Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][11]. Core Insights - The company is a global leader in collaborative robot development, ranking second worldwide with a market share of 13% in 2023, and first in China [1][3]. - The collaborative robot market is projected to grow from USD 1.0395 billion in 2023 to USD 4.95 billion by 2028, with a compound annual growth rate (CAGR) of 36.6% [1]. - The company has a strong focus on research and development, with over 25% of its workforce consisting of industry experts and engineers [3]. - The company has launched 27 robot models across four series, with applications in various sectors including automotive, electronics, healthcare, and agriculture [3][10]. Summary by Sections Company Overview - The company is recognized for its proprietary full-stack technology in collaborative robot development, covering design, manufacturing, and key component development [3]. - The founder holds a significant share of 27.97%, indicating concentrated ownership and experienced management [2]. Financial Performance - For the first half of 2025, the company reported a revenue increase of 27.08% year-on-year, reaching CNY 153 million, with a gross margin improvement of 3.11 percentage points to 46.98% [10][11]. - The adjusted net loss narrowed to CNY 23 million in the same period, reflecting ongoing operational improvements [10]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are CNY 516 million, CNY 703 million, and CNY 949 million respectively, with an expected adjusted net profit turning positive in 2027 [11][13]. - The company is expected to maintain a strong growth trajectory, driven by its dual strategy of upgrading collaborative robots and innovating in humanoid robotics [10][11]. Market Position - The company has established a global sales network covering over 100 countries, enhancing its market reach and application of humanoid robots [3]. - Collaborations with leading academic and industrial partners further validate the company's technology and market position [3].