事件：9 月23 日至26 日，全球石材行业顶级盛会——意大利维罗纳国际石材展览会（MARMO+MAC） 盛大启幕。公司携性能领先的"线锯设备+金刚线"成套切割解决方案首次亮相展会，向世界彰显中国高 端装备制造的硬核技术实力与创新成果，吸引了全球20 余个国家客商的关注与咨询洽谈。 营收利润逐步向好，有望迎来业绩拐点。25Q2 公司实现营业收入7.66 亿元，环比提升11.63%；实现归 母净利润-0.14 亿元，环比提升80.56%，环比实现大幅减亏，主要系公司克服光伏行业下行周期带来的 重大不利影响，对内深耕降本增效，对外聚焦市场，实现金刚线业务、硅片及切割加工服务业务盈利能 力逐步修复，有望迎来业绩拐点。 光伏切割全链条业务覆盖，技术闭环优势显著。公司是国内率先实现"设备+耗材+代工"三位一体融合 发展的企业。(1)切片耗材：公司冷拉钨丝母线产能快速扩充，市占率快速提升，盈利能力逐步修复。 25H1 公司实现金刚线销量（含自用）约3030 万公里，其中钨丝金刚线约2342 万公里，占比约 77.29%。（2）切片代工：公司硅片切片代工业务订单稳步增长，开工率大幅优于行业并持续提升。公 司25H1 硅片产 ...

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]

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]