12月29日晚间，深圳市越疆科技股份有限公司（简称"越疆"）在港交所公告称，公司已决定启动首次公开发行人民币普通股及于深圳证券交易所上市计划 （"建议A股上市"）。公司董事会已议决和批准开始有关建议A股上市的相关工作。 自上市以来，越疆在港股市场表现活跃。2025年7月，公司完成一次股权融资，募资10.22亿港元；随后在11月，又以每股46.8港元配售1666万股新H股， 再次募资7.71亿港元。 从经营状况看，越疆2025年上半年实现营业收入1.53亿元人民币（如无标明，单位下同），同比增长27.1%；净亏损为4087万元，同比收窄31.8%。 产品结构方面，六轴协作机器人为越疆收入主力，2025年上半年该产品收入9365万元，占总营收的61.2%。应用场景方面，商业场景成为公司增长亮点， 期内收入同比激增165.5%，折射出协作机器人在商业零售等新场景的落地速度加快。 从行业看，越疆此次决定回归A股，发生在机器人行业融资热潮和国内协作机器人市场快速增长的背景下。高工机器人产业研究所预计，2025年中国协作 机器人（含四轴）市场销量将达到5.03万台，同比增长25.75%。预计至2028年，中国协作机器人销 ...

图片来源：界面图库 智通财经记者 赵阳戈 时隔两年半，重庆宇隆光电科技股份有限公司（以下简称"宇隆科技"）再度向资本市场发起冲击，本次由沪市主板转向创业板，募资规模也从15亿元调整为 10亿元。 作为已在科创板上市的莱特光电的"兄弟公司"，宇隆科技由同一实际控制人王亚龙、李红燕夫妇掌控，其业务聚焦于显示面板核心部件。然而，在高度依赖 单一大客户、产品定价承压、研发投入占比走低等多重现实挑战下，宇隆科技上市之路能否真正畅通，仍需打上一个问号。 这并非宇隆科技首次尝试登陆资本市场。早在2023年，公司便有过IPO尝试。然而，在2023年3月4日获得受理后不久，其IPO进程便因财务资料过期而被中 止。2023年6月，宇隆科技与保荐机构中信证券共同撤回上市申请文件。 根据公开资料，宇隆科技的主营业务为LCD、OLED等新型半导体显示面板的专用显示用智能控制卡及其PCBA的制造与服务，同时配套生产显示用精密功 能器件。其中，显示用智能控制卡是公司的核心业务，2025年上半年贡献了63.91%的营业收入；显示用精密功能器件的收入占比为33.6%。 本次IPO受理前夕，11月12日，宇隆科技宣布与韩国上市公司纽禄美卡（Ne ...

协作机器人在本届展会上受到各方关注。那智不二越、发那科、川崎重工业等大型机器人生产商都将协 作机器人作为展示的一大亮点。 那智不二越公司展出了独立研发的MZS系列协作机器人。依靠安装于基座内的激光扫描部件和机器人 手臂部位的传感器，MZS系列机器人能不间断监测周边环境，如果检测到有人或物进入设定范围内， 机器人会自动减速并在碰撞前停止，人或物离开后机器人又会自动重启。 雅马哈发动机公司展出的Yamaha Motor Cobot是日本首款7轴协作机器人。比起目前常见的6轴协作机器 人，其实现了更接近人类手臂的动作自由度，能伸入更狭小的空间并有效躲避障碍物，因此能适应更多 应用场景。 日本国际机器人展由日本机器人工业会和日刊工业新闻社主办，每两年举办一次，今年是第26届。本届 展会吸引了来自日本、中国、韩国、美国、德国等国家和地区的670余家企业和团体参展。 新华财经东京12月7日电（记者钱铮杨智翔）为期4天的2025日本国际机器人展6日在东京国际展览中心 闭幕。本届展会上，代表着工业机器人发展新趋势的协作机器人，以及未来可在服务业、物流业、医疗 等领域有广阔应用前景的人形机器人受到各方关注。 中国企业带来了本次 ...

