本报讯 （记者吴奕萱）4月23日，厦门象屿集团有限公司（以下简称"象屿集团"）与浙江大丰实业股份有限公司（以下简 称"大丰实业"）联手打造的闽南幻境主题景区"屿见闽南・时光幻境"举办沉浸式发布会，该景区定位"全球闽南文化之窗"和厦 门文旅名片，将于今年"五一"正式开启公测。 据悉，该项目位于东渡码头后方，毗邻国际邮轮中心，建设面积20.1万平方米，由1500名设计人员、1800名建设队伍精心 打造，以海洋文明、闽南文化、厦门故事为核心，涵盖"远古山海""闽南幻境""鼓浪回响""滨海流光""邮轮时光"五大篇章。其 中，一期"远古山海"和"闽南幻境"将于5月17日正式亮相。 去年新落地的厦门大丰文运文化发展有限公司作为大丰实业海西总部，将以该项目为起点，立足厦门地缘优势，聚焦多核 心业务，助力提升城市文化资产，打造海西文旅新名片。 （编辑 张钰鹏） 作为大丰实业继海口国际免税城后又一文商旅新场景代表作品，该项目在国家引导打造消费新场景背景下，展现全产业链 整合能力，打造集文化体验、数字消费、智慧运营于一体的新型场景。 该项目在商业场景创新上，以"折叠时空"为逻辑，打造"四海庭-千番市-福熹山"三大复合场景，让游客 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has entered into a strategic partnership with Zhiyuan Robotics to introduce humanoid robots into cultural and tourism scenarios, with an initial procurement order of no less than 15 million yuan for scene development [1][2] - The establishment of a joint venture with Zhiyuan Robotics aims to develop humanoid robot projects tailored to the needs of the cultural and tourism sectors, with the company holding at least 51% of the joint venture [1] - The company is expected to benefit from a recovery in industry demand starting from November 2024, leading to improved order volumes and new growth opportunities from the introduction of humanoid robots [3] Financial Summary - Revenue projections for 2024 have been revised down to 76 million yuan, a decrease of 72%, while 2025 and 2026 net profit forecasts are set at 307 million yuan and 367 million yuan respectively [3] - The company’s revenue is expected to decline from 2,842 million yuan in 2022 to 1,367 million yuan in 2024, before rebounding to 2,404 million yuan in 2025 and 2,966 million yuan in 2026 [4][9] - The projected net profit margin for 2025 is 12.8%, with a significant increase in net profit growth of 304.08% anticipated for that year [4][11] Valuation Metrics - The company’s P/E ratio is projected to be 57 for 2024, decreasing to 15 in 2025 and 13 in 2026, indicating a potential recovery in valuation as earnings improve [4][12] - The report highlights a projected EPS of 0.19 yuan for 2024, increasing to 0.70 yuan in 2025 and 0.84 yuan in 2026 [4][12] Profitability and Financial Health - The gross profit margin is expected to improve from 25.0% in 2023 to 32.5% in 2024, reflecting better cost management and pricing power [11] - The company’s total assets are projected to grow from 7,900 million yuan in 2023 to 9,408 million yuan in 2026, indicating a strengthening balance sheet [10]

与智元机器人战略合作，人形机器人导入文旅场景。 2025 年3 月23 日，公司与智元机器人签订战略合作框架协议。根据协议，首期启动文娱旅体商场景研 发，公司将于合资公司成立后一个季度内提供不低于1500 万元意向采购订单用于场景研发，后续根据 技术研究成果及产品商业化验证情况同步推进具身智能技术专项课题申报及行业标准共建。4 月11 日公 司公告与智元机器人成立合资公司（大丰/智元分别持股85%/15%），主要从事匹配文娱体旅商场景需 求的人形机器人项目开发并实现商业化落地。同时，双方共同协议决定，可引入为合资公司业务赋能的 合作伙伴，合资公司成立时，大丰实业持股不低于51%。 智元承诺投入的资源包括：1）向合资公司授权使用与合资公司业务相关的具身智能机器人技术及产 品，包括但不限于具身智能通用大模型、全线机器人产品、基础动作数据集、开发框架、SDK 和API 接口等针对文娱体旅商场景对人形机器人进行二次开发所需的相关技术文档、开发工具、软硬件适配接 口及测试支持，具体授权范围参照后续签署的知识产权许可协议；2）根据合资公司业务开展情况派驻 技术团队（具体派驻形式由智元确定），协助合资公司组建并培育团队，协 ...

2025 年 4 月 18 日 公司研究 与智元机器人战略合作，人形机器人导入文旅场景 ——大丰实业（603081.SH）跟踪点评报告 要点 与智元机器人战略合作，人形机器人导入文旅场景。 2025 年 3 月 23 日，公司与智元机器人签订战略合作框架协议。根据协议，首 期启动文娱旅体商场景研发，公司将于合资公司成立后一个季度内提供不低于 1500 万元意向采购订单用于场景研发，后续根据技术研究成果及产品商业化验 证情况同步推进具身智能技术专项课题申报及行业标准共建。4 月 11 日公司公 告与智元机器人成立合资公司（大丰/智元分别持股 85%/15%），主要从事匹 配文娱体旅商场景需求的人形机器人项目开发并实现商业化落地。同时，双方共 同协议决定，可引入为合资公司业务赋能的合作伙伴，合资公司成立时，大丰实 业持股不低于 51%。 智元拟向合资公司授权使用相关具身智能机器人技术及产品，并派驻技术支持。 智元承诺投入的资源包括：1）向合资公司授权使用与合资公司业务相关的具身 智能机器人技术及产品，包括但不限于具身智能通用大模型、全线机器人产品、 基础动作数据集、开发框架、SDK 和 API 接口等针对文娱体旅 ...

