展望2026：传统赛道需求稳健，看好新质生产力&出海带来盈利与估值弹性 （1）国内：技术迭代相关设备投资为结构性机会核心方向：①"AI+"相关产业增长拉动半导体、电子 等制造设备需求持续提升；②固态电池中试线与锂电扩产带来新一轮设备周期。此外新质生产力（低 空、具身智能等）发展存超预期空间，26年国内自动化市场有望实现进一步复苏；（2）海外：自动化 企业正加速战略重心外移，中长期有望贡献业绩增量。 先进制造：国产替代步入深水区，核心品类享结构性红利 半导体与高端电子制造对精密性要求严苛，前道设备国产化率不足20%，替代空间广阔。近年来前道设 备国产替代开始提速，内资头部厂商配合下游大客户进行自动化产品导入，相关产品有望逐步放量。受 益于下游高端制造行业（半导体、电子、锂电等）高景气，变频器+伺服+PLC+继电器市场规模预计由 24年874亿元增长至27年1031亿元，CAGR达6%，高于自动化行业增速。 国金证券发布研报称，自2025年，自动化市场需求在设备更新、企业数字化转型等政策驱动下，呈现出 温和复苏。近年来，前道设备国产替代进程显著加快。国内头部厂商正积极联合下游核心客户，共同推 进自动化产品的验证与 ...

Core Insights - The article highlights the rise of Chengdu-based Kanopu Robotics as a standout player in the current IPO frenzy within the robotics industry, which has seen over 20 companies filing for IPOs in Hong Kong [1][2]. Company Overview - Kanopu Robotics, founded by two individuals with vocational and technical backgrounds, has achieved profitability ahead of many competitors in the robotics sector [2][3]. - The company specializes in manufacturing six-axis and four-axis industrial robots, primarily used in welding, cutting, and assembly applications, and ranks as the largest welding robot exporter in China [4]. Financial Performance - Kanopu recorded revenues of 197 million yuan, 222 million yuan, and 234 million yuan for the years 2022, 2023, and 2024 respectively, with a net profit of 28.27 million yuan in 2022, a slight profit of 1.69 million yuan in 2023, and a loss of 12.94 million yuan in 2024 [6]. - In the first half of 2025, the company achieved revenue of 156 million yuan, a year-on-year increase of 36.3%, and turned a profit of 8.44 million yuan [8]. - The gross profit margin has shown an upward trend, increasing from 27.5% in 2022 to 32.4% in the first half of 2025 [7]. Business Strategy - Kanopu's growth strategy includes expanding its product offerings beyond welding robots and increasing its customer base through strategic transformation [8]. - The company has received government subsidies that significantly contributed to its profitability, with 570,000 yuan in subsidies in the first half of 2025, accounting for over 67% of its net profit [10]. Founders and Management - The founders, Li Liangjun and Zhu Lusheng, both born in the 1980s, have backgrounds in vocational and technical education, which is atypical in the high-tech robotics industry [11][12]. - The company has seen its valuation increase eightfold over four years, reaching approximately 2.105 billion yuan [12]. Shareholding Structure - As of the latest filing, the founders and their associates hold a combined 54.13% of the company's shares, indicating strong insider ownership [14]. Board Composition - The board of directors consists of nine members, including the founders and several long-time colleagues, ensuring a cohesive management team with extensive industry experience [15][16].

