Investment Rating - The report maintains a "Recommended" investment rating for the mechanical equipment industry [3] Core Viewpoints - The mechanical equipment industry is entering the "AI Era," which will create significant investment opportunities centered around AI infrastructure and AI empowerment [4][15] - The report highlights the historical performance of the mechanical equipment sector during previous five-year plans, indicating that each era has distinct characteristics that influence investment opportunities [6][10] Summary by Sections 1. Review of Five-Year Plans - The mechanical equipment industry has shown varying performance across the past four five-year plans, with significant growth during the Eleventh Five-Year Plan (642% increase) and a decline during the Thirteenth Five-Year Plan (-21% decrease) [6][7] - The industry ranked second among 28 sectors during the Eleventh Five-Year Plan and seventh during the Fourteenth Five-Year Plan, reflecting its evolving significance [7][8] 2. AI Infrastructure: Driving Demand for PCB Equipment, AIDC, Liquid Cooling, and Semiconductor Equipment - The AI computing revolution is expected to drive structural growth in PCB demand, with a projected annual growth rate of 16.3% for AI server-related HDI from 2023 to 2028 [19] - The report anticipates that the global PCB market will reach $73.565 billion in 2024, with a 5.8% year-on-year increase, and $94.661 billion by 2029 [19] - AI servers significantly increase the unit value of PCBs, with a single AI server PCB valued at $500-$800, compared to $200-$300 for traditional servers [20] - The report identifies challenges in capacity expansion, including long delivery times for high-end equipment and complex process validations [21] 3. AI Empowerment: The Rise of Embodied Intelligent Robots - The report discusses the practical applications of embodied intelligent robots in industrial logistics, elderly care, and specialized environments, emphasizing their potential to improve efficiency and safety [4][15] - It highlights the importance of technical feasibility and cost-effectiveness in the deployment of these robots [4] 4. Investment Recommendations - The report suggests focusing on AI infrastructure and AI empowerment as key investment directions for the mechanical equipment industry during the Fifteenth Five-Year Plan [4][15] - Specific recommendations include AI PCB equipment, AIDC power generation equipment, liquid cooling solutions, and semiconductor equipment [4][15] 5. Related Listed Companies - The report provides insights into key companies in the PCB equipment sector, such as Dazhu CNC, Chipbond Technology, and Dongwei Technology, highlighting their market performance and technological advancements [40][41]

本次上市流通的限售股为公司首次公开发行前股东持有的部分限售股，涉及 限售股股东数量为 4 名，对应的限售股股份数量为 58,980,000 股，占公司股本总 数的 71.8162%。上述股份原锁定期为自公司股票上市之日起 36 个月，因触发延长 股份锁定期的承诺履行条件而延长锁定期 6 个月，即锁定期为自公司股票上市之 日起 42 个月，具体内容详见公司于 2022 年 5 月 19 日在上海证券交易所网站 证券代码：688125 证券简称：安达智能 公告编号：2025-038 广东安达智能装备股份有限公司 关于首次公开发行部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 58,980,000股。 一、本次上市流通的限售股类型 经中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 2 月 28 日出具的《关于同意广东安达智能装备股份有限公司首次公开发行股票注册的批 复》（证监许可〔2022〕400 号），广 ...

关于广东安达智能装备股份有限公司 首次公开发行部分限售股上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 广东安达智能装备股份有限公司（以下简称"安达智能""发行人"或"公司"） 首次公开发行股票并在科创板上市项目的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司 自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求，对安 达智能首次公开发行部分限售股解禁上市流通事宜进行了核查，发表核查意见如 下： 一、本次上市流通的限售股类型 中国国际金融股份有限公司 经中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 2 月 28 日 出具的《关于同意广东安达智能装备股份有限公司首次公开发行股票注册的批复》 （证监许可〔2022〕400 号），安达智能获准向社会公众公开发行人民币普通股（A 股）股票 20,202,020 股，并于 2022 年 4 月 15 日在上海证券交易所科创板上市交 易。公司首次公开发行 A 股前总股本为 60,606,060 股，首次公开发行 A 股后总股 本为 8 ...

Group 1 - Company Announcement: Andar Intelligent (SH 688125) announced that 58.98 million restricted shares will be unlocked and listed for trading on October 15, 2025, accounting for approximately 71.82% of the company's total share capital [1] - Revenue Composition: For the year 2024, Andar Intelligent's revenue will be entirely derived from the specialized equipment manufacturing industry, with a 100.0% contribution [1] Group 2 - Market Capitalization: As of the latest report, Andar Intelligent has a market capitalization of 4.3 billion yuan [2]

Core Viewpoint - The announcement details the results of the first vesting period for the second category of restricted stock under the 2024 incentive plan, with 212,320 shares set to be listed on September 29, 2025 [2][3][10]. Summary by Sections Stock Listing and Incentive Plan - The stock type listed is for equity incentive shares, with a total of 212,320 shares available for circulation [2][3]. - The listing date for the shares is September 29, 2025 [3][10]. Decision-Making Process - The decision-making process for the stock vesting involved multiple meetings of the board and supervisory committee, with approvals for the incentive plan and its management methods [3][4][6]. Stock Vesting Details - A total of 13 individuals are recognized as beneficiaries of the stock vesting [9]. - The shares are sourced from the company's directed issuance of A-share common stock to the incentive targets [9]. Changes in Share Capital Structure - Following the vesting, the company's total share capital will increase from 81,914,036 shares to 82,126,356 shares [12]. - The controlling shareholder's stake will be diluted from 72.0023% to 71.8162% due to the increase in total shares [13][14]. Financial Impact - The newly vested shares represent approximately 0.2592% of the total shares before vesting and are not expected to significantly impact the company's recent financial performance [16].

