Group 1 - The stock of Buke Co., Ltd. (688160) has a comprehensive score of 47.72, indicating a weak performance [1] - The main cost analysis shows that the current main cost is 85.05 yuan, with a 5-day main cost of 85.15 yuan and a 20-day main cost of 90.89 yuan [1] - In the past year, the stock has experienced 0 instances of hitting the upper limit and 1 instance of hitting the lower limit [1] Group 2 - The short-term pressure level is at 86.71 yuan, while the short-term support level is at 84.70 yuan [2] - The mid-term pressure level is 90.60 yuan, and the mid-term support level is 79.61 yuan [2] - The current trend is unclear, with the market waiting for the main funds to choose a direction [2] Group 3 - On July 2, 2025, the net inflow of main funds was 14.09 million yuan, accounting for 14% of the total transaction amount [2] - The net inflow from large orders was 8.05 million yuan, while the net outflow from retail investors was 539,600 yuan [2] - Related industry sectors such as specialized equipment, industrial internet, IoT, and medical device concepts showed declines of -0.51%, -0.74%, -1.20%, and -0.80% respectively [2]

Investment Rating - The report gives a "Buy" rating for the company, Buke Co., Ltd. (步科股份) [1] Core Views - Buke Co., Ltd. is actively expanding its "Mobile + Collaboration" market and is a leader in the "frameless" torque motor sector, with significant growth potential in the humanoid robot market [1][6][10] - The company has a comprehensive product line in industrial automation, including human-machine interfaces, programmable logic controllers, servo systems, and low-voltage frequency converters, positioning it as a leading supplier in the automation control and robotics sector [6][14] - The report highlights the company's strong market position in mobile robot servo systems, with a significant increase in sales of its servo wheel products and a robust growth forecast for humanoid robot applications [8][9][10] Financial Summary - Projected total revenue (in million) for 2024A is 547, with a year-on-year growth rate of 8.1%, and expected to reach 1,080 by 2027E, with a growth rate of 25.1% [2] - Projected net profit attributable to shareholders (in million) for 2024A is 49, with a year-on-year decline of 19.4%, but expected to rebound to 123 by 2027E, with a growth rate of 19.7% [2] - Earnings per share (in yuan) are projected to increase from 0.58 in 2024A to 1.47 in 2027E [2] Market Position and Growth Drivers - The company has a leading market share in the mobile robot low-voltage servo sector, with cumulative shipments exceeding 1.2 million units, serving over 400,000 AGV/AMR units, making it the top player in the mobile robot industry [6][8][45] - The humanoid robot torque motor market is expected to reach 200 million yuan by 2025, with a compound annual growth rate (CAGR) of 91.7% from 2025 to 2030, indicating substantial growth opportunities [9][66] - The report emphasizes the increasing demand for automation driven by rising labor costs and an aging population, which is expected to boost the industrial automation rate [35][40] Product and Technology Development - Buke Co., Ltd. has developed an integrated servo wheel module that combines a driver, motor, reducer, and wheel, which has seen significant sales growth, with an expected 38,000 units sold in 2024, representing a year-on-year increase of 118.5% [6][50] - The company has received small batch orders for its frameless torque motors in the humanoid robot sector, indicating a strong foothold in this emerging market [9][67] - The report outlines the company's strategic focus on expanding its product offerings in the humanoid robot market, leveraging its existing technology and market position [10][66]

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。 上海步科自动化股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召 开第五届董事会第九次会议、第五届监事会第九次会议，审议通过了《关于注销 2023 年股票期权激励计划部分股票期权的议案》。前述董事会、监事会审议的注 销事项具体情况如下： 一、根据公司《2023 年股票期权激励计划（草案）》之"第十三章 公司/激 励对象发生异动的处理"之"二、激励对象个人情况发生变化"的相关规定，由 于 2023 年激励计划首次和预留授予中 4 名激励对象离职，已不符合公司本次激 励计划中有关激励对象的规定，公司拟对其已获授但尚未行权的共计 209,250 份 股票期权进行注销。 二、根据公司《2023 年股票期权激励计划（草案）》之"第八章 股票期权 的授予与行权条件"之"二、股票期权的行权条件"的相关规定，鉴于 2024 年 公司层面业绩考核未达标，行权条件未成就，公司拟注销本次激励计划首次授予 第二个行权期 ...

Core Points - The company announced the completion of the cancellation of certain stock options under the 2023 stock option incentive plan due to changes in the status of incentive targets and unmet performance criteria [1][2] Group 1: Stock Option Cancellation - A total of 863,600 stock options will be canceled, which includes 209,250 options from four departing incentive targets and 654,350 options due to unmet performance criteria for the year 2024 [1][2] - The cancellation will not affect the company's capital structure or the ongoing implementation of the 2023 stock option incentive plan [2]

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 ...

Group 1 - The stock of Buke Co., Ltd. (688160) has a comprehensive score of 46.80, indicating a weak performance [1] - The main cost analysis shows that the current main cost is 88.30 yuan, with a 5-day main cost of 87.01 yuan, a 20-day main cost of 90.36 yuan, and a 60-day main cost of 96.00 yuan [1] - Over the past year, the stock has not reached its upper limit and has experienced one lower limit [1] Group 2 - As of June 9, 2025, the northbound capital data indicates a holding of 479,000 shares, accounting for 0.57% of the circulating shares, with a net purchase of 87,000 shares yesterday [1] - The short-term pressure level is at 90.60 yuan, while the short-term support level is at 83.23 yuan [2] - The capital flow data for June 9, 2025, shows a net inflow of 1,122,500 yuan from main funds, which is 1% of the total transaction amount [2]

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 ...