在港交所上市约一年后，"协作机器人第一股"越疆科技将目光投向了A股市场。 近日，深圳市越疆科技股份有限公司（下称"越疆科技"）发布公告称，公司已决定启动首次公开发行A 股并在深圳证券交易所上市的计划。目前，公司已委聘上市前辅导机构，并向相关监管部门提交了辅导 登记申请。 若此次A股发行顺利，越疆科技将有望形成"A+H"双资本平台布局。不过，在资本动作频频的背后，越 疆科技仍面临着亏损、现金流承压以及高昂的市场推广成本等经营挑战。 制图：陈欣（豆包AI生成） 有业内人士分析指出，在港股流动性相对有限的背景下，回归A股或许是越疆科技为了支撑高强度的研 发投入与市场扩张，寻求更高估值与融资效率的一个选择。 谋求"A+H"布局 押注具身智能 对于此次启动A股上市的原因，越疆科技在公告中表示，旨在推动业务发展、增强整体竞争力，并确保 达成运营目标及长远发展策略。 从最新的财务数据来看，越疆科技的基本面呈现出修复态势。根据2025年中期业绩，公司上半年实现营 收1.53亿元，同比增长27.1%，增速较去年同期的9.6%有回升。 这波增长主要得益于产品结构的多元化。除了核心的六轴协作机器人收入增长46.7%外，公司在商业场 ...

在港交所上市约一年后，"协作机器人第一股"越疆科技将目光投向了A股市场。 12月29日晚间，深圳市越疆科技股份有限公司（下称"越疆科技"）发布公告称，公司已决定启动首次公开 发行A股并在深圳证券交易所上市的计划。目前，公司已委聘上市前辅导机构，并向相关监管部门提交了 辅导登记申请。 若此次A股发行顺利，越疆科技将有望形成"A+H"双资本平台布局。不过，在资本动作频频的背后，越疆 科技仍面临着亏损、现金流承压以及高昂的市场推广成本等经营挑战。 谋求"A+H"布局，押注具身智能 对于此次启动A股上市的原因，越疆科技在公告中表示，旨在推动业务发展、增强整体竞争力，并确保达 成运营目标及长远发展策略。 从最新的财务数据来看，越疆科技的基本面呈现出修复态势。根据2025年中期业绩，公司上半年实现营收 1.53亿元，同比增长27.1%，增速较去年同期的9.6%有回升。 这波增长主要得益于产品结构的多元化。除了核心的六轴协作机器人收入增长46.7%外，公司在商业场景 的布局开始进入收获期。财报显示，受益于咖啡机器人、理疗机器人等产品的放量，其商业领域收入同比 激增165.5%，成为业绩新亮点。 公开资料显示，越疆科技于20 ...

为了增进公众对养老机构的了解，北京市民政部门于近期开展了第二批养老机构开放体验活动，共有45 家优质养老服务机构向老年人及家属开放试住。 穿过一楼前厅，眼前的房间里摆放着沙发茶几、绿植鱼缸，这里是中心的"科技适老体验区"。在这，灯 光和电器可以通过语音控制，鱼缸也可以实现自动喂食。科技适老体验区还模拟厨房场景，在水龙头 旁，有一个巴掌大小的智能用水记录仪。"它可以记录老人的用水习惯，一旦老人用水出现异常，它就 可以与房间内的其他设备进行交叉验证，出现异常就会发出警报。"相关负责人郝圆媛说。 智能床垫、理疗机器人、毫米波雷达……充满科技感的智慧养老产品，让老年人的生活更加舒适便利。 床位费最高为每月3000元，低于市场同类机构。据介绍，清河街道养老服务中心地上三层，设有55张护 理型床位，可以为老年人提供住养、助餐、医疗护理和健康管理等服务。在北京市第二批养老机构开放 体验活动中，中心也推出了"试住"活动，邀请老年人深度体验。"试住期最长一个月，试住期间床位费 半价。"工作人员介绍。 本报讯（记者 王琪鹏）昨天，海淀区清河街道养老服务中心举办开放日活动，邀请社区老人走进养老 机构进行"沉浸式体验"。 清河街道养 ...

