Group 1 - The company Tuobang Co., Ltd. has completed the research and testing of its lawn mowing robot, which is now in the market promotion phase [2] - The product integrates core technologies such as AI visual perception, RTK high-precision positioning, and intelligent path planning, enabling autonomous obstacle avoidance, adaptive environment recognition, and boundary-free intelligent operation capabilities [2] - The product solution has received high recognition from customers and leads the industry in shipment volume in the domestic professional third-party market [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][9]. Core Views - The company reported H1 2025 revenue of 3.047 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 692 million yuan, a decrease of 6.18% year-on-year. However, Q2 2025 performance exceeded market expectations with revenue of 2.021 billion yuan, up 16.68% year-on-year, and a net profit of 573 million yuan, up 32.92% year-on-year [6][9]. - The company is experiencing a recovery in demand for specialty products and steady growth in traditional consumer markets, with expectations for accelerated revenue growth in 2025 due to new product launches and market expansions [9]. - The company has maintained high levels of inventory and accounts payable, indicating strong downstream demand and supporting future business growth [9]. Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 7.134 billion yuan, with a year-on-year growth rate of 29.4%. The net profit attributable to shareholders is expected to be 1.685 billion yuan, representing a year-on-year increase of 42.9% [8][11]. - The gross margin for H1 2025 was 55.56%, a decrease of 2.39 percentage points year-on-year, while the net margin was 22.71%, down 3.17 percentage points year-on-year [9]. - The company is expected to see a significant increase in profitability as it continues to expand into new markets and improve its product mix, with projected net profits of 1.685 billion yuan in 2025, 2.347 billion yuan in 2026, and 3.258 billion yuan in 2027 [9][11].