机构：东吴证券 研究员：周尔双/钱尧天/陶泽 投资要点 营收增长提速，亏损大幅收窄 2025H1 公司实现收入人民币1.53 亿元，同比增长27.1%；实现净亏损人民币0.41 亿元（去年同期为0.60 亿元）；经调整后净亏损为人民币0.23亿元（去年同期为0.349 亿元）。公司收入增长显著提速（2024 年同期增速为9.6%），主要系六轴协作机器人产品收入大幅增长所驱动；亏损减少主要得益于收入增 长带来的规模效应及运营效益优化。 25H1 分产品看：六轴协作机器人实现收入0.94 亿元，同比+46.7%，收入占比升至61.2%，成为核心增 长引擎。四轴协作机器人实现收入0.40 亿元，同比+7.7%。复合机器人实现收入0.17 亿元，同比 +13.1%。 25H1 分应用场景看：工业场景收入0.81 亿元，同比+22.4%。商业场景表现亮眼，实现收入0.14 亿元， 同比大幅增长165.5%，主要得益于医疗理疗和商业零售等场景的持续深耕。公司在具身智能领域取得 关键进展，人形机器人DOBOT Atom 于2025 年6 月开启全球量产交付。 毛利率稳中有升，研发投入持续加码 2025H1 公司毛利率为47 ...

内容概要：机械臂作为机器人技术的核心与工业智能化的关键装备，集机械、电子、控制等多学科技术 于一体，能替代或协助人类完成高精度、重复性或危险作业。近年来，我国通过《"十四五"机器人产业 发展规划》等系列政策，从技术攻关到场景应用形成全链条赋能，构建起"技术研发-场景验证-规模商 用"的良性生态，推动产业向高端化、智能化跃迁。产业链上，上游核心零部件国产化率显著提升，中 游本土企业通过性价比与定制化加速替代国际品牌，下游应用从汽车、电子向新能源、医疗等领域持续 拓展。在人工智能与自动化需求驱动下，2024年中国机械臂市场规模达193.4亿元，技术革新推动其向 智能协作、柔性化升级，企业竞争呈现"国际固守高端、本土加速崛起、细分差异化竞争"格局。未来， 随着AI、多模态感知等技术融合，机械臂将突破传统工业边界，向医疗、农业、深海等非工业场景爆 发式渗透，产业链协同与全球化布局将助力中国在2030年占据全球30%以上市场份额，引领全球机械臂 产业变革。 上市企业：埃斯顿（002747.SZ）、机器人（300024.SZ）、拓斯达(300607.SZ)、埃夫特(688165.SH)、 汇川技术(300124.SZ)、 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of RMB 153 million in H1 2025, representing a year-on-year growth of 27.1%, while the net loss narrowed to RMB 41 million from RMB 60 million in the same period last year [2] - The significant revenue growth is driven by a substantial increase in sales of six-axis collaborative robots, which generated RMB 94 million in revenue, up 46.7% year-on-year, accounting for 61.2% of total revenue [2] - The company has made key advancements in embodied intelligence, with the humanoid robot DOBOT Atom commencing global mass production and delivery in June 2025 [2] Revenue and Profitability - The total revenue forecast for 2025 is RMB 496.41 million, with a year-on-year growth rate of 32.84% [1] - The gross margin for H1 2025 was 47.0%, an increase of 3.1 percentage points year-on-year, while the adjusted gross margin was 49.4% [3] - The net loss margin improved to 26.7% in H1 2025 from 49.7% in the same period last year [3] Research and Development - The company increased its R&D expenditure by 30.3% year-on-year to RMB 41 million, focusing on key technologies and the field of embodied intelligence [3] - The total operating expenses as a percentage of revenue decreased to 99.4% from 109.3% year-on-year, with a notable reduction in management expenses [3] Strategic Partnerships - A strategic cooperation agreement was signed with Yaoshi Bang on June 3, 2025, to explore the application of intelligent robots and AI in the pharmaceutical retail industry [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02432 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 377,138,547 | RMB | | 1 RMB | | 377,138,547 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 377,138,547 | RMB | | 1 RMB | | 377,138,547 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | ...

