中坚科技 20250825 摘要 中间科技 2025 年上半年主业利润达 8,000 万元，显著高于去年全年的 6,000 多万元，公司对业绩表示满意，主要得益于泰国生产基地投产、 永康新厂房竣工及智能机器人板块的拓展。 公司积极布局智能机器人产业，成立多家子公司，涵盖割草机器人、四 足机器狗及人工智能技术研发，并与全球领先企业合作推出无人机大型 割草车产品，同时进行产品梯队布局，满足北美市场需求。 中金机械积极拓展海外市场，泰国生产基地已投产，并与欧洲第二大企 业合作顺利推进，为未来业务增长提供保障。与海外合作伙伴 YS 合作 进展顺利，预计 2026 年量产目标将上调。 公司机器狗业务分为 ToB 和 ToC 两个方向，ToC 小型机器狗业务正与 合作伙伴共同开发，预计短期内能快速落地。同时，公司也在自主研发 关节模组和执行器等核心零部件。 2025 年上半年毛利率提升主要由于割草机等高毛利产品占比增加及生 产效率提升。公司有意调整产品结构，提高高利润产品比重，优化整体 盈利水平。 Q&A 2025 年上半年中间科技的业绩表现如何？ 2025 年上半年，中间科技整体归母净利润同比增长 14%。尽管二季度增 ...

Core Viewpoint - Yushu Technology is facing a patent infringement lawsuit from Hangzhou Luweimei Daily Chemical Co., Ltd. during a critical period for its IPO process [1][12]. Legal Case Summary - The lawsuit is set for trial on August 26, 2025, at the Hangzhou Intermediate People's Court, with the case number (2025) Zhe 01 Zhi Min Chu 79 [2]. - The plaintiff, Luweimei, is a small enterprise established in 2005, primarily engaged in skincare products and other consumer goods, with a registered capital of 550,000 yuan [2]. - Luweimei holds two patents, one of which is a granted patent for an "electronic dog," while the other is under substantive examination for a "conference simultaneous interpretation system" [3][4]. Company Overview - Yushu Technology has two main product lines: quadruped robotic dogs and humanoid robots, with the quadruped robots being its early strength and main product [8]. - In 2024, Yushu Technology's quadruped robotic dog sales are projected to reach 23,700 units, capturing approximately 69.75% of the global market share [8]. - The flagship product, Unitree Go1, has shipped over 50,000 units, representing over 60% of the global consumer quadruped robot market [8]. Patent and Legal Context - The "electronic dog" patent is owned by Zhejiang Jianlin Electronics Co., Ltd., whose legal representative is also Zhou Jianjun, the representative of Luweimei [4][9]. - Jianlin Electronics has faced multiple legal disputes related to patent infringements and has been listed as a restricted high-consumption enterprise [9]. - This is the first patent-related lawsuit for Yushu Technology, which has previously encountered two lawsuits, one concerning non-compete restrictions [12]. IPO Process - Yushu Technology is in the process of preparing for its IPO, having completed the counseling record with the Zhejiang Securities Regulatory Bureau, with CITIC Securities as the counseling institution [12]. - The evaluation of whether Yushu Technology meets the conditions for issuing shares will occur between October and December 2025 [12].

Core Viewpoint - The threshold for entering the robotics industry has significantly lowered, leading to a surge of diverse companies from various sectors attempting to manufacture robots, raising questions about the sustainability and viability of this trend [4][5][6]. Group 1: Industry Trends - The nature of "building robots" is changing, evolving from a complex task to a more accessible one, where assembling a robot is becoming a reality rather than a joke [3][6]. - The number of humanoid robot-related companies in China reached 834 by late July 2025, with over half having registered capital exceeding 10 million [6][11]. - The growth in registrations of humanoid robot companies surged by over 180% in the first half of 2025 compared to the previous year [6]. Group 2: New Players and Cross-Industry Involvement - Companies from various backgrounds, including traditional manufacturing and investment sectors, are entering the robotics field, such as Vision Technology and Jiuding Investment [4][5][13]. - Midea Group, leveraging its ownership of KUKA, is developing humanoid robots for home and factory applications, showcasing a strategic approach to robotics [15]. - Automotive companies like GAC Group are also entering the robotics space, emphasizing the technological synergies between automotive and robotics [15]. Group 3: Technological Advancements - The availability of standardized components for robots, such as sensors and actuators, has made it easier for companies to assemble robots [6][11]. - Domestic suppliers are beginning to break the monopoly of foreign brands in critical components like harmonic reducers and planetary roller screws [8][9]. - The development of specialized components, such as the BrainCo bionic hand and advanced laser radar from Hesai Technology, indicates significant progress in the robotics supply chain [7][8]. Group 4: Market Dynamics and Challenges - The influx of capital into the robotics sector has led to a competitive environment, with many companies seeking to establish themselves amid rising expectations [6][19]. - Despite the enthusiasm, the integration of various components and ensuring system stability remains a significant challenge for the industry [19][20]. - The industry is still in its early commercial stages, with many companies relying on external funding rather than self-sustaining business models [21]. Group 5: Future Outlook - The future of the robotics industry may lead to a diverse ecosystem where specialized companies coexist, focusing on niche applications while core component suppliers support the overall market [21]. - The successful companies will likely be those that can identify real-world applications and maintain resilience in a capital-intensive environment [21].

