Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [4][17]. Core Views - The company has shown steady revenue growth in the first half of 2025, with a revenue of 5.502 billion yuan, representing a year-on-year increase of 9.70%. However, the net profit attributable to the parent company decreased by 15.11% to 330 million yuan [2][3]. - The company is transitioning from a focus on functional implementation to providing scenario-based and intelligent solutions, leveraging its full-stack technical capabilities in smart control [2]. - The laser radar motor has achieved scale production, and the robotics-related business is growing rapidly, with a revenue increase of 22.72% in the robotics segment [3]. Financial Performance Summary - Revenue projections for the company are as follows: 8,992 million yuan in 2023, increasing to 15,959 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.9% [1]. - The net profit attributable to the parent company is expected to grow from 516 million yuan in 2023 to 1,177 million yuan in 2027, with a notable increase of 30.2% in 2024 [1][8]. - The company's return on equity (ROE) is projected to improve from 8.0% in 2023 to 12.6% in 2027, indicating enhanced profitability [1]. Business Segment Performance - The tools and home appliances segment generated revenue of 4.377 billion yuan in the first half of 2025, up 16.15%, with a gross margin of 22.22% [2]. - The digital energy and smart automotive business reported a revenue of 848 million yuan, down 16.98%, while the smart automotive segment saw a significant growth of 86.03% [3]. - The robotics segment achieved a revenue of 277 million yuan, reflecting a year-on-year increase of 22.72%, with a gross margin of 26.95% [3].

证券日报网讯拓邦股份（002139）9月1日在互动平台回答投资者提问时表示，公司机器人业务以部件为 基础，逐步向整机品类拓展，覆盖服务、人形、工业、商用及医疗等领域，提供产品包括控制、电机、 驱动及AI整机等。2025年上半年，公司机器人业务实现销售收入2.77亿元，其中商用炒菜机整机、扫地 机器人和割草机器人方案快速增长，人形机器人前期投入逐步确认收入。 ...

Core Viewpoint - The company, Tuobang Co., Ltd. (002139), is actively seeking investment opportunities that align with its strategic goals and market conditions, particularly in industries that have upstream and downstream synergies [1] Group 1 - The company is open to mergers and acquisitions if high-quality targets are identified [1] - The company emphasizes the importance of timely information disclosure regarding any potential acquisitions [1]

Core Viewpoint - The stock of Topband Co., Ltd. has experienced fluctuations, with a recent decline of 2.04% on September 1, 2023, reflecting a total market capitalization of 18.565 billion yuan and a trading volume of 611 million yuan [1]. Group 1: Stock Performance - As of September 1, 2023, Topband's stock price is 14.89 yuan per share, with a year-to-date increase of 9.96% [1]. - Over the past five trading days, the stock has decreased by 1.59%, while it has increased by 4.42% over the last 20 days and 9.89% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Topband reported a revenue of 5.502 billion yuan, representing a year-on-year growth of 9.70%, while the net profit attributable to shareholders decreased by 15.11% to 330 million yuan [2]. - Since its A-share listing, Topband has distributed a total of 838 million yuan in dividends, with 235 million yuan distributed over the past three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Topband is 103,900, a decrease of 2.17% from the previous period, with an average of 10,308 circulating shares per shareholder, an increase of 2.21% [2]. - The second-largest shareholder is the Huaxia CSI Robot ETF, holding 27.9166 million shares, an increase of 4.9724 million shares from the previous period [2].

Core Insights - The company, Topband Co., Ltd. (002139), reported a sales revenue of 277 million yuan from its robotics business in the first half of 2025, indicating significant growth in this sector [1] Group 1: Business Performance - The sales revenue of 277 million yuan from the robotics business reflects a strong performance, particularly in commercial cooking machines, floor cleaning robots, and lawn mowing robot solutions [1] - The humanoid robot segment is beginning to confirm revenue from prior investments, suggesting a positive outlook for future growth in this area [1]

Group 1 - The company, Tuobang Co., has received bulk orders for its hollow cup motors in the humanoid robot sector, actively supplying to leading industry clients [2] - The company's cooking robot focuses on commercial scenarios, primarily supplying well-known chain restaurants and group meal enterprises, with revenue doubling in the first half of the year [2] - The company is continuously expanding its downstream customer base, although specific R&D investment details are considered sensitive internal information and are not disclosed [2]

（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。 ...

Group 1 - The company is actively supplying hollow cup motors to leading clients in the humanoid robot sector and has received bulk orders [1] - The company's cooking robot focuses on commercial scenarios, primarily supplying well-known chain restaurants and group meal enterprises in the market [1] - Revenue from the cooking robot segment doubled in the first half of the year, with continuous expansion of downstream customers [1]

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]