每经记者｜黄鑫磊 每经编辑｜魏官红 9月3日，知名皮鞋品牌商哈森股份（603958.SH，股价16.79元，市值36.83亿元）公告称，公司拟与关 联方苏州辰瓴光学有限公司（以下简称"辰瓴光学"）、中科中成机器人技术（成都）有限公司（以下简 称"中科中成"）、非关联方广东至高共赢投资企业（有限合伙）共同出资设立中科中成供应链（成都） 有限公司（暂定名，以下简称"参股公司"）。 公告显示，拟设立的参股公司注册资本为1亿元，哈森股份认缴出资1000万元，占注册资本的10%，参 股公司主要从事机器人零部件、产品等采购、销售业务及相关技术服务等。 公告披露，夏玉龙为辰瓴光学、中科中成的实控人，鉴于哈森股份正在筹划通过发行股份的方式购买辰 瓴光学100%股权，收购交易完成后，预计上海辰磐管理咨询有限公司（以下简称"上海辰磐"）直接持 有公司的股份比例将超过5%，夏玉龙直接和间接持有公司的股份比例将超过5%。 根据有关规定，辰瓴光学、中科中成构成哈森股份的关联人，本次交易构成关联交易。 2024年12月25日，哈森股份披露的重组方案显示，公司拟通过发行股份的方式购买上海辰磐、夏玉龙持 有的辰瓴光学100%股权；购买周泽臣 ...

哈森股份(603958)9月3日晚间公告，公司拟与关联方苏州辰瓴光学有限公司、中科中成机器人技术(成 都)有限公司、非关联方广东至高共赢投资企业(有限合伙)共同出资设立中科中成供应链（成都）有限公 司（简称"参股公司"）。参股公司注册资本为1亿元，其中公司认缴出资1000万元，持股比例10%。参 股公司主要从事机器人零部件、产品等采购、销售业务及相关技术服务等。 ...

格隆汇9月3日丨哈森股份（维权）(603958.SH)公布，公司拟与关联方辰瓴光学、中科中成、非关联方 广东至高共同出资人民币10,000万元设立参股公司，参股公司主要从事机器人零部件、产品等采购、销 售业务，及相关技术服务等。参股公司注册资本为人民币10,000万元，其中：辰瓴光学认缴出资人民币 5,100万元，占注册资本的51%；中科中成认缴出资人民币1,000万元，占注册资本的10%；广东至高认 缴出资人民币2,900万元，占注册资本的29%；公司认缴出资人民币1,000万元，占注册资本的10%。 ...

Core Viewpoint - The company is actively implementing a globalization strategy by establishing production bases in Southeast Asia, the United States, and Europe, which enhances its capacity to meet global customer demands and ensures supply chain stability and flexibility [1] Group 1: Globalization Strategy - The company has built a global production capacity layout that includes overseas bases alongside domestic ones, effectively addressing current global customer needs [1] - The establishment of overseas production bases helps the company to effectively resist international trade risks [1] Group 2: Business Development - The company has seen steady development across its various business segments, with rapid market expansion in Europe and the Asia-Pacific region [1] - Revenue from regions outside North America is continuously increasing, indicating a diversification of income sources [1] Group 3: Partnerships and Collaborations - The company has initiated collaborations with downstream robotic clients, with some products currently undergoing customer sample testing [1]

今年6月，宇树科技创始人王兴兴在夏季达沃斯论坛上表示，宇树科技年度营收已超10亿元人民币，公 司规模达到约1000人。 在今年8月举办的2025世界机器人大会上，王兴兴提到，2025年上半年人形机器人行业非常火爆，加上 政策的支持，行业整机厂商及零部件厂商每家平均有50%至100%的增长，这意味着需求端拉动了整个 行业的发展。 王兴兴在接受中国证券报记者采访时进一步介绍："从出货量的角度，未来几年，全球人形机器人行业 每年翻一番应该是可以保证的，如果有更大的技术突破，未来2到3年，一年出货几十万台甚至上百万台 也有可能。" 人形机器人企业密集融资。7月，星动纪元、云深处相继宣布完成近5亿元融资，星海图、千寻智能、众 擎机器人、逐际动力也官宣融资；6月中下旬，银河通用宣布完成由宁德时代及溥泉资本领投的11亿元 人民币新一轮融资；5月，魔法原子宣布完成数亿元的新一轮战略融资，是半年时间内该公司完成的第 二轮超亿元融资。 ● 本报记者 郑萃颖 宇树科技公布最新上市进展。9月2日，经中国证券报记者求证，宇树科技在社交媒体平台发布声明称， 公司正积极推进首次公开募股（IPO）的筹备工作，并预计将于10月至12月间向证券 ...