深圳帕西尼感知科技有限公司的展台前，参观者们等待品尝人形机器人TORA-ONE制作的冰淇淋。只 见机器人左手轻柔地取下一个纸杯，右手稳稳地压下冰淇淋机的把手；接满一杯冰淇淋后，右手拇指和 食指轻轻夹起一块巧克力饼干放到冰淇淋上。据介绍，TORA-ONE实现了0.01牛顿级的触觉传感，使其 能精妙地调整指尖力量，而不会让冰淇淋杯和饼干变形或破损。 比起人形机器人，日本企业似乎更热衷于展示工业用机器人产品和解决方案。工业用机器人生产巨头安 川电机公司展示了其MOTOMAN NEXT系列机器人生产小桌椅、物品装箱、捆包等作业的自动化过 程。安川电机公关和投资者关系部长加藤贵亮说，2023年机器人展的时候，MOTOMAN NEXT系列刚 刚上市，这两年里最大的变化是机器人搭载的AI更先进了，使其能随时应对生产过程中产品种类、规 格及数量的变化。以现场演示生产小桌椅为例，以往改变桌椅的尺寸需要人工修改程序的各项参数，而 现在只需告诉机器人需要多大尺寸的桌椅，剩下的都由机器人自行完成。 MOTOMAN NEXT系列属于协作机器人（Cobot），它们是能和人类在同一个空间工作的工业用机器 人，不像以往的工业用机器人还需要与 ...

Core Viewpoint - The company, Ridi Intelligent Drive, emphasizes its commitment to providing high-quality products for global high-end equipment manufacturers through a robust quality control and verification system [1] Group 1: Company Overview - Ridi Intelligent Drive has established a quality control and verification system that meets international standards [1] - The company’s products, including harmonic reducers and electromagnetic brakes, are widely used in various fields such as industrial robots, collaborative robots, humanoid robots, automation, and engineering machinery [1]

Core Insights - The core viewpoint of the article is that the frameless torque motor, a type of brushless permanent magnet synchronous motor, is experiencing significant growth in demand, particularly in the robotics sector, driven by its advantages in performance and efficiency [1][7]. Group 1: Overview of Frameless Torque Motors - Frameless torque motors consist of only two main components: the stator and rotor, eliminating the traditional motor casing, which allows for a high torque-to-volume ratio [1][2]. - The technology barriers for frameless torque motors mainly lie in magnetic circuit and process design, requiring high power output in low-voltage environments [2][4]. Group 2: Market Size and Growth - The market size for frameless torque motors in China is projected to grow from 30 million yuan in 2016 to 209 million yuan in 2024, achieving a compound annual growth rate (CAGR) of 27.5% [1][7]. - The demand for frameless torque motors is significantly driven by the commercialization of the downstream robotics industry [1][10]. Group 3: Competitive Landscape - The frameless torque motor market is characterized by a concentration of leading companies, with domestic manufacturers facing high technical barriers and relying heavily on imports for high-end products [1][9]. - Key domestic companies include Boke Co., Dazhong Electric, Weichuang Electric, and others, while notable international products come from companies like Kollmorgen and Parker [2][9]. Group 4: Applications in Robotics - Collaborative robots are the primary application area for frameless torque motors, accounting for approximately 70% of demand, with these motors making up about 10% of the total cost of collaborative robots [1][10]. - In humanoid robots, frameless torque motors are crucial for joint actuation, with their high torque density and rapid response enhancing robotic performance [1][12]. Group 5: Future Trends - The future development of frameless torque motors will focus on high performance and adaptability to various application scenarios, driven by ongoing technological advancements and increased R&D investment from domestic companies [1][16]. - The humanoid robot market is expected to see explosive growth, with global shipments projected to exceed 4,000 units in 2024, further increasing the demand for frameless torque motors [1][15].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the high-end equipment industry, particularly focusing on the robotics and engineering machinery sectors, as well as the TIC (Testing, Inspection, and Certification) industry and the coal sector. Key Insights and Arguments Robotics Sector - The global AI innovation cycle, industrialization in emerging markets, and improvements in external trade are identified as key drivers for Q4 and 2026 [1][2] - Domestic humanoid robots, such as the Zhiyuan G2, have seen improvements in hardware and algorithms, focusing on factory operations, with significant orders from companies like Longqi Technology and Junsheng Electronics [1][7] - Collaborative robots are benefiting from human-machine interaction and generative AI, with Chinese manufacturers achieving comparable technological capabilities to foreign firms [1][6] Engineering Machinery Sector - The global valuation of engineering machinery giants has reached historical highs, with Chinese companies experiencing reduced revenue volatility due to internationalization [1][11] - Factors such as mining investment, manufacturing transfer, and policy cycles are independent of interest rate cycles, suggesting a rational conservative outlook for overseas revenue growth [1][10] - The performance of the engineering machinery sector has been mixed, with first-tier companies performing better than others [1][10] TIC Industry - The TIC industry is transitioning from an incremental to a stock logic, with a decrease in the number of institutions and a concentration towards leading firms [3][14] - Huace Testing has shown strong performance, with a target of maintaining double-digit growth in revenue and profit over the next three years [3][14] Coal Sector - The coal sector is characterized by low valuations and high dividends, with coal prices recovering but still below early-year levels [3][15] - Production is expected to remain stable or slightly decrease, with capital expenditure intentions being weak [3][15] Additional Important Content - The collaborative robot market is expected to expand significantly, with applications in industrial settings increasing [1][6] - The performance of Huace Testing has exceeded expectations, with a notable increase in net profit growth, marking the fastest growth in eight quarters [1][13] - The coal machinery cycle may differ from previous cycles, with stable demand for replacement expected due to high capacity utilization rates [3][15] - The U.S. has made adjustments to its 301 investigation into Chinese shipping, impacting various sectors including LNG exports and port equipment [3][16][17] Future Outlook - The humanoid robot sector is anticipated to attract significant investor interest, with expectations for new market entrants in Q4 2025 and 2026 [1][8] - The engineering machinery sector is expected to maintain a positive outlook, driven by international market dynamics and domestic demand [1][10][12] - Huace Testing's international expansion strategy is expected to contribute positively to its financial performance in the coming quarters [3][13][14]

