--- title: "Guotai Junan Securities: The profitability of the robot main business improved overall in 25H1, focusing on the transformation opportunities of leading companies" type: "News" locale: "en" url: "https://longbridge.com/en/news/255579020.md" description: "Guotai Junan Securities released a research report indicating that the overall profitability of the robotics sector will improve in the first half of 2025. 120 companies achieved revenue of 288.825 billion yuan, a year-on-year increase of 13.81%, among which 106 companies were profitable, with a net profit attributable to the parent company of 21.618 billion yuan, a year-on-year increase of 13.72%. The profit growth of thermal components and related targets for large and small brains is the fastest, with an overall improvement in gross profit levels and a decrease in expense ratios. In the second half of the year, it is recommended to pay attention to opportunities in new technologies and the components market" datetime: "2025-09-02T09:16:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/255579020.md) - [en](https://longbridge.com/en/news/255579020.md) - [zh-HK](https://longbridge.com/zh-HK/news/255579020.md) generator: "portal-rs" --- # Guotai Junan Securities: The profitability of the robot main business improved overall in 25H1, focusing on the transformation opportunities of leading companies According to the Zhitong Finance APP, Guojin Securities released a research report stating that in the first half of 2025, the robotics sector, comprising 120 companies, achieved a total revenue of 288.825 billion yuan (year-on-year +13.81%). Among them, 106 companies were profitable, with a total net profit attributable to shareholders of 21.618 billion yuan (year-on-year +13.72%). By segment, the profit growth rate of heat dissipation components and related targets for large and small brains was the fastest, while the profit scale of related targets in the joint assembly, motors, screws, and reducers was large and grew steadily. In the first half of 2025, the gross profit level of the main business of robotics sector targets continued to improve, and the expense ratio showed a downward trend; the commercialization progress of robots accelerated, and the order scale expanded significantly. In the second half of the year, it is recommended to pay attention to new technology iterations and the ticket pricing of components. ## The main views of Guojin Securities are as follows: **The performance of the main business of the robotics sector in 25H1 & Q2 is good, with nearly 90% of companies achieving profitability** In the first half of 2025, the robotics sector, comprising 120 companies, achieved a total revenue of 288.825 billion yuan (year-on-year +13.81%), with 106 companies profitable, achieving a total net profit attributable to shareholders of 21.618 billion yuan (year-on-year +13.72%). In Q2 2025, companies in the robotics sector achieved a total revenue of 153.244 billion yuan (year-on-year +14.65%), with 106 companies profitable, achieving a total net profit attributable to shareholders of 11.367 billion yuan (year-on-year +6.80%). By segment, the profit growth rate of heat dissipation components and related targets for large and small brains was the fastest, while the profit scale of related targets in the joint assembly, motors, screws, and reducers was large and grew steadily. From the perspective of individual stocks, Zhengyu Industrial, Daye Co., Ltd., Zhongxin Fluorine Materials, Maidi Technology, ESTUN AUTOMATION, Shenchi Electromechanical, and Shentong Technology had a year-on-year net profit growth rate exceeding 100% in 25H1. In Q2 2025, Zhengyu Industrial's net profit attributable to shareholders increased by 1133.26% year-on-year, while Tianzhun Technology turned a profit in Q2 2025. Aobi Zhongguang, Zhongxin Fluorine Materials, ESTUN AUTOMATION, Maidi Technology, TOPSTAR, Shentong Technology, and Daye Co., Ltd. achieved a turnaround in 25H1. **The gross profit level of the main business of robotics sector targets continues to improve, and the expense ratio shows a downward trend** In 25H1, the average gross profit margin of the main business in the robotics sector was 21.94% (year-on-year +0.10pct), with a net profit margin of 7.48% (year-on-year -0.01pct), and an expense ratio of 7.22% (year-on-year -0.70pct). In Q2 2025, the gross profit margin of the robotics sector was 22.19% (year-on-year +0.31pct), with a net profit margin of 7.42% (year-on-year -0.55pct), and an expense ratio of 6.65% (year-on-year -0.71pct). By segment, the core components sector had the strongest profitability, with a gross profit margin of 22.54% and a net profit margin of 9.31% in 25H1. The cost reduction effects of the main business in the body and assembly sector were prominent, with a clear upward trend in gross profit margin, while the net profit margin of the equipment sector fluctuated significantly, with the highest expense ratio. From the perspective of individual stocks, influenced by the main business profit model, Donghua Testing and Maidi Technology had the highest gross profit margins in 25H1, at 68.73% and 63.69%, respectively, while Xincidian and Fengkan Technology had net profit margins exceeding 30%. Maidi Technology showed significant improvement in profitability, with a gross profit margin increase of 54.17pct and a net profit margin increase of 51.41pct **25H1 Robot Technology Iteration Speeding Up, Significant Marginal Changes in Components such as Motors and Reducers** In terms of new materials and