Group 1: Market Overview - The report highlights strong domestic economic growth in Q1, with GDP growth reaching 5.4%, surpassing the expected 5.2% [5] - Investment in manufacturing and infrastructure remains steady, while real estate investment shows signs of slowing down [5] - Consumer spending is improving, particularly in online retail, indicating effective policies for upgrading consumer goods [5] Group 2: Company Performance - Weir Shares - Weir Shares reported a revenue of 25.731 billion yuan for 2024, a year-on-year increase of 22%, with a gross margin of 29.4%, up by 7.7 percentage points [9] - The company's net profit reached 3.323 billion yuan, reflecting a significant year-on-year increase of 498% [9] - The growth in revenue is primarily driven by the mobile and automotive CIS sectors, while DDIC revenue is under pressure [10][11] Group 3: Company Performance - Nanya Technology - Nanya Technology achieved a revenue of 3.362 billion yuan in 2024, marking a 12.7% year-on-year increase, and turned a profit with a net profit of 50 million yuan [13] - The company reported a gross margin of 8.65%, up by 4.49 percentage points, and a net profit margin of 1.5%, up by 5.84 percentage points [13] - In Q1 2025, Nanya's revenue surged by 45.04% year-on-year, indicating a strong start to the year [13] Group 4: Industry Trends - The report indicates a weak replenishment trend in the domestic inventory cycle, with various indicators showing steady recovery in consumer spending and business expectations [6] - The uncertainty surrounding tariffs is expected to impact asset prices, with gold likely to maintain its strength amid a weak dollar trend [6][7] - The report suggests that Chinese assets have a relative advantage, with A-shares entering an observation period, focusing on dividend and domestic demand as key investment themes [7]

证券代码：603081 证券简称：大丰实业 公告编号：2025-027 一、募集资金基本情况 1．经中国证券监督管理委员会《关于核准浙江大丰实业股份有限公司首次公 开发行股票的批复》（证监许可〔2017〕397 号）核准，公司首次公开发行人民币 普通股（A 股）股票 5,180.00 万股，发行价为每股人民币 10.42 元，共计募集资 金 539,756,000.00 元，扣除发行费用 65,240,510.85 元后，实际募集资金金额为 474,515,489.15 元。上述募集资金全部到位，已经华普天健会计师事务所（特殊 普通合伙）审验，并于 2017 年 4 月 14 日出具会验字[2017]3100 号《验资报告》。 本公司对募集资金采取了专户存储管理。 2．经中国证券监督管理委员会《关于核准浙江大丰实业股份有限公司公开发 行可转换公司债券的批复》（证监许可[2019]205 号）核准，公司于 2019 年 3 月 27 日公开发行了 630 万张可转换公司债券，每张面值 100 元，发行总额为 630,000,000.00 元，扣除发行费用 13,142,000.00 元后，实际募集资金金额为 6 ...

2019年，大丰实业发行6.3亿元的大丰转债，期限6年。截至今年3月24日，大丰转债尚有约5亿元未转 股。按到期兑付价格计算，大丰实业需支付近6亿元本息。 根据相应可转债期限，大丰转债于今年3月27日到期兑付并摘牌。3月26日是大丰转债的最后转股日，也 是大丰转债兑付登记日。在相应公告中，大丰实业方面表示，今年3月24日至3月26日，大丰转债持有人 仍可依据约定的条件将大丰转债转换为公司A股普通股。 浙江大丰实业股份有限公司（以下简称"大丰实业"，603081.SH）热点信披撞期可转债兑付事项仍在发 酵。 日前，大丰实业方面在回复监管工作函时表示，公司具备兑付大丰转债（113530.SH）本息的能力，且 在披露与上海智元新创技术有限公司（以下简称"智元机器人"）签署《战略合作协议》之前，已根据当 时尚未转股的可转债余额，足额将相应兑付资金存入中国证券登记结算有限责任公司指定备付金账户， 不存在为促使投资者转股而披露涉及热点概念的战略合作协议的情形。 不过，大丰实业上述回复并未完全平复市场质疑。有市场观点认为，大丰实业在可转债兑付前夕披露涉 热点概念信息是客观情况，将兑付资金足额转入相应账户可以说是做"两手准备 ...