9月2日，在社交媒体平台认证的宇树科技账号"Unitree"发布声明称，"公司正积极推进首次公开募股 （IPO）的筹备工作"，并表示"预计将于10月至12月间向证券交易所提交上市申请文件，届时相关运营 数据将正式披露。"中国证券报记者致电宇树科技，确认该消息为官方发布内容。 声明披露了宇树科技营收结构。公司表示，以2024年为例（具体数据以后续IPO备案文件披露的信息为 准）：四足机器人、人形机器人和零部件产品的销售额分别约占总销售额的65%、30%和5%。其中，约 80%的四足机器人应用于科研、教育和消费领域，其余20%应用于巡检、消防等工业领域；人形机器人 全部应用于科研、教育和消费领域。 今年5月，宇树科技公司名称由杭州宇树科技有限公司变更为杭州宇树科技股份有限公司。7月18日，中 国证监会网站信息显示，宇树科技已开启上市辅导，中信证券为辅导机构。按照辅导工作安排，中信证 券将在今年10月至12月对公司是否达到发行上市条件进行综合评估，协助公司按相关规定准备首次公开 发行股票并上市申请文件。 今年6月，王兴兴在夏季达沃斯论坛上表示，宇树科技年度营收已超10亿元，公司规模达到约1000人。 在今年8月举办 ...

机器人零部件业务为公司战略发展新方向。公司将机器人零部件产品设计及制造定位为未来最重要的新 业务，进行资金、研发、人才队伍建设、产线建设等全方面布局。2025 年8 月，公司携手浙江人形机器 人创新中心，成立联合实验室。 浙江人形机器人创新中心是国内领先的机器人企业，重点开展机器人"大小脑"关键技术研究和整机系统 研发与应用。未来，双方合作推动智能机器人零部件配套和场景应用研究，打造"产研一体、零整协 同"的产业新格局。 发动机零部件业务稳步增长，军品业务景气度回升。公司收入主要分为发动机零部件及航空零部件两大 类。上半年，发动机零部件业务收入为7.70 亿元，同比增长15.39%；毛利率为16.00%，较上一年度提 升0.43 个百分点。发动机零部件中，涡轮增压器总成收入为4.51 亿元，同比增长11.79%。发动机传统 三大件（凸轮轴总成、连杆总成及曲轴减震器产品）受益新客户产品销售量逐步增长，产能利用率提 升，上半年收入为3.18 亿元，同比增长20.92%。航空零部件业务收入为0.73 亿元，同比增长86.80%； 毛利率为40.47%，较上一年度提升11.48个百分点。此业务下游中，民用航空业务持续 ...

