Industrial Securities Co.,Ltd. released a research report stating that HUAYAN ROBOTICS (01021) is a leading global collaborative robotics company, primarily focused on industrial applications. The company holds advantages in product and technology, implementation scenarios, and customer and channel resources, benefiting from the favorable trends in the collaborative robotics sector. Additionally, the company's seven-axis humanoid arm, axial flux motors, and other motion components show promising potential for volume growth. The report forecasts the company's revenue for 2026-2028 to be RMB 5.90 billion, RMB 8.88 billion, and RMB 13.26 billion, respectively, representing year-on-year increases of +52.6%, +50.4%, and +49.4%. Adjusted net profit (Non-IFRS) for the same period is projected to be RMB 0.42 billion, RMB 0.84 billion, and RMB 1.48 billion, with year-on-year growth of +62.7%, +100.9%, and +76.5%, respectively. As of the market close on May 22, 2026, the company's stock price corresponds to price-to-sales (PS) ratios of 17.7x, 11.8x, and 7.9x for the respective years. This marks the first coverage initiation for the company, with an "Add" rating assigned, and investors are advised to monitor its performance.