（文章来源：证券日报） 证券日报网讯拓邦股份8月29日在互动平台回答投资者提问时表示，在人形机器人领域，公司的空心杯 电机积极送样行业头部客户，并收获批量订单；公司的炒菜机器人聚焦商用场景，主要供货给市场上知 名的连锁餐饮、团餐企业等，今年上半年收入翻倍，下游客户持续拓展中。细分板块的研发投入属于公 司内部敏感商密信息，非强制信息披露内容，具体研发投入项目可参考公司"年度报告-研发投入"部分 内容。 ...

（文章来源：证券日报） 证券日报网讯拓邦股份8月29日在互动平台回答投资者提问时表示，公司机器人板块以部件业务为主， 毛利率与内部产品结构相关，机器人等创新业务在量产初期，由于生产规模小、固定成本分摊高、良品 率爬坡等因素，毛利率通常可能较低。随着技术迭代、生产流程优化和销量提升，单位成本有望下降， 从而改善毛利水平。关于研发团队，公司各板块核心团队均具有资深行业背景和技术积累，同时与高 校、科研机构、行业协会建立合作关系，共同推动行业及公司业务发展。 ...

（文章来源：证券日报） 证券日报网讯拓邦股份8月29日在互动平台回答投资者提问时表示，公司看好具身智能产业发展，积极 推进空心杯电机以及空心杯电机本体+减速箱+编码器+丝杠一体的执行器组件与下游整机厂的合作，如 有相关进展，将及时履行信息披露义务。现有工业园产能充足，将视市场需求和订单情况灵活配置。 ...

格隆汇8月29日｜拓邦股份在互动平台表示，在人形机器人领域，公司的空心杯电机积极送样行业头部 客户，并收获批量订单；公司的炒菜机器人聚焦商用场景，主要供货给市场上知名的连锁餐饮、团餐企 业等，今年上半年收入翻倍，下游客户持续拓展中。 ...

Group 1 - The company,拓邦股份, is actively supplying hollow cup motors to leading clients in the humanoid robot sector and has received bulk orders [1] - The company's cooking robots are focused on commercial scenarios, primarily supplying well-known chain restaurants and group meal enterprises, with revenue doubling in the first half of the year [1] - The company is continuously expanding its downstream customer base [1]

Group 1 - The company Tuobang Co., Ltd. has completed the research and testing of its lawn mowing robot, which is now in the market promotion phase [2] - The product integrates core technologies such as AI visual perception, RTK high-precision positioning, and intelligent path planning, enabling autonomous obstacle avoidance, adaptive environment recognition, and boundary-free intelligent operation capabilities [2] - The product solution has received high recognition from customers and leads the industry in shipment volume in the domestic professional third-party market [2]

Core Viewpoint - The company,拓邦股份, has not established a business partnership with Tesla despite inquiries from investors [1] Group 1 - An investor inquired whether the company's products supply Tesla [1] - The company confirmed that it has not yet formed any business cooperation with Tesla [1]

