Group 1 - The company, Topband Co., Ltd. (002139.SZ), has a stable partnership with UBTECH Robotics, primarily supplying hollow cup motors [1] - The supply of actuator components, which include the hollow cup motor body, gearbox, encoder, and screw, is gradually increasing [1] - The range of products for future cooperation is expected to continue expanding [1]

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [4][17]. Core Views - The company has shown steady revenue growth in the first half of 2025, with a revenue of 5.502 billion yuan, representing a year-on-year increase of 9.70%. However, the net profit attributable to the parent company decreased by 15.11% to 330 million yuan [2][3]. - The company is transitioning from a focus on functional implementation to providing scenario-based and intelligent solutions, leveraging its full-stack technical capabilities in smart control [2]. - The laser radar motor has achieved scale production, and the robotics-related business is growing rapidly, with a revenue increase of 22.72% in the robotics segment [3]. Financial Performance Summary - Revenue projections for the company are as follows: 8,992 million yuan in 2023, increasing to 15,959 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.9% [1]. - The net profit attributable to the parent company is expected to grow from 516 million yuan in 2023 to 1,177 million yuan in 2027, with a notable increase of 30.2% in 2024 [1][8]. - The company's return on equity (ROE) is projected to improve from 8.0% in 2023 to 12.6% in 2027, indicating enhanced profitability [1]. Business Segment Performance - The tools and home appliances segment generated revenue of 4.377 billion yuan in the first half of 2025, up 16.15%, with a gross margin of 22.22% [2]. - The digital energy and smart automotive business reported a revenue of 848 million yuan, down 16.98%, while the smart automotive segment saw a significant growth of 86.03% [3]. - The robotics segment achieved a revenue of 277 million yuan, reflecting a year-on-year increase of 22.72%, with a gross margin of 26.95% [3].

Group 1 - The company is optimistic about the development of the embodied intelligence industry and is actively promoting the collaboration of hollow cup motors and actuator components with downstream manufacturers [2] - The company has sufficient production capacity in its existing industrial park and will flexibly allocate resources based on market demand and order conditions [2] - The company commits to timely information disclosure regarding any relevant progress in its collaborations [2]

Core Viewpoint - The company, Tuobang Co., Ltd. (002139), is actively supplying hollow cup motors and integrated actuator components to partners, including UBTECH and Xingdong Jiyuan, with ongoing deliveries and stable cooperation [1] Group 1 - The company has successfully achieved partial deliveries of hollow cup motors and integrated actuator components, which include the motor body, gearbox, encoder, and screw [1] - The collaboration with UBTECH and Xingdong Jiyuan is stable, indicating a strong partnership [1] - The company plans to expand the range of products offered in future collaborations with these partners [1]

Group 1 - The company, Topband Co., Ltd. (002139), is currently supplying hollow cup motors and actuator components, which include the hollow cup motor body, gearbox, encoder, and screw, primarily to OEMs in the humanoid robot sector [1] - The current shipment situation of the company's products will be dynamically adjusted based on the actual application needs and project progress of downstream customers [1]

Core Viewpoint - The company has established close cooperation with leading humanoid robot manufacturers, such as UBTECH, and has received initial bulk orders for its hollow cup motors and actuator components [1] Group 1: Product Development and Partnerships - The company's hollow cup motors and integrated actuator components (including gearbox, encoder, and screw) are being utilized in humanoid robots [1] - The company is actively enhancing market expansion and technical response speed to accelerate order conversion from existing clients [1] - The company is also engaging with more leading OEMs to promote product testing and collaboration processes [1]

Group 1 - The company has established close cooperation with leading humanoid robot manufacturers such as UBTECH, securing initial bulk orders for its hollow cup motors and actuator components [2] - The company is enhancing its market expansion and technical response speed, aiming to accelerate order conversion from existing clients and actively engage with more leading manufacturers to promote product testing and collaboration [2]