Meeting Overview - The 12th meeting of the 5th Supervisory Board of Shanghai Buke Automation Co., Ltd. was held on August 17, 2025, with all three supervisors present, ensuring compliance with relevant laws and regulations [1][2]. Financial Report Approval - The Supervisory Board approved the 2025 semi-annual report, confirming that its preparation and review processes adhered to legal and internal regulations, accurately reflecting the company's financial status and operational results [1][2]. Fund Management Compliance - The Supervisory Board found that the management and actual use of raised funds complied with the Shanghai Stock Exchange's regulations and the company's fundraising management system, ensuring no misuse of funds or harm to shareholder interests [2][3]. Stock Option Plan Adjustment - The Supervisory Board approved the adjustment of the exercise price for stock options under the 2023 and 2025 stock option incentive plans, confirming that the process was legal and did not harm the interests of the company or its shareholders [3].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company is optimistic about future performance growth. In the first half of 2025, its revenue increased by 21.28%, mainly driven by the strong demand in the robot industry. The company expects future orders to maintain a good growth trend, and the traditional industrial IoT business has started cooperation with some large customers. Although the general automation business has declined slightly, it is expected to recover as the economy stabilizes [24]. - The company is expanding its product portfolio in the humanoid robot direction, with core products such as frameless torque motors. It has formed batch cooperation with multiple domestic leading customers and is also expanding overseas markets. The related businesses of humanoid robots and collaborative robots have grown by over 100% year - on - year in the first half of 2025 [24][25]. - The company's new generation of frameless torque products have been optimized and upgraded in multiple aspects, offering higher cost - effectiveness. The omnidirectional steering wheel has product advantages and is expected to significantly increase the company's sales and value [26][27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Stepko Co., Ltd. - Industry: Special equipment - Reception time: August 29, 2025 - Reception personnel: Chairman and General Manager Tang Dong, Director, Deputy General Manager and Financial Controller Wang Shiquan, Board Secretary Liu Yun, and Securities Affairs Representative Shao Kaizhen [16] 3.2. Detailed Research Institutions - Securities companies: Guosheng Securities, China Merchants Securities Co., Ltd., Everbright Securities Co., Ltd., Orient Fortune Securities Co., Ltd., Zhongtai Securities Co., Ltd., etc. - Asset management companies: Zhejiang Zheshang Securities, Ningbo Qianhong Jiusheng, etc. - Investment companies: Shanghai Guiyuan Investment, Beijing Lianjin Juxin, etc. - Other types: including foreign banks, research institutes, and other institutions [17][18][19] 3.3. Main Content Information - **Business Performance and Growth Drivers**: In the first half of 2025, the company's revenue increased by 21.28%, mainly due to the strong demand in the robot industry. The collaborative and industrial robot segments, which had a small base before, have significant growth this year, and future orders are expected to keep growing. The traditional industrial IoT business has started cooperation with large customers, while the general automation business has declined slightly but is expected to recover [24]. - **Product Layout in Humanoid Robots**: The company is expanding its product categories in the humanoid robot direction, with the core product being frameless torque motors. It also has layouts in hollow drives, planetary reducers, etc., and will provide assembly services for overall joint modules in the future. It has formed batch cooperation with domestic leading customers and is also collaborating with module customers [24]. - **Advantages of New - Generation Frameless Torque Products**: The new - generation products have optimized and upgraded in multiple aspects, including a complete large - hollow specification product line, improved torque density, and process improvements that enhance automation manufacturing capabilities and cost - control [26]. - **Advantages of Omnidirectional Steering Wheels**: The omnidirectional steering wheel is an innovative product for humanoid robot chassis, with a modular design. It allows customers to freely combine walking and rotating wheels, and is expected to significantly increase the company's sales and value [26]. - **Business Outlook**: The company expects its annual performance to grow. It is developing new joint module motors, advancing an internationalization strategy, and is optimistic about long - term growth driven by robot technology and internationalization [27]

Core Insights - The company, Shanghai Buke Automation Co., Ltd., reported a revenue of 311 million yuan for the first half of 2025, representing a year-on-year growth of 21.28% [1] - The net profit attributable to shareholders was 26.11 million yuan, an increase of 13.58% year-on-year, while the net profit excluding non-recurring items was 21.47 million yuan, up 12.23% [1] Financial Performance - Revenue for the first half of the year reached 311 million yuan, with a year-on-year increase of 21.28% [1] - Net profit attributable to shareholders was 26.11 million yuan, reflecting a growth of 13.58% year-on-year [1] - The net profit excluding non-recurring items was 21.47 million yuan, showing a year-on-year increase of 12.23% [1] Business Development - The company focuses on R&D and innovation in the field of industrial automation and robotics, providing solutions for automation control, robotic power, and digital factory systems [1] - The robotics business saw significant growth, with revenue reaching 150 million yuan, a year-on-year increase of 54.98%, becoming the main driver of overall performance [1] - The company implemented cost control measures, resulting in a smaller increase in operating expenses, which contributed to the rapid growth of net profit [1] Market Expansion - The company achieved new market breakthroughs in collaborative robots and established partnerships with globally recognized enterprises [2] - Progress was made in developing a new series of high-power density, lightweight frameless motors [2] - The company has established a comprehensive joint platform solution for humanoid robot joints and is actively expanding applications in service delivery robots, surgical robots, and power inspection robots, enhancing its market share in the robotics industry [2]

