证券代码：603859 证券简称：能科科技 公告编号：2025-046 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 能科科技股份有限公司（以下简称"公司"）股票于 2025 年 8 月 25 日、 8 月 26 日和 8 月 27 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%， 根据《上海证券交易所交易规则》有关规定，属于股票交易异常波动情形。 经公司自查并书面征询控股股东及实际控制人，截至本公告披露日，确 认不存在应披露而未披露的重大信息。 截至目前，公司 AI 产品与服务业务尚处起步阶段，仍不占整体营业收入 的主体，对公司营业收入、利润影响有限，未来经营情况存在一定的不确定性， 敬请广大投资者注意投资风险。 公司近期股票交易价格涨幅较大，市盈率高于行业平均水平，存在短期 上涨过快后快速下跌的风险。敬请广大投资者注意二级市场交易风险，理性决策， 审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 8 月 25 日、8 月 26 日和 8 月 27 日连续三个交易日内日 收盘价格 ...

关于对能科科技股份有限公司 股票交易异常波动问询函的回复 能科科技股份有限公司： 控股股东、实际控制人：祖军 日期 2025 年 8 月 27 日 关于对能科科技股份有限公司 股票交易异常波动问询函的回复 能科科技股份有限公司： 本人于 2025 年 8 月 27 日收到公司发来的《关于对能科科技股份有限公司 股票交易异常波动问询函》，经本人自查确认，现回复如下： 本人作为公司的实际控制人，截止目前，不存在应披露而未披露的重大信息， 包括但不限于重大资产重组、股份发行、收购、债务重组、业务重组、资产剥离、 资产注入、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等 重大事项。 本人于 2025 年 8 月 27 日收到公司发来的《关于对能科科技股份有限公司 股票交易异常波动问询函》，经本人自查确认，现回复如下： 本人作为公司的控股股东、实际控制人，截止目前，不存在应披露而未披露 的重大信息，包括但不限于重大资产重组、股份发行、收购、债务重组、业务重 组、资产剥离、资产注入、股份回购、股权激励、破产重整、重大业务合作、引 进战略投资者等重大事项。 本人亦将严格遵守《上海证券交易所股票上市规则》等有关 ...

Core Viewpoint - The report highlights the strong performance of Nengke Technology's AI business, emphasizing its growth in the industrial AI sector and maintaining a "buy" rating for the company [1]. Financial Performance - In H1 2025, the company achieved revenue of 738 million yuan, a year-on-year increase of 4.91% - The net profit attributable to shareholders was 111 million yuan, up 18.75% year-on-year - The net profit after deducting non-recurring items was 101 million yuan, reflecting a 16.16% increase year-on-year - Contract liabilities reached 405 million yuan, a significant increase of 158.26% year-on-year - In Q2 2025, revenue was 401 million yuan, a year-on-year growth of 33.99% - The net profit attributable to shareholders in Q2 was 62 million yuan, up 64.64% year-on-year - The net profit after deducting non-recurring items in Q2 was 59 million yuan, a 76.91% increase year-on-year - AI products and services revenue in H1 2025 was 211 million yuan, a remarkable growth of 145.60% year-on-year - The gross margin for H1 2025 was 52.40%, an increase of 4.22 percentage points year-on-year, while the net profit margin was 21.48%, up 4.13 percentage points year-on-year [2]. Strategic Focus - The company is strategically optimizing its business structure, focusing on high-margin and high-growth areas - Resources are being reallocated from traditional software systems and services to AI product lines and high-margin industrial software segments - In H1 2025, the company increased R&D investment in AI products, enhancing capabilities in model development, agent development, data processing, and hardware-software adaptation [3]. - The company is expanding its product series around AI applications, including "AI + embodied product intelligence," "AI + industrial manufacturing intelligence," and "industrial software + AI intelligent assistant" [3]. Industrial AI Development - The company is concentrating on "AI + industrial" applications, emphasizing quantifiable, reusable, and high-value scenarios - It is actively promoting AI products and solutions to meet the needs of leading industry clients, creating benchmark cases, and achieving scale effects - Some AI products have shown good reuse across enterprises and industries, with significant progress in industrial applications - The company is accelerating the development and application of its "Le" series AI intelligent modules, enhancing the integration of AI with self-developed industrial software [4]. Earnings Forecast - The company forecasts revenues of 1.768 billion yuan, 2.084 billion yuan, and 2.439 billion yuan for 2025, 2026, and 2027 respectively - Earnings per share (EPS) are projected to be 1.06 yuan, 1.30 yuan, and 1.55 yuan for the same years - The current stock price corresponds to price-to-earnings (PE) ratios of 50.0, 40.8, and 34.2 times for 2025, 2026, and 2027 respectively, maintaining a "buy" investment rating [5].

