Core Insights - The company, Songlin Technology, announced an expected net profit attributable to shareholders of 155 million to 160 million yuan for the first three quarters, representing a year-on-year decline of 51.67% to 50.11% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 123 million and 128 million yuan, which shows a year-on-year decrease of 58.42% to 56.73% compared to the same period last year [1] Financial Performance - Expected net profit for the first three quarters: 155 million to 160 million yuan [1] - Year-on-year decline in net profit: 51.67% to 50.11% [1] - Expected net profit after deducting non-recurring items: 123 million to 128 million yuan [1] - Year-on-year decline in adjusted net profit: 58.42% to 56.73% [1]

Core Viewpoint - Songlin Technology announced an expected decline in net profit for the first three quarters, indicating significant financial challenges ahead [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 155 million to 160 million yuan, representing a year-on-year decrease of 51.67% to 50.11% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 123 million and 128 million yuan, which reflects a year-on-year decline of 58.42% to 56.73% compared to the same period last year [1]

Core Viewpoint - Songlin Technology (603992) expects a significant decline in net profit for the first three quarters of 2025, projecting a decrease of 50.11% to 51.67% year-on-year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 155 million to 160 million yuan for the first three quarters of 2025 [1] - This represents a substantial decline compared to the previous year, indicating potential challenges in financial performance [1] Business Operations - The company has been investing in research and development, market expansion, and overseas base construction as planned [1] - Key customer projects and orders are showing signs of steady recovery, suggesting some positive developments in business operations [1] Market Environment - The company is facing ongoing impacts from the international trade environment and changes in macroeconomic conditions, which have led to a year-on-year decline in revenue from its main sales regions [1]

Core Viewpoint - Songlin Technology (603992.SH) expects a significant decline in net profit for the first three quarters of 2025 compared to the same period last year, primarily due to external economic factors impacting sales [1] Financial Performance - The company anticipates net profit attributable to shareholders to be between 155 million to 160 million yuan, representing a year-on-year decrease of 51.67% to 50.11% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 123 million to 128 million yuan, reflecting a year-on-year decline of 58.42% to 56.73% [1] Business Operations - Despite the profit decline, the underlying business logic remains unchanged, with major customer projects and orders showing steady recovery [1] - The company's operating performance is improving quarter by quarter, with a projected quarter-on-quarter net profit growth of 30% to 40% in Q3 [1] External Factors - The company attributes the current challenges to the ongoing international trade environment and macroeconomic conditions, which have led to a year-on-year revenue decline in key sales regions [1] Strategic Initiatives - The company continues to invest in research and development, market expansion, and overseas base construction to build momentum for future growth [1] - The construction of the Vietnam production base is being accelerated, with increased initial expenditure; shipments from Vietnam are expected to begin in June 2025, entering a capacity ramp-up phase [1]

Core Viewpoint - The home decoration and building materials sector experienced a slight decline, closing at 15,340.56 points with a drop of 0.09% [1] Group 1: Stock Performance - Songlin Technology led the decline in the home decoration and building materials stocks, closing at 29.27 CNY per share with a drop of 4.97% [1] - Del Future followed with a closing price of 5.57 CNY per share, down 3.80% [1] - Meike Home closed at 2.29 CNY per share, down 3.78% [1] - Qisheng Technology was the top gainer in the sector, closing at 19.28 CNY per share with an increase of 9.98% [1] - Filinger closed at 47.00 CNY per share, up 9.15% [1] - *ST Yazhen closed at 37.18 CNY per share, with a rise of 5.00% [1] Group 2: Market Insights - According to a report by Yiou Think Tank, the smart home market in China is expected to exceed 1 trillion CNY by 2025 [1] - Major players in the internet, home appliances, and traditional hardware sectors are increasingly investing in the smart home market, leading to enhanced product supply and technological development [1]

Core Viewpoint - The home decoration and building materials sector experienced a slight decline, with the index closing at 15,161.28 points, down 1.25% [1] Group 1: Market Performance - The home decoration and building materials sector saw individual stocks decline, with Songlin Technology leading the drop at 28.76 CNY per share, down 6.62% [1] - Zhejiang Zhengte closed at 48.50 CNY per share, down 4.81%, ranking second in the decline among the sector stocks [1] - Meike Home closed at 2.27 CNY per share, down 4.62%, ranking third in the decline [1] - Qisheng Technology was the only stock to gain, closing at 19.27 CNY per share, up 9.93%, leading the gains in the sector [1] - *ST Yazhen closed at 37.18 CNY per share, up 5.00%, ranking second in gains [1] - Filinger closed at 44.60 CNY per share, up 3.58%, ranking third in gains [1] Group 2: Future Outlook - According to a report by China Galaxy Securities, the home decoration market demand is expected to gradually improve by September 2025, driven by better weather and the continued release of the old-for-new policy [1] - The ongoing urban renewal initiatives are anticipated to further stimulate demand for renovation and repair, boosting the consumption of building materials [1]

