"协作机器人第一股"要回A上市。 12月30日，据证监会公开发行辅导公示系统显示，"协作机器人第一股"深圳市越疆科技股份有限公司 （越疆，2432.HK）向深圳证监局完成IPO（首次公开发行）辅导备案，由国泰海通担任辅导机构。 根据辅导备案报告，越疆控股股东为公司创始人、董事长刘培超，直接持有21.79%股权，并作为深圳 市秦墨创业投资合伙企业（有限合伙）和深圳市越疆咨询合伙企业（有限合伙）的执行事务合伙人，合 计支配公司25.43%的股份表决权。 对于A股上市的原因，越疆此前在公告中表示是为了推动业务发展、增强整体竞争力，并确保达成运营 目标及长远发展策略。 根据越疆9月发布的半年报，2025年上半年公司实现收入1.53亿元，同比（较去年同期）增长27.1%；净 亏损4087万元，同比收窄31.8%；销售成本8117万元，同比增长20% ；研发开支4089万元，同比增长 30.3%；毛利7192万元，同比增长36.1%；剔除存货减值影响的毛利率为49.4%。资产负债比为26.5%。 按产品来看，越疆2025年上半年六轴协作机器人产品收入9365万元，同比增长46.7%，总收入占比达 61.2%。公司表示，大 ...

摩根士丹利热点前瞻-机器人产业最新调研反馈 20251208 调查显示，企业对人形机器人的采购意愿非常强烈，有 62%的受访者表示他们 将在未来三年内尝试使用机器人。然而，目前只有 23%的受访者对现有的人形 机器人产品感到满意，大多数人认为这些产品需要进一步改进。主要瓶颈在于 产品本身，包括硬件和软件的发展、工作场景的验证和适配等方面。 企业计划将人形机器人应用在哪些具体场景中？ 摘要 当前人形机器人满意度仅为 23%，主要瓶颈在于硬件、软件发展及场景 适配，企业期望机器人承担特定场景工作，而非通用能力。 未来五年内，预计机器人将取代 11%的工作岗位，十年内可能达到 28%，工业和制造业替代比例高于服务业，90%的受访者计划未来三年 内增加机器人支出。 企业采纳人形机器人的主要挑战包括能力有限、成本高、集成复杂及维 护成本高，期望改进方向为协作能力、灵活性和自我学习能力，合理价 格区间为 20 万人民币以下。 品牌偏好方面，语数机器人最受青睐，其次是云深处、优必选等。选择 品牌时，可靠性、安全性、功能性、成本及场景融合性是关键因素。 智能机器人行业长期乐观，但短期内面临产品瓶颈，预计 2026 年行业 将 ...

大摩闭门会-人形机器人 AlphaWise 调查反馈 20251205 摘要 调研显示，90%的受访企业已应用不同类型机器人，10%测试人形机器 人，62%未来三年内愿尝试。仓储、制造和客服零售被认为是人形机器 人的主要应用场景，分别占比 80%、79%和 70%。 企业对人形机器人的需求侧重于特定场景功能，50%认为有限多项工作 能力即可，仅 32%期望通用能力。未来五年和十年内，机器人可能替代 11%和 28%的工作。 90%的受访者计划未来三年增加机器人支出，但仅 23%对现有产品满 意，25%非常不满意，表明市场对现有产品仍有较高改进需求。 企业选择人形机器人首要考虑可靠性、安全性、功能性、成本及融合性， 定制化服务亦重要，零部件品牌及供应商生态体系相对次要。 92%的受访者认为人形机器人价格需低于 20 万人民币才能广泛应用， 但目前市场价格普遍偏高，多数超 50 万人民币，成本是普及关键制约。 品牌偏好方面，语数（Yusu）最受欢迎（60%），其次是云深处 （28%）、优必选（23%）等，但各品牌仍需提升产品质量以赢得市场。 人形机器人短期内难爆发式增长，明年预测应用量保守，仅 2 万台左右。 长 ...

