0:00 南方财经全媒体记者 袁思杰 实习生顾欣宇 香港报道 在香港数码港的一家科技初创公司总部，一进门就能看到一排排舒展着精密构造的"肢体"人形机器人， 仿佛科幻电影中的场景照进现实——这便是香港路邦科技公司的机器人研发中心。 深入探索这个空间，我们惊奇地发现各种造型的机器人产品：可以自动摆放路锥和给道路划线的多功能 工程车、自动行走的轮椅、能像咖啡师一样给咖啡拉花的机械臂模块等。它们整齐有序地分布在不同区 域，和办公室里分散在不同角落的工程师们一起"埋头苦干"，成为了人类的"同事"。 "在公司创立之初，我们的方向和其他依赖投融资的公司有一点不同。因为曾在发展初期遇到过资金短 缺的问题，我们认为不能盲目地使用投资者的资金进行无序扩张。相反，我们会注重平衡，就是通过研 发，将产品转化落地，从而创造营收。所以，我们不是一家纯'烧钱'的公司。"路邦科技联合创始人及 首席技术官麦骞誉对记者表示。 自2017年创立以来，路邦始终聚焦机器人领域的核心技术攻关。其研发的中国首台5G动作传感仿生机 器人，通过低时延的5G网络，实现了操作者与机器人的实时动作同步，如同赋予机器人"感知神经"， 让远程医疗、危险环境作业等场景的 ...

Financial Performance - The company reported Q1 earnings per share of $0.83 on sales of $1.2 billion, with a return on invested capital of 15% [6][23] - Total net sales decreased by 4.9% year-over-year, or 3.6% at constant exchange rates, with organic sales excluding ESG declining by 25% [23][35] - The operating margin for the overall company was 9.1%, down 350 basis points from the prior year, but showed a sequential improvement of 130 basis points from Q4 2024 [24][30] Business Line Performance - Aerials segment sales were $450 million, with operating margins down 3% year-over-year but expected to return to double digits in Q2 due to seasonal demand [26][36] - Materials Processing (MP) sales were $382 million, maintaining double-digit margins despite lower volume, with expectations for sequential improvement throughout the year [27][36] - Environmental Solutions (ES) generated approximately $400 million in sales, representing a third of total sales, with an operating margin of 19.4%, showing strong performance and record throughput [29][30] Market Data - Approximately 75% of the company's 2025 U.S. machine sales are expected to come from products manufactured in the U.S., enhancing resilience against tariffs [8][10] - The company noted a generally weak economic environment in Europe but sees potential growth in infrastructure spending in the medium to long term [15][16] Company Strategy and Industry Competition - The company is focused on integrating ESG into its operations, expecting to deliver over $25 million in operational run rate synergies by the end of 2026 [17][38] - The company is leveraging its global sourcing capabilities to mitigate tariff impacts and maintain price-cost neutrality [13][50] - The company is optimistic about its position in the market, particularly in the U.S. and North America, where a significant portion of its products are manufactured [60] Management Commentary on Operating Environment and Future Outlook - Management expressed caution regarding the macroeconomic environment and geopolitical uncertainties but maintained a full-year EPS outlook of $4.7 to $5.1 [7][35] - The company anticipates a gradual recovery in MP driven by replacement demand in North America, with a focus on maintaining operational efficiency [36][118] Other Important Information - The company ended Q1 with $1.1 billion in liquidity and plans to deleverage in the second half of the year while continuing to invest in growth [31][32] - The company repurchased $32 million of its stock and paid $11 million in dividends during the first quarter [32] Q&A Session Summary Question: Margin outlook for Environmental Solutions - Management noted that strong Q1 performance was driven by increased sales, record throughput, and integration synergies, but expects moderation in margins going forward due to one-off items and increased expenses [41][44][46] Question: Handling of orders and tariff assumptions - Management confirmed they are in mitigation mode regarding tariffs, having pulled forward inventory and implemented surcharges where necessary, while maintaining price-cost neutrality [47][49][50] Question: Guidance dynamics and competitive advantage - Management explained that the Q1 performance exceeded expectations, and while tariffs are a concern, the majority of products are manufactured in the U.S., providing a competitive edge [53][59] Question: Aerials and Material Processing margin progression - Management indicated that Aerials are expected to see a seasonal ramp-up in Q2, with MP showing a gradual recovery driven by replacement demand [63][66][68] Question: Impact of tariffs on the UK and pricing strategies - Management acknowledged the impact of tariffs on raw materials from China and indicated that pricing strategies would be adjusted as necessary to maintain competitiveness [79][82] Question: Sustainability of ES margins - Management expressed confidence in the sustainability of ES margins due to strong demand and expected synergies from the ESG acquisition [84][86] Question: Clarification on tariff assumptions - Management clarified that the $0.40 tariff impact assumption includes expected easing of China tariffs, with a focus on maintaining competitive pricing [91][92] Question: Impact of Germany's stimulus plan - Management noted that while the stimulus plan in Germany is not included in current sales outlook, it could positively impact the Material Processing segment in the future [93][94]