SIASUN(300024) -·2025-02-17 08:27Summary of the Conference Call Company and Industry Overview - The company specializes in humanoid robots, showcasing advanced technology in robotics, particularly in dance performances using humanoid robots trained through deep learning and reinforcement learning techniques [2][5][6]. Key Points and Arguments 1. Collaboration with Zhang Yimou: The company collaborated with renowned director Zhang Yimou for a performance on CCTV's Spring Festival Gala, marking a significant milestone in the industry as it was the first live performance of humanoid robots trained using advanced learning techniques [2][4]. 2. Performance Capabilities: Humanoid robots demonstrated complex dance movements, integrating traditional Chinese cultural elements, and achieved real-time formation changes using high-torque joint motors [2][3]. 3. Market Demand: The company plans to ship 15,000 robotic dogs and several thousand humanoid robots by 2025. The H1 and G1 models sold out quickly on JD.com, indicating strong market demand [3][10]. 4. Technological Advancements: The company is developing a new dexterous hand with over ten degrees of freedom, aimed at enhancing the operational flexibility and precision of robots [3][10]. 5. Technical Barriers: The company faces significant technical barriers in hardware complexity and multidimensional technology requirements, emphasizing the equal importance of hardware and software in robotics [3][15]. 6. Cost Management: The company has developed its own IMU sensors and encoders to reduce costs and improve data fusion effectiveness. Consumer-grade robotic dogs are priced at several hundred thousand yuan, while industrial-grade models exceed 500,000 yuan [3][20]. 7. Profit Margins: The profit margins vary across different robot versions, with face recognition robots having lower margins compared to other models, but overall maintaining a good profitability level [3][20][24]. 8. Sales and Delivery: The company has committed to delivering orders within 1.5 to 2 months, reflecting a fast supply chain response despite temporarily taking down some products to ensure timely delivery [3][8]. Additional Important Insights 1. Learning and Optimization: Robots utilize reinforcement learning to optimize their movements during performances, learning from both successful and unsuccessful attempts [6][5]. 2. Sensor Technology: The company employs advanced positioning, navigation, and obstacle avoidance technologies to ensure synchronized movements among multiple robots [5][7]. 3. Competitive Advantages: The company holds a comprehensive advantage over competitors in terms of shipping capacity, sales network, ecosystem partnerships, and after-sales service [16]. 4. Component Sourcing: The company focuses on in-house development for critical components while sourcing non-essential parts from suppliers to maintain efficiency and quality [14]. This summary encapsulates the key aspects of the conference call, highlighting the company's strategic initiatives, technological advancements, and market positioning within the humanoid robotics industry.