（来源：唐僧财经） 来源：市场资讯 9月29日，珞石（山东）机器人集团股份有限公司（下称"珞石机器人"）向港交所递交招股书。珞石机 器人成立于2015年，2023年10月，珞石机器人总部由北京迁至济宁邹城，2024年12月，珞石机器人在山 东证监局进行上市辅导备案。 灼识咨询报告显示，珞石机器人是国内少数同时量产工业机器人与协作机器人的企业，按2024年销量计 算，珞石的多关节机器人在中国市场国内制造商中排名第三，在全球制造商中排名第七。 珞石机器人目前为全球约40个国家和地区的1000余家不同行业领域客户提供机器人及解决方案。其中， 公司是小米集团多家工厂的国内工业机器人供应商，并向歌尔股份供应复合机器人。其客户群还包括法 雷奥及福田康明斯等汽车及汽车零部件制造商，以及新能源、医疗及通用制造领域的合作伙伴。 股权结构上，珞石机器人最终控股股东为庹华。珞石机器人执行董事分别为庹华、唐圣添、王皓博士、 宋斌、张雷，非执行董事为喻世华博士，独立非执行董事分别为章培林、章睿女士、陈曼丽女士。庹华 为公司董事局主席、总经理，唐圣添为公司CFO、董秘。 IPO前，庹华直接持股为13.46%，邹城珞石兄弟持股为8.48% ...

证券代码：688155 证券简称：先惠技术 公告编号：2025-056 上海先惠自动化技术股份有限公司 第四届董事会第三次会议决议公告 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的《上海先惠自动化技术股份 有限公司关于增加2025年度日常关联交易预计的公告》公告编号：2025-057）。 本议案已经独立董事专门会议、董事会审计委员会事前审议通过。 关联董事潘延庆先生、王颖琳女士回避表决。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 上海先惠自动化技术股份有限公司（以下简称"公司"）第四届董事会第三次会议于2025年9月26日以现 场结合通讯方式召开。本次会议的通知于2025年9月24日通过电子邮件方式送达全体董事。本次会议应 到董事7人，实际出席董事7人，公司高级管理人员列席本次会议。本次会议由董事长潘延庆先生召集和 主持。本次会议召集、召开符合《中华人民共和国公司法》（以下简称"《公司法》"）和《上海先惠自 动化技术股份有限公司章程》（以下简称"《公司章程》 ...

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]

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]

Core Viewpoint - The company, Yujiang Technology, reported its first half-year results since its IPO, showing significant revenue growth and a narrowing of losses despite a challenging macroeconomic environment [2][3]. Financial Performance - The company achieved revenue of 153 million yuan, a year-on-year increase of 27.1% [2][3]. - Net profit attributable to shareholders was -40.9 million yuan, a 31.8% reduction in losses compared to the previous year [2]. - Adjusted net loss (excluding non-recurring items) was -22.9 million yuan, narrowing by 34.4% year-on-year [2]. - Gross margin improved to 47.0%, up by 3.1 percentage points year-on-year [2]. Domestic Market Growth - Domestic revenue surged by 56.7%, with domestic sales accounting for 47.6% of total revenue, up from 38.7% in the same period last year [3][4]. - Six-axis collaborative robots generated revenue of 93.6 million yuan, a 46.7% increase, making up 61.2% of total revenue [4]. - The company’s products are primarily six-axis, four-axis, and composite robots, with applications in various sectors including automotive, electronics, and healthcare [3][4]. Product Performance - Revenue from four-axis collaborative robots was 39.6 million yuan, growing by 7.7%, and accounted for 25.9% of total revenue [4]. - Composite robots generated 16.6 million yuan, a 13.1% increase, representing 10.9% of total revenue [4]. - The industrial sector remains the largest revenue contributor, with 81.1 million yuan, a 22.4% increase, while the education sector also saw growth of 18.3% [4]. International Market Challenges - Overseas revenue was 80.1 million yuan, a modest increase of 8.4%, with its share of total revenue declining from 61.3% to 52.4% [5]. - The company faced challenges in international markets due to trade policy uncertainties, affecting product access and pricing [5]. - To address these challenges, the company increased global sales channel expansion and marketing expenses, with sales and distribution costs rising by 31.5% to 82.2 million yuan [5]. Strategic Initiatives - Yujiang Technology aims to strengthen its position in the collaborative robot sector while also focusing on embodied intelligence as a second growth curve [6]. - The company has initiated research and development in humanoid robots, launching the DOBOT Atom, which has completed mass production [6][7]. - Collaborations with NVIDIA and Tencent are underway to enhance the application of embodied intelligence technology across various sectors [7].

