Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Industrial Automation** market, with a revised outlook indicating slight improvements in corporate confidence and market growth expectations for 2025E/26E/27E at **0%/-1%/0%** year-over-year, compared to previous estimates of **-1%/-3%/-2%** [2][6]. Core Insights - **Improved Corporate Confidence**: The increase in confidence is attributed to favorable end-markets, overseas expansion, and industry consolidation benefiting leading companies [2][3]. - **Investment Recommendations**: - **Buy-rated stocks**: Inovance, Han's Laser, Yiheda, Shuanghuan. - **Sell-rated stocks**: Baosight, Raycus, Estun, HCFA [2][9]. - **Target Price Adjustments**: Target prices (TP) and earnings per share (EPS) for eight factory automation (FA) stocks have been raised by **5-12%** [9]. Key Drivers of Growth - **Favorable End-Markets**: - Growth in AI-related hardware production and consumer electronics is expected to stimulate demand [5]. - AI is driving new product development, including quality inspection and predictive maintenance [5]. - **Overseas Expansion**: Companies like Inovance and Yiheda are benefiting from both direct and indirect overseas expansion [5]. Risks and Challenges - **Battery Equipment Orders**: The recovery in battery capital expenditures is not expected to be sustainable, with a moderation anticipated in 2025 and stability through 2026E-30E [8]. - **Anti-Involution**: This trend may lead to consolidation in certain end-markets, limiting capital expenditure growth [8]. - **Competitive Landscape**: Smaller players in the FA sector are facing challenges, with recommendations to sell on companies like Estun and HCFA due to their weaker positioning [8]. Company-Specific Insights - **Inovance**: Positioned well with a strong growth outlook, benefiting from domestic substitution and overseas expansion. The company is rated as a Buy [10][12]. - **Yiheda Automation**: Positive outlook due to its modernization efforts in the manufacturing supply chain, rated as a Buy with attractive valuation [13][14]. - **Shuanghuan Driveline**: Expected to grow market share significantly, particularly in the EV segment, rated as a Buy [15][16]. - **Estun Automation**: Despite being a leader in industrial robots, the company faces significant downside risks due to high exposure to unfavorable end-markets and margin stagnation, rated as a Sell [25][26]. - **HCFA**: Concerns over slow R&D expansion and missed guidance lead to a Sell rating [27][28]. Conclusion - The China Industrial Automation market is showing signs of recovery, with select companies positioned favorably for growth. However, challenges remain, particularly for smaller players and those heavily reliant on specific end-markets. The investment landscape is characterized by a mix of Buy and Sell recommendations based on company performance and market conditions.

Group 1 - Xiaomi has launched the Xiaomi 17 series, directly targeting Apple's entire lineup, but notably lacks an "Air" version [1][4] - Lenovo's Moto X70 Air is set to launch in late October, aiming to fill the gap left by Xiaomi and directly compete with the iPhone Air [1][4] - The Moto X70 Air is expected to feature a thickness of less than 5.5mm, weight under 160g, and a battery capacity between 4500-5000mAh, while retaining a physical SIM card slot [6][7] Group 2 - Lenovo's mobile strategy has evolved since acquiring Motorola in 2014, focusing on a multi-series product layout with Moto as the core [8][10] - Lenovo's Moto brand has seen significant growth in the foldable phone market, with its market share doubling from 14% to 28% year-over-year [10] - Other Chinese smartphone manufacturers, including OPPO and Vivo, are also increasingly mimicking Apple's designs and features in their new products [11][15] Group 3 - The Moto X70 Air represents Lenovo's first use of the "Air" branding in smartphones, drawing from its experience with the YOGA Air series in laptops [6][8] - The competitive landscape is shifting as domestic brands emphasize compatibility with Apple's ecosystem while also leveraging their own strengths in areas like photography and battery life [15][16] - Over-reliance on mimicking Apple could risk the unique identity of these brands in the long term, suggesting a need for differentiation in the high-end market [16]

上海宝信软件股份有限公司 2025 年第二次临时股东大会 会 根据法律、法规和公司章程相关规定，为确保股东大会的顺利召开， 特制定大会会议须知如下，望出席股东大会的全体人员遵守执行。 议 资 料 2025 年 10 月 10 日 1 股东大会会议资料 2025 年第二次临时股东大会会议须知 一、股东大会有关事宜具体由董事会秘书室负责。 二、股东大会期间，董事会应以维护股东的合法权益，保证大会正常 秩序和议事效率为原则，认真履行法定职责。 三、股东凭有效证件出席股东大会，并依法享有发言权、咨询权、表 决权等各项权利。 四、股东如要求在大会发言，应在大会前向董事会秘书室报告，由董 事会秘书室负责安排。股东发言时，应首先报告其持有公司股份的数量， 每一名股东发言一般不超过两次，每次发言一般不超过 5 分钟。公司董事 会或经营管理人员应认真负责、有针对性地回答股东提出的问题，回答问 题的时间一般不超过 15 分钟。 五、本次大会采取记名方式投票表决。第 1、3-7 项为普通决议案，以 普通决议表决通过，第 2 项议案为特别决议案，第 4、5 项议案实行累积投 票制，股东在所拥有的有效表决票数范围内选择表决票数。现场表 ...

