Core Insights - The company reported a significant decline in revenue and increased losses for the first three quarters of 2025, with total revenue of 702 million yuan, a year-on-year decrease of 31.0% [1][2] - The decline in revenue is primarily attributed to a 57.26% drop in the non-strategic system integration business and a 17.05% decrease in the robotics business due to ongoing price competition and challenges in the European automotive sector [1][3] - The company's gross margin has also decreased significantly, falling from 17.2% in 2024 to 7.54% in the first three quarters of 2025 [4] Revenue and Profitability - The company's net profit attributable to shareholders for the first three quarters was -200 million yuan, compared to a loss of 105 million yuan in the same period last year [2] - In Q3 alone, the company reported revenue of 194 million yuan, a year-on-year decline of 42.8%, with a net loss of 48.58 million yuan [2] - The decline in revenue and gross margin is attributed to insufficient revenue scale, increased R&D expenses, and asset impairment provisions [2][4] Asset and Equity Position - As of the end of Q3, the company's total assets were 3.52 billion yuan, a decrease of 3.3% from the end of the previous year, while the net assets attributable to shareholders fell by 7.0% to 1.5 billion yuan [5] - The decline in total assets and net assets is primarily due to operating losses and potential asset disposals [5][6] Recommendations for Improvement - The company is advised to optimize its business structure by divesting low-margin system integration operations and focusing on high-value robotics and core components [6][7] - Cost control measures should be implemented, including supply chain integration to reduce procurement costs and strict management of expenses [6][7] - There is a need for increased R&D investment to enhance product performance and quality, as well as to explore new market opportunities and strengthen internal management [7]

Core Viewpoint - The industrial mobile manipulator market in China is rapidly expanding, driven by the increasing demand for production efficiency, cost reduction, and product quality improvement in various sectors such as automotive manufacturing, 3C electronics, warehousing logistics, semiconductors, and lithium batteries. The market size for industrial mobile manipulator solutions in China is projected to reach 2 billion yuan in 2024, accounting for 48% of the global market size [1][10]. Overview - Industrial mobile manipulators integrate autonomous mobile platforms with robotic arms, enabling them to perform tasks such as navigation, object recognition, and precise operations, thus overcoming the limitations of traditional fixed industrial robots and AGVs [2][3]. Development History - The development of industrial mobile manipulators in China began in 1976 with the first AGV prototype. Significant advancements occurred in 1991 when AGVs were introduced into actual production lines, marking the transition from laboratory prototypes to practical applications [5][6]. The introduction of AMRs in 2012 further propelled the industry, leading to increased autonomy and application across various sectors [7]. Market Policies - The Chinese government has implemented several policies to support the development of the robotics industry, including initiatives to promote innovation, equipment upgrades, and the integration of AI and IoT technologies [8]. Industry Chain - The industrial mobile manipulator industry consists of upstream components such as chips and sensors, midstream manufacturing and R&D, and downstream applications in sectors like automotive, electronics, and logistics. The growth of the manufacturing sector in China provides a favorable environment for the expansion of this industry [9]. Current Market Status - The industrial mobile manipulator market in China is experiencing rapid growth, with a projected market size of 2 billion yuan in 2024, representing 48% of the global market. The demand is driven by the need for automation in various industries [10]. Competitive Landscape - The industrial mobile manipulator market is characterized by a large number of entrants, but many manufacturers are still in the early stages of technology development and commercialization. The CR5 market share for industrial mobile manipulators is only 15.3% globally and 24.0% in China, indicating a fragmented market [11]. Key Companies - Hefei Youai Intelligent Robot Co., Ltd. is a leading company in the field, providing intelligent robotic solutions across various industries, with a reported revenue of 127 million yuan and a gross profit margin of 38.1% in the first half of 2025 [12]. - Shenyang Siasun Robot & Automation Co., Ltd. focuses on the entire robotics industry chain, achieving a total revenue of 1.66 billion yuan in the first half of 2025, with significant contributions from automation and logistics sectors [13]. Future Trends - The future of industrial mobile manipulators will be shaped by advancements in AI, machine vision, and deep learning, leading to enhanced environmental perception and decision-making capabilities. These robots will increasingly operate in a collaborative manner, utilizing technologies like 5G and industrial internet for coordinated tasks [14].