Group 1: AI Industry Insights - The report highlights the release of the "Artificial Intelligence+" action plan by the State Council, which aims to strengthen foundational support capabilities in AI, including innovation in AI chips and software ecosystem development [3] - The action plan is expected to provide long-term institutional guarantees for the development of the AI industry, addressing current bottlenecks such as insufficient computing power and low-quality data supply [3] - Companies to watch include those involved in AI technology and applications, such as Kingdee International, Meituan, and various players in AI education and healthcare [3] Group 2: Economic and Market Outlook - The "14th Five-Year Plan" emphasizes the need for a unified market to break local protectionism and promote efficient resource allocation [4] - The plan also aims to support consumer spending and upgrade consumption structures, indicating a shift in fiscal spending towards improving livelihoods [4] - The capital market reform during this period is expected to transition from policy-driven to institution-driven, promoting high-quality development of the capital market [4] Group 3: Aerospace Industry Developments - China's commercial aircraft market share exceeds 20%, with the C919 aircraft production capacity expanding, potentially breaking the Airbus and Boeing duopoly [4] - The demand for commercial engines in China is projected to exceed $600 billion over the next 20 years, with an average annual demand of over 200 billion RMB [4] - The report indicates that the domestic aerospace industry is likely to experience significant growth due to the focus on local market development and self-sufficiency [4] Group 4: Semiconductor Sector Performance - Changdian Technology reported a revenue of 18.605 billion RMB for the first half of 2025, reflecting a year-on-year growth of 20.14%, driven by increased domestic orders and market demand recovery [8][34] - The company's net profit decreased by 23.98% due to ongoing construction of new factories and rising financial costs, but gross margin improved from 12.6% to 14.3% [34][38] - The semiconductor industry is experiencing a recovery, with global sales expected to continue growing, providing opportunities for companies in this sector [36] Group 5: Consumer Electronics and Home Appliances - Wanhe Electric reported a revenue of 4.08 billion RMB in the first half of 2025, with overseas revenue growing by 26.5% while domestic revenue declined by 4.4% [16] - The company is focusing on digital transformation and cost optimization to enhance its competitiveness in both domestic and international markets [16] - The report anticipates steady growth in the home appliance sector, driven by innovations and expansion into overseas markets [16] Group 6: Automotive and New Energy Sectors - Tuhu-W reported a revenue of 7.877 billion RMB in the first half of 2025, with a year-on-year growth of 10.54%, driven by expansion into lower-tier cities [17] - The company is enhancing its supply chain and logistics efficiency, which has positively impacted its operational performance [17] - The new energy vehicle segment is emerging as a significant growth driver, with a notable increase in transaction users on the platform [17]

证券日报网讯拓邦股份（002139）8月27日在互动平台回答投资者提问时表示，公司主要向优必选和星 动纪元供应空心杯电机以及空心杯电机本体+减速箱+编码器+丝杠一体的执行器组件，目前已实现部分 交付并持续交付中。公司与优必选和星动纪元合作稳定，后续合作产品品类将继续增加。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 5.502 billion yuan for H1 2025, representing a year-on-year growth of 9.70%, while the net profit attributable to the parent company was 330 million yuan, a decrease of 15.11% year-on-year [1] - The company is experiencing steady growth in its tools and home appliances business, with a revenue of 2.079 billion yuan in the tools segment, up 5.67% year-on-year, and 2.298 billion yuan in the home appliances segment, up 27.60% year-on-year [2] - The smart automotive and robotics businesses are showing strong development, with the smart automotive segment achieving a revenue of 260 million yuan, a remarkable growth of 86.03% year-on-year, and the robotics segment generating 277 million yuan, up 22.72% year-on-year [3] - The digital energy business is under short-term pressure, with a revenue of 588 million yuan, down 33.30% year-on-year, primarily due to inventory destocking [3] - The company is expected to maintain long-term growth driven by the trend of increasing intelligence, organizational optimization, and cost reduction measures, with projected net profits for 2025-2027 at 803 million, 1.003 billion, and 1.207 billion yuan respectively [4] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross margin of 22.55%, down 1.35 percentage points year-on-year [1] - The tools and home appliances segment had a gross margin of 22.22%, down 1.98 percentage points year-on-year [2] - The smart automotive and digital energy segments had a gross margin of 22.77%, up 1.09 percentage points year-on-year [3] Business Segments - The tools segment is growing steadily, with successful collaborations with major Japanese and domestic clients contributing to revenue growth [2] - The home appliances segment is transitioning towards providing intelligent and scenario-based solutions, enhancing customer stickiness and achieving rapid growth in core categories [2] - The smart automotive segment is focusing on electric and advanced driving technologies, with significant revenue growth driven by laser radar motors and charging stations [3] - The robotics segment is expanding from component business to complete machine categories, with a diverse product system including cooking machines and service robots [3] Future Outlook - The company is expected to accelerate profit growth with new product launches and increased market expansion, despite short-term challenges in the digital energy sector [4]