越疆(02432) - 2025 - 中期财报

Company Information This chapter provides an overview of the company's basic information, including board members, committee compositions, legal advisors, registered office, principal place of business in Hong Kong, and major banks, offering background on corporate governance and operations - The board of directors includes executive directors Liu Peichao (Chairman), Wang Yong, Lang Xulin, non-executive director Jing Liang, and independent non-executive directors Li Yibin, Wu Haoyun, and Dr. Hou Lingling[5] - The Audit Committee Chairman is Mr. Wu Haoyun, the Remuneration and Appraisal Committee Chairman is Mr. Li Yibin, the Nomination Committee Chairman is Dr. Hou Lingling, and the Strategy Committee Chairman is Mr. Liu Peichao[5] - The company's registered office and headquarters are in Shenzhen, China, with its principal place of business in Hong Kong located on Queen's Road East, Wan Chai[6] - The stock name is 'DOBOT', and the stock code is 2432[6] Financial Highlights This section briefly presents key financial data for the six months ended June 30, 2025, compared to the same period in 2024, including revenue, gross profit, net loss, diluted loss per share, and asset-liability status, indicating revenue growth but continued losses, alongside an improved asset-liability structure Key Financial Data for the Six Months Ended June 30, 2025 (RMB thousands) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 153,087 | 120,462 | 27.1% growth | | Cost of Sales | (81,171) | (67,618) | 20.0% growth | | Gross Profit | 71,916 | 52,844 | 36.1% growth | | Loss Before Income Tax | (40,049) | (59,584) | 32.8% decrease | | Income Tax Expense | (821) | (299) | 174.6% growth | | Loss for the Period | (40,870) | (59,883) | 31.8% decrease | | Diluted Loss Per Share | (0.10) | (0.17) | decrease | | Total Assets (Period-end) | 1,376,591 | 1,495,208 (December 31, 2024) | 8.07% decrease | | Total Liabilities (Period-end) | 364,872 | 527,919 (December 31, 2024) | 30.9% decrease | | Total Equity (Period-end) | 1,011,719 | 967,289 (December 31, 2024) | 4.6% growth | Management Discussion and Analysis This chapter provides a detailed review of the company's business performance, strategic progress, financial position, and future outlook during the reporting period, highlighting breakthroughs in collaborative robot intelligence upgrades and embodied AI robot innovation, significant revenue growth, and a substantial narrowing of net loss, while also detailing market expansion, ecosystem cooperation, talent strategy, and the use of global offering proceeds I. Business Review During the reporting period, the company adopted a dual-wheel strategy of "intelligent upgrade of collaborative robots + innovation in embodied AI robots," achieving revenue of RMB 153.1 million, a year-on-year increase of 27.1%, and a net loss decrease of 31.8% year-on-year, with significant progress in product technology, market expansion, and ecosystem cooperation - The company is a leading enterprise in the development, manufacturing, and commercialization of collaborative robots, fully deploying in the new track of embodied AI, becoming the world's first enterprise to launch a full-form embodied robot platform encompassing 'robotic arms + humanoid + multi-legged'[10] - During the reporting period, the company achieved revenue of RMB 153.1 million, a year-on-year increase of 27.1%; net loss was RMB 40.9 million, a year-on-year decrease of 31.8%; adjusted net loss was RMB 22.9 million, a year-on-year decrease of 34.4%[11] - The gross margin, excluding the impact of inventory impairment, remained stable at 49.4%, demonstrating significant optimization in operational efficiency[11] I. Intelligent Upgrade and Product Innovation of Collaborative Robots The company continuously innovated in four core areas: motion control, safety protection, development environment, and human-robot interaction, launching the 30kg heavy-load collaborative robot CR30H series, committing to a "three-year warranty for all series," and achieving a 46.7% year-on-year increase in revenue from six-axis collaborative robot products, with its share of total revenue rising to 61.2% - Achieved progress in four core areas: motion control, safety protection, development environment, and human-robot interaction, enhancing collaborative robot performance and ease of use, including millisecond-level self-interference detection algorithms and intelligent pre-compilation functions[12] - Launched the 30kg heavy-load collaborative robot