过去十多年的移动互联网时代，是众多互联网巨头乘浪而起、蓬勃发展，并逐步成为我们日常生活和系 统运转中重要部分的过程，对社会而言，可以说这些企业已经日渐 "毛细血管"化了。 而2025年，火热的具身智能机器人赛道背后，同样不缺乏这些企业的身影： 沉寂了一段时间的京东投资部门，仅在今年5-7月，就连续出手投资了6家机器人相关公司。 而美团则是延续了过去一年多时间里对机器人赛道的投资节奏，在不同的轮次进入，洒下了超过5亿元 的金额。 再看和美团在今夏大打外卖大战的阿里，他们也没有闲着，对于机器人产业上游的公司出手频频。 加上字节、腾讯等企业，到了2025年的秋季，一眼看去，头部序列的具身智能机器人公司，其身后基本 上站了不止一家互联网公司的身影。 这些手握资金和资源的互联网公司为什么青睐这个赛道？而他们的下注，又会反过来给这个赛道里的玩 家们带来什么机遇和变数？ 互联网企业为什么不想缺席这波投资热潮 过去十年，不断扩张的互联网巨头们，在业务形态和边界逐渐接近和交锋的过程里，面对有潜力的业务 和赛道，要么自己下场亲自做，要么依靠投资来做布局。 前者以软件、线上虚拟性质，以及在线下已经有了基础的业务为主。比如年初大热的 ...

把握消费演进浪潮，洞察消费升级先机 中国副食流通协会会长何继红在致辞中说道，高质量发展和消费升级的融合定义了未来产业的模样。一 方面，消费升级在消费目标、消费动机、消费者的选择、食品安全与消费者信任这些方面产生了变化； 另一方面，从供给侧上看，践行高质量发展、构建未来现代化食品产业体系要求行业从过去量的扩张到 质的提升和效的优化，核心要在创新驱动、产业链协同、食品安全、绿色低碳可持续和品牌培育五个方 面发力。 Worldpanel消费者指数大客户总监刘建永发表了题为《新消费趋势下的升级路径》的演讲。他首先表 示，双周期下，中国快速消费品市场进行低速调整阶段。他认为，当前我们正处在一个碎片化时代，其 消费趋势具体表现为渠道与消费场景的多元化、银发经济与单身经济的崛起，以及本土企业的迅速成 长。对此，他提出，新消费趋势下，企业要重构场景叙事、锚定特定人群、并发扬文化魅力。 华创证券食品饮料首席分析师欧阳予从食品饮料的视角出发探讨了新的市场条件下消费的新形态和新趋 势。他指出，理解新消费应着眼于新需求、新业态、新食材以及"老品"焕新四个方面。此外，他观察到 食品行业呈现出的三个明显趋势：一是功能性食品饮料的兴起；二 ...

华西证券研报指出，拓邦股份前三季度实现归母净利润4.20亿元，同比减少23.86%；Q3实现归母净利 润0.90亿元，同比减少44.69%。业绩承压，海外产能有望明年爬坡。公司基本盘稳健，新业务逐步拓 展。炒菜机器人已进入批量交付阶段，服务机器人方案份额稳定；人形机器人领域，公司是国内最早雄 心被电机自研自产自销的公司之一，提供空心杯电机或整体的执行器组件等多累产品，目前样品及小批 量量产持续交付中，同时公司从空心杯电机切入灵巧手领域，以自研空心杯电机为核心，打造高精度、 强耐用的机器人"手指关节模组"。公司受关税和行业竞争态势影响，整体营收增速和毛利率水平均低于 我们此前的预期，考虑公司海外二期明年爬产，基本盘业务确定性强，创新型业务提供增长动能，调整 盈利预测，维持"买入"评级。 ...

