Core Viewpoint - Greebo (301260) reported stable revenue with significant profit growth in the first half of 2025, indicating strong operational performance and strategic expansion into robotics and AI sectors [1][2]. Financial Performance - Greebo achieved revenue of 2.977 billion yuan, remaining flat year-on-year; net profit attributable to shareholders was 133 million yuan, up 9.50% year-on-year; and net profit after deductibles was 158 million yuan, a substantial increase of 31.91% [1]. - The gross profit margin reached 30.38%, an increase of 3.39 percentage points year-on-year, reflecting enhanced profitability; basic earnings per share were 0.27 yuan, up 8% [1]. Product Performance - In the first half of 2025, Greebo's core products showed strong sales: lawn mowers generated 787 million yuan, up 5.95%; zero-turn lawn mowers saw sales of 175 million yuan, a significant increase of 63.02%; and power tools achieved sales of 120 million yuan, up 72.95% [1]. - The third-generation lawn mowing robot launched in the European market utilized advanced sensor fusion technology and experienced a sales revenue increase of 68.92% year-on-year, becoming a new growth driver for the company [1]. Capacity Layout - Greebo has established a collaborative manufacturing base structure with three major production sites: China focuses on core technology and advanced manufacturing, Vietnam handles large-scale production, and the U.S. factory is dedicated to localized high-value products [2]. - The company is advancing the construction of its Vietnam Taiping production base to adapt to international trade changes, with the first phase already operational and the second phase having commenced construction in July [2]. Strategic Investments - Greebo has entered the smart robotics sector, signing a cooperation agreement with Zhejiang Zhiding Robotics Co., aiming to enhance its capabilities in the "robotics + AI" field [2]. - The company, in partnership with Hengtai Huasheng (Beijing) Asset Management Co., established Greebo Industrial Investment (Changzhou) Partnership to invest in promising AI enterprises, focusing on key technologies and applications in outdoor mobile robots and garden automation [2][3]. Competitive Advantage - Greebo is increasing strategic investments in the "robotics + AI" sector, gradually forming a differentiated competitive advantage, with the smart robotics business expected to become a second growth curve for the company [3].