Core Viewpoint - Guangdong Tuosda Technology Co., Ltd. is officially pursuing a dual listing on both the A-share and H-share markets to enhance its global development strategy and broaden financing channels [1][3]. Company Overview - Tuosda was established in 2007 in Dongguan and has transformed from a supplier of injection molding peripheral equipment to a full-chain service provider in the robotics sector, becoming the first listed robotics company in Guangdong [3][5]. - The company is recognized as a leader in the full-stack industrial robotics industry in mainland China and is a pioneer in embodied intelligence [3][6]. Financial Performance - Tuosda's revenue for 2023, 2024, and the first three quarters of 2025 was RMB 45.53 billion, RMB 28.72 billion, and RMB 16.88 billion, respectively [4][9]. - The net profit showed significant volatility, with figures of RMB 1.06 billion, -RMB 2.39 billion, and RMB 0.47 billion for the same periods [9][10]. Strategic Transformation - The company is undergoing a strategic transformation focusing on core businesses such as industrial robots, CNC machine tools, and injection molding machines, which has led to improved gross margins of 17.6%, 14.6%, and 28.3% for the respective years [11][12]. - Tuosda's shift away from lower-margin businesses, particularly the smart energy and environmental management systems, has been a significant factor in its recent financial performance [11][13]. Market Expansion - The overseas market has become a crucial growth driver, with overseas sales revenue accounting for 11.0%, 20.9%, and 25.0% of total revenue in 2023, 2024, and the first nine months of 2025, respectively [7][8]. - The company has established a sales network covering over 50 countries and regions, with significant operations in Vietnam and Mexico [8][9]. Challenges and Risks - Despite the positive outlook, Tuosda faces challenges such as market competition, where it ranks fifth in the domestic industrial robotics market with a market share of 0.9% [13]. - The company is also dealing with governance issues, having received regulatory warnings for revenue recognition discrepancies and other compliance failures [14][15].

Core Viewpoint - Guangdong Tosida Technology Co., Ltd. is officially pursuing a dual listing on both A-share and H-share markets to enhance its global development strategy and broaden financing channels [1][3]. Company Overview - Founded in 2007, Tosida initially focused on injection molding peripheral equipment and has transformed into a full-chain service provider in the domestic robotics sector, offering solutions from single machines to entire factories [5][6]. - The company became the first listed robotics company in Guangdong, first on the New Third Board in 2014 and then on the Shenzhen Stock Exchange in 2017 [3]. Market Position - Tosida is recognized as a leader in the full-stack industrial robotics sector in mainland China, ranking first in the market for light-load industrial robots and solutions according to a Frost & Sullivan report [3]. - The company aims to leverage its H-share listing to enhance brand influence and core competitiveness while expanding its international market presence [7]. Financial Performance - Tosida's revenue for 2023, 2024, and the first three quarters of 2025 was reported at RMB 45.53 billion, RMB 28.72 billion, and RMB 16.88 billion, respectively [10]. - The net profit showed significant volatility, with figures of RMB 1.06 billion, -RMB 2.39 billion, and RMB 0.47 billion for the same periods [10]. Strategic Transformation - The company is undergoing a strategic shift to prioritize industrial robots and their application systems, moving away from lower-margin businesses like smart energy and environmental management systems [12][14]. - The revenue from the smart energy and environmental management systems, which once contributed RMB 26.86 billion (59% of total revenue) in 2023, has seen a decline of over 50% in 2024 [12]. International Expansion - Tosida's overseas sales revenue as a percentage of total revenue has been increasing, with figures of 11.0%, 20.9%, and 25.0% for 2023, 2024, and the first nine months of 2025, respectively [7][8]. - The company has established a presence in over 50 countries and regions, with offices in Vietnam and Mexico, and service centers in Thailand and Indonesia [8]. Challenges and Risks - The company faces challenges in market competition, with a market share of only 0.9% in the domestic industrial robotics solutions market as of 2024 [14]. - Supply chain risks are significant, as the cost of raw materials and components accounted for approximately 94.0%, 92.7%, and 92.2% of total sales costs in 2023, 2024, and the first three quarters of 2025, respectively [14]. Governance Issues - Tosida has faced regulatory scrutiny due to multiple governance issues, including revenue recognition discrepancies and improper cost accounting practices [15][16]. - The company received warning letters from regulators for these violations, which have raised concerns among investors [15].

