机构：东吴证券 研究员：周尔双/钱尧天/陶泽 投资要点 营收增长提速，亏损大幅收窄 2025H1 公司实现收入人民币1.53 亿元，同比增长27.1%；实现净亏损人民币0.41 亿元（去年同期为0.60 亿元）；经调整后净亏损为人民币0.23亿元（去年同期为0.349 亿元）。公司收入增长显著提速（2024 年同期增速为9.6%），主要系六轴协作机器人产品收入大幅增长所驱动；亏损减少主要得益于收入增 长带来的规模效应及运营效益优化。 25H1 分产品看：六轴协作机器人实现收入0.94 亿元，同比+46.7%，收入占比升至61.2%，成为核心增 长引擎。四轴协作机器人实现收入0.40 亿元，同比+7.7%。复合机器人实现收入0.17 亿元，同比 +13.1%。 25H1 分应用场景看：工业场景收入0.81 亿元，同比+22.4%。商业场景表现亮眼，实现收入0.14 亿元， 同比大幅增长165.5%，主要得益于医疗理疗和商业零售等场景的持续深耕。公司在具身智能领域取得 关键进展，人形机器人DOBOT Atom 于2025 年6 月开启全球量产交付。 毛利率稳中有升，研发投入持续加码 2025H1 公司毛利率为47 ...

Macro Strategy - The domestic economy is expected to face slight pressure in the second half of the year, but the annual growth target of 5% remains achievable, supported by policy tools and consumption recovery [8] - Key risks include potential declines in exports, consumer spending pressures, and slowdowns in real estate and infrastructure investments [8] - The upcoming U.S. economic data releases are anticipated to show increased volatility, with a higher likelihood of significant deviations from expectations [8] Fixed Income Analysis - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown and the current accommodative monetary policy [2][12] - The analysis highlights that the banking sector's capital adequacy ratios and non-performing loan ratios are above regulatory standards, providing a buffer against credit risks [12] - The report suggests that while some smaller banks may consider balance sheet reductions, the overall probability for the entire industry is low [12] Company-Specific Insights 越疆 (02432.HK) - The company reported a revenue of RMB 1.53 billion for H1 2025, a 27.1% year-on-year increase, driven by significant growth in six-axis collaborative robot sales [17] - The gross margin improved to 47.0%, with a notable reduction in net losses due to operational efficiencies [17] - The company has signed a strategic partnership with Yaoshi Bang to explore applications of intelligent robotics in the pharmaceutical sector [17] 伟仕佳杰 (00856.HK) - The company is a leading ICT solutions provider in the Asia-Pacific region, with a focus on cloud computing and AI, expecting revenue growth of 15% to 14% from 2025 to 2027 [18][19] - The Southeast Asian market is a key growth area, with revenue from this region projected to increase significantly [19] - The company has established partnerships with major tech firms, enhancing its service offerings across various sectors [19] 亿纬锂能 (300014) - The company is set to launch its solid-state battery production facility, with an expected annual capacity of nearly 500,000 cells [20] - It anticipates a significant increase in shipments, projecting a 60% year-on-year growth in 2025 [20] - The company is focusing on differentiated products, with plans to expand its production capacity significantly by 2027 [20] 比亚迪 (002594) - The company expects net profits of RMB 450 billion, RMB 589 billion, and RMB 710 billion for 2025 to 2027, maintaining a growth trajectory [20] - The focus on high-end products and international expansion is expected to drive future growth [20] 科士达 (002518) - The company forecasts net profits of RMB 5.8 billion, RMB 8.2 billion, and RMB 11.7 billion for 2025 to 2027, benefiting from the growth in data centers and energy storage [20] - The company is well-positioned to capitalize on the rapid development of the charging and storage industries [20]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of RMB 153 million in H1 2025, representing a year-on-year growth of 27.1%, while the net loss narrowed to RMB 41 million from RMB 60 million in the same period last year [2] - The significant revenue growth is driven by a substantial increase in sales of six-axis collaborative robots, which generated RMB 94 million in revenue, up 46.7% year-on-year, accounting for 61.2% of total revenue [2] - The company has made key advancements in embodied intelligence, with the humanoid robot DOBOT Atom commencing global mass production and delivery in June 2025 [2] Revenue and Profitability - The total revenue forecast for 2025 is RMB 496.41 million, with a year-on-year growth rate of 32.84% [1] - The gross margin for H1 2025 was 47.0%, an increase of 3.1 percentage points year-on-year, while the adjusted gross margin was 49.4% [3] - The net loss margin improved to 26.7% in H1 2025 from 49.7% in the same period last year [3] Research and Development - The company increased its R&D expenditure by 30.3% year-on-year to RMB 41 million, focusing on key technologies and the field of embodied intelligence [3] - The total operating expenses as a percentage of revenue decreased to 99.4% from 109.3% year-on-year, with a notable reduction in management expenses [3] Strategic Partnerships - A strategic cooperation agreement was signed with Yaoshi Bang on June 3, 2025, to explore the application of intelligent robots and AI in the pharmaceutical retail industry [3]

