高测股份（688556.SH）2025 年半年报点评 钨丝金刚线放量加速，布局机器人赛道打开成长天花板 2025 年 09 月 02 日 ➢ 事件 2025 年 8 月，高测股份 2025 年半年报，公司 25H1 实现营收 14.51 亿元，同 比-45.16%，归母净利润-0.89 亿元，扣非归母净利润-1.22 亿元，同比由盈转 亏。 分季度看，25Q2 公司实现营收 7.66 亿元，同比-37.57%，环比+11.63%，归母 净利润-0.14 亿元，扣非归母净利-0.41 亿元，亏损幅度环比 25Q1 有所收窄。 ➢ 钨丝金刚线快速放量，切片代工渗透率提升 公司冷拉钨丝母线产能快速扩充，凭借钨丝金刚线细线化领先及产品差异化竞争 优势，实现钨丝金刚线持续快速放量，出货规模稳步增长，市占率快速提升，盈 利能力逐步修复。2025 年 H1 公司实现金刚线销量（含自用）约 3,030 万千米， 其中钨丝金刚线约 2,342 万千米，钨丝金刚线占比约 77.29%。25H1 公司光伏 切割耗材实现收入 3.40 亿元。 切片代工方面，公司发挥设备+工艺的技术闭环优势，给客户提供更高的出片数、 更低的成本和更优 ...

Group 1 - The core viewpoint of the article highlights that Gaoce Co., Ltd. has officially entered the humanoid robot reducer business, marking a significant expansion in its robotics sector [1] - The reducer is identified as a critical component for humanoid robots, serving as their "joints" and is essential for mass production [1] - Gaoce's entry into this market is supported by its established technological platforms in precision cutting, grinding, and electroplating, showcasing its capability to quickly transition from R&D to order fulfillment [1] Group 2 - The company's photovoltaic business is also showing strong recovery, with a notable 80.56% quarter-on-quarter increase in net profit attributable to the parent company in Q2 2025 [1] - Gaoce maintains the leading market share in the photovoltaic equipment sector, with successful overseas line deliveries [1] - The company achieved a shipment volume of 30.3 million kilometers for diamond wires, rapidly increasing its market share, and its silicon wafer cutting service production reached 26 GW, ranking among the top five in the industry with a penetration rate of 8.23% [1]

Core Viewpoint - The company reported a challenging performance in the first half of 2025 due to the overall environment of the photovoltaic industry, but showed significant recovery in profitability in the second quarter [1][2] Financial Performance - The company achieved a total revenue of 1.451 billion yuan in the first half of 2025, with a net profit attributable to shareholders of -89 million yuan [1] - In the second quarter, the company recorded a revenue of 766 million yuan, an increase of 11.63% quarter-on-quarter [1] - The net profit attributable to shareholders in the second quarter was -14 million yuan, representing a substantial quarter-on-quarter growth of 80.56% [1] Business Development - The company is actively expanding into the humanoid robot sector and has made substantial progress, launching composite metal tendons suitable for humanoid robot dexterous hands and other parts, which have entered trial phases with multiple robot companies [1] - The company is also advancing the development of planetary roller screw grinding equipment based on its technical accumulation in high-precision grinding equipment [1] - The company has further entered the humanoid robot reducer market and is collaborating with customers to promote the development of reducers, indicating a clear acceleration in new business layout [1] Technological Support - The company has established three major technology platforms: precision cutting, precision grinding, and electroplating chemistry, which support rapid migration of R&D scenarios [2] - This capability has previously enabled the company to achieve a "dark horse" breakthrough in the photovoltaic sector and is now a key factor in its cross-industry expansion into the robotics sector [2]

Group 1 - The core viewpoint of the articles highlights the rapid development of the robotics industry, particularly in humanoid robots, as a key area of technological innovation and high-end manufacturing, reshaping economic development patterns [1][3][8] - The Qingdao High-tech Zone is positioning itself as a hub for the robotics industry, supported by strategic planning, a comprehensive policy framework, and significant industrial achievements [1][4] - The humanoid robot market is projected to reach a scale of hundreds of billions by 2030, with Qingdao's development plan focusing on the research and application of humanoid robots in specific industry scenarios [3][4] Group 2 - Hexagon's new humanoid robot AEON, designed for industrial applications, features advanced sensors and AI-driven task control, aiming for commercialization by 2026 [3][5] - Qingdao High-tech Zone has established a complete robotics industry chain, covering core components, manufacturing, system integration, and application scenarios, providing a favorable environment for the humanoid robot industry [4][5] - Several innovative companies in Qingdao are contributing to the humanoid robot sector, including Qingdao High Measurement Technology Co., Ltd. and Qingdao Baojia Intelligent Equipment Co., Ltd., which have made significant advancements in core components and manufacturing [5][6] Group 3 - The collaboration between academia and industry, particularly with the establishment of the Rehabilitation University, is enhancing technological breakthroughs and talent support for the humanoid robotics sector in Qingdao [7] - The construction of the Hisense Humanoid Robot Innovation Center is enriching the innovation ecosystem in Qingdao, promoting the development of humanoid robots across various applications [7] - Qingdao High-tech Zone is expected to continue leveraging its full industry chain advantages, strengthen partnerships with leading companies, and enhance project recruitment and local enterprise cultivation to build a more comprehensive industrial ecosystem [8]