南方财经记者程浩 东莞报道走进拓斯达的研发实验室，智能双臂机器人正在新一代智能机器人控制平台的控制下精准作业。该 平台从底层硬件到上层软件实现了全链条国产化，开放超400个功能接口，将成为具身智能技术的"工业小脑"。 2025年，被广泛称为"人形机器人商业化元年"。当前，人工智能+机器人正在重塑制造业生态，智能制造和AI技术融合的拐点正 深刻影响整个机器人产业链。作为"广东机器人七剑客"之一的拓斯达，从注塑装备起步，沿着产业链一路"逆袭"，从工业机器 人到工业母机、具身智能，一路成长为行业的"黑马"。 拓斯达2025年上半年业绩报告显示，今年以来拓斯达连续两个季度工业机器人业务保持20%以上快速增长。同时伴随下游客户 需求增加、市场拓展突破，拓斯达自产多关节机器人上半年营收同比增长80.86%，目前其自研多关节机器人出货量累计近1万 台。 尤其是今年5月，拓斯达智能设备总部基地全新启动，首次实现了工业机器人、五轴联动数控机床、注塑机及周边设备等智能装 备产品线的集约化布局，为产能提升提供了充足保障，使工业机器人年度最大产能可达到6万台。今年上半年，拓斯达先后完成 了双臂智能机器人、具身智能码垛工作站等产品验证 ...

Group 1 - The company achieved a revenue of 554 million yuan in the first half of 2025, focusing on high-end CNC systems and industrial robots [2] - In the high-end CNC machine tool sector, the company has made significant progress in developing five-axis machining centers and five-axis turning-milling composite products, collaborating with various enterprises to support key industries such as automotive parts and laser processing [2] - The company launched the world's first intelligent CNC system embedded with AI chips and AI models, enhancing processing efficiency by over 10% and achieving diagnostic capabilities equivalent to a three-year experienced engineer [2] Group 2 - The company is actively expanding in the new energy vehicle and lithium battery storage markets, introducing intelligent dual-arm robots and various welding robot products [3] - The company maintains a high level of R&D investment, with an average of 20.90% of revenue allocated to R&D from 2022 to 2024, and 32% of revenue in the reporting period was spent on R&D, amounting to 175 million yuan [3] - The company has established a robust development mechanism with over 2,000 patents and software copyrights, ensuring timely conversion of new technologies into product applications [3]

Core Viewpoint - Huazhong CNC continues to deepen its focus on high-end CNC systems and industrial robots, achieving a revenue of 554 million yuan in the first half of 2025 [1] Group 1: Business Performance - The company has significantly increased its revenue in the high-end CNC machine tool sector, particularly through the development of five-axis machining centers and five-axis turning-milling composite products [1] - Huazhong CNC has established collaborations with companies like Wuzhong Machine Tool and Tianshui Xinghuo to jointly develop various types of five-axis machine tools for key sectors such as automotive parts and laser processing [1] Group 2: Technological Advancements - The company launched the world's first intelligent CNC system, Huazhong 10, embedded with AI chips and AI models, which enhances processing efficiency by over 10% and achieves fault diagnosis at a level equivalent to a three-year experienced engineer [1] - Huazhong CNC is competing with international brands and has achieved large-scale applications in East and South China regions, leveraging its self-developed Huazhong 8 high-performance CNC system [1] Group 3: Research and Development - The company maintains a high level of investment in technology, with R&D expenditures averaging 20.90% of revenue from 2022 to 2024, and 32% of revenue in the reporting period, amounting to 175 million yuan [2] - Huazhong CNC employs a "develop one generation, produce one generation, operate one generation" strategy, establishing a solid development gradient and iteration mechanism for timely conversion of new technologies into product applications [2] - As of the end of the reporting period, the company has accumulated over 2,000 patents and software copyrights [2]

Core Viewpoint - Wuhan Huazhong CNC (300161) focuses on high-end CNC systems and industrial robots, achieving revenue of 554 million yuan in the first half of 2025 through technological innovation and ecosystem collaboration [1] Group 1: High-End CNC Systems - The company leverages its five-axis technology to enhance high-end CNC machine tools, achieving significant growth in the number of units sold [2] - Huazhong CNC launched the world's first intelligent CNC system embedded with AI chips, improving processing efficiency by over 10% and achieving diagnostic capabilities equivalent to a three-year experienced engineer [2] - Strategic collaborations with major machine tool manufacturers have been established to develop various five-axis machine tools for key sectors like automotive parts and laser processing [2] Group 2: Product Applications and Strategic Partnerships - The company has successfully penetrated the 3C industry and the new energy vehicle market, gaining recognition for its solutions in critical components like bearings and gears [3] - Huazhong CNC's high-performance CNC system is widely applied in the consumer electronics sector, with strategic partnerships formed with leading manufacturers in the Pearl River Delta and Yangtze River Delta regions [3] Group 3: Robotics and Intelligent Manufacturing - The company introduced intelligent dual-arm robots that integrate advanced AI algorithms, promoting the development of new intelligent terminals and applications [4] - New robot models with a 70kg load capacity and innovative designs are aimed at enhancing the level of intelligent manufacturing equipment [4] - Huazhong CNC focuses on automating CNC machine tool processing and building smart production lines across various industries, driven by big data [4] Group 4: Alignment with National Policies - The company aligns its operations with the national "Artificial Intelligence+" initiative, focusing on high-end CNC systems, intelligent machine tools, and industrial robots [5] - Huazhong CNC aims to enhance the level of intelligent manufacturing equipment and foster a collaborative innovation ecosystem in response to policy opportunities [5] - Future plans include accelerating the integration of AI in CNC systems, robot control, and smart production lines, contributing to the modernization of the industrial system [5]