近日，协作机器人"第一股"越疆科技（02432.HK）发布其上市以来首份半年报。上半年，公司实现营 收1.53亿元，同比增长27.1%；归属于上市公司股东净利润为-0.409亿元，亏损同比收窄31.8%；经调整 亏损净额（扣非净利润）为-0.229亿元，同比收窄34.4%；毛利率47.0%，同比提高3.1个百分点。 据了解，面临复杂的宏观经济环境及关税与贸易政策方面的不确定性，公司上半年加大对国内市场的挖 掘，报告期内国内收入大幅增长56.7%，六轴协作机器人收入占比提升至61%。 《中国经营报》记者了解到，在不断巩固协作机器人领域优势之外，越疆科技已将具身智能视为第二增 长曲线。公司表示，后续将继续强化"协作机器人智能化升级+具身智能创新"双轮驱动战略，通过做多 国内市场、做深海外渠道，形成业务增长的双引擎。 国内收入增长56.7% 与境内市场的高增长相比，公司在海外市场表现未达预期。上半年，其境外营收为8014.6万元，同比微 增8.4%，在总营收中占比由去年同期的61.3%降至52.4%。 越疆科技表示，这主要是受贸易政策与关税不确定性影响，公司在海外市场面临产品准入受限、定价空 间缩小以及市场渗透速度 ...

