Core Insights - The humanoid robot sector index increased by 28.66% in the first half of 2025, significantly outperforming other tech sectors like AI and new energy vehicles, with total market capitalization rising from 1.17 trillion yuan to 6.03 trillion yuan, a 415% increase [1] - The performance of the humanoid robot sector shows a divergence, with core component companies leading due to technological breakthroughs and economies of scale, while system integration companies face challenges such as high R&D costs and long payment cycles [2] Company Performance - Among 16 major listed companies in Jiangsu, 12 reported profits while 4 incurred losses, with total R&D investment amounting to 689 million yuan [1] - Leading companies in core components, such as reducers, motors, and screws, have maintained gross margins above 35%, while system integrators struggle with profitability [2] - Green Harmonic, a leader in harmonic reducers, achieved revenue and net profit growth in the first half of the year, with R&D investments leading to a unique technology that extends the reducer's testing life to 12,000 hours and reduces costs by 30%-50% compared to imports [2] R&D and Innovation - Jiangsu Leili produces key components like "joints and dexterous hands," which account for 20%-30% of the total cost of humanoid robots, and has increased R&D expenses by 14.51% year-on-year [3] - Hengli Hydraulic views investments in emerging sectors as a "second curve" for growth, with projections of revenue reaching 80 million to 100 million yuan from new industrial screw products [3] - Companies are actively investing in R&D to enhance their technological capabilities and product offerings, with a focus on advanced technologies like hollow cup motors and planetary roller screws [3] Market Trends - The humanoid robot sector is experiencing rapid growth driven by policy support, capital investment, and technological advancements, with applications expanding from industrial to service sectors [4][5] - Companies like Estun and Tianqi are launching humanoid robots for industrial applications, indicating a shift towards practical deployment in various sectors [4] - The market for humanoid robots is projected to grow significantly, with predictions that the period from 2025 to 2027 will be crucial for companies to establish their technologies in broader commercial service areas [5] Investment and Financing - The humanoid robot industry has seen over 24 billion yuan in financing by July 2025, surpassing the total for the previous year, indicating strong market interest [6] - New players in the complete machine sector are emerging, with significant investments and product launches aimed at various applications, including banking and education [6] - Companies are forming strategic partnerships and making investments to strengthen their positions in key components and core technologies, as seen with Baoxin Technology's investment in Suzhou Jicui Intelligent Manufacturing [5][6] Challenges and Future Outlook - New entrants face challenges related to technological iteration and mass production capabilities, with the industry moving towards standardized production processes [7] - The valuation logic in the capital market is shifting from speculative concepts to performance-based metrics, emphasizing the importance of scalable revenue and positive cash flow [7]

（文章来源：证券日报） 证券日报网讯 9月4日晚间，江苏北人发布公告称，公司2025年半年度业绩说明会定于2025年9月12日召 开。 ...

证券代码：688218 证券简称：江苏北人 公告编号：2025-033 江苏北人智能制造科技股份有限公司 关于召开 2025 年半年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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 12 日（星期五）上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流，在信息披露允许的范围内就 投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点和方式 （一） 会议召开时间：2025 年 9 月 12 日上午 10:00-11:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、参加人员 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 5 日（星期五）至 9 月 ...

Group 1 - The Robot ETF (562500) experienced a decline of 2.04%, showing a volatile bottoming trend, with significant movements in constituent stocks [1] - Dongjie Intelligent led the gains with an increase of 12.33%, while Bojie Co. hit the daily limit with a 10% rise, marking three consecutive days of limit-up trading [1] - The trading volume reached 1.35 billion yuan, indicating active market participation and continuous release of trading volume [1] Group 2 - The Robot ETF has attracted over 1.27 billion yuan in net inflows over the past four trading days, demonstrating significant "scale effect" [1] - According to IDC's report, Stone Technology holds a market share of 15.2% in cleaning robots and 20.7% in sweeping robots, making it the global leader in both categories [1] - Dongfang Securities predicts a gradual decrease in humanoid robot prices, with potential future costs for Tesla's Optimus robot dropping to $20,000 [1] Group 3 - The Robot ETF is the only robot-themed ETF in the market with a scale exceeding 10 billion yuan, covering various segments including humanoid robots, industrial robots, and service robots [2] - The ETF provides investors with a convenient way to invest in the upstream and downstream supply chains of the robotics industry [2]

报告期内计提减值准备3099.60万元，其中：存货跌价准备2547.42万元；储能相关设备因市场价格下跌 计提190.58万元；联营企业生利新能因净资产为负，全额计提325.25万元股权投资减值。报告期内存货 账面价值达8.05亿元，占流动资产比例高达55.77%，且以非标定制化产品为主，叠加下游汽车零部件厂 商资金压力加大，存货跌价风险与应收账款回款风险已形成双重资产质量压力。 南方财经9月3日电，江苏北人（688218.SH）近日公布2025年半年度报告。公司上半年实现营业收入 2.06亿元，同比下降28.25%；归属于上市公司股东的净利润亏损2371.82万元。业绩下滑主要受两大业 务拖累。智能制造板块因主动放弃低毛利订单及海外订单转化周期延长，营收规模收缩；工商业储能业 务则因行业价格战加剧、政策趋严导致成本攀升，叠加市场需求萎缩，公司已战略性收缩规模。 公司两大核心业务面临压力。智能制造板块虽加速海外布局，但海外项目交付周期长导致收入尚未兑 现，同时国内汽车产业链价格竞争持续挤压毛利率。公司重点推进的具身智能焊接机器人完成首代产品 交付，并在船舶、重钢领域开展二代产品测试。储能业务成为最大痛点；行业 ...

