36氪获悉，高测股份在互动平台表示，公司在人形机器人领域快速布局行星滚柱丝杠磨削设备研发、灵 巧手复合金属腱绳以及减速器业务。其中减速器业务目前主要配合北美客户定制研发，进展顺利，但公 司配合客户研发的减速器相关产品尚处于非常早期阶段，存在不确定性风险。 ...

Group 1 - The core point of the news is that Gaoce Co., Ltd. has established a wholly-owned subsidiary, Gaoce Smart (Shanghai) Robot Co., Ltd., marking a significant step in its strategic layout in the humanoid robot field [1][2] - The new company will focus on the research, manufacturing, and sales of core components and related processing equipment for humanoid robots [1] - Gaoce Co., Ltd. has developed a robust technological foundation with three platform technology systems: precision cutting, precision grinding, and electroplating chemistry, enabling rapid migration of research and development scenarios [1][2] Group 2 - Gaoce Co., Ltd. has made progress in multiple lines within the robotics sector, including the development of planetary roller screw grinding equipment and custom development of reducer products [2] - The company has introduced a new type of low-crawl high-wear composite metal tendon rope for key components like dexterous hands, which has entered the trial phase with several robot enterprises and has successfully received small batch orders [2] - The company's main photovoltaic business is showing a steady recovery, with its third-quarter report indicating improved profitability and a return to profit, providing financial support for strategic upgrades [2] Group 3 - The humanoid robot industry is currently experiencing dual opportunities from policy and market, and Gaoce Co., Ltd. is strategically targeting this frontier sector during a critical phase of stabilization and improvement in its traditional business [2] - The establishment of a specialized robot subsidiary is viewed as a key move in the company's "strategic upgrade," which will help build a strong second growth curve and solidify the foundation for long-term development [2]

Core Insights - The humanoid robot industry is experiencing significant growth opportunities driven by favorable policies and market conditions, prompting the establishment of Gaoce Intelligent (Shanghai) Robot Co., Ltd. with an investment of 100 million yuan by Gaoce Technology Co., Ltd. [1] - Gaoce Technology's strategic move into the robot industry is well-timed, leveraging its technological expertise in precision cutting, grinding, and electroplating to support its entry into the humanoid robot sector [1][2] Industry Background - The humanoid robot industry is benefiting from increased government support for intelligent manufacturing and robotics, alongside rapid technological advancements and expanding application scenarios [1] - The establishment of Gaoce Intelligent (Shanghai) Robot Co., Ltd. reflects the company's ability to seize industry development opportunities [2] Technological Advantages - Gaoce Technology has accumulated significant technical experience in precision grinding and metal material development, which facilitates a smooth transition into the robot industry [1] - The company has developed a new type of low-creep, high-wear composite metal tendon for humanoid robots, which has gained market recognition and resulted in small batch orders [2] Business Performance - Gaoce Technology's main business remains stable, with its photovoltaic segment showing improved profitability, achieving a quarterly turnaround [2] - The robust performance of traditional business lines provides financial support for the development of emerging businesses, enhancing the company's risk resilience and facilitating strategic transformation [2] Future Outlook - The establishment of the robot company will enable a more systematic and in-depth layout in the humanoid robot field, potentially opening new growth avenues for Gaoce Technology as the industry continues to expand [2]

Core Insights - Gaoce Co., Ltd. has established a wholly-owned subsidiary, Gaoce Smart (Shanghai) Robot Co., Ltd., with an investment of 100 million yuan, focusing on the R&D, manufacturing, and sales of core components and processing equipment for humanoid robots [1][2] - The company's humanoid robot business strategy is centered around "technology reuse," leveraging its long-term R&D to transition technologies from the photovoltaic sector to the semiconductor field and now to the humanoid robot industry [1] Summary by Sections Company Strategy - The establishment of the new robot company marks Gaoce's entry into the humanoid robot sector, aiming to transform its technological capabilities into core competitiveness in this field [1] - The company has developed a platform technology system consisting of precision cutting, precision grinding, and electroplating, which enables rapid migration of R&D scenarios across different industries [1] Technological Capabilities - Gaoce's ability to migrate technology is highlighted by its development of low-creep, high-wear composite metal tendons using tungsten and steel wire materials, and the advancement of planetary roller screw grinding equipment based on its precision grinding technology [1] - The company is also focusing on customized reducer R&D, leveraging its advantages in precision mechanical design and manufacturing [1] Financial Performance - Gaoce's main photovoltaic business has shown continuous improvement in profitability, achieving a turnaround in the third quarter, which provides a solid foundation for the R&D and expansion of its humanoid robot business [1]