Core Viewpoint - Baosight Software's stock price has experienced a decline of 19.33% year-to-date, with a recent increase of 2.03% on September 24, 2023, indicating potential volatility in the market [1]. Financial Performance - For the first half of 2025, Baosight Software reported a revenue of 4.715 billion yuan, a year-on-year decrease of 30.08%, and a net profit attributable to shareholders of 713 million yuan, down 46.46% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 10.067 billion yuan, with 5.736 billion yuan distributed over the last three years [3]. Shareholder Information - As of July 31, 2025, the number of Baosight Software shareholders increased to 129,300, a rise of 9.61%, while the average circulating shares per person decreased by 10.50% to 20,430 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 67.0865 million shares, a decrease of 14.7907 million shares from the previous period [3]. Market Activity - On September 24, 2023, Baosight Software's stock traded at 23.12 yuan per share, with a total market capitalization of 66.372 billion yuan and a trading volume of 270 million yuan [1]. - The stock has seen a net inflow of 17.9084 million yuan from major funds, with significant buying and selling activity noted [1].

Core Insights - Baowu Group's Baoxin Software won the "CIIF Award" and "CIIF Industrial Automation Award" for its innovative technologies in the development of the Tianxing PLC and DSF platforms [1] Group 1: Tianxing PLC - The Tianxing PLC product is fully self-controlled from hardware design to real-time operating systems, breaking the long-standing reliance on imported high-end PLCs [1] - The Tianxing IDE is the first cloud-native development platform for large PLCs in China, enhancing security and controllability in critical industry applications [1] - The Tianxing PLC has been deeply applied in key industries such as steel metallurgy, rail transportation, large equipment, ports, semiconductors, and energy conservation, providing robust technical support for national supply chain stability [1] Group 2: Tianxing DSF Platform - The Tianxing DSF platform is the world's first industrial intelligent data foundation product, enabling comprehensive data linkages in industrial settings [2] - It features a data collection capability of 256 concurrent channels, with an end-to-end response time of 10 milliseconds and a single-node data exchange speed of 1.6 million points per second [2] - The platform has successfully reduced quality defect rates by 15% and improved overall efficiency by 20% through applications like AI quality prediction [2] Group 3: Future Developments - Baoxin Software aims to continue deepening technological innovation and optimizing product performance to meet diverse industrial needs [2] - The company plans to extend the Tianxing products from the steel sector to more industries, supporting the construction of self-controlled industrial control systems and digital ecosystems [2]

Core Viewpoint - Baosight Software's stock price has decreased by 3.25% this week, closing at 23.24 yuan, with a total market capitalization of 66.717 billion yuan, ranking 2nd in the IT services sector and 244th in the A-share market [1] Company Announcements - Baosight Software held its 33rd meeting of the 10th Board of Directors on September 15, 2025, where several resolutions were passed, including the reappointment of the financial and internal control audit firm for 2025, amendments to the Articles of Association, and the nomination of members for the 11th Board of Directors [2][5] - The Board plans to adjust its size to 11 members, with non-independent director candidates including Tian Guobing, Wang Jianhu, Wang Chengran, Jiang Licheng, and Xie Li, and independent director candidates including Bai Yunxia, Cheng Lin, Zhang Weidong, Yu Weixia, and Sun Zhixiang [2][5] - The company intends to amend its Articles of Association to abolish the supervisory board, transferring its powers to the audit committee of the Board, and will also revise the rules governing shareholder meetings and the Board [2][3] - A three-year shareholder return plan (2025-2027) has been established, prioritizing cash dividends, with a commitment to distribute at least 30% of the average annual distributable profit over the next three years [2][5] Audit Firm and Governance - The company plans to reappoint Tianjian Certified Public Accountants as the audit firm for 2025, with an expected fee increase of no more than 10% from the previous year [3][5] - Independent director candidates possess over five years of relevant work experience and meet the independence requirements set by the Shanghai Stock Exchange [3][5] - The company has released several governance documents to enhance its governance structure, including management systems for external information users, investor relations, information disclosure, and related party transactions [3]

