导语：窗口期末尾，冰火两重天。 作者：市值风云 App：迷宫 2025 年报业绩预告开箱（六）：百亿巨亏连环爆，AI 与创新药继续领跑 本研报基于截至 2026 年 2 月 2 日 A 股上市公司发布的业绩预告公告，筛选出值得关 注的标的。 一、业绩增速亮眼标的 1、新易盛（300502.SZ） 核心原因摘要： • 受益于全球算力投资持续增长，800G、1.6T 等高速率光模块需求快速提升 • 公司产品结构高端化，800G 营收占比达 65%-70%，毛利率稳定在 48%-50% • 1.6T产品通过英伟达GB200平台认证并规模化量产，在英伟达供应链占比超30%， 零售价格较上市初期上涨 70%至 2000 美元以上，毛利率超 50% • 泰国工厂产能释放，交付周期从 12 周压缩至 8 周，规模效应进一步摊薄成本 亮点分析： 业绩超市场一致预期（机构预测均值约 90-92 亿元），Q4 单季净利润环比增长 29%- 50%，增长加速度明显；扣非净利润与净利润高度吻合，盈利质量高；海外营收占比 94.47%，客户基本盘稳固；资产负债率仅 31.99%，财务风险极低。 2、寒武纪（688256.SH） 公司简 ...

2025年初，当宇树科技的人形机器人穿着花棉袄登上春晚舞台扭起秧歌，一股由"猎奇效应"点燃的机器 人租赁热潮迅速席卷华强北。 相关店铺纷纷改弦更张 "最热的时候，这层楼有好几家都是机器人租赁的，现在有的要么搬走，要么就开始卖一些AI机器人、 直播设备之类的。"在华强北的赛格电子市场五楼，商户老板刘强（化名）向记者表示，2025年一季度 是机器人租赁最火的阶段，当时机器人租赁占据最显眼的铺位。"租金水涨船高，单台人形机器人日租 金被炒至1.8万元—2.5万元之间，最高峰时期更是一机难求。" 但这种新奇感支撑的行情并未持续很久。近日，记者再次走访时，发现赛格电子市场的指引虽写着五楼 主营业务有机器人，但机器人租赁的店铺已经全然"改头换面"。这种变化具体什么时候开始的，刘强也 说不清楚："就是人越来越少，慢慢地有些店铺改卖小型的AI陪伴机器人，有的店铺转租了。" 取而代之的是，数百米之外的曼哈商业广场二楼一家由汪星人（广东）供应链科技有限公司运营的全球 机器人选品中心。2025年11月19日，全球机器人选品中心在深圳华强北正式开业。与早期散点式的机器 人租赁不同，这家选品中心并未将"出租机器人"作为唯一卖点，而是将 ...

Investment Rating - The report maintains a recommendation for the industry, indicating a positive outlook for investment opportunities in the humanoid robotics sector [5]. Core Insights - The humanoid robotics sector has shown a slight adjustment, with the index underperforming the broader market. The humanoid robotics index fell by 1.54% during the week, while the CSI 300 index decreased by 0.28% [10][12]. - Key developments include Tesla's release of its annual humanoid robot report, showcasing significant technological advancements in its Optimus robot, and the launch of the U.S. national AI "Genesis Project," which aims to accelerate scientific discovery through AI [16][18]. - The report highlights the importance of monitoring supply chain orders related to the T-chain and emphasizes the need to focus on suppliers with strong certainty [16]. Industry Overview - The humanoid robotics sector is characterized by a total of 474 listed companies with a total market capitalization of approximately 4,799.3 billion [5]. - The sector's performance over the past month shows a 1.0% increase over one month, a 27.1% increase over six months, and a 37.5% increase over twelve months [7]. - The report identifies several key companies and their respective sectors, including Tier 1 suppliers like Changying Precision, Sanhua Intelligent Control, and Top Group, as well as other relevant companies in the robotics supply chain [4][9]. Recent Developments - Tesla's Optimus robot has made significant progress in its capabilities, including basic movements and complex interactions, with plans for mass production starting in late 2026 [16][17]. - The U.S. "Genesis Project" involves major tech companies like OpenAI and Google, aiming to create a national AI-driven research platform [18]. - Domestic developments include partnerships between companies like Unibot and Texas Instruments, as well as the deployment of humanoid robots in various production lines [20][21][22]. Market Performance - The liquidity in the humanoid robotics sector has been declining, with core stocks accounting for 5.10% of total A-share trading volume, indicating a decrease in market activity [12]. - The report lists the top-performing stocks in the humanoid robotics sector, with notable gains from companies like Zhongyou Technology and Junsheng Electronics, while others like Zhongjian Technology and Zhejiang Haideman faced significant declines [14][15].

