近日，广东拓斯达科技股份有限公司发布公告，经公司董事会审议通过了《关于公司发行H股股票并在 香港联合交易所有限公司上市的议案》。 公告显示，为实现公司的可持续发展，提升国际化水平，加快海外业务发展，进一步提高公司综合竞争 力及国际品牌形象，同时充分借助国际资本市场的资源与机制优势，优化资本结构，拓宽多元融资渠 道，董事会同意公司发行H股股票并在香港联交所主板挂牌上市。 本次公司拟发行的H股股数不超过本次发行后公司总股本的15%（超额配售权行使前），并授予整体协 调人不超过前述发行的H股股数15%的超额配售权。公司募集资金使用计划主要包括：技术研发及产品 开发、全球销售服务网络拓展与品牌建设、生产制造和供应链管理体系的持续建设与升级、战略投资与 产业生态建立等。 作为广东省机器人首家上市公司，依托在高端五轴联动加工中心与注塑装备领域积累的深厚工艺理解与 高价值应用场景，拓斯达持续拓展直角坐标机器人、多关节机器人、协作机器人（模块化感知关节）及 人形机器人等多元化产品矩阵。并通过空间感知、视觉识别、力觉反馈等多模态传感器融合，系统化采 集环境与交互数据，对AI模型进行持续训练与迭代优化，提升机器人在复杂工业环境中 ...

根据发行方案，拓斯达拟发行的H股数量不超过发行后公司总股本的15%（超额配售权行使前），并可 能授予整体协调人不超过前述发行H股股数15%的超额配售权。募集资金计划用于技术研发与产品开 发、全球销售服务网络拓展与品牌建设、生产制造与供应链管理体系的升级、战略投资与产业生态建立 等方面。 公开信息显示，拓斯达是广东省首家机器人领域上市公司，业务涵盖五轴联动加工中心、注塑装备等高 端装备制造。公司依托在高端五轴联动加工中心与注塑装备领域积累的深厚工艺理解与高价值应用场 景，拓斯达持续拓展直角坐标机器人、多关节机器人、协作机器人（模块化感知关节）及人形机器人等 多元化产品矩阵。并通过空间感知、视觉识别、力觉反馈等多模态传感器融合，系统化采集环境与交互 数据，对AI模型进行持续训练与迭代优化，提升机器人在复杂工业环境中的通用性与泛化能力。 中证报中证网讯（王珞）12月30日，拓斯达（300607）（300607）发布公告称，经公司董事会审议通过 了《关于公司发行H股股票并在香港联合交易所有限公司上市的议案》。 公告显示，为实现公司的可持续发展，提升国际化水平，加快海外业务发展，进一步提高公司综合竞争 力及国际品牌形象 ...

Core Viewpoint - The company Tuosda, known as "Guangdong's first robot stock," is planning to issue overseas shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its global development strategy and brand influence while utilizing international capital markets for diversified financing [1][3]. Company Overview - Tuosda was established in 2007 and successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2017, marking a significant milestone in its domestic capital market strategy [3]. - As of the latest closing, Tuosda's total market capitalization is approximately 13.937 billion yuan [3]. Financial Performance - For the first three quarters of 2025, Tuosda reported revenue of 1.688 billion yuan, a year-on-year decline of 24.49%. However, the net profit attributable to shareholders reached 49.9365 million yuan, a significant increase of 446.75%, with the non-recurring net profit at 35.8067 million yuan, up 3969.23% [4]. - The industrial robot and automation application systems segment generated revenue of 545 million yuan, reflecting a year-on-year growth of 2.34%, with a stable gross margin of 36.67% [4]. Product and Technology Development - Tuosda has established itself as a leader in the industrial robot sector, developing a comprehensive range of products including SCARA and six-axis robots, and building proprietary technological barriers in key areas such as controllers and servo drives [4]. - The company has launched various automation solutions, including the "Robot+" initiative, which aims to upgrade non-standard automation equipment into semi-standard or standardized workstations [5]. Industry Trends - The global market for robots is projected to exceed $400 billion by 2029, with embodied intelligent robots expected to capture over 30% of the market share [10]. - The ongoing IPO wave in the robotics sector is characterized by both new entrants and established players seeking to capitalize on technological advancements and market demand [11].

