2025 年 8 月 29 日 公司研究 协作机器人智能化升级+具身智能机器人创新有望持续推动业绩增长 ——越疆（2432.HK）1H25 业绩点评 要点 事件：越疆科技发布 1H25 业绩。1H25 实现营收 1.53 亿元，同比增长 27.1%，较 1H24 的 9.6%增速显著提升，核心受益于六轴协作机器人产品 收入的大幅增长。1H25 毛利率提升至 47%，同比+3.1pct，若剔除存货减 值影响则稳定于 49.4%（vs1H24 49.3%）；1H25 实现经调整后净亏损 2290 万元，同比大幅收窄 34.4%，经营效率优化成果显著。 协作机器人：六轴高增+场景破圈，筑牢基本盘。1）产品结构持续升级： 1H25 公司六轴协作机器人收入 0.94 亿元，yoy+46.7%，营收占比提升至 61%，主要受益于六轴协作机器人产品拓展，叠加 3C 电子、医疗和商业 零售等核心应用场景的持续拓展，带动销量大幅增加。四轴协作机器人 1H25 收入 0.40 亿元，yoy+7.7%，主要系工业场景对四轴产品需求增 长，部分被 STEAM 教育转向六轴产品组合调整所抵消。复合机器人 1H25 收入 0.17 亿元 ...

在PC终端与企业级业务领域，软通动力旗下软通计算机覆盖国产替代重点行业领域，稳居业内第一梯 队，旗下品牌"软通华方"是清华同方品牌在计算产品领域唯一合法传承者，京牌京产首台服务器于今年 上半年正式下线。在终端产品方面，推出20余款信创终端新品。 在具身智能领域，公司面向人形机器人领域，发布天擎S1、天擎A2自研人形机器人；中标无锡某智能 服务人形机器人项目；在复合机器人领域，推出3款复合机器人；与北京六建集团有限责任公司签署合 作，拓展建筑工程智能机器人。 本报讯 （记者向炎涛）8月27日，软通动力（301236）信息技术（集团）股份有限公司（以下简称"软 通动力"）发布2025年半年度报告。上半年，软通动力充分发挥软硬协同优势，驱动业务规模持续增 长，实现整体营收157.81亿元，较上年同期增长25.99%，归母净利润同比向好，经营现金流持续稳健。 其中，计算产品与智能电子业务实现营收67.56亿元，较上年同期增长72.77%，占比42.81%。2025年第 二季度，公司实现营收87.70亿元，同比增长23.93%，环比增长25.10%；实现归母净利润0.55亿元，环 比增长127.87%，扭亏且显著提升； ...

Core Viewpoint - The strategic cooperation agreement between Chuan Robotics and Huarui Precision aims to enhance market share and application of robotic core components in manufacturing through resource sharing and technological integration [2][3]. Group 1: Strategic Cooperation Agreement - Chuan Robotics and Huarui Precision signed a strategic cooperation agreement to leverage their strengths and share market resources [2]. - The agreement focuses on improving the processing technology of robotic core components and promoting their application in manufacturing enterprises [2]. - Both companies will establish a special working group to detail cooperation content and ensure the strategic implementation through regular technical exchanges [2]. Group 2: Roles and Responsibilities - Huarui Precision will develop various precision cutting tools and prioritize the use of Chuan Robotics' robots under equal conditions [3]. - Chuan Robotics will provide demand for typical robotic parts and applications in the tool manufacturing industry [3]. - Both companies will share market information and customer resources to jointly explore new markets [3]. Group 3: Company Background and Future Plans - Huarui Precision is a well-known manufacturer of hard alloy cutting tools, focusing on research and development in aerospace and robotics sectors [3]. - Chuan Robotics, established in 2012, is preparing to list on the Sci-Tech Innovation Board and specializes in humanoid robots, collaborative robots, and core robotic components [4]. - The company aims to build a product layout centered on humanoid robots and supporting technologies like harmonic reducers and ultra-lightweight collaborative robots [4]. Group 4: Previous Collaborations - Chuan Robotics has previously signed strategic cooperation agreements with other A-share listed companies to promote automation manufacturing and enhance market share [4].