Core Insights - The Global Developer Pioneer Summit and International Embodied Intelligence Skills Competition (GDPS 2025) was held in Shanghai, showcasing the integration of artificial intelligence into real-world applications, particularly in industrial production, life services, and professional services [1] Group 1: Industrial Production - The competition featured humanoid robots demonstrating precision in assembly tasks, achieving component recognition in 0.3 seconds and adjusting grip with 0.01 mm accuracy, highlighting advancements in real-time motion control algorithms [2] - A team developed a high-torque joint module that reduced friction coefficients by 30% through material and structural optimization, emphasizing the importance of tolerances in software engineering [2] - The establishment of the Shanghai Humanoid Robot Pilot Alliance aims to unify control systems for robots, facilitating the transition from prototypes to mature products across the industrial chain [2] Group 2: Life Services - In community service scenarios, robots assisted elderly individuals by recognizing needs through voice interaction and providing safe navigation support, demonstrating the potential for personalized assistance in daily life [3] - Home service robots showcased capabilities such as obstacle avoidance, food inventory management, and health data analysis, indicating a shift towards more individualized service models [3] - The integration of flexible and personalized service modes in embodied intelligence is expected to reshape life services and open new avenues for industry development [3] Group 3: Professional Services - The competition tested embodied intelligence in emergency rescue and medical rehabilitation, showcasing robots' capabilities in extreme environments [4] - Rescue robots successfully navigated simulated disaster scenarios, demonstrating advanced pathfinding and stability adjustments to locate and relay vital signs of trapped individuals [4] - In rehabilitation, robots provided tailored assistance to patients, balancing precision and gentleness in training, while surgical robots performed tasks with an accuracy of 0.1 mm, underscoring the critical demands of medical applications [6]

Core Insights - The Global Developer Pioneer Summit and International Embodied Intelligence Skills Competition (GDPS 2025) was held in Shanghai from December 12 to 14, showcasing the integration of artificial intelligence into real-world applications and the potential of embodied intelligence in various sectors [1] Group 1: Industrial Production - The industrial manufacturing competition highlighted the precision and speed of humanoid robots, capable of identifying different parts within 0.3 seconds and adjusting grip with 0.01 mm accuracy, completing tasks without errors [2] - A team developed a high-torque joint module that reduced friction coefficients by 30% through material optimization, emphasizing the importance of tolerances in software engineering [2] - The establishment of the Shanghai Humanoid Robot Pilot Alliance aims to unify control systems for robots, facilitating the transition from prototypes to mature products across the industrial chain [2] Group 2: Life Services - The life services competition featured robots assisting elderly individuals, showcasing their ability to understand dialects and provide personalized support, enhancing community service experiences [3] - Home service robots demonstrated capabilities such as path planning, ingredient recognition, and health data analysis to offer tailored recommendations, reflecting a shift towards more personalized service models [3] - Embodied intelligence is transforming life services by providing flexible and individualized assistance, creating new opportunities for industry development [3] Group 3: Professional Services - The professional services competition tested robots in emergency rescue and medical rehabilitation scenarios, highlighting their operational capabilities in extreme environments [4] - A rescue robot successfully navigated a simulated disaster site, demonstrating its ability to maintain stability and locate victims while transmitting vital signs [4] - In rehabilitation, robots adjusted assistance based on patient feedback, ensuring effective training while minimizing the risk of injury, underscoring the precision required in medical applications [6]

Group 1: Core Insights - The Global Developer Pioneer Conference and International Embodied Intelligence Skills Competition (GDPS 2025) was held in Shanghai from December 12 to 14, showcasing the integration of artificial intelligence into real-world applications [1] - The competition highlighted advancements in embodied intelligence across three main tracks: industrial production, life services, and professional services, demonstrating the technology's breakthroughs and industrial potential [1] Group 2: Industrial Production - In the industrial manufacturing competition, humanoid robots showcased their ability to assemble precision parts with a mechanical arm that could identify three different specifications of components within 0.3 seconds and adjust gripping force with a precision of 0.01 millimeters [2] - A team developed a high-torque joint module that reduced the friction coefficient by 30% through optimized material formulation and transmission structure, emphasizing the importance of tolerances in software engineering [2] - The establishment of the Shanghai Humanoid Robot Pilot Alliance aims to unify full-body control and fine operation planning, addressing the need for collaborative skills in embodied intelligence [2] Group 3: Life Services - The life services competition featured robots assisting elderly individuals, demonstrating capabilities such as voice interaction and personalized community activity recommendations [3] - A home service robot showcased its ability to autonomously plan paths, identify ingredients, and recommend recipes based on user health data, highlighting the personalized service potential of embodied intelligence [3] - The integration of flexible and personalized service models in daily life is expected to open new avenues for industrial development [3] Group 4: Professional Services - The professional services track tested embodied intelligence in emergency rescue and medical rehabilitation scenarios, emphasizing the technology's performance in extreme environments [4] - A rescue robot successfully navigated a simulated disaster scene, demonstrating its ability to calculate optimal paths and maintain stability while locating simulated victims [4] - In rehabilitation, a robot assisted stroke patients by adjusting support based on their exertion levels, while a surgical robot performed precise operations with an error margin of 0.1 millimeters, showcasing the critical balance of precision and care in medical applications [6]