Core Insights - The company reported a revenue of 193.58 million yuan in Q3 2025, with a total revenue of 702.04 million yuan for the first three quarters, despite still being in a loss position, although the loss margin has narrowed compared to the first half of the year [1] - The company has significantly increased its R&D investment, with a year-on-year growth of 88.18% in Q3, and a total R&D expenditure of 145.32 million yuan for the first three quarters, representing 20.70% of its revenue [2] - The company has successfully formed a diverse product lineup with over 80 models across 9 series, and has launched new humanoid robots YobotR1 and YobotW1, while also working on the iteration of YobotR2 [3] - The construction of a super factory has commenced, with a total investment of nearly 1.9 billion yuan, aiming to produce 50,000 high-performance industrial robots annually in its first phase and 100,000 upon full completion [4] - The company is focusing on the transition from "automation" to "intelligence" in the industrial robot sector, aiming to solidify its market position through advanced technology and ecosystem development [5] Financial Performance - Q3 2025 revenue reached 193.58 million yuan, while total revenue for the first three quarters was 702.04 million yuan [1] - R&D investment for the first three quarters was 145.32 million yuan, a significant increase of 85.35% year-on-year [2] R&D and Innovation - R&D investment in Q3 increased by 88.18% year-on-year, indicating a strong commitment to innovation [1][2] - The company achieved major breakthroughs in the automotive sector, securing bulk orders from leading domestic electric vehicle manufacturers [2] Product Development - The company has launched new humanoid robots and is working on the next iteration, YobotR2, enhancing performance and adaptability [3] - The heavy-duty SCARA robot won the "2025 Mechanical Industry Leadership Award," showcasing the company's technological strength [3] Strategic Initiatives - The super factory project aims to establish a world-class manufacturing facility, marking a significant step towards high-end manufacturing in the domestic robot industry [4] - The company plans to leverage its technological foundation and application scenarios to accelerate the deployment of robotic technology across various industries [5]

Group 1 - The company, Aifute, announced on October 30 that it recorded impairment losses totaling RMB 6.2062 million for the third quarter of 2025, impacting its consolidated profit [1] - For the first three quarters of 2025, the total impairment losses amounted to RMB 15.8155 million, affecting the company's consolidated profit [1] - Aifute's market capitalization is currently valued at RMB 11.7 billion [3] Group 2 - In the year 2024, Aifute's revenue composition is entirely from intelligent equipment manufacturing, accounting for 100% [2]

Core Viewpoint - Efort is a significant player in the domestic industrial robotics sector, focusing on the research, production, and sales of industrial robots and their core components, with a comprehensive technological advantage across the entire industry chain [1] Financial Performance - In Q3 2025, Efort reported revenue of 702 million yuan, ranking 9th in the industry out of 20, with the industry leader Estun generating 3.804 billion yuan [2] - The main business composition includes 370 million yuan from robot systems, accounting for 72.77%, and 116 million yuan from system integration, accounting for 22.86% [2] - Efort's net profit was -235 million yuan, ranking last in the industry, with the top performer, Bosch, achieving a profit of 443 million yuan [2] Financial Ratios - As of Q3 2025, Efort's debt-to-asset ratio was 56.16%, higher than the previous year's 48.37% and above the industry average of 38.93% [3] - The gross profit margin for Q3 2025 was 7.55%, down from 17.11% in the previous year and below the industry average of 25.17% [3] Executive Compensation - The chairman and general manager, You Wei, received a salary of 822,700 yuan in 2024, a decrease of 34,100 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.24% to 30,700, with an average holding of 17,000 circulating A-shares, which increased by 5.54% [5] - The top circulating shareholders include the E Fund National Robot Industry ETF and the Huaxia CSI Robot ETF, with holdings of 7.6793 million shares and 5.7467 million shares, respectively [5]

