抢着上"春晚"的除了明星，还有机器人。 上述科技感十足的机器人集体亮相，早已不只是一场单纯的视听表演，更成为资本市场观测具身智能产 业脉动的窗口。 《每日经济新闻》记者注意到，当机器人从实验室和工厂车间走向亿万家庭团聚的荧幕中心，其背后交 织的是一张由众多上市公司协同编织的生态网络。部分上市公司通过直接或间接股权投资，早已锚定机 器人赛道内的核心玩家，部分上市公司则以核心供应商或战略合作伙伴的身份深度嵌入其中。 这场"春晚集体秀"能否如2025年宇树科技一般，再次点燃一个产业的新周期？繁华喧嚣的"春晚"舞台之 下，产业真实的"温度"究竟如何？ 从一线企业的反馈中，大家可以窥见乐观预期之外更需冷静面对的现实。多家被市场视为"概念股"的上 市公司坦言，相关业务大多仍处于市场开拓、试样或小批量订单阶段，对公司当前业绩贡献甚微。 多家公司参与机器人领域 芯联集成（SH688469）旗下CVC（企业风险投资）平台芯联资本于2025年参与魔法原子战略融资，公 司与魔法原子存在战略合作关系。公告显示，芯联集成主要提供一站式芯片系统代工服务，在机器人应 用领域，公司用于机器人激光雷达的光源VCSEL（垂直腔面发射激光芯片）和 ...

Core Viewpoint - The 2026 Spring Festival Gala has transformed into a "super showcase" for Chinese robotics, featuring multiple companies and highlighting the industry's shift from laboratory to commercial application [1][3]. Group 1: Robotics Participation in the Spring Festival Gala - Over five embodied intelligence companies are participating in the 2026 Spring Festival Gala, with Yushutech making its third appearance [3]. - Yushutech will showcase the integration of engineering capabilities and artistic expression, while Galaxy General has been designated as the "embodied large model robot" [3]. - Newcomers like Magic Atom and Songyan Power are also making their debut, marking a significant step in the commercialization of robotics [3]. Group 2: Investment and Market Dynamics - A-share listed companies have deeply embedded themselves in the robotics sector through direct or indirect investments, creating a network of core concept stocks related to the "Spring Festival robots" [5]. - Key players in the supply chain include companies like Tianqi Co., which has partnered with Galaxy General to advance applications in automotive manufacturing and new energy batteries [7]. - The spotlight effect from the Spring Festival Gala has already influenced the capital market, with 35 humanoid robot concept stocks expected to report positive earnings [9]. Group 3: Financial Performance and Projections - Among the 35 concept stocks, eight are expected to turn profitable, including Liard and Estun, with Liard projecting a net profit of 300 million to 380 million yuan for 2025 [9]. - 27 stocks are expected to see profit increases, with Xinzhi Group forecasting a staggering 502.59% to 616.94% growth in net profit [9]. - The market for embodied intelligent robots is projected to reach over $1.4 billion in user spending by 2025, with a compound annual growth rate of 94% expected until 2030 [14]. Group 4: Industry Challenges and Perspectives - Despite the optimistic projections, many companies acknowledge that their robotics-related businesses are still in the early stages of market development, with most clients in the sample or small-batch order phase [13]. - Industry experts suggest that the embodied intelligence sector is transitioning from technical validation to large-scale commercial expansion, indicating a critical phase for value verification and mass production [14]. - The current market environment emphasizes the need for investors to discern which companies are genuinely advancing in the robotics space versus those merely participating [14].

每经记者｜杨煜 每经编辑｜陈柯名 魏官红 宋思艰 抢着上春晚的除了明星，还有机器人。 2月16日除夕夜，魔法原子、银河通用、宇树科技及松延动力等机器人厂商登陆2026年央视春晚，而各地卫视春晚也以机器人参与节目及串场为特色。 当机器人从实验室和工厂车间走向亿万家庭团聚的荧幕中心，其背后交织的是一张由众多上市公司协同编织的生态网络。部分上市公司通过直接或间接股 权投资，早已锚定赛道内的核心玩家，部分上市公司则以核心供应商或战略合作伙伴的身份深度嵌入。 这场春晚"集体秀"能否如2025年宇树科技一般，再次点燃一个产业的新周期？繁华喧嚣的春晚舞台之下，产业真实的温度究竟如何？ 从一线企业的反馈中，我们得以窥见在乐观预期之外更为审慎的现实。多家被市场视为"概念股"的上市公司坦言，相关业务大多仍处于市场开拓、试样或 小批量订单阶段，对当前业绩的贡献尚微。 掘金机器人"春晚秀"背后朋友圈 央视春晚小品《奶奶的最爱》，多台松延动力机器人登场。 这场科技感十足的集体亮相，早已不只是一场单纯的视听表演，更成为资本市场观测具身智能产业脉动的窗口。 关于春晚机器人的多个话题冲上热搜。 春晚"大秀"之后，能否再掀机器人热潮？ 202 ...