Core Insights - The Global Developer Pioneer Summit and International Embodied Intelligence Skills Competition (GDPS 2025) was held in Shanghai from December 12 to 14, showcasing the integration of artificial intelligence into various real-life applications [1] Group 1: Industrial Production - The industrial assembly competition featured humanoid robots performing precise assembly tasks, achieving 0.01 mm accuracy and completing eight processes without errors [2] - A team developed a high-torque joint module that reduced friction coefficients by 30% through material and structural optimization, highlighting the importance of tolerances in software engineering [2] - The establishment of the Shanghai Humanoid Robot Pilot Alliance aims to unify control systems for robots, facilitating the transition from technology prototypes to mature products across the industrial chain [2] Group 2: Life Services - In the life services competition, a smart service robot assisted elderly participants by recognizing needs through voice interaction and providing community activity information [3] - A home service robot demonstrated its ability to autonomously plan paths, identify ingredients, and recommend recipes based on user health data, showcasing personalized service capabilities [3] - The integration of embodied intelligence in daily life is transforming service models, creating new opportunities for industry development [3] Group 3: Professional Services - The professional services competition tested embodied intelligence in emergency rescue and medical rehabilitation scenarios, emphasizing the technology's performance in extreme conditions [4] - A rescue robot successfully navigated a simulated disaster site, demonstrating its ability to calculate optimal paths and maintain stability while locating victims [4] - In rehabilitation, a robot adjusted assistance levels based on patient feedback, while a surgical robot showcased precision in minimally invasive procedures, with errors controlled within 0.1 mm [6]

Core Viewpoint - The Tinker team from Tsinghua University won the first prize in the Intelligent Commercial Service Scenario Application Competition at the 2025 Second Zhongguancun Embodied Intelligent Robot Application Competition, showcasing their advanced technology and teamwork [1]. Team Composition and Structure - The Tinker team is guided by Professor Chen Rui from the Mechanical Engineering Department of Tsinghua University, consisting mainly of undergraduate students from various disciplines such as automation, electronics, mechanics, computer science, and software, allowing for knowledge complementarity [4]. - The team established clear divisions of labor from the outset, with each module's core work assigned to students with strong professional capabilities, ensuring efficient progress in robot technology [5]. Technical Preparation and Strategy - The Tinker team identified the competition's rules as highly compatible with their long-term preparation for the RoboCup@Home competition, focusing on practical application and rapid iteration of their technology [6]. - The team conducted in-depth analysis and comparison of competition tracks, selecting the "Intelligent Commercial Service Scenario Application Competition (Autonomous)" as their core task due to its alignment with their technical strengths and past experiences [6]. Project Management and Collaboration - The team implemented a detailed project breakdown into multiple technical modules, assigning responsible leaders for each module to ensure clarity in task objectives and responsibilities [7]. - Weekly team meetings served as a platform for information synchronization and collaborative progress, allowing for timely updates on work progress and problem-solving discussions [10]. Technical Challenges and Solutions - Throughout the competition, the team faced significant technical challenges, particularly in dynamic environments, requiring high levels of multi-module collaboration, system robustness, and real-time performance [11]. - The team focused on overcoming three core technical challenges: achieving high-precision, low-latency mapping and autonomous positioning; optimizing multi-target detection and semantic understanding models; and enhancing the success rate of the robotic arm's grasping capabilities [13]. Practical Application and Future Directions - The competition provided a comprehensive practical platform for the team, facilitating the transition from basic research to system integration and real-world application [13]. - The Tinker team anticipates that embodied intelligence will achieve large-scale application in clearly defined, safe, and controllable closed or semi-closed environments within the next 1-3 years, particularly in education and logistics [22][23]. Future Competitions and Goals - The team is now focused on preparing for the RoboCup domestic and international competitions, aiming to enhance the robot's autonomous decision-making capabilities and robustness in complex, dynamic environments [24]. - The Tinker team plans to deepen collaboration with Professor Chen Rui's laboratory to integrate cutting-edge research into their robot platform, aiming for a replicable and scalable embodied intelligence technology system [26].

