机构：东吴证券 研究员：周尔双/钱尧天/陶泽 投资要点 营收增长提速，亏损大幅收窄 2025H1 公司实现收入人民币1.53 亿元，同比增长27.1%；实现净亏损人民币0.41 亿元（去年同期为0.60 亿元）；经调整后净亏损为人民币0.23亿元（去年同期为0.349 亿元）。公司收入增长显著提速（2024 年同期增速为9.6%），主要系六轴协作机器人产品收入大幅增长所驱动；亏损减少主要得益于收入增 长带来的规模效应及运营效益优化。 25H1 分产品看：六轴协作机器人实现收入0.94 亿元，同比+46.7%，收入占比升至61.2%，成为核心增 长引擎。四轴协作机器人实现收入0.40 亿元，同比+7.7%。复合机器人实现收入0.17 亿元，同比 +13.1%。 25H1 分应用场景看：工业场景收入0.81 亿元，同比+22.4%。商业场景表现亮眼，实现收入0.14 亿元， 同比大幅增长165.5%，主要得益于医疗理疗和商业零售等场景的持续深耕。公司在具身智能领域取得 关键进展，人形机器人DOBOT Atom 于2025 年6 月开启全球量产交付。 毛利率稳中有升，研发投入持续加码 2025H1 公司毛利率为47 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of RMB 153 million in H1 2025, representing a year-on-year growth of 27.1%, while the net loss narrowed to RMB 41 million from RMB 60 million in the same period last year [2] - The significant revenue growth is driven by a substantial increase in sales of six-axis collaborative robots, which generated RMB 94 million in revenue, up 46.7% year-on-year, accounting for 61.2% of total revenue [2] - The company has made key advancements in embodied intelligence, with the humanoid robot DOBOT Atom commencing global mass production and delivery in June 2025 [2] Revenue and Profitability - The total revenue forecast for 2025 is RMB 496.41 million, with a year-on-year growth rate of 32.84% [1] - The gross margin for H1 2025 was 47.0%, an increase of 3.1 percentage points year-on-year, while the adjusted gross margin was 49.4% [3] - The net loss margin improved to 26.7% in H1 2025 from 49.7% in the same period last year [3] Research and Development - The company increased its R&D expenditure by 30.3% year-on-year to RMB 41 million, focusing on key technologies and the field of embodied intelligence [3] - The total operating expenses as a percentage of revenue decreased to 99.4% from 109.3% year-on-year, with a notable reduction in management expenses [3] Strategic Partnerships - A strategic cooperation agreement was signed with Yaoshi Bang on June 3, 2025, to explore the application of intelligent robots and AI in the pharmaceutical retail industry [3]

近日，协作机器人"第一股"越疆科技（02432.HK）发布其上市以来首份半年报。上半年，公司实现营 收1.53亿元，同比增长27.1%；归属于上市公司股东净利润为-0.409亿元，亏损同比收窄31.8%；经调整 亏损净额（扣非净利润）为-0.229亿元，同比收窄34.4%；毛利率47.0%，同比提高3.1个百分点。 据了解，面临复杂的宏观经济环境及关税与贸易政策方面的不确定性，公司上半年加大对国内市场的挖 掘，报告期内国内收入大幅增长56.7%，六轴协作机器人收入占比提升至61%。 《中国经营报》记者了解到，在不断巩固协作机器人领域优势之外，越疆科技已将具身智能视为第二增 长曲线。公司表示，后续将继续强化"协作机器人智能化升级+具身智能创新"双轮驱动战略，通过做多 国内市场、做深海外渠道，形成业务增长的双引擎。 国内收入增长56.7% 与境内市场的高增长相比，公司在海外市场表现未达预期。上半年，其境外营收为8014.6万元，同比微 增8.4%，在总营收中占比由去年同期的61.3%降至52.4%。 越疆科技表示，这主要是受贸易政策与关税不确定性影响，公司在海外市场面临产品准入受限、定价空 间缩小以及市场渗透速度 ...