Summary of Key Points from the Conference Call Industry Overview - The conference discusses the evolution of Automated Guided Vehicles (AGV) to Autonomous Mobile Robots (AMR), highlighting advancements in navigation technologies such as visual navigation and SLAM laser navigation, which enhance autonomous obstacle avoidance and mobility [1][2][3]. Core Insights and Arguments - **Market Demand**: The domestic intelligent logistics equipment market has broad demand, with major clients in the automotive, photovoltaic, lithium battery, 3C, and logistics sectors. The automotive industry faces rising labor costs and customization needs, while the photovoltaic sector is challenged by complex environments and high handling intensity [1][6][8]. - **Impact of COVID-19**: The pandemic has significantly affected AGV demand across various industries. The photovoltaic sector has entered a downturn, while the automotive industry has faced negative impacts. Conversely, the pharmaceutical, semiconductor, 3C, and logistics sectors have shown positive growth [9]. - **Future Projections**: The automotive industry is expected to recover by 2026, while the photovoltaic sector's fluctuations remain unpredictable. There is substantial potential for warehouse automation transformation, promoting the "goods-to-person" model to reduce costs and improve efficiency [1][10]. Pricing and Product Types - **Product Categories**: The main types of mobile robots include: 1. **Lurking Robots**: Priced between 80,000 to 150,000 CNY, suitable for logistics transfer [5]. 2. **Transfer and Heavy Load Robots**: Prices range from 120,000 to 250,000 CNY, depending on load capacity and customization [5]. 3. **Unmanned Forklifts**: Prices vary based on design complexity and lifting height [3][4]. 4. **Composite Robots**: These are the most expensive due to their integrated functionalities [4]. Industry Applications - **Sector-Specific Needs**: - **Automotive**: Solutions address labor cost increases and safety production requirements, covering various production processes [6]. - **Photovoltaic**: AGVs are designed for automatic docking and complex handling due to high environmental demands [8]. - **Lithium Battery**: Solutions focus on labor shortages and material traceability [8]. - **3C Industry**: High SKU variety necessitates efficient management through WMS systems [8]. - **Logistics**: Demand fluctuates significantly during peak periods, requiring scalable solutions [8]. Competitive Landscape - **Market Dynamics**: The domestic market is characterized by a mix of system integrators, equipment manufacturers, software developers, and platform companies. Key players include Hikvision, New Times, and others, each focusing on specific industry applications [18][19]. - **Overseas Expansion**: The overseas market is expected to grow significantly, with projections indicating that overseas profitability may surpass domestic by 2025 [21]. Profitability and Cost Management - **Profitability Factors**: The profitability of AGV and solutions businesses is influenced by revenue and cost control. Automation in e-commerce logistics can enhance operational efficiency and reduce labor costs [12]. - **Investment Recovery**: The investment payback period in the Ada industry has shortened to approximately 1.2 to 1.5 years [13]. Future Trends - **Technological Advancements**: The integration of AI and robotics in logistics solutions is anticipated to drive growth, with ongoing improvements in load calculations and software algorithms [24]. - **Challenges for Forklift AGVs**: The lower sales and penetration rates of fork-type AGVs are attributed to limited application scenarios and compatibility issues with different pallet types [22][23]. Conclusion - The intelligent logistics equipment market is poised for growth, driven by technological advancements and increasing demand across various sectors. Companies are focusing on enhancing their offerings and expanding into overseas markets to capitalize on emerging opportunities.

Core Viewpoint - China has become the world's largest industrial robot application market for several consecutive years, with significant changes in production enterprises and order situations in 2023 [1]. Group 1: Market Demand and Growth - The demand for industrial robots in the 3C industry (computers, communications, and consumer electronics) has increased significantly due to national subsidy policies, leading to faster iteration of mobile phones and computers [1]. - The production line delivery cycle has improved from 60 days to 30 days, primarily due to the localization of core components, computing power, and software in industrial robots [3]. - Sales of collaborative industrial robots in a company in Foshan have increased by over 200% year-on-year from January to the present [5]. Group 2: Production and Innovation - In the first half of 2025, China's cumulative production of industrial robots reached 369,300 units, representing a year-on-year growth of 35.6% [7]. - The rapid development of emerging industries such as new energy and shipbuilding has led to a growing demand for intelligent manufacturing equipment [6]. - China has innovated many new categories of industrial robots, including collaborative robots and composite robots, driven by market demand [9].

