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]

Core Viewpoint - The report highlights the rapid growth of the special robot industry, with a projected global market size of $14 billion in 2024 and a compound annual growth rate (CAGR) of 20.68% over the past five years, expected to reach $15.4 billion by 2025 [1][3]. Industry Overview - Special robots are designed to replace or assist humans in dangerous, heavy, or complex tasks, significantly improving efficiency and safety [2]. - These robots are highly specialized and intelligent, equipped with advanced sensors, processors, communication technologies, and algorithms for efficient autonomous or remote operations [2]. - The special robot market in China is projected to reach 24.6 billion yuan in 2024, with a CAGR of 27.17% over the past five years, expected to grow to 27.1 billion yuan by 2025 [3]. Investment Trends - The special robot sector is attracting increasing attention from investment institutions, with a rise in the number of related companies being registered annually [4]. - In 2024, there were 30 investment events in China's special robot sector, amounting to 2.752 billion yuan, with 14 events and 681 million yuan in the first quarter of 2025 [5]. - The number of registered special robot companies peaked in 2023 at 24,600, indicating a transition from rapid growth to high-quality development [5]. Company Developments - **Jingye Intelligent**: Launched the "Wolf 2" product, a quadruped robot designed for high-risk nuclear industry applications, successfully completing test flights and inspections [6]. - **Construction Industry**: Focused on integrating mechanization, information technology, and intelligence in product development, while also transitioning towards the new energy vehicle sector [7]. - **Yijiahe**: Developed a product system combining high-value special robots and intelligent operation tools, expanding collaborations across various industries [8]. - **New Equipment**: Engaged in high-end equipment manufacturing, focusing on military and civilian applications of intelligent special equipment [8]. - **Zhaowei Electromechanical**: Introduced an industrial-grade product featuring unique single-joint drive technology, suitable for various complex operational environments [9]. - **CITIC Heavy Industries**: Developed an intelligent explosion-proof robot, recognized as a "national manufacturing single champion," with some firefighting robots already exported [9]. - **Robots**: Successfully applied a mud retrieval robot in nuclear decommissioning, reducing environmental safety risks [9].

Group 1 - On August 28, Jingye Intelligent's stock increased by 1.07%, with a trading volume of 162 million yuan [1] - The financing data shows that on the same day, Jingye Intelligent had a financing purchase amount of 22.40 million yuan and a financing repayment of 28.23 million yuan, resulting in a net financing buy of -5.83 million yuan [1] - As of August 28, the total balance of margin trading for Jingye Intelligent was 137 million yuan, with the financing balance accounting for 2.38% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low position [1] Group 2 - In terms of securities lending, Jingye Intelligent had no shares repaid or sold on August 28, with a lending balance of 0 shares, which is above the 70th percentile level over the past year, indicating a high position [1] - As of June 30, the number of shareholders for Jingye Intelligent was 6,090, a decrease of 2.20% from the previous period, while the average circulating shares per person increased by 71.78% to 16,779 shares [1] - For the first half of 2025, Jingye Intelligent achieved an operating income of 110 million yuan, a year-on-year increase of 16.15%, while the net profit attributable to the parent company was 5.58 million yuan, a year-on-year decrease of 55.30% [1] Group 3 - Since its A-share listing, Jingye Intelligent has distributed a total of 63.63 million yuan in dividends [2] - As of June 30, 2025, among the top ten circulating shareholders of Jingye Intelligent, Huaxia CSI Robotics ETF (562500) ranked as the eighth largest shareholder with 1.19 million shares, being a new shareholder [2] - Huazhong Small and Medium-sized Growth Mixed Fund (040007) and Huazhong Technology Power Mixed Fund A (040025) have exited the list of the top ten circulating shareholders [2]

Core Viewpoint - The recent financial report of Jingye Intelligent (688290) shows mixed performance, with revenue growth but a significant decline in net profit, raising concerns about accounts receivable and overall profitability [1][4]. Financial Performance - As of the reporting period, the company reported total revenue of 110 million yuan, a year-on-year increase of 16.15%, while the net profit attributable to shareholders was 5.5778 million yuan, a year-on-year decrease of 55.3% [1]. - In the second quarter, total revenue reached 88.4802 million yuan, up 23.86% year-on-year, but net profit attributable to shareholders was 15.4812 million yuan, down 34.55% year-on-year [1]. - The gross margin was 38.34%, a decrease of 8.65% year-on-year, and the net margin was 4.67%, down 63.59% year-on-year [1]. - Total sales, management, and financial expenses amounted to 30.6752 million yuan, accounting for 27.89% of revenue, a decrease of 10.54% year-on-year [1]. - Earnings per share were 0.06 yuan, a decrease of 50% year-on-year, while the net asset value per share was 12.61 yuan, an increase of 3.62% year-on-year [1]. Accounts Receivable - The company has a high level of accounts receivable, with accounts receivable amounting to 594.78% of the latest annual net profit [1][4]. Return on Investment - The company's return on invested capital (ROIC) was 2.37% last year, indicating weak capital returns, with a historical median ROIC of 26.44% since its listing [2]. - The net profit margin last year was 13.15%, suggesting high added value in its products or services [2]. Debt Servicing Ability - The company maintains a healthy cash asset position, indicating good debt servicing capability [3]. Business Model - The company's performance is primarily driven by research and development and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3]. Fund Holdings - The largest fund holding in Jingye Intelligent is the Zhongyin Securities Advantage Manufacturing Stock A, with 81,300 shares, while several other funds have recently entered the top holdings [5].

