智通财经网·2025-09-02 09:21Core Insights - The robotics sector showed positive performance in H1 2025, with 120 companies generating total revenue of 288.83 billion yuan, a year-on-year increase of 13.81%, and a net profit of 21.62 billion yuan, also up by 13.72% [1][2] Revenue and Profitability - In H1 2025, 106 out of 120 companies in the robotics sector reported profits, with a total net profit of 21.62 billion yuan, reflecting a 13.72% increase year-on-year [1] - In Q2 2025, the sector achieved revenue of 153.24 billion yuan, a 14.65% increase year-on-year, with net profit reaching 11.37 billion yuan, up by 6.80% [1] Segment Performance - The fastest profit growth was observed in the thermal components and brain-related segments, while the joint assembly, motor, screw, and reducer segments showed substantial and stable profit growth [2] - Notably, seven companies, including Zhengyu Industrial and Daye Co., saw net profit growth rates exceeding 100% in H1 2025, with Zhengyu Industrial achieving a remarkable 1133.26% growth in Q2 2025 [2] Margin and Cost Trends - The average gross margin for the robotics sector in H1 2025 was 21.94%, with a net margin of 7.48% and a period expense ratio of 7.22% [3] - The core components segment exhibited the highest profitability, with a gross margin of 22.54% and a net margin of 9.31% in H1 2025 [3] Technological Advancements - The pace of technological iteration in robotics accelerated in H1 2025, with advancements in lightweight materials like PEEK and improvements in energy efficiency through new technologies [4] - Significant developments were noted in the upper body freedom and dexterity of robots, enhancing their capabilities for tasks such as soccer [4] Commercialization and Orders - The commercialization of robotics progressed rapidly, with notable orders including a billion-yuan contract from China Mobile and a significant procurement project from UBTECH [5] - The collaboration within the robotics supply chain deepened, with cumulative orders from subsidiaries of Bozhong Precision exceeding 100 million yuan [5] Investment Recommendations - The second half of 2025 should focus on new technology iterations and the "ticket pricing" trend in the supply chain, particularly for Tesla and other key players [6] - Key components to watch include tactile sensors, harmonic reducers, and PEEK materials, which are expected to see increased adoption due to cost reductions and leading companies' demonstration effects [7]