Group 1 - The company reported a revenue of 311 million yuan for the first half of 2025, representing a year-on-year increase of 21.28% [1] - The net profit attributable to shareholders of the listed company was 26.11 million yuan, showing a year-on-year growth of 13.58% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 21.47 million yuan, with a year-on-year increase of 12.23% [1] - The basic earnings per share were 0.31 yuan [1]

Group 1 - The core point of the article is that Buke Co., Ltd. (SH 688160) announced the convening of its fifth board meeting to review the 2025 semi-annual report and its summary [1] - For the fiscal year 2024, Buke Co., Ltd. reported that 99.46% of its revenue came from the general automation industry, while other businesses accounted for 0.54% [1] - As of the report date, Buke Co., Ltd. has a market capitalization of 8.2 billion yuan [1]

证券代码：688160 证券简称：步科股份 公告编号：2025-057 上海步科自动化股份有限公司 关于调整 2023 年及 2025 年股票期权激励计划首次及预留 授予股票期权行权价格的公告 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。 上海步科自动化股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召 开第五届董事会第十二次会议、第五届监事会第十二次会议审议通过了《关于 调整 2023 年及 2025 年股票期权激励计划首次及预留授予股票期权行权价格的 议案》，现将相关调整内容公告如下： 一、已履行的相关审批程序 （一）2023 年股票期权激励计划已履行的相关审批程序 1、2023 年 4 月 28 日，公司召开了第四届董事会第十次会议，审议通过了 《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》《关于公司 <2023 年股票期权激励计划实施考核管理办法>的议案》《关于提请股东大会授 权董事会办理公司股权激励相关事宜的议案》等。公司独立董事就本激励计划 是否有利于公司的持续发展及是否 ...

国浩律师（深圳）事务所 关于 上海步科自动化股份有限公司 调整股票期权激励计划行权价格事项 之 法律意见书 深圳市深南大道 6008 号特区报业大厦 42、41、31DE、2401、2403、2405 层 邮编：518034 电话/Tel: (+86)(755) 8351 5666 传真/Fax: (+86)(755) 8351 5333 网址:http://www.grandall.com.cn 二○二五年八月 国浩律师（深圳）事务所 法律意见书 致：上海步科自动化股份有限公司 国浩律师（深圳）事务所 关于 上海步科自动化股份有限公司 调整股票期权激励计划行权价格事项之 法律意见书 GLG/SZ/A2422/FY/2025-996 国浩律师（深圳）事务所（以下简称"本所"）接受上海步科自动化股 份有限公司（以下简称"公司"）的委托，担任公司 2023 年股票期权激励计 划、2025 年股票期权激励计划（以下合称"2023 年及 2025 年激励计划"） 的专项法律顾问。 本 所 律 师 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 ...

证券代码：688160 证券简称：步科股份 公告编号：2025-055 上海步科自动化股份有限公司 第五届监事会第十二次会议决议公告 一、监事会会议召开情况 本公司监事会及全体监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。 上海步科自动化股份有限公司（以下简称"公司"）第五届监事会第十二次 会议的通知已于 2025 年 8 月 17 日以电子邮件等方式通知全体监事。本次会议于 2025 年 8 月 27 日在深圳市南山区高新园北区朗山一路 6 号意中利科技园 1 号 3 楼会议室以现场和通讯相结合的方式召开。本次会议应出席监事 3 名，实际出席 表决监事 3 名。本次会议由监事会主席唐雪艳女士召集主持。会议的召开符合《中 华人民共和国公司法》和《公司章程》的规定，所作决议合法有效。 二、监事会会议审议情况 表决结果：同意 3 票、反对 0 票、弃权 0 票 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年半年度募集资金存放、管理与实际使用情况专项报告》。 3、审议通过《关于调整 2023 年及 ...