Core Viewpoint - Guangdong Tuosida Technology Co., Ltd. is officially pursuing a dual listing on both A-share and H-share markets to enhance its global development strategy and brand influence while expanding financing channels [1][5]. Company Overview - Tuosida is recognized as a leader in the full-stack industrial robot sector in mainland China and a pioneer in embodied intelligence [1]. - The company has transformed from a supporting player in the supply chain to a "chain master," providing comprehensive solutions from single machines to entire factory setups [2]. Financial Performance - The company's revenue for 2023, 2024, and the first three quarters of 2025 is reported as RMB 45.53 billion, RMB 28.72 billion, and RMB 16.88 billion respectively [2][8]. - Net profit figures show significant volatility: RMB 1.06 billion in 2023, a loss of RMB 2.39 billion in 2024, and a profit of RMB 0.47 billion in 2025 [8]. - The revenue from the smart energy and environmental management system, previously a major revenue source, dropped over 50% in 2024, contributing to the net loss [8][9]. Strategic Initiatives - Tuosida is accelerating its entry into the humanoid robot market, with plans to launch a working humanoid robot equipped with AI capabilities by September 2025 [3]. - The company aims to establish local sales and marketing teams in international markets, enhancing its overseas sales network [5][7]. Market Position - As of 2025, Tuosida has established 27 offices in mainland China and expanded its overseas sales network to over 50 countries, serving nearly 1,000 international clients [7]. - Despite its growth, Tuosida's market share in the domestic industrial robot sector remains relatively low, ranking fifth with a market share of 0.9% in 2024 [9]. Challenges - The company faces challenges during its transformation phase, including revenue pressure and fluctuations in net profit due to strategic adjustments [8][9]. - Supply chain risks are significant, with raw material and component costs accounting for over 92% of total sales costs [10]. - Governance issues have arisen, including regulatory warnings related to revenue recognition and cost accounting practices [10][11].

拓斯达践行"让工业制造更美好"的企业使命，通过具身智能、工业机器人、数控机床、注塑机四大核心 智能装备，以及控制、伺服、视觉三大核心技术，打造以人工智能驱动的智能硬件平台，致力于成为全 球领先的具身智能科技公司。 历经十八年发展，公司已形成涵盖具身智能、工业机器人、数控机床、注塑机在内的智能装备产品矩 阵。其中首款轮式人形机器人 "小拓" 成为工业场景具身智能应用的标杆，进一步完善了公司在智能装 备领域的布局。拓斯达已触达客户逾20万家， 服务客户超过 1.5万家客户，在国内设立约30家直销办事 处，代理商及经销商50余家。海外业务遍及 近60 个国家和地区，在越南、墨西哥设立分公司，在泰 国、印度、印尼建立客户服务中心，构建了全球化服务网络，为人形机器人的技术迭代与规模化落地奠 定了坚实基础。 具身智能技术突破，打造场景化人形机器人产品 12 月 3 日，在亿欧主办的 "WIM2025 创新者年会" 颁奖盛典上，拓斯达科技凭借在具身智能领域的技 术沉淀、场景落地能力及产业赋能成果，成功入选《2025 中国具身智能创新企业 TOP10》，与行业优 质企业共同跻身赛道前列，彰显了其在国内人形机器人领域的核心竞争 ...

