中信证券股份有限公司 关于苏州绿的谐波传动科技股份有限公司 调整募集资金投资项目拟投入募集资金金额的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为苏州绿 的谐波传动科技股份有限公司（以下简称"绿的谐波"或"公司"）2022年度向 特定对象发行A股股票（以下简称"本次发行"）的保荐人，根据《证券发行上 市保荐业务管理办法》《科创板上市公司持续监管办法（试行）》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第1 号——规范运作》以及《上市公司监管指引第2号——上市公司募集资金管理和 使用的监管要求》等有关规定，对绿的谐波调整募集资金投资项目拟投入募集资 金金额事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2024 年 6 月 28 日出具的《关于同意苏州绿的谐波传动科技股份有限公司向特定对象发行股票注 册的批复》（证监许可〔2024〕1008 号），中国证监会同意公司向特定对象发行股 票的注册申请。绿的谐波本次向特定对象发行人民币普通股股票 14,448,867 股， 每股发行价格为人民币 9 ...

一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2024 年 6 月 28 日出具的《关于同意苏州绿的谐波传动科技股份有限公司向特定对象发行股票注 册的批复》（证监许可〔2024〕1008 号），中国证监会同意公司向特定对象发行股 票的注册申请。绿的谐波本次向特定对象发行人民币普通股股票 14,448,867 股， 每股发行价格为人民币 97.80 元，共募集资金人民币 1,413,099,192.60 元，扣除 各项发行费用人民币 11,060,938.83 元（不含增值税），实际募集资金净额为人民 币 1,402,038,253.77 元。上述募集资金到位情况已经天衡会计师事务所（特殊普 通合伙）审验，并于 2024 年 12 月 23 日出具了《验资报告》（天衡验字（2024） 00118 号）。 中信证券股份有限公司 关于苏州绿的谐波传动科技股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为苏州绿 的谐波传动科技股份有限公司（以下简称"绿的谐波"或"公司"）2022年度向 特定对象发行A股股票（以下简 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][15]. Core Views - The company reported a revenue growth of 26% year-on-year in the third quarter of 2024, driven by the recovery in the industrial robot sector. The total revenue for the first three quarters of 2024 was 2.76 billion yuan, with a net profit of 0.59 billion yuan, reflecting a decline of 18.85% year-on-year. The third quarter alone saw a revenue of 1.04 billion yuan and a profit of 0.22 billion yuan, marking a year-on-year increase of 1.63% [2][4][10]. - The company is a leader in the domestic harmonic reducer market and has been expanding its product offerings, including mechatronic products and hydraulic control systems. The R&D expense ratio remains high, with a year-on-year increase of 14% [2][4][20]. - The production of industrial robots is expected to increase, with a year-on-year growth of 29.3% in November 2024. The company is well-positioned to benefit from the growing humanoid robot market, which is projected to reach a market size of approximately 200-250 billion USD by 2040 [2][4][20]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 2.76 billion yuan and a net profit of 0.59 billion yuan, with a third-quarter revenue of 1.04 billion yuan, reflecting a 1.63% increase year-on-year. The gross and net profit margins for the first three quarters were 39.53% and 21.71%, respectively, showing a decline due to low capacity utilization and increased expense ratios [2][4][10][25]. - The company forecasts a net profit of 0.89 billion yuan for 2024, with projections of 1.21 billion yuan in 2025 and 1.56 billion yuan in 2026, indicating a recovery in profitability [2][24][31]. Market Position and Growth Potential - The company is expanding its core product layout and has a strong position in the harmonic reducer market. The production capacity is expected to significantly increase following the completion of IPO and fundraising projects, which will enhance the company's ability to meet market demand [2][4][20]. - The humanoid robot market presents a substantial growth opportunity, with the company positioned to capture a significant share due to its advanced technology and product offerings [2][4][20]. Valuation Metrics - The company’s stock is currently valued at 111.95 yuan, with a market capitalization of 18.893 billion yuan. The projected PE ratios for 2024, 2025, and 2026 are 217, 159, and 123, respectively, indicating a premium valuation compared to peers [2][15][31].