具身智能：全形态产品落地，持续投入第二增长曲线。1）人形机器人实现量产交付：3M25 公司发布 的全球首款"灵巧操作+直膝行走"DOBOTAtom， 6M25 完成量产验证并向日本客户首批交付， 该产品 具备±0.05mm 工业级重复定位精度，可覆盖电子焊接、精密校准等任务，标志技术从"验证"走向"商 用",公司预计将于10M25 推出第三代人形机器人产品，核心升级寿命+能耗+全身运动协调性。2）轮 式、多足机器人补全硬件生态：4M25 公司发布以"感知-训练-决策-执行"为核心的通用数据采集平台轮 式+单臂具身智能机器人，覆盖工业制造、商业零售等低成本领域；7M25 发布30KG 负载能力六足仿生 机器人，已落地行业巡检、教育领域，下一代产品预计4Q25 推出，将定位面向更加广泛客户群体。3） 研发投入：1H25 公司研发投入0.4 亿元，同比提升30.3%，展望未来，公司将持续提升研发开支，主要 用于具身领域人才/新品投入+垂直领域模型训练+场景数据搜集。 盈利预测、估值与评级：截至1H25，越疆已构建起完整的产品矩阵，涵盖0.25-30kg 负载范围及从桌面 型到服务型机器人的全产品线；依托稳定的产品性 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Viewpoints - The company achieved a revenue of 153 million yuan in 1H25, representing a year-on-year growth of 27.1%, significantly up from 9.6% in 1H24, primarily driven by the substantial increase in revenue from six-axis collaborative robots [1]. - The gross margin improved to 47% in 1H25, up by 3.1 percentage points year-on-year, and remained stable at 49.4% when excluding inventory impairment effects [1]. - The adjusted net loss for 1H25 was 22.9 million yuan, a significant reduction of 34.4% year-on-year, indicating notable improvements in operational efficiency [1]. Summary by Sections Collaborative Robots - The revenue from six-axis collaborative robots reached 94 million yuan in 1H25, growing by 46.7% year-on-year, and accounted for 61% of total revenue, benefiting from product expansion and the continuous development of core application scenarios in 3C electronics, medical, and commercial retail [2]. - Revenue from four-axis collaborative robots was 40 million yuan in 1H25, with a year-on-year increase of 7.7%, primarily due to rising industrial demand, partially offset by a shift towards six-axis products in STEAM education [2]. - Revenue from composite robots was 17 million yuan in 1H25, up by 13.1% year-on-year, driven by demand growth in manufacturing and commercial sectors [2]. - The company reported significant growth in various commercial scenarios, with revenues of 81 million yuan in industrial, 58 million yuan in education, and 14 million yuan in commercial sectors, reflecting year-on-year growth rates of 22.4%, 18.3%, and 165.5% respectively [2]. Embodied Intelligence - The company launched the world's first "dexterous operation + knee-walking" humanoid robot, DOBOT Atom, in 3M25, completing mass production verification by 6M25 and delivering the first batch to Japanese customers [3]. - The humanoid robot features an industrial-grade repeatability precision of ±0.05mm, covering tasks such as electronic welding and precision calibration, marking a transition from validation to commercialization [3]. - The company is expected to release the third generation of humanoid robots by 10M25, with core upgrades in lifespan, energy consumption, and full-body motion coordination [3]. - R&D investment reached 40 million yuan in 1H25, a year-on-year increase of 30.3%, with plans to continue enhancing R&D spending for talent acquisition, new product development, and data collection [3]. Financial Forecast and Valuation - The company has established a complete product matrix covering load ranges from 0.25 to 30 kg, with a full product line from desktop to service robots [4]. - The report forecasts revenues of 500 million yuan, 670 million yuan, and 890 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 34.3%, 33.4%, and 32.8% [4]. - The number of Fortune 500 clients has increased to 80, indicating a strong customer base and potential for continued growth [4].

越疆科技2024营收同比增长30.3% 业界认为，AI技术普及将进一步加快更多使用场景中采用协作机器人。 "协作机器人+具身智能机器人"双轮驱动 越疆表示，公司将以"协作机器人智能化升级+具身智能机器人创新"双轮驱动，在深化协作机器人 智能化布局的基础上，战略推进具身智能机器人创新。 截至2024年12月31日，越疆科技已推出4个系列共27款机器人，覆盖1025kg—20kg负载，应用于汽 车、3C电子、新能源、金属加工、食品饮料、医疗健康、科研教育等领域。其全球累计出货量超8万 台，产品覆盖80多个国家和地区，包括实现手术机器人应用数量超200台。据行业咨询机构数据，2023 年越疆以13%市场份额稳居全球协作机器人出货量前二。 越疆介绍，基于机器人全栈自研的技术优势和领先的产品创新能力，其具身智能机器人产品规划及 布局涵盖AI技术的四种载体，包含AI+双臂机器人（X-Trainer）、AI+单臂机器人、AI+轮式+双臂、 广州日报讯 （全媒体记者阮元元、王纳） 近日，被誉为"协作机器人第一股"的越疆科技发布2024 年业绩报告，作为全球第二、中国第一的协作机器人头部公司，公司2024年收入达到3.74亿元 ...

协作机器人"第一股"越疆科技2024年营收3.74亿元，亏损收窄 但仍承压 六轴与复合机器人领涨，商业场景收入飙升111.6%。 3月24日，协作机器人"第一股"越疆科技发布了2024年业绩报告。报告显示，其2024年营收3.74亿元，同比增长30.3%；净 利润亏损9536万元，同比收窄7.6%；经调整后的净亏损额为3650万元，同比收窄55.4%，毛利率为46.6%，同比提高了 3.1 个百分点。 这是越疆科技自2024年12月23日在港交所挂牌上市后发布的首份财报，从整体来看，公司营收增长显著，但依旧未摆脱亏 损泥潭。 越疆科技的上市，从现在看，可谓是"天时地利"，摇身一变成"当红炸子鸡"。从开年到现在，人形机器人概念在一、二级 市场上轮番起舞。不少企业沾上"人形机器人概念"，立马股价冲天。 一时间，整个市场鱼龙混杂，但并不妨碍股价向上走势。 头顶协作机器人"第一股"的越疆科技显然也找到了市值管理的"密钥"——立马在3月份发布人形机器人本体Dobot Atom。 此后，越疆科技股价如"脱缰野马"一路上行，最高冲到83.8港元/股，比上市发行价18.8港元上涨345.7%，总市值最高接近 340亿港元。 ...