地址：上海市长宁区仙霞路 99 号尚嘉中心 22 层、12 层 （200051) Add: 22F&12F, L'Avenue No.99 XianXia Rd, Changning District, Shanghai, PRC 电话 Tel: +86 21 23563298 传真 Fax: +86 21 23563299 网址 Website: http://www.guantao.com 邮箱 Email: guantaosh@guantao.com 关于苏州绿的谐波传动科技股份有限公司 2024年年度股东大会 之 律师见证法律意见书 北京观韬(上海)律师事务所 二〇二五年五月 1 上海市长宁区仙霞路 QQ 号尚董中心 F J 'Avenue No 99 Xian Via Rd Changning District Shanghai 由 if Tal· +86 71 73563708 邮箱 Email: guantaosh@guanta te: http://www.guantao.com 北京观韬(上海)律师事务所 关于苏州绿的谐波传动科技股份有限公司 2024 年年度股东大会之 律师见证法律意见书 ...

其他通用机械 绿的谐波（688017.SH） 增持-A(首次) 25Q1 业绩修复，关注公司产品和高端场景拓展 2025 年 5 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司披露 2024 年报和 2025 年一季报。2024 年实现营业收入 3.87 亿元， 同比+8.77%；归母净利润 0.56 亿元，同比-33.26%；扣非后归母净利润 0.46 亿元，同比-38.09%。24Q4 营业收入 1.11 亿元，同比+9.1%；归母净利润-0.03 亿元，同比-122.86%。25Q1 营业收入 0.98 亿元，同比+19.65%；归母净利润 0.20 亿元，同比+0.66%，环比实现扭亏。 事件点评 市场数据：2025 年 5 月 14 日 基础数据：2025 年 3 月 31 日 业绩承压，2024 年毛利率/净利率分别下滑 3.60/9.41pc ；25Q1 环比扭 亏 。 2024 年 ， 公 司 毛 利 率 / 净 利 率 分 别 为 37.54%/14.41% ， 同 比 分 别 -3.60pc /-9.41pc 。分行业，国内工业机器人行业需求回暖，公司工业及服务 机器 ...

公司披露 2024 年报和 2025 年一季报。2024 年实现营业收入 3.87 亿元， 同比+8.77%；归母净利润 0.56 亿元，同比-33.26%；扣非后归母净利润 0.46 亿元，同比-38.09%。24Q4 营业收入 1.11 亿元，同比+9.1%；归母净利润-0.03 亿元，同比-122.86%。25Q1 营业收入 0.98 亿元，同比+19.65%；归母净利润 0.20 亿元，同比+0.66%，环比实现扭亏。 事件点评 基础数据：2025 年 3 月 31 日 业绩承压，2024 年毛利率/净利率分别下滑 3.60/9.41pct；25Q1 环比扭 亏 。 2024 年 ， 公 司 毛 利 率 / 净 利 率 分 别 为 37.54%/14.41% ， 同 比 分 别 -3.60pct/-9.41pct。分行业，国内工业机器人行业需求回暖，公司工业及服务 机器人零部件收入 2.77 亿元/yoy+3.93%。分产品，谐波减速器及金属件收入 3.25 亿元/yoy+2.56%，收入贡献 84.00%，毛利率 36.13%/yoy-5.03pct；机电 一 体 化 产 品 收 入 0.53 亿 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a steady revenue growth in 2024, achieving revenue of 387 million, a year-on-year increase of 8.77%, primarily driven by increased sales of harmonic reducers and mechatronic actuators [6][12] - The company is deeply engaged in the humanoid robotics sector, focusing on the production capabilities of core components such as harmonic reducers and planetary roller screws, with expectations for progress in overseas client validations [6][12] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 56 million, a decrease of 33.26% year-on-year, and a non-recurring net profit of 46 million, down 38.09% year-on-year [6][12] - For Q1 2025, the company reported revenue of 98 million, a year-on-year increase of 19.65%, with a net profit of 20 million, up 0.66% year-on-year [6][12] Product and Market Development - The company sold 246,500 harmonic reducers in 2024, an increase of 16.56% year-on-year, and 7,076 mechatronic products, up 24.16% year-on-year [12] - The company is enhancing its product competitiveness by focusing on miniaturization technology for harmonic reducers, achieving over 30% weight reduction while maintaining output [12] Strategic Initiatives - The company completed the annual production capacity expansion project for 500,000 precision reducers in 2024 and is launching a new generation of precision transmission devices in 2025 [12] - The company is expanding its global market presence through acquisitions, including the acquisition of German company Haux, and establishing sales and R&D platforms in Singapore and Germany [12] Future Projections - The company is expected to achieve net profits of 80 million and 115 million in 2025 and 2026, respectively, with corresponding PE ratios of 327x and 227x [12]