Core Viewpoint - The company, Nengke Technology (603859.SH), has announced that its AI products and services are still in the early stages and do not yet constitute a significant portion of overall revenue, leading to limited impact on revenue and profits, with future operational conditions remaining uncertain [1] Summary by Categories Company Performance - As of now, the AI products and services business of the company is still in its initial phase [1] - The current contribution of AI products and services to the overall revenue is minimal [1] Future Outlook - There is a degree of uncertainty regarding the future operational performance of the company [1]

Core Viewpoint - The company reported a revenue of 738 million yuan for H1 2025, representing a year-over-year increase of 4.91%, and a net profit attributable to shareholders of 111 million yuan, up 18.75% year-over-year, indicating strong financial performance driven by AI product commercialization [1][2]. Financial Performance - In Q2 2025, the company achieved a revenue of 401 million yuan, reflecting a year-over-year growth of 33.99% and a quarter-over-quarter increase of 19.19% [1]. - The gross profit margin for H1 2025 was 52.40%, an increase of 4.22 percentage points year-over-year, showcasing improved profitability [2]. - The net profit for Q2 2025 was 61.68 million yuan, which is a year-over-year increase of 64.64% and a quarter-over-quarter increase of 25.75% [1]. Strategic Focus - The company is strategically reducing its traditional business operations and reallocating resources towards high-value software business, which is expected to enhance the average gross margin [2]. - The company has significantly reduced sales and management expenses, with the sales expense ratio decreasing by 4.37 percentage points to 5.43% in Q2 2025, and the management expense ratio down by 2.40 percentage points to 5.64% [2]. AI Product Development - The company is experiencing rapid growth in its self-developed AI products, particularly the "Ling" series AI Agent products, which are driving significant revenue increases [3]. - The company reported a substantial increase in contract liabilities, reaching 405 million yuan in H1 2025, a year-over-year increase of 158.26%, indicating strong demand for its AI solutions [3]. R&D Investment - The company is increasing its investment in AI product development, enhancing capabilities in model development, agent development, data processing, and hardware-software adaptation [4]. - The "Ling" series products are being expanded to include various intelligent solutions, which are expected to provide flexible and efficient digital solutions for clients [4]. Earnings Forecast and Valuation - The company maintains its earnings per share (EPS) forecasts for 2025-2027 at 1.03, 1.21, and 1.33 yuan respectively, anticipating continued growth driven by the commercialization of AI Agent products [5]. - The target price has been raised to 57.37 yuan, based on a price-to-earnings (PE) ratio of 55.7x for 2025, reflecting confidence in the company's growth trajectory [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 57.37 [1][5]. Core Views - The company is expected to accelerate the commercialization of its AI Agent products, which may lead to significant revenue growth [1][3]. - The strategic contraction of traditional business and effective cost control have improved the company's profitability, with a gross margin of 52.40% in H1 2025, up 4.22 percentage points year-on-year [2]. - The company's self-developed AI products are driving substantial growth in contract liabilities, with a 158.26% year-on-year increase in contract liabilities to RMB 4.05 billion in H1 2025 [3]. - Continuous investment in AI product development is leading to accelerated iterations of two major AI product lines, enhancing the company's offerings [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of RMB 738 million, a year-on-year increase of 4.91%, and a net profit attributable to the parent company of RMB 111 million, up 18.75% year-on-year [1]. - Q2 2025 revenue reached RMB 401 million, representing a year-on-year growth of 33.99% and a quarter-on-quarter increase of 19.19% [1]. Cost Management - The company has effectively reduced sales and management expenses, with the sales expense ratio decreasing by 4.37 percentage points to 5.43% in Q2 2025, and the management expense ratio down by 2.40 percentage points to 5.64% [2]. Product Development - The company is enhancing its AI capabilities through the "Ling Series" and "Le Series" products, focusing on intelligent upgrades in industrial applications [4]. - The integration of AI with self-developed industrial software is being accelerated, providing flexible and efficient digital solutions for clients [4]. Earnings Forecast - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are RMB 1.03, RMB 1.21, and RMB 1.33 respectively, reflecting confidence in the ongoing commercialization of AI products [5][11].