埃夫特智能机器人股份有限公司（以下简称"公司"）第三届监事会第二十九 次会议于 2025 年 10 月 30 日（星期四）在公司会议室以现场结合通讯的方式召 开。会议通知已于 2025 年 10 月 20 日通过邮件的方式送达各位监事。本次会议 应出席监事 5 人，实际出席监事 5 人，本次会议由监事会主席赵文娟主持。 证券代码：688165 证券简称：埃夫特 公告编号：2025-065 埃夫特智能机器人股份有限公司 第三届监事会第二十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 本次会议的召集、召开符合《中华人民共和国公司法》《中华人民共和国证 券法》《上海证券交易所科创板股票上市规则》等法律法规、规范性文件以及《埃 夫特智能机器人股份有限公司章程》《埃夫特智能机器人股份有限公司监事会议 事规则》的相关规定。 二、监事会会议审议情况 监事会审议了下列议案： （一） 审议通过《关于公司 2025 年第三季度报告的议案》 （二）审议通过《关于 2025 年第三季度计提减值准备的议案 ...

埃夫特智能机器人股份有限公司 持股 5%以上股东及其一致行动人减持计划期限届满 暨减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 持股 5%以上股东及其一致行动人持股的基本情况 本次减持计划实施前，埃夫特智能机器人股份有限公司（以下简称"公司" 或"埃夫特"）股东安徽信惟基石产业升级基金合伙企业（有限合伙）（以下简称"信 惟基石"）持有公司股份 45,937,700 股，占公司总股本的 8.8040%；其一致行动 人马鞍山基石智能制造产业基金合伙企业（有限合伙）（以下简称"马鞍山基石"） 持有公司股份 13,748,718 股，占公司总股本的 2.6350%；合计持有公司股份 59,686,418 股，占公司总股本的 11.4390%。上述股份来源为信惟基石及马鞍山基 石在公司首次公开发行前取得的股份，并已上市流通。 减持股份结果的情况 2025 年 7 月 9 日，公司于上海证券交易所网站（www.sse.com.cn）披露了《埃 夫特持股 5%以上股东及其一致行动人减持股份 ...

埃夫特智能机器人股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 7 日（星期五）下午 15:00-16:30 （网址：https://roadshow.eastmoney.com/luyan/4954770） 投 资 者 可 于 2025 年 11 月 6 日 （ 星 期 四 ） 16:00 前 通 过 公 司 邮 箱 ir@efort.com.cn 进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 证券代码：688165 证券简称：埃夫特 公告编号：2025-066 三、参加人员 公司董事长、总经理游玮先生，副总经理、财务总监、董事会秘书康斌先生， 独立董事杜颖洁女士（如有特殊情况，参会人员可能进行调整）。 埃夫特智能机器人股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）发布公司 2025 年第三季度报告， 为便于广大投资者 ...

证券代码：688165 证券简称：埃夫特 公告编号：2025-064 埃夫特智能机器人股份有限公司 关于 2025 年第三季度计提减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、2025 年第三季度计提减值准备的情况概述 依据《企业会计准则——基本准则》及埃夫特智能机器人股份有限公司（以 下简称"公司"）会计政策的相关规定，为真实、公允地反映公司截至 2025 年 9 月 30 日的财务状况及 2025 年第三季度的经营情况，公司对截至 2025 年 9 月 30 日合并范围内可能存在减值损失的各项资产进行了评估和分析，本着谨慎性原则， 对相关资产进行了减值测试并计提了相应的减值准备。公司于 2025 年 10 月 30 日召开第三届董事会第三十六次会议、第三届监事会第二十九次会议，审议通过 了《关于 2025 年第三季度计提减值准备的议案》。经测算，2025 年第三季度确 认的各项减值损失合计为人民币 620.62 万元，2025 年前三季度累计确认的各项 减值损失合计为人民币 1,581.55 万元 ...

