出品｜公司研究室IPO组 文｜曲奇 近日，浙江翼菲智能科技股份有限公司（简称"翼菲科技"）正式向港交所递交招股书，计划以18C章程登陆主板。若成功上市， 翼菲科技将成为港股"轻工业全品类机器人第一股"。 过去3年，翼菲科技收入年复合增速为28.5%，但2022年末到2024年末，公司应收账款及票据从0.28亿元增长至1.38亿元，增幅为 392%，远高于收入增速。 此外，翼菲科技应收账款及票据周转天数从46天延长至120天，公司回款率明显下滑。 应收账款及票据3年增长392% 值得注意的是，2022年末到2024年末，翼菲科技的应收账款及票据分别为2810万元、5230万元及1.38亿元，应收账款及票据的增 速远高于当期收入增速。 在技术上看，翼菲科技致力于创造完全自主、全栈的具身智能机器人技术，现已建立了一个整合"脑""眼""手""足"的核心技术系 统，实现智能决策、环境感知、精确操控及自主移动。 招股书显示，翼菲科技已获得271项授权专利，包括36项发明专利，222项实用新型专利及13项设计专利。 翼菲科技的业务主要分为机器人本体业务和机器人解决方案业务。 根据招股书，2020年到2024年，中国轻工业机 ...

Core Insights - China's total import and export value of goods reached 17.94 trillion yuan in the first five months of this year, with exports growing by 7.2% to 10.67 trillion yuan [1] - The export of industrial manufacturing products amounted to 6.22 trillion yuan, reflecting a growth of 9.2%, with industrial robots seeing a remarkable increase of 55.4% [1] - The cumulative production of industrial robots in China for the first four months was 221,000 units, representing a year-on-year growth of 34.1% [1] Industry Growth - The global industrial robot market is projected to reach approximately $13.63 billion in 2024 and $18.93 billion by 2031, with a compound annual growth rate (CAGR) of 4.9% from 2025 to 2031 [2] - China's industrial robot export value increased from 1.98 billion yuan in 2017 to 8.06 billion yuan in 2024, achieving a CAGR of 22.2% over seven years [2] - Multi-joint robots are the primary exported industrial robots due to their flexibility and wide applicability in complex tasks such as assembly and welding [2] Technological and Policy Support - The rapid international expansion of China's robot industry is driven by technological innovation and policy support, with significant advancements in core technologies and industrial ecosystem development [3] - Domestic companies have successfully developed core components with independent intellectual property rights, enhancing their competitiveness in the global market [3] - The ongoing competition in the industrial robot sector is prompting companies to accelerate technological iterations and upgrade their product competitiveness [3] Corporate Actions - Companies are actively expanding their overseas markets, with over 250 inquiries related to "industrial robots" on the Shenzhen Stock Exchange's interactive platform in the past month [4] - Guangdong Tuosida Technology Co., Ltd. plans to steadily advance its overseas market expansion, gaining recognition for its industrial robots and related solutions [5] - Shenyang Siasun Robot & Automation Co., Ltd. aims to continue its overseas market layout and increase its "going out" efforts to enhance overseas revenue [5] - Nanjing Estun Automation Co., Ltd. is focusing on expanding into Europe, America, the Middle East, and Southeast Asia, targeting opportunities in the electric vehicle and lithium battery sectors [5] - Companies are encouraged to focus on technological innovation and invest in core component research, while also exploring niche markets and strengthening supply chain collaborations [5]

2025年一季度，中国工业机器人与自动化市场展现出显著的复苏韧性。尽管面临价格竞争压力，下游需 求在汽车、半导体、锂电池等领域的拉动下逐步回暖，叠加国产厂商在核心技术与市场份额上的持续突 破，行业正迎来"量质齐升"的关键阶段。一、工业机器人：需求复苏，协作机器人成增长亮点 麦格理报告显示，2025年一季度中国工业机器人销量同比增长11.6%，结束了此前的库存去化周期，汽 车主机厂、半导体、汽车零部件等领域需求稳步提升。值得关注的是，协作机器人(cobots)延续高速增 长，一季度产量同比激增41.4%，远超传统多关节机器人(12.5%)和SCARA机器人(11.2%)，成为行业"增 长极"。市场竞争与格局变化 外资品牌份额微降，国产头部崛起：国内厂商市场份额虽从2024年的52.3%小幅降至51.4%，但头 部企业表现亮眼。埃斯顿（002747）(9.9%)、汇川技术（300124）(8.9%)跻身行业前十，分别位列 第二和第四，市占率持续提升；发那科(10.1%)仍居首位，但库卡、ABB等外资品牌通过调整价格 策略扩大份额。 下游分化显著：汽车主机厂需求同比增长45.4%，锂电池行业从2024年的-19.4 ...

