Core Viewpoint - The collaborative robot sector is experiencing intense competition among key players, with distinct strategic differences and industry challenges emerging as they navigate market dynamics and capital operations [3][19]. Group 1: Company Performance - Aobo has maintained its position as the industry leader with the highest domestic shipment volume for four consecutive years and ranks second globally, achieving over 90% localization of core components [4]. - Yuejiang ranks first among all collaborative robot companies in China and second globally, with a market share of 13% and over 80,000 units shipped worldwide, generating 59% of its revenue from overseas markets [4]. - Jieke has achieved a compound annual growth rate of 41% in revenue from 2021 to 2023, with 2023 revenue slightly surpassing Yuejiang at 350 million yuan, despite a lower market share of approximately 8.2% [5]. Group 2: Financial Highlights - Yuejiang's 2024 financial summary indicates total revenue of 374 million yuan, a year-on-year increase of 30.32%, with a net loss of 95 million yuan, narrowing by 7.67% [7][8]. - Jieke's financial data shows total revenue of approximately 166.79 million yuan for the first half of 2024, with total costs reaching 178.37 million yuan, resulting in a net loss of 32.54 million yuan [6][10]. - Aobo's recent funding rounds have raised concerns about cash flow, with reports of stalled IPO plans and a failed collaboration with China Resources worth 3.6 billion yuan [11]. Group 3: Market Dynamics - The average price of domestic collaborative robots has decreased from 72,000 yuan per unit in 2021 to 48,000 yuan in 2025, leading to an average gross margin below 40% [12]. - Yuejiang's aggressive pricing strategy has resulted in high sales expenses of 200 million yuan in 2024, revealing the unsustainability of its "loss for market share" model [12][13]. - The collaborative robot industry faces challenges such as technology homogenization and low penetration in industrial applications, with emerging fields like healthcare and agriculture still underdeveloped [15]. Group 4: Capital and Regulatory Environment - The number of financing events in the domestic robot industry has declined significantly from 337 in 2021 to 240 in 2023, indicating a retreat of capital investment [18]. - Jieke's IPO attempts have faced scrutiny from regulators due to ongoing losses and aggressive expansion plans, highlighting the cautious approach of the market towards such business models [9][18]. - The competitive landscape among Aobo, Yuejiang, and Jieke reflects broader industry challenges in overcoming foreign monopolies and achieving high-quality development [19].