深圳越疆港股挂牌，协作机器人成长迅速，但仍陷亏损泥潭

Core Viewpoint - The collaborative robot market is experiencing rapid growth, with significant competition among manufacturers, particularly in China, where companies like 越疆科技 (Yujiang Technology) are striving to increase their market share despite facing challenges such as losses and price wars [12][20][26]. Industry Overview - The global collaborative robot market is projected to grow from $116 million in 2015 to $11.5 billion by 2025, with applications in various sectors including manufacturing, pharmaceuticals, and electronics [4]. - Guangdong province is a key hub for the smart robot industry, driven by market demand that pushes technological advancements [5]. - The collaborative robot segment is characterized by its ability to work alongside humans, making it suitable for tasks that are simple, repetitive, and standardized [3]. Company Performance - 越疆科技 reported a revenue of 120 million yuan in the first half of the year, a 9% increase year-on-year, but still incurred a loss of 59.88 million yuan [9]. - The company has seen a compound annual growth rate of 28.3% in revenue from 2021 to 2023, but it remains in a loss-making position with cumulative losses of 197 million yuan over three years [18]. - Despite the growth in revenue, 越疆科技's inventory turnover days increased from 248 days in 2021 to 304 days in 2023, indicating a need for improved inventory management [28]. Market Position - 越疆科技 holds a 13.7% market share in the non-industrial application market, significantly trailing behind 遨博智能, which has a 27.8% share [1]. - The average selling price of 越疆科技's six-axis collaborative robots decreased from 65,900 yuan per unit in 2021 to 56,600 yuan in 2023, reflecting a competitive pricing strategy [20]. - The company faces intense competition, with major players like 遨博智能, 节卡机器人, and 大族机器人 dominating the market, leaving 越疆科技 outside the top five in market share [27]. Challenges - The collaborative robot industry is experiencing issues such as product homogeneity and price wars, which are significant challenges for manufacturers [11]. - 越疆科技's gross margin has declined from 50.5% in 2021 to 43.9%, highlighting the difficulties in balancing market share acquisition with maintaining profitability [30].