Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6]. Core Views - The company has shown a robust growth in new contracts, with a total of 3.17 billion yuan signed in 2025, reflecting an 11.6% year-on-year increase. The municipal projects have doubled, contributing significantly to this growth [1]. - The company’s backlog stands at 10.16 billion yuan, which is 1.7 times its expected revenue for 2024, suggesting a stable outlook for its core infrastructure business [1]. - The company is actively expanding into new business areas, particularly in robotics, with significant developments in partnerships and product launches, indicating a strategic shift towards technology integration [5][6]. Summary by Relevant Sections New Contracts and Revenue Growth - In Q4 2025, the company signed contracts worth 489 million yuan, with contributions from rail transit, municipal, and construction projects [1]. - The total new contracts for 2025 reached 3.17 billion yuan, with municipal projects alone accounting for 1.78 billion yuan, marking a 100% increase year-on-year [1]. Financial Performance and Projections - The company is projected to achieve a net profit attributable to shareholders of 286.59 million yuan in 2025, with a modest growth of 1.3% [6]. - Revenue is expected to grow from 5.92 billion yuan in 2024 to 6.41 billion yuan in 2025, reflecting an 8.2% increase [7]. Robotics and New Business Ventures - The company has invested in Matrix Intelligence, enhancing its capabilities in robotics, with new products like the MATRIX-3 humanoid robot showcasing advanced features [5]. - The strategic investment in Mirror Technology aims to leverage robotics for industrial applications, indicating a strong alignment with the company's core business [5].

证券日报网1月26日讯，宏润建设（002062）在接受调研者提问时表示，镜识科技目前用于黑豹II、专 注行业应用的"阿波罗"和家庭智能体"BAOBAO"。2026年上半年预计将发布首款人形机器人。 ...