据证券之星公开数据整理，近期步科股份（688160）发布2025年中报。截至本报告期末，公司营业总收 入3.11亿元，同比上升21.28%，归母净利润2611.01万元，同比上升13.58%。按单季度数据看，第二季 度营业总收入1.79亿元，同比上升23.97%，第二季度归母净利润1498.74万元，同比上升25.93%。本报 告期步科股份应收账款上升，应收账款同比增幅达30.41%。 本次财报公布的各项数据指标表现一般。其中，毛利率35.5%，同比减0.37%，净利率8.4%，同比减 6.41%，销售费用、管理费用、财务费用总计4456.44万元，三费占营收比14.33%，同比增1.63%，每股 净资产9.34元，同比增4.81%，每股经营性现金流0.07元，同比减81.23%，每股收益0.31元，同比增 14.81% 最近有知名机构关注了公司以下问题： 问：公司2025年上半年业绩增长的主要原因是什么？公司几大业务的发展情况及未来预计增幅是怎样 的？ 答：公司2025年上半年营收增长21.28%，主要增长动力来自机器人行业需求旺盛，包括移动机器人、 协作机器人、工业机器人及人形机器人等细分领域，客户需求强 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company is optimistic about future performance growth. In the first half of 2025, its revenue increased by 21.28%, mainly driven by the strong demand in the robot industry. The company expects future orders to maintain a good growth trend, and the traditional industrial IoT business has started cooperation with some large customers. Although the general automation business has declined slightly, it is expected to recover as the economy stabilizes [24]. - The company is expanding its product portfolio in the humanoid robot direction, with core products such as frameless torque motors. It has formed batch cooperation with multiple domestic leading customers and is also expanding overseas markets. The related businesses of humanoid robots and collaborative robots have grown by over 100% year - on - year in the first half of 2025 [24][25]. - The company's new generation of frameless torque products have been optimized and upgraded in multiple aspects, offering higher cost - effectiveness. The omnidirectional steering wheel has product advantages and is expected to significantly increase the company's sales and value [26][27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Stepko Co., Ltd. - Industry: Special equipment - Reception time: August 29, 2025 - Reception personnel: Chairman and General Manager Tang Dong, Director, Deputy General Manager and Financial Controller Wang Shiquan, Board Secretary Liu Yun, and Securities Affairs Representative Shao Kaizhen [16] 3.2. Detailed Research Institutions - Securities companies: Guosheng Securities, China Merchants Securities Co., Ltd., Everbright Securities Co., Ltd., Orient Fortune Securities Co., Ltd., Zhongtai Securities Co., Ltd., etc. - Asset management companies: Zhejiang Zheshang Securities, Ningbo Qianhong Jiusheng, etc. - Investment companies: Shanghai Guiyuan Investment, Beijing Lianjin Juxin, etc. - Other types: including foreign banks, research institutes, and other institutions [17][18][19] 3.3. Main Content Information - **Business Performance and Growth Drivers**: In the first half of 2025, the company's revenue increased by 21.28%, mainly due to the strong demand in the robot industry. The collaborative and industrial robot segments, which had a small base before, have significant growth this year, and future orders are expected to keep growing. The traditional industrial IoT business has started cooperation with large customers, while the general automation business has declined slightly but is expected to recover [24]. - **Product Layout in Humanoid Robots**: The company is expanding its product categories in the humanoid robot direction, with the core product being frameless torque motors. It also has layouts in hollow drives, planetary reducers, etc., and will provide assembly services for overall joint modules in the future. It has formed batch cooperation with domestic leading customers and is also collaborating with module customers [24]. - **Advantages of New - Generation Frameless Torque Products**: The new - generation products have optimized and upgraded in multiple aspects, including a complete large - hollow specification product line, improved torque density, and process improvements that enhance automation manufacturing capabilities and cost - control [26]. - **Advantages of Omnidirectional Steering Wheels**: The omnidirectional steering wheel is an innovative product for humanoid robot chassis, with a modular design. It allows customers to freely combine walking and rotating wheels, and is expected to significantly increase the company's sales and value [26]. - **Business Outlook**: The company expects its annual performance to grow. It is developing new joint module motors, advancing an internationalization strategy, and is optimistic about long - term growth driven by robot technology and internationalization [27]