经济观察报记者 郑晨烨 机器人行业"乱花渐欲迷人眼"。 2025年8月12日，北京世界机器人大会，视源股份（002841.SZ）首次展出了其工业级四足机器人MAX－HUBX7。这家公司的传统主业是给电视和会议平板 做显示主控板卡，是一个比较典型的机器人产业"圈外"玩家。 但视源股份并不孤单，在同一个展馆，还能看到另一家名为中坚科技（002779.SZ）的公司，这家来自浙江永康的企业，过去近三十年的主营业务是油锯和 割草机等园林机械。这次，他们也带来了自己全新升级的四足机器狗和一款正在研发的轮式机器人。 如果说，制造业公司凭借自身在供应链和生产工艺上的积累，跨界造机器人还算有迹可循，那么，另一些入局者的身份则更让人意想不到。比如，同样在8 月，私募股权投资领域的上市公司九鼎投资（600053.SH）亦公告称，将斥资2.13亿元控股一家名为南京神源生的机器人核心零部件公司。更有甚者，白酒 巨头贵州茅台也已悄然入局，通过旗下的茅台金石产业基金，投资了一家名为乐聚（深圳）机器人技术有限公司的创业公司。 从做屏幕的、做手机零件的，到搞投资、卖白酒的，一时间，各行各业的公司都开始扎堆造起了机器人。那么，造机器人的门槛，真 ...

人民财讯8月23日电，瑞芯微（603893）在互动平台回复投资者提问时表示，公司的芯片方案有用于宇 树科技的人形机器人、四足机器狗等产品，并将与机器人公司展开更广泛的在"大脑"、"小脑"、视觉、 音频等多方向的合作。 ...

Group 1 - The article highlights the emergence of autonomous intelligent robots that can operate without remote control, showcasing advancements in AI decision-making capabilities [1][3] - Companies are demonstrating various applications of these robots in settings such as retail, warehousing, and manufacturing, indicating a shift towards more autonomous operations [1][2] - The integration of advanced models like VLA (Visual Language Action) in robots enhances their ability to perform complex tasks and interact with humans, paving the way for their use in everyday scenarios [2][3] Group 2 - The showcased robots, such as the T1 and the ship hold cleaning robot, exhibit high efficiency and safety in their operations, with specific performance metrics like a maximum load of 3000 kg and a precision of 0.4 mm [1][3] - The development of robots that can learn and adapt quickly to new tasks without extensive programming is a significant trend, as seen with the starry dog and the sorting robots [2][3] - Experts believe that the continuous evolution of technologies like "no remote operation" will create new opportunities across various industries, leading to a more intelligent and efficient future [3]

Core Insights - Shenzhen's first intelligent robot experience center will open in Longhua, focusing on diverse robot interaction experiences [1] - The experience center is organized by Shenzhen Xinqitong Technology Co., Ltd., a leading company in the domestic robotics field [1] - The center aims to provide an immersive future technology interaction space for technology enthusiasts, families, and the general public [1] Company Highlights - The experience center will feature a bipedal robot area showcasing impressive balance and agility, allowing visitors to interact with the robot under professional guidance [1] - A globally recognized quadruped robotic dog will also be present, enabling visitors to control it and experience new forms of human-robot collaboration [1] Industry Features - Augmented Reality (AR) technology will be a significant feature of the experience center, allowing visitors to engage in interactive games and summon virtual robot partners [2] - The center will offer opportunities to play chess against AI-powered robots, catering to various skill levels in international chess, Go, and Chinese chess [2] - An innovative climbing assist robot area will demonstrate how technology can enhance physical activities, allowing visitors to experience the benefits of exoskeleton devices [2]

