Core Viewpoint - Longsheng Technology (300680.SZ) has announced the second generation of its self-developed "Lansen" robot, which integrates advanced technologies to address key challenges in heavy-duty grasping, defect detection, and flexible handling [1] Group 1: Product Development - The "Lansen II" robot has evolved from executing fixed action commands to utilizing a large model for intelligent judgment and optimized execution [1] - The robot's operational precision and collaborative capabilities have significantly improved, allowing for precise positioning and grasping of randomly located objects [1] Group 2: Technological Integration - The core technology matrix of the robot includes a "dexterous hand," a manufacturing scene large model, and electronic skin [1] - The development focuses on quality inspection of motor core rotors driven by Longsheng New Energy, indicating a deep integration with existing business operations [1]

Financial Performance - In the first half of 2025, the company reported revenue of 1.224 billion yuan, a year-over-year increase of 15.4%, and a net profit attributable to shareholders of 105 million yuan, up 1.4% year-over-year [1] - In Q2 2025, the net profit attributable to shareholders was 46 million yuan, reflecting a year-over-year and quarter-over-quarter decrease of 9.0% and 21.5% respectively [1] Revenue Breakdown - The sales gross margin and net profit margin for H1 2025 were 18.1% and 8.9% respectively [2] - EGR revenue reached 451 million yuan, a year-over-year increase of 27.44%, with a gross margin of 21.33%, down 3.14 percentage points year-over-year [2] - New energy business revenue was 484 million yuan, up 6.05% year-over-year, with a gross margin of 9.63%, down 2.27 percentage points year-over-year [2] - Precision automotive parts revenue was 287 million yuan, a year-over-year increase of 19.61%, with a gross margin of 22.88%, down 1.43 percentage points year-over-year [2] Aerospace and Robotics Developments - In H1 2025, the company saw a doubling in business volume for satellite modules and drone projects, and expanded into precision missile component support [3] - The company successfully overcame key technical challenges in harmonic reducers, improving product performance and reducing weight by 30%-40% compared to traditional products [4] - The "Lansen 2nd generation" robot has advanced from executing fixed commands to intelligent decision-making and optimization, enhancing operational precision and collaborative capabilities [4] Strategic Partnerships and Innovations - The company has invested in Dido Technology, which has developed the world's first millimeter-level high-performance tactile sensor, enhancing robotic capabilities in precision tasks [5][6] - The collaboration aims to improve automation in production and industrial inspection, addressing the common industry challenge of advanced technology implementation [6] Profit Forecast - The company is projected to achieve revenues of 3.27 billion yuan, 4.23 billion yuan, and 5.34 billion yuan from 2025 to 2027, with year-over-year growth rates of 36.5%, 29.3%, and 26.2% respectively [7] - The net profit attributable to shareholders is expected to reach 321 million yuan, 419 million yuan, and 513 million yuan during the same period, with growth rates of 42.9%, 30.7%, and 22.4% respectively [7]