证券代码：688160 证券简称：步科股份 公告编号：2025-054 上海步科自动化股份有限公司 第五届董事会第十二次会议决议公告 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 上海步科自动化股份有限公司（以下简称"公司"）第五届董事会第十二次 会议的通知已于 2025 年 8 月 17 日以电子邮件等方式通知全体董事。本次会议于 2025 年 8 月 27 日在深圳市南山区高新园北区朗山一路 6 号意中利科技园 1 号 3 楼会议室以现场和通讯相结合的方式召开。本次会议应出席董事 7 名，实际出席 表决董事 6 名，独立董事胡红智因其他公务委托独立董事彭钦文出席会议并表决。 本次会议由董事长唐咚先生主持，公司全部监事及高级管理人员列席了本次会议。 会议的召开符合《中华人民共和国公司法》和《公司章程》的规定，所作决议合 法有效。 二、董事会会议审议情况 本次会议以书面记名投票方式进行表决，经与会董事们认真审议通过以下决 议： 1、审议通过《关于<2025 年半年度报告>及其摘要的议案》 经审核， ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%AD%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms and professional terminology, covering company entities, financial concepts, industrial automation control technologies, and industry acronyms - Defines company entities such as "Company" and "Kinco Automation" referring to Shanghai Kinco Automation Co., Ltd. and its wholly-owned/controlled subsidiaries [13](index=13&type=chunk) - Explains core technical terms in industrial automation control, including Human-Machine Interface (HMI), servo systems, motion control, inverters, stepping systems, industrial robots, and Programmable Logic Controllers (PLC) [13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - Includes definitions for emerging technologies and concepts such as Artificial Intelligence (AI), algorithms, digital factories, Internet of Things (IoT), and fieldbus [14](index=14&type=chunk)[15](index=15&type=chunk) - Lists various common industry acronyms, including 3C, AGV, CAN, CANOPEN, CE, CPU, CT, DR, MRI, SPECT, ERP, FOC, GUI, IC, IGBT, IoT, Linux, Lora, MES, M-IoT, MRI, PCB, PCBA, PMC, PWM, SaaS, UL, WCS, WMS [14](index=14&type=chunk)[15](index=15&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Basic Information](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides the company's basic information, including names, legal representative, addresses, website, and email - Company full name: Shanghai Kinco Automation Co., Ltd., abbreviation: Kinco Automation [17](index=17&type=chunk) - Legal Representative: Tang Dong [17](index=17&type=chunk) - Company website: www.kinco.cn, email: sec@kinco.cn [17](index=17&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the Board Secretary and Securities Affairs Representative, including names, addresses, and contact details - Board Secretary: Liu Yun, Securities Affairs Representative: Shao Kaizhen [18](index=18&type=chunk) - Contact phone: 0755-86336477, email: sec@kinco.cn [18](index=18&type=chunk) [III. Information Disclosure and Document Availability Changes](index=7&type=section&id=%E4%B8%89%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section outlines the company's designated information disclosure newspapers, website, and the availability location for the semi-annual report - Information disclosure newspapers: China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily [19](index=19&type=chunk) - Website for semi-annual report publication: www.sse.com.cn [19](index=19&type=chunk) [IV. Company Stock/Depositary Receipts Overview](index=7&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section briefly introduces the company's A-share listing exchange, board, stock abbreviation, and code - Stock type: A-shares, Listing exchange and board: Shanghai Stock Exchange STAR Market [20](index=20&type=chunk) - Stock abbreviation: Kinco Automation, Stock code: 688160 [20](index=20&type=chunk) [VI. Company's Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents key accounting data and financial indicators for the current period (Jan-Jun 2025) versus prior year, explaining the decrease in net operating cash flow Key Accounting Data (Jan-Jun 2025 vs. Prior Year) | Indicator | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 310,898,711.73 | 256,356,704.02 | 21.28% | | Total Profit (CNY) | 27,213,793.65 | 24,611,484.58 | 10.57% | | Net Profit Attributable to Shareholders (CNY) | 26,110,139.27 | 22,988,602.95 | 13.58% | | Net Cash Flow from Operating Activities (CNY) | 5,508,141.63 | 29,339,512.65 | -81.23% | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year) | Indicator | Current Period (Jan-Jun) | Prior Year (Jan-Jun) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.31 | 0.27 | 14.81% | | Diluted Earnings Per Share (CNY/share) | 0.31 | 0.27 | 14.81% | | Weighted Average ROE (%) | 3.32% | 3.05% | Increased by 0.27 percentage points | | R&D Investment as % of Operating Revenue (%) | 12.60% | 12.84% | Decreased by 0.24 percentage points | - Net cash flow from operating activities decreased by **81.23%** year-on-year, primarily due to increased payments for goods and salaries in the current period [22](index=22&type=chunk) [VIII. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AB%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%A2%9D) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling **4,644,452.60 CNY** Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/losses on disposal of non-current assets | -108,376.75 | | Government grants recognized in current profit/loss | 328,748.26 | | Gains/losses from changes in fair value and disposal of financial assets/liabilities | 4,639,664.91 | | Other non-operating income and expenses | 6,380.10 | | Less: Income tax impact | 215,565.78 | | Minority interest impact (after tax) | 6,398.14 | | **Total** | **4,644,452.60** | [IX. Net Profit After Deducting Share-based Payment Impact (Optional Disclosure)](index=9&type=section&id=%E4%B9%9D%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7