Xiangong Intelligence (06106): Multiple logical analysis of the core targets of an intelligent robot brain, expectations are very different

The Zhitong Finance App learned that Xiangong Intelligence (06106) is forming multiple core competencies around the field of embodied intelligence, and is gradually building a “robot brain” platform-based development path with robot controllers, scheduling software, and the accumulation of pan-industrial and business scenario data.

In terms of industrial chain layout, Xiangong Intelligence has entered the supply chain of leading companies such as Nvidia and Tesla. According to reports, humanoid robots equipped with Xiangong's intelligent brain have landed on Nvidia production lines to be used in industrial processes such as video card testing. Nvidia has a global layout of about 20,000 to 30,000 workstations. It is estimated that a single workstation is configured with 3 to 5 robots, corresponding to the potential demand for about 100,000 robots, and the market space is expected to reach 35 billion yuan.

Unlike traditional robot companies, Xiangong Intelligence does not focus on complete machine manufacturing, but focuses on robot core controllers and scheduling software. Among them, the core product SRC-5000 is known as the world's first integrated embedded intelligent controller. It has high integration and high performance characteristics, and the gross margin of the core product is close to 80%.

In terms of technical barriers, Xiangong Intelligence has maintained the number one controller sales volume in the world for 3 consecutive years. Over a long period of time, the company has been deeply involved in industrial application scenarios, and has accumulated a large amount of industrial data through large-scale real robot deployment, providing a data foundation for realistic intelligent model training and application optimization, and forming a real-world data barrier that distinguishes it from peers.

Judging from commercial implementation, Xiangong Intelligence has entered the actual production environment of first-tier companies such as Nvidia and Tesla, and related projects have been applied in real life, and are not at the conceptual stage. The robot performed application scenarios such as video card testing at the Nvidia factory, further verifying its ability to implement the technology.

Furthermore, Xiangong Intelligence is promoting the development of a platform-based business model through the Nebula platform. The platform lowers the threshold for the development and deployment of embedded intelligent robots and accelerates the implementation of industry applications. According to the data, from January to May 2026, the company's new overseas orders increased by more than 460% year on year, the number of overseas customers increased by more than 100%, and the global business entered an accelerated phase.

In summary, as the target of a scarce intelligent “robot brain” in the Hong Kong stock market, Xiangong Intelligence relies on high-margin controller products, long-term industrial data accumulation, and production line applications from leading customers, and is expected to benefit from the accelerated development of the robot industry. The increase in overseas orders and the advancement of the industry have also become important catalysts for the company's subsequent development.