可调节的护理床引起了老人的兴趣 科技适老体验区还模拟了厨房的场景。在水龙头旁，有一个巴掌大小的智能用水记录仪。别看它不起 眼，却可以通过水的用量，为独居老人编织一张隐形的安全网。"它可以记录老人的用水习惯，一旦老 人用水出现异常，它就可以与房间内的其他设备进行交叉验证，出现异常就会发出警报。"郝圆媛说。 转自：北京日报客户端 "小爱同学，把灯打开。""小爱同学，请打开空气净化器。"话音刚落，房间内的灯光亮起，空气净化器 立即开始工作。12月23日，海淀区清河街道养老服务中心举办开放日活动，邀请社区老人走进养老机构 进行"沉浸式体验"。无处不在的智慧养老应用，颠覆了许多老年人对养老机构的刻板印象。 老人在工作人员的演示下与智能机器人对话 清河街道养老服务中心是一家全新的养老机构，今年10月份才开始收住老人，"科技"是这里鲜明的特 色。开放日活动当天，家住安宁东路社区的聂丽岩来到清河街道养老服务中心"探店"，一进门，老人便 被这里温馨舒适的环境和科技感满满的智慧养老设备吸引了。 穿过一楼前厅，眼前的房间里摆放着沙发茶几、绿植鱼缸，这里不是会客厅，而是中心的"科技适老体 验区"。在这里，灯光和电器可以通过语音控制， ...

Group 1 - The 138th China Import and Export Fair (Canton Fair) attracted over 310,000 foreign buyers from 223 countries and regions, marking the first time the number of foreign buyers exceeded 300,000 [2][3] - The total intended export transaction amount reached $25.65 billion during the fair [2] - The fair is recognized as China's largest and longest-running comprehensive international trade exhibition, serving as a barometer for China's foreign trade [2] Group 2 - Buyers from countries involved in the Belt and Road Initiative totaled 214,000, reflecting a 9.4% increase [3] - Over 632 new product launch events were held, showcasing 4.6 million exhibits, including innovative and green products [3][5] - The introduction of advanced technologies such as "Bluetooth + 5G + Beidou" for booth navigation improved the experience for international buyers [5] Group 3 - The fair featured a variety of new products, including humanoid robots, brain-machine interface devices, bio-based materials, and AI rehabilitation equipment, which gained significant attention [3] - Continuous participation in the fair has allowed companies to grow and adapt, as evidenced by a Salvadoran buyer who transformed his small outsourcing company into a full-chain foreign trade service enterprise [5] - The China Foreign Trade Center emphasized the importance of enhancing service quality to support exhibitors and buyers in expanding markets and facilitating transactions [5]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 37.05 CNY for the next 6 months [6]. Core Views - The company has shown signs of recovery in domestic sales due to the old-for-new subsidy policy, while its export sales faced pressure from tariff policies. The expansion into automotive massage seats and rehabilitation robots is expected to drive future growth [2][3][5]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.15 billion CNY, a year-over-year decrease of 1.4%, and a net profit attributable to shareholders of 110 million CNY, down 22.2% year-over-year. In Q3 alone, revenue was 340 million CNY, a slight decline of 0.4% year-over-year, with a net profit of 30 million CNY, down 18.3% year-over-year [2][4]. - The gross margin for Q3 improved to 31.1%, an increase of 0.7 percentage points year-over-year, attributed to a higher proportion of domestic business. However, the net profit margin decreased to 7.5%, down 1.6 percentage points year-over-year due to increased operating expenses [4]. - The company reported a slight net outflow of operating cash flow in Q3, amounting to -20 million CNY, compared to a positive cash flow of 30 million CNY in the same period last year [4]. Business Development Summary - The domestic sales have shown a significant recovery, with online sales for the company's brands increasing by 82.0% year-over-year in Q3. The company is also focusing on expanding its overseas market, which is expected to rebound [3][5]. - The introduction of the 4D mechanical massage seat in the new Zhiji LS9 model is a notable development, indicating the company's commitment to innovation in the automotive sector [3]. - The company is actively investing in research and development for its automotive massage seat and rehabilitation robot businesses, which are anticipated to create new growth trajectories [5].

Core Viewpoint - The company has begun delivering its therapeutic AI robots in the third quarter of 2025, with further details to be provided in regular reports [2]. Group 1 - Investors inquired about the shipment and order status of the company's therapeutic AI robots [2]. - The company confirmed that deliveries of the therapeutic robots have started [2].

