格隆汇10月10日｜天风证券研报指出，松霖科技25H1大健康软硬件业务营收1.1亿，智能厨卫业务营收 10亿。正式进军机器人领域，内生外延发展并举。机器人业务主要包括护理服务机器人系统、后勤服务 机器人系统、AI陪伴机器人、人形机器人等领域。公司聚焦内生动力培育，一方面加大机器人研发团 队投入，增强研发与产品落地能力，另一方面有效利用多年在AI智能硬件、软件算法等方面相关技术 积累，实现迁移复用。情感体验方面，基于机器人表情与语音双模态情感交互，能实时捕捉用户情绪变 化，建立情感响应机制，打造有温度的"AI陪伴"新范式。调整盈利预测，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company is entering the robotics field, focusing on both organic growth and external expansion [2] - The robotics business includes care service robots, logistics service robots, AI companion robots, and humanoid robots, aiming to create a product system with application value [2][3] - The company has made significant technological advancements in motion control, scene voice interaction, and emotional experience for its robots [3] Financial Performance - In Q2 2025, the company reported revenue of 600 million, a decrease of 25% year-on-year, and a net profit attributable to shareholders of 50 million, down 57% [1] - For the first half of 2025, the company achieved revenue of 1.1 billion, a decrease of 21%, and a net profit of 90 million, down 58% [1] - The overseas revenue for the first half of 2025 was 880 million, down 16.78%, while domestic revenue was 260 million, down 33.54% [1] Business Development - The company is leveraging its subsidiary, Songlin Robotics Technology Co., Ltd., to develop a comprehensive robotics product system [2] - The focus is on enhancing the R&D team and utilizing existing technology in AI smart hardware and software algorithms for product development [2] - The company is also exploring acquisition opportunities and collaborating with outstanding enterprises and professional teams in the industry [2] Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 being 350 million, 410 million, and 470 million respectively, with corresponding P/E ratios of 39X, 32X, and 29X [4]

Core Viewpoint - The company, Songlin Technology, has announced its mid-term profit distribution plan, which includes a cash dividend of 1.10 yuan per 10 shares, and is expanding into the robotics sector through acquisitions and product development [1][3][11]. Company Overview - Songlin Technology is actively entering the robotics field through its wholly-owned subsidiary, Songlin Robotics Technology Co., Ltd., focusing on various applications such as nursing service robots and AI companion robots [3]. - The company has a total share capital of 432,895,283 shares as of June 30, 2025 [17]. Financial Data - For the first half of 2025, the company reported a net profit attributable to shareholders of 93,087,255.10 yuan, with the parent company achieving a net profit of 85,722,159.35 yuan [16]. - The proposed cash dividend distribution amounts to a total of 47,618,481.13 yuan, representing 51.15% of the net profit for the period [17]. Important Matters - The board of directors has approved the mid-term profit distribution plan, which does not require further approval from the shareholders' meeting [11][17]. - The company has committed to maintaining the dividend distribution ratio even if there are changes in total share capital due to convertible bonds or other factors [17].

Core Viewpoint - The report highlights a significant decline in revenue and profit for Xiamen Solex Technology Co., Ltd. in the first half of 2025, alongside ongoing investments in innovation and expansion into new markets, particularly in robotics and health technology [2][11][12]. Financial Performance - The company reported a total revenue of CNY 1,140.17 million, a decrease of 21.23% compared to the same period last year [2][11]. - Total profit decreased by 61.59% to CNY 94.25 million, while net profit attributable to shareholders fell by 57.92% to CNY 93.09 million [2][11]. - The net cash flow from operating activities was CNY 130.32 million, down 32.36% year-on-year [2][11]. - The company's total assets decreased by 1.73% to CNY 4,288.48 million, while net assets increased by 1.78% to CNY 3,230.83 million [2][11]. Business Overview - The company operates primarily in two segments: "SOLEX Robotics Systems" and "IDM Business," focusing on product development and user needs [3][4]. - The robotics segment includes care service robots and logistics service robots, targeting healthcare and operational efficiency [4][13]. - The IDM business encompasses AI companion robots, integrating various technologies for interactive and emotional support across multiple scenarios [5][13]. Innovation and R&D - The company has intensified its R&D efforts, applying for 31 invention patents and 69 utility model patents in the first half of 2025, with a total of 1,317 valid patents held [12][24]. - Collaborations with universities and research centers are ongoing to enhance innovation and talent development [12][20]. - The company emphasizes a dual operational model combining IDM and proprietary brand strategies to cater to different market segments [6][10]. Market Expansion - The establishment of a production base in Vietnam marks a strategic move towards international expansion, enhancing product delivery capabilities [21]. - The company aims to leverage its technological advancements to penetrate global markets, particularly in the health and robotics sectors [21][22]. Product Development - The health technology segment has seen the introduction of various smart health products, including skin detection devices and health monitoring tools, aimed at enhancing consumer health management [15][17]. - The smart kitchen and bathroom products are being upgraded to meet new consumer demands for integrated and eco-friendly solutions [19][20]. Competitive Advantage - The company focuses on building a comprehensive competitive edge through technology innovation, resource integration, and talent cultivation [22][24]. - A strong emphasis on quality management and sustainability has led to multiple certifications and recognition as a green factory [26].

Group 1 - The company plans to distribute a cash dividend of 1.10 yuan (including tax) for every 10 shares to shareholders registered on the dividend distribution date, without capital reserve transfer or bonus shares [1] - As of the end of the reporting period, the total assets of the company amounted to approximately 4.29 billion yuan, a decrease of 1.73% compared to the end of the previous year [2] - The company's operating revenue for the reporting period was approximately 1.14 billion yuan, representing a decline of 21.23% year-on-year [2] - The total profit for the reporting period was approximately 94.25 million yuan, down 61.59% from the previous year [2] - The net profit attributable to shareholders of the listed company was approximately 70.99 million yuan, a decrease of 65.41% compared to the same period last year [2] Group 2 - The company has entered the robotics field through its wholly-owned subsidiary, focusing on developing a comprehensive product system for various types of robots, including nursing service robots and AI companion robots [6] - In March 2025, the company acquired 100% of Xiamen Weidis Intelligent Motion Systems Co., Ltd., aiming to leverage its R&D capabilities to create competitive logistics service robot systems [6] - The company is establishing a dedicated R&D team to develop nursing service robots and AI companion robots, driven by scene demand and technological innovation [6]