苏州绿的谐波传动科技股份有限公司 2024 年年度股东大会会议资料 苏州绿的谐波传动科技股份有限公司 苏州绿的谐波传动科技股份有限公司 2024 年年度股东大会会议 资料 苏州绿的谐波传动科技股份有限公司 苏州绿的谐波传动科技股份有限公司 2024 年年度股东大会会议资料 苏州绿的谐波传动科技股份有限公司 为了维护全体股东的合法权益，确保公司股东大会的正常秩序和议事效率， 根据《中华人民共和国公司法》 、《中华人民共和国证券法》、 《公司章程》和《股 东大会议事规则》制订以下会议须知，请出席股东大会的全体人员遵照执行。 一、会议期间，全体出席人员应以维护股东的合法权益、保证大会的正常秩 序和议事效率为原则，认真履行法定义务，自觉遵守大会纪律，不得侵犯其他股 东的权益，以确保股东大会的正常秩序。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务请 出席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格。会议 开始后，会议登记应当终止，由会议主持人宣布现场出席会议的股东和代理人人 数及所持有的表决权数量。 三、股东参加股东大会依法享有发言权、质询权、表决权等权利。 四、大会设会务组，具体 ...

苏州绿的谐波传动科技股份有限公司 2024 年年度股东大会会议资料 苏州绿的谐波传动科技股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 一、会议期间，全体出席人员应以维护股东的合法权益、保证大会的正常秩 序和议事效率为原则，认真履行法定义务，自觉遵守大会纪律，不得侵犯其他股 东的权益，以确保股东大会的正常秩序。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务请 出席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格。会议 开始后，会议登记应当终止，由会议主持人宣布现场出席会议的股东和代理人人 数及所持有的表决权数量。 三、股东参加股东大会依法享有发言权、质询权、表决权等权利。 四、大会设会务组，具体负责会议组织筹备，处理会议现场相关事宜。 | 1．2024 年年度股东大会会议须知… | | --- | | 2. 2024 年年度股东大会会议日程- | | 3. 关于《2024年度董事会工作报告》的议案 | | 4. 关于《2024年度监事会工作报告》的议案 | | 5．关于《2024年度财务决算报告》的议案 | | 6．关于《2025 年度财务预算报告》的议案 ...

Core Viewpoint - The article discusses the potential of humanoid robots to become a trillion-dollar industry in the next decade, driven by advancements in embodied intelligence and the unique advantages of China's humanoid robot industry [1][15]. Group 1: Event Overview - The 2025 Zhangjiang Humanoid Robot Developer Conference and Innovation Entrepreneurship Competition will take place on May 29, 2025, in Zhangjiang, Shanghai, showcasing the latest developments in humanoid robot technology and industry [2][15]. - The event will feature over 200 leading companies and attract more than 1,000 renowned academicians, experts, and industry leaders to discuss technological breakthroughs and commercialization pathways in the humanoid robot sector [2][4]. Group 2: Expert Participation - The conference will gather top experts in the field, including academicians from prestigious institutions and industry leaders, to share insights on the development trends of humanoid robots [4][5]. - Notable participants include members of the Chinese Academy of Sciences and leading professors from top universities, emphasizing the academic and practical expertise present at the event [4][5]. Group 3: Competition and Challenges - The "2025 Zhangjiang Humanoid Robot Innovation Entrepreneurship Competition" will feature five exciting tracks, including application scenario challenges and core component technology innovation contests [6][8]. - The competition aims to foster collaboration between academia and industry, providing participants with opportunities to engage with top experts and potential investors [9][11]. Group 4: Exhibition Highlights - The conference will host an exhibition covering over 3,000 square meters, showcasing cutting-edge humanoid robot products and technologies from leading companies [11][12]. - The exhibition will include themed areas focusing on humanoid robots, embodied intelligence applications, core component technologies, and developer ecosystems, providing immersive experiences for attendees [12][14]. Group 5: Strategic Importance - The year 2025 is identified as a critical turning point for the humanoid robot industry, with global leaders transitioning from concept validation to commercial implementation, reshaping the global industrial landscape [15][20]. - The conference serves as a premier platform for industry-wide exchange, allowing participants to experience the latest technologies and applications while identifying investment opportunities [15][20].

