SIASUN(SZ:300024) Xin Lang Cai Jing·2025-09-28 07:21Core Viewpoint - The article highlights the contrast between the recent technological achievements of the company, such as winning the CIIF award, and its ongoing struggles in capital markets and operational performance, indicating a decline in its status as a leading player in the robotics industry [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 1.66 billion yuan, a slight decrease of 0.07% year-on-year, indicating stagnation in growth [2]. - The net profit attributable to shareholders was -95.36 million yuan, a significant decline of 54.32% year-on-year, with a non-recurring net profit of -122 million yuan, down 12.66% [2]. - The gross profit margin was 14.62%, which also saw a year-on-year decline [2]. Industry Context - Despite the company's poor performance, the overall industrial robotics market in China experienced a 13.36% increase in sales in the first half of 2025, with production rising by 35.6% to 369,300 units [3]. - The company's performance stands out negatively against the backdrop of industry recovery, as it ranks 20th in revenue and 6th from the bottom in net profit among peers [5]. Business Structure - The company's traditional industrial robotics segment saw a dramatic revenue drop of 46.11% to 270 million yuan, while its system integration and solution-related businesses grew, with revenues of 739 million yuan (up 44.60%) and 327 million yuan (up 10.83%) respectively [6][7]. - The gross profit margins for the newer business segments are significantly lower than that of industrial robotics, which remains the most profitable segment despite its decline [7]. Historical Challenges - The company's aggressive expansion strategy post-2010 led to multiple projects that have since faced significant setbacks, particularly following a scandal in 2021, resulting in ongoing legal issues and financial risks [10][11]. - As of September 2025, the company was involved in 106 legal cases, with a significant portion related to contract disputes, reflecting operational challenges stemming from past decisions [10][11]. Research and Development - The company invested approximately 137 million yuan in R&D in the first half of 2025, a 15.89% increase year-on-year, but this remains modest compared to competitors [12]. - The establishment of a new research institute focused on embodied intelligence and collaborations with international firms indicate attempts to innovate and adapt to market trends [12].