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Focus on the Dual Mainline of the Humanoid Robot Track: Yushu Technology’s IPO is imminent, and Tesla’s Optimus mass production is approaching, a review of dual concept stocks. 1. Track Outlook: A Period of Intensive Catalysis is Approaching, with Market Expectations for the Year. Currently, the humanoid robot sector has not seen significant gains, but subsequent catalytic events are dense, including Tesla’s factory inspections, product iterations, and the landing of domestic robots in various scenarios. Among these, the most significant catalyst this year is the anticipated iteration of Tesla’s Optimus Gen3. Starting in September, the sector will enter a period of intensive catalysis, with expectations for a new round of market activity from September to December. Yushu Technology has announced plans to submit its IPO application documents in Q4 of 2025. As an important player in the domestic robotics field, its listing process will further attract market attention to the robotics industry chain. On the other hand, Tesla has released the “Fourth Chapter of the Grand Plan,” clearly shifting its focus from electric vehicles and energy to artificial intelligence and robotics, planning to launch the Optimus third version (Gen3) prototype by the end of 2025 and start mass production in 2026. Tesla CEO Elon Musk has repeatedly emphasized the strategic core position of the Optimus humanoid robot, predicting that about 80% of Tesla’s company value will come from this business in the future. Against this backdrop, dual concept stocks involving both Yushu Technology and Tesla have become the focus of market attention. 2. Recent Core Event Review • Tesla Optimus V2.5 Display: Structural components presented in golden yellow, with a more compact design for the waist and calves, and a more streamlined body line, showcasing design optimizations in product iteration. • Musk’s Compensation Plan Announcement: Over the next 10 years, 12 targets must be achieved, including increasing Tesla’s market value from $2 trillion to $8.5 trillion and delivering 1 million Optimus robots. If all targets are met, he can obtain 12% of the company’s stock, further binding the robotics business to the company’s core interests. • Figure AI Technology Progress: Released a demonstration video of a robot loading a dishwasher, showcasing the humanoid robot’s practical operational capabilities in home scenarios, with ongoing exploration of industry applications. • Yushu Zhiyuan IPO Process Official Announcement: Clearly stating the submission of the IPO application in Q4 of 2025, accelerating the capitalization process of leading domestic robotics companies. 3. Subsequent Catalysts and Key Events • September: Tesla will initiate a new round of factory inspections, possibly updating next year’s robot mass production guidance; some industry chain companies are preparing to travel to North America for business connections with Tesla. • Late October to November: Tesla will release its third-quarter report and hold a shareholder meeting, with market expectations for the official release of the Optimus Gen3 prototype in Q4, with product iteration potentially becoming a significant driving force for the sector. • Domestic Dynamics: Yushu Zhiyuan will advance capital operations; domestic robot players will intensively release new products, accelerating the speed of scenario implementation in the second half of the year; multiple automotive companies will also gradually launch humanoid robot-related products, with industry enthusiasm continuing to rise. 4. Core Analysis of Dual Concept Stocks Jinfa Technology (600143) • Collaboration with Yushu Technology: Providing modified polyamide materials for Yushu’s H1 humanoid robot; providing nano-silica reinforced PEEK composite materials for quadruped robots; providing carbon fiber reinforced semi-aromatic polyamide for polar scientific research robots. Additionally, through its stake in Jinshi Growth Equity Investment (Hangzhou) Partnership, it indirectly holds approximately 0.42%-0.4575% equity in Yushu Technology. • Collaboration with Tesla: PEEK materials have been applied to the joint brackets of Tesla’s Optimus Gen2 humanoid robot; special engineering plastics (PA10T, LCP, etc.) are used in Tesla’s Cybertruck interior components. Mingzhi Electric (603728) • Business Layout: Building a “motor + drive + transmission + closed-loop” full-stack product platform in the core component track of humanoid robot motion control, with capabilities for batch supply from dexterous hands to upper limb joints, having sent samples to over a hundred leading OEMs domestically and abroad, with some approved for bulk orders. • Collaboration with Yushu Technology: Providing precision control motors for Yushu’s G1 and other humanoid robots, ensuring flexibility and accuracy in robot movement. • Collaboration with Tesla: Providing key components of the dexterous hand drive system for Tesla’s Optimus robot—hollow cup motors. Lude Harmony (688017) • Collaboration with Yushu Technology: Providing harmonic reducers for Yushu’s quadruped and humanoid robots. As the core transmission component of robot joints (known as “joint cartilage”), it is crucial for achieving flexible and precise movement in robots. • Collaboration with Tesla: Reports in early 2025 indicated that Tesla had ordered 50,000 sets of harmonic reducers from them. Zhongdali De (002896) • Collaboration with Yushu Technology: As a core reducer supplier for Yushu Technology, providing planetary reducers and gear components for bulk supply, with its planetary reducers covering nearly 90% of Yushu’s joint modules. • Collaboration with Tesla: Harmonic reducers have been validated through Tesla’s leg joints, with 20,000 harmonic reducers delivered to Tesla in the first quarter of 2025, accounting for 15% of the Optimus’s single-unit demand. Changying Precision (300115) • Collaboration with Yushu Technology: Providing key components such as worm gears, hollow cup motors, joint gears, and high-precision bearings for Yushu’s robots; both parties have established a joint laboratory to jointly develop the third-generation bionic joint module, deeply integrating Changying Precision’s micro planetary reducers with Yushu Technology’s torque control algorithms. • Collaboration with Tesla: Entering the robot industry chain through Tesla’s vehicle platform in 2024, becoming the core supplier of transmission components for the Optimus robot in 2025, mainly supplying dual-arm structural components. Wolong Electric Drive (600580) • Collaboration with Yushu Technology: Indirectly holding approximately 0.1525% equity in Yushu Technology through a 3.05% stake in Jinshi Growth Private Equity Fund. • Collaboration with Tesla: Its Italian subsidiary SIR serves as the system integrator for Tesla’s industrial robot production line, providing automation production solutions applied in automotive manufacturing and other fields. Zhaowei Electromechanical (003021) • Collaboration with Yushu Technology: Providing dexterous hands and micro drive systems for Yushu’s robots. The dexterous hand is a key component for robots to perform fine operations, and the micro drive system directly affects the precision of robot motion control. • Collaboration with Tesla: As a first-level supplier of dexterous hands for Tesla’s Optimus robot, its products feature the world’s first joint-integrated power unit, with 17 active degrees of freedom (expandable to 20), leading the industry in terms of degree of freedom levels.