证券代码：688160 证券简称：步科股份 公告编号：2025-039 上海步科自动化股份有限公司 关于 2023 年股票期权激励计划部分股票期权注销完成的 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。 董事会 2025 年 6 月 11 日 综上所述，公司拟注销上述已授予但未行权的股票期权合计 863,600 份。具 体内容详见公司于2025年4月25日披露在上海证券交易所网站（www.sse.com.cn） 的《关于注销 2023 年股票期权激励计划部分股票期权的公告》（公告编号： 2025-025）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票 期权的申请，经中国证券登记结算有限责任公司上海分公司审核确认，上述共计 863,600 份股票期权的注销业务已于 2025 年 6 月 10 日办理完毕。 本次股票期权注销事宜不会影响公司的股本结构，亦不会影响公司 2023 年 股票期权激励计划的继续实施。 特此公告。 上海步科自动化股份有限公司 上海步科自动化股份有限公司（以下简称"公司"）于 ...

上海步科自动化股份有限公司（以下简称"公司"）第五届监事会第十次会议 的通知已于 2025 年 5 月 30 日以电子邮件等方式通知全体监事。本次会议于 2025 年 6 月 3 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 本次会议以书面记名投票方式进行表决，经与会监事们认真审议通过以 下决议： 证券代码：688160 证券简称：步科股份 公告编号：2025-038 上海步科自动化股份有限公司 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 一、监事会会议召开情况 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。 监事会认为：公司计划为本次发行募集资金设立专项账户，实行专户专 储管理，用于本次发行募集资金的专项存储和使用，公司将在募集资金到账 后一个月内，与保荐机构、存放募集资金的商业银行签订监管协议，对募集 ...

上海步科自动化股份有限公司（以下简称"公司"）第五届监事会第十次会议 的通知已于 2025 年 5 月 30 日以电子邮件等方式通知全体监事。本次会议于 2025 年 6 月 3 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 本次会议以书面记名投票方式进行表决，经与会监事们认真审议通过以 下决议： 1、审议通过《关于设立 2023 年度向特定对象发行 A 股股票募集资金专 项账户并签署监管协议的议案》 监事会认为：公司计划为本次发行募集资金设立专项账户，实行专户专 储管理，用于本次发行募集资金的专项存储和使用，公司将在募集资金到账 后一个月内，与保荐机构、存放募集资金的商业银行签订监管协议，对募集 资金的存放和使用情况进行监管，符合《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》和《上海证券交易所科创板上市公司 自律监管指引第 ...

证券代码：688160 证券简称：步科股份 公告编号：2025-037 本议案已经公司 2025 年第二次独立董事专门会议审议通过。 上海步科自动化股份有限公司 第五届董事会第十次会议决议公告 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"）第五届董事会第十次会 议的通知已于 2025 年 5 月 30 日以电子邮件等方式通知全体董事。本次会议于 2025 年 6 月 3 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 7 名。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《关于公司 2023 年度向特定对象发行 A 股股票相关授权的 ...

Group 1 - The company, Shanghai Buke Automation Co., Ltd., is planning to issue A-shares to specific investors in 2023, with the total number of shares not exceeding 25,200,000 [4][5] - The issuance will be subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [3][7] - The final issuance price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark date [3][6] Group 2 - The total amount of funds raised, after deducting issuance costs, will be allocated to specific projects, including the construction of an intelligent manufacturing production base, with a total investment of RMB 66,115.62 million [5] - The project aims to achieve an annual production capacity of 1.81 million industrial control products, but faces risks related to market demand and competition [8][10] - The company has experienced fluctuations in revenue, with reported revenues of RMB 53,930.65 million, RMB 50,648.03 million, and RMB 54,746.85 million for the years 2022, 2023, and 2024 respectively [10][11] Group 3 - The company is currently facing challenges related to production capacity and market competition, which may impact its sales growth and profitability [10][11] - The company’s major shareholders include various investment funds, with the largest shareholder holding 44.02% of the shares [15] - The company operates in the industrial automation sector, which is characterized by high technical requirements and significant R&D investments [12][14]

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 （中国（上海）自由贸易试验区申江路 5709 号、秋月路 26 号 3 幢北侧三楼） 2023 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年五月 上海步科自动化股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露 资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及 完整性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或 意见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保 证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质 性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值 ...

四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 证券代码：688160 证券简称：步科股份 公告编号：2025-036 上海步科自动化股份有限公司 关于 2023 年度向特定对象发行 A 股股票申请 获得中国证券监督管理委员会同意注册批复的公告 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"）于近日收到中国证券监 督管理委员会出具的《关于同意上海步科自动化股份有限公司向特定对象发行股 票注册的批复》（证监许可〔2025〕1045 号）（以下简称"批复文件"），批 复文件内容如下： 一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起 12 个月内有效。 联系邮箱：ibd_kinco@gtht.com 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 的授权，在规定期限内办理本次向特定对象发行股票的相关事项，并及 ...