投资风险及控制措施投资风险：虽拟投资安全性高、有保本约定的产品，但金融市场受宏观经济影响 大，投资可能受市场波动影响。风险控制措施：严格按相关法律法规和公司章程办理业务。财务管理部 人员及时分析跟踪理财产品投向和项目进展，做好账务核算，发现不利因素及时采取措施。独立董事、 审计委员会可监督检查，必要时聘请专业机构审计。按规定及时履行信息披露义务。 近日，杭州景业智能科技股份有限公司发布公告，拟使用闲置自有资金进行现金管理。 公告显示，景业智能于2025年8月27日分别召开的第二届董事会审计委员会第九次会议和第二届董事会 第十八次会议，审议通过了《关于使用闲置自有资金进行现金管理的议案》。公司拟使用投资额度不超 过最近一期经审计总资产的30%（即人民币4.5亿元）的闲置自有资金进行现金管理，资金可循环滚动 使用，使用期限自董事会审议通过之日起12个月内有效。 现金管理基本情况目的：在不影响主营业务正常发展和确保经营资金需求的前提下，提高闲置自有资金 使用效率，增加投资收益，为公司及股东获取更多回报。资金来源：部分闲置自有资金，不影响公司正 常经营。额度及期限：不超过最近一期经审计总资产30%（4.5亿元），使用 ...

格隆汇8月27日丨景业智能(688290.SH)公布半年度报告，营业收入1.1亿元，同比增长16.15%，归属于 上市公司股东的净利润557.78万元，同比下降55.3%，归属于上市公司股东的扣除非经常性损益的净利 润108.58万元，同比下降19.51%。向全体股东每10股派发现金红利0.50元。 ...

2025年上半年，公司以"135"战略体系为核心，通过核工业筑基、军工装备 突破、民用市场拓展的三维布局，深度融入国家战略性产业，通过技术创新与品牌 建设双轮驱动，系统谋划，构建起具有前瞻性的市场网络体系。技术层面，聚焦核 工业与军工领域需求，加速科技成果转化与应用场景落地；品牌层面，通过主导行 业标准制定、产学研协同强化"技术领跑者"形象；战略实施层面，重点构建高精 尖人才梯队与技术储备体系，打造兼具国产化、智能化与绿色安全特性的核心竞争 力，持续为客户创造满意价值，实现企业经营效益与行业影响力的同步提升。 报告期内，公司项目验收工作按计划推进，实现营业收入10,998.54万元，同比 增长16.15%，展现出稳健的业务发展态势。然而，受行业竞争加剧及原材料价格成 本上行的双重影响，公司主营业务综合毛利率有所下降。同时，上半年公司围绕 "AI+具身智能"战略，持续加大研发特种四足机器人产品，研发投入同比大幅增 长59.18%，叠加非经常性损益中政府补助及理财收益同比减少59.64%等因素，最终 实现归属于上市公司股东的净利润557.78万元，同比下降55.30%；扣除非经常性损 益后的净利润为108.58万 ...

证券代码：688290 证券简称：景业智能 公告编号：2025-060 杭州景业智能科技股份有限公司 第二届董事会第十八次会议决议公告 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、董事会会议召开情况 杭州景业智能科技股份有限公司（以下简称"公司"）第二届董事会第十八 次会议于 2025 年 8 月 27 日以现场结合通讯方式召开。本次会议应到董事 9 人， 实到董事 9 人，会议由董事长来建良先生主持。会议的召集和召开程序符合《公 司法》和《公司章程》等相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 公司 2025 年半年度报告及其摘要的编制和审核程序符合相关法律法规及 《公司章程》的规定，能够公允地反映公司报告期内的财务状况和经营成果。董 事会及全体董事保证公司 2025 年半年度报告及其摘要所披露的信息真实、准确、 完整，所载资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真 实性、准确性和完整性依法承担法律责任。 具体内容详见同日刊登在上海证券交易所网站（www.sse.com.cn） ...

杭州景业智能科技股份有限公司2025 年半年度报告 公司代码：688290 公司简称：景业智能 杭州景业智能科技股份有限公司 2025 年半年度报告 1 / 172 杭州景业智能科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在报告中详细描 述可能存在的相关风险，敬请查阅本报告"第三节管理层讨论与分析'四、风险因素'"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人来建良、主管会计工作负责人朱艳秋及会计机构负责人（会计主管人员）陈佳 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 根据公司 2025 年半年度财务报告（未经审计），2025 年半年度实现归属于上市公司股东的 净利润为 557.78 万元，经董事会决议通过的公司 2025 年中期利润分配预案如下： ...

证券代码：688290 证券简称：景业智能 公告编号：2025-063 杭州景业智能科技股份有限公司 关于 2025 年中期利润分配预案的公告 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： 每股分配比例：每 10 股派发现金红利 0.50 元（含税）。 本次中期利润分配预案以实施权益分派股权登记日登记的总股本（扣减 回购专用证券账户的股份）为基数，具体日期将在权益分派实施公告中明确，本 次分红预案涉及差异化分红。 本次分红不进行资本公积转增股本，不送红股。 如在本预案披露之日起至实施权益分派的股权登记日期间公司总股本发生 变动的，公司拟维持分配总额不变，相应调整每股分配比例。 二、公司履行的决策程序 （一）审计委员会意见 审计委员会认为：公司 2025 年中期利润分配预案充分考虑了经营情况、股 东回报及未来发展等各种因素，符合公司实际情况，不存在损害公司及全体股东， 尤其是中小股东利益的情形。因此，审计委员会同意公司 2025 年中期利润分配 预案并提交公司董事会审议。 （二）董事会会议的召开、审议和表决 ...