Group 1 - The core viewpoint of the news is that Buke Co., Ltd. (688160.SH) reported a decrease in institutional investor holdings in its third-quarter report for 2025, with a total of 8 institutional investors holding 52.8333 million shares, representing 58.17% of the total share capital, a decline of 6.24 percentage points from the previous quarter [1] Group 2 - In the public fund sector, there were 3 funds that increased their holdings compared to the previous period, with an increase rate of 1.10% [2] - Conversely, 2 public funds reduced their holdings, with a decrease rate of 0.92% [2] - A total of 85 public funds did not disclose their holdings this period, including several notable funds such as AVIC Trend Leading Mixed Fund and Penghua New Energy Mixed Fund [2]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven primarily by its robotics sector, and announced plans to establish a subsidiary in Germany to enhance its international market presence [6][7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 508.63 million yuan, representing a year-on-year increase of 28.35% [6]. - The robotics segment generated sales revenue of 256.65 million yuan, with a remarkable year-on-year growth of 65.93% [6]. - The net profit attributable to shareholders reached 44.53 million yuan, up 37.54% compared to the same period last year [6]. - The net profit, excluding the impact of share-based payments, was 60.95 million yuan, reflecting a substantial increase of 67.47% year-on-year [6]. Strategic Developments - On September 24, 2025, the company’s board approved a proposal to establish a wholly-owned subsidiary in Germany, with an investment of 100,000 euros [7]. - This subsidiary aims to serve as a key operational hub in Europe, focusing on sales promotion, supply chain and logistics management, and customer technical support and services [7]. - The establishment of the German subsidiary is part of the company's strategy to enhance its "robotics going global" initiative and improve its competitive edge in overseas markets [7].

Core Insights - The company reported a revenue of 197,727,273.48 yuan for the third quarter of 2025, representing a year-on-year growth of 41.31% [1] - The net profit attributable to shareholders of the listed company was 18,418,505.66 yuan, showing a significant year-on-year increase of 96.22% [1] Financial Performance - Revenue for Q3 2025: 197.73 million yuan, up 41.31% year-on-year [1] - Net profit for Q3 2025: 18.42 million yuan, up 96.22% year-on-year [1]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters reached 509 million yuan, representing a year-on-year growth of 28.35% [1] - The net profit attributable to shareholders was 44.53 million yuan, showing a year-on-year increase of 37.54% [1] - The basic earnings per share were reported at 0.52 yuan [1]

Investment Rating - The report maintains an "Outperform" rating for the machinery sector, indicating a positive outlook compared to the market [1]. Core Views - The machinery sector continues to show resilience, with a focus on high-growth areas such as construction machinery, shipbuilding, robotics, and AIDC [1][5]. - The report highlights a market uptrend, with traditional sectors like mining and metallurgy machinery gaining attention due to favorable market sentiment [5]. Summary by Sections 1. Machinery Sector Performance - In October, the CITIC machinery sector declined by 0.32%, underperforming the CSI 300 index by 1.94 percentage points, ranking 19th among 30 CITIC primary industries [4][10]. - Key sub-sectors such as mining and metallurgy machinery, nuclear power equipment, and shipbuilding saw significant gains, with increases of 8.2%, 6.05%, and 4.92% respectively [4][10]. 2. Engineering Machinery - In September, excavator sales reached 19,858 units, a year-on-year increase of 25.4%, while loader sales were 10,530 units, up 30.5% [22][31]. - The report suggests that the engineering machinery sector is in a recovery phase, with leading companies expected to see performance improvements [43]. 3. Robotics - Industrial robot production in September was 76,287 units, reflecting a year-on-year growth of 28.3% [44]. - The report emphasizes the upward cycle in the robotics industry, particularly in humanoid robots, which are gaining traction in the market [53]. 4. Shipbuilding - The shipbuilding sector is experiencing a period of adjustment, with new orders declining by 23.5% year-on-year, while the completion volume increased by 6% [54]. - Despite the decline in new orders, the profitability of shipbuilding companies is expected to continue recovering [54].