Core Insights - The company reported a revenue of 8.188 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.34%, but the net profit attributable to shareholders decreased by 23.86% to 420 million yuan [1] - The gross profit margin for the first three quarters was 21.98%, down 1.73 percentage points year-on-year, primarily due to tariff policies and intensified industry competition [4] - The company is expanding into new business areas, including digital energy and smart automotive sectors, which are expected to contribute to revenue growth in the future [3] Revenue and Profitability - In Q3 2025, the company achieved a revenue of 2.685 billion yuan, a slight increase of 0.05% year-on-year, while the net profit attributable to shareholders fell by 44.69% to 90 million yuan [1] - The company’s non-recurring net profit for Q3 was 86 million yuan, down 48.41% year-on-year [1] - The increase in the expense ratio to 16.18% in the first three quarters, up 1.27 percentage points year-on-year, was attributed to slower revenue growth and increased stock incentive costs [4] Business Development - The company’s core business remains stable with high visibility in orders, particularly in the tools and home appliance sectors, where partnerships with major clients are expanding [2] - The digital energy segment is in a critical market expansion phase, with significant growth expected in Europe and Asia-Pacific [3] - The smart automotive sector is gaining traction, with products like charging stations and laser radar motors being certified by leading automotive manufacturers [3] Investment Outlook - Due to the impact of tariffs and competitive pressures, the company has adjusted its revenue forecasts for 2025-2027, with expected revenues of 11.05 billion, 12.72 billion, and 14.92 billion yuan respectively [5] - The earnings per share estimates have also been revised down to 0.46, 0.59, and 0.81 yuan for the same period [5] - Despite the challenges, the company maintains a "buy" rating based on the strong fundamentals of its core business and the growth potential of its innovative segments [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a revenue increase of 6.34% year-on-year for the first three quarters of 2025, reaching 8.188 billion yuan, but the net profit attributable to shareholders decreased by 23.86% to 420 million yuan [2] - The company is expected to gradually improve its overseas production capacity in the coming year, which will contribute positively to performance [4][5] Summary by Sections Business Performance - The company has a stable core business with high order visibility and strong revenue certainty. New business market expansion is gradually breaking through, with expectations of performance contributions as demand increases [3] Profitability Analysis - The gross margin for the first three quarters was 21.98%, a decrease of 1.73 percentage points year-on-year, primarily due to tariff policies leading to order transfers and increased costs from cross-border raw material transportation. Industry competition has also pressured product pricing [4] - The expense ratio increased to 16.18%, up 1.27 percentage points year-on-year, mainly due to slowing revenue growth and increased stock incentive costs [5] Investment Recommendations - Due to the impact of tariffs and industry competition, the overall revenue growth and gross margin are below previous expectations. However, the strong certainty of the core business and the growth potential from innovative business segments lead to an adjustment in profit forecasts. Revenue estimates for 2025-2027 have been revised to 110.5 billion, 127.2 billion, and 149.2 billion yuan, respectively, with corresponding earnings per share adjusted to 0.46, 0.59, and 0.81 yuan [5]

Core Viewpoint - The article discusses the increasing adoption of cooking robots in the restaurant industry, driven by the need for efficiency and quality in food preparation, especially following the backlash against pre-prepared meals [6][13]. Group 1: Industry Trends - The restaurant industry is experiencing a transformation with the introduction of cooking robots, which can significantly enhance cooking speed and maintain food quality while reducing labor costs [7][19]. - The shift from traditional cooking methods to automated solutions is a response to the challenges of balancing speed, taste, and cost in food service [7][10]. - The backlash against pre-prepared meals has led to a surge in interest from restaurants in implementing cooking robots, with inquiries increasing nearly tenfold in the past month [7][13]. Group 2: Technological Advancements - Cooking robots utilize advanced technology, including multi-sensor systems and intelligent temperature control algorithms, to replicate the cooking techniques of skilled chefs [16][19]. - These robots can achieve precise temperature adjustments and consistent stirring, which are critical for traditional Chinese cooking [13][16]. - The integration of AI-driven platforms allows restaurants to customize cooking processes based on local tastes and dish characteristics, enhancing the overall dining experience [16][19]. Group 3: Cost Efficiency - The cost of a medium-sized cooking robot is approximately 60,000 yuan, with a lifespan of 8-10 years and a monthly operating cost of around 600 yuan, leading to significant savings in labor costs compared to traditional chefs [19]. - Over an 8-year period, a cooking robot can help reduce operational costs by 680,000 to 1,340,000 yuan, making it a financially attractive option for restaurants [19]. - The implementation of cooking robots in corporate cafeterias, such as those at major companies like Goer Group, has resulted in improved efficiency and reduced food waste by over 70% [26][28]. Group 4: Market Adoption - Major companies, including Goer Group and Muyuan Foods, are increasingly adopting cooking robots to meet the high demands of their employee dining services while ensuring food safety and quality [21][25]. - The trend indicates a broader acceptance of automation in food preparation, with robots becoming a key player in both restaurant kitchens and corporate dining facilities [26][28].