Core Viewpoint - The company reported significant revenue growth in 1H25, driven by the strong performance of six-axis collaborative robots, indicating a positive trend in operational efficiency and product demand. Group 1: Financial Performance - In 1H25, the company achieved revenue of 153 million yuan, a year-on-year increase of 27.1%, significantly up from 9.6% growth in 1H24, primarily due to the substantial increase in six-axis collaborative robot sales [1] - The gross margin improved to 47%, 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 narrowing of 34.4% year-on-year, reflecting improved operational efficiency [1] Group 2: Product and Market Development - 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, driven by expansion in core application scenarios such as 3C electronics, medical, and commercial retail [1] - Revenue from four-axis collaborative robots was 40 million yuan, with a year-on-year increase of 7.7%, primarily due to rising industrial demand, although some demand shifted to six-axis products [1] - Revenue from composite robots was 17 million yuan, up by 13.1% year-on-year, benefiting from increased demand in manufacturing and commercial sectors [1] Group 3: Business Scenarios and Innovations - Revenue from industrial, educational, and commercial scenarios in 1H25 was 81 million yuan, 58 million yuan, and 14 million yuan respectively, with year-on-year growth rates of 22.4%, 18.3%, and 165.5%, indicating strong growth in commercial applications [2] - The company has completed software-defined testing for some composite robot products and is promoting commercial products like coffee and moxibustion robots, which are expected to see volume growth in 2H25 and large-scale promotion in 2026 [2] Group 4: R&D and Future Outlook - The company launched the world's first "dexterous operation + knee-walking" humanoid robot, with mass production verification completed and initial deliveries to Japan, marking a shift from validation to commercialization [3] - The company released a wheeled and single-arm embodied intelligent robot, covering low-cost sectors, and a six-legged bionic robot with a 30KG load capacity, targeting industrial inspection and education [3] - R&D investment in 1H25 was 40 million yuan, a year-on-year increase of 30.3%, with plans for continued investment in talent, new products, and data collection [3] Group 5: Market Position and Projections - As of 1H25, the company has established a complete product matrix covering a load range of 0.25-30kg and a full line of desktop to service robots, with the number of Fortune 500 clients increasing to 80 [4] - The company is expected to maintain its leading position in the collaborative robot sector, with revenue projections of 500 million yuan, 670 million yuan, and 890 million yuan for 2025-2027 [4]

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].

Core Viewpoint - Softstone Power achieved significant growth in revenue and profit in the first half of 2025, driven by its hardware-software synergy strategy and strong performance in key business areas [1][2]. Group 1: Financial Performance - The company reported total revenue of 15.781 billion yuan, a year-on-year increase of 25.99% [1]. - The net profit attributable to the parent company improved significantly, with a second-quarter net profit of 55 million yuan, a quarter-on-quarter increase of 127.87% [1]. - Operating cash flow for the second quarter reached 1.358 billion yuan, reflecting a quarter-on-quarter growth of 173.92% [1]. Group 2: Business Development - Softstone Power's large customer business showed strong resilience, enhancing its competitiveness in consulting and solution markets [2]. - The company successfully engaged in various projects, including the ICT infrastructure and AI consulting, with multiple contracts worth millions signed [2][3]. - The launch of over 20 new trusted computing terminal products and advancements in humanoid and composite robotics were highlighted [2]. Group 3: Strategic Initiatives - The company introduced the "iSoftStone Digital" brand and initiated the "Going Global 2.0" strategy, focusing on expanding its presence in key industries and cities [3]. - Significant project wins included major procurement contracts with Beijing and China Mobile, as well as international projects like the Pakistan Prime Minister's Youth Program [3].

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].

Core Viewpoint - Tianlian Robot, a company listed on the New Third Board, has completed its A-share IPO counseling record and plans to list on the Sci-Tech Innovation Board, despite facing continuous losses and cash flow challenges [2][3][7]. Company Overview - Tianlian Robot was established in 2012 and has been listed on the New Third Board since 2015, focusing on humanoid robots, collaborative robots, and other advanced robotics [3][4]. - The company reported revenues of 21.39 million yuan and 29.91 million yuan for 2023 and 2024, respectively, with a compound annual growth rate of 12.03% over the last three years [3][4]. Financial Performance - Despite revenue growth, Tianlian Robot has not achieved profitability in its ten years of listing, with a projected net loss of 15.19 million yuan for 2024 [3][4]. - The company has invested heavily in R&D, with R&D expenses reaching 11.6 million yuan in 2024, accounting for over 50% of its revenue [4][5]. Industry Context - The robotics industry has seen many companies struggling to achieve profitability, with several still in the capacity ramp-up phase [2][9]. - Tianlian Robot's core business includes harmonic reducers and humanoid robots, facing high R&D costs and long commercialization cycles [4][5]. Challenges and Risks - The company faces significant challenges, including high customer concentration, with its largest customer contributing over 52% of its revenue, leading to weak bargaining power [5][6]. - Cash flow issues are exacerbated by high inventory turnover days (297 days) and a high proportion of accounts receivable (over 40% of revenue) [6][7]. - The company has warned of potential risks in its IPO process due to financial metrics not meeting the Sci-Tech Innovation Board's standards, including a market value of approximately 910 million yuan, below the required 1 billion yuan [7][8]. Market Dynamics - The robotics sector is characterized by intense competition, with both domestic and international players, leading to price wars and compressed profit margins [9]. - While some companies in the industry are profitable, many remain in a loss-making state, primarily due to high R&D costs and competitive pressures [9].