近日，协作机器人"第一股"越疆科技（02432.HK）发布其上市以来首份半年报。上半年，公司实现营 收1.53亿元，同比增长27.1%；归属于上市公司股东净利润为-0.409亿元，亏损同比收窄31.8%；经调整 亏损净额（扣非净利润）为-0.229亿元，同比收窄34.4%；毛利率47.0%，同比提高3.1个百分点。 据了解，面临复杂的宏观经济环境及关税与贸易政策方面的不确定性，公司上半年加大对国内市场的挖 掘，报告期内国内收入大幅增长56.7%，六轴协作机器人收入占比提升至61%。 《中国经营报》记者了解到，在不断巩固协作机器人领域优势之外，越疆科技已将具身智能视为第二增 长曲线。公司表示，后续将继续强化"协作机器人智能化升级+具身智能创新"双轮驱动战略，通过做多 国内市场、做深海外渠道，形成业务增长的双引擎。 国内收入增长56.7% 与境内市场的高增长相比，公司在海外市场表现未达预期。上半年，其境外营收为8014.6万元，同比微 增8.4%，在总营收中占比由去年同期的61.3%降至52.4%。 越疆科技表示，这主要是受贸易政策与关税不确定性影响，公司在海外市场面临产品准入受限、定价空 间缩小以及市场渗透速度 ...

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]

采用行业专机机制，应用场景持续突破。依托超过200 个成熟工业应用场景，公司聚焦汽车制造、半导 体封装测试、金属加工等重点行业，推出定制化解决方案。2025 年上半年，公司在工业领域的机器人 收入达到了8,111万元，同比增长22.4%，占比为53.2%。同时，商业领域如咖啡机器人、艾灸理疗机器 人等实现批量出货，收入同比增长165.5%，达到了1,377 万元，占比9%。 具身智能机器人商业化落地。2025 年3 月，公司发布"灵巧操作+直膝行走"人形机器人DOBOT Atom， 并于2025 年6 月完成量产验证并实现小批量交付，标志着技术从研发阶段进入市场应用。7 月推出的六 足仿生机器人进一步完善硬件生态闭环，具备高稳定性与模块化扩展优势，适用于复杂工业与应急场 景。 盈利预测与估值 维持2025、2026 年盈利预测不变，预计2025 年收入5.33 亿元，亏损0.52 亿元，预计2026 年收入7.53 亿 元，亏损0.12 亿元。当前股价对应27 倍2026 年市销率。维持跑赢行业评级，我们基于中期估值法 （2030 年13x P/S），得到公司目标价61 港元，较当前股价有13%上行空间。 机 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Viewpoints - The company achieved a revenue of 153 million yuan in 1H25, representing a year-on-year growth of 27.1%, significantly up from 9.6% in 1H24, primarily driven by the substantial increase in revenue from six-axis collaborative robots [1]. - The gross margin improved to 47% in 1H25, up by 3.1 percentage points year-on-year, and remained stable at 49.4% when excluding inventory impairment effects [1]. - The adjusted net loss for 1H25 was 22.9 million yuan, a significant reduction of 34.4% year-on-year, indicating notable improvements in operational efficiency [1]. Summary by Sections Collaborative Robots - The revenue from six-axis collaborative robots reached 94 million yuan in 1H25, growing by 46.7% year-on-year, and accounted for 61% of total revenue, benefiting from product expansion and the continuous development of core application scenarios in 3C electronics, medical, and commercial retail [2]. - Revenue from four-axis collaborative robots was 40 million yuan in 1H25, with a year-on-year increase of 7.7%, primarily due to rising industrial demand, partially offset by a shift towards six-axis products in STEAM education [2]. - Revenue from composite robots was 17 million yuan in 1H25, up by 13.1% year-on-year, driven by demand growth in manufacturing and commercial sectors [2]. - The company reported significant growth in various commercial scenarios, with revenues of 81 million yuan in industrial, 58 million yuan in education, and 14 million yuan in commercial sectors, reflecting year-on-year growth rates of 22.4%, 18.3%, and 165.5% respectively [2]. Embodied Intelligence - The company launched the world's first "dexterous operation + knee-walking" humanoid robot, DOBOT Atom, in 3M25, completing mass production verification by 6M25 and delivering the first batch to Japanese customers [3]. - The humanoid robot features an industrial-grade repeatability precision of ±0.05mm, covering tasks such as electronic welding and precision calibration, marking a transition from validation to commercialization [3]. - The company is expected to release the third generation of humanoid robots by 10M25, with core upgrades in lifespan, energy consumption, and full-body motion coordination [3]. - R&D investment reached 40 million yuan in 1H25, a year-on-year increase of 30.3%, with plans to continue enhancing R&D spending for talent acquisition, new product development, and data collection [3]. Financial Forecast and Valuation - The company has established a complete product matrix covering load ranges from 0.25 to 30 kg, with a full product line from desktop to service robots [4]. - The report forecasts revenues of 500 million yuan, 670 million yuan, and 890 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 34.3%, 33.4%, and 32.8% [4]. - The number of Fortune 500 clients has increased to 80, indicating a strong customer base and potential for continued growth [4].

