Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [8]. Core Viewpoints - The company is a specialist in automotive metal sheets, providing processing and delivery services for mid-to-high-end automotive and home appliance manufacturers. In 2024, the company sold 2.09 million tons of metal sheet products, a year-on-year increase of 22%, with automotive sales accounting for 1.38 million tons [7]. - The company has a high dividend payout ratio, having distributed cash dividends for four consecutive years from 2021 to 2024, with payout ratios of 46.31%, 48.48%, 50.78%, and 54.36% respectively [7]. - The company is expanding its product offerings, with aluminum extrusion production expected to commence in the first half of 2025 and hot forming production in the second half of 2025. The goal is to achieve a terminal sales growth exceeding the overall automotive production growth by 10 percentage points and to increase market share [7]. - The company has entered the robotics sector by forming a joint venture with Kepler Robotics, establishing Shanghai Depu Intelligent Robotics with a registered capital of 10 million yuan. This partnership aims to leverage the company's advantages in automotive lightweighting to accelerate the implementation of robotics projects [7]. Financial Projections - The company is projected to achieve revenues of 11.97 billion yuan, 12.67 billion yuan, and 13.40 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.1%, 5.9%, and 5.7% [8]. - The net profit attributable to the parent company is expected to be 340.73 million yuan, 391.69 million yuan, and 448.23 million yuan for the years 2025, 2026, and 2027, reflecting growth rates of 7.6%, 15.0%, and 14.4% respectively [9]. - The earnings per share (EPS) are projected to be 0.69 yuan, 0.79 yuan, and 0.91 yuan for the years 2025, 2026, and 2027 [8].

Group 1 - The company has successfully completed A+ round strategic financing, with Furan De joining as a partner, and has established a joint venture named Shanghai Depu Zhiqing Robot with a registered capital of 10 million yuan [1] - The company specializes in metal sheet processing and distribution services for mid-to-high-end automotive and home appliance manufacturers, achieving a sales volume of 2.09 million tons in 2024, a year-on-year increase of 22%, with automotive sales accounting for 1.38 million tons [2] - The company has maintained a high dividend payout ratio, with cash dividends as a percentage of net profit attributable to the parent company for the years 2021 to 2024 being 46.31%, 48.48%, 50.78%, and 54.36% respectively [2] Group 2 - The company is expanding its product offerings, with new aluminum extrusion and hot forming businesses expected to start production in the first half and trial production in the second half of 2025, respectively [2] - The company has entered the robotics sector by establishing a joint venture with Kepler Robotics, which will implement ongoing automotive industry robotics projects, leveraging its advantages in automotive lightweighting [2] - Revenue projections for the company from 2025 to 2027 are 11.97 billion, 12.67 billion, and 13.40 billion yuan, with year-on-year growth rates of 6.1%, 5.9%, and 5.7% respectively, and net profits expected to be 340 million, 390 million, and 450 million yuan [3]

证券代码：605050 证券简称：福然德 公告编号：2025-032 福然德股份有限公司 关于实施 2024 年期末权益分派后 调整回购价格上限的公告 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相应法律责任。 重要内容提示： 一、回购股份的基本情况 根据《福然德股份有限公司关于以集中竞价方式回购股份的回购报告书》， 若公司在本次回购期间发生资本公积金转增股本、派息、派送股票红利、股份拆 细、缩股、配股等除权除息事项，自股价除权除息之日起，公司将按照中国证券 监督管理委员会及上海证券交易所的相关规定，相应调整回购价格上限。具体内 1 福然德股份有限公司（以下简称"公司"）于2024年12月24日召开第三届董 事会第十三次会议、第三届监事会第十二次会议，分别审议通过《关于以集中竞 价交易方式回购公司股份的议案》；公司于2024年12月25日召开第三届董事会第 十四次会议，审议通过《关于调整回购股份资金总额下限的议案》，综上，同意 公司使用4,000万元至8,000万元的自有资金及银行股票回购专项贷款以集中竞 价交易方式回购公司股份，并用 ...

Core Points - The company plans to distribute a cash dividend of 0.15 RMB per share for A shares [1][2] - The dividend distribution was approved at the annual shareholders' meeting on May 27, 2025 [2][3] - The record date for the dividend is July 23, 2025, with the ex-dividend date also on July 24, 2025 [1][4] Dividend Distribution Details - The total number of shares eligible for the dividend is 490,916,081 after excluding 1,913,100 shares held in the company's repurchase account [2][3] - The cash dividend distribution will not involve capital reserve conversion into additional shares or stock dividends [2][3] - The cash dividend will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [4] Taxation Information - Individual shareholders will not have personal income tax withheld at the time of dividend distribution; tax will be calculated based on the holding period when shares are sold [5][6] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.135 RMB per share [6][7] - Hong Kong investors will also receive a net cash dividend of 0.135 RMB per share after a 10% tax withholding [7] Consultation Information - Shareholders can inquire about the dividend distribution by contacting the company's securities department during business days [7]

Core Viewpoint - The legal opinion letter from Grandall Law Firm (Shanghai) addresses the differentiated dividend distribution plan of Furande Co., Ltd. for the end of 2024, confirming its compliance with relevant laws and regulations [1][5]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the total share capital as of the record date, proposing a cash dividend of 1.50 RMB per 10 shares (before tax) [3][4]. - The company will not issue bonus shares or convert capital reserves into share capital as part of this distribution [3][4]. Group 2: Share Buyback and Rights - Shares repurchased by the company will not participate in the profit distribution, as they do not hold voting rights or rights to dividends [2][4]. - As of July 2, 2025, the company has repurchased a total of 1,913,100 shares, which will be excluded from the dividend distribution [3][4]. Group 3: Calculation Basis for Dividend - The calculation for the differentiated dividend distribution is based on the total shares minus the repurchased shares, ensuring compliance with the Shanghai Stock Exchange regulations [4][5]. - The impact of the differentiated dividend on the ex-dividend reference price is minimal, with an absolute value impact of less than 1% [5]. Group 4: Legal Compliance - The differentiated dividend distribution plan meets the requirements of the Company Law, Securities Law, and relevant regulations, ensuring no harm to the interests of the company and its shareholders [5].