9月3日，江苏北人跌5.06%，截至发稿，报27.58元/股，成交7457.93万元，换手率2.24%，总市值32.71 亿元。 资料显示，江苏北人智能制造科技股份有限公司位于江苏省苏州工业园区青丘巷1号,苏州工业园区淞北 路18号，成立日期2011年12月26日，上市日期2019年12月11日，公司主营业务涉及提供工业机器人自动 化、智能化的系统集成整体解决方案,主要涉及柔性自动化、智能化的工作站和生产线的研发、设计、 生产、装配及销售。主营业务收入构成为：焊接用工业机器人系统集成76.29%，储能系统12.55%，非 焊接用工业机器人系统集成5.19%，其他3.24%，定制夹具1.89%，其他(补充)0.85%。 从江苏北人十大流通股东角度 数据显示，华夏基金旗下1只基金位居江苏北人十大流通股东。华夏中证机器人ETF（562500）二季度 增持38.14万股，持有股数212.71万股，占流通股的比例为1.79%。根据测算，今日浮亏损失约312.68万 元。 华夏中证机器人ETF（562500）成立日期2021年12月17日，最新规模144.71亿。今年以来收益31.67%， 同类排名1137/4222；近 ...

Core Insights - The humanoid robot industry is transitioning from technology breakthroughs to commercial applications, with significant interest in business collaborations and order volumes [6] - Companies are focusing on developing humanoid robots and their core components, with expectations of substantial growth in related business by 2025 [1][2] Group 1: Company Developments - Tianzhun Technology is currently providing brain controllers for humanoid robots and has received multiple bulk orders from clients this year [7] - Efort is developing humanoid robot prototypes and optimizing their designs, with plans to release new models in 2025 [4] - Boke Co. has achieved a transition from small batch orders to bulk orders in the humanoid robot sector, expecting over 100% year-on-year growth in related business by the first half of 2025 [6] Group 2: Industry Trends - The humanoid robot market is anticipated to see significant commercial activity by 2025, with a focus on specific application scenarios [2] - Companies like Ruishun Technology are building technical reserves in AI and motion control, although they have not yet engaged directly in humanoid robot business [3] - The industry is characterized by a strong manufacturing base and diverse application scenarios in China, which are conducive to the development of humanoid robots [3] Group 3: Technological Innovations - Boke Co. is concentrating on motion control solutions for both bipedal and wheeled humanoid robots, with core products including frameless torque motors and hollow actuators [2] - Tianzhun Technology integrates NVIDIA tools and models to create comprehensive solutions for humanoid robots, enhancing their competitive edge [7] - Companies are exploring various visual perception technologies, such as depth cameras and LiDAR, to enhance humanoid robot capabilities [7]

据证券之星公开数据整理，近期江苏北人（688218）发布2025年中报。截至本报告期末，公司营业总收 入2.06亿元，同比下降28.25%，归母净利润-2371.82万元，同比下降234.24%。按单季度数据看，第二季 度营业总收入1.28亿元，同比下降16.25%，第二季度归母净利润-472.34万元，同比下降135.27%。本报 告期江苏北人公司应收账款体量较大，当期应收账款占最新年报归母净利润比达443.77%。 偿债能力：公司现金资产非常健康。 商业模式：公司业绩主要依靠研发驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率18.33%，同比减20.31%，净利 率-18.29%，同比减377.01%，销售费用、管理费用、财务费用总计3097.37万元，三费占营收比 15.02%，同比增24.08%，每股净资产7.59元，同比减2.19%，每股经营性现金流-0.3元，同比增 54.07%，每股收益-0.2元，同比减233.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- ...

证券代码：688218 证券简称：江苏北人 公告编号：2025-030 江苏北人智能制造科技股份有限公司 表决情况：同意 6 票，反对 0 票，弃权 0 票。 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 江苏北人智能制造科技股份有限公司（以下简称"公司"）于 2025 年 8 月 会议的通知已于 2025 年 8 月 18 日以电子邮件等方式送达全体董事。本次会议 由公司董事长朱振友先生召集并主持，会议应出席董事 6 名，实际出席董事 6 名，本次会议的召集和召开程序符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 经与会董事审议表决，形成会议决议如下： 经审核，董事会认为：公司 2025 年半年度报告的编制和审议程序符合相关 法律法规及《公司章程》等内部规章制度的规定；公司 2025 年半年度报告的内 容与格式符合相关规定，公允地反映了公司 2025 年半年度的财务状况和经营成 果等事项；报告编制过程中，未发现公司参与报告编制和审议的 ...

智通财经APP讯，江苏北人(688218.SH)披露2025年半年度报告，报告期公司实现营收2.06亿元，同比下 降28.25%;归母净利润亏损2372万元;扣非净利润亏损2546万元;基本每股收益-0.20元。 ...