Core Viewpoint - The company,拓斯达, reported a significant decline in revenue and net profit for 2024, marking its first loss since going public, primarily due to a drastic drop in its smart energy and environmental management systems business, while its core businesses in industrial robots and CNC machine tools showed strong growth [1][4][5]. Revenue and Profit Summary - In 2024, the company achieved revenue of 2.872 billion yuan, a year-on-year decline of 36.92%, and a net profit of -245 million yuan, indicating the first loss since its establishment [1]. - The smart energy and environmental management systems business saw a revenue drop of over 50%, significantly impacting overall profitability [4][5]. Business Performance Analysis - The company's automation application systems business declined by 33.74% due to strategic contraction, while self-produced multi-joint robots experienced a revenue increase of 76.04%, with total shipments exceeding 8,000 units [3][5]. - The industrial robot segment's revenue grew by 12.50%, with a gross margin increase of 3.93 percentage points, and the electric injection molding machine orders surged by 150% [5][6]. Strategic Transformation - The company is undergoing a strategic transformation by focusing on standardized, replicable core products and reducing low-margin, highly customized project-based businesses [3][4]. - The company plans to further shrink its project-based business and adjust subsidiary equity to reduce reliance on the smart energy and environmental management systems business [6][7]. Technological Advancements - The company is committed to developing embodied intelligence and integrating IT with operational technology, aiming to create a seamless connection between the physical and digital worlds [7][8]. - The new X5 motion control platform, which integrates with AI models, has been successfully implemented in the 3C industry, enhancing efficiency by 40% [7][8]. Future Outlook - The company aims to complete a closed-loop chain of "technical breakthroughs, scene implementation, and ecological construction" over the next decade, focusing on solving manufacturing pain points through product definition based on real scenarios [8]. - The first quarter of 2025 showed a continued positive trend, with product business revenue increasing by 8.87%, driven by strong demand in emerging industries [8].

Core Viewpoint - 2024 is a critical year for the company, TuoSiDa, as it undergoes a significant transformation despite facing its first historical loss due to a substantial decline in revenue and a strategic shift towards product-focused operations [2][3][8] Group 1: Financial Performance - In 2024, TuoSiDa's revenue dropped by over 30%, resulting in the company's first-ever loss since its establishment, primarily due to a 54.22% contraction in its intelligent energy and environmental management systems business [2][3] - The company has proactively reduced low-margin, high-risk projects since late 2022, leading to a historical revenue decline in 2023 and continued reductions in 2024 [2][3] - Despite the loss, the company indicates an improvement in operational quality, suggesting a transition towards becoming a product-oriented company [2][3] Group 2: Business Structure and Strategy - TuoSiDa plans to focus on developing its core product lines, including robots, CNC machine tools, and injection molding machines, while gradually divesting from non-core businesses [3][4] - The intelligent energy and environmental management systems business saw a revenue decline of over 90% in Q1 2025, while other business segments experienced a revenue growth of over 23% [3][4] - The company’s product business now accounts for a larger share of total revenue, with a 15.62 percentage point increase in contribution and a 37.43% overall gross margin [4] Group 3: Product Performance - The industrial robot segment achieved a revenue of 27,531.64 million yuan in 2024, marking a 12.50% year-on-year growth, with a gross margin of 47.53% [4] - The injection molding machine and related equipment business generated 51,121.47 million yuan in revenue, reflecting an 18.67% increase due to various market factors [5][6] - The sales of electric injection molding machines saw a significant increase, with order volume up by approximately 150% and shipment volume up over 300% [6] Group 4: Technological Advancements - TuoSiDa is positioned as a comprehensive player in the robotics industry, integrating upstream core components, midstream industrial robots, and downstream automation systems [7] - The company has launched the new X5 robot motion control platform, which serves as a critical component in bridging the gap between embodied intelligence and robotics [7][8] - TuoSiDa is collaborating with major tech companies to enhance its capabilities in embodied intelligence, creating a closed-loop system for data-driven product evolution [7][8]