Is the market still pricing Jijia Intelligence (02590) according to "hardware equipment manufacturers"? It is already making "physical AI" land.

The 2026 World Artificial Intelligence Conference (WAIC) has just concluded, and the "Humanoid Siasun Robot & Automation Show" at each booth is still impressiveYushu's humanoid Siasun Robot & Automation G1 performed a difficult backflip, and Zhiyuan's expedition A2 showcased smooth human-machine interaction. But one company's booth had a completely different style. Juray Jia (02590) had no dancing, no walking, no dialogue. On the booth, the wheeled Siasun Robot & Automation with the number Gino 1, unmanned picking workstations, and several mobile Siasun Robot & Automation were working with high precision coordination, quietly picking potato chips, bread, rubber bowls one by one from the bins and accurately placing them in the corresponding seeding wall positions. There were no extra "performances," only a complete end-to-end operation process running smoothlysorting, transportation, delivery, each process was as smooth and silent as in a real warehouse or factory. The actions were not dazzlingbut what the industrial scene requires is stability. Among the 150+ exhibitors with embodied intelligence in this year's WAIC, Juray Jia stands out. It seems that Juray Jia's core ambition is not just to create better Siasun Robot & Automation, but to become the "solution expert" of the embodied intelligence erabuilding on over a decade of real-world experience to provide grounded, replicable, and scalable solutions for various industries. This is a strategic leap from "champion products" to "expert services," and it is the key clue to understanding Juray Jia's long-term value. Gravity Framework: "The operating system of embodied intelligence" When Amazon AWS quietly launched in 2006, no one thought it was a big deal. At that time, everyone's attention was focused on Google, YouTubethe truly "world-changing" dazzling applications. Looking back twenty years later, AWS's market value surpassed the total of almost all star applications of that era. Today, the wave of embodied intelligence is sweeping in at an astonishing speed. Many enterprises are eager to showcase cutting-edge humanoid Siasun Robot & Automation Demos, but Juray Jia takes a different approach, focusing on "real machine action" at its core, showcasing the stable performance of its wheeled Siasun Robot & Automation Gino 1 in complex, multi-SKU, generalized scenarios. Behind this "plain" approach is a profound strategic judgment: the future of embodied intelligence does not depend on the dazzling skills of a single Siasun Robot & Automation, but on whether a unified, reliable, and open "operating system" can be built. Juray Jia's core release at this WAIC is a unified embodied intelligence framework called Gravity. Gravity adopts a "dual-brain coordination" architecture: the cognitive brain is responsible for understanding instructions and breaking down tasks; the action brain conducts physical "sandbox rehearsals" before executing actions, predicting consequences and generating the optimal sequence of actions. Chen Chao, head of the large-scale embodied intelligence team at Juray Jia, said a sentence on the opening day of WAIC, accurately pointing out the core contradiction in the industry: "Models that understand language semantics cannot accurately predict physical movements, and models that can predict physical movements lack high-level semantic understanding." More importantly, Gravity 4D's technological route selection jumps out of the limitation of "merely replicating images," enhancing the three-dimensional space and motion 4D physical representation, balancing reasoning speed with cross-material generalization ability, adopting full-body parallel coordinated control, moving synchronized adjustment grip posture, and improving single-task efficiency by approximately 30%. Data validation: LIBERO-Plus's zero-sample success rate increased from 73.73% to 78.62%, with the most significant improvements in scenarios of "appearance change but physical consistency" such as camera angle changes, sensor noise, and lighting changes. GINO ECO Ecology: "Standard" Builders and Evangelists Technological iteration inevitably requires ecosystem support. Juray Jia's "one core, two engines" strategy, introduced at this time, tightly integrates the Gravity framework (one core) with data engines and ecology engines (two engines), outlining its platform ambitions. While OpenAI's barrier is internet text data, Juray Jia's barrier is interaction data in the physical world and an open ecology engine. This is not a gap that can be quickly caught up with by financing and hiring. Juray Jia's decade-long accumulation of real business networkscovering over 40 countries, over 1700 projects, serving over 950 international renowned brands (such as Walmart, Adidas, Siemens, BMW, etc.)and the millions of SKU real capturing data generated daily form an almost insurmountable moat, which is also expanding at an accelerating pace. Juray Jia simultaneously launched the GINO ECO open ecosystem: opening the hardware platform to algorithmic companies, exploring innovative scenarios with top clients, and collaborating with complementary hardware companies to create end-to-end workflows. Many interpret this as a "win-win posture." However, understanding its underlying logic requires referencing another historical case: Android. Google opened Android to all smartphone manufacturers, seemingly relinquishing hardware control rights, but effectively exchanging openness for control over the mobile internet entry, ultimately leading to the prosperity of the entire Android ecosystem. Juray Jia's logic is similar. The more open GINO ECO becomes, the more algorithmic companies and hardware enterprises join in, making it harder to shake the position of the Gravity framework as the "interface standard." As Juray Jia's founder and CEO Zheng Yong said, "Embodied intelligence is a marathon, not a sprint. We are willing to be the super connector of the entire industry." By connecting various links, Juray Jia is building a panoramic view of embodied intelligence with Gravity as the core, data as the fuel, and the ecosystem as the branches. Cognitive differences are the real pricing opportunities Behind the strategic ambitions are proven business logic supporting them. In the 2025 fiscal year, Juray Jia delivered a report that surpassed the turning point of profitability: revenue of 3.171 billion yuan, a year-on-year increase of 31.6%; adjusted net profit of 43.82 million yuan, turning losses into profits; and a significant improvement in operating cash flow. This is a company that has crossed the profitability turning point, not one still burning money telling stories. At the same time, the management has repurchased 16.2 million shares over more than 15 consecutive trading days since June 25a signal that speaks for itself. The explosive growth of the embodied intelligence market has become a consensus in the industry. Goldman Sachs predicts that the global market size of humanoid Siasun Robot & Automation will reach 38 billion dollars by 2035; while Citibank is more optimistic, estimating that the global market space for humanoid Siasun Robot & Automation could reach 154 billion dollars by 2035. Benefiting from the industry trend and the company's fundamentals, all of Juray Jia's eight covering securities firms have given buy or hold ratings, with CITIC SEC giving the highest target price of HKD 53, and the comprehensive target average price of about HKD 24.6indicating more than 120% upside potential compared to the current stock price. But more important than the price difference is the switch in cognitive frameworks. The market currently values Juray Jia as a "warehouse AMR hardware company." But Juray Jia is evolving into a "physical AI operating system" company. The valuation gap between these two frameworks is not a 20% or 30% repair space, but it may involve a fundamental restructuring of pricing logicjust as the market redefined NVIDIA from a "graphics card company" to an "AI computing infrastructure" and the valuation re-pricing that followed.