老牌A股工业机器人企业拓斯达于7月20日再次向港交所递交上市申请[1]。公司在经历营收大幅下滑的同时，通过剥离低毛利业务实现利润改善，但仍面临客户结构过度集中、应收款居高不下等多重挑战。
公司财务状况出现明显波动。营收从2023年的45.53亿元跌至2025年的25.10亿元，两年间下降超过20亿元[1]。2026年一季度，拓斯达归母净利润达4808.3万元，同比大幅增长1147.36%[1]，但这一增长伴随经营现金流的净流出。该季度经营现金流净流出1.30亿元，现金及现金等价物同比下降25%至8.20亿元[1]。应收款问题亦未好转，截至2026年一季度末，应收账款及应收票据累计12.08亿元，周转周期长达202天[1]。
客户依赖度高是公司面临的突出风险。2026年一季度，第一大客户贡献营收的49.1%，前五大客户合计贡献59.5%[1]。消费电子赛道贡献该季度营业收入的63.8%，客户结构呈现高度集中[1]。此外，广东证监局在2025年12月出具警示函，指公司存在提前确认收入796.86万元、应收账款少计提坏账准备113.01万元等违规行为[1]。
在寻求港股上市之际，拓斯达将转型方向指向具身智能领域。公司推出的人形机器人"小拓"和四足机器人"星仔"目前仍处于验证阶段，尚未形成规模化订单[1]。
Industrial robotics maker Tuozda submitted its application to list on the Hong Kong Stock Exchange for a second time on July 20, 2026, as the company seeks to stabilize its business through a strategic shift toward humanoid and embodied AI technologies [1]. The Guangdong-based manufacturer has divested its lower-margin smart energy division in an attempt to improve profitability, yet the company continues to grapple with significant operational challenges [1].
Over the past two years, Tuozda's revenue has contracted sharply, declining from 4.553 billion yuan in 2023 to 2.51 billion yuan in 2025—a drop of more than 2 billion yuan [1]. As of the first quarter of 2026, the company faced a negative operating cash flow of 130 million yuan, while its cash and cash equivalents fell 25 percent year-over-year to 820 million yuan [1]. Receivables and bills receivable reached 1.208 billion yuan with a collection cycle of 202 days, and customer concentration remains dangerously high, with the largest customer accounting for 49.1 percent of first-quarter revenue and the top five clients collectively representing 59.5 percent [1]. The consumer electronics sector accounted for 63.8 percent of first-quarter revenue [1].
Despite these headwinds, Tuozda reported a net profit attributable to shareholders of 48.083 million yuan in the first quarter of 2026, surging 1,147.36 percent year-over-year [1]. However, regulatory scrutiny has cast a shadow on the company's financial reporting: in December 2025, Guangdong's securities regulator issued a warning letter citing violations including prematurely recognizing 7.9686 million yuan in revenue and underproviding 11.301 million yuan in bad debt reserves [1]. The company's bet on transformation centers on humanoid robot "Xiaotuo" and quadruped robot "Xingzai," both of which remain in validation phases with no scaled commercial orders yet [1].
