费用端：OpEx 小幅优化，费用率持续优化，控费能力卓越。 Q2 OpEx(仅三费)2.30 亿元，YoY-3.0%。其中，Q2 销售/管理/ 研发费用率分别为6.3%/8.3%/36.0%， 同 比-1.5pp/-3.7pp/-9.0pp。 盈利预测、估值与评级 我们调整公司25~27 年营业收入分别为22.2/34.3/50.0 亿元，归母净利润分别为-2.76/0.29/4.11 亿元。公 司股票现价对应PS 估值为6.9/4.5/3.1 倍，维持"买入"评级。 机构：国金证券 研究员：孟灿 业绩简评 2025 年8 月21 日，公司发布25 年中报业绩。 收入&利润端：如期回归增长轨道，毛利率环比提升。1）收入端：Q2 营收4.55 亿元，YoY+24.4%，环 比Q1 增速已大幅转正，略超我们的预期。2）出货量：Q2 总计出货15.8 万颗激光雷达，YoY+28.6%。 其中ADAS 12.4 万颗，YoY+4.6%；Robotics 3.4 万颗，YoY+631.9%。3）利润端：Q2 亏损0.50亿元，同 比减亏63.6%，经调整净亏损0.24 亿元，同比减亏79.9%（1H25 经调整与未经调 ...

（原标题：速腾聚创发布最新财报：机器人销量劲增631.9% 数字化新品定点爆发） 8月21日，RoboSense速腾聚创（2498.HK）公布2025年第二季度及中期业绩报告。报告期内，公司业务发展驶入增长快车道，实现营收稳健增 长。凭借数字化激光雷达的技术优势及规模量产交付，公司在车载业务、Robotaxi业务、机器人业务上表现亮眼，同时通过Active Camera平台及 AI-Ready生态，加速具身智能商用落地。 营收毛利稳健增长 财报显示，公司二季度总营收约4.6亿元，同比增长24.4%，环比增长38.9%；产品整体毛利率从2024年第一季度的12.3%提升至27.7%，已连续六 个季度环比上升，其中机器人领域毛利率达41.5%。 在激光雷达业务方面，RoboSense速腾聚创已构建了以E平台、EM平台为主的数字化产品矩阵，并通过全流程自动化生产的智能制造能力，全线 覆盖Robotaxi、ADAS、服务机器人等多场景应用需求。其中，500线以上唯一可量产主激光雷达EM4，及192线数字化主激光雷达EMX都将于Q3 大规模量产交付，预计2026年EM平台将会快速上量，占领更大的市场份额。 公司已累计获 ...

业绩简评 盈利预测、估值与评级 我们调整公司 25~27 年营业收入分别为 22.2/34.3/50.0 亿 元，归母净利润分别为-2.76/0.29/4.11 亿元。公司股票现价对 应 PS 估值为 6.9/4.5/3.1 倍，维持"买入"评级。 风险提示 智驾技术路线改变风险；智驾渗透率提升不及预期风险；激 光雷达降本速度不及预期风险；国际局势影响海外销售风险。 0 500 1,000 1,500 2,000 2,500 3,000 11.00 18.00 25.00 32.00 39.00 46.00 53.00 240822 241122 250222 250522 港币(元) 成交金额(百万元) 成交金额 速腾聚创 恒生指数 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万元) | 1,120 | 1,649 | 2,222 | 3,430 | 4,998 | | 营业收入增长率 | 111.22% | 47. ...

Core Viewpoint - The 2025 World Robot Conference (WRC) showcased advancements in humanoid robots, emphasizing the integration of 5G-A technology and embodied intelligence to enhance operational capabilities and adaptability in complex environments [1][3]. Group 1: Humanoid Robots - The "Kua Fu" humanoid robot by Leju demonstrated significant breakthroughs in communication and decision-making through 5G-A technology, enabling real-time control over distances of 1200 kilometers [1][3]. - The "Kua Fu" robot features a dual-brain system, enhancing human-robot interaction and stability in flexible environments, showcasing its potential in high-risk scenarios like firefighting and chemical industries [3][6]. - The "T800" humanoid robot by Zhongqing is designed for heavy-duty tasks, featuring 41 degrees of freedom and advanced sensor integration for real-time environmental adaptation [7]. Group 2: Industrial Robots - Cyborg Robotics presented the Cyborg-H01 dexterous hand and Cyborg-R01 humanoid robot, focusing on high precision and energy efficiency in industrial applications [4][6]. - The CW series robots by Chuan Robotics combine autonomous mobile platforms with collaborative robotic arms, enhancing flexibility in production environments [30]. Group 3: Perception and Sensing Technologies - Aobi Zhongguang introduced the Pulsar ME450 3D LiDAR and Gemini 345Lg dual 3D camera, enhancing visual perception capabilities for outdoor robots [12][14]. - Pasini launched the third-generation multi-dimensional tactile sensor matrix PX-6AX-GEN3, providing advanced sensing solutions for embodied intelligent systems [10][25]. Group 4: General-Purpose Robots - Zhi Ping Fang showcased the "Ai Bao" robot, capable of performing various tasks in simulated environments, highlighting its adaptability and learning capabilities [17][19]. - The "Wanda" platform by Youliqi demonstrated its application in multiple real-life scenarios, emphasizing its interactive capabilities and service-oriented design [23][24]. Group 5: Collaborative and Ecosystem Development - Xinghai Tu introduced the G-0 VLA model, which enhances human-robot collaboration and opens up new possibilities for developers through a comprehensive toolkit [20][22]. - The collaboration among various companies at WRC indicates a growing ecosystem focused on advancing embodied intelligence and robotics technology across multiple sectors [41].