Core Viewpoint - Guangdong Tosstar Technology Co., Ltd. is undergoing a strategic transformation focusing on product optimization and project reduction, resulting in a slight decline in overall revenue and a significant drop in net profit for the first half of 2025 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2,873.22 million yuan, a year-on-year decrease of 0.13% [1] - The net profit attributable to shareholders decreased by 19.75% year-on-year, amounting to 28.73 million yuan [1] - The net profit excluding non-recurring gains and losses was 20.43 million yuan, down 28.53% year-on-year [1] Group 2: Business Segment Performance - In Q2 2025, product-related business saw a significant revenue increase of 31.62% year-on-year and 86.14% quarter-on-quarter [2] - The industrial robot segment generated revenue of 146.00 million yuan in the first half of 2025, reflecting a year-on-year growth of 22.55% [2] - The CNC machine tool business reported revenue of 163.67 million yuan, up 83.74% year-on-year, despite a decrease in gross margin by 3.67 percentage points [3] Group 3: Strategic Developments - The company has made advancements in embodied intelligence, with the new X5 motion controller achieving commercialization and integration with various AI platforms [4] - The company is expanding its overseas market presence, securing orders through participation in international exhibitions and targeting the South American market [4]

Financial Performance - The company achieved a revenue of 178,243.53 million yuan in 2024, a decrease of 15.71% compared to 2023 [3] - Revenue from the CNC systems and machine tools sector increased by 9.82% to 97,945.88 million yuan [3] - Revenue from industrial robots and smart production lines decreased by 36.39% to 71,124.03 million yuan, primarily due to delays in project delivery caused by being placed on the U.S. SDN list [3] - R&D investment reached 401 million yuan, accounting for 22.51% of total revenue [3] Technological Advancements - The company launched the Huazhong 10 intelligent CNC system, which integrates AI chips and models, enhancing processing precision by 30% and efficiency by 5%-10% [4] - The Huazhong 8 high-end CNC system has achieved significant technological breakthroughs, reducing the gap with imported products [8] - The new generation of intelligent CNC systems represents a shift from rigid control to intelligent decision-making capabilities [8] Market Position and Strategy - The company is positioned as a leader in the domestic CNC market, benefiting from the trend of local manufacturing and the demand for high-end CNC equipment [5] - The company maintains a comprehensive industrial chain and has adapted to the challenges posed by trade wars by accelerating the domestic replacement of equipment and components [5] - Continuous high R&D investment has allowed the company to compete effectively with international CNC system manufacturers [7] Product Development - The company introduced new products at the Beijing International Machine Tool Exhibition, including flexible workstations and intelligent dual-arm robots [5] - The focus on AI integration in robotics aims to enhance operational flexibility and efficiency in various industrial applications [5] Industry Impact - The company’s advancements contribute to the overall growth of the high-end equipment manufacturing market in China, supported by national policies [6]

Core Viewpoint - 2024 is a critical year for the company, TuoSiDa, as it undergoes a significant transformation despite facing its first historical loss due to a substantial decline in revenue and a strategic shift towards product-focused operations [2][3][8] Group 1: Financial Performance - In 2024, TuoSiDa's revenue dropped by over 30%, resulting in the company's first-ever loss since its establishment, primarily due to a 54.22% contraction in its intelligent energy and environmental management systems business [2][3] - The company has proactively reduced low-margin, high-risk projects since late 2022, leading to a historical revenue decline in 2023 and continued reductions in 2024 [2][3] - Despite the loss, the company indicates an improvement in operational quality, suggesting a transition towards becoming a product-oriented company [2][3] Group 2: Business Structure and Strategy - TuoSiDa plans to focus on developing its core product lines, including robots, CNC machine tools, and injection molding machines, while gradually divesting from non-core businesses [3][4] - The intelligent energy and environmental management systems business saw a revenue decline of over 90% in Q1 2025, while other business segments experienced a revenue growth of over 23% [3][4] - The company’s product business now accounts for a larger share of total revenue, with a 15.62 percentage point increase in contribution and a 37.43% overall gross margin [4] Group 3: Product Performance - The industrial robot segment achieved a revenue of 27,531.64 million yuan in 2024, marking a 12.50% year-on-year growth, with a gross margin of 47.53% [4] - The injection molding machine and related equipment business generated 51,121.47 million yuan in revenue, reflecting an 18.67% increase due to various market factors [5][6] - The sales of electric injection molding machines saw a significant increase, with order volume up by approximately 150% and shipment volume up over 300% [6] Group 4: Technological Advancements - TuoSiDa is positioned as a comprehensive player in the robotics industry, integrating upstream core components, midstream industrial robots, and downstream automation systems [7] - The company has launched the new X5 robot motion control platform, which serves as a critical component in bridging the gap between embodied intelligence and robotics [7][8] - TuoSiDa is collaborating with major tech companies to enhance its capabilities in embodied intelligence, creating a closed-loop system for data-driven product evolution [7][8]