Core Viewpoint - The company has established a new subsidiary, Gaoce Intelligent (Shanghai) Robot Co., Ltd., focusing on the research, development, manufacturing, and sales of core components and processing equipment for humanoid robots, capitalizing on the growing market and policy incentives in the humanoid robot industry [1] Company Summary - The new subsidiary was set up on November 13, 2025, with a registered capital of 100 million yuan, funded by the company's wholly-owned subsidiary, Hainan Gaoce [1] - The company has developed a platform technology system consisting of precision cutting, precision grinding, and electroplating chemistry, demonstrating core capabilities for rapid migration of R&D scenarios [1] - The company has already customized products in the humanoid robot field, including dexterous hands with composite metal tendons, planetary roller screw grinding equipment, and reducers [1] - The establishment of the new robot company will allow for independent operation of robot-related businesses and enhance deep cooperation with customers and supply chain partners, further promoting the company's humanoid robot business strategy [1] Industry Summary - The humanoid robot industry is experiencing significant policy and market benefits, with a clear trend towards large-scale industrial development [1]

Core Viewpoint - The company has established a new subsidiary, Gaoce Intelligent (Shanghai) Robot Co., Ltd., focusing on the research, development, manufacturing, and sales of core components and processing equipment for humanoid robots, capitalizing on the growing market and policy incentives in the humanoid robot industry [1] Company Developments - The new company was set up on November 13, 2025, with a registered capital of 100 million yuan, funded by the company's wholly-owned subsidiary, Hainan Gaoce [1] - The establishment of the specialized robot company aims to operate independently and enhance collaboration with customers and supply chain partners, further advancing the company's humanoid robot business strategy [1] Industry Trends - The humanoid robot industry is experiencing significant policy and market benefits, with a clear trend towards large-scale industrial development [1] - The company has developed a robust technological foundation with three platform technology systems: precision cutting, precision grinding, and electroplating chemistry, enabling rapid migration of research and development scenarios [1] - The company has already customized products in the humanoid robot sector, including dexterous hands with composite metal tendons, planetary roller screw grinding equipment, and reducers [1]

Core Insights - The company showcased its advanced "wire saw equipment + diamond wire" cutting solutions at the Marmo+Mac exhibition, highlighting China's high-end equipment manufacturing capabilities and attracting interest from over 20 countries [1] - The company reported a significant improvement in financial performance, with Q2 2025 revenue reaching 766 million yuan, an 11.63% increase quarter-on-quarter, and a net profit of -14 million yuan, an 80.56% improvement, indicating a potential turning point in performance [1] Business Overview - The company has established a comprehensive business model covering the entire photovoltaic cutting chain, integrating "equipment + consumables + processing" [2] - In H1 2025, the company expanded its cold-drawn tungsten wire production capacity, achieving a diamond wire sales volume of approximately 30.3 million kilometers, with tungsten wire accounting for about 77.29% [2] - The company's silicon wafer processing business is experiencing steady growth, with a production output of approximately 26 GW in H1 2025, positioning it among the top five in the industry and increasing its market penetration to 8.23% [2] Strategic Initiatives - The company is actively developing core components and processing equipment for humanoid robots, leveraging its expertise in high-precision grinding equipment [2] - The company has successfully introduced composite metal tendons suitable for humanoid robot applications, which are currently in trial use by several robotics companies, resulting in small batch orders [2][3] - The company is collaborating with clients to customize the development of reducers and other products for humanoid robots [3] Investment Outlook - The company is projected to achieve net profits of 13 million yuan, 135 million yuan, and 246 million yuan in 2025, 2026, and 2027 respectively, indicating a turnaround and significant growth [3] - Corresponding EPS estimates are 0.02 yuan, 0.16 yuan, and 0.30 yuan for the same years, maintaining a "buy" rating for the company [3]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Viewpoints - The company has experienced a significant decline in revenue and profit in H1 2025, with a revenue of 1.451 billion yuan, down 45.16% year-on-year, and a net profit of -89 million yuan [1]. - The company is rapidly increasing its production capacity for tungsten wire diamond wire, achieving a sales volume of approximately 30.3 million kilometers in H1 2025, with tungsten wire diamond wire accounting for about 77.29% [2]. - The company is actively entering the robotics sector, leveraging its core technology in semiconductor cutting applications and developing key components for humanoid robots, which is expected to provide strong support for long-term growth [3]. Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 2.896 billion yuan, 3.457 billion yuan, and 4.053 billion yuan respectively, with corresponding net profits of -34 million yuan, 157 million yuan, and 269 million yuan [4][6]. - The company is expected to achieve a PE ratio of 55x in 2026 and 32x in 2027, indicating potential for growth as it expands into new markets [4][6].

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]