Group 1: Financial Performance - In the first half of 2025, the company's product business revenue increased by 22.66% year-on-year, with a gross margin of 38.83%, showing slight growth compared to the previous year [2] - The industrial robot business revenue grew by 22.55% year-on-year, with self-produced multi-joint industrial robots seeing an impressive revenue increase of 80.86% [2] - The revenue from injection molding machines, supporting equipment, and automatic feeding systems decreased by 0.87%, while the revenue from supporting equipment and automatic feeding systems increased by 29.64% [3] Group 2: Product Development - The company's first humanoid robot product, "Xiao Tuo," is capable of autonomous reasoning and decision-making for complex tasks, demonstrating the potential of humanoid robots in industrial applications [4] - "Xiao Tuo" integrates a 3D camera and AI visual inspection system to identify the quality of injection molded parts in real-time, achieving full-process automation from inspection to operation [4] Group 3: Impact on CNC Machine Tool Business - The development of humanoid robots poses challenges in design, materials, and manufacturing processes, requiring complex components that can be efficiently produced using five-axis CNC machine tools [5] - The DMU/GMU400 and GMU600 models exhibit unique advantages and competitiveness in processing components for humanoid robots [5] Group 4: Future Strategies in Embodied Intelligence - The company plans to invest in three core technologies: controllers, servo drives, and visual technology, to build a multi-driven system integrating "scenes + data + AI" [6] - The focus will be on enhancing collaboration with AI large model vendors to promote the iterative development and industrial application of intelligent equipment in structured industrial scenarios [6] Group 5: Intelligent Motion Control System - The new generation X5 motion controller has undergone multiple iterations to achieve reliable commercial productization, supporting various mainstream AI computing platforms [7] - The application software platform adopts a cloud-edge-end architecture, providing over 500 underlying functional interfaces and deep integration with mainstream AI large models and simulation systems [8]

Core Viewpoint - 2024 is a critical year for the company, TuoSiDa, as it undergoes a significant transformation despite facing its first historical loss due to a substantial decline in revenue and a strategic shift towards product-focused operations [2][3][8] Group 1: Financial Performance - In 2024, TuoSiDa's revenue dropped by over 30%, resulting in the company's first-ever loss since its establishment, primarily due to a 54.22% contraction in its intelligent energy and environmental management systems business [2][3] - The company has proactively reduced low-margin, high-risk projects since late 2022, leading to a historical revenue decline in 2023 and continued reductions in 2024 [2][3] - Despite the loss, the company indicates an improvement in operational quality, suggesting a transition towards becoming a product-oriented company [2][3] Group 2: Business Structure and Strategy - TuoSiDa plans to focus on developing its core product lines, including robots, CNC machine tools, and injection molding machines, while gradually divesting from non-core businesses [3][4] - The intelligent energy and environmental management systems business saw a revenue decline of over 90% in Q1 2025, while other business segments experienced a revenue growth of over 23% [3][4] - The company’s product business now accounts for a larger share of total revenue, with a 15.62 percentage point increase in contribution and a 37.43% overall gross margin [4] Group 3: Product Performance - The industrial robot segment achieved a revenue of 27,531.64 million yuan in 2024, marking a 12.50% year-on-year growth, with a gross margin of 47.53% [4] - The injection molding machine and related equipment business generated 51,121.47 million yuan in revenue, reflecting an 18.67% increase due to various market factors [5][6] - The sales of electric injection molding machines saw a significant increase, with order volume up by approximately 150% and shipment volume up over 300% [6] Group 4: Technological Advancements - TuoSiDa is positioned as a comprehensive player in the robotics industry, integrating upstream core components, midstream industrial robots, and downstream automation systems [7] - The company has launched the new X5 robot motion control platform, which serves as a critical component in bridging the gap between embodied intelligence and robotics [7][8] - TuoSiDa is collaborating with major tech companies to enhance its capabilities in embodied intelligence, creating a closed-loop system for data-driven product evolution [7][8]