10月30日晚间，埃夫特（688165.SH）披露2025年三季报。2025年公司第三季度实现营业收入19,358.15 万元，前三季度实现营业收入70,204.47万元。尽管第三季度仍处于亏损状态，环比上半年亏损边际收 窄。 值得注意的是，在行业竞争加剧及市场环境复杂的背景下，公司仍保持较高的研发投入力度，第三季度 研发投入同比增长88.18%。同时，公司加强应收账款管理，截止报告期末，应收账款较去年同期下降 11.56%。 研发投入持续加大，技术创新驱动未来 在行业价格竞争日益激烈的背景下，埃夫特选择了以技术创新破局的发展路径。自2024年下半年开始， 埃夫特以智能机器人为核心的战略聚焦，积极投入具身智能领域的创新研发。2025年前三季度，公司的 研发投入达到了14,531.87万元，比去年同期大幅增加85.35%，占营收比达20.70%，埃夫特坚持创新是 突破行业同质化竞争、拓展增量市场的关键路径。 从公司研发投入所带来的进步是清晰可循的。今年，公司在汽车整车及汽车零部件行业取得重大突破， 点焊机器人、弧焊机器人、喷涂机器人和通用机器人在国内新能源汽车头部企业获得批量订单。其中， 大负载焊装机器人首次在 ...

Group 1: Industrial Growth and Innovation - The industrial economy in China showed steady progress in the first three quarters, with a year-on-year increase of 6.2% in industrial added value for large-scale enterprises [1][6] - The equipment manufacturing sector's added value grew by 9.7%, accounting for 35.9% of total industrial output, indicating a strong "ballast" effect [2][6] - High-tech manufacturing also saw a 9.6% increase, outpacing overall industrial growth by 3.4 percentage points, highlighting the sector's significant contribution to industrial expansion [2] Group 2: Resilience in Industry - Industrial resilience is characterized by the ability to maintain stable operations and adapt quickly to external shocks, with the machine tool industry exemplifying this resilience [4] - The demand for high-end machine tools is increasing due to the rapid development of new industries such as new energy vehicles and aerospace, presenting both opportunities and challenges for domestic manufacturers [4] - Exports of machine tools from Jiangsu province reached 10.97 billion yuan, a year-on-year increase of 15.3%, driven by both leading and small enterprises [4][6] Group 3: Green Development - The green transformation of the industrial sector has made significant progress, with the production of new energy vehicles increasing by 29.7% and lithium-ion battery production rising by 46.9% [7] - The output of wind power generation units surged by 72.4%, while nuclear power generation units and solar cells also saw substantial growth, reflecting the acceleration of the energy structure's transition to clean and low-carbon sources [7] Group 4: Future Outlook - The conditions for stable growth in the industrial economy remain favorable, supported by the integration of technological and industrial innovation, which enhances autonomous innovation and industrial upgrading [8] - Recent policies focusing on green low-carbon development are expected to effectively promote qualitative improvements and reasonable quantitative growth in the industrial sector [8]

近期，高端制造业上下游企业订单增长、技术突破的捷报频传；国家统计局数据显示，前三季度，全国 规模以上工业增加值同比增长6.2%……总体来看，前三季度工业经济稳中有进，呈现出创新引领、产 业强韧、绿色发展的特征。 创新引领： 以技术突破激活增长新动能 创新引领是工业高质量发展的时代内涵。中国社会科学院工业经济研究所研究员周维富在接受上海证券 报记者采访时表示，创新引领是指工业发展摆脱了对传统要素投入的依赖，原创性、颠覆性技术创新成 为工业发展和工业结构升级的主要推动力量。 国家统计局数据显示，前三季度，规模以上装备制造业增加值同比增长9.7%，累计增加值占全部规上 工业比重达35.9%，已连续31个月超过30%，"压舱石"作用进一步凸显。同时，高技术制造业增加值增 长9.6%，增速快于全部规模以上工业3.4个百分点，凸显高技术产业对工业增长的拉动效应。 中泰证券研究所政策团队首席分析师杨畅分析，装备制造业的快速发展，一方面是创新驱动转型的直接 成果，企业技术迭代速度加快，产品附加值持续提升；另一方面也受益于下游需求的逐步改善，新能源 汽车、电子信息等领域的旺盛需求，反向拉动了装备制造环节的生产扩张，形成"需求— ...

Core Insights - The article highlights the rapid advancement and deep integration of industrial robots across various sectors in China, showcasing their evolution from simple machines to intelligent, collaborative systems capable of complex tasks [1][6][7] Group 1: Industry Growth and Market Trends - China's industrial robot market is experiencing significant growth, with a projected increase in the market size for six-axis industrial robots with a load capacity of 300 kg and above expected to grow tenfold from 2015 to 2025 [2][3] - In 2024, China's industrial robot production is anticipated to reach 556,400 units, representing a year-on-year growth of 14.2% [6] - In 2023, China accounted for 51% of the global installation of new industrial robots, with 276,000 units installed [6] Group 2: Technological Advancements - The development of high-load industrial robots is being driven by breakthroughs in core components such as reducers and servo motors, with companies like Midea achieving full localization of these parts [2][3] - The introduction of advanced technologies, including AI and collaborative robotics, is enhancing the precision and reliability of robots, enabling them to perform tasks with high accuracy [7][8] Group 3: Competitive Landscape - Domestic companies like Estun and Efort are making significant strides in the heavy-duty robot sector, with Estun launching a 700 kg industrial robot and Efort achieving mass sales of over 100 units of their latest model [3][5] - The shift towards domestic brands is evident, as companies like GAC chose Estun robots for their manufacturing processes, citing comparable quality to international brands at competitive prices [4] Group 4: Integration of AI and Robotics - The integration of AI into industrial robots is transforming their capabilities, allowing for enhanced decision-making and adaptability in various applications, such as precision assembly and logistics [7][8] - The collaboration between companies and AI technologies is expected to drive further innovations, leading to more flexible and efficient manufacturing processes [8][10]