Having been doing theme stocks for many years, it is common for retail investors to only look at the popular concept labels of stocks, without checking the real business proportion of financial reports, and blindly take large positions. Eventually, they are trapped when the sector differentiates and funds ebb.
Recently, the overall market situation of humanoid robots and reducers has been significantly differentiated. Many authentic industrial chain targets have continued to strengthen, but Greatoo Intelligence, which adheres to the concept of robots, has gone in the opposite direction.
The maximum drop in just one month exceeded 35%, and there were multiple large-volume drops during the session. The main funds continued to leave the market, and only retail investors continued to enter the market to take orders.
Many retail investors who hold positions fantasize about the long-term prosperity of the robot track, and the stock price will rebound sooner or later, but ignore the key financial report facts: the company’s real robot core reducer business only accounts for 1% of the annual revenue. The so-called robot concept basically remains in the sample testing stage and cannot provide substantial support for performance.
Based on the current market transaction data, capital flows in the robotics sector, individual stock prices in the past month and the original financial reports, the four core causes of this unilateral decline can be dismantled.
Let’s first look at the market data of the past month. The stage high of individual stocks was 8.8 yuan on May 18. As of June 18, it closed at 5.72 yuan, with a maximum drop of 35.2%. The stock fluctuated unilaterally downward for a whole month, with almost no decent rebound.
On June 9, the intraday surge fell back. The transaction volume on that day was 1.3 billion yuan, the turnover rate was 10.05%, and the main capital outflow was 92.43 million yuan in a single day. On June 10, it plummeted 8.68%, with a transaction volume of 1.1 billion yuan, and the main force continued to flee 143 million yuan. Subsequently, the volume shrank for many consecutive days, and concentrated selling pressure emerged with every small rebound.
Single-week capital data shows that in the second week of June, the total net outflow of main players was 66.8714 million yuan, and the simultaneous net outflow of hot money was 72.5826 million yuan. The two types of professional funds collectively cashed out and left the market, and retail investors had a net inflow of 139 million yuan in a week, becoming the only group to bear all the selling pressure.
Extending the ten-day cycle, the cumulative net outflow of major players in the past ten trading days has exceeded 340 million yuan. As long as the stock price rebounds slightly, institutions and hot money will reduce their positions in batches, and chips will continue to be transferred from professional funds to retail investors.
Financing positions continued to be reduced simultaneously. On June 9, the net financing repayment was 8.6094 million yuan. In the past two weeks, the financing balance dropped from 672 million yuan to 488 million yuan. Leveraged funds no longer compete with the rebound of the concept of robots, and gradually reduce positions to avoid risks.
The shareholding ratio of Shenzhen-Hong Kong Stock Connect has been less than 0.5% for a long time, and foreign investment has almost no layout. This shows that overseas institutions do not recognize the company’s real ability to implement the robot business and are unwilling to hold it for a long time.
If you want to understand the underlying logic behind the continued weakness of individual stocks in January, you cannot judge independently from the overall A-share market liquidity and sector capital style in mid-June.
On June 18, the total transaction volume of the Shanghai and Shenzhen stock markets was 3.31 trillion yuan, and the liquidity level of the 3 trillion yuan mark has been maintained for five consecutive trading days. The market has sufficient liquidity, but extreme structural differentiation continues to intensify.
On that day, 2,023 stocks rose and 3,395 stocks fell. More than 70% of the stocks suffered losses. It has become the norm to make money on the index but not on the index.
The index trend is fragmented, with the Shanghai Composite Index closing slightly down 0.43%. The Shenzhen Component Index, GEM, and Science and Technology Innovation 50 bucked the trend and strengthened. The main lines of funds are clearly differentiated: only authentic robots and reducer leaders with orders, large-scale revenue, and sustained performance are allocated, and the popular targets with only concepts and negligible new business revenue are completely abandoned.
Northbound funds sold slightly on the same day, and the overall attitude was wait-and-see. The targets for adding positions were all concentrated on industrial robot complete machines and head reducer manufacturers. The revenue of robot-related businesses in this category generally accounted for more than 30% in the first quarter, and they were supported by real production capacity and customer orders.
The main domestic investors had a net outflow of 30.739 billion yuan throughout the day, with outflows in two core directions: first, small tickets whose short-term gains were overdrawn and the concept could not be implemented; second, transformation stocks whose performance continued to suffer losses and new businesses were difficult to increase in volume. Greatoo Intelligent happened to follow two major logics of reducing positions at the same time.