Core Viewpoint - Shenzhen Yujiang Technology Co., Ltd. (referred to as "Yujiang") reported impressive performance for the first half of 2025, with revenue reaching 153 million yuan, a year-on-year increase of 27.1% [1] Group 1: Financial Performance - In the first half of 2025, Yujiang achieved a revenue of 153 million yuan, reflecting a growth of 27.1% compared to the previous year [1] - The company continues to make progress in four core areas: motion control, safety protection, development environment, and human-machine interaction [1] Group 2: Technological Advancements - Yujiang's strong self-research capabilities have allowed it to continuously push the performance limits of collaborative robots [1] - The company launched several industry-leading products this year, including the CRAF collaborative robot, which features an integrated force control architecture, enhancing its force control perception capabilities [1] Group 3: Product Innovations - Yujiang's humanoid robot focuses on value creation and practical applications, showcasing China's first "dexterous operation + knee-walking" humanoid robot [1] - This robot can perform intricate tasks, such as cooking steak, through a 1800-kilometer ultra-long-distance low-latency control technology, demonstrating exceptional precision and responsiveness [1] Group 4: Future Strategy - Yujiang plans to continue its dual-driven strategy of "intelligent upgrading of collaborative robots + embodied intelligence innovation," increasing investment in embodied model research and development [2] - The company aims to expand its domestic market and deepen overseas channels, establishing a dual-engine for business growth to reinforce its leadership in the global robotics industry [2] - Yujiang is accelerating the application of embodied intelligence technology across diverse scenarios, leading the development and application of new productive forces [2]

21世纪经济报道记者 石恩泽 深圳报道 值得一提的是，此前在产品线上，越疆的基本盘为六轴协作机器人，占比上半年营收总额的61.2%。而 这部分业务多用于工业。但今年3月，越疆宣布进军人形机器人，发布了全球首款直膝行走人形机器人 DOBOT Atom。 随后，在8月的世界机器人大会上，越疆通过安排DOBOT Atom Ⅱ"接打爆米花"的动态展示，向市场证 明其新产品在商业场景中的价值。 8月28日晚，"协作机器人第一股"越疆科技（2432.HK）发布2025年半年度业绩。财报显示，上半年， 越疆营业收入1.53亿元，同比增长27.08%；净利润4087万元，同比收窄31.75%。 目前越疆已于今年6月完成DOBOT Atom的量产验证，并向日本客户完成首批交付。而这将为越疆今后 在商业场景上打开更多可能。 分业务场景看，上半年越疆商业领域收入达1377万元，同比飙升165.5%。虽然目前商业领域占比总营 收比例尚小，约为9%，但其成为增速最快的业务板块。而商业板块的爆发，或与其在咖啡机器人、艾 灸机器人等复合产品上放量有关。 另外，越疆还在今年7月发布了六足仿生机器狗，补全具身智能机器人"手+身体+脚"的闭环， ...