Core Insights - In 2024, China's industrial robot export market share is expected to rise to the second largest globally, with a 61.5% growth in exports in the first half of 2025 [1] - The export destinations are expanding from Southeast Asia and Africa to high-end markets in Europe and North America, indicating a comprehensive enhancement in the competitiveness of Chinese robotic products [1] - The application scenarios for Chinese robots are diversifying, with significant growth in sectors such as food delivery, smart homes, industrial manufacturing, and medical assistance since 2025 [9] Group 1: Export Growth and Market Expansion - In the first five months, China's industrial robot export market share in Europe reached nearly 30%, showing significant growth [1] - The export value of China's smart lawn mowers in the first quarter of 2025 reached $1.01 billion, with a nearly 60% year-on-year increase, particularly strong in Germany and the UK [13] - In the automotive manufacturing sector, 34% of China's industrial robot exports in the first half of 2025 were attributed to this industry, with the electronics sector accounting for 28% [15] Group 2: Technological Advancements and Innovation - China has become the largest robot market and producer globally, holding over 190,000 effective patents, which account for about two-thirds of the global total [20] - Continuous technological breakthroughs and the expansion of application scenarios position China to potentially transform from the largest robot market to the most innovative hub for robot technology development [22] - The industrial robot industry is projected to have a compound annual growth rate of no less than 10% from 2025 to 2030, focusing on areas such as artificial intelligence, collaborative robots, and digital twins [26] Group 3: International Competitiveness - Over 60 Chinese companies showcased advanced robotic equipment and technology at the World Automation Exhibition in Munich, competing with top global automation firms [15] - Chinese companies are making significant inroads into the automotive supply chain, providing parts and welding solutions for European companies like BMW [17]