证券代码：688125 证券简称：安达智能 公告编号：2025-037 广东安达智能装备股份有限公司 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，广东安达智能装备股份有限公司（以下 简称"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证 券变更登记证明》，公司完成了 2024 年限制性股票激励计划（以下简称"本次激 励计划"）预留授予第二类限制性股票第一个归属期的股份登记工作。现将有关 情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2024 年 3 月 26 日，公司召开第二届董事会第五次会议，审议通过了《关 于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于提请公司股东大会授权 董事会办理公司 2024 年限制性股票激励计划有关事宜的议案》。 同日，公司召开第二届监事会第三次会议，审议通过了《关于公司<2024 年限 制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股票激 本次股票上市流通总数为21 ...

Core Insights - On September 18, Andar Intelligent saw a stock increase of 1.44% with a trading volume of 95.11 million yuan [1] - The company reported a financing buy-in of 13.19 million yuan and a net financing buy of 707,500 yuan on the same day [1] - As of September 18, the total financing and securities balance for Andar Intelligent was 95.11 million yuan, accounting for 8.47% of its market capitalization [1] Financing Overview - On September 18, Andar Intelligent had a financing buy-in of 13.19 million yuan, with a current financing balance of 95.11 million yuan, which is above the 60th percentile level over the past year [1] - The company had no short-selling activity on September 18, with a short-selling balance of 0.00 yuan, indicating a high level of short-selling availability [1] Company Profile - Andar Intelligent Equipment Co., Ltd. was established on April 25, 2008, and listed on April 15, 2022 [1] - The company specializes in the research, production, and sales of intelligent manufacturing equipment, including fluid control devices, plasma equipment, and curing and assembly equipment [1] - The revenue composition is as follows: fluid control devices 36.94%, curing and other equipment 35.08%, parts and technical services 27.10%, plasma equipment 0.86%, and others 0.02% [1] Financial Performance - As of June 30, the number of shareholders for Andar Intelligent was 4,289, an increase of 13.98% from the previous period [2] - For the first half of 2025, the company achieved a revenue of 343 million yuan, a year-on-year increase of 9.55%, but reported a net profit loss of 58.44 million yuan, a decrease of 358.89% year-on-year [2] Dividend Information - Since its A-share listing, Andar Intelligent has distributed a total of 133 million yuan in dividends, with 52.63 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders saw a change, with Bosera Balanced Optimal Mixed A (016978) exiting the list [3]

Core Viewpoint - The report indicates that Andar Intelligent's financial performance in the first half of 2025 shows a revenue increase but a significant net loss, highlighting challenges in profitability and operational efficiency [1] Financial Performance - As of September 17, 2025, Andar Intelligent's stock closed at 49.19 yuan, down 1.3% from the previous trading day, with a total market capitalization of 4.029 billion yuan [1] - The company achieved operating revenue of 342.59 million yuan in the first half of 2025, representing a year-on-year growth of 9.55% [1] - The net profit attributable to the parent company was -58.44 million yuan, indicating a loss [1] Operational Insights - The company's gross margin is under pressure due to high R&D investments, product expansion, and market development [1] - R&D expenditure accounted for 18.11% of revenue, a decrease of 3.42 percentage points year-on-year [1] - The company faced a fair value loss of 19.5 million yuan from overdue financial products, impacting profit performance [1] Competitive Position - Andar Intelligent maintains its core competitive advantages in technology research and development, customer resources, rapid delivery, and service capabilities [1] Compliance and Governance - The use of raised funds is compliant with regulations, and there are no violations reported [1] - There have been no changes in the holdings of the controlling shareholder, actual controller, or senior management, with no pledged or frozen shares [1] Risks - The company is facing risks related to performance decline, reliance on customers, decreasing gross margins, inventory and accounts receivable management, exchange rate fluctuations, and internal controls [1]

中国国际金融股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》 和《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》等相关规定， 中国国际金融股份有限公司（以下简称"保荐机构"）作为广东安达智能装备股份 有限公司（以下简称"安达智能"或"公司"）首次公开发行股票并在科创板上市 项目的保荐机构，负责安达智能上市后的持续督导工作，并出具本持续督导半年度 跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具 体的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执 行了持续督导制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与安达智能签订 | | | 与上市公司或相关当事人签署持续督导协议，明确 | 《保荐协议》，该协议明确了双 | | | 双方在持续督导期间的权利义务，并报上海证券交 | 方在持续督导期间的权利和义 | ...

Group 1 - The company announced the resignation of non-independent director Liu Yong due to adjustments in the corporate governance structure, but he will continue to hold other positions within the company [3][4] - Liu Yong's resignation will not take effect until new directors and audit committee members are elected, ensuring the normal operation of the board [4] - The company held a shareholders' meeting on September 15, 2025, where it approved the cancellation of the supervisory board, changes to registered capital, and amendments to the articles of association [2][12] Group 2 - The company elected Gao Fang as the employee representative director during the employee representative assembly on September 15, 2025, in compliance with the newly revised articles of association [2][5] - Gao Fang's term as the employee representative director will last until the end of the current board's term, and she meets all legal qualifications for the position [5][8] - Following the board meeting on September 15, 2025, Gao Fang was also appointed as a member of the audit committee, maintaining the committee's compliance with legal requirements [7][8] Group 3 - The company confirmed that the board's composition remains compliant with regulations, with a total of seven board members, including the employee representative director [5][6] - The company’s governance structure has been updated to ensure proper operation and compliance with relevant laws and regulations [5][6] - The board expressed gratitude for Liu Yong's contributions during his tenure [4]