Core Viewpoint - AI-related stocks showed strong performance on August 27, with notable gains in several companies, indicating a positive market sentiment towards the AI sector [1]. Company Performance - Nengke Technology (能科科技) reached a limit-up, marking its second consecutive trading day of gains, with a rise of 10% [2]. - Kute Intelligent (酷特智能) increased by over 8%, reflecting strong investor interest [1]. - Yinkang Life (盈康生命) and Wanxing Technology (万兴科技) also experienced upward movement, contributing to the overall positive trend in AI stocks [1]. - Other companies such as Doushen Education (豆神教育) and Huichan Technology (慧辰股份) also reported gains, with the latter showing a rise of 6.14% [2]. Percentage Changes - Nengke Technology (能科科技) recorded a significant increase of 53.02% in its stock price [2]. - Kute Intelligent (酷特智能) saw a rise of 25.90% [2]. - Yinkang Life (盈康生命) and Wanxing Technology (万兴科技) had increases of 11.27% and 89.88%, respectively [2]. - Doushen Education (豆神教育) experienced a gain of 10.10% [2].

Summary of Key Points from Conference Call Records Industry or Company Involved 1. **Pig Farming Industry**: Focus on leading company Muyuan Foods (牧原股份) and its performance in the pig farming sector [3][6][19] 2. **Optical Communication Industry**: Emphasis on Tianfu Communication (天孚通信) and its developments in optical modules and CPO technology [8][11][19] 3. **AI Software Industry**: Highlighting Nengke Technology (能科科技) and its advancements in AI-driven industrial software [13][17][19] Core Points and Arguments Muyuan Foods (牧原股份) 1. **Profit Growth**: The company reported a net profit of 10.53 billion, a year-on-year increase of 1169.77%, attributed to increased pig sales and reduced breeding costs [3][19] 2. **Sales Volume**: From January to July 2025, the company sold 44.749 million pigs, a 16.1% increase year-on-year [3][19] 3. **Cost Reduction**: Breeding costs have decreased to approximately 12.2 yuan/kg as of May 2025, with a target to achieve 12 yuan/kg by the end of the year [6][19] 4. **Market Stability Measures**: The government is implementing measures to stabilize the pig market, including the central reserve of frozen pork [3][6][19] 5. **Long-term Outlook**: The industry is expected to enter a phase of stable and high-quality development, with potential for valuation reassessment for leading companies [6][7][19] Tianfu Communication (天孚通信) 1. **Revenue Growth**: The company reported a net profit of 899 million, a 37.46% increase year-on-year, driven by the surge in AI demand [8][11][19] 2. **Product Development**: The company is developing various products for CPO applications, including high-power lasers and 800G optical transceiver modules [8][11][12][19] 3. **Market Position**: As a key player in the CPO supply chain for NVIDIA, the company is positioned to benefit from the growing demand for optical components in data centers [9][12][19] 4. **Future Market Potential**: The CPO market is projected to reach $5 billion by 2030, with significant contributions from major tech companies [12][19] Nengke Technology (能科科技) 1. **AI-Driven Growth**: The company experienced a 64.64% year-on-year increase in net profit in Q2, driven by demand for AI agents in the military sector [13][17][19] 2. **Product Ecosystem**: Nengke has developed a comprehensive suite of AI products, including intelligent assistants and industrial software, covering over twenty industrial scenarios [14][17][19] 3. **Strategic Partnerships**: The company collaborates closely with Huawei to develop cloud-based solutions, enhancing its market presence and product offerings [18][19] Other Important but Possibly Overlooked Content 1. **Regulatory Environment**: The agricultural sector is facing strict capacity control measures, which may lead to the elimination of inefficient production capacities [6][19] 2. **Technological Advancements**: Companies are leveraging advancements in technology, such as AI and silicon photonics, to optimize production and reduce costs [11][12][17][19] 3. **Market Dynamics**: The interplay between government policies, market demand, and technological innovation is shaping the future landscape of these industries [6][12][19]