Group 1 - The first intelligent robot experience center in Shenzhen will open in Longhua, focusing on diverse robot interaction experiences [1] - The experience center is organized by Shenzhen Xinqitong Technology Co., Ltd., aiming to provide an immersive future technology interaction space for technology enthusiasts, families, and the general public [1] - The center will feature a dual-foot robot experience area showcasing impressive balance and agility, allowing visitors to interact with robots through simple commands [1][2] Group 2 - The experience center will also highlight augmented reality (AR) technology, enabling visitors to enter a blended virtual and real world using lightweight headsets [2] - Chess enthusiasts can engage in matches against AI-powered chess robots, catering to various skill levels in international chess, Go, and Chinese chess [2] - An exoskeleton device prototype will be available for visitors to experience how innovative technology can assist in climbing and reduce load [2]

Core Viewpoint - The article highlights the emergence of a new era of human-robot collaboration and intelligent coexistence, driven by significant advancements in the robotics industry and supportive policies [1][19]. Group 1: Industry Events and Developments - The 2025 World Robot Conference was held from August 8 to 12 in Beijing, showcasing over 1,500 exhibits from more than 200 domestic and international robotics companies, with over 100 new products launched [3]. - The robotics sector is experiencing a rebound after a period of adjustment in the first half of the year, with multiple catalysts contributing to this trend [4][21]. - Key events in the robotics industry include the debut of Tesla's humanoid robot Optimus at the World Artificial Intelligence Conference in July 2024 and the first humanoid robot half marathon in April 2025 [6]. Group 2: Commercialization and Policy Support - Commercialization plays a crucial role in the current robotics market, with significant capital inflow observed during major events like the World Artificial Intelligence Conference and the World Robot Conference [5]. - The government has set ambitious growth targets and provided substantial funding support through the "Three-Year Action Plan for the Development of Embodied Intelligence Industry (2025-2027)," designating humanoid robots as "disruptive products" [8][9]. - Various cities have introduced supportive policies, such as Shanghai's plan to grow the embodied intelligence core industry to over 50 billion yuan by 2027 and Beijing's consumer subsidies for robot purchases [9]. Group 3: Investment Trends and Performance - The E Fund Robotics ETF (159530.SZ) has seen a net inflow of over 1.5 billion yuan in the last 20 trading days, indicating strong investor interest in the robotics sector [10]. - Since the revision of the National Robotics Industry Index on April 10, 2025, it has achieved a cumulative return of 28.3%, outperforming other indices [13]. - Fund managers are increasingly focusing on robotics, with notable performances from funds heavily invested in the sector, such as the Fu Guo New Materials New Energy A fund, which has reported a year-to-date return of 24.2% [16].

Core Insights - China's economic performance in the first quarter exceeded expectations, with a GDP growth of 5.4% year-on-year, which is significantly higher than analysts' forecasts [4][5][10] - The 137th Canton Fair and the 5th China International Consumer Products Expo showcased China's role as a global trade stabilizer, attracting a record number of international buyers and exhibitors [3][4][9] Economic Data - In the first quarter, China's import and export scale reached a historical high, exceeding 10 trillion yuan for eight consecutive quarters [4][6] - The Canton Fair attracted 148,585 overseas buyers from 216 countries and regions, marking a 20.2% increase compared to the previous session [3][4] - The Consumer Expo featured over 1,700 companies and 4,200 brands, with participation from 65 Fortune 500 companies, setting a new record for scale [4][9] Trade Relations - ASEAN remains China's largest trading partner, with a year-on-year growth of 7.1% in trade volume [6] - Trade with the EU grew by 1.4%, while trade with Belt and Road Initiative countries reached 5.26 trillion yuan, a 2.2% increase year-on-year [6][7] Policy and Market Outlook - China is implementing policies to boost domestic demand and consumption, aiming to stabilize and expand consumer spending [7][10] - The government is committed to high-level opening-up and expanding institutional openness, which is expected to create greater opportunities for global enterprises [8][10] Global Impact - China's contribution to global economic growth remains around 30%, reinforcing its role as a key engine for world economic recovery [10] - The Consumer Expo serves as a platform for global consumption, facilitating the entry of international products into the Chinese market and promoting Chinese goods abroad [9][10]