technologies, the application of lightweight materials such as PEEK has increased in leading robotic products like Tesla GEN3. Progress has been made in harmonic magnetic field technology and samarium-cobalt-nitride materials, leading to improved energy utilization efficiency. Cycloidal pinwheel reducers have become an important development direction for reducers, and they are currently applied in products from Dongyi Technology and Kemon. From the perspective of various components, the degrees of freedom in the upper body have significantly increased, with a deeper level of refinement and enhanced dual-arm load capacity; the dexterous hand's degrees of freedom have been improved, perception capabilities have been enhanced, and the structure is developing towards lightweight and compact designs. Meanwhile, the tendon + planetary roller screw drive scheme has been applied in Tesla's dexterous hand; the bipedal balance performance of the lower body has improved, and response speed has accelerated. Figure02 can now achieve "blind walking in a junkyard," accelerating the evolution of robots to play soccer; in terms of intelligence, the large and small brains are gradually forming a collaborative system, evolving from individual intelligence to collective intelligence. Figure has released its first "dual-machine collaboration" AI model, Helix. Overall lightweight design, intelligence, and improved energy efficiency are the main themes of robot development. **25H1 Robot Commercialization Progress Accelerates, Order Scale Significantly Expands** The orders for 25H1 robot bodies are expanding rapidly. In June 2025, Zhiyuan and Yushu won a billion-yuan robot order from China Mobile. In July 2025, UBTECH won a robot equipment procurement project worth 90.5115 million yuan, becoming the largest procurement order among global humanoid robot companies. In August 2025, Tiantai Robotics signed a strategic cooperation agreement for 10,000 humanoid robots with Shandong Future Robotics, Gangzi Robotics Group, and others, setting a record for the number of single orders. At the same time, the collaboration within the robot industry chain is deepening, with the cumulative order amount of the embodied intelligence business of Bozhong Precision Engineering's subsidiary exceeding 100 million yuan. **Investment Recommendations:** **Robots: Focus on New Technology Iteration and Component Ticket Trends in the Second Half of the Year** **(1) Body:** Automotive OEMs and 3C brand manufacturers are gaining relative competitive advantages due to their grasp of demand scenarios and hardware supply chains. Robots from companies like Huawei, ByteDance, and Xiaomi, which possess brain and hardware iteration capabilities and demand scenarios, remain the most commercially logical. We are optimistic about robots from Tesla, Figure, Huawei, ByteDance, Xiaomi, and Zhiyuan. **(2) Supply Chain:** 25H2 focuses on "ticket trends" + technology iteration. Ticket trends: In 25H2, we will focus on the supply chains of Tesla, Zhiyuan, and Huawei. The Tesla chain is the fastest to enter small batch supply chains, and the Q2 performance briefing once again indicates that its mass production plans are secure. It is expected that the supply chain will restart after a short pause, with various segments gradually landing in H2. Attention should be paid to tactile sensors, harmonic reducers, cycloidal pinwheels, high power density motors, PEEK, and powder metallurgy processes; the change point in Zhiyuan's supply chain lies in the reconstruction of vertical business models, with a strong recommendation for the full-size humanoid robot ODM Ningbo Huaxiang, and attention to potential PEEK layouts; Huawei's supply chain focuses on the implementation of downstream vertical application scenarios Technological Iteration: H2 focuses on dexterous hands, motors, and peek, among others. Dexterous hands are the components with the fastest technological iteration in the humanoid robot sector. H2 pays attention to the iteration of the core component tactile sensor technology solutions for dexterous hands (such as resistance, visual touch, etc., and the increase in usage), and the iteration of screw processing technology (cold forging process), etc.; in the motor sector, attention is on new magnetic materials like samarium iron nitrogen, etc., from 0 to 1; H2, due to cost reduction and the demonstration effect of leading companies, will accelerate the replacement of traditional steel with peek, which is expected to extend from screw retainers to other components. **Risk Warning** The application scenarios of robots may not meet expectations, technological iteration may not meet expectations, and industry competition may intensify ### Related Stocks - [002747.CN](https://longbridge.com/en/quote/002747.CN.md) - [300607.CN](https://longbridge.com/en/quote/300607.CN.md) ## Related News & Research - [ETF Savings Plans Boom in Switzerland – But Not Because of AI](https://longbridge.com/en/news/296473012.md) - [REG - Wellington Mngmnt Gp Permanent TSB Group - Form 8.3 - Permanent TSB Group Holdings](https://longbridge.com/en/news/296764765.md) - [Flash Sports & Media faces Nasdaq trading suspension over listing rule breach](https://longbridge.com/en/news/296655108.md) - [Canada minister in charge of US trade ties heading to Washington, will meet with Greer](https://longbridge.com/en/news/296496134.md) - [Egypt’s SCZONE attracts $50mln construction products project](https://longbridge.com/en/news/296353779.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**