Group 1 - Morgan Stanley downgraded the rating of Baoxin Software to underweight with a target price of 18 RMB [1]

Group 1 - Morgan Stanley downgraded Baosight Software's rating to underweight with a target price of 18 RMB [1]

信息披露事务管理制度 上海宝信软件股份有限公司 信息披露事务管理制度 （2002 年 8 月 9 日第三届董事会第七次会议审议通过） （根据 2025 年 10 月 10 日 2025 年第二次临时股东会授权修订） 第一章 总 则 第一条 为进一步规范上海宝信软件股份有限公司（以下简称"公司"）信息披露工作 的管理，加强内幕信息保密工作，维护公司信息披露的公开、公平、公正原则，根据《上 市公司信息披露管理办法》、《上海证券交易所上市公司自律监管指引第2号——信息披 露事务管理》、上海证券交易所《股票上市规则》以及《公司章程》等有关规定，特制定 本制度。 第二条 本制度由公司董事会负责制定并保证有效实施，确保公司相关信息披露的 及时性和公平性，以及信息披露内容的真实、准确、完整。 第二章 信息披露的基本原则 第三条 本制度由公司董事会负责实施，由董事会秘书负责具体组织和协调。 第四条 公司董事会秘书室是负责本公司信息披露事务的工作机构，即信息披露事 务管理部门。 第五条 本制度适用于以下责任人和机构： - 1 - （一）公司董事会秘书和董事会秘书室； （二）公司董事和董事会； （三）公司高级管理人员； （四）公 ...

Core Viewpoint - Shanghai Baoxin Software Co., Ltd. has revised its articles of association, detailing regulations on various aspects such as organization, shares, shareholders, and the board of directors, effective from October 10, 2025 [1] Company Basic Information and Purpose - Shanghai Baoxin Software Co., Ltd. was established in 1993 with a registered capital of RMB 2,883,803,858. The company aims to provide intelligent overall solutions and products based on self-controllable industrial software, promoting industry intelligence transformation and digital transformation [2] Share Issuance and Structure - The company has issued a total of 2,883,803,858 shares, with RMB ordinary shares accounting for 74.90% (2,159,953,874 shares) and domestic listed foreign shares making up 25.10% (723,849,984 shares). The company generally does not provide financial assistance for others to acquire its shares, except for employee stock ownership plans, with a cumulative total not exceeding 10% of the issued share capital [3] Share Capital Increase and Repurchase - The company can increase its capital based on operational needs through various methods, including issuing shares to unspecified or specific objects, distributing bonus shares, or converting reserves into share capital. The company must follow prescribed procedures to reduce registered capital and can repurchase its shares under specific circumstances [4] Share Transfer Restrictions - Shares can be transferred legally, but the company does not accept its shares as collateral. Shares issued before public offering cannot be transferred within one year of listing. There are restrictions on share transfers for directors and senior management during and after their tenure [5] Shareholder Rights and Obligations - Shareholders have rights and obligations based on their shareholding categories, including receiving dividends, participating in shareholder meetings, and supervising company operations. Shareholders can request a court to declare invalid or revoke resolutions made by the shareholder meeting or board of directors if they have objections [6] Shareholder Meeting Authority and Procedures - The shareholder meeting is the company's authority body, responsible for electing directors, reviewing profit distribution plans, and making decisions on significant company matters. Annual shareholder meetings are held once a year, while temporary meetings are convened within two months under specific circumstances, with detailed procedures for convening, proposing, notifying, and voting [7] Director and Board Responsibilities - Directors must be natural persons and cannot hold the position under specific circumstances. They are elected or replaced by the shareholder meeting for a term of three years, with obligations of loyalty and diligence to the company. Any income obtained in violation of regulations must be returned to the company, and they are liable for damages caused [8] Board Composition and Authority - The company has a board of directors consisting of 9 to 13 members, including one employee representative. The board is responsible for convening shareholder meetings, executing resolutions, and determining the company's operational plans, with established rules for decision-making and authority [10] Role of Independent Directors - Independent directors must maintain independence and fulfill responsibilities such as participating in decision-making, supervision, and providing professional advice. Certain matters require the approval of more than half of the independent directors before being submitted to the board for review [11] Other Important Regulations - The company has established regulations regarding party committee construction, senior management appointments and responsibilities, employee democratic management, financial accounting systems, profit distribution, auditing, and legal advisory systems to ensure standardized operations and sustainable development [12]