Core Viewpoint - Rongtai Health is a leading company in the massage chair market in China and a significant global manufacturer, with a strong brand recognition and a comprehensive system for R&D, industrial design, and quality control [1] Group 1: Business Performance - In Q3 2025, Rongtai Health reported revenue of 1.148 billion yuan, ranking second in the industry, while the industry leader, Aojiahua, had revenue of 3.724 billion yuan [2] - The main business composition includes massage chairs generating 779 million yuan (96.12%), small massage appliances at 20.99 million yuan (2.59%), and other services at 2.33 million yuan (0.29%) [2] - The net profit for the same period was 111 million yuan, ranking first in the industry, with the second-place Rongjie Health reporting a net profit of 91.49 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Rongtai Health's debt-to-asset ratio was 17.81%, significantly lower than the previous year's 42.93% and below the industry average of 25.55% [3] - The gross profit margin for Q3 2025 was 32.09%, slightly down from 32.43% year-on-year and below the industry average of 34.44% [3] Group 3: Management and Shareholder Information - The chairman, Lin Guangrong, received a salary of 772,500 yuan in 2024, unchanged from 2023, while the general manager, Lin Qi, earned 1.3329 million yuan, a decrease of 70,400 yuan from the previous year [4] Group 4: Shareholder Dynamics and Market Outlook - As of September 30, 2025, the number of A-share shareholders increased by 15.59% to 15,500, while the average number of shares held per shareholder decreased by 0.82% [5] - Domestic business revenue grew by 16.92% year-on-year, despite a slight decline in overall revenue due to overseas demand and tariff policies [5] - The company plans to launch its Thailand factory by the end of 2025 and expects to produce therapeutic robots in Q4 2025 [5] Group 5: Strategic Initiatives and Future Projections - In H1 2025, domestic online sales increased by 30%, with strong performance in overseas emerging markets and cross-border e-commerce [6] - The company is enhancing its R&D and operational efficiency, with plans for a new massage industry language model and collaborations with various partners [6] - Future net profit projections for 2025 to 2027 are 173 million, 199 million, and 224 million yuan, respectively [5][6]

Group 1: Company Overview and Strategic Acquisition - Zhengzhou Sanhui Electric Co., Ltd. completed a strategic acquisition of Zuo Lin Yong Jia Co., Ltd. through share transfer and voting rights delegation, enhancing its control over the company [2] - Zuo Lin Yong Jia, established in 2014, is a leading urban space smart operation platform service provider in China, integrating IoT, big data, and AI technologies [2][3] - The service network of Zuo Lin Yong Jia covers over 1,100 projects, with a service area exceeding 300 million square meters, serving notable clients such as the Shenzhen Nanshan District Government and Dongguan Mu Si [2] Group 2: Technological Collaboration and Achievements - Zuo Lin Yong Jia has achieved significant recognition, including being named "TOP1 Comprehensive Application Platform Provider for Industrial Parks in China" and "Top 50 Leading Real Estate Technology Enterprises" in 2023 [3] - The company has collaborated with Huawei to develop smart park products and solutions, achieving compatibility with Huawei's Kunpeng technology and integrating AI algorithms for energy efficiency [3][4] - Zuo Lin Yong Jia has received multiple awards from Huawei, including "Best Industry Solution Partner" and "Best Solution Partner" for 2024 and 2025 [3] Group 3: Business Synergy and Future Development - The acquisition aims to expand the AIoT ecosystem, positioning Zuo Lin Yong Jia as the largest provider of comprehensive solutions for parks in China [4] - The collaboration will enhance the energy management capabilities of Sanhui Electric, targeting zero-carbon parks and integrating renewable energy trading platforms [4][5] - Sanhui Electric's rehabilitation robots are now entering the medical field, with recent deliveries to hospitals, marking a breakthrough in the application of therapeutic robots [5]

Core Insights - Sanhui Electric has completed a strategic acquisition of Zuo Lin Yong Jia, a leading provider of smart solutions for urban space and industrial efficiency in China, through its wholly-owned subsidiary Shanghai Sanhui New Energy Technology Co., Ltd [1] - Zuo Lin Yong Jia has developed the first smart park product compatible with Huawei Kunpeng and has been recognized for its innovative AI-driven solutions that facilitate zero-carbon transformations for urban spaces and industrial enterprises [1][2] - The partnership aims to enhance the AIoT ecosystem, transitioning from traditional IoT to intelligent interconnectivity, thereby improving energy management across various sectors [2] Group 1 - Sanhui Electric's acquisition of Zuo Lin Yong Jia marks a shift from financial investment to controlling investment, indicating a deeper strategic alignment between the two companies [4] - Zuo Lin Yong Jia has become the largest comprehensive solution provider for parks in China, leveraging AI for data analysis and decision-making, which has led to over 20% reduction in energy consumption for clients [2] - The collaboration will focus on developing platforms for real-time trading and predictive management in the renewable energy sector, emphasizing zero-carbon parks and integrated energy solutions [2] Group 2 - The integration of Zuo Lin Yong Jia's AIoT technology with Sanhui Electric's energy technology is expected to enhance the flexibility of load management and create a comprehensive service chain in the energy sector [2] - Sanhui Electric's robotics division will benefit from Zuo Lin Yong Jia's AIoT expertise, facilitating the development of a cloud-based platform that enhances the intelligence and digital capabilities of its robotic products [3] - The strategic partnership will involve comprehensive integration across technology, products, channels, and teams, aiming to fully embrace AI technology in the fields of new energy and robotics [4]