行 业 及 产 业 机械设备 2025 年 07 月 15 日 国产机器人阵营崛起，商业化场景 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 应用已现 看好 ——机器人行业点评 - ⚫ 机器人公司实现证券化是大趋势，优必选、越疆等港股上市，多家零部件公司被上市公 司收购，港股多家机器人公司排队上市，智元等人形机器人公司有积极动作： ⚫ 1）5 月 28 日，杭州宇树科技有限公司即日起名称变更为"杭州宇树科技股份有限公 司"，并于 6 月完成 C 轮融资的交割，由中国移动旗下基金、腾讯、锦秋基金、阿 里、蚂蚁集团、吉利资本等共同领投。 ⚫ 2）7 月 8 日，上纬新材发布公告：智元与上市公司控股股东签署《股份转让协议》， ...

Core Viewpoint - The leading global collaborative robot company, Yujian Technology, announced a significant financing plan to raise over HKD 1 billion through a discounted share placement to accelerate technology research and global market expansion [1][2]. Financing Plan - Yujian plans to issue 19.1 million new H-shares at a price of HKD 54.3 per share, representing a discount of approximately 9.5% from the last closing price of HKD 60 [1]. - The share placement will dilute the existing share capital by about 4.73%, with a projected net fundraising amount of approximately HKD 1.022 billion after expenses [1]. Strategic Focus - The raised funds will be allocated to four strategic areas: increasing investment in core technology research, seeking opportunities for industry chain integration, expanding global sales channels, and supporting operational funding for emerging application scenarios [1][2]. Financial Performance - For 2024, Yujian reported a revenue of HKD 374 million, a year-on-year increase of 30.3%, but still recorded a net loss of HKD 103 million [2]. - The adjusted loss narrowed significantly by 55.4%, with a gross margin improvement to 46.6% [2]. Product and Market Position - Yujian's core product, the six-axis collaborative robot, contributed 55.9% of total revenue, with a strong year-on-year growth of 55.5% [2]. - The company has a self-research rate of over 90% for key components and has accumulated 961 patents [2]. Market Expansion - Yujian's products are currently available in over 80 countries and regions, serving more than 80 Fortune 500 companies, with overseas revenue accounting for 59% [3]. - The capital injection is expected to enhance competitiveness against international giants in terms of R&D speed, production capacity, and market coverage [3]. Market Reaction - Following the announcement, Yujian's stock price fell by 2.67% to HKD 58.4, but has seen a cumulative increase of 146.41% this year [3][4]. - Analysts believe that while the discounted placement may cause short-term stock volatility, the funding is likely to accelerate the company's path to profitability [3]. Challenges Ahead - Yujian faces ongoing profitability pressures, with R&D expenses reaching HKD 77.52 million in 2024, necessitating broader scale applications to dilute high costs [3]. - The economic viability of new commercial service robots will be crucial for large-scale market adoption [3].

Group 1 - The core point of the article is that 越疆科技 (stock code: 2432) announced a financing plan through the placement of new H-shares, aiming to raise approximately HKD 10.4 billion, with net proceeds expected to be around HKD 10.2 billion after expenses [1] - The company will issue 19,100,000 new H-shares at a placement price of HKD 54.30, which represents a discount of about 9.5% compared to the previous trading day's closing price of HKD 60.00 [1] - The new shares will account for approximately 4.7% of the existing issued share capital and about 4.5% of the enlarged share capital after the completion of the placement [1] Group 2 - The funds raised will be utilized for advancing technology research and product innovation in the field of intelligent robotics, seeking investment acquisition opportunities in the robotics value chain and adjacent sectors, expanding domestic and international sales networks, enhancing marketing activities, and supplementing working capital for general corporate purposes [1] - The issuance is based on a general authorization granted by the shareholders' meeting and is expected to be completed by July 29, 2025 [1]

交易文件显示，越疆将配售约1,740万股股票。配售价为每股54.30至55港元，较前收盘价折让8.3%至 9.5%。（彭博） ...

