转自：推广 文｜周涛 在智能制造与物流自动化加速融合的赛道上，济南上市公司兰剑智能科技股份有限公司（以下简称 为"兰剑智能"，证券代码：688557.SH）交出了一份稳健增长的2025年上半年成绩单。这家以智能机器 人为核心的智慧物流系统解决方案提供商，在上半年实现营收与利润双增长，海外市场突破与技术研发 创新成为两大关键引擎。 深耕智慧物流赛道 2025年一季度延续向好态势，营收1.77亿元同比激增147.09%，净利润164.49万元实现由亏转盈，资产 负债率稳定在38.12%，债务压力可控。 半年报数据显示，公司实现营业收入6.23亿元，较上年同期增长19.54%；归属于上市公司股东的净利润 4136.26万元，同比增长11.89%。值得关注的是，经营活动产生的现金流量净额由上年同期的-6018.01万 元转为153.72万元，现金流状况显著改善。 业绩增长的背后，是核心业务的持续发力与市场拓展的突破。从行业维度看，公司顺利交付新能源汽 车、电器、烟草、新材料等行业项目，成为营收增长的重要支撑。从市场维度看，海外市场表现尤为亮 眼，上半年海外收入达5628.13万元，较去年同期激增164.10%，这与公 ...

Summary of Key Points from Conference Call Industry Overview - The logistics robot industry is gaining significant attention, particularly with the integration of humanoid robots and smart logistics equipment. Goldman Sachs emphasizes that the combination of general intelligence and practical applications is crucial for scaling up [1][3]. - The logistics robots play a critical role in smart logistics systems, particularly in warehousing AGVs, which are widely used in e-commerce warehouses and sorting centers to enhance logistics efficiency and reduce costs [1][5]. Core Insights and Arguments - Recent strategic collaboration between DHL and Boston Dynamics to deploy over 1,000 robots has heightened market interest in logistics automation and robots [2]. - Goldman Sachs' report highlights that humanoid robots must integrate general intelligence with practical applications for scalability. Lan Jian Intelligent signed new orders worth 1.537 billion yuan, a 40% year-on-year increase, with a backlog of nearly 1.3 billion yuan, reflecting a 20% increase [3][10]. - Lan Jian Intelligent has strong product development and market expansion capabilities, continuously launching new products that incorporate visual and algorithm technologies, which positions the company for sustained double-digit growth in the coming years [3][12]. Competitive Landscape - The logistics robot market is highly competitive, with major domestic players including Tian Tian International and Noli Co., and international giants like Daifuku and Dematic. However, logistics robots represent a small portion of their overall business [6][7]. - Domestic companies often bind themselves to specific industries, and technological iteration is key to meeting customer demands for cost reduction and efficiency [7]. Company-Specific Insights - Lan Jian Intelligent is one of the few domestic companies with self-research and production capabilities in the smart logistics system sector, offering a complete solution that includes various types of robots and proprietary software [8]. - The company experienced stable performance last year, but increased R&D and sales expenses impacted profits. Future expense levels are expected to stabilize, potentially leading to profit release [9][11]. - The company’s order situation is robust, with a significant increase in new orders and a favorable outlook for the current year, indicating a strong market position [10][11]. Future Outlook - The logistics robot industry is expected to continue its growth trajectory, with a positive outlook for companies with solid fundamentals. Lan Jian Intelligent is anticipated to maintain a strong performance due to its diverse industry coverage and technological advancements [13][14].