Core Viewpoint - The robotics industry is experiencing a surge in companies seeking to go public in Hong Kong, with Kanop Robot Technology Co., Ltd. being the latest entrant, although its profitability remains unstable and it may struggle to maintain profits in the short term [2][5]. Company Overview - Kanop Robot focuses on industrial robots, collaborative robots, and embodied intelligent robots, with industrial robots being the primary revenue driver [3]. - The company ranks first among Chinese welding robot manufacturers and in key welding robot segments, according to Frost & Sullivan [3]. - Revenue projections for Kanop Robot from 2022 to the first half of 2025 are 197 million, 222 million, 234 million, and 156 million yuan respectively [3]. Revenue Breakdown - Industrial robots accounted for 94%, 93%, 89%, and 87% of total revenue from 2022 to the first half of 2025, with revenues of 185 million, 206 million, 209 million, and 135 million yuan respectively [3]. Industry Growth - The Chinese industrial robot market is projected to grow from 31.5 billion yuan in 2020 to 46.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of 10.4% [4]. - The market is expected to accelerate further, reaching 52.7 billion yuan in 2025 and 93.1 billion yuan by 2029, with a CAGR of 15.3% [4]. Profitability Challenges - Despite revenue growth, Kanop Robot's profitability has fluctuated, with profits of 28.3 million, 1.7 million, and a loss of 12.9 million yuan from 2022 to 2024, and a profit of 8.4 million yuan in the first half of 2025 [5]. - Many industrial robot companies face similar profitability issues, with leading firms like Aofei also reporting consistent losses since their IPO [6]. Business Strategy - To enhance profitability, Kanop Robot is shifting its business structure towards high-margin products, resulting in a gradual decrease in the revenue share from industrial robots [6]. - The gross margin for embodied intelligent robots is the highest among its product lines, with a gross margin of 42.7% for the first half of 2025 [7]. IPO Landscape - Numerous robotics companies are pursuing IPOs in Hong Kong, with only a few successfully listed so far, including Cloudwalk Technology and XGIMI [8]. - The appeal of the Hong Kong market lies in its reasonable valuations, high financing efficiency, and the ability to accommodate unprofitable companies [8]. Market Performance - The stock performance of recently listed robotics companies has been moderate, with Cloudwalk Technology and XGIMI showing slight increases above their issue prices [10].

Core Viewpoint - The company Tuosda, known as "Guangdong's first robot stock," is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence while utilizing international capital markets for diversified financing [1][3]. Company Overview - Tuosda was established in 2007 and successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2017, marking a significant milestone in its domestic capital market strategy [3]. - As of the latest closing, Tuosda's total market capitalization is approximately 13.937 billion yuan [3]. Financial Performance - For the first three quarters of 2025, Tuosda reported revenue of 1.688 billion yuan, a year-on-year decline of 24.49%. However, the net profit attributable to shareholders reached 49.9365 million yuan, a significant increase of 446.75%, with the non-recurring net profit at 35.8067 million yuan, up 3969.23% [4]. - The industrial robot and automation application systems segment generated revenue of 545 million yuan, reflecting a year-on-year growth of 2.34%, with a stable gross margin of 36.67% [4]. Product and Technology Development - Tuosda has established itself as a leader in the industrial robot sector, developing a comprehensive range of products including SCARA and six-axis robots, and building proprietary technological barriers in key areas such as controllers and servo drives [4]. - The company has launched various automation solutions, including the "Robot+" initiative, which aims to upgrade non-standard automation equipment into semi-standard or standardized workstations [5]. Industry Trends - The global market for robots is projected to exceed $400 billion by 2029, with embodied intelligent robots expected to capture over 30% of the market share [10]. - The ongoing IPO wave in the robotics sector is characterized by both new entrants and established players seeking to capitalize on technological advancements and market demand [11].

Core Viewpoint - The recent appointment of Fu Fenghua, former Vice General Manager and CFO of Hangke Technology, to Yushu Technology signals a strategic move as the company prepares for its IPO, aiming to become the first A-share "foot robot" company by Q4 2025 [2] Group 1: Company Developments - Fu Fenghua has officially joined Yushu Technology to oversee IPO-related matters, marking a significant addition to the company's leadership team [2] - Yushu Technology is currently in a critical Pre-IPO phase, having completed counseling registration with the Zhejiang Securities Regulatory Bureau in July and initial listing counseling in October [2] - The company has restructured to become "Yushu Technology Co., Ltd." as part of its preparation for the IPO [2] Group 2: Leadership Changes - Fu Fenghua, aged 38, has a background in auditing and finance, having worked at Tianjian Accounting Firm before joining Hangke Technology in 2018 [2] - The founder of Yushu Technology, Wang Xingxing, has been appointed as a member of the Shanghai Stock Exchange Technology Innovation Advisory Committee, indicating a strong commitment to entering the capital market [2] - Yushu Technology has also strengthened its financial and governance structure by appointing Wang Feng, former financial manager of Minshi Group, as the new financial head, while Wang Xingxing has stepped down as CFO [2]

