一台机器人日赚2万，母公司半年反亏4000万！越疆机器人“赔本赚吆喝”？

Core Viewpoint - The article discusses the recent advancements and challenges faced by Yujian Technology, particularly focusing on its humanoid robot Atom's commercial demonstration and the company's financial struggles as it seeks to expand through an A+H dual capital platform listing [1][4]. Group 1: Company Overview and Market Position - Yujian Technology, founded in 2015, became the first publicly listed collaborative robot company in Hong Kong in December 2024 and is now pursuing a listing on the Shenzhen Stock Exchange [5][6]. - The company has achieved a significant market position, ranking first among all collaborative robot companies in China and second globally, with a market share of 13.0% as of 2023 [6]. Group 2: Financial Performance - In the first half of 2025, Yujian Technology reported a revenue of 153 million RMB, a year-on-year increase of 27.08%, but incurred a net loss of 40.87 million RMB, a reduction of 31.75% compared to the previous year [8]. - The company's sales expenses reached 82.21 million RMB in the first half of 2025, with a sales expense ratio of 53.7%, indicating that over 50% of revenue is spent on marketing [9][10]. - Operating cash flow has been negative for three consecutive years, with a net outflow of 64.92 million RMB in the first half of 2025, leading to a significant decrease in cash reserves from 884 million RMB at the end of 2024 to 164 million RMB [13]. Group 3: Revenue Structure and Risks - The revenue structure is heavily reliant on six-axis collaborative robots, which accounted for 61.2% of total revenue in the first half of 2025, reflecting a 46.7% year-on-year growth [15][18]. - The four-axis collaborative robots, once a key revenue driver, have seen a slowdown in growth, with their revenue share dropping from nearly 70% in 2021 to 25.9% in the first half of 2025 [18]. - This concentration on a single product line poses risks, as fluctuations in market demand or technological advancements could significantly impact overall performance [18]. Group 4: Strategic Initiatives and Future Outlook - Following a successful IPO in Hong Kong, Yujian Technology has raised over 2.5 billion RMB through multiple financing rounds, reducing its debt ratio from 50% at the end of 2023 to 26.5% by mid-2025 [18]. - The company is actively expanding its product offerings in the field of embodied intelligence, including humanoid and quadruped robots, to capture a broader market [21]. - Yujian Technology is expected to leverage the third set of standards for the Shenzhen Stock Exchange's Growth Enterprise Market, which allows for listings without profitability requirements, targeting a market value of at least 5 billion RMB and recent annual revenue of no less than 300 million RMB [21].