Core Insights - SANY Robotics is innovating in the electric forklift market by developing autonomous electric forklifts that address safety and efficiency issues associated with traditional forklifts [1][2] - The company has introduced a high-voltage lithium battery platform that enhances the performance of electric forklifts, allowing for a maximum load capacity of 2 tons and a lifting height of up to 5 layers [1][2] - SANY Robotics aims to expand its international presence, targeting a sales goal of 4 billion yuan by 2035, with a current forecast of 10 billion yuan in sales for the year [2][4] Group 1: Product Development - SANY Robotics has developed a high-pressure lithium battery forklift that utilizes automotive-grade technology, achieving a maximum climbing gradient of 25% and a charging efficiency that allows for 8 hours of work after just 1 hour of charging [2] - The electric forklifts have been successfully deployed in over 50 countries and regions, with applications in extreme working conditions [2][3] Group 2: Market Expansion - The company has upgraded its production lines to increase monthly capacity by 300% to meet growing market demand, with a projected order volume of 5,000 units for the year [2][4] - SANY Robotics has established a dealer network of over 150, covering major domestic provinces and key overseas markets [4] Group 3: Future Vision - The company is focusing on becoming a leading provider of smart logistics solutions, integrating high-performance electric forklifts with autonomous driving technology and AI algorithms [4] - SANY Robotics is committed to creating a low-carbon intelligent logistics ecosystem that encompasses warehousing, handling, sorting, and loading processes [4]

Core Insights - SANY Robotics is innovating in the electric forklift market by developing autonomous electric forklifts that address safety and efficiency issues associated with traditional forklifts [1][2] - The company has introduced a high-voltage lithium battery platform that enhances the performance of electric forklifts, allowing for a maximum load capacity of 2 tons and a lifting height of up to 5 layers [2] - SANY Robotics aims to expand its international presence, targeting a sales revenue of 4 billion yuan from forklifts in 2024 and an overseas sales goal of 4 billion yuan by 2035 [4] Company Developments - SANY Robotics was established in 2020 and has since become a key player in SANY Group's digital transformation and smart manufacturing initiatives [1] - The company has developed a range of products including unmanned forklifts and composite robots, focusing on the logistics and warehousing sectors [3] - SANY Robotics has successfully expanded its market reach, selling electric forklifts to over 50 countries and regions since its first international sales last year [2] Market Position and Strategy - The company is addressing two major challenges in material handling: pollution and inefficiency from traditional fuel-powered forklifts, and performance limitations of electric forklifts in extreme conditions [1][2] - SANY Robotics has upgraded its production capacity by 300% to meet increasing market demand, with an expected order volume of 5,000 units and sales revenue of 1 billion yuan for the current year [2][4] - The company is committed to becoming a leading provider of smart logistics solutions, integrating high-performance electric forklifts with autonomous driving technology and AI algorithms [4]