Core Viewpoint - The company, Jieka Robotics, is facing challenges in its IPO process and financial performance, despite being positioned in a growing market for collaborative robots. The company has reported a slowdown in revenue growth and has experienced fluctuations in profitability, raising concerns about its future prospects and the viability of its expansion plans [1][3][5]. Revenue Growth - Jieka Robotics has shown revenue growth from 281 million yuan in 2022 to 400 million yuan in 2024, with a compound annual growth rate (CAGR) of 19.42% during the reporting period, significantly lower than the 141.16% CAGR from 2020 to 2022 [6][7]. - The company's main revenue source is collaborative robot systems, which accounted for 93.63% of total revenue in 2024, up from 77.24% in 2022 [9][10]. - The projected revenue for 2024 was initially estimated at 555 million yuan, indicating that actual performance has not met expectations [7]. Profitability Concerns - Jieka Robotics reported a net profit of 622,800 yuan in 2024, recovering from a loss of 2.85 million yuan in 2023, but the net profit has shown significant volatility [12][13]. - The company has accumulated undistributed losses of 58.03 million yuan as of the reporting period, indicating ongoing financial challenges [12][14]. - The increase in research and sales expenses has impacted short-term profitability, with R&D expenses rising to 19.21% of total revenue in 2024 [15][16]. Expansion Plans and Market Position - Jieka Robotics plans to raise 700 million yuan through its IPO, with 370 million yuan allocated for an intelligent robot production project aimed at achieving an annual production capacity of 40,000 units [19][20]. - The global market for collaborative robots is expected to grow significantly, with projections of 287,400 units sold by 2028, but the company acknowledges its current market position is not competitive with leading brands [18][19]. - The company has a production capacity of 8,000 units for collaborative robots in 2024, which is only one-fifth of its long-term target, raising questions about its ability to utilize new capacity effectively [21][23].

Core Viewpoint - The AUTOMATIC exhibition serves as a significant platform for showcasing the evolution and impact of collaborative robots (CoBots) over the past decade, highlighting their transition from niche applications to mainstream industrial tools and their role in fostering embodied intelligence for future robotics [2][3][4]. Group 1: Historical Context and Development - Before 2015, collaborative robots were in a phase of observation and exploration, with initial concepts emerging from the need for flexible automation in small and medium enterprises (SMEs) [4][12]. - The demand for collaborative robots arose as SMEs in Europe sought to reduce labor costs and improve production stability without the space or funds for traditional industrial robots [6][7]. - The introduction of Universal Robots (UR) in 2009 marked a pivotal moment, focusing on user-friendly, collaborative solutions that addressed the needs of SMEs [11][12]. Group 2: Standardization and Growth - The lack of unified safety standards was a major barrier to the widespread adoption of collaborative robots, leading to the development of ISO/TS 15066, which provided essential guidelines for safe human-robot interaction [13][15]. - Following the release of ISO/TS 15066 in 2015, the collaborative robot market experienced significant growth, with a compound annual growth rate of 30% to 40% from 2015 to 2020 [16][18]. - The automotive industry was among the first to adopt collaborative robots, utilizing them for tasks requiring close human-robot collaboration [18][19]. Group 3: Technological Advancements - Between 2015 and 2020, collaborative robots evolved from concept validation to scalable applications, with innovations in force control and human-robot interaction becoming more prevalent [22][23]. - The integration of external sensors and improved algorithms enhanced the flexibility and responsiveness of collaborative robots, allowing for semi-automated work units [23][24]. Group 4: Emergence of Embodied Intelligence - Starting in 2020, the collaborative robot industry began to influence the broader ecosystem of intelligent robotics, with advancements in core components like motors and sensors supporting the development of humanoid robots [24][26]. - Companies like Agile Robots and NEURA Robotics have leveraged technologies from collaborative robots to create new humanoid and dual-arm robotic systems [27][28]. - Despite the advancements, traditional robot manufacturers face challenges in integrating AI and data-driven approaches into their products, highlighting a gap in the evolution towards embodied intelligence [29][30]. Group 5: Future Directions - The concept of embodied intelligence emphasizes the integration of AI with robotics, focusing on the ability of robots to interact with the physical world through perception and action [39][40]. - Recent breakthroughs in hardware and algorithms have enabled the practical application of embodied intelligence, with multi-modal sensors and large models enhancing robots' capabilities [43][44]. - The future of embodied intelligence in robotics is promising, with ongoing research and development aimed at achieving autonomous operation and continuous learning in real-world environments [52][56].