本次发行的具体情况详见公司同日在上海证券交易所网站（www.sse.com.cn） 披露的《苏州绿的谐波传动科技股份有限公司 2022 年度向特定对象发行人民币 普通股（A 股）股票发行情况报告书》等相关文件。 特此公告。 苏州绿的谐波传动科技股份有限公司董事会 苏州绿的谐波传动科技股份有限公司 关于 2022 年度向特定对象发行 A 股股票发行情况报告书披 露的提示性公告 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个别及连带责任。 苏州绿的谐波传动科技股份有限公司（以下简称"公司"）本次向特定对象 发行 A 股股票（以下简称"本次发行"）发行承销总结相关文件已经上海证券交 易所备案通过，公司将尽快办理本次发行新增股份的登记托管手续。 证券代码：688017 证券简称：绿的谐波 公告编号：2025-001 2025 年 1 月 1 日 ...

证券代码：688017 证券简称：绿的谐波 苏州绿的谐波传动科技股份有限公司 2022 年度向特定对象发行人民币 普通股（A 股）股票 发行情况报告书 保荐人（联席主承销商） 联席主承销商 二〇二四年十二月 1 发行人及全体董事、监事、高级管理人员声明 本公司全体董事、监事及高级管理人员承诺本发行情况报告书不存在虚假记 载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责 任。 全体董事： 左昱昱 左 晶 张雨文 李 谦 王世海 储建华 李 刚 吴应宇 陈殿生 全体监事： 王 刚 钱月明 陈志华 除董事以外的全体高级管理人员： 沈 燕 归 来 苏州绿的谐波传动科技股份有限公司 年 月 日 2 | 目录 3 | | --- | | 释义 4 | | 第一节 本次发行的基本情况 5 | | 一、发行人基本情况 5 | | 二、本次发行履行的相关程序 5 | | 三、本次发行概要 8 | | 四、本次发行对象的基本情况 16 | | 五、本次发行的相关机构情况 26 | | 第二节 发行前后相关情况对比 29 | | 一、本次发行前后前十名股东情况对比 29 | | 二、本次发行对公司的影响 30 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [3][24]. Core Views - The company, Greentec Harmonic (688017), reported a revenue growth of 25.59% in Q3 2024, signaling a gradual recovery in the industry [3][7]. - The industrial robot market is expected to recover, with production turning positive from April-May 2024, which will benefit the demand for harmonic reducers [7][8]. - The company is positioned as a leading domestic manufacturer of harmonic reducers, benefiting from the trend of domestic substitution in the industrial robot sector [7][8]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 276 million yuan, a year-on-year increase of 8.64% [3]. - The net profit attributable to the parent company was 58.83 million yuan, showing a decline compared to the previous year [3]. - The gross margin for Q3 2024 was reported at 39.53%, a decrease of 2.2 percentage points year-on-year [3][9]. Market Trends - The production of industrial robots in China saw a cumulative increase of 13.3% year-on-year from January to October 2024, reversing a trend of decline [7]. - Domestic manufacturers of industrial robots have seen a market share increase to 51.6%, up 4.5 percentage points from the same period in 2023 [7]. Future Projections - Revenue forecasts for the company are projected at 409 million yuan, 514 million yuan, and 655 million yuan for 2024, 2025, and 2026 respectively [9][10]. - The corresponding net profit forecasts are 84 million yuan, 115 million yuan, and 155 million yuan for the same years [9][10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 147 yuan [2][4][7] Core Views - The company is a leader in harmonic reducers and is expected to benefit from the recovery in industrial robot production and the upcoming mass production of humanoid robots [7][8] - The company's performance improved in Q3 2024 due to the recovery in the industrial robot market, with revenue increasing by 25.6% YoY and net profit increasing by 1.6% YoY [7] - The company is well-positioned to capitalize on the growth opportunities in the humanoid robot market, with plans to expand production capacity through a 2 billion yuan private placement [8] Financial Projections - The company is expected to achieve net profits of 0.8 billion yuan, 1.0 billion yuan, and 1.5 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of -9%, +30%, and +52% [4] - EPS is projected to be 0.45 yuan, 0.59 yuan, and 0.90 yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 273x, 210x, and 138x [4][6] - Revenue is forecasted to grow from 446 million yuan in 2024 to 663 million yuan in 2026, with operating costs increasing from 229 million yuan to 388 million yuan over the same period [14] Industry and Market Context - The industrial robot market showed signs of recovery in Q3 2024, with production increasing by 19.7%, 20.0%, and 22.8% YoY in July, August, and September, respectively [7] - The humanoid robot market is approaching a critical point for mass production, with companies like Tesla, Unitree, and XPeng introducing new models and deploying them in various industries [8] Company Fundamentals - The company's A-share price was 124.09 yuan as of December 3, 2024, with a market capitalization of 20.94 billion yuan [2] - The company's major shareholder, Zuo Jing, holds a 20.41% stake [2] - Institutional investors hold 11.0% of the company's A-shares, while general legal entities hold 11.2% [2]