Core Insights - The event "Silicon Evolution, Coexistence of All Things" showcased Lenovo's investment achievements in AI over the past decade, highlighting the rapid evolution of silicon-based intelligence and its integration with human creativity [1][2] - Lenovo Capital's support for the "Hybrid AI Strategy" was evident, with nearly 30 invested companies collaborating with Lenovo Group, integrating cutting-edge technology into practical applications [2][4] - The commercialization of embodied intelligence is at a critical turning point, with significant advancements expected in various sectors, particularly in complex industrial environments like automotive manufacturing starting in 2025 [2][3] Investment and Ecosystem Development - Lenovo Capital has invested in over 280 tech companies in nine years, with 20 achieving successful IPOs and over 50 unicorns in niche markets [4] - The company has identified three major advantages in China's development of embodied intelligence: rich application scenarios, innovative core components, and vast overseas market potential [3][4] - Lenovo Capital's "Star Plan," "Bright Plan," and "Spark Plan" form a comprehensive support system for startups, enhancing collaboration across the entire value chain [5] Technological Advancements - The focus on disruptive computing architectures includes advancements in integrated computing, quantum computing, RISC-V, and brain-like computing technologies [5] - The emergence of digital employees and robots is expected to enhance human-machine collaboration, driving the evolution of the AI ecosystem [5] - The development of a comprehensive transportation blueprint explores innovations in autonomous driving and low-altitude economies, contributing to a future integrated transportation network [5]

Core Viewpoint - The leading global collaborative robot company, Yujian Technology, announced a significant financing plan to raise over HKD 1 billion through a discounted share placement to accelerate technology research and global market expansion [1][2]. Financing Plan - Yujian plans to issue 19.1 million new H-shares at a price of HKD 54.3 per share, representing a discount of approximately 9.5% from the last closing price of HKD 60 [1]. - The share placement will dilute the existing share capital by about 4.73%, with a projected net fundraising amount of approximately HKD 1.022 billion after expenses [1]. Strategic Focus - The raised funds will be allocated to four strategic areas: increasing investment in core technology research, seeking opportunities for industry chain integration, expanding global sales channels, and supporting operational funding for emerging application scenarios [1][2]. Financial Performance - For 2024, Yujian reported a revenue of HKD 374 million, a year-on-year increase of 30.3%, but still recorded a net loss of HKD 103 million [2]. - The adjusted loss narrowed significantly by 55.4%, with a gross margin improvement to 46.6% [2]. Product and Market Position - Yujian's core product, the six-axis collaborative robot, contributed 55.9% of total revenue, with a strong year-on-year growth of 55.5% [2]. - The company has a self-research rate of over 90% for key components and has accumulated 961 patents [2]. Market Expansion - Yujian's products are currently available in over 80 countries and regions, serving more than 80 Fortune 500 companies, with overseas revenue accounting for 59% [3]. - The capital injection is expected to enhance competitiveness against international giants in terms of R&D speed, production capacity, and market coverage [3]. Market Reaction - Following the announcement, Yujian's stock price fell by 2.67% to HKD 58.4, but has seen a cumulative increase of 146.41% this year [3][4]. - Analysts believe that while the discounted placement may cause short-term stock volatility, the funding is likely to accelerate the company's path to profitability [3]. Challenges Ahead - Yujian faces ongoing profitability pressures, with R&D expenses reaching HKD 77.52 million in 2024, necessitating broader scale applications to dilute high costs [3]. - The economic viability of new commercial service robots will be crucial for large-scale market adoption [3].

Group 1 - The company, Zhongyuan Power, was established in May 2020 and has been recognized as a national high-tech enterprise and a national technology-based small and medium-sized enterprise [2][3] - The company focuses on advanced research and development in areas such as visual intelligence analysis, robotic arm control, human-machine interaction, multi-modal perception, and low-speed unmanned driving, with over 65% of its employees being research personnel [2][3] - Zhongyuan Power has successfully developed seven models of 3D cameras, achieving a hardware self-research rate of 70% and a software self-research rate of 100%, which are widely used in industries like new energy, automotive manufacturing, and non-ferrous metal smelting [3] Group 2 - The company aims to deepen research in embodied intelligence technology and plans to tackle more critical issues in precision assembly and aerospace, with a vision to root innovation in Zhongyuan and expand globally [3]

