BOSHI(002698)2025-04-29 03:15Group 1: Financial Performance - The company achieved a revenue of 2.863 billion RMB in 2024, a year-on-year increase of 11.59% [65] - The net profit attributable to shareholders was 524 million RMB, a slight decrease of 1.76% compared to the previous year [65] - The cash flow from operating activities reached 640 million RMB, a significant increase of 363.39% [18] Group 2: Research and Development - R&D expenses increased by 7.81% in 2024, with a focus on humanoid robots and other fields [6] - The company is collaborating with Harbin Institute of Technology on humanoid robot projects, which are currently in the prototype testing phase [3][5] - The company has not yet reached a level of development that allows for public demonstration of the humanoid robot [71] Group 3: Market Strategy and Future Outlook - The company plans to continue focusing on intelligent manufacturing equipment and industrial service business expansion [15] - The total order amount as of the end of 2024 was 6.322 billion RMB, with intelligent manufacturing equipment accounting for 5.033 billion RMB [17] - The company aims to leverage market opportunities arising from national digital transformation policies [10][13] Group 4: Industrial Services - The industrial services segment includes consulting, spare parts sales, equipment maintenance, and production operation management [20] - The revenue from industrial services is expected to grow steadily alongside the sales of intelligent equipment [20] - The company has successfully delivered two intelligent factories, which are expected to have a significant market impact [6] Group 5: Challenges and Risks - The humanoid robot project faces uncertainties and risks due to its challenging nature [9] - The company has highlighted potential risks in its annual report, particularly regarding the humanoid robot development [9] - There are concerns about the quality of receivables and inventory, with significant write-offs reported [23]