绿的谐波最新一期业绩显示，截至2025一季报，公司营业总收入9802.65万元、同比增长19.65%，归属 净利润2024.84万元，同比增长0.66%，扣非净利润1654.74万元，同比增长1.88%，流动比率4.708、速动 比率4.214、资产负债率15.62%。 天眼查商业履历信息显示，苏州绿的谐波传动科技股份有限公司，成立于2011年，位于苏州市，是一家 以从事仪器仪表制造业为主的企业。企业注册资本16876.3868万人民币，实缴资本9123.2846万人民币。 公司法定代表人为左昱昱。 通过天眼查大数据分析，苏州绿的谐波传动科技股份有限公司共对外投资了14家企业，参与招投标项目 38次，知识产权方面有商标信息20条，专利信息117条，此外企业还拥有行政许可17个。 金融界消息 截至2025年5月9日收盘，绿的谐波（688017）报收于141.99元，下跌3.34%，换手率 1.87%，成交量3.16万手，成交金额4.51亿元。 资金流向方面，今日主力资金净流出4147.31万元，占比成交额9.19%。其中，超大单净流出1387.28万 元、占成交额3.07%，大单净流出2760.03万元、占成交 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18]. Core Insights - The company achieved a revenue of 387 million yuan in 2024, representing a year-on-year growth of 8.77%. However, the net profit attributable to the parent company decreased by 33.26% to 56 million yuan [2][5]. - In Q1 2025, the company reported a revenue of 98 million yuan, a year-on-year increase of 19.65%, with a slight increase in net profit attributable to the parent company by 0.66% to 20 million yuan [2]. - The company is progressing steadily in capacity enhancement, having completed the construction and debugging of an intelligent production line for precision reducers, with plans for gradual capacity ramp-up in 2025 [9]. Financial Performance Summary - The total revenue forecast for 2025 is 479 million yuan, with a projected growth rate of 23.6%. The net profit is expected to rebound to 87 million yuan, reflecting a growth rate of 55.6% [5][10]. - The earnings per share (EPS) for 2025 is estimated at 0.48 yuan, with a price-to-earnings (P/E) ratio of 309 times [5][10]. - The company’s total market capitalization is approximately 27.015 billion yuan, with a circulating market value of about 24.884 billion yuan [6]. Product and Market Development - The company is focusing on expanding its product line, particularly in harmonic reducers and planetary roller screws, to enhance its market competitiveness and service capabilities [9]. - The company has successfully completed a directional issuance of shares to fund new projects, including the "Next Generation Precision Transmission Device Intelligent Manufacturing Project," which is set to commence in 2025 [9]. Market Comparison - Over the past 12 months, the company's stock has experienced a decline of 51%, contrasting with a 14% increase in the CSI 300 index [8].

2025年4月30日，绿的谐波发布了2024年年报。报告显示，公司实现营业总收入3.87亿元，同比增长 8.77%；归属于上市公司股东的净利润为5616.81万元，同比下降33.26%。尽管营收保持增长，但净利润 大幅下滑，显示出公司在复杂市场环境下面临的挑战。绿的谐波作为国内精密传动装置领域的龙头企 业，其核心业务谐波减速器及金属部件收入3.25亿元，占总营收的83.99%，机电一体化产品收入 5259.33万元，同比增长56.74%。 一、营收增长但利润承压，市场竞争加剧 绿的谐波2024年营收增长8.77%，达到3.87亿元，显示出公司在市场中的业务拓展能力。然而，归属于 上市公司股东的净利润同比下降33.26%，扣非净利润更是下滑38.09%。这一利润下滑主要受到市场波 动、原材料价格上涨以及研发投入增加的影响。报告期内，公司研发投入4959.12万元，占营业收入的 12.80%，显示出公司对技术创新的重视。 尽管公司在谐波减速器领域的市场份额进一步提升，产品竞争力显著增强，但全球工业机器人市场的竞 争日益激烈，尤其是国际巨头加大对中国市场的投入，给绿的谐波带来了更大的压力。此外，公司在新 产品研发和 ...