Core Insights - The restaurant industry is experiencing a shift towards automation, particularly with the adoption of cooking robots, as traditional methods face challenges in efficiency and cost control [1][5][10] Group 1: Industry Trends - The recent backlash against pre-prepared meals has led to a significant increase in interest for cooking robots, with inquiries from restaurants rising nearly tenfold in the past month [1] - The evolution of the restaurant industry has moved from reliance on chef skills to a focus on high cost-performance and quality, indicating a need for innovation in food preparation [2][5] - The introduction of cooking robots is seen as a solution to the challenges of maintaining food quality while improving service speed and reducing labor costs [5][10] Group 2: Technological Advancements - Cooking robots can precisely control cooking temperatures and automate processes, which helps maintain the flavor and quality of dishes while reducing human error [5][8] - The technology includes multi-sensor systems and intelligent temperature control algorithms, allowing for real-time adjustments and consistent cooking results [7][10] - Companies like Zhigu Tianchu are providing customized software solutions that enable restaurants to tailor cooking programs to local tastes, enhancing the versatility of robotic cooking [8] Group 3: Cost Efficiency - The cost of a medium-sized cooking robot is approximately 60,000 yuan, with a lifespan of 8-10 years and a monthly operating cost of around 600 yuan, significantly lower than the salary of a human chef [10] - Over an 8-year period, using cooking robots can save restaurants between 680,000 to 1,340,000 yuan in labor costs [10] - The implementation of cooking robots in corporate cafeterias has improved food safety and reduced labor-intensive tasks, addressing the dual challenges of cost and quality in employee meals [11][15] Group 4: Market Adoption - Major companies, including Muyu and Foxconn, are adopting cooking robots to enhance their food service operations, reflecting a broader trend in the industry [1][4] - The integration of cooking robots in large-scale dining settings, such as factory cafeterias, has proven effective in meeting high demand while minimizing food waste by up to 70% [15]

Core Viewpoint - The company has established a strategic partnership with Shunde Vocational and Technical College to advance technology in humanoid robots and other key areas of intelligence [2] Group 1: Strategic Partnerships - The company has formed a strategic cooperation with Shunde Vocational and Technical College to tackle technical challenges through industry-academia collaboration [2] - The partnership aims to promote the company's progress in key areas such as humanoid robots [2] Group 2: Product Development - The company has developed a high-performance intelligent controller for its "Mobile Love Home Desktop Robot," which integrates several self-developed technologies, including high-precision motion control and low-latency communication [2] - The company has achieved significant shipment milestones with its cooking robots and pool cleaning robots, including collaborations with Tian Ke and companies in the Xiaomi ecosystem [2] Group 3: Future Directions - The company is in the early stages of research and development for products and technologies in the low-altitude flight sector, with no specific collaborations formed yet [2] - Future plans include leveraging market demand and technological trends, as well as pursuing resource and technology sharing through investments and acquisitions to enhance competitiveness in the intelligent control field [2]

Group 1: Robotics in Food Industry - The application of cooking robots in restaurants allows for the preparation of various dishes in just 3-5 minutes, covering eight major cuisines and enhancing operational efficiency for restaurant owners [2][4] - The "Robot + Recipe Program + Smart Kitchen Management System" model creates a win-win situation for restaurant operators, consumers, and chefs by reducing costs and ensuring fresh meals [2] - A robot bartender can accurately mix drinks by selecting ingredients and performing shaking and stirring tasks, showcasing the versatility of robotics in food service [3] Group 2: Robotics in Agriculture - Robots designed for apple picking can navigate complex environments and accurately harvest fruit, with future models targeting different heights for optimal efficiency [5] - The "Greenhouse Bumblebee" robot mimics the pollination process of bumblebees, achieving a 98% success rate in pollination while reducing costs to 30% of traditional methods [6][7] - The integration of visual recognition and multi-sensor navigation in agricultural robots enhances their functionality and effectiveness in crop management [7] Group 3: Robotics in Healthcare and Elderly Care - The rise in demand for elderly care services has led to the development of rehabilitation robots that assist patients with mobility issues, providing support and promoting muscle memory [8] - Massage therapy robots can automate the massage process, adjusting techniques based on user preferences and body data, thus improving service quality in elderly care [9] - The use of robotics in healthcare settings addresses the challenges of high service costs and low standardization, offering efficient and precise care solutions [8]

Group 1: Robotics in Food Service - The application of cooking robots in restaurants allows for the preparation of various dishes in just 3-5 minutes, covering eight major cuisines and different dining types [2] - The "robot + recipe program + smart kitchen management system" model enables cost reduction and efficiency for restaurant operators while ensuring fresh food for consumers and reducing chefs' workload [2] - A themed restaurant showcases robots performing as musicians and chefs, highlighting the potential of robotics in the food service industry [4] Group 2: Robotics in Agriculture - Robots are being developed for apple picking, featuring advanced visual models to operate effectively in varying light conditions, with plans for specialized robots for different picking heights [5][6] - A multi-arm pollination robot mimics the natural pollination process of bumblebees, achieving a 98% success rate at a cost 30% lower than traditional methods, and is already in use across several provinces [7] Group 3: Robotics in Elderly Care - The increasing demand for elderly care services is being met by rehabilitation robots that assist patients with mobility and provide massage therapy, enhancing recovery and muscle rehabilitation [8][9] - These robots can automatically adjust to individual body shapes and preferences, improving the precision and efficiency of care services [9]