（文章来源：证券日报） 证券日报网讯蓝黛科技9月17日在互动平台回答投资者提问时表示，公司关注机器人关节领域及相关产 业、业务布局，已投资参股无锡泉智博科技有限公司，并积极推进与其在机器人一体化关节及其核心零 部件方面的业务合作，目前无完全收购泉智博的计划。 ...

Group 1 - The report highlights a sustained strengthening of GMV inflection points, indicating optimism for long-term growth in the education sector, particularly for Oriental Selection [4][5] - The report notes a significant increase in the dividend payout ratio to 60% for Excellence Education Group, which may support revenue growth in the second half of 2025 [10][11] - Shanghai Film's performance is under short-term pressure, but the release of "Wang Wang Mountain Little Monster" is expected to provide performance elasticity [13][15] Group 2 - Huabei Mining's revenue for H1 2025 decreased by 45% year-on-year, but cost control measures are expected to enhance future performance as quality projects are gradually put into production [19][21] - The report indicates that the pet ecosystem construction by Reap Bio is becoming increasingly comprehensive, with a notable increase in revenue and net profit in H1 2025 [24][25] - Silver Wheel's revenue and net profit showed significant growth in Q2 2025, driven by dual engines of "server liquid cooling + robotic joints" [27][29] Group 3 - Shaanxi Coal's production and sales volumes remained stable, with a slight increase in coal production in H1 2025, despite a decrease in revenue [31][33] - China Ruyi's net profit turned from loss to profit in H1 2025, driven by game publishing and content investment [36][37] - Light Media's animation production capacity continues to improve, with IP operations expected to become a new growth point [40][42] Group 4 - Cambrian's revenue for H1 2025 saw an extraordinary increase of 4347.82% year-on-year, with net profit also experiencing substantial growth [46]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2025 performance shows a significant increase in revenue and net profit, driven by robust growth across various business segments, particularly in commercial vehicles and passenger vehicles [4][7] - The dual drivers of growth are identified as "server liquid cooling" and "robotic joints," which are expected to provide strong momentum for future growth [7] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 7.168 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to the parent company of 441 million yuan, up 9.53% year-on-year [4][7] - For Q2 2025, the company reported revenue of 3.751 billion yuan, with a quarter-on-quarter increase of 17.89% and a year-on-year increase of 9.81%. The net profit for Q2 was 229 million yuan, reflecting a quarter-on-quarter increase of 8.3% and a year-on-year increase of 7.79% [4][7] Business Segments - The commercial vehicle and non-road business segments generated revenue of 2.4 billion yuan, with a gross margin of 24.2%, while the passenger vehicle segment achieved revenue of 3.8 billion yuan, with a gross margin of 14.94% [7] - The company has established a comprehensive product layout in the data center sector, including various liquid cooling solutions, and is making progress in customer expansion [7] Future Projections - The company is expected to achieve revenues of 15 billion yuan, 17.1 billion yuan, and 19.4 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18%, 14%, and 14% [7][9] - Net profit forecasts for the same period are 1.049 billion yuan, 1.303 billion yuan, and 1.557 billion yuan, with growth rates of 34%, 24%, and 19% [9][10]

Core Viewpoint - The actual controller of BlueDai Technology plans to transfer 18% of its shares, which may lead to a change in control despite the company's recent performance recovery and stock price increase [1][2]. Group 1: Share Transfer and Control Change - The actual controller, Zhu Tangfu's family, is planning to transfer 18% of their shares, which could result in a change of control for the company [2]. - The market value of the planned share transfer is approximately 1.5 billion yuan based on the latest closing price of 12.75 yuan per share [3]. - If the transfer is completed, the Zhu family’s shareholding will drop from 30.82% to 12.82%, potentially altering the actual control of the company [3]. Group 2: Financial Performance - BlueDai Technology reported a revenue of 3.536 billion yuan in 2024, a year-on-year increase of 25.93%, and a net profit of 124 million yuan, recovering from a loss of 365 million yuan the previous year [5]. - In the first quarter of 2024, the company achieved a revenue of 813 million yuan, up 8.06%, and a net profit of 52.16 million yuan, an increase of 45.93% [5]. Group 3: Market Activity and Stock Performance - The stock price of BlueDai Technology has seen significant fluctuations, with a peak increase of over 124% from a low of 7.62 yuan in January to a high of 17.12 yuan in March [4]. - As of July 7, 2024, the stock still maintained a year-to-date increase of 49.04% despite some subsequent declines [4]. Group 4: Operational Challenges - The company faces challenges such as high share pledge ratios, a significant increase in accounts receivable, and goodwill impairment [1][6]. - As of February 14, 2024, Zhu Tangfu had 47 million shares pledged, representing 37.22% of his holdings, while Zhu Junhan had 29.72 million shares pledged, accounting for 39.8% of his holdings [7]. - Accounts receivable reached 1.133 billion yuan by the end of 2024, a 27.9% increase from the beginning of the year, representing 20.7% of total assets [7]. Group 5: Strategic Developments - BlueDai Technology has been actively involved in the robotics sector, including a partnership with Wuxi Quanzhibo Technology Co., holding a 4.3478% stake, focusing on the development and production of robotic joints [8]. - The company is also establishing a production base in Thailand with an investment of up to 200 million yuan to meet overseas customer demands [8].

