Robot kolaboratif melesat menjadi yang teratas di dunia, Yuejiang berencana bertransformasi ke kecerdasan berbasis fisik

21st-century Economic Herald reporter Lin Dianchi, Shenzhen report

On the evening of March 30, Yuejiang Technology (2432.HK) released its 2025 annual performance report.

The financial statement shows that in 2025, Yuejiang achieved operating revenue of 492 million yuan, a year-on-year increase of 31.7%; gross profit reached 226 million yuan. Although the company is still in the investment phase and recorded a net loss of 84.95 million yuan during the year, the loss amount has narrowed by 11.9% year over year.

It is worth noting that the company’s total R&D expenditure is as high as 115 million yuan, surging nearly 60% year over year. Among them, R&D expenses invested in embodied intelligence reached 45.10 million yuan, accounting for 39.3% of total R&D spending, demonstrating its determination to advance frontier technology.

“In 2025, it is a key year for Yuejiang to upgrade from a collaborative robot company to a full-form embodied intelligence platform strategy,” Liu Peichao, Chairman of Yuejiang Technology, said in the annual report, “the collaborative robot business of the company has grown steadily, and its shipment volume has leaped to become No. 1 globally.”

Yuejiang occupies a leading position in competition in the global robotics market. Its cumulative shipment volume of collaborative robots has already surpassed 100,000 units. Its products serve 15 major industries and more than 200 sub-sectors, covering new-energy vehicles, 3C electronics, semiconductors, medical surgery, new retail, and more, and it remains among the top two in the world in installed capacity of collaborative robots.

In terms of revenue structure, six-axis collaborative robots remain the cornerstone of Yuejiang’s revenue. In 2025, revenue reached 302 million yuan, a year-on-year increase of 44.66%, accounting for more than 60% of total revenue. Revenue from four-axis collaborative robots was 92.951 million yuan, accounting for 18.9%.

It is worth noting that the embodied intelligence robot business, which is a future growth engine, achieved revenue of 20.042 million yuan in 2025, realizing a several-fold year-on-year growth. Its share of total revenue increased from 1% last year to 4.1%. This growth confirms the feasibility of Yuejiang’s “one brain, many bodies” embodied intelligence strategy, and also marks that its transformation from a “collaborative leader” to an “embodied intelligence frontrunner” has entered a fast track.

By application scenario, the industrial sector remains Yuejiang’s core market. In 2025, revenue increased 39.4% year over year to 279 million yuan, accounting for 56.9% of total revenue. China is Yuejiang’s core market, with revenue of 249 million yuan, a surge of 44.4%. It has successfully expanded customers in industries such as global fast-moving consumer goods, consumer lithium batteries, 3C electronics, and new-energy vehicles.

Business scenarios have become a new highlight for growth, with revenue up 75.7% year over year and the share rising to 9.1%; educational scenarios also achieved steady growth of 13.7%, accounting for 34%.

The financial report shows that in 2025, Yuejiang’s gross margin was 46.1%, a slight decrease of 0.5 percentage points from 46.6% in 2024. If the impact of inventory impairment included in sales costs is excluded, the gross margin was 48.4%, down 1.1 percentage points year over year. The company explains that this is mainly due to an increase in the proportion of domestic revenue with relatively lower gross margins.

In the field of embodied intelligence, Yuejiang has been very active in 2025, successively launching the bipedal humanoid robots DOBOT ATOM, DOBOT ATOMⅡ, and the wheeled humanoid robot DOBOT ATOM-W within a year. These products not only adopt a high-degree-of-freedom bionic joint design and a self-developed neural-drive dexterous operation system, achieving industrial-level high-precision operation, but also significantly improve anthropomorphic motion capability and collaborative work efficiency through an upgraded dual-brain decision-making architecture and dual-arm coordination control algorithms. At present, its humanoid robots have been successfully deployed in scenarios such as the automotive industry chain, commercial services (such as the autonomous production and sale of popcorn in cinemas), and scientific research and education, and the company has also started third-batch large-scale mass production.

Yuejiang is committed to providing a complete solution from single-robot workstations to full-factory multi-intelligent-agent coordinated planning, covering hardware, software, algorithms, and continuous optimization services. This platform-based solution has enabled the routine coordinated operation of embodied robots in multiple forms across the globe. It can complete processes such as material handling, visual inspection, and assembly of parts. This integrated delivery capability of “hardware + software + algorithms + services” means that Yuejiang is evolving from a single equipment supplier to a solutions platform, which will bring higher customer stickiness, stronger pricing power, and a more predictable long-term revenue structure.

To strengthen its long-term technological foundation, Yuejiang officially launched research and development of a robotics large model in the second half of 2025, focusing on key capabilities such as “independent decision-making,” “vision-language-action coordination,” and autonomous planning in complex environments. The company states that its R&D investment in the field of embodied intelligence is still at the initial stage, and in the future it will continue to increase resource input and further strengthen its technological leading advantages.

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