Shangwei New Materials: Two C-end robots to launch soon, focus on consumer-grade demand validation

English summary

Key view: The company is entering C-end consumer-grade embodied intelligence, and its core value over the next 3 years is expected to remain in companionship, entertainment, and other emotional value. Key competition points are product definition, interaction experience, channels, and content ecosystem. The two products the company has unveiled are expected to be officially released and mass-produced in 26Q3, targeting home companionship and light outdoor scenarios: 1) Qiyuan Q1 is an ~88cm-tall small bipedal robot for children, adults, and the elderly, focusing on companionship education, English interaction, natural language programming, and leash walking; 2) Qiyuan T1 supports dual-wheel-foot and quadruped form switching, positioned for light outdoor companionship and follow-photography, and can carry action cameras. Both products plan high, medium, and low configurations, with expected prices ranging from 10,000 to 100,000 yuan. Shipments in 2026 are expected to be the highest among global consumer-grade embodied intelligent robots. The company plans to develop 2-3 new products annually thereafter, launch at least 4 products by 2027, and introduce a household robot.