北京和上海活动报名： 第三届全球手术机器人大会 2025医疗器械研发创新论坛 在骨科高值耗材集采落地之后，整个行业都进入了"价降量升"的新常态。对厂商来说，这不是一个简单的市场扩容故事，而是生死考验：利润还能不能保住？现金 流还能不能回得来？ 大博医疗的这份2025年半年报，算是一张比较亮眼的答卷： 在价格不断下探的行业背景下，大博能同时交出 "收入快增 + 利润高弹性 + 现金流大幅改善" 的组合，确实值得细看。 一、数字背后：利润质量与现金的修复 收入和利润 上半年公司收入 12.10 亿元 ，同比增长 25.55% ；归母净利润 2.44 亿元 ，同比大涨 76.69% 。 利润增速远超收入，主要原因是： 净利率维持在 20%左右 ，在国内骨科企业中属于较高水平。 整体毛利率 71.01% ，较去年同期小幅波动。 拆分来看： 结构差异清楚地说明：公司靠关节拉动收入，但真正"养利润"的，还是创伤和微创外科。 费用与投入 营业收入 12.10 亿元 ，同比 +25.55% 归母净利润 2.44 亿元 ，同比 +76.69% 扣非净利润 2.23 亿元 ，同比 +82.64% 经营现金流净额 2.63 亿元 ...

Core Viewpoint - The company, Lingyi Zhizao, is enhancing its capabilities in providing a comprehensive range of core components and modular services for humanoid robots, aiming to establish a one-stop solution platform for intelligent hardware [1] Group 1: Company Services - The company offers a one-stop service for core components such as lead screws, reducers, joints, and complete machine hardware ODM [1] - It has established a global and comprehensive processing and assembly factory for component manufacturing [1] - The company has developed a complete product matrix for machined structural components [1] Group 2: Future Plans - The company is planning to accelerate the construction of humanoid robot production lines and research facilities [1] - It aims to create a research and development center, manufacturing for machined parts, core components, modular manufacturing, and complete machine assembly [1] - The goal is to develop application scenarios for embodied intelligent hardware solutions [1]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has officially announced its entry into the robotics field, outlining its industrial positioning, core advantages, assembly lines, and product development in robotic applications [5] - The company's robotics strategy is a three-pronged approach: "R&D design + manufacturing services + application scenarios" [6] - The company has showcased nine types of robots covering various industrial, commercial, and service scenarios, with four developed in-house [19] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 50,604 million yuan, with a year-on-year growth rate of 14.5% [4] - Net profit attributable to the parent company is projected to be 2,777 million yuan for 2025, reflecting a year-on-year growth of 58.4% [4] - Earnings per share (EPS) is expected to be 0.40 yuan for 2025, with a projected PE ratio of 22 [4] Business Strategy - The company aims to leverage its precision manufacturing advantages from the consumer electronics sector to create a global, all-process intelligent component processing and assembly super factory [6] - It plans to develop a comprehensive hardware service matrix to help clients achieve systematic cost reductions [6] - The company has established strategic partnerships with leading firms in the robotics industry to accelerate the commercialization of humanoid robots [24][26] Product Development - The company has developed various robots, including the "Walker," "Rock," "Linglong," and "Lingyue," each designed for specific applications such as industrial production and household services [23] - The company has also partnered with the Beijing Humanoid Robot Innovation Center to enhance its capabilities in robot application scenario development [24] Market Positioning - The company is positioned as a leading one-stop AI terminal hardware manufacturing platform, transitioning from a product manufacturer to a solution provider [5] - It has a robust pipeline of strategic collaborations with over 30 partners in the humanoid robotics supply chain [24][27]