Guojin Securities: Overall improvement in the profitability of the main 25H1 robot business focuses on transformation opportunities for leading companies

The Zhitong Finance App learned that Guojin Securities released a research report saying that the main business of 120 companies in the 25H1 robotics sector achieved total revenue of 288.825 billion yuan (+13.81% year over year), of which 106 companies achieved profits, and achieved a total net profit of 21.618 billion yuan (+13.72% year over year). By sector, profits related to heat sinks and large brains grew the fastest, while those related to joint assemblies, motors, screws, and speed reducers had a large profit scale and steady growth. The gross profit level of the main business targeted by the 25H1 robot sector continues to rise, and the cost rate is showing a downward trend; the commercialization of robots is progressing at an accelerated pace, and the order scale has expanded significantly. In the second half of the year, it is recommended to focus on new technology iterations and parts ticket prices.

Guojin Securities's main views are as follows:

The main business performance of the 25H1 & Q2 robot sector is improving, and nearly 90% of companies have achieved profits

The main business of 120 companies in the 25H1 robotics sector achieved total revenue of 288.825 billion yuan (+13.81% year over year). Of these, 106 companies achieved profits and achieved a total net profit of 21,618 billion yuan (+13.72% year over year). Companies in the 25Q2 robot sector achieved a total revenue of 153.244 billion yuan (+14.65% YoY), of which 106 companies achieved profits and achieved a total net profit of 11.367 billion yuan (+6.80% YoY).

By sector, profits related to heat sinks and large brains grew the fastest, while those related to joint assemblies, motors, screws, and speed reducers had a large profit scale and steady growth. Looking at the individual stock situation, the net profit of the seven companies of Zhengyu Industries, Daye, Zhongxin Fluoride, Maddie Technology, Eston, Shenchi Mechatronics, and Shenchi Mechatronics increased by more than 100% year-on-year. In 25Q2, Zhengyu Industrial's net profit to mother grew 1133.26% year-on-year, Tianzhun Technology turned a loss into profit in 25Q2, and Obi Zhongxin Fluoride, Eston, Maddie Technology, Topstar, Shentong Technology, and Daye Co., Ltd. achieved a 25H1 reversal loss.

The gross profit level of the main business targeted by the robotics sector continues to rise, and the cost ratio is on a downward trend

The average gross margin of the main business in the 25H1 robotics sector was 21.94% (+0.10pct year on year), the net margin was 7.48% (-0.01pct year on year), and the cost ratio for the period was 7.22% (-0.70pct year on year). The gross margin of the 25Q2 robot sector was 22.19% (+0.31pct year on year), the net margin was 7.42% (-0.55pct year on year), and the cost ratio for the period was 6.65% (-0.71 pct year on year).

By sector, the core components sector has the strongest profitability, with 25H1 gross margin of 22.54% and net margin of 9.31%. The effects of cost reduction in the main businesses targeted by the main body and assembly sector were prominent. The upward trend in gross margin was obvious. The net interest rate in the equipment sector fluctuated greatly, and the cost ratio was the highest during the period. Looking at the individual stock situation, affected by the profit model of the main business, 25H1 Donghua Test and Medi Technology had the highest gross margins, 68.73% and 63.69% respectively. The net interest rates of the two companies, New Coordinates and Fengyi Technology, exceeded 30%. McDee Technology's profitability increased significantly. 25H1 gross margin increased by 54.17pct, and net margin increased by 51.41pct.

The iteration speed of 25H1 robot technology is accelerating, and marginal changes in components such as motors and speed reducers are large

In terms of new materials technology, lightweight materials such as PEEK are increasingly being used in leading robot products such as Tesla GEN3. Harmonic magnetic field technology and samarium iron-nitrogen materials have advanced, and energy efficiency has improved. Cycloidal pinwheel reducers have become an important development direction for speed reducers, and have now been used in Dongyi Technology and Science League products.

Looking at various components, the degree of freedom of the upper body has increased significantly, the degree of refinement has increased, and the load capacity of both arms has been enhanced; dexterous hand freedom has been enhanced, and the structure has evolved in the direction of lightweighting and compactness. At the same time, the tendon rope+planetary roller screw transmission scheme has been used in Tesla's dexterous hands; in terms of intelligence, the balance performance of the lower body and legs has been improved, and the response speed has been accelerated. Figure02 can achieve “blind walking garbage dumps”, and the accelerated evolution of robots can achieve robot soccer; in terms of intelligence, the big and small brains gradually form a collaborative system for single-body intelligence Intelligent development, Figure has released Helix, the first “dual-computer collaboration” AI model. Overall lightweighting, intelligence, and improving energy efficiency are the main themes of robot development.

The commercialization of the 25H1 robot has accelerated, and the order scale has expanded significantly

Orders for the 25H1 robot itself are expanding rapidly. In June 2025, Zhiyuan and Yushu won the 100 million yuan robot order from China Mobile. In July '25, it was preferable to select a bid for a robot equipment procurement project of 90,511,500 yuan, making it the largest purchase order won by a global humanoid robot company. In August '25, Tiantai Robotics signed strategic cooperation agreements with Shandong Future Robotics and Gangzai Robotics Group, etc. for 10,000 humanoid robots, setting a record for the number of orders placed in a single order. At the same time, collaboration in the robotics industry chain has deepened, and the cumulative total number of orders for the intelligent business of Bozhong Seiko's subsidiary has exceeded the RMB 100 million mark.

Investment advice: Robotics: Focus on new technology iterations and parts ticket prices in the second half of the year

(1) Main body: Car OEMs and 3C brands are improving their relative competitive advantage by mastering demand scenarios and hardware supply chains. Robots such as Huawei, Byte, and Xiaomi, which also have brains and hardware iteration capabilities and demand scenarios, are still the most consistent in business logic. Optimistic about robots such as Tesla, Figure, Huawei, Byte, Xiaomi, and Zhiyuan.

(2) Supply chain: 25H2 closely grasps the “ticket market” + technical iteration. Ticket price: 25H2 focuses on Tesla, Zhiyuan, and Huawei supply chains. The Tesla chain is the fastest to enter the small-batch supply chain. The Q2 performance briefing once again showed that its mass production plan is safe. It is expected that the supply chain will be suspended and delayed again, and all aspects of H2 will be fixed one after another, focusing on tactile sensors, harmonic reducers, cycloid wheels, high power density motors, peek, and powder metallurgy technology; the change in Zhiyuan's supply chain is the restructuring of the vertical business model, focusing on recommending the full-size humanoid robot ODM Ningbo Huaxiang, and potential EK layout; Huawei's supply chain focus Implementation in downstream vertical application scenarios.

Technology iteration: H2 focuses on dexterous hands, motors, peeks, etc. The dexterous hand is the component with the fastest technological iteration in the humanoid robot sector. H2 focuses on iteration of tactile sensor technology solutions (resistance, visual touch, etc., increase in usage), iteration of screw processing technology (cold forging process), etc.; motor tracks, focusing on new magnetic materials such as samarium iron, nitrogen, etc. 0-1; H2, due to cost reduction and demonstration effects from leading companies, peek will accelerate. Peek is expected to further extend from screw holders to other components.

Risk Alerts

The implementation of robot application scenarios fell short of expectations, technological iterations fell short of expectations, and industry competition intensified.