松霖科技：進軍機器人領域，內生外延發展並舉

公司發佈半年報

25Q2營收6億，同減25%，歸母凈利0.5億，同減57%，扣非后歸母凈利3493萬，同減66%。

25H1公司營收11億，同減21%，歸母凈利0.9億，同減58%，扣非后歸母凈利0.7億，同減65%。

25H1境外營收8.8億，同減16.78%; 境內營收2.6億，同減33.54%。

25H1大健康軟硬體業務營收1.1億，智能廚衛業務營收10億。正式進軍機器人領域，內生外延發展並舉

公司以全資子公司松霖機器人科技有限公司為平台，深入洞察應用場景需求，構建具備應用價值的機器人產品體系，打造松霖科技的第三增長極。 機器人業務主要包括護理服務機器人系統、後勤服務機器人系統、AI陪伴機器人、人形機器人等領域。

其中護理服務機器人系統關注養老、護理、醫美等場景下綜合系統解決方案。 後勤服務機器人旨在打造包含巡檢、搬運、講解、清潔等後勤總務類機器人矩陣的系統性解決方案。 護理服務機器人系統與後勤服務機器人系統均以自有品牌模式向終端市場銷售。

公司聚焦內生動力培育，一方面加大機器人研發團隊投入，增強研發與產品落地能力，另一方面有效利用多年在AI智慧硬體、軟體演算法等方面相關技術積累，實現遷移複用。 同時著眼外延式發展機會，一方面融合和發揮併購企業威迪思公司移動與底盤技術能力，並持續關注其他收併購機會; 另一方面與業內傑出企業及專業團隊開展深度合作。 通過內生增長與外延擴張的並行發展模式，實現機器人業務快速發展。

松霖機器人在技術層面取得了實質性進展。運動控制方面，松霖機器人基於深度強化學習的模擬訓練加ROS（機器人操作系統）框架的高效部署，實現了對各類複雜環境及任務需求的靈活適配，同時保證穩定的運動控制和超高的操作精度。場景語音交互方面，通過配備全陣列麥克風系統加離線語音引擎的輕量化和低成本方案，確保機器人能在複雜環境清晰收音執行用户指令，無網也能流暢回應。情感體驗方面，基於機器人表情與語音雙模態情感交互，能即時捕捉用户情緒變化，建立情感響應機制，打造有溫度的“AI陪伴”新範式。

Solex High-tech Industries posted weaker net profit yoy in 25H1E, while revenue growth also dipped. Meanwhile, the company is focusing on building up its new robotics business, which could potentially add a third revenue driver. We maintain our BUY call on the stock.

The gist: BUY

• 25H1E net profit slipped 58% yoy; Solex focused on company growth

• Robotics: expanding organically and through M&A opportunities

• Solex Robot: adding traction in the business of robotic technologies

Solex focused on company growth amid 25H1E revenue and net profit decline

Solex High-tech posted weaker net profit yoy in 25H1E, while revenue growth also dipped. Meanwhile, the company is focusing on building up its new robotics business.

25H1E: Revenue came in at RMB1.1bn, down 21% yoy. Net profit was RMB93m, down 58% yoy, with ex-non-recurring net profit at RMB71m, down 65% yoy.

• International market: Revenue slipped 16.78% yoy to RMB880m.

• Chinese mainland: Revenue amounted to RMB260m, down 33.54% yoy.

25Q2E: Revenue came to RMB600m, down 25% yoy; while net profit was RMB50m, down 57% yoy, with ex-non-recurring net profit at RMB34.93m, down 66% yoy.

H1 revenue by business:

• Smart kitchens and bathrooms: RMB1bn.

• Health software and hardware: RMB110m.

Robotics: driving company expansion organically and through M&A opportunities

The company is leveraging its wholly owned subsidiary, Solex Robot Technology, as a platform to explore application scenarios in depth, so it can build a valuable robotics portfolio that will allow it to create a third growth engine for Solex.

Currently, its robotics business consists mainly of robotics systems for nursing services and logistics services, as well as AI companion robots and humanoid robots. Its robotics systems are sold to the end-market under a private label model.

• Nursing services: the company offers comprehensive solutions for eldercare, nursing care and medical aesthetics.

• Logistics services: the company delivers systematic solutions through a matrix of robots for inspection, materials handling and transportation, guidance and cleaning.

Organic growth and external expansion: Through this dual-pronged growth strategy, the company aims to more quickly fulfill its agenda to build up a robotics business.

• Organic growth:

  - R&D: It boosted investments in this area to strengthen its R&D and product implementation capabilities.

  - Amassing know-how: It is leveraging its expertise in AI-powered hardware, software algorithms and related technologies to facilitate technology migration, and exploring avenues to apply these technologies to new products and services.

• External expansion:

  - M&A: The company is integrating the business of Xiamen VDS Intelligent Motion (rebranded from Xiamen Vehicle Design Services), which it acquired in March 2025, to tap its mobility and chassis knowhow. Meanwhile, it continues to look at other M&A opportunities.

  - Collabs: Solex is also establishing close collaborations with industry-leading enterprises and specialized teams.

Solex Robot: building up the business of advanced technologies

Established in February 2025, Solex Robot marks Solex’s strategic foray into the robotics segment, after it entered the advanced technologies market:

• Motion control: Solex Robot’s robotics systems are able to adapt flexibly to diverse environments and meet complex task requirements, while ensuring stable motion control and ultra-high operating precision. The company employs simulation training based on deep reinforcement learning and the efficient deployment of its robot operating system (ROS) framework.

• Voice interaction: The company devised a lightweight, low-cost solution that uses a full-array microphone system and an offline voice engine. This enables its robots to clearly receive and execute user commands in complex environments, and to respond smoothly even without a network.

• Emotional engagement: Dual-modal interaction through the robot’s facial expressions and voice helps the system capture real-time shifts in a user’s emotions. This establishes an emotional response mechanism that could create a new paradigm for what the company describes as “warm AI companionship”.

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