Core Viewpoint - The company reported a revenue of 366 million yuan for the first half of 2025, a year-on-year decline of 42.47%, and a net profit attributable to shareholders of -178 million yuan, compared to a profit of 98.61 million yuan in the same period last year [1] Financial Performance - The gross margin for the first half of the year was 4.7%, a decrease of 2.4 percentage points year-on-year [1] - The selling expense ratio increased to 2.9%, up 1.0 percentage points year-on-year [1] - The management expense ratio rose to 8.6%, an increase of 4.9 percentage points year-on-year [1] - The R&D expense ratio was 42.8%, up 27.1 percentage points year-on-year [1] R&D and Business Development - The company made significant progress in R&D and is actively expanding its embodied intelligence business [1] - The self-developed iDC500 combination auxiliary domain driving controller has officially entered mass production [1] - The company’s combination driving auxiliary domain controller, equipped with Horizon Journey 6 series, is expected to achieve mass production in multiple leading Chinese automotive groups' main models in the second half of the year [1] - The company established Aimo Star Robotics, focusing on the R&D and commercialization of embodied intelligence technology [1] - A share transfer framework agreement was signed with "Little Craftsman" to quickly layout key components in the embodied intelligence field [1] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of -158 million yuan, 63 million yuan, and 163 million yuan for 2025-2027 [1] - The corresponding price-to-earnings ratios for 2026 and 2027 are projected to be 47.59 times and 18.52 times, respectively [1] - The investment rating is maintained at "Accumulate" [1]
知行科技(01274.HK)：研发取得较快进展 积极拓展具身智能业务