联手乐聚进军机器人领域， 在手订单充沛业绩稳增可期 事件：2025 年 9 月 19 日，东方精工与乐聚智能合资设立的东 方元启智能机器人（广东）有限公司正式成立，注册资本 1 亿元， 业务涵盖服务消费机器人制造、智能家庭消费设备制造等领域。 强强联合切入人形机器人赛道，成长空间可期 作为瓦楞纸箱印刷包装设备龙头，公司跨界进军智能机器人领域，形 成"集群化战略投资"布局，旨在提升未来竞争力。双方将充分发挥 各自技术优势，共同开拓智能制造新市场。东方精工凭借在高端智能 装备制造领域近三十年的深厚积累及资源优势，在精密机械加工、自 动化产线集成、质量控制和费用管控等方面具备核心竞争力，能够有 效解决人形机器人从实验室样机走向规模化、商业化量产过程中的核 心制造瓶颈。而乐聚智能具备前沿的技术研发能力，其在机器人模块 化关节、全身动量控制算法等核心软硬件技术上处于国内领先地位， 推出的 KUAVO（夸父）人形机器人已展现出优异的运动能力与场景适 应性。从市场前景来看，人形机器人赛道空间广阔，随着人工智能与 传感技术的持续进步，未来在工业制造、商业服务、科研教育及家庭 服务等领域具有广泛的应用潜力。 2025 年 09 ...

Core Viewpoint - The company reported a stable growth in operating performance for the first half of 2025, with a slight decrease in overall revenue but a significant increase in net profit and net profit excluding non-recurring items [5][6]. Financial Performance - For the first half of 2025, the company achieved total operating revenue of approximately 2.159 billion yuan, a year-on-year decrease of 0.1% [5]. - The net profit attributable to shareholders was approximately 397 million yuan, representing a year-on-year increase of 142.52% [5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 256 million yuan, showing a year-on-year growth of 12.12% [5]. Business Segment Overview Waterborne Power Equipment Segment - The subsidiary, Baisheng Power, achieved operating revenue of 485 million yuan, a year-on-year increase of approximately 28%, and a net profit of 58 million yuan, up 13% [6]. - Baisheng Power became the first company in China to mass-produce a 300-horsepower gasoline outboard motor, marking a significant milestone in the industry [6][7]. - The company launched its first intelligent top-flow machine product, which is the first foldable structure top-flow machine in China, entering mass production [7][10]. - Operational efficiency improved significantly with the implementation of the U9 EPR system, leading to a notable decrease in inventory turnover days and a substantial increase in operating cash flow [8]. Intelligent Packaging Equipment Segment - The Fosber Group maintained a stable order intake in the first half of 2025, with a focus on expanding into emerging markets like Latin America and Africa [11][12]. - Fosber Asia achieved record-high performance in the domestic market, with significant growth in new orders and revenue [13]. - The new factory of Fosber Asia, with an annual production capacity of 40 lines, was successfully launched, supporting the growth of its business [13]. Digital Printing Equipment Segment - The subsidiary, Wande Digital, launched an upgraded "digital printing all-in-one machine," which gained popularity in the domestic market [15]. External Business Development - The company is focusing on external growth through strategic investments, particularly in the fields of "artificial intelligence + robotics" and "controlled nuclear fusion key structural materials + nuclear power equipment" [16][18]. - The company increased its stake in Guizhou Aerospace New Power Technology Co., Ltd. to 19.89%, recognizing its strong technological capabilities in nuclear power components [21][23]. - The company is also investing in sectors with significant technological barriers and future growth potential, such as aerospace and new materials, to explore new directions for development [24].