上海步科自动化股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资种类：安全性高、流动性好、满足保本要求的投资产品（包括但不 限于结构性存款、协议存款、通知存款、定期存款、大额存单等） 证券代码：688160 证券简称：步科股份 公告编号：2025-066 投资金额：不超过人民币 2,800.00 万元 已履行及拟履行的审议程序：上海步科自动化股份有限公司（以下简称 "公司"）于 2025 年 10 月 28 日召开了第五届董事会第十四次会议，审议通过 了《关于使用部分暂时闲置募集资金进行现金管理的议案》。该事项在董事会审 批权限范围内，无需提交股东大会审议，保荐人国泰海通证券股份有限公司对本 事项出具了无异议的核查意见。 特别风险提示：公司及实施募投项目的子公司本次使用部分暂时闲置募 集资金进行现金管理，仅投资于安全性高、流动性好、满足保本要求的投资产品 （包括但不限于结构性存款、协议存款、通知存款、定期存款、大额存单等）， 该类投资产品主要受货币 ...

证券代码：688160 证券简称：步科股份 公告编号：2025-067 资产负债表日，存货采用成本与可变现净值孰低计量，公司评估存货可变现 净值，并按照存货成本高于可变现净值的差额计提存货跌价准备。对合同资产按 账龄组合确认资产减值准备并计入当期损益。2025 年前三季度公司合并报表口 径发生资产减值损失合计 503.21 万元。 （二）信用减值损失 公司以预期信用损失为基础，对应收账款、应收票据、其他应收款等进行了 分析和评估并相应计提减值准备。2025 年前三季度公司合并报表口径发生信用 减值损失合计 293.13 万元，主要由于公司 2025 年应收账款余额整体上升所致。 上海步科自动化股份有限公司 关于 2025 年前三季度计提信用减值损失及资产减值损失的 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、2025 年前三季度计提资产减值准备情况 根据《企业会计准则第 8 号——资产减值》（以下简称"《企业会计准则》"） 及上海步科自动化股份有限公司（以下简称"公司"）会计政策、会计估计的相 关规定，为了客 ...

国泰海通证券股份有限公司 关于上海步科自动化股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为上海步 科自动化股份有限公司（以下简称"步科股份"、"公司"或"发行人"） 首次公开发 行股票并上市的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《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》《上海证券交易所科创板股票上市规则》等有关法律法规和规 范性文件的要求，就公司使用暂时闲置募集资金进行现金管理的事项进行了审慎 核查，并发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海步科自动化股份有限公司首次公 开发行股票注册的批复》（证监许可[2020]2386 号），同意公司首次公开发行股票 的注册申请。公司获准向社会公众公开发行人民币普通股（A 股）股票 2,100 万 股，发行价为每股人民币 20.34 元，共计募集资金 42,714.00 万元，扣除发行费 用后，实际募集资金净额为 38,145.41 万元。上述募集资金全部到位，已经天健 会计师事务所 ...

上海步科自动化股份有限公司 2025 年第三季度报告 证券代码：688160 证券简称：步科股份 上海步科自动化股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 1 / 13 1、"本报告期"指本季度初至本季度末 3 个月期间，下同。 2、如本公司 2024 年年度报告"第十节 财务报告、五、重要会计政策及会计估计、（40）重要会 计政策和会计估计的变更"所述，本公司将不属于单项履约义务的保证类质量保证费用，从"销 售费用"调整至"营业成本"，因此调整 2024 年前三季度财务报表"销售费用"和"营业成本" 项目，调增营业成本 2,503,2 ...

证券代码：688160 证券简称：步科股份 公告编号：2025-065 上海步科自动化股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 一、说明会类型 本次投资者说明会以网络文字互动的形式召开，公司将针对 2025 年第三季 度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 3 日（星期一）14:00-15:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开时间：2025 年 11 月 3 日（星期一）14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 10 月 27 日（星期一）至 10 月 31 日（星期五）16:00 前登录上证路演中心 ...