Core Viewpoint - The company reported a revenue of RMB 153 million for the first half of 2025, reflecting a year-on-year growth of 27.1%, with an improved gross margin of 47.0% [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of RMB 153 million, a 27.1% increase compared to the same period in 2024 [1] - The overall gross margin improved from 43.9% to 47.0%, and after excluding inventory impairment, it reached 49.4% [1] - The net loss for the first half of 2025 was RMB 40.87 million, an improvement from a loss of RMB 59.88 million in the same period of 2024 [1] Group 2: Product Development and Market Trends - The company launched the CR30H-30KG heavy-duty collaborative robot in June 2025, expanding its range of collaborative robots from 0.25KG to 30KG [2] - The revenue share of six-axis collaborative robots increased to 61.2% in the first half of 2025, up from 53% in the same period of 2024, generating RMB 93.46 million [1][2] - The revenue from industrial robots reached RMB 81.11 million, a year-on-year growth of 22.4%, accounting for 53.2% of total revenue [2] - The commercial sector, including coffee and therapy robots, saw a revenue increase of 165.5%, reaching RMB 13.77 million, representing 9% of total revenue [2] Group 3: Future Outlook and Valuation - The company maintains its profit forecast for 2025 and 2026, expecting revenues of RMB 533 million and RMB 753 million respectively, with losses of RMB 52 million and RMB 12 million [2] - The current stock price corresponds to a 27x price-to-sales ratio for 2026, with a target price of HKD 61, indicating a 13% upside potential from the current price [2]
越疆(02432.HK)：1H25业绩符合预期 具身智能商业化逐步落地