Group 1 - The core viewpoint of the articles highlights the successful listing of Shenzhen Youjiang Technology Co., Ltd. on the Hong Kong Stock Exchange, marking it as the first domestic collaborative robot stock, with a focus on the development and commercialization of collaborative robots since its establishment in 2015 [1] - The company has established a comprehensive product matrix, integrating education, industrial growth, and consumer strategies, which has led to a stable revenue growth in the education sector, the highest revenue share from industrial applications, and the fastest growth in the consumer sector [1][2] - Youjiang has developed three competitive advantages: full-stack self-research capabilities, a safety technology revolution with its proprietary SafeSkin technology, and a service ecosystem that transforms traditional after-sales service into long-term partnerships for productivity upgrades [2] Group 2 - The company has launched the DobotAtom humanoid robot, priced from 199,000 yuan, featuring dexterous operation and bipedal walking capabilities, which enhances commercial efficiency by leveraging existing collaborative robot technology [2] - Revenue projections for the company are estimated at 506 million yuan, 674 million yuan, and 869 million yuan for the years 2025 to 2027, with net profits expected to turn positive by 2027 [3] - The company's current market valuation reflects lower price-to-sales ratios compared to comparable companies, indicating potential for growth as it benefits from the collaborative and humanoid robot industry trends [3]

Core Insights - The release of the six-legged bionic robot dog by Yujian Robotics signifies the completion of its product layout encompassing "robotic arms + humanoid + six-legged" designs [2] - Yujian has shipped over 80,000 collaborative robotic arms, serving more than 80 Fortune 500 companies, and plans to launch the humanoid robot Dobot Atom by March 2025 [2] - The six-legged robot dog integrates three core capabilities: cognition, movement, and mobility, thereby completing the intelligent robotics closed loop [2] Technological Developments - The six-legged robot dog features several breakthrough innovations, including high stability due to its six-legged structure, a load capacity nearly five times its body weight, and multi-joint coordinated responses for maintaining speed on steep slopes [2][3] - It occupies a unique strategic position in the evolution of robotics, bridging the gap between specialized robots and humanoid robots, offering both practicality and cutting-edge technology [3] Market Positioning - The six-legged robot dog is not a simplified version of humanoid robots but a precise solution for specific scenarios, such as explosion-proof inspections on oil platforms and intelligent operations in photovoltaic power plants [3] - Yujian's strategy of "technology adapting to scenarios" rather than "technology seeking scenarios" significantly enhances the likelihood of commercial success [3] Product Definition and Application - Yujian has leveraged its experience from deploying 80,000 collaborative robots to create a rich knowledge graph, allowing for precise definition of the robot dog's functional boundaries [4] - The robot dog is designed with specific capabilities for various applications, such as explosion-proof features for oil platform inspections and enhanced abilities for walking on sandy terrain and detecting thermal anomalies in photovoltaic plants [4]

上 市 公 司 机械设备 2025 年 07 月 09 日 越疆 (02432) ——协作机器人+具身智能，双轮驱动！ 报告原因：首次覆盖 买入（首次评级） 2025 年 07 月 08 日 | 收盘价（港币） | 55.85 | | --- | --- | | 恒生中国企业指数 | 8708.66 | | 52 周最高/最低（港币） | 83.80/18.42 | | H 股市值（亿港币） | 225.74 | | 流通 H 股（百万股） | 358.04 | | 汇率（人民币/港币） | 1.0974 | 一年内股价与基准指数对比走势： -5% 495% HSCEI 越疆 资料来源：Bloomberg 相关研究 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 联系人 胡书捷 (8621)23297818× husj@sws ...

Core Viewpoint - Shenzhen is accelerating the construction of a global robotics industry hub, with Shenzhen Yujiang Technology Co., Ltd. launching the world's first bionic six-legged robotic dog, marking a significant advancement in embodied intelligence and robotics platforms [1][3]. Group 1: Product Launch and Innovation - Yujiang has officially launched the six-legged robotic dog, becoming the first company to introduce a platform integrating "robotic arm + humanoid + six-legged" embodied robots [1][3]. - The company has shipped over 80,000 collaborative robotic arms globally and serves more than 80 Fortune 500 companies [3]. - The six-legged robot features breakthroughs in stability, load capacity, noise reduction, and mobility, addressing traditional mobile robots' pain points and opening new possibilities for embodied intelligence applications [3][5]. Group 2: Market Expansion and Application - The application boundaries of the six-legged robotic dog are expected to expand, with potential uses in industrial inspections, disaster rescue, household services, medical assistance, and even space exploration [5]. - Yujiang is collaborating with industry leaders to co-create next-generation application scenarios, such as developing explosion-proof robotic dogs with energy giants and surgical supply transport robots with medical institutions [5]. - The company's strategy focuses on "technology adapting to scenarios" rather than "technology searching for scenarios," significantly increasing the commercialization success rate in trillion-dollar markets like energy and security [5].

