SIASUN · Robotics Bottleneck Research

What it doesIndustrial robots, mobile robots and turnkey automation lines.

在干什么工业机器人、移动机器人与交钥匙自动化产线。

Name sheetSIASUN Robot & Automation

Why it mattersThe cautionary case for low-margin customisation, receivables and project cash-flow risk: the highest thematic purity on the board and the weakest commercial quality.

为何重要低毛利率定制化、应收账款与项目现金流风险的反面教材：纯度最高，商业质量最弱。

Caveat

FY2025 revenue RMB 4.12bn, net loss RMB 398m, gross margin 12.5%, and the Q1 2026 loss widened. Return −23.51%; watch as a turnaround only.

风险提示

FY2025 收入 41.2 亿元，净亏 3.98 亿元，毛利率 12.5%；2026 年 Q1 亏损扩大。回报 −23.51%，仅作困境反转观察。

ProductIndustrial robots, mobile robots, and turnkey automation lines

Value accrualProject qualifications, integration experience, and installed customer base

Key riskFY2025 revenue RMB4.12bn, net loss RMB398m, gross margin 12.5%; Q1 2026 loss widened. Illustrates low-margin customization, receivables, and project cash-flow risk; treat as turnaround.

Bottlenecks瓶颈 P17 Integration, uptime, service集成、在线率与服务 · P18 Vertical workflow ROI垂直工作流 ROI

Class: public
Country: CN
HQ: Shenyang, China
Layer: Robot OEM / Integrator
Systems: work · body
Caveat stance: avoid
Ticker: 300024
Exchange: SZSE
Purity: High
Last verified: 2026-08-12
Confidence note: High
Sources: S-PUB-019
Translated fields: what_it_does_en · why_it_matters_en · caveat_en
Chain position: midstream

COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −

Commercial evidence shows how far a company has moved from a product claim to repeatable customer value. We look for a defined customer task, paid deployment, operating results, the human help required, and economics that can support repeat use. Missing information stays unassessed; it does not count as evidence against the company.商业证据用于判断一家公司从产品宣称走到了可重复客户价值的哪一步。我们关注明确的客户任务、付费部署、运行结果、所需人工协助，以及能否支持重复采用的经济性。缺失信息保持未评估，不会被当作对公司的负面证据。 Each item below applies only to the cited document and period. It should be read with its evidence class, review date, and stated limits.以下每项内容仅适用于所引文件与期间，阅读时应同时考虑证据类别、核查日期与已说明的局限。

Customer and task
客户与任务: Not yet assessed in this structured record.本结构化记录尚未评估。
Deployment and payment
部署与付款: Not yet assessed in this structured record.本结构化记录尚未评估。
Task results and human assistance
任务结果与人工协助: Not yet assessed in this structured record.本结构化记录尚未评估。
Cost and repeat purchases
成本与复购: Not yet assessed in this structured record.本结构化记录尚未评估。
What the evidence cannot establish
证据的局限: Not yet assessed in this structured record.本结构化记录尚未评估。

How to evaluate commercial evidence如何评估商业证据