机器人前三季度营收22.18亿元同比降8.73%，归母净利润-1.60亿元同比降59.96%，毛利率下降0.61个百分点

Core Insights - The company reported a decline in revenue and net profit for the first three quarters of 2025, with total revenue at 2.218 billion yuan, down 8.73% year-on-year, and a net loss of 160 million yuan, down 59.96% year-on-year [1][2] Financial Performance - Basic earnings per share for the reporting period were -0.10 yuan, with a weighted average return on equity of -3.66% [2] - The company's gross margin for the first three quarters was 13.79%, a decrease of 0.61 percentage points year-on-year, while the net margin was -6.98%, down 2.60 percentage points year-on-year [2] - In Q3 2025, the gross margin was 11.31%, a decline of 2.52 percentage points year-on-year and 3.30 percentage points quarter-on-quarter, with a net margin of -12.07%, down 6.89 percentage points year-on-year and 8.16 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for Q3 2025 were 486 million yuan, an increase of 5.5646 million yuan year-on-year, with an expense ratio of 21.90%, up 2.14 percentage points year-on-year [2] - Sales expenses decreased by 3.62% year-on-year, management expenses decreased by 1.45% year-on-year, while R&D expenses increased by 11.90% year-on-year, and financial expenses decreased by 12.63% year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 181,200, a decrease of 12,100 or 6.24% from the end of the first half of the year, while the average market value per shareholder increased by 21.06% from 139,200 yuan to 168,500 yuan [2] Company Overview - The company, Shenyang Siasun Robot Automation Co., Ltd., was established on April 30, 2000, and listed on October 30, 2009. Its main business includes the design, manufacturing, and sales of industrial robots, logistics and warehousing automation equipment, automated assembly and testing production lines, and traffic automation systems [3] - The revenue composition includes 44.52% from automated assembly and testing production lines, 19.68% from logistics and warehousing automation equipment, 16.24% from industrial robots, 16.21% from semiconductor equipment, 3.07% from traffic automation systems, and 0.28% from other sources [3]