Chang Jiang Shang Bao·2025-11-13 23:57Core Viewpoint - TuoSiDa is undergoing a strategic transformation focusing on product enhancement and project contraction, leading to improved performance and plans for an H-share listing in Hong Kong [1][2]. Financial Performance - In the first three quarters of 2025, TuoSiDa achieved revenue of 1.688 billion yuan, a year-on-year decline of 24.49%, while net profit attributable to shareholders reached 49.34 million yuan, an increase of 446.74% [1][6]. - The third quarter saw revenue of 602 million yuan, a year-on-year increase of 17.58%, and net profit of 20.60 million yuan, up 176.93% [1][6]. - For the first half of 2025, revenue was 1.086 billion yuan, down 36.98%, with net profit decreasing by 19.75% [6]. Business Strategy - TuoSiDa is actively adjusting its business structure by reducing the scale of its project-based operations, particularly in the smart energy and environmental management systems sector, which is expected to see a revenue decline of over 50% in 2024 [4][5]. - The company aims to enhance its product lines, including industrial robots, CNC machine tools, and injection molding machines, while decreasing the proportion of project-based business [5][6]. Product Development - On September 12, TuoSiDa launched its first humanoid robot, "Xiao Tuo," targeting the injection molding sector and marking its entry into the humanoid robot market [1][8]. - The company is deepening its "AI + manufacturing" strategy to explore new market opportunities in flexible manufacturing [8]. Business Segments - In the first three quarters of 2025, the industrial robot and automation application systems segment generated revenue of 545 million yuan, a year-on-year increase of 2.34% [7]. - The injection molding machine and related equipment segment achieved revenue of 348 million yuan, maintaining stability with a gross margin increase of 8.55 percentage points [7]. - The CNC machine tool segment reported revenue of 226 million yuan, a growth of 44.29%, although the gross margin decreased by 4 percentage points due to changes in product mix [7].