Core Viewpoint - The capital frenzy in the robotics sector is being propelled to new heights by the footsteps of new entrants, with Leju (Shenzhen) Robot Technology Co., Ltd. changing its name to Leju Intelligent (Shenzhen) Co., Ltd. to align with its strategic development needs, potentially signaling its intent to pursue an IPO [2][3] Group 1: Company Developments - Leju's name change is seen as a precursor to its IPO ambitions, intensifying the competition among companies in the robotics sector [3] - The company has a strong foundation, with its founders and core team originating from Harbin Institute of Technology, and has attracted significant investment since its establishment in 2016 [4] - Leju has successfully delivered 100 robots in 2024, with a 200% year-on-year increase in order volume in Q1 2025, and plans to deliver around 1,000 robots this year [4][9] Group 2: Market Dynamics - The race to IPO is heating up, with companies like Yushu Technology completing their restructuring and initiating listing guidance in under four months, setting a new timeline for others [5] - The human-shaped robot industry has high technical barriers and significant R&D investment, making early access to capital crucial for gaining competitive advantages [6] - The stock prices of companies in the human-shaped robot industry have been rising, reflecting positive market expectations for the sector's future value [7] Group 3: Strategic Approaches - Companies are adopting two distinct strategies: one focuses on building a resource network across the industry chain through capital, while the other emphasizes deep engagement in the industry to solve practical problems [8] - Leju aims to establish a joint venture with leading companies to develop key technologies for human-shaped robots, indicating a focus on hardware design and stability in complex environments [9] - The ultimate goal for all players in the industry remains the successful commercialization of their products, as the competitive landscape begins to shift [9]

Core Viewpoint - Yushu Technology is actively preparing for its IPO, expected to submit documents to the stock exchange between October and December 2025, indicating a positive outlook for successful listing [1][2]. Company Progress - Yushu Technology announced its IPO preparation progress on September 2, with the listing journey starting from July 18 when it began receiving guidance from CITIC Securities [1]. - The company has completed 10 rounds of financing, with its latest round in June 2023 involving major investors like Tencent, Alibaba, and Ant Group, leading to a valuation exceeding 10 billion yuan [2]. Business Overview - For 2024, Yushu Technology's revenue breakdown is projected to be 65% from quadruped robots, 30% from humanoid robots, and 5% from component products, with a focus on civilian applications [2]. - The company has achieved annual revenue exceeding 1 billion yuan and has been profitable for five consecutive years since 2020, showcasing strong performance in the robotics industry [2]. Industry Context - The global robotics industry is experiencing explosive growth, with an average growth rate of 50%-100% in the first half of 2023, driven by policy support and market demand [3]. - The humanoid robot sector is entering a capital explosion phase, with financing expected to grow from 1.58 billion yuan in 2020 to 7.23 billion yuan in 2024, reflecting a compound annual growth rate of 35.6% [2]. - Yushu Technology's brand recognition is significantly enhanced through marketing events, such as performances during the Spring Festival and humanoid robot competitions, positioning it favorably against competitors [3].

Core Viewpoint - Zhiyuan Robotics is making significant progress in its capital market activities, including the recruitment of key positions to facilitate its IPO timeline and execution plan [1][20]. Group 1: Recruitment and Responsibilities - The company is hiring a Securities Affairs Supervisor whose main responsibilities include assisting in the IPO timeline and execution plan, coordinating with intermediaries, and ensuring compliance with information disclosure post-IPO [1][10]. - The job requires candidates to have at least three years of IPO practical experience and fluency in both Chinese and English, with overseas experience being a plus [8][10]. - Additionally, a Legal Director position is open, focusing on providing legal support for capital market projects, including IPOs and refinancing, and ensuring compliance with export control and data compliance [10][18]. Group 2: Production and Market Position - Zhiyuan Robotics has achieved mass production of 1,000 humanoid robots since the launch of its production facility in October last year, marking 2023 as its commercial year [1][21]. - The company currently has three product lines: a full-size humanoid robot for factories, a half-size humanoid robot for home companionship, and a wheeled robot for data collection [20]. - The company is experiencing high demand, with reports indicating that large customers are facing delays in receiving their robots due to high order volumes [22].