Investment Highlights - Company is the first publicly listed humanoid robot firm, established in 2012, ranking third in China's smart robot solutions industry by revenue in 2022, and went public in Hong Kong in 2023 [1] - Projected revenue for H1 2025 is 620 million yuan, representing a 28% year-on-year growth, with a net loss of 410 million yuan [1] - The Walker series is the flagship product, with cumulative public orders reaching 1.3 billion yuan by early December 2025, exceeding management expectations [1] Market Position - Company holds the largest market share in the educational robot sector, with a 22.5% market share by revenue in 2022 [1] - Revenue from consumer robots is expected to grow from 59 million yuan in 2020 to 477 million yuan in 2024, reflecting a compound annual growth rate of 72.4% due to new product launches and overseas channel expansion [1] R&D and Competitive Advantage - Approximately 40.5% of the workforce is dedicated to R&D, with annual R&D investment between 400 to 500 million yuan [2] - Company possesses a first-mover advantage in humanoid robot technology, with significant ongoing innovation in hardware and software [2] Financial Projections - Expected revenue for 2025 and 2026 is 2 billion and 2.7 billion yuan respectively, with projected net losses of 810 million and 520 million yuan [2] - Company is assigned an outperform rating with a target price of 138 HKD, indicating a potential upside of 26.8% from the current stock price [2]