Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported lower-than-expected performance for Q3 2025, with revenue of 2.286 billion yuan, a year-on-year increase of 13.90%, and a net profit attributable to shareholders of 20 million yuan, a year-on-year increase of 10.36% [5][8] - The company has focused on the domestic market, with sufficient orders on hand, but faces pressure on gross margins due to high promotional expenses [8] - The PC market is recovering, and the company is expanding its product matrix, including AI glasses and gaming peripherals, which are expected to contribute to new growth [8] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are adjusted to 32.52 billion yuan, 35.53 billion yuan, and 39.03 billion yuan respectively, with net profits of 230 million yuan, 260 million yuan, and 290 million yuan [8][10] - The gross margin for Q3 2025 was reported at 8.54%, down 1.08 percentage points year-on-year, reflecting the impact of price competition in the domestic gaming PC market [8] - The company’s sales expenses for Q3 2025 were 29.09 million yuan, with a sales expense ratio of 3.24%, indicating sustained high promotional spending [8]

Core Insights - Thunderobot Technology, known as the "first stock of e-sports equipment" on the Beijing Stock Exchange, reported strong Q3 results with a revenue of 2.286 billion yuan, a year-on-year increase of 13.9%, and a net profit of 20.0448 million yuan, up 10.36% [1][3] Financial Performance - For the first three quarters, the company achieved a revenue of 2.286 billion yuan, reflecting a 13.9% year-on-year growth [1] - In Q3 alone, the revenue reached 898 million yuan, marking a 15.01% increase and the highest revenue since its listing [1] - The net asset return rate and the net asset return rate after deducting non-recurring gains increased by 0.15 and 0.14 percentage points, respectively [3] - The gross profit margin was 8.43%, showing a slight decline of 0.72 percentage points year-on-year [3] - The net cash flow from operating activities was -120 million yuan [3] Market Context - The company's performance is notable against the backdrop of a recovering global PC market, with a reported 9.4% year-on-year increase in global PC shipments in Q3 2025 [3] - Thunderobot's new products, such as the Thunderobot Blade S Ultra and Mechanic Dawn 16S Ultra, have effectively positioned the company to benefit from market demand [3] Business Expansion - The company's "dual-hundred plan" aims to establish 100 gold agents and 100 leading industry users, leading to breakthroughs in the信创 (Xinchuang) business sector [3] - Thunderobot's信创 products have secured procurement projects with major clients, including the Industrial and Commercial Bank of China, People's Bank of China, and China Mobile, covering over 300 user scenarios [3] - The product line has expanded to include laptops, desktops, mini PCs, all-in-one machines, thin clients, servers, and storage devices, aligning with national policies promoting domestic alternatives [3] Company Background - Founded in April 2014, Thunderobot went public on December 23, 2022, becoming the first e-sports equipment stock on the Beijing Stock Exchange [4] - The company has received numerous accolades, including being recognized as a national high-tech enterprise and winning various industry awards [4] - Thunderobot has consistently ranked among the "Top 500 Most Valuable Brands in China," with a brand value of 21.839 billion yuan in 2025 [4]

证券代码：920190 证券简称：雷神科技 公告编号：2025-093 青岛雷神科技股份有限公司 1 提交股东会审议。 公司第三届董事会独立董事专门会议第八次会议审议通过《关于 公司关联交易的议案》，同意 4 票、反对 0 票、弃权 0 票。独立董事 认为议案涉及的新办公场所装修及研发测试中心建设是基于公司业 务发展需要，定价遵循市场化交易原则，交易价格公允，不存在损害 公司和中小股东利益的情况。 （三）本次关联交易不存在需经有关部门批准的情况。 关联交易公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、关联交易概述 （一）关联交易概述 为满足日益增长的办公与研发需求，青岛雷神科技股份有限公司 （以下简称"雷神科技"或"公司"）已购置云谷二期 5 号楼 13 至 15 层办公楼作为新办公场所及研发测试中心场地。目前，该场地已 进入装修及测试中心建设阶段。公司通过招标方式分别遴选了办公楼 装修及测试中心建设的合作单位，其中青岛沃棣家居有限公司中标雷 神科技新办公楼部分精装修工程；卡奥斯工业智能研究 ...

证券代码：920190 证券简称：雷神科技 公告编号：2025-091 青岛雷神科技股份有限公司 第三届董事会第十三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 28 日 2.会议召开地点：公司会议室 3.会议召开方式：现场和通讯结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 20 日以通 讯方式发出 5.会议主持人：路凯林先生 6.会议列席人员：公司高级管理人员 2.议案表决结果：同意 9 票；反对 0 票；弃权 0 票。 本议案已经第三届董事会审计委员会第十会议审议通过。 7.召开情况合法合规的说明： 本次会议的召集和召开符合《公司法》和《公司章程》的有关规 定，会议合法有效。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 1 二、议案审议情况 （一）审议通过《关于公司 2025 年第三季度报告》 1.议案内容： 具体 内 容详 见 同日 披 露于 北 ...

公司第三届董事会独立董事专门会议第八次会议审议通过《关于公司关联交 易的议案》。独立董事认为议案涉及的新办公场所装修及研发测试中心建设是基 于公司业务发展需要，定价遵循市场化交易原则，交易价格公允，不存在损害公 司和中小股东利益的情况。 国泰海通证券股份有限公司 关于青岛雷神科技股份有限公司 关联交易的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为青 岛雷神科技股份有限公司（以下简称"雷神科技"、"发行人"或"公司"）向 不特定合格投资者公开发行股票并在北京证券交易所上市的保荐人，根据《证券 发行上市保荐业务管理办法》、《北京证券交易所股票上市规则》等相关规定， 对公司关联交易事项进行了专项核查，具体情况如下： 一、关联交易概述 （一）关联交易概述 为满足日益增长的办公与研发需求，雷神科技已购置云谷二期 5 号楼 13 至 15 层作为新办公场所及研发测试中心场地。目前，该场地已进入装修及测试中 心建设阶段。公司通过招标方式分别遴选了办公楼装修及测试中心建设的合作单 位，其中青岛沃棣家居有限公司中标雷神科技新办公楼部分精装修工程；卡奥斯 工业智能研究院（青岛）有限公司中标雷神科 ...