温馨提示 ： 点击下方图片，查看运营团队2025年6月最新原创报告（共235页） 说明： 欢迎 约稿、刊例和商务合作、行业人士交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号： lietou100w ）微信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 近期，[字节跳动]机器人团队迎来一系列架构调整，加大具身智能机器人研发投入，同时伴随的还有，诸位核心 骨干离职。 在本波具身智能浪潮中，字节入局较早；公司于2023年初开始加大机器人方向投入，2023年7月正式内部组建机 器人团队， 隶属于字节AI Lab (人工智能实验室)， 由Al Lab总监李航亲自挂帅，目前团队规模已达百人； 团队 业务分为两大部分:一是生产一些机器人（复合机器人），优先服务字节的电商履约需求；二是关注前沿技术，探 索把AI大模型能力用到机器人上；于2024年 10月发布第二代机器人大模型GR- 2。 今年4月份，字节AI Lab全部收归Seed团队下，同时伴随诸多架构变动，由向朱文佳汇报转向汇报给Seed新负责 人吴永辉，之后李航退休返聘管理范围无变化，在内部系统中的身份变更为"劳务 ...

Core Viewpoint - Humanoid robotic arms are becoming a crucial focus for companies in the technology landscape, with many enterprises developing products around this technology, including standalone robotic arms and humanoid robots [2]. Company Summaries - **Yuejiang Robotics**: Established in 2015, Yuejiang has launched over 20 collaborative robot products and the world's first humanoid robot Atom, widely applied across more than 15 industries and recognized by over 80 Fortune 500 companies [3]. - **Ruiliman Intelligent**: A national high-tech enterprise focusing on ultra-lightweight humanoid robotic arms, with a team experienced in foundational robotics technology for over 10 years, serving various sectors [4]. - **Elephant Robotics**: Founded in 2016, this company specializes in robot development and has released several humanoid robot products, including the Mercury series [5]. - **Titan Robot**: Established in 2020, Titan focuses on high-end robotic hardware and solutions, offering humanoid robots "Yaoguang" and "Mozhi" [6][7]. - **Tianlian Robotics**: Founded in 2012, Tianlian has over 50 patents in robotics, including more than 20 related to humanoid robots, and has developed a collaborative robotic arm with a weight capacity greater than 2:1 [8]. - **Crab Intelligent**: Founded in 2019, this company specializes in harmonic reducers and joint modules, developing a humanoid robotic arm capable of lifting 50 kg for hazardous environments [9]. - **Zhongke Xinsong**: A subsidiary of Xinsong, focusing on intelligent robots, with plans for humanoid robot development [10]. - **Huayan Robotics**: Originating from Dazhu Laser, this company has a global presence and is developing humanoid robot joint modules [11]. - **Feixi Technology**: Established in 2016, this company focuses on adaptive robots integrating industrial control, computer vision, and AI [12]. - **Tianji Robotics**: A subsidiary of Changying Precision, it has released a dual-arm robot suitable for industrial and commercial applications [13][14]. - **Aobo Intelligent**: Specializes in high-precision collaborative robots, with products that mimic human actions in various applications [15]. - **Jeka Robotics**: The first domestic company to develop humanoid dual-arm robots, enhancing flexibility and agility [16]. - **Ligong Industry**: A leader in collaborative and composite robots, having launched dual-arm humanoid robots with high payload capacities [17]. - **Luoshi Robotics**: Focuses on multi-joint industrial and collaborative robots, advancing technology in humanoid robotics [18]. - **Aston Coolzhu**: Founded in 2022, this company aims to revolutionize human-robot interaction and has launched its first humanoid robot [19]. Industry Trends - The humanoid robot industry is accelerating towards scale and intelligence, with production costs decreasing at an annual rate of 18%, and the global market expected to exceed 120 billion yuan by 2025 [21]. - The development of new materials in the chemical industry is crucial for the robotics sector, enhancing lightweight, durability, and flexibility in robotic structures [21]. - The first "Embodied Robot Innovation Manufacturing Forum" will be held in Hefei, focusing on the application of polymer and composite materials in humanoid robots [22][24].