CR30H, equipped with self-developed HyperMove motion control algorithms, and extended to force-controlled version CR30HT and food-grade version CR30H-Food[12] - Revenue from six-axis collaborative robot products increased by 46.7% year-on-year, with its revenue share rising to 61.2%, primarily due to diversified product types and expanded application scenarios[13] II. Technological Breakthroughs and Commercialization of Embodied AI Robots The company achieved multiple technological breakthroughs in embodied AI robots, successfully launching and mass-producing the world's first "dexterous manipulation + straight-knee walking" embodied intelligent humanoid robot DOBOT Atom, and introducing wheeled + single-arm embodied intelligent robots and six-legged bionic robots, realizing the commercialization of embodied AI technology - In March 2025, the world's first "dexterous manipulation + straight-knee walking" embodied intelligent humanoid robot DOBOT Atom was launched and pre-sold, featuring self-developed Neural Drive System (NDS) for dexterous manipulation and Anthropomorphic Walking System (AWS) for straight-knee walking, with mass production verification completed in June and initial delivery to Japanese customers[15] - In April 2025, a wheeled + single-arm embodied intelligent robot was launched as a portable universal data collection platform[15] - In July 2025, the core product 'Six-legged Bionic Robot' was launched, integrating three core capabilities: 'cognition, action, and mobility', featuring high-stability structural design and modular load expansion capabilities, suitable for complex terrain operations[15][16] III. Continuous Promotion of Ecosystem Cooperation and Scenario Applications The company accelerates the industrial value transformation of embodied AI technology through strategic collaborations with industry-leading partners, co-developing an integrated "cloud large model + edge devices + humanoid robot terminals" solution with Tencent Cloud, exploring pharmaceutical embodied AI robot applications with Yaoshibang, and expanding application scenarios in automotive, metal products, semiconductors, and commercial sectors - Signed a deepened strategic cooperation agreement with Tencent Cloud, focusing on in-depth collaboration in intelligent computing power, technology ecosystem, and mass production in industrial and home scenarios, jointly creating an integrated solution of 'cloud large model + edge devices + humanoid robot terminals'[17] - Signed a strategic cooperation agreement with Yaoshibang, focusing on pharmaceutical embodied intelligent robots, AI large models, and pharmaceutical IoT technology, jointly exploring the application of smart solutions across the entire pharmaceutical supply chain[17] - Product competitiveness continues to gain customer recognition, successfully expanding batch applications in key industries such as automotive (loading/unloading, gluing, inspection, screw fastening), metal products (CNC machining, loading/unloading), semiconductors (packaging and testing), and commercial (coffee, moxibustion therapy, cooking machines)[18][21] IV. Deepening Overseas Markets and Strengthening Localized Operations As one of the earliest Chinese brands to expand overseas in the collaborative robot sector, the company's global cumulative shipments have exceeded 90,000 units, and during the reporting period, it continued to enhance services for European customers through a mature localized operating system and precise digital marketing strategies, while establishing a Malaysian subsidiary to further deepen its global presence - Global cumulative shipments have exceeded 90,000 units, continuously deepening the globalization strategy[20] - Leveraging a mature localized operating system, continuously enhancing services and support for European customers, and through precise digital marketing strategies, new products were showcased at the automatica exhibition in Munich, Germany, attracting high-quality clients[20] - Established a Malaysian subsidiary, the company's first subsidiary in an emerging overseas market, to strengthen overseas market investment[20] II. Outlook The company will continue to increase R&D investment, with "scenario-defined products" as the core logic, to build next-generation intelligent platform entry points and accelerate the commercialization of embodied AI, while deeply cultivating vertical segments, building a positive "Technology-Value-Ecosystem" cycle, and accelerating global expansion to enhance brand influence in overseas