Revenue and Profit - The company's revenue for Q3 2025 was CNY 193.58 million, a decrease of 42.75% compared to the same period last year, primarily due to a 36.67% decline in robot business revenue and a 57.78% drop in non-strategic system integration business revenue [3]. - The total profit for Q3 2025 was CNY -55.86 million, with a net profit attributable to shareholders of CNY -48.58 million, reflecting a significant loss compared to the previous year [3]. - The net profit attributable to shareholders for the year-to-date period was CNY -200.28 million, reflecting a 31.03% decrease compared to the same period last year [3]. - Net loss attributable to the parent company for the first three quarters of 2025 was CNY 200,279,761.43, compared to a net loss of CNY 105,427,844.56 in the same period of 2024 [20]. - The company reported a total comprehensive loss of CNY -151,553,303.90 for the first three quarters of 2025, compared to a loss of CNY -79,098,277.72 in 2024 [20]. Research and Development - Research and development (R&D) expenses totaled CNY 53.99 million in Q3 2025, an increase of 88.18% year-over-year, representing 27.89% of revenue, up 19.40 percentage points from the previous year [3][9]. - The company is focusing on R&D in the field of embodied intelligence, with a strategic shift towards smart robots starting in the second half of 2024 [9]. - Research and development expenses increased to CNY 144,880,341.08 in the first three quarters of 2025, up from CNY 77,770,395.66 in 2024, representing an increase of 86.14% [19]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was CNY -40.48 million, indicating a worsening cash flow situation compared to the previous year [3]. - The company's cash inflow from operating activities was CNY 841,279,966.45 for the first three quarters of 2025, down from CNY 1,189,922,159.90 in 2024, a decrease of 29.25% [22]. - The company reported a net cash outflow from operating activities of CNY -211,047,994.49 for the first three quarters of 2025, compared to CNY -4,877,104.50 in 2024 [22]. - Cash and cash equivalents are reported at ¥452,735,486.16, down from ¥787,649,177.22 in the previous year [14]. - The company's total assets at the end of the reporting period were CNY 3.52 billion, a decrease of 3.30% from the end of the previous year [4]. - The total assets decreased to CNY 3,519,607,762.31 in 2025 from CNY 3,639,568,590.03 in 2024, a decline of 3.29% [17]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 30,695 [11]. - The largest shareholder, Wuhu Yuanhong Industrial Robot Investment Co., Ltd., holds 84,000,000 shares, accounting for 16.10% of total shares [11]. - The company has a total of 38.5746% equity and voting rights held by Wuhu Yuanhong and its concerted parties [12]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending [13]. Operating Performance - Total operating revenue for the first three quarters of 2025 was CNY 702,044,650.38, a decrease of 30.96% compared to CNY 1,017,866,207.38 in the same period of 2024 [19]. - Total operating costs for the first three quarters of 2025 were CNY 1,018,166,124.69, down from CNY 1,150,226,828.56 in 2024, reflecting a reduction of 11.45% [19]. - The company reported a significant decline in gross profit margin due to increased competition and pricing pressures in the European automotive sector, leading to a reduction in orders from major clients [8]. - The company has faced challenges in its overseas system integration business, with a 57.26% decline in revenue attributed to external competition and market conditions [8]. Financial Management - The company's weighted average return on equity was -3.23%, a decrease of 1.93 percentage points year-over-year [3]. - Total liabilities increased slightly to CNY 1,976,541,703.50 in 2025 from CNY 1,949,129,950.28 in 2024, an increase of 1.93% [17]. - Cash outflow for investment activities was 1,899,323,728.22, an increase from 1,307,805,369.30 year-over-year [23]. - The company reported a decrease in cash flow from financing activities due to higher debt repayments of 348,832,986.26 compared to 436,370,507.77 previously [23]. - The impact of exchange rate changes on cash and cash equivalents was positive at 24,694,672.15, contrasting with a negative impact of -176,230.22 last year [23]. Future Outlook - The company's net profit is currently in a loss state, and it is expected to remain in a loss state for the entire year of 2025 [13]. - The company will not apply new accounting standards starting from 2025 [24].