Core Viewpoint - The third-quarter reports of listed companies reflect the resilience and vitality of China's consumer market, indicating a structural adjustment period in the consumption sector with both challenges and opportunities [1] Overall Recovery - The consumer sector shows a steady recovery overall, but there is uneven performance across different segments. Essential consumption remains stable, while discretionary consumption is experiencing a divide [2] - Essential consumption sectors like food and beverages are performing well due to their necessity, with leading companies showing stable revenue and profit growth [2] - The liquor industry, representing traditional high-end consumption, is under pressure, with major companies like Wuliangye and Luzhou Laojiao reporting significant declines in revenue and profit [2] - In contrast, the new energy vehicle industry is thriving, benefiting from policy support and product upgrades, becoming a key growth driver in the consumer sector [2] Channel Transformation - Traditional retail companies are accelerating their online transformation, integrating online and offline channels to capture market changes, with those embracing digitalization seeing growth [3] Cost Pressures - Global commodity prices remain high, putting pressure on raw material and logistics costs, which challenges the gross margins of mid-to-low-end consumer companies [4] - Companies that optimize product structures and improve supply chain efficiency are demonstrating stronger profitability and market competitiveness [4] Structural Highlights - A number of structural highlights are emerging, driving high-quality development in consumer-related listed companies through innovation in technology, business models, and consumer scenarios [5] - In the smart home sector, companies like Ecovacs and Haier are experiencing significant profit growth, with Ecovacs reporting a 131% increase in net profit [5] - The traditional consumption sector is exploring new business models, with companies like Kweichow Moutai and Mercury Home Textiles achieving double-digit growth through innovative product offerings [6] New Consumption Scenarios - Companies are actively transforming to capture new consumption trends, with firms like Golden Dragon Fish and Miaokelando reporting substantial profit increases due to cost improvements and channel optimization [8] - The consumer market is becoming increasingly segmented, with new brands focusing on specific demographics and scenarios, such as new-style tea drinks and pet economy products [8] - Domestic brands are gaining market share and showing strong performance in sectors like sportswear and beauty products, driven by cultural confidence and supply chain advantages [8] Market Dynamics - The consumer market is undergoing structural upgrades, with recovery being uneven due to factors like income expectations and regional disparities [9] - Companies with strong brand barriers and unique market advantages are favored by capital, while those embracing new trends and product iterations can still find growth opportunities [9] - The competition is shifting from traditional versus new consumption to the operational efficiency and strategic vision of different companies within the same industry [9] High-Quality Development - The recovery trend in China's consumer market is moving from total growth to structural optimization, with companies encouraged to focus on high-quality development through innovation [10]

Core Insights - The third-quarter reports of listed companies reflect the resilience and vitality of China's consumer market, indicating a structural adjustment period with both challenges and opportunities [1] Overall Recovery - The consumer sector shows a steady recovery overall, but there is uneven performance across different segments. Essential consumption remains stable, while discretionary consumption is experiencing a divide [2] - Essential consumption sectors like food and beverages are performing well due to their necessity, with leading companies showing stable revenue and profit growth. For instance, Wuliangye reported a 52.66% year-on-year decline in Q3 revenue to 8.174 billion yuan, and a 65.62% drop in net profit to 2.019 billion yuan [2] - In contrast, the new energy vehicle industry is thriving, benefiting from policy support and product upgrades, becoming a key growth driver in the consumer sector [2] Channel Transformation - Traditional retail companies are accelerating their online transformation, integrating online and offline channels. Companies that embrace digitalization are capturing the benefits of this channel transformation [3] Cost Pressures - Global commodity prices remain high, putting pressure on raw material and logistics costs, which challenges the gross margins of mid-to-low-end consumer companies. Companies that optimize product structures and improve supply chain efficiency are showing stronger profitability [4] Structural Highlights - A number of structural highlights are emerging, driving high-quality development in consumer-related listed companies through innovation in technology, business models, and consumer scenarios [5] - In the smart home sector, companies like Ecovacs and Haier are experiencing significant profit growth, with Ecovacs reporting a 131% year-on-year increase in net profit [5] Innovation in Business Models - Traditional consumption sectors are exploring new business models, with companies like Kweichow Moutai and Water Mercury Home Textiles achieving double-digit growth through innovative product offerings and marketing strategies [6] New Consumption Scenarios - Companies are actively transforming to capture new consumption trends, with firms like Golden Dragon Fish and Miaokelando reporting significant profit increases due to cost improvements and channel optimization [8] - The rise of domestic brands is notable, with many achieving excellent performance in revenue growth and market share, particularly in sectors like sportswear and beauty products [8] Market Dynamics - The consumer market is undergoing structural upgrades, with disparities in recovery driven by factors such as income expectations and consumer confidence. Companies with strong brand barriers and unique market advantages are favored by capital [9] - The competition is intensifying among quality sectors, with a focus on operational efficiency and strategic vision. Companies that adapt to new trends and innovate their product offerings are likely to find growth opportunities [10]