（文章来源：证券时报网） 8月28日，越疆（02432 HK）公布2025年中期业绩，全面布局具身智能赛道，在产品与技术创新方面实 现突破，成为全球首家推出"机械臂+人形+多足"全形态具身机器人平台的企业。据越疆业绩公告，尽 管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，其在2025年上半年仍交出亮眼业绩，收 入1.53亿元（人民币，下同），同比增长27.1%，较2024年同期9.6%的增速显著提升；其中，国内收入 大幅增长56.7%，六轴收入占比61%。 商业领域收入暴增165.5%。越疆凭籍全栈自研技术能力和丰富的产品矩阵，产品已广泛应用于工业制 造、商业零售、医疗手术、健康理疗、科研教育等领域，覆盖全球超过100个国家和地区。 尽管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，其在上半年仍交出亮眼业绩：实现收 入1.53亿元，同比增长27.1%，较2024年同期9.6%的增速显著提升；毛利率由2024年同期43.9%提升至 47%；净亏损为40.9百万元，较上年同期减少31.8%；经调整后净亏损为22.9百万元，较上年同期减少 34.4%。 ...

8月28日，越疆(02432HK)公布2025年中期业绩，全面布局具身智能赛道，在产品与技术创新方面实现突破，成为全球首家推出"机械臂+人形+多足"全形态 具身机器人平台的企业。据越疆业绩公告，尽管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，其在2025年上半年仍交出亮眼业绩，收入1.53 亿元(人民币，下同)，同比增长27.1%，较2024年同期9.6%的增速显著提升；其中，国内收入大幅增长56.7%，六轴收入占比61%。 商业领域收入暴增165.5%。越疆凭籍全栈自研技术能力和丰富的产品矩阵，产品已广泛应用于工业制造、商业零售、医疗手术、健康理疗、科研教育等领 域，覆盖全球超过100个国家和地区。 尽管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，其在上半年仍交出亮眼业绩：实现收入1.53亿元，同比增长27.1%，较2024年同期9.6%的 增速显著提升；毛利率由2024年同期43.9%提升至47%；净亏损为40.9百万元，较上年同期减少31.8%；经调整后净亏损为22.9百万元，较上年同期减少 34.4%。 ...

Core Viewpoint - The company reported a revenue of 153 million RMB for the first half of 2025, reflecting a year-on-year growth of 27.1%, despite facing a complex macroeconomic environment and uncertainties in trade policies [1] Financial Performance - Revenue reached 153 million RMB, marking a 27.1% increase compared to the previous year [1] - The loss attributable to the parent company was 40.87 million RMB, which represents a 31.8% reduction year-on-year [1] - Basic loss per share was reported at 0.10 RMB [1] Strategic Initiatives - The company implemented a dual strategy focusing on "collaborative robot intelligent upgrades and embodied intelligent robot innovations," which served as a driving force for product and technological breakthroughs [1] - The strategic initiatives contributed to maintaining continuous growth in performance despite external challenges [1]

Core Viewpoint - The company reported a significant increase in revenue and a reduction in net loss, indicating resilience and growth in a challenging economic environment [1] Financial Performance - Revenue for the six months ending June 30, 2025, increased by 27.1% to RMB 153 million [1] - The net loss attributable to equity shareholders narrowed by 31.8% to RMB 40.9 million [1] - The diluted loss per share decreased from RMB 0.17 to RMB 0.10, a reduction of RMB 0.07 [1] Company Overview - The company is a leading player in the development, manufacturing, and commercialization of collaborative robots [1] - It has a comprehensive self-research technology capability and a diverse product matrix, with applications across various sectors including industrial manufacturing, retail, medical surgery, health therapy, and education [1] - The company operates in over 100 countries and regions globally [1] Strategic Initiatives - In 2025, the company plans to fully enter the embodied intelligence sector, aiming to be the first globally to launch a "robotic arm + humanoid + multi-legged" full-form embodied robot platform [1] - The company is pursuing a dual strategy of "collaborative robot intelligent upgrade + embodied intelligent robot innovation" to drive product and technological breakthroughs [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SHENZHEN DOBOT CORP LTD 深圳市越疆科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2432） 截至二零二五年六月三十日止六個月的中期業績公告 財務摘要 深圳市越疆科技股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹此宣佈 本公司及其附屬公司（統 稱「本集團」或「我 們」）截 至2025年6月30日止六個月（「報 告期間」或「期 內」）之 未 經 審 計 簡 明 綜 合 業 績，連 同2024年 同 期 之 比 較 數 字。該 等未經審計簡明綜合業績已經本公司審核委員會（「審核委員會」）審 閱。 – 1 – • 營業收入由截至2024年6月30日止六個月的人民幣120.5百萬元增加27.1% 至截至2025年6月30日止六個月的人民幣153.1 ...