Core Insights - The report highlights a significant acceleration in China's export growth in March, with a year-on-year increase of 12.4%, driven by favorable contributions from major trading partners and a strong performance in certain mechanical and electrical products [6][7][8] - The macroeconomic policy focus will continue to be on "expanding domestic demand" as a key strategy moving forward [6][9] Macroeconomic Overview - In Q1, China's exports grew by 5.8% year-on-year in USD terms, while imports fell by 7.0%, resulting in a trade surplus of $272.97 billion [6][7] - The trade surplus in RMB terms was 19,614.2 billion, with exports increasing by 6.9% and imports decreasing by 6.0% [6][7] - March's export growth was notably influenced by a 46.0% month-on-month increase, attributed to the end of the Spring Festival and active "export rush" by foreign trade enterprises [8] Industry Performance - The report emphasizes the performance of the electrical equipment sector, specifically highlighting the financial results of a key company, 大金重工, which reported a revenue of 3.78 billion yuan in 2024, a decrease of 12.61% year-on-year, but with a net profit increase of 11.46% to 474 million yuan [10][11] - The company's overseas shipments accounted for 45.58% of its revenue, indicating a strategic shift towards international markets [11] Trade Partner Contributions - In March, exports to ASEAN countries saw a year-on-year increase of 11.6%, with imports growing by 9.8%, marking the highest export share to ASEAN since 2008 [7] - Exports to the EU and the US also showed positive growth, with year-on-year increases of 10.3% and 9.1%, respectively, while imports from these regions declined [7] Future Growth Potential - The report suggests that the European offshore wind market is poised for rapid growth, which could benefit the company significantly as it has established itself as a key supplier in this sector [12][13] - The company is actively expanding its production capacity and seeking new growth avenues, including the development of floating wind power foundations and a global logistics system [13]

Summary of Conference Call Industry and Company Involved - The conference call focuses on the robotics industry, particularly in the cultural and tourism sectors in China. - The discussion involves a joint venture company that is collaborating on robotics applications in various cultural venues and tourism sites. Core Points and Arguments 1. **Robotics in Cultural and Tourism Sectors** The robotics industry is gaining significant attention, especially in the cultural and tourism sectors where the application scenarios are diverse [1][2][3] 2. **Joint Venture Structure** The joint venture is structured with an 85% to 15% ownership split, focusing on defining product scenarios and management teams [2][3] 3. **Talent Acquisition and Team Structure** The joint venture will include a team for defining product scenarios and will also recruit talent for model training and deployment [3][4] 4. **Customization of Robotics** The company is developing customizable robots, such as the "Lingxi" model, which features modular design for various applications [4][5] 5. **Specific Applications in Venues** The robots will be used in various venues, including cultural centers, sports arenas, and technology museums, with specific training for each unique environment [5][6] 6. **Immersive Experiences in Tourism** The company aims to create immersive experiences in tourism by integrating popular IPs into scenic areas, enhancing visitor engagement through interactive robots [7][8] 7. **Government Support and Funding** The government is providing substantial subsidies for cultural projects, which encourages venues to invest in robotic solutions [12][13] 8. **Market Potential and Sales Guidance** The market for humanoid robots in cultural venues is expected to grow, with estimates suggesting a significant number of units could be sold as venues seek to enhance their offerings [11][14] 9. **Digital Transformation of Scenic Areas** The company is involved in the digital transformation of scenic areas, with discussions about deploying a large number of robots in major tourist attractions [14][19] 10. **Future Collaborations and International Expansion** Plans for future collaborations and potential international ventures are being discussed, particularly in light of upcoming events like the Asian Games [19][20] Other Important but Possibly Overlooked Content 1. **Rapid Development Timeline** The joint venture is expected to finalize agreements quickly, with a framework agreement already in place and operational setup anticipated within fifteen days [10][19] 2. **Robotics as a Revenue Stream** The potential for venues to rent robots for events is highlighted, suggesting a quick return on investment through increased attendance and engagement [13][14] 3. **Technological Leadership** The joint venture partners are noted for their technological expertise, particularly in AI and robotics, which positions them favorably in the market [21][22]

华夏时报（www.chinatimes.net.cn）记者 王敬 北京报道 近日，大丰实业（603081.SH）与上海智元新创技术有限公司（下称"智元机器人"）的合作引发资本市 场广泛关注。 4月10日，大丰实业发布公告称，与智元机器人签署《股权合作协议》，投资合作开发匹配文娱体旅商 场景需求的人形机器人项目进行。同日，大丰实业还召开了投资者说明会，大丰实业将出资850万元持 股85%，并承诺提供1500万元采购订单，加速商业化进程。 此次合作是双方此前签署《战略合作协议》的深化落地。值得注意的是，由于战略合作披露恰逢公司 5.96亿元可转债到期兑付前夕，因而引发市场对"利好释放在先、兑付在后"的质疑。随后，上交所也向 大丰实业下发了监管工作函。 多位受访专家指出，文娱体旅商场景凭借环境可控、交互需求明确等特点，或成为人形机器人落地 的"最优试验场"，但当前G2-G3阶段的具身智能技术仍需突破复杂环境适应、精准情感交互等关键瓶 颈。 近千万元押注文旅人形机器人商业化 4月10日，大丰实业披露《关于签订股权合作协议的公告》（下称《股权协议公告》），双方3 月23日 所签的《战略合作协议》进一步深化。 此前，大丰 ...