同比增长 14%，其中芒种、仿石漆、美丽乡村仿石漆等新业态占比达 34%，预 计全年接近 40%，表明零售转型战略成效显著。 公司主动控制低毛利 B 端业务，收入同比下降 6%，但非房建场景业务 获得增长，整体 B 端降幅小于同行，体现了业务结构的优化和市场适应 能力。 前三季度毛利率提升 4 个百分点至 33%左右，期间费用率压降 1.5 个百 分点至 22%左右，反映了公司在成本控制和盈利能力提升方面的有效措 施。 公司预计全年实现双位数收入增长，毛利率至少提高 3 个百分点，期间 费用率压降 2 个百分点左右，负债率降至 73%左右，净利润增长接近 8%，显示出对全年业绩的乐观预期。 Q&A 公司在第三季度的表现如何？收入和利润增长情况如何？ 公司在第三季度实现了收入同比正增长，前三季度收入接近 94 亿元，同比增 长 3%。三季度的营收增速更高，约为 5.6%。在地产市场下行的环境下，公 ...