具身智能：全形态产品落地，持续投入第二增长曲线。1）人形机器人实现量产交付：3M25 公司发布 的全球首款"灵巧操作+直膝行走"DOBOTAtom， 6M25 完成量产验证并向日本客户首批交付， 该产品 具备±0.05mm 工业级重复定位精度，可覆盖电子焊接、精密校准等任务，标志技术从"验证"走向"商 用",公司预计将于10M25 推出第三代人形机器人产品，核心升级寿命+能耗+全身运动协调性。2）轮 式、多足机器人补全硬件生态：4M25 公司发布以"感知-训练-决策-执行"为核心的通用数据采集平台轮 式+单臂具身智能机器人，覆盖工业制造、商业零售等低成本领域；7M25 发布30KG 负载能力六足仿生 机器人，已落地行业巡检、教育领域，下一代产品预计4Q25 推出，将定位面向更加广泛客户群体。3） 研发投入：1H25 公司研发投入0.4 亿元，同比提升30.3%，展望未来，公司将持续提升研发开支，主要 用于具身领域人才/新品投入+垂直领域模型训练+场景数据搜集。 盈利预测、估值与评级：截至1H25，越疆已构建起完整的产品矩阵，涵盖0.25-30kg 负载范围及从桌面 型到服务型机器人的全产品线；依托稳定的产品性 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Viewpoints - The company achieved a revenue of 153 million yuan in 1H25, representing a year-on-year growth of 27.1%, significantly up from 9.6% in 1H24, primarily driven by the substantial increase in revenue from six-axis collaborative robots [1]. - The gross margin improved to 47% in 1H25, up by 3.1 percentage points year-on-year, and remained stable at 49.4% when excluding inventory impairment effects [1]. - The adjusted net loss for 1H25 was 22.9 million yuan, a significant reduction of 34.4% year-on-year, indicating notable improvements in operational efficiency [1]. Summary by Sections Collaborative Robots - The revenue from six-axis collaborative robots reached 94 million yuan in 1H25, growing by 46.7% year-on-year, and accounted for 61% of total revenue, benefiting from product expansion and the continuous development of core application scenarios in 3C electronics, medical, and commercial retail [2]. - Revenue from four-axis collaborative robots was 40 million yuan in 1H25, with a year-on-year increase of 7.7%, primarily due to rising industrial demand, partially offset by a shift towards six-axis products in STEAM education [2]. - Revenue from composite robots was 17 million yuan in 1H25, up by 13.1% year-on-year, driven by demand growth in manufacturing and commercial sectors [2]. - The company reported significant growth in various commercial scenarios, with revenues of 81 million yuan in industrial, 58 million yuan in education, and 14 million yuan in commercial sectors, reflecting year-on-year growth rates of 22.4%, 18.3%, and 165.5% respectively [2]. Embodied Intelligence - The company launched the world's first "dexterous operation + knee-walking" humanoid robot, DOBOT Atom, in 3M25, completing mass production verification by 6M25 and delivering the first batch to Japanese customers [3]. - The humanoid robot features an industrial-grade repeatability precision of ±0.05mm, covering tasks such as electronic welding and precision calibration, marking a transition from validation to commercialization [3]. - The company is expected to release the third generation of humanoid robots by 10M25, with core upgrades in lifespan, energy consumption, and full-body motion coordination [3]. - R&D investment reached 40 million yuan in 1H25, a year-on-year increase of 30.3%, with plans to continue enhancing R&D spending for talent acquisition, new product development, and data collection [3]. Financial Forecast and Valuation - The company has established a complete product matrix covering load ranges from 0.25 to 30 kg, with a full product line from desktop to service robots [4]. - The report forecasts revenues of 500 million yuan, 670 million yuan, and 890 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 34.3%, 33.4%, and 32.8% [4]. - The number of Fortune 500 clients has increased to 80, indicating a strong customer base and potential for continued growth [4].

21世纪经济报道记者 石恩泽 深圳报道 值得一提的是，此前在产品线上，越疆的基本盘为六轴协作机器人，占比上半年营收总额的61.2%。而 这部分业务多用于工业。但今年3月，越疆宣布进军人形机器人，发布了全球首款直膝行走人形机器人 DOBOT Atom。 随后，在8月的世界机器人大会上，越疆通过安排DOBOT Atom Ⅱ"接打爆米花"的动态展示，向市场证 明其新产品在商业场景中的价值。 8月28日晚，"协作机器人第一股"越疆科技（2432.HK）发布2025年半年度业绩。财报显示，上半年， 越疆营业收入1.53亿元，同比增长27.08%；净利润4087万元，同比收窄31.75%。 目前越疆已于今年6月完成DOBOT Atom的量产验证，并向日本客户完成首批交付。而这将为越疆今后 在商业场景上打开更多可能。 分业务场景看，上半年越疆商业领域收入达1377万元，同比飙升165.5%。虽然目前商业领域占比总营 收比例尚小，约为9%，但其成为增速最快的业务板块。而商业板块的爆发，或与其在咖啡机器人、艾 灸机器人等复合产品上放量有关。 另外，越疆还在今年7月发布了六足仿生机器狗，补全具身智能机器人"手+身体+脚"的闭环， ...

封面图片来源：视觉中国-VCG211322973159 越疆表示，业绩增长主要受协作机器人市场渗透率提升等影响。今年上半年，汽车制造、3C电子、医 疗和商业零售领域的上下料、装配和检测等应用场景拓展，带动六轴协作机器人产品销量增加，上半年 公司六轴协作机器人收入占总营收比重提升至61%。另外，公司境内收入同比增长56.7%。 据公司消息，越疆第10万台协作机器人近日成功下线，成为业内首个实现该目标的企业。2025年，公司 还布局具身智能赛道，发布了全球首款"灵巧操作+直膝行走"具身智能人形机器人，以及"六足仿生机器 人"等。 每经记者｜孔泽思 每经编辑｜魏官红 8月28日晚间，"协作机器人第一股"越疆（02432.HK，股价54.05港元，市值228.79亿港元）发布2025年 中期业绩。上半年公司实现收入1.53亿元，同比增长27.1%；净亏损约0.4亿元，较上年同期减少 31.8%；经调整后净亏损约0.23亿元，较上年同期减少34.4%。 ...

