2025年11月21日下午，作为" 2025宝山·智能机器人产业大会暨嘉年华 "重要组成部分的「 核心技术与 零部件主题论坛 」在 上海市 宝山 区 顺利召开。论坛由上海市宝山区人民政府与上海大学共同主办，上 海机器人产业园、机器之心、智慧湾科创园协办，宝山区科技创新开发管理委员会、顾村镇人民政府及上 海大学机电工程与自动化学院联合承办。 本次 论坛 聚焦机器人核心部件与系统级技术的突破与产业化路径，吸引产业链上下游企业、科研机构及 行业专家齐聚一堂，共探机器人 "内核"技术的现在与未来。 线上直播观看人次 数万 ，反响热烈。 坤维（北京）科技有限公司联合创始人兼 CTO袁明论 带来《每一份力量都被看见，机器人力觉传感器技 术产业化》的演讲。他强调，高精度力觉传感是机器人实现细腻操作与交互智能的 "感知基石"，并分享了 其在多场景下的产业化实践。 清能德创电气技术（北京）有限公司副总经理孙磊 聚焦《关节执行器在具身智能产业链中的位置及其发展 方向》，指出关节执行器作为机器人的 "动力关节"，正向高扭矩密度、高响应与智能化方向发展，是具身 智能落地的重要支撑。 上海市宝山区科技创新开发管理委员会副主任赵一霖 进 ...

Core Viewpoint - The company reported a revenue of 1.224 billion yuan for H1 2025, representing a year-on-year increase of 15.44%, while the net profit attributable to shareholders was 105 million yuan, up 1.38% year-on-year [2] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 618 million yuan, a year-on-year increase of 25.03% and a quarter-on-quarter increase of 2.06% [2] - The net profit attributable to shareholders for Q2 2025 was 46 million yuan, down 9.04% year-on-year and down 21.49% quarter-on-quarter [3] - The gross profit margin for Q2 2025 was 18.01%, a decrease of 1.46 percentage points year-on-year, primarily due to changes in accounting standards and adjustments in sales expenses [3] Business Growth and Cost Management - The EGR (Exhaust Gas Recirculation) business experienced rapid growth, driven by the strong performance of leading domestic car manufacturers and breakthroughs in heavy-duty truck EGR systems [3] - The company’s sales, management, R&D, and financial expense ratios for Q2 2025 were 0.42%, 3.88%, 3.62%, and 1.56% respectively, with notable changes attributed to accounting adjustments and increased costs [3] Production and Technological Advancements - The company is accelerating its production line upgrades, particularly in the electric motor core components, which significantly enhance product value and competitiveness [4] - The establishment of a dual-path approach in "core components + complete machine R&D" is underway, focusing on both robot assembly and breakthroughs in key components like harmonic reducers [5] Investment Outlook - The company maintains a solid position as a leader in the EGR market, with a three-dimensional growth strategy encompassing traditional business, new energy initiatives, and international expansion [6] - Revenue projections for 2025-2027 are estimated at 2.898 billion yuan, 3.648 billion yuan, and 4.523 billion yuan respectively, with net profits expected to reach 253 million yuan, 339 million yuan, and 478 million yuan [8]

Summary of the Conference Call for Xiangxin Technology Company Overview - Xiangxin Technology reported a revenue of 6.734 billion yuan in 2024, with the components business accounting for 74% of total revenue. The revenue from energy storage products grew by 123% year-on-year, and overseas market revenue increased by 12.89%, indicating initial success in global expansion. However, the net profit margin was only 5.34% [2][3][4]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.636 billion yuan, with a net profit margin of 5.06%. The non-recurring net profit was 82.79 million yuan. R&D expenses increased by 27.33% year-on-year, influenced by annual price reductions from clients, leading to a decline in gross margin, although the non-recurring net profit margin improved compared to Q4 [2][4][5]. Strategic Focus - The company's strategic priorities include accelerating global expansion and increasing the proportion of overseas revenue. The construction of a factory in Thailand is progressing, with plans to establish another factory in Europe or North Africa to meet customer demands. Target clients include international automotive companies such as Stellantis, Renault, Toyota, and Volkswagen [2][6][13]. Client Structure and Revenue Contribution - Major clients for 2024 included GAC Group, CATL, Geely, and Yiwei Lithium Energy, with Huawei being a key customer for energy storage products. The company anticipates significant growth in automotive seat frame products and energy storage products in 2025, with a revenue target of 8 billion yuan [2][7]. Profit Margin Expectations - The company expects an overall profit margin of 5% for 2025, accounting for annual price reductions from clients. The net profit margin reflects all annual price adjustments starting from January [2][8]. Robotics Business Development - Xiangxin Technology is actively investing in and expanding its robotics business, engaging with automotive clients on humanoid robot projects. Some products are currently in testing, with plans for a product launch event [4][10][24]. R&D and Product Development - The company is focusing its R&D investments on refrigerant cooling, intelligent robotics, and commercial energy storage systems. The R&D expense ratio is expected to stabilize, aligning with customer needs [11][20]. Global Expansion and Capacity Planning - The company has established a factory in Monterrey, Mexico, with rapid growth since its inception. The Thai factory is in preparation, and a third factory is planned for Europe or North Africa to cater to customer needs [13][14]. Key Technologies and Innovations - Xiangxin Technology is developing refrigerant cooling technology, which is applicable in various fields, including power batteries and energy storage. The company is also exploring new materials and technologies for its products [20][21]. Market Trends and Future Outlook - The automotive components business remains stable, while the energy storage sector is experiencing rapid growth. The company is also expanding into intelligent robotics and server markets, which are seen as future growth areas [21][32]. Conclusion - Xiangxin Technology is positioned for growth through strategic global expansion, a focus on R&D, and diversification into new markets such as robotics and energy storage. The company aims to enhance its profit margins while navigating challenges in the automotive industry and client pricing pressures [2][6][25].