Core Viewpoint - The company reported a revenue of 3.45 billion yuan in the first half of 2025, showing a year-on-year increase of 6.16%, with a net profit attributable to shareholders of 573 million yuan, up 27.42% year-on-year [3]. Financial Performance - In Q2 2025, the company achieved a revenue of 1.784 billion yuan, representing a year-on-year growth of 11.01% and a quarter-on-quarter increase of 7.12%. The net profit attributable to shareholders for the same period was 316 million yuan, reflecting a year-on-year increase of 44.95% and a quarter-on-quarter increase of 22.77% [3]. - The company's net profit margin for H1 2025 was 16.6%, an increase of 2.8 percentage points year-on-year, while the gross profit margin was 29.25%, up 0.57 percentage points year-on-year [4]. Cost Management - The expense ratio for Q2 2025 was 7.69%, down 5.30 percentage points year-on-year and 3.70 percentage points quarter-on-quarter. The breakdown of expenses showed sales, management, financial, and R&D expense ratios at 0.65%, 6.46%, -4.19%, and 4.77% respectively [5]. Strategic Developments - The acquisition of Zhuoerbo is progressing, with commitments for net profits of no less than 1.415 billion yuan, 1.569 billion yuan, and 1.741 billion yuan for 2025-2027, totaling a minimum of 4.725 billion yuan [7]. - The company is expanding its overseas production capacity, with the second phase of the factory in Mexico starting production in H1 2025 and a new aluminum casting factory in Malaysia under construction [8]. Business Outlook - The company forecasts net profits attributable to shareholders of 1.19 billion yuan, 1.486 billion yuan, and 1.778 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 16x, 13x, and 11x [9].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and profitability [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 3.45 billion, a year-on-year increase of 6.16% - The net profit attributable to shareholders was 573 million, up 27.42% year-on-year - The net profit excluding non-recurring items was 553 million, reflecting a 32.26% increase year-on-year - In Q2 2025, revenue reached 1.784 billion, growing 11.01% year-on-year and 7.12% quarter-on-quarter - The net profit for Q2 was 316 million, a year-on-year increase of 44.95% and a quarter-on-quarter increase of 22.77% - The net profit excluding non-recurring items for Q2 was 317 million, up 61.1% year-on-year and 34.2% quarter-on-quarter [1]. Profitability Metrics - The net profit margin for H1 2025 was 16.6%, an increase of 2.8 percentage points year-on-year - The gross profit margin was 29.25%, up 0.57 percentage points year-on-year - In Q2 2025, the net profit margin was 17.70%, increasing by 4.14 percentage points year-on-year and 2.26 percentage points quarter-on-quarter - The gross profit margin for Q2 was 29.74%, with year-on-year and quarter-on-quarter increases of 2.1 percentage points and 1.0 percentage points, respectively [1]. Expense Ratios - The expense ratio for Q2 2025 was 7.69%, a decrease of 5.30 percentage points year-on-year and 3.70 percentage points quarter-on-quarter - The breakdown of expense ratios included sales at 0.65%, management at 6.46%, financial at -4.19%, and R&D at 4.77%, with year-on-year changes of -0.41, +0.83, -4.80, and -0.91 percentage points, respectively - Financial expenses decreased by 69.02 million quarter-on-quarter, primarily due to increased exchange gains [2]. Strategic Developments - The acquisition of 卓尔博 is progressing, with the Shanghai Stock Exchange's merger and acquisition committee reviewing the matter on August 25 - 卓尔博 has committed to achieving net profits of no less than 141.5 million, 156.9 million, and 174.1 million for 2025-2027, totaling a minimum of 472.5 million over three years - The subsidiary 富乐精密 plans to apply for listing on the New Third Board, which will enhance the company's asset liquidity [2]. Expansion Initiatives - The company has established overseas production capacity, with the second phase of the factory in Mexico commencing operations in H1 2025 and a new aluminum casting plant in Malaysia under construction - The company is focusing on magnesium alloy technology development to tap into the automotive lightweighting and humanoid robot sectors - The wholly-owned subsidiary 瞬动机器人 is responsible for the R&D, manufacturing, and sales of components and wearable terminal products in the robotics field, which will drive long-term growth [3]. Profit Forecast and Investment Rating - The company maintains profit forecasts of 1.19 billion, 1.49 billion, and 1.78 billion for 2025-2027 - The current market capitalization corresponds to price-to-earnings ratios of 16 times, 13 times, and 11 times for the respective years - The company maintains a "buy" rating [3].

①消费电子+AI眼镜+芯片，产品主要用于智能手机等智能终端，细分芯片进入量产阶段，这家公司智能眼 镜领域产品已在推进中； ②这家公司多种机器人零部件在头部企业实现交付，目前已制定产能扩产计划。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 ...