Group 1: Key Recommendations - The report recommends Junsheng Electronics (均胜电子, 600699) due to the recovery of automotive safety profitability, the arrival of new automotive electronic technologies, and the company's investment in humanoid robots, which is expected to accelerate performance release [5] - The report highlights Bubugao (步步高, 002251) as a strong candidate for investment, citing its successful restructuring and significant sales growth post-adjustment, with expectations for rapid profit improvement [6] - The report identifies AsiaInfo Technology (亚信科技, 01675) as a key player in the AI sector, benefiting from its partnership with Alibaba in large model delivery, which is expected to drive revenue growth [7][9] - The report recommends Boke Technology (步科股份, 688160) for its leadership in frameless torque motors and the growth potential in humanoid robotics [10] - Gree Electric Appliances (格力电器, 000651) is noted for its recovery in management and channel reforms, which are expected to drive performance beyond expectations [11] Group 2: Financial Projections and Valuations - For Junsheng Electronics, projected revenues for 2025-2027 are 64.53 billion, 66.45 billion, and 71.02 billion CNY, with net profits expected to grow at rates of 59.7%, 19.5%, and 17.9% respectively [5] - Bubugao's revenue projections for 2025-2027 are 7.75 billion, 9.55 billion, and 12.10 billion CNY, with a remarkable revenue growth rate of 126.01% in 2025 [6] - AsiaInfo Technology's revenue is forecasted to reach 6.915 billion, 7.461 billion, and 8.269 billion CNY from 2025 to 2027, with net profit growth rates of 4.84%, 17.99%, and 15.25% [9] - Boke Technology's revenue is expected to be 684 million, 859 million, and 1.069 billion CNY for 2025-2027, with net profit growth rates of 76.0%, 26.2%, and 24.2% [10] - Gree Electric's projected revenues for 2025-2027 are 200.12 billion, 208.32 billion, and 216.82 billion CNY, with net profit growth rates of 10.32%, 7.99%, and 6.85% [12] Group 3: Market Insights and Trends - The report indicates that the automotive safety sector is stabilizing, with Junsheng Electronics expected to benefit from the recovery in profitability and the new technology production cycle [5] - Bubugao's restructuring has led to a significant increase in daily sales, with expectations for further improvements in profit margins as the company completes its store adjustments [6] - The AI industry is experiencing rapid growth, with AsiaInfo Technology positioned to capitalize on this trend through its comprehensive digital solutions [9] - The demand for frameless torque motors is expected to rise, driven by advancements in robotics and automation, benefiting Boke Technology [10] - Gree Electric is anticipated to see improved operational efficiency and profitability as it navigates through its channel reform phase [11]

Summary of Key Points Core Viewpoint - The company, Shanghai Buke Automation Co., Ltd., announced a cash dividend of 0.3 yuan per share, totaling 25.2 million yuan, to be distributed on May 30, 2025 [1][3]. Trading Information - On May 23, 2025, Buke shares closed at 89.34 yuan, down 0.53%, with a turnover rate of 1.69% and a trading volume of 14,200 shares, resulting in a transaction value of 129 million yuan [1]. - The fund flow on the same day showed a net outflow of 11.09 million yuan from main funds, while speculative funds saw a net inflow of 2.9 million yuan, and retail investors had a net inflow of 8.19 million yuan [1][3]. Company Announcement - The annual equity distribution plan for 2024 was approved at the shareholders' meeting on May 16, 2025, with the cash dividend distribution details as follows: - Cash dividend of 0.3 yuan per share (before tax) [1]. - The record date for shareholders is May 29, 2025, and the ex-dividend date is May 30, 2025 [1]. - Different tax treatments apply based on the type of shareholder, with specific details provided for individual and institutional investors [1].

Investment Rating - The investment rating for the company is "Buy" [3][8] Core Viewpoints - The company is a leading supplier of robot motors and industrial automation solutions in China, with a compound annual growth rate (CAGR) of 10% in revenue and 8% in net profit over the past decade [7][15] - The company's "1+N" strategy focuses on the robotics sector while expanding into medical imaging, new energy, and logistics industries [15] - The company is expected to benefit from the growth of humanoid robots, with the global market for frameless torque motors projected to exceed 30 billion yuan by 2029, with humanoid robot applications accounting for 73% [7][70] Financial Summary - Revenue projections for the company are as follows: 547 million yuan in 2024, 684 million yuan in 2025, 859 million yuan in 2026, and 1,069 million yuan in 2027, reflecting growth rates of 8.1%, 25.0%, 25.5%, and 24.4% respectively [3][8] - Net profit forecasts are 49 million yuan in 2024, 86 million yuan in 2025, 109 million yuan in 2026, and 135 million yuan in 2027, with year-on-year growth rates of -19.4%, 76.0%, 26.2%, and 24.2% respectively [3][8] - The company's earnings per share (EPS) are projected to be 0.6 yuan in 2024, 1.0 yuan in 2025, 1.3 yuan in 2026, and 1.6 yuan in 2027 [3] Business Structure - The company operates in four main industries: robotics, medical imaging equipment, machine IoT, and general automation, with two systems (drive systems and control systems) and five main products (HMI, servo, PLC, stepper, and low-voltage frequency converters) [7][18][21] - In 2024, the revenue breakdown is expected to be 39% from robotics, 29% from machine IoT, 24% from general automation, and 8% from medical imaging equipment [19][20] Market Position - The company ranks among the top five domestic brands in the human-machine interface (HMI) market, which is projected to grow steadily, with a market size of approximately 9.28 billion yuan in 2024 [2][45] - The servo system market is accelerating in domestic production, with the company being a leader in the direct current servo and mobile robot segments [2][56] Growth Drivers - The three main growth drivers for the company are robotization, globalization, and domestic substitution [7][9] - The company is expected to launch its fourth-generation frameless torque motor in 2025, which will enhance its revenue contribution [10][70]