机器人行业跟踪报告：5月工业机器人产量同比高增，服务机器人产量同比增速重回双位数

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [4][17]. Core Insights - In May 2025, China's industrial robot production reached 69,100 units, marking a year-on-year increase of 35.5%. For the first five months of 2025, production totaled 287,200 units, up 32% year-on-year. This growth is primarily driven by the expansion of new energy vehicle production, which has significantly increased the demand for welding and assembly robots, alongside the recovery in consumer electronics and the localization of semiconductor equipment [10][12]. - The service robot production in May 2025 was 1,216,400 units, reflecting a year-on-year growth of 13.8%. Cumulatively, from January to May 2025, service robot production reached 5,305,900 units, with a year-on-year increase of 14%. The rapid advancement in technology has led to continuous upgrades in service robot products, expanding their application scenarios from simple household tasks to complex medical procedures and public services [2][12]. Summary by Sections Industrial Robots - China's industrial output maintained stable growth, with a year-on-year increase of 5.8% in May 2025 and 6.3% for the first five months. The data reflects a deepening transition in the Chinese economy towards high-end manufacturing and green technology, supported by policy stimuli that are steadily reviving domestic demand [9]. - The industrial robot sector is experiencing a "triple leap": a shift in downstream demand from automotive dominance to a multi-industry explosion including new energy, electronics, and healthcare; a breakthrough in technology from assembly integration to independent core component development; and a global expansion from a domestic market focus to capturing high-end market shares abroad [10][12]. Service Robots - The service robot industry is rapidly developing, with products continuously evolving in performance and quality. The range of applications is broadening, catering to diverse needs from household chores and elderly care to complex medical and public service tasks [2][12]. Investment Recommendations - Given the recovery in domestic and international demand, ongoing policy support, and continuous improvements in product performance, the Chinese robotics industry is positioned to benefit from a historical opportunity for growth. It is recommended to focus on leading companies in both complete machines and components that possess market advantages and strong performance certainty [13].