Core Insights - The company, Nengke Technology, reported a total revenue of 738 million yuan for the first half of 2025, representing a year-on-year increase of 4.91% [1] - The net profit attributable to shareholders reached 111 million yuan, up 18.75% year-on-year [1] - The second quarter alone saw a revenue of 401 million yuan, a significant increase of 33.99% compared to the same period last year [1] Financial Performance - Gross margin improved to 52.4%, an increase of 8.75% year-on-year, while net margin rose to 21.48%, up 23.76% [1] - Total expenses (selling, administrative, and financial) amounted to 84.3 million yuan, accounting for 11.42% of revenue, a decrease of 22.06% year-on-year [1] - Earnings per share (EPS) increased to 0.45 yuan, reflecting an 18.42% rise year-on-year [1] Cash Flow and Assets - Cash and cash equivalents surged by 126.25% to 403 million yuan [1] - Accounts receivable increased by 18.65% to 1.594 billion yuan [1] - The company reported a significant decrease in operating cash flow per share, which fell by 54.18% to 0.15 yuan [1] Investment and Market Position - The company’s AI products and services are positioned in the industrial sector, aiming to meet the growing demand for intelligent upgrades in the context of new industrialization [8] - The company’s return on invested capital (ROIC) was reported at 9.07%, indicating a stable capital return [4] - Notable funds have increased their holdings in Nengke Technology, with the largest being the Jiao Yin Advanced Manufacturing Mixed Fund, which holds 3.3467 million shares [6]

Summary of Nengke Technology Conference Call Company Overview - **Company**: Nengke Technology - **Industry**: AI and Industrial Software Key Financial Performance - **2025 H1 Revenue**: 738 million CNY, up 4.91% YoY [2][5] - **Net Profit**: 110 million CNY, up 18.75% YoY [2][5] - **Gross Margin**: 52.40%, an increase of 4.2 percentage points YoY [2][5] - **Q2 Revenue**: 400 million CNY, up 33.99% YoY [4] - **Q2 Net Profit**: 61.61 million CNY, up 64.64% YoY [4] AI Business Growth - **AI Products and Services Revenue**: 210 million CNY, up 145% YoY [2][5] - **Focus Areas**: Intelligent products, industrial intelligent research, and AI assistants [2][6] - **Future Plans**: Expand AI product offerings to approximately 50 models by 2026 [2][10] Strategic Focus - **High-Gross Margin Products**: Concentration on high-margin AI product lines and industrial software [2][8] - **Specialized Industries**: Special industries contribute 40% of H1 performance, expected to grow [2][10][11] - **Talent Development**: Strengthening AI talent through recruitment and internal training [2][12] Market Positioning - **Special Industries**: Focus on sectors with stable budgets and less economic volatility [2][11] - **Civil Market**: Targeting medium to large clients with higher resilience to economic uncertainty [2][11] Future Outlook - **2026 Expectations**: Anticipated doubling of overall performance, particularly in special industries [2][10] - **AI Revenue Projections**: AI business expected to evolve significantly, with a focus on industrial applications [2][13][22] R&D and Product Development - **Key R&D Projects**: AI empowerment platform, quality control systems, and intelligent module development [2][24] - **Standardization of Computing Interfaces**: Enhancing resource utilization and market competitiveness [3][26] Challenges and Opportunities - **Market Demand for AI Talent**: Addressing the growing need for skilled AI professionals [2][12] - **Manufacturing AI Special Funds**: Government funds provide stable market opportunities [2][31] Business Structure and Strategy - **Future Business Composition**: By 2026, expected to have 60% from industrial AI, 30% from AI products, and 10-20% from industrial software [2][23] - **Long-term Vision**: Transitioning from hardware to intelligent solutions, leveraging industry expertise [2][29] Conclusion - **Stable Growth**: Nengke Technology has maintained steady growth with a clear strategic focus on AI and industrial software, positioning itself well for future opportunities in the market [2][32]