Core Viewpoint - The humanoid robot industry is rapidly evolving, with significant opportunities in the underlying supply chain, particularly in the joint market, which is projected to exceed 68.93 billion yuan by 2030 [9][20]. Industry Overview - The humanoid robot market is experiencing a surge in investment, with many investors quickly finalizing projects that were previously uncertain [5]. - The demand for joints in various applications, including medical and industrial robots, is increasing, indicating a broader market potential beyond humanoid robots [8]. Company Case Study: Zero Difference Cloud Control - Zero Difference Cloud Control, established in 2016, specializes in high-precision robotic components, including joints and encoders, and has achieved a valuation exceeding 1 billion yuan [7]. - The company has over 2,000 clients, with joint shipments nearing 50,000 units, making it a leader in the industry [8]. - Approximately 50% of the company's revenue comes from industrial, logistics, and medical applications, while humanoid robots account for nearly 15% of sales, which have been growing rapidly [9]. Market Demand and Growth - The demand for robotic joint modules in China is expected to reach 2.2417 million units in 2024, potentially increasing to 4.8201 million units by 2030 [9]. - The company is focusing on developing smaller, lighter, and more reliable integrated joints to meet the evolving needs of humanoid robots and other applications [9]. Technical Insights - The performance of joints directly impacts the precision, speed, and flexibility of robots, with different types of robots requiring tailored joint configurations [11]. - Zero Difference Cloud Control's joints utilize advanced encoders for high precision, achieving a repeat positioning accuracy of ±7 arc seconds [13]. Production and Supply Chain - The company is moving towards complete domestic production, with all core components sourced from domestic suppliers, aiming to eliminate reliance on imports [23][24]. - The production facilities include precision machining and testing workshops to ensure high-quality standards for their joint modules [23]. Future Outlook - The humanoid robot market's growth is expected to drive explosive demand for core components like joints, with significant cost reductions anticipated as production scales up [20]. - Zero Difference Cloud Control is strategically positioned to capitalize on this growth by offering standardized, multi-model joint modules that cater to diverse application scenarios [21].

Group 1: Financing and IPO Plans - Company announced a $100 million financing round and is preparing for an IPO [2] - The CEO indicated that the company has a listing plan and is considering the Hong Kong market due to the current interest in robotics [7][8] - The rapid financing is attributed to the need for cash flow to support business expansion, not due to cash flow issues [8] Group 2: International Expansion - At least half of the new funding will be allocated to overseas market expansion [13] - The company reported a nearly 7-fold increase in overseas revenue last year, with expectations of 3-4 times growth this year [14] - The company aims to expand its presence from 30 to 70 countries, focusing on global brand and regional globalization [14] Group 3: Product Development and Technology - The company is transitioning from flat intelligence to spatial intelligence, aiming to create robots that can manage all aspects of home cleaning [30] - The introduction of AI dual-vision technology is a key innovation for improving indoor navigation and obstacle avoidance [34] - The company is focused on reducing the cost of robotic joints, which are critical components for future products [36] Group 4: Market Position and Competition - The company positions itself as a leader in product innovation and user demand understanding, similar to how the iPhone revolutionized smartphones [32] - The CEO criticized the industry for focusing on unnecessary features that do not add value to users, emphasizing a user-centric product design philosophy [44][45] - The company aims to maintain a balance between product quality and market competitiveness, avoiding the pitfalls of excessive complexity in product design [46]