Group 1 - The core viewpoint of the news is the release of the "Shandong Province Robot Industry High-Quality Development Action Plan (2025-2027)", aiming to establish four major robot industry development hubs in Jinan, Qingdao, Zibo, and Jining, with a target of exceeding 50 billion yuan in robot manufacturing industry scale by 2027 [1] - The plan includes nurturing more than three leading robot manufacturing enterprises with an output value exceeding 2 billion yuan each and establishing innovation platforms covering industrial, service, special, and humanoid robots [1] - Zibo has formed a complete industrial chain layout of "core components + complete machine manufacturing + system integration", becoming an important supplier in segments like precision reducers and intelligent logistics equipment [1] Group 2 - Zibo High-tech Zone is a key "innovation source" for the robot industry, with a complete industrial chain that includes R&D, production, supporting, and integration enterprises, leading in multiple niche areas [2] - The zone hosts over 20 key enterprises, including New Star Datt, Fao Yiwei, and others, and has related enterprises in the supply chain, contributing to widespread applications of robots in welding, logistics, agriculture, and smart pharmacy [2] - New Star Datt has incubated several companies and holds a 70% market share in humanoid robot joint modules, with its precision reducer production capacity expected to surpass foreign competitors, becoming the global leader [2] Group 3 - The development of the industry relies on creating an ecosystem, with Zibo High-tech Zone focusing on building a complete robot industry chain ecosystem from R&D to mass production through specialized parks [3] - The zone has formed professional teams to engage with leading enterprises in robot industries across major cities, facilitating collaboration and understanding of technological advantages and industry layouts [3] - Zibo High-tech Zone aims to enhance key technology innovation, accelerate the cultivation of industry entities, and promote the integration of industry, innovation, and capital chains to boost the overall competitiveness of the robot industry [3]

Core Viewpoint - The leading global collaborative robot company, Yujian Technology, announced a significant financing plan to raise over HKD 1 billion through a discounted share placement to accelerate technology research and global market expansion [1][2]. Financing Plan - Yujian plans to issue 19.1 million new H-shares at a price of HKD 54.3 per share, representing a discount of approximately 9.5% from the last closing price of HKD 60 [1]. - The share placement will dilute the existing share capital by about 4.73%, with a projected net fundraising amount of approximately HKD 1.022 billion after expenses [1]. Strategic Focus - The raised funds will be allocated to four strategic areas: increasing investment in core technology research, seeking opportunities for industry chain integration, expanding global sales channels, and supporting operational funding for emerging application scenarios [1][2]. Financial Performance - For 2024, Yujian reported a revenue of HKD 374 million, a year-on-year increase of 30.3%, but still recorded a net loss of HKD 103 million [2]. - The adjusted loss narrowed significantly by 55.4%, with a gross margin improvement to 46.6% [2]. Product and Market Position - Yujian's core product, the six-axis collaborative robot, contributed 55.9% of total revenue, with a strong year-on-year growth of 55.5% [2]. - The company has a self-research rate of over 90% for key components and has accumulated 961 patents [2]. Market Expansion - Yujian's products are currently available in over 80 countries and regions, serving more than 80 Fortune 500 companies, with overseas revenue accounting for 59% [3]. - The capital injection is expected to enhance competitiveness against international giants in terms of R&D speed, production capacity, and market coverage [3]. Market Reaction - Following the announcement, Yujian's stock price fell by 2.67% to HKD 58.4, but has seen a cumulative increase of 146.41% this year [3][4]. - Analysts believe that while the discounted placement may cause short-term stock volatility, the funding is likely to accelerate the company's path to profitability [3]. Challenges Ahead - Yujian faces ongoing profitability pressures, with R&D expenses reaching HKD 77.52 million in 2024, necessitating broader scale applications to dilute high costs [3]. - The economic viability of new commercial service robots will be crucial for large-scale market adoption [3].