机器人销量增超6倍 毛利超40%

Core Viewpoint - SUTENG JUCHUANG (2498.HK) reported strong financial performance for the first half of 2025, with significant growth in revenue and gross profit, particularly in the robotics sector, which has become a key driver of the company's overall performance [2][3]. Financial Performance - Total revenue for the first half of 2025 reached RMB 783 million, a year-on-year increase of 7.7% [2]. - Gross profit for the same period was approximately RMB 203 million, showing a substantial year-on-year growth of 106.12% [2]. - In Q2 2025, revenue was about RMB 460 million, reflecting a year-on-year increase of 24.4% and a quarter-on-quarter increase of 38.9% [2][3]. - The overall gross margin for the first half of 2025 was 25.9%, significantly up from 13.6% in the same period last year [3]. Robotics Business - The robotics sector experienced explosive growth, with revenue reaching RMB 220.7 million in the first half of 2025, a year-on-year increase of 184.8% [3]. - The gross margin for the robotics business was notably high at 45%, far exceeding the company's overall gross margin [3]. - Sales of laser radar units for robotics and other applications reached 34,400 units in Q2, a staggering year-on-year increase of 631.9% [3]. Strategic Partnerships - The company has established long-term partnerships in the unmanned delivery sector with notable firms such as COCO Robotics and major domestic platforms like Meituan [4]. - In the field of embodied intelligence, SUTENG JUCHUANG has formed deep collaborations with over 20 global companies [4]. ADAS Business - Despite the rapid growth in robotics, the Advanced Driver Assistance Systems (ADAS) segment remains a crucial foundation for the company [5]. - Sales of laser radar units for ADAS applications totaled 220,500 units, a year-on-year decrease of 6% [5]. - Revenue from the ADAS segment was RMB 500.3 million, down 17.9% year-on-year [5]. - The gross margin for ADAS improved from 11.2% to 17.4% due to optimized raw material costs and the use of self-developed SOC processing chips [6]. Market Position - As of June 30, 2025, SUTENG JUCHUANG secured 133 model designations for mass production, including projects with eight overseas and joint venture brands, covering key markets in Japan, North America, and Europe [6].