苏州绿的谐波传动科技股份有限公司（以下简称"公司"、"本公司"或"绿 的谐波"）第三届董事会第三次会议于 2024 年 11 月 27 日下午以现场方式召开， 现场会议在苏州市吴中区尧峰西路 68 号公司会议室举行。本次会议应出席董事 9 人，实际出席董事 9 人，会议由董事长左昱昱主持。会议的召集和召开程序符 合有关法律法规、规范性文件和公司章程的规定，会议决议合法、有效。 二、董事会会议审议情况 证券代码：688017 证券简称：绿的谐波 公告编号：2024-041 苏州绿的谐波传动科技股份有限公司 第三届董事会第三次会议决议公告 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、准确性和完整性依法承担法律责任。 一、 董事会会议召开情况 1、审议通过《关于开设募集资金专项账户并签订募集资金监管协议的议案》。 为规范公司募集资金管理和使用，保护投资者权益，公司拟开设募集资金专 户，用于公司 2022 年度向特定对象发行股票所募集资金的存储、管理，公司将 在募集资金到账后一个月内，与保荐机构、开户行签署募集资金专户存储监管协 议。公司授权管理层协助办理本次 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company reported a revenue of approximately 276 million yuan for the first three quarters of 2024, representing a year-on-year increase of 8.64%. However, the net profit attributable to shareholders decreased by 18.85% to about 59 million yuan [4][6]. - The company is expected to benefit from the growing demand for humanoid robots and plans to increase production capacity for harmonic reducers and mechatronic products [5][6]. - Despite short-term pressure on profitability due to increased competition in the smart robotics sector and rising expense ratios, the long-term outlook remains positive due to anticipated growth in the harmonic reducer market [6][32]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of approximately 104 million yuan, a year-on-year increase of 25.59%, while the net profit attributable to shareholders was 22 million yuan, up 1.63% year-on-year [4]. - The gross profit margin decreased by 2.20 percentage points to 39.53%, and the net profit margin fell by 7.37 percentage points to 21.71% due to rising sales, R&D, and financial costs [4][6]. Market Outlook - The company is positioned as a leader in the domestic harmonic reducer market and is expected to benefit from the increasing demand for humanoid robots, which presents a significant growth opportunity [5][6]. - The company has received approval for a 2 billion yuan capital increase project aimed at expanding production capacity to meet market demands [5][6]. Future Projections - Revenue projections for 2024-2026 are estimated at 398 million, 478 million, and 617 million yuan, with year-on-year growth rates of 11.7%, 20.0%, and 29.3%, respectively. Net profit projections for the same period are 82 million, 106 million, and 139 million yuan, with growth rates of -2.0%, 28.4%, and 30.9% [6][32].

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company reported a revenue of 276 million yuan for the first three quarters of 2024, representing an 8.64% year-on-year growth, while the net profit attributable to the parent company was 59 million yuan, a decrease of 18.85% year-on-year [1] - The gross margin and net margin for the first three quarters were 39.53% and 21.71%, respectively, showing a decline of 2.2 and 7.4 percentage points year-on-year [2] - The company is experiencing a recovery in Q3, with revenue reaching 103.5 million yuan, a year-on-year increase of 25.59% and a quarter-on-quarter increase of 14.44% [2] - The demand for harmonic reducers is expected to grow significantly due to the rapid development of the robotics industry, which will benefit the company's automated production model [3] - The company is increasing its R&D efforts, holding 160 valid patents as of June 30, 2024, and applying new technologies to its products [2] Financial Summary - The company forecasts net profits of 85.46 million yuan, 110.76 million yuan, and 150.14 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 1.55%, 29.6%, and 35.6% [3][4] - The projected revenue for 2024 is 390.78 million yuan, with a growth rate of 9.72% [4] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 242.10, 186.81, and 137.81, respectively [4][9]