人形机器人概念股禾川科技上半年增收不增利 信用减值和资产减值侵蚀利润

Core Viewpoint - The company, Hechuan Technology, reported a decline in net profit and significant credit impairment losses in its 2025 semi-annual report, despite a slight increase in revenue due to growth in orders from downstream industries [1][2]. Financial Performance - In the first half of 2025, Hechuan Technology achieved revenue of 5.09 billion yuan, a year-on-year increase of 5.32% [1]. - The company reported a net loss attributable to shareholders of 38.16 million yuan and a non-recurring net loss of 57.44 million yuan, indicating a substantial decline [1]. - The company recognized a total of 30.27 million yuan in credit and asset impairment provisions, impacting the profit total [1][6]. Industry Context - Hechuan Technology operates in the industrial automation sector, focusing on the research, production, and sales of automation products, including servo systems and PLCs [2]. - The company has maintained a competitive position in the domestic servo system market, while also expanding its presence in the industrial control chip sector [2]. Profitability Challenges - The gross margin for the company's servo system products has been declining over the past three years, with figures of 29.47%, 28.83%, and 28.37% respectively [3]. - The gross margin for servo drivers decreased to 21.54% in 2024, down 1.78 percentage points year-on-year, primarily due to intensified market competition and a 5.72% drop in average selling prices [3]. Accounts Receivable Issues - As of June 30, 2025, the company's accounts receivable amounted to 553 million yuan, with a high proportion of 151.63% relative to revenue, indicating potential liquidity issues [6][7]. - The aging of accounts receivable has worsened, with significant delays in payment from clients in the photovoltaic and lithium battery sectors, leading to increased credit impairment risks [5][7]. Strategic Initiatives - The company is focusing on humanoid robots as a key growth area, having launched several core components and two humanoid robot models by July 2025 [4]. - Hechuan Technology is actively engaging with mainstream humanoid robot clients to expand its market presence, although specific partnerships remain confidential [4].