[Pan Asia MicroPass: Embodied Intelligence-related products are still in customer testing and verification] On October 27, Pan Asia MicroPass (688386.SH) issued a change announcement. The embodied intelligence industry is still in the early stages of commercialization, and there are uncertainties in technology maturity, downstream market demand cultivation, and industry chain supporting capabilities. At the same time, physical AI technology still faces multiple challenges from laboratory demonstrations to large-scale implementation in real scenes, such as perception accuracy, motion control stability, data accumulation, and software and hardware collaboration. It will take time to verify the maturity of relevant technology paths and business models. In the embodied intelligence industry, the company relies on the ePTFE core material platform to mainly develop two major products: electronic skin substrates and high-bend resistance robot cables. The company's related products are currently still in the customer test verification and small batch shipment stages. Its technical route, research and development progress, performance and commercial applications all need to be continuously verified, and there is great uncertainty. As of the date of this announcement, the sales amount of the company's related products in 2026 will not account for more than 1.00% of the operating income in 2025. This business currently contributes little to the company's overall operating income and profits and will not have a significant impact on the company's operating performance in the short term. Please pay attention to investment risks.