Topsta: On April 2nd, an on-site visit event was organized, with participation from multiple institutions including Great Wall Securities, Guangdong Hong'an Asset Management Co., Ltd., and others.

Securities Star News, on April 2, 2026, Topsida (300607) released an announcement stating that on April 2, 2026, the company organized an on-site inspection and visit event. The following participated: China Great Wall Securities, Guangdong Hong’an Asset Management Co., Ltd., Dingrui Fund, GF Securities, Guangdong Lisheng Private Securities Investment Fund Management Co., Ltd., Huatai Securities, Guotai Haitong, Hengbang Zhaofeng, Guoxin Securities, Shanghai Baohong Asset Management Co., Ltd., Huqi Capital, Xining Investment, Langhua International, Galaxy Securities, Qingsin Investment, Huachuang Securities, Dongguan Securities, Hangzhou Dianjiangtai Investment Management Co., Ltd., Shenzhen Yisa Investment Co., Ltd., Dongguan Private Securities Fund Industry Association.

The specific content is as follows:

Q: How did the company perform overall in 2025?

A: In 2025, the company deepened its strategic transformation of “focusing on products and shrinking projects,” and the business structure continued to be optimized. During the reporting period, the company achieved operating revenue of 25,100.805 million yuan, down 12.59% year over year; the overall gross margin was 28.25%, up 13.66 percentage points year over year; net profit attributable to shareholders of listed companies was 73.87 million yuan, up 130.12% year over year; and net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 56.71 million yuan, up 122.70% year over year. The proportion of annual revenue from product-based businesses increased by 6.67 percentage points, and the gross profit contribution proportion reached 60%.

2. Performance of the industrial robot and automation application systems business

In 2025, the company’s industrial robot and automation application systems business achieved operating revenue of 6,851.386 million yuan, with a gross margin of 35.84%, up 1.24 percentage points year over year.

Reasons for changes in revenue: ① In the early stage, the company’s automation application systems business focused on leading 3C customers, and orders and revenue from customers in other industries decreased; ② The company further focused on R&D and deployment for “robot+” applications, improving standardized production capability and reducing the share of business weight of customized projects. However, as the depth and breadth of cooperation with leading 3C customers increased, the scale of related business orders continued to grow, and at the end of 2025, outstanding orders increased by 116.64% year over year.

In the industrial robot segment, the company’s product competitiveness has been continuously improving; the large-customer strategy has yielded results; the advantages in processes and applications have become increasingly apparent. Operating revenue grew year over year, including self-produced multi-joint robots up 25.32% year over year, and Cartesian coordinate robots up 7.35% year over year. The company’s robot products shipped approximately 12,000 units throughout the year.

3. How is the order situation for the company’s CNC machine tool business?

The company’s five-axis linked CNC machine tools can be used to machine finger-joint components, load-bearing hip bone connection parts, thoracic structure components, sole components, limb structure components, joint structure components, and precision transmission parts required by robots. In 2025, the processing demand for relevant components for humanoid robots increased significantly, leading to a certain increase in the order volume of the company’s five-axis linked CNC machine tools. The number of orders for the full year was nearly 400 units, up 37% year over year; and the shipment volume was nearly 300 units, up 15% year over year.

4. How to understand the company’s business closed loop of “scenarios + robots + data + I”

With nearly two decades of experience in the intelligent manufacturing field, the company has accumulated deep expertise in the processing equipment for two major basic materials—plastics and metals—namely injection molding equipment and CNC machine tools. The company has already reached out to more than 200,000 potential customers and has cumulatively served more than 15,000 customers. The broad downstream customer base provides abundant potential application scenarios for deploying the company’s robot products.

Using its experience in injection molding equipment and CNC machine tools, the company identifies high-value industrial application scenarios. These real production environments define the functional requirements of the company’s products.

Based on these defined application scenarios, the company develops a comprehensive portfolio of industrial robot products, covering Cartesian coordinate robots, multi-joint robots, collaborative robots (including modular sensing joints), and humanoid robots. Data is collected through robot deployment, aiming to utilize multi-sensor fusion technology (including spatial, visual, and force sensing) to gather high-quality data from real-world operations. The company will use this data to continuously train and iteratively upgrade its artificial intelligence models, thereby strengthening its competitive position. This approach enables the company to cover a wider range of industrial application scenarios and ultimately expand into full commercial scenarios.

5. Progress of the company’s embodied intelligence products

Centered on the core needs of industrial scenarios, the company successfully launched its intelligent humanoid robot “Xiaotuo,” its quadruped robot “Xinzi,” and the I flexible sorting workstation. According to Frost & Sullivan, the company’s humanoid robot “Xiaotuo” is China’s first embodied-intelligence robot applied to injection molding scenarios, and its quadruped robot “Xinzi” can perform multiple tasks in different scenarios, including autonomous inspection, forest firefighting, and operations in complex environments.

6. What is the company’s overseas revenue situation?

The company continues to expand its overseas presence. Its overseas sales network covers more than 50 countries and regions. It has established contact with about 4,000 potential overseas customers, serves nearly 1,000 overseas clients, and has become a supplier for over 20 Fortune Global 500 companies. The company focuses on customer needs, showcased its “one-stop injection molding solution” at CHINPLS 2025, actively participated in international plastic industry exhibitions, further expanded its overseas market coverage, and ensured that its technology and product value reach global customers precisely. In 2025, the company’s overseas revenue increased by nearly 10% year over year, accounting for 26.29% of total revenue.

Topsida (300607) main business: intelligent equipment centered on industrial robots, injection molding machines, and CNC machine tools—building an intelligent hardware platform driven by core technologies—and providing integrated solutions for smart manufacturing plants.

Topsida’s 2025 annual report shows that the company’s main revenue was 2.51 billion yuan, down 12.59% year over year; net profit attributable to the parent was 73.87 million yuan, up 130.12%; net profit after deducting non-recurring items was 56.71 million yuan, up 122.7%. In Q4 2025, the company’s quarterly main revenue was 822 million yuan, up 29.2% year over year; quarterly net profit attributable to shareholders was 245.36 million yuan, up 109.65%; and quarterly net profit after deducting non-recurring items was 209.043 million yuan, up 108.34%. The debt ratio was 51.92%, investment income was 1.5386 million yuan, financial expenses were 8.3893 million yuan, and gross margin was 28.25%.

Financing and securities lending data show that over the past three months, the stock experienced net outflows of 211 million yuan in margin financing, with the margin balance decreasing; net securities lending outflows were 27,730 yuan, with the securities lending balance decreasing.

The above content is compiled by Securities Star from publicly available information and generated by an AI algorithm (Network Information Security Record No. 310104345710301240019). It does not constitute investment advice.