智通财经APP获悉，大和发布研报称，首予越疆(02432)"买入"评级及目标价65.5港元，相信公司将成为 具竞争力的人形机械人企业，利用其在协作机械人(cobot)市场的领导地位，在同行中取得竞争优势，从 而带来长期的收入上升。报告指出，根据越疆管理层指引，一旦公司收入增至1亿美元，便可实现盈亏 平衡。该行预计，公司受惠于协作机械人销售量上升和稳定的毛利率，在2026年的净亏损将收窄至约 1,000万元人民币，料公司届时将接近盈亏平衡。 ...

大和发布研报称，首予越疆(02432)"买入"评级及目标价65.5港元，相信公司将成为具竞争力的人形机械 人企业，利用其在协作机械人(cobot)市场的领导地位，在同行中取得竞争优势，从而带来长期的收入上 升。报告指出，根据越疆管理层指引，一旦公司收入增至1亿美元，便可实现盈亏平衡。该行预计，公 司受惠于协作机械人销售量上升和稳定的毛利率，在2026年的净亏损将收窄至约1,000万元人民币，料 公司届时将接近盈亏平衡。 ...

大和发表研究报告，首予越疆(2432.HK)买入评级及目标价65.5港元，相信公司将成为具竞争力的人形 机械人企业，利用其在协作机械人(cobot)市场的领导地位，在同行中取得竞争优势，从而带来长期的收 入上升。报告指出，根据越疆管理层指引，一旦公司收入增至1亿美元，便可实现盈亏平衡。该行预 计，公司受惠于协作机械人销售量上升和稳定的毛利率，在2026年的净亏损将收窄至约1000万元人民 币，料公司届时将接近盈亏平衡。 ...

Core Viewpoint - The Hong Kong stock market has seen a significant shift in the IPO landscape for specialized technology companies, particularly those in AI, semiconductors, and autonomous driving, with no successful IPOs for 18C companies in 2025 despite initial enthusiasm in 2024 [1][9]. Group 1: Market Dynamics - In 2024, 18C specialized technology companies were highly sought after, but by 2025, the market has not seen any completed IPOs among the 12 companies that have submitted applications [1][9]. - The Hong Kong Stock Exchange implemented reforms on September 1, 2024, lowering the minimum market capitalization requirements for 18C companies, with commercialized companies' thresholds reduced from HKD 60 billion to HKD 40 billion, and non-commercialized companies from HKD 100 billion to HKD 80 billion [1][9]. Group 2: Company Performance - Three listed 18C companies have been active in secondary market financing, with Crystal Technology raising HKD 32.2 billion through two rounds of fundraising, significantly exceeding its IPO fundraising scale [4]. - Black Sesame Intelligence has experienced a 31% decline in stock price since its IPO, despite a positive earnings forecast, with actual performance falling short of market expectations [6]. - Yujiang, the smallest company by market capitalization at IPO, has seen its stock price increase by 188%, but its financial performance remains weak, raising concerns about its R&D investment levels [7][8]. Group 3: Financial Metrics - Crystal Technology's R&D expenditure was HKD 4.18 billion in 2024, accounting for 157% of its revenue, while Black Sesame Intelligence's R&D spending was HKD 14.35 billion, representing 302.6% of its revenue [8]. - Yujiang's R&D expenditure was only HKD 0.72 billion in 2024, which is just 19.2% of its revenue, indicating a potential deviation from the core attributes of specialized technology companies [8]. Group 4: IPO Challenges - Despite the lowered thresholds for IPOs, many companies face challenges due to weak fundamentals and unclear commercialization paths, with 9 out of 12 companies only recently meeting the commercialization revenue threshold [11]. - Companies like Xidi Zhijia and Wuyi Vision have submitted their applications again but have not made significant progress, reflecting ongoing regulatory pressures [12].

深圳市越疆科技股份有限公司 章 程 （2025年8月） | 第一章 | | | | | | | | | | 總則 | | | | 3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第二章 | | | | | | | | | | 經營宗旨和範圍 | | | | 5 | | 第三章 | | | | | | | | | | 股份 | | | | 5 | | 第四章 | | | | | | | | | | 股東和股東會 | | | | 13 | | 第五章 | | | | | | | | | | 董事會 | | | | 35 | | 第六章 | | | | | | | | | | 總經理及其他高級管理人員 | | | | 47 | | 第七章 | | | | | | | | | | 監事會 | | | | 49 | | 第 八 章 | 財 | 務 會 | 計 | 制 | 度、利 | 潤 分 | 配 | | 和 | 審 | | | 計 | 52 | | 第九章 | | | | ...