证券代码：688125 证券简称：安达智能 公告编号：2025-040 广东安达智能装备股份有限公司 关于 2025 年第三季度计提信用减值损失、资产减值损失 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。 一、本次计提信用及资产减值准备情况概述 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映公司截 至 2025 年 9 月 30 日的财务状况及 2025 年第三季度的经营成果，本着谨慎性原 则，公司对截至 2025 年 9 月 30 日公司及子公司的资产进行了减值测试，公司 2025 年第三季度计提及确认的各项损失共计 2,031.70 万元，具体明细如下表所 示： 单位：万元 | 类别 | 2025 年第三季度计提金额 | 备注 | | --- | --- | --- | | 信用减值损失 | -470.09 | 应收票据坏账损失、应收 账款坏账损失、其他应收 | | | | 款坏账损失 | | 资产减值损失 | -1,561.61 | 存货跌价损失、合同资产 | | | | 减值损失 | | 合 ...

Group 1 - The median return of active quantitative funds for the week of October 20-24, 2025, was 3.25%, while the Shanghai-Shenzhen 300 Index returned 3.24% and the Wind All A Index returned 3.47% [3][8] - For the year, the median return of active quantitative funds was 27.54%, compared to 18.44% for the Shanghai-Shenzhen 300 Index and 25.86% for the Wind All A Index [3][8] - The top-performing active quantitative funds this week had returns between 9% and 18%, primarily concentrated in the electronics sector, while the underperforming funds had returns between -1% and -3%, mainly focused on the food and beverage sector [3][4][8] Group 2 - The "Super Expectation Stock Selection Strategy" constructs a stock pool based on net profit exceeding expectations and analyst expectations, using the Wind All A Index as the base stock pool [5][14] - This week, the selected strategy yielded a return of 5.48%, outperforming the benchmark index (Wind All A Index) by 2.01% [5][16] - For the year, the selected strategy achieved a return of 46.03%, significantly higher than the benchmark index's return of 25.86%, resulting in an excess return of 20.17% [5][20] Group 3 - The top 30 selected stocks for October 2025 are concentrated in the electronics sector, with the highest return stock being Andar Intelligent (688125.SH) at 18.64%, categorized under mechanical equipment and automation equipment [6][21] - The report highlights that the active quantitative funds with higher returns are predominantly invested in the electronics sector [6][26] - The report emphasizes the importance of analyzing unexpected earnings and their impact on stock price movements, indicating a significant drift pattern following earnings announcements [14][15]

Group 1 - Songyan Power recently completed nearly 300 million yuan in Pre-B round financing, led by Fangguo Capital, with participation from various institutions including Xiangfeng Investment and CCTV Media Fund [1] - The humanoid robot sector saw significant stock price increases from October 20 to October 24, with Dayang Electric rising by 29.09%, and several other companies like Jinfeng Technology and Zhuhai Guanyu also experiencing over 20% gains [1][2] Group 2 - Songyan Power's N2 robot won second place in the world's first humanoid robot half marathon held in Beijing in April, leading to accelerated commercialization and over 2,500 orders for the N2 robot [4] - On October 22, Songyan Power launched its first small humanoid robot, "Bumi Xiaobumi," priced under 10,000 yuan, which received over 300 online orders within a day of its launch [4] - The company is preparing for future product deliveries by establishing a sizable production line in the Yangtze River Delta and focusing on cost reduction through the use of composite materials and in-house development of key components [4] - The founder of Songyan Power anticipates that price reductions in humanoid robots will become a trend, particularly for applications in entertainment and education, which will expand the consumer market and reduce supply chain costs [4][5]

Core Insights - Andar Intelligent (688125.SH) reported a revenue of 343 million yuan for the first half of 2025, representing a year-on-year growth of 9.55% [1][3] - The net profit attributable to shareholders was -58.44 million yuan, with a net profit excluding non-recurring items of -41.32 million yuan [1][3] - The net cash flow from operating activities was -18.86 million yuan [1][3] Financial Performance Summary - **2025 First Half Results**: - Revenue: 343 million yuan, up 9.55% from 313 million yuan in the same period last year [3] - Total profit: -78.25 million yuan, compared to -23.10 million yuan last year [3] - Net profit attributable to shareholders: -58.44 million yuan, down from -12.74 million yuan [3] - Net profit excluding non-recurring items: -41.32 million yuan, down from -16.75 million yuan [3] - Net cash flow from operating activities: -18.86 million yuan, improved from -65.09 million yuan [3] - **2024 Annual Results**: - Revenue: 711 million yuan, a 50.53% increase from 472 million yuan in 2023 [4] - Net profit attributable to shareholders: -3.07 million yuan, a decline of 205.41% from 2.92 million yuan [4] - Net profit excluding non-recurring items: -3.46 million yuan, down 361.65% from 1.32 million yuan [4] - Net cash flow from operating activities: -21.72 million yuan, a decrease of 453.53% from 6.14 million yuan [4] IPO and Fundraising Information - Andar Intelligent raised a total of 1.22 billion yuan through its IPO, with a net amount of 1.12 billion yuan after expenses [5][6] - The final net fundraising amount was 50.64 million yuan less than originally planned [5] - The company issued 20,202,020 shares during its IPO, with China International Capital Corporation as the lead underwriter [5][6]

Group 1 - On October 9, Andar Intelligent experienced a decline of 2.40% with a trading volume of 69.74 million yuan [1] - The financing data for Andar Intelligent on the same day showed a financing purchase amount of 13.63 million yuan and a net financing purchase of 3.42 million yuan, with a total financing and securities balance of 94.34 million yuan [1] - The financing balance of Andar Intelligent accounted for 7.99% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Andar Intelligent increased by 13.98% to 4,289, while the average circulating shares per person decreased by 9.57% to 5,245 shares [2] - For the first half of 2025, Andar Intelligent reported a revenue of 343 million yuan, representing a year-on-year growth of 9.55%, but the net profit attributable to the parent company was -58.44 million yuan, a decrease of 358.89% year-on-year [2] Group 3 - 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 of Andar Intelligent saw the exit of Bosera Balanced Optimal Mixed A (016978) from the list [3]

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].