Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company achieved total operating revenue of 1.334 billion yuan in the first half of 2025, representing a year-on-year increase of 15.40%. However, the net profit attributable to shareholders decreased by 19.58% to 51 million yuan [5] - The label materials segment continues to be a growth driver, with revenue of 419 million yuan, up 28.42% year-on-year, benefiting from overseas market expansion and product optimization [5] - The flexible sensor segment has made significant progress, with the establishment of a pilot production line and the launch of first and second-generation tactile sensor products [6] - Strategic partnerships with Tom Cat and Fenda Technology aim to develop AI companion robots, tapping into a growing market driven by demographic changes [8] Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 731 million yuan, a year-on-year increase of 22.42% and a quarter-on-quarter increase of 21.28%. The net profit for the same quarter was 16 million yuan, down 52.51% year-on-year and 53.98% quarter-on-quarter [4][5] Business Strategy - The company is advancing its "industrial integration and application diversification" strategy, which has led to reduced product costs and improved delivery stability [5] - The traditional advertising inkjet printing materials segment generated revenue of 623 million yuan, a year-on-year increase of 3.27%, although it faced margin pressure due to increased competition [5] Growth Opportunities - The flexible sensor business is expanding into high-growth application areas such as robotics and industrial inspection, with a focus on developing flexible electronic skin technology [6] - The emotional robot market is poised for growth, with government subsidies potentially lowering prices and increasing accessibility [8] Profit Forecast - The company is projected to achieve net profits of 123 million yuan, 156 million yuan, and 219 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 76.8, 60.7, and 43.3 [9][11]

2025年8月6日，傅利叶在北京正式发布首款主打交互陪伴、具备"可触摸"特性的全尺寸人形机器人"Care- bot"GR-3。这是继上海WAIC世界人工智能大会之后，GR-3人形机器人的第二次公开亮相。 作为 GRx系列第三代智能人形机器人，GR-3在本体设计与构型方面，明显区别于前两代的金属质感，采用 柔肤软包覆材设计搭载全感交互系统，让整机呈现出更多的"温度感"。 ▍ Care-bot打造首个人形机器人"情感伙伴" GR-3的设计灵感源于电影《超能陆战队》里的 "大白"，研发人员赋予它社交陪伴及辅助陪护功能，希望从 视觉到触觉拉近用户与机器人的心理距离，让机器人更具亲和力，摒弃传统机器人的冰冷形象。"Care- bot"这一概念由此诞生。 傅利叶围绕技术迭代、用户体验和商业化落地等多个产品维度，明确了未来机器人的发展方向和应用目标： Social Companion（社交陪伴）： 聚焦人与机器人的情感连接，适用于公共空间、教育环境等场景。通过 日常互动、社交交流与情绪陪伴，承担独居老人陪伴、儿童互动玩伴等角色，用温和响应构建情感纽带。 Assistive Companion（辅助陪护）： 在情感陪伴基础上 ...