Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown continuous revenue growth, with a significant reduction in profit loss levels. In H1 2025, the company achieved revenue of 2.549 billion yuan, a year-on-year increase of 17.50%. The industrial robot and intelligent manufacturing system business generated 2.092 billion yuan, up 26.54% year-on-year, while the core automation components business saw a decline of 11.50% [2] - The gross margin slightly decreased to 27.64% in H1 2025, down 1.7 percentage points year-on-year, primarily due to intensified market competition and reduced prices for industrial robots. The company continues to maintain high R&D investment, focusing on high-end application areas to enhance product strength [3] - Inventory has decreased compared to the end of 2024, with net cash flow from operating activities improving. As of H1 2025, inventory stood at 1.578 billion yuan, down from 1.721 billion yuan at the end of 2024, indicating successful inventory clearance [4] - The industrial robot market is recovering, with the company achieving the highest domestic market share in Q2 2025, reaching 10%. This growth is attributed to demand from the automotive and semiconductor industries [5] Financial Summary - The company forecasts total revenue of 4.664 billion yuan for 2025, with a year-on-year growth of 16.35%. The net profit attributable to shareholders is expected to be 54.44 million yuan, a significant turnaround from a loss of 810.44 million yuan in 2024 [1][12] - The report projects a P/E ratio of 387.81 for 2025, reflecting the company's leading position in the industrial robot sector [11]