Core Insights - Tianfeng Securities report indicates that Songlin Technology's health-related hardware and software business generated revenue of 110 million, while its smart kitchen and bathroom business achieved revenue of 1 billion [1] - The company officially enters the robotics field, pursuing both organic and external growth strategies [1] - The robotics business encompasses areas such as nursing service robots, logistics service robots, AI companion robots, and humanoid robots [1] Business Development - The company focuses on cultivating internal growth drivers by increasing investment in its robotics R&D team to enhance research and product implementation capabilities [1] - It effectively leverages years of accumulated technology in AI smart hardware and software algorithms for migration and reuse [1] Emotional Interaction - In terms of emotional experience, the robots utilize dual-modal emotional interaction through expressions and voice to capture user emotional changes in real-time, establishing an emotional response mechanism [1] - This aims to create a new paradigm of "AI companionship" that is more empathetic and engaging [1] Financial Outlook - The company adjusts its profit forecast while maintaining a "buy" rating [1]

Core Viewpoint - The company, Xiamen Songlin Technology Co., Ltd., is set to hold a semi-annual performance briefing on October 17, 2025, to discuss its 2025 semi-annual report and address investor inquiries [2][3][4]. Group 1: Performance Briefing Details - The performance briefing will take place on October 17, 2025, from 09:00 to 10:00 [2][4]. - The event will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][4]. - Investors can submit questions from October 10 to October 16, 2025, through the Roadshow Center website or via the company's email [2][5]. Group 2: Convertible Bond Conversion Status - As of September 30, 2025, a total of 372,145,000 yuan of "Songlin Convertible Bonds" has been converted into company shares, resulting in 23,747,588 shares, which is 5.9219% of the total shares before conversion [8][11]. - The amount of unconverted convertible bonds as of September 30, 2025, is 237,850,000 yuan, accounting for 38.9918% of the total issuance [8][12]. - During the third quarter of 2025, from July 1 to September 30, 2025, the conversion amount was 95,000 yuan, resulting in 6,163 shares being formed due to conversion [8][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company is entering the robotics field, focusing on both organic growth and external expansion [2] - The robotics business includes care service robots, logistics service robots, AI companion robots, and humanoid robots, aiming to create a product system with application value [2][3] - The company has made significant technological advancements in motion control, scene voice interaction, and emotional experience for its robots [3] Financial Performance - In Q2 2025, the company reported revenue of 600 million, a decrease of 25% year-on-year, and a net profit attributable to shareholders of 50 million, down 57% [1] - For the first half of 2025, the company achieved revenue of 1.1 billion, a decrease of 21%, and a net profit of 90 million, down 58% [1] - The overseas revenue for the first half of 2025 was 880 million, down 16.78%, while domestic revenue was 260 million, down 33.54% [1] Business Development - The company is leveraging its subsidiary, Songlin Robotics Technology Co., Ltd., to develop a comprehensive robotics product system [2] - The focus is on enhancing the R&D team and utilizing existing technology in AI smart hardware and software algorithms for product development [2] - The company is also exploring acquisition opportunities and collaborating with outstanding enterprises and professional teams in the industry [2] Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 being 350 million, 410 million, and 470 million respectively, with corresponding P/E ratios of 39X, 32X, and 29X [4]

证券代码：603992 证券简称：松霖科技 公告编号：2025-065 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于 2025 年第三季度可转债转股结果暨股份变动公告 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。 一、 可转债发行上市概况 （一）经中国证券监督管理委员会《关于核准厦门松霖科技股 份有限公司公开发行可转换公司债券的批复》（证监许可[2022]1240 第 1 页 共 3 页 累计转股情况：截至 2025 年 9 月 30 日，累计有 372,145,000 元"松 霖转债"已转换成厦门松霖科技股份有限公司(以下简称"公司") 股份，因转股形成的股份数量累计为 23,747,588 股，占可转债转 股前公司已发行股份总额的 5.9219%。 未转股可转债情况：截至 2025 年 9 月 30 日，公司尚未转股的"松 霖转债"金额为 237,850,000 元，占"松霖转债"发行总量的 38.9918%。 本季度转股情况：自 2025 年 7 月 1 日至 2025 年 9 月 30 ...