Core Insights - Morgan Stanley's survey reveals a strong interest among Chinese enterprises in deploying humanoid robots, with 62% planning to implement them within three years, indicating significant market potential. However, only 23% of respondents are satisfied with current products, highlighting a critical need for improvements in flexibility, functionality, and pricing [1][4][14]. Deployment Plans - Among 86 surveyed companies, 62% are categorized as "potential adopters," with plans to initiate humanoid robot pilot projects or major deployments within three years. Specifically, 12% plan to invest in 2025, 29% in 2026, and 21% in 2027 [4][3]. - The adoption rate for composite robots (mobile base + robotic arm) is expected to be the fastest, with 21% of companies planning deployment by 2025, increasing to 64% by 2027. In contrast, wheeled humanoid robots will see deployment rates of 8% in 2025, 37% in 2026, and 58% in 2027, while bipedal robots will have rates of 6%, 17%, and 41% respectively [3][7][9]. Product Maturity and Satisfaction - Despite strong market demand, product maturity is a significant constraint on the large-scale application of humanoid robots. Only 23% of respondents express satisfaction with current products, while 53% are neutral and 25% dissatisfied [14][16]. - Satisfaction levels vary by industry, with manufacturing firms showing relatively higher satisfaction compared to industrial and service sectors, which exhibit net dissatisfaction [16]. Performance Expectations - Among potential adopters, only 42%-57% rated various performance indicators as "excellent/good," indicating substantial room for improvement. The most anticipated enhancements include human-robot collaboration (70%), IoT integration (57%), fine manipulation (57%), and self-learning capabilities (49%) [18][24]. - Cost remains a critical barrier, with 92% of respondents believing that the price of humanoid robots must drop below 200,000 RMB (approximately 28,000 USD) for widespread adoption, and 40% identifying the ideal price range as 100,000-200,000 RMB [18]. Market Landscape - Chinese brands dominate the market, with Yushutech being the most engaged integrator, having contact with 60% of potential adopters, followed by Yundongchu (28%), UBTECH (23%), and Midea (17%) [20][22]. - The current brand preferences reflect visibility and media exposure rather than actual performance, as evidenced by Yushutech's high visibility despite lacking manufacturing capabilities [25]. Investment Recommendations - Morgan Stanley maintains a positive long-term outlook for humanoid robots but emphasizes that the market is still in its early stages, with scaling requiring time. The firm suggests prioritizing investments in component suppliers, as these companies are expected to benefit earlier from industry growth [27]. - The anticipated drivers for market interest in 2026 include new product launches by tech giants like Tesla, expanded government subsidies, and IPOs of related companies [27].

Core Viewpoint - Recently, Yuejiang Technology completed a new round of share issuance, raising 780 million yuan to advance research and innovation in intelligent robotics, invest in the supply chain, and enhance sales channels and market promotion efforts [1][16][21] Group 1: Financing Activities - Yuejiang Technology has conducted two rounds of share issuance in the past six months, raising a total of over 1.8 billion yuan for its robotics business and liquidity needs [2][8][21] - The company raised approximately 1.037 billion yuan in July and 780 million yuan in November for similar purposes, totaling 2.5 billion yuan in fundraising within a year of its IPO [8][21][27] Group 2: Financial Performance - Despite the increase in revenue from the sales of collaborative robots, marketing expenses have risen even faster, with the sales expense ratio reaching 53% in the first half of the year, significantly higher than comparable companies [3][9][22] - Yuejiang Technology reported a net loss of 41 million yuan in the first half of the year, continuing its trend of negative net profit and operating cash flow, which was -65 million yuan [12][25][27] - Accounts receivable increased by 83% year-on-year, with the accounts receivable turnover days rising to 85 days, indicating deteriorating cash collection conditions [12][25][27] Group 3: Capital Structure and Debt Management - Following its IPO, Yuejiang Technology's cash and cash-equivalent assets significantly increased, and its debt ratio decreased from 50% at the end of 2023 to 26.5% by June 2024, nearly halving [5][19][21] - The company has been actively raising funds despite having sufficient cash reserves, which raises questions about its financial strategy and market positioning [14][27]

