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.
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