Core Insights - The company has achieved multiple breakthroughs in the AI field through deep collaboration with clients and continuous R&D investment [1] Group 1 - The company has successfully mass-produced VCSEL light sources and scanning mirrors for laser radar used in robotics [1] - A miniaturized drive module for robotic dexterous hands has been designated by leading domestic enterprises [1]

Core Insights - The company Chipone Integrated (688469.SH) reported a revenue increase in Q3 but faced a net loss, marking the fifth consecutive quarter of positive gross margin [1] - The company aims to achieve profitability by 2026, supported by the end of a depreciation peak, improved production efficiency, and a higher proportion of high-value-added businesses [1][2] Financial Performance - For the first three quarters of this year, Chipone Integrated achieved a revenue of 5.422 billion yuan, a year-on-year increase of 9.23%, while the net loss narrowed by 32.32% to 463 million yuan [1] - In Q3 alone, the company reported a revenue of 1.927 billion yuan, a quarter-on-quarter increase of 9.38%, but incurred a loss of approximately 293 million yuan, transitioning from profit to loss [1] - The gross margin reached 3.97%, an increase of 4.40 percentage points year-on-year, indicating ongoing expectations for profitability in core operations [1] Strategic Focus - The company is targeting the AI market, having sent samples of its self-developed 8-inch SiC MOSFET devices to AI clients in Europe and the US, marking a significant step in its dual-track strategy of "new energy + AI" [2] - AI is now considered the fourth core market for the company, with over 50% coverage of the AI server power supply value [2] Market Outlook - The global AI server market is projected to grow rapidly, reaching a scale of 158.7 billion USD, with a forecasted shipment growth of 24.3% year-on-year by 2025 [3] - Chipone Integrated's data transmission chips for AI servers and data centers have entered mass production, and its robotics-related products are also achieving scale production [3] - The company anticipates a revenue of 8 billion to 8.3 billion yuan for the year, representing a year-on-year growth of 23% to 28%, with a continued reduction in net loss [3]

Group 1 - The core viewpoint of the article highlights that ChipLink Integrated reported a revenue of 1.927 billion yuan for Q3 2025, representing a year-on-year growth of 15.52%, with a gross margin increase of approximately 4% [1] - The company expects to achieve an annual revenue of 8 billion to 8.3 billion yuan for 2025, which indicates a growth of 23% to 28% compared to the previous year [3] - ChipLink Integrated's Q3 performance shows a continuous optimization trend in its overall profitability structure, with significant advancements in its "new energy + AI" dual-track strategy [1] Group 2 - In the AI sector, ChipLink Integrated's data transmission chips for AI servers and data centers have entered mass production, while its products for robotics, including VCSELs and pressure sensors, have also achieved scale production [2] - The company's module packaging business has seen a year-on-year growth rate exceeding 180%, and in the new energy vehicle sector, the cumulative installation of SiC MOSFETs has surpassed 1 million units [2] - The industrial control sector has experienced a revenue growth of over 26% in the first three quarters of the year [2]

Core Insights - ChipLink Integrated reported a loss of nearly 300 million yuan in Q3 2025, with a total loss of 463 million yuan for the first three quarters of the year, although this represents a 32.32% reduction in losses compared to the same period last year [1] - The company achieved a gross profit margin of 3.97% in the first three quarters, an increase of 4.40 percentage points year-on-year, attributed to expanded sales and ongoing cost control [1] - The completion of the equity integration of its subsidiary, ChipLink Yuezhou, marks a significant enhancement in the company's capital strength and industrial synergy capabilities [1] Financial Performance - The company expects to achieve an annual revenue of 8 to 8.3 billion yuan, representing a growth of 23% to 28% compared to the previous year [2] - The net profit is anticipated to continue reducing losses, with expectations for improved profitability in 2026 due to the passing of the depreciation peak and increased production line output [2] - Capital expenditures exceeded 10 billion yuan in 2023, with a more stable approach expected starting in 2024, and capital expenditures optimized to 2.548 billion yuan in the first three quarters of 2025 [2] Market Opportunities - The demand for power devices and analog ICs is expected to grow due to the increasing penetration of new energy vehicles, recovery in the new energy sector, and the development of AI and robotics [1] - The company is actively expanding into the 800V high-voltage direct current (HVDC) market to enhance the efficiency of end-to-end power supply systems for data centers [3] - ChipLink Integrated has made significant progress in the AI server market, with its 8-inch silicon carbide MOS devices already being sampled to European and American AI companies [3] Product Development - The company’s technology products cover over 50% of the value of AI server power supplies, positioning it to benefit from explosive growth in the computing power industry [4] - The automotive laser radar market is experiencing rapid growth, with the company’s laser radar chips in high demand as they enter the thousand-yuan era [4] - The company has developed various products for robotics, including VCSELs, pressure sensors, and IMUs, which are now in mass production [5]

Core Viewpoint - The company, ChipLink Integration, confirmed that its MEMS sensors and power chips can be utilized in humanoid robots for various applications such as voice interaction, posture recognition, motion capture, robotic manipulation, environmental perception, and navigation [1] Product Applications - The company's products include microphones, inertial sensors, pressure sensors, as well as laser radar light sources and scanning mirrors, which are essential for humanoid robot functionalities [1]

报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2024年4月24日， 海泰新光 发布2024年年报及2025年一季报。 # 2024年拆分 医用内窥镜器械行业收入 3.45亿 元 （相比上年度下降7.04%）； 光学行业收入 0.95亿 元 （相比上年度下 降1.80%）。 另外，ODM业务收入2.81亿元，占比63.81%；OEM业务收入0.94亿元，占比21.39%；自主品牌产品收入 0.65亿元，占比14.80%。受国内医疗反腐因素影响，2024年公司自主品牌销售虽同比略有增长，但自主品 牌中整机产品销售同比增长2,276.71万元，同比增长显著。 (1)2024年，受美国客户去库存影响，公司前三季度海外营业收入下降明显。第四季度随着客户库存降到低 位，发货相比2023年同期大幅增长。延续客户需求增长趋势，公司海外业务收入会进一步增长； (2)2024年，公司国内整机业务推进良好，同比增长显著； # 财报数据 2024年公司实现收入 4.43亿 元，同比下降 5.90% ；实现归母净利润 1.35亿 元， 同比下降7.11%；实现扣 非归母净利润1.29亿元，同比下降 ...