Core Viewpoint - Luoshi Robotics has submitted its prospectus to the Hong Kong Stock Exchange, indicating its intention to go public after a series of financing rounds and a significant expansion in operations [1][3]. Financial Performance - Revenue for Luoshi Robotics is projected to grow from 153 million yuan in 2022 to 267 million yuan in 2023, and further to 325 million yuan in 2024 [3]. - Gross profit is expected to increase from 10.64 million yuan in 2022 to 30.57 million yuan in 2023, and reach 71.19 million yuan in 2024, with corresponding gross margins of 7%, 11.4%, and 21.9% [3]. - The company has reported increasing net losses, with figures of 238 million yuan in 2022, 157 million yuan in 2023, and 192 million yuan in 2024, resulting in loss rates of 155.6%, 59%, and 59% respectively [3]. - Cumulative losses over three and a half years amount to 677 million yuan [3]. Research and Development - R&D expenditures have shown a declining trend, with spending of approximately 67.2 million yuan in 2022, 59.4 million yuan in 2023, 54.2 million yuan in 2024, and 25.9 million yuan in the first half of 2025, representing a decrease in percentage of total revenue from 44.0% to 14.7% [3]. Market Position - Luoshi Robotics is one of the few companies in China that produces both industrial and collaborative robots, ranking third among domestic manufacturers and seventh globally in multi-joint robot sales as of 2024 [3]. Client Base - The company serves over 1,000 clients across approximately 40 countries and regions, including major clients like Xiaomi and Goer, as well as partnerships in the automotive, renewable energy, medical, and general manufacturing sectors [4]. Shareholding Structure - The ultimate controlling shareholder of Luoshi Robotics is Tuo Hua, who holds 13.46% of the shares, with other significant shareholders including various investment firms [5]. Credit Risk - Luoshi Robotics faces credit risks related to its clients, with trade receivables increasing from 74.5 million yuan in 2022 to 226 million yuan in the first half of 2025, and trade receivables turnover days rising from 164.3 days to 223.7 days during the same period [5].

Group 1 - The core point of the announcement is the approval of an increase in the estimated daily related transactions for the year 2025 by the board of directors of Shanghai Xianhui Automation Technology Co., Ltd. [2][10] - The board meeting was held on September 26, 2025, with all seven directors present, and the resolution was deemed legal and effective [2][6]. - The estimated amount for the additional daily related transactions in 2025 is 35 million RMB, which is necessary for the company's normal production and operations [11][10]. Group 2 - The related transactions will be conducted based on fair and market-based pricing, ensuring that the company's independence and the interests of minority shareholders are not compromised [10][21]. - The transactions primarily involve purchasing products and selling raw materials to the related party, Albert Robotics (Changsha) Co., Ltd. [18][19]. - The company will sign specific agreements with the related party to ensure compliance with the terms and conditions of the transactions [20]. Group 3 - The related party, Albert Robotics (Changsha) Co., Ltd., was established on September 2, 2025, with a registered capital of 50 million RMB, and is primarily owned by related directors [15][16]. - The financial condition of the related party is reported to be good, indicating a strong ability to fulfill contractual obligations [16][17]. - The increase in related transactions is considered necessary for the company's operations and is expected to have no significant impact on its independence or business operations [21][24].

Core Insights - The company achieved significant revenue growth of 27.1% year-on-year in H1 2025, reaching RMB 153 million, while net losses narrowed to RMB 41 million from RMB 60 million in the same period last year [1] - The growth was primarily driven by a substantial increase in revenue from six-axis collaborative robots, which accounted for 61.2% of total revenue [1] - The company has made key advancements in embodied intelligence, with the humanoid robot DOBOT Atom set to begin global mass production in June 2025 [1] Revenue and Profitability - The gross margin for H1 2025 was 47.0%, an increase of 3.1 percentage points year-on-year, while the adjusted gross margin remained stable at 49.4% [2] - The net loss margin improved to 26.7% from 49.7% in the previous year, indicating better operational efficiency [2] - Total operating expenses decreased to 99.4% from 109.3% year-on-year, with significant reductions in management expenses due to the absence of listing costs [2] Research and Development - R&D expenditure increased by 30.3% year-on-year to RMB 41 million, reflecting the company's commitment to advancing key technologies, particularly in humanoid robotics [2] - Sales expenses also rose by 31.5%, aimed at enhancing global sales channel expansion [2] Strategic Partnerships - The company signed a strategic cooperation agreement with Yaoshi Bang on June 3, 2025, to explore smart solutions in the pharmaceutical industry, integrating robotics technology with pharmaceutical applications [2] Future Outlook - Revenue forecasts for the company are projected at RMB 500 million, RMB 670 million, and RMB 900 million for 2025-2027, with current market valuations corresponding to price-to-sales ratios of 40, 30, and 23 times respectively [3]