Key Points - The article highlights significant stock movements in the Hong Kong and US markets, with various companies experiencing notable gains and losses due to recent developments and announcements [1][2][3][4][5] Hong Kong Market Highlights - China Rare Earth Holdings (03788) surged nearly 20%, with a year-to-date increase of 320%, as the company proposed a spin-off of its gold segment for independent listing on the Hong Kong Stock Exchange [1] - Innovent Biologics (09969) rose nearly 4% after announcing the clinical approval of its new ADC innovative drug ICP-B794 [1] - North Sea Kangcheng - B (01228) increased over 50%, with its stock price doubling in three days, marking it as a rare disease stock in the Hong Kong market [1] - Hong Kong Travel (00308) saw a rise of over 24%, achieving a year-to-date stock price doubling, driven by market speculation on stablecoin cross-border payment scenarios [1] - CSPC Pharmaceutical Group (01093) gained nearly 3% after receiving drug registration approval for Mesalazine enteric-coated tablets, enhancing its product line in the immune system treatment sector [1] - Ruian Real Estate (00272) rose over 4%, with a cumulative contract property sales amount for the first six months increasing by 457% year-on-year [1] - Cornerstone Pharmaceuticals - B (02616) increased over 3%, planning to raise HKD 467 million for clinical research on CS2009 [1] - Q Technology (01478) rose over 7%, with mobile camera module sales of 32.648 million units in June, a year-on-year increase of 1.5% [1] - Dekang Agriculture and Animal Husbandry (02419) increased by 6%, with a new cycle logic continuing to strengthen, and Tianfeng Securities set a target price of HKD 154 [1] - Contemporary Amperex Technology (03750) rose over 3%, reaching a new high since its listing, following a deepened strategic cooperation agreement with Geely Automobile [2] - Gaming stocks continued to rise, with Wynn Macau (01128) up 6.49%, New World Development (00200) up 6.15%, and others showing similar gains [2] - Gold stocks faced declines, with Golden Resources (GORO.US) dropping nearly 10% and others following suit [4] US Market Highlights - Stablecoin concept stocks continued to rise, with Tiger Brokers (TIGR.US) increasing over 8% [4] - Trump Media & Technology Group (DJT.US) rose over 2% as the company seeks SEC approval for a blue-chip cryptocurrency ETF [4] - Wolfspeed (WOLF.US) continued to rise, with stock prices increasing over 9% [4] - Intel (INTC.US) rose over 7% after announcing company-wide layoffs [4] - JD.com (JD.US) increased over 2% as it launched its "Double Hundred Plan" for its delivery service [4]

当前机器人产业存在两条主要技术路线：一条是以波士顿动力、特斯拉为代表的人形机器人路径，强调 类人形态与通用能力；另一条是以工业界为主导的专用机器人路径，追求特定场景下的高可靠性。六足 机器狗恰好位于这两条路线的交汇处：它比人形机器人更易实现商业化落地，又比传统专用机器人具有 更广泛的环境适应性。越疆选择此时推出六足产品，展现出对产业趋势的精准把握——在实用性与前瞻 性之间找到了最佳平衡点。 在人工智能与机器人技术深度融合的今天，具身智能正成为推动产业变革的核心驱动力。2025年7月9 日，越疆机器人正式发布六足仿生机器狗，意味着越疆机器人成为全球首推"机械臂+人形+六足"具身 机器人平台的企业。 目前越疆已在全球出货超8万台协作机械臂，服务超80家世界500强企业，2025年3月，其正式推出全球 首款"灵巧操作+直膝行走"具身智能人形机器人Dobot Atom并已实现批量量产和销售；今天发布创新产 品六足机器人，打造"脚"和"身体"，补全智能机器人闭环，这款集"认知、动作、机动"三大核心能力于 一体的创新产品，以其卓越的性能表现和前瞻性的技术架构，正在重新定义智能机器人的能力边界。 从技术层面来看，越疆六足机 ...