证券代码：605050 证券简称：福然德 公告编号：2025-031 福然德股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.15元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/23 | － | 2025/7/24 | 2025/7/24 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 27 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 年期末利润分配预案的议案》：公司拟以实施权益分派股权登记日登记的总股本为基数，向全 体股东每 10 股派发现金红利 1.50 元（含税）。如在实施权益分派的股权登记日前公司总股本 发生变动，公司拟维持每股分配比例不变，相应调整分配总额。本 ...

国浩律师（上海）事务所 关 于 福然德股份有限公司 差异化分红事项 之 专项法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编:200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China T. +86 21 52341668 F. +86 21 52341670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2025 年 7 月 ! ! ! ! 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于福然德股份有限公司 差异化分红事项之专项法律意见书 致：福然德股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股份回购规则》（以下简称"《回购 规则》"）、《上海证券交易所上市公司自律监管指引第 7 号—回购股份》（以下简 称"《回购指引》"）以及《福然德股份有限公司章程》（以下简称"《公司章程》"） 等相关法律、法规及规范性 ...

Core Viewpoint - Shanghai Kepler Robotics Co., Ltd. is focusing on strategic partnerships with listed companies in the automotive and robotics supply chain rather than traditional financial investors to enhance its capabilities and resources in the humanoid robotics sector [6][10]. Financing and Investment - Kepler completed an A+ round of financing on July 9, 2023, with new investors including listed companies Taotao Automotive and Furande, alongside previous investors from its A and Pre-A rounds [6][7]. - The company aims to build an industrial chain resource and address key component shortages in humanoid robotics, emphasizing that financial investors may not provide the necessary industry empowerment [6][10]. Industry Collaboration - The seven listed companies involved in Kepler's financing primarily focus on upstream component manufacturing and material supply, which can be leveraged for humanoid robotics development [8]. - Kepler is forming joint ventures with some of its investors to enhance collaboration and resource integration, such as establishing a company focused on robotic dexterous hands [9]. Product Development Strategy - Kepler adopts a "hardware-first" approach, believing that a stable and cost-effective hardware foundation is crucial for success in the humanoid robotics market [12][13]. - The company is developing both bipedal humanoid robots and wheeled robots, with the latter being seen as a transitional form for factory deployment [16]. Market Potential and Challenges - The humanoid robotics market is expected to see significant growth, with Kepler projecting a production capacity of 500 units per year from its new assembly plant [17]. - The company anticipates that its humanoid robots will be commercially viable in industrial settings, particularly for repetitive tasks, despite current challenges in scaling production [14][18]. Financial Considerations - Kepler's pricing strategy aims to provide a cost advantage in the market, with its "Pioneer K2" robot priced at approximately $30,000, which is competitive compared to traditional labor costs [13][17]. - The company is cautious about overextending financially, focusing on product development and market readiness before pursuing large-scale financing [18].

Core Insights - The company has successfully completed its A+ round of financing, attracting investments from Furan De and Taotao Automotive, marking the third financing update in the past six months [1] - The company aims to leverage the sales channels and operational experience of Taotao Automotive to establish an independent brand in North America, initiating its global commercial expansion [1] Investment and Partnerships - The company has attracted a total of seven listed company investors, including Furan De, Taotao Automotive, Zhaofeng Co., Hanwei Technology, Qiaofeng Intelligent, Keli Sensor, and Weichuang Electric [2] - The strategic partnerships with these companies focus on enhancing various technical aspects of humanoid robots, such as control precision, environmental perception, and manufacturing accuracy [3][4] Product Development - The company has developed two humanoid robot models, the Pioneer K1 and Pioneer K2, with the latter being its fifth-generation product, standing 175 cm tall and weighing 75 kg, capable of working for eight hours on a one-hour charge [6] - The robots are designed for diverse applications, including smart manufacturing, logistics, security patrols, and educational purposes [6] Market Challenges - The company acknowledges multiple challenges in the commercialization of humanoid robots, including insufficient scene adaptability, high cost control difficulties, fragmented channel networks, and the lack of unified global market standards [6][7] - The company aims to build a "technology-channel-market" integrated approach to develop customized application solutions tailored to different regional markets [7]

Core Viewpoint - The company has adjusted the total amount of cash dividends for the 2024 fiscal year-end from 73,776,237.15 yuan to 73,637,412.15 yuan due to share repurchases affecting the number of shares eligible for profit distribution [1][3]. Summary by Sections Adjustment Details - The cash dividend per share remains unchanged at 0.15 yuan (tax included) [1]. - The adjustment in total cash dividends is a result of the company repurchasing shares, which led to a decrease in the number of shares participating in the profit distribution [1][3]. Pre-Adjustment Profit Distribution Plan - The initial profit distribution plan proposed a cash dividend of 1.50 yuan (tax included) for every 10 shares, based on a total share capital of 492,829,181 shares [1]. - After accounting for 987,600 shares in the repurchase account, the number of shares eligible for distribution was 491,841,581 [1]. Post-Adjustment Profit Distribution Plan - Following the adjustments, the total cash dividend amount is now set at 73,637,412.15 yuan (tax included), based on the same per-share distribution ratio [3]. - The company will not convert capital reserves into additional shares or issue bonus shares as part of this profit distribution [1].