On June 18, the industrial robot sector index rose sharply by 3.40%. Most of the authentic targets in the sector closed in the red. Funds were concentrated in the core links of the industry chain. Switching between high and low levels within the sector, true and false concepts were completely diverted. Stocks with pure speculation concepts continued to be abandoned by funds and emerged from independent declines.
The core logic of this round of hype on the robot track is the large-scale implementation of domestic reducers and the increase in orders for humanoid robots. The first criterion for institutional stock selection is the proportion of relevant business revenue and customer implementation. Julu Intelligent does not meet the capital screening criteria at all, and will naturally continue to weaken after the popularity ebbs.
Judging from the official disclosure data of the company’s 2025 annual report and 2026 first quarter report, the company’s total annual revenue in 2025 is 788 million yuan, of which RV reducers are the core robot business that is hyped in the market. The annual revenue is only 8.3703 million yuan, accounting for exactly 1% of the total annual revenue.
The company’s own abnormal risk announcement clearly stated that the revenue of the reducer business is very small and has limited impact on the overall performance. There is huge uncertainty in the expansion of downstream customers and there is no large-scale long-term supply order.
After splitting the complete business structure, more than 90% of the company’s revenue still comes from traditional tire molds and hydraulic vulcanizers. It belongs to the traditional rubber machinery and equipment manufacturing industry. The industry market is saturated and price competition is fierce. In 2025, the overall revenue will decline by 19.78% year-on-year. The net profit attributable to the parent company for the year will be a loss of 232 million yuan, and the loss will expand.
The loss trend continued in the first quarter of 2026. The total revenue in the single quarter was 118 million yuan, down 38.95% year-on-year. The net profit attributable to the parent company was a loss of 35.84 million yuan. The loss further expanded. The traditional main business continued to shrink, and the robot business was unable to fill the revenue gap, which double suppressed performance.
Many retail investors credulously believe rumors of large orders for humanoid head robots spread online, but the company has never officially disclosed a formal batch supply agreement. At present, the reducer is only in the small batch sample delivery and testing stage, with no stable and sustained revenue, low gross profit margin, and R&D investment continues to consume cash flow, making it difficult to achieve profit contribution in the short term.
Comparing the authentic reducer companies in the sector, the revenue of robot parts business of similar targets generally accounts for more than 30%. They have stable top customers, monthly large-scale production capacity, and their performance can grow in tandem with industry demand. The fundamentals of the two are very different, and funds naturally make trade-offs.
Reviewing the market situation that continued to fall in January and retail investors continued to take orders, we can summarize the four major high-frequency loss misunderstandings that retail investors are most likely to fall into when speculating on concept stocks.
The first misunderstanding is to only look at the subject tags without checking the proportion of financial report business; the second misunderstanding is that the overall rise in the sector means that individual stocks holding positions are strengthening simultaneously; the third misunderstanding is that the main force continues to flow out and fantasizes about rebounding; the fourth misunderstanding is to regard long-term R&D expectations as current performance support.
From a long-term investment perspective, this wave of market conditions has brought clear risk awareness reminders to retail investors who are speculating on popular topics.
A-share theme speculation has bid farewell to the era of pure storytelling. Institutional stock selection focuses on real revenue, completed orders, and profit realization. Marginal businesses that account for less than 1% of revenue cannot support the continued strength of stock prices.
Individual stocks with continued performance losses and new businesses that cannot increase their volume in the short term will experience continued contractionary pressure on mid- and long-term valuations during the market bubble cycle.
The extremely differentiated capital styles of the market will continue for a long time. In the future, those with strong track market conditions will always be strong, while those who indulge in concepts and weak performance will be marginalized.
For ordinary retail investors, faced with such stocks that purely speculate on popular concepts, have minimal core new business revenue, and continue to lose money, the safest idea is to give up long-term persistence and rebound in the game.
If you are optimistic about the humanoid robot and reducer tracks in the long term, give priority to the observation of authentic industry chain targets with a high proportion of relevant business revenue, stable orders, and steady recovery of profits.
Only use small amounts of idle funds to participate in the market throughout the whole process, and you must not use funds that are just needed for life to play the short-term violent fluctuations of purely small tickets.
If you want to survive stably in the market of popular track themes for a long time, you must establish a four-dimensional review framework of “large market capital style + internal fund differentiation within the sector + individual stock financial report business structure + medium and long-term flow of main funds”. Abandon the emotional trading thinking that only looks at the concept name and ignores the real data of the financial report. Use objective announcements and disk data to replace fantasy. Only in this way can you avoid unnecessary principal losses during the ebb stage of the theme.