Core Insights - The 2025 World Cantonese Business Conference showcases Guangdong's high-quality industrial development, featuring six major sectors including artificial intelligence, robotics, modern manufacturing, electronic information, biomedicine, and cultural tourism [2][10] Group 1: Robotics and AI - The humanoid robot "Xiaqi" from Digital Huaxia engages with attendees, showcasing advanced interaction capabilities and emotional expressions, indicating a shift towards more sophisticated service roles in banking [3][4] - The "Atom" robot from Yuejiang Technology demonstrates industrial precision with ±0.05mm accuracy and remote control capabilities, highlighting its potential in manufacturing processes [6] - The beverage robot from Kuku Intelligent has gained significant market traction, with plans to double its deployment to 2,000 units next year, reflecting a growing trend in AI-driven retail solutions [6] Group 2: Electronic Information - Yingshi Innovation Technology leads the global consumer panoramic camera market with a 67.2% market share in 2023, exemplifying Guangdong's success in the electronic information sector [9] - Chengzhi Intelligent's drone technology is advancing from simple aerial photography to becoming an "airborne intelligent platform," indicating a shift in the application of drone technology [9] Group 3: Industrial Growth and Trends - Guangdong's electronic information manufacturing revenue is projected to exceed 5 trillion yuan in 2024, contributing nearly half of the national profits, showcasing its dominance in the sector [10] - The artificial intelligence core industry in Guangdong has surpassed 220 billion yuan, growing approximately 25% year-on-year, positioning the province as a leader in AI development [10] - The industrial robot production in Guangdong is expected to reach 246,800 units in 2024, accounting for 44% of the national output, reflecting the province's robust manufacturing capabilities [10] Group 4: Industry Transformation - Guangdong is transitioning from a "manufacturing province" to an "intelligent manufacturing stronghold," with a comprehensive ecosystem spanning chips, algorithms, terminals, and applications [11] - The province has established numerous national-level intelligent manufacturing pilot factories and excellent application scenarios, indicating a strong commitment to innovation and technology integration [11] - The conference highlights Guangdong's role in the global industrial landscape, emphasizing its shift from following to leading in technology and innovation [11]

Core Viewpoint - The company has officially launched its first wheeled humanoid robot, "Xiao Tuo," which features a four-wheel design and supports 360-degree omnidirectional movement, leveraging its expertise in high-end servo technology and a pre-trained embodied model for autonomous reasoning and decision-making [1][3]. Group 1: Humanoid Robot Development - The company began its foray into embodied intelligence in 2023, achieving significant progress in high-precision component manufacturing and robot integration, including the validation of dual-arm intelligent robots and embodied intelligent palletizing workstations [3]. - The company has accumulated core technologies such as controllers, servo drives, and vision systems, achieving full coverage from upstream core components to downstream automation system integration [3][4]. - The humanoid robot's hardware, including its multi-joint body and robotic arms, is entirely self-developed, with some components processed using advanced five-axis CNC machines, enhancing customization capabilities [4]. Group 2: Software and AI Integration - The company has collaborated with major AI model providers like Huawei Cloud and Alibaba Cloud to apply real industrial data for training and iterating AI models, facilitating the evolution of robots from merely "capable" to "intelligent" [6]. - By integrating 3D cameras and AI vision detection systems, the robot can autonomously perform tasks such as quality inspection and operation, achieving full-process automation [6]. Group 3: Future Prospects and Ecosystem Development - The company has built a comprehensive service capability covering the entire chain from individual products to solutions, serving over 15,000 clients across various sectors, which supports the large-scale application of humanoid robots in industrial settings [8]. - The establishment of a global R&D headquarters focused on embodied intelligence aims to advance key technologies such as intelligent perception and human-machine interaction [8]. - The company has initiated the "Tuo Star Humanoid Robot Ecological Innovation Alliance" to accelerate the large-scale implementation and innovative applications of humanoid robots across diverse scenarios, targeting the trillion-level market for automated intelligent equipment [8].