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 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥197,727,273.48, representing a year-on-year increase of 41.31%[3] - Total profit for the period was ¥20,063,736.83, a significant increase of 129.90% compared to the same period last year[3] - Net profit attributable to shareholders was ¥18,418,505.66, up 96.22% year-on-year, driven by strong demand in the robotics industry[3][8] - The basic earnings per share for the quarter was ¥0.21, reflecting a growth of 90.91% compared to the previous year[3] - For the period from January to September 2025, the company achieved operating revenue of CNY 508.63 million, representing a year-on-year growth of 28.35%[13] - The net profit attributable to shareholders was CNY 44.53 million, up 37.54% compared to the same period last year[13] - Net profit for the first three quarters of 2025 was ¥44.53 million, representing a 37.7% increase compared to ¥32.37 million in the previous year[23] - Basic earnings per share for the first three quarters of 2025 was ¥0.52, compared to ¥0.39 in the same period of 2024[23] Research and Development - Research and development expenses totaled ¥23,762,037.42, accounting for 12.02% of operating revenue, a decrease of 3.30 percentage points year-on-year[4] - Research and development expenses rose to ¥62.92 million, an increase of 15.8% from ¥54.36 million year-over-year[22] Assets and Liabilities - Total assets at the end of the period were ¥1,619,402,926.75, an increase of 58.25% from the previous year[4] - The total assets of the company amounted to ¥1,619.40 million, up from ¥1,023.31 million in the previous year, reflecting a growth of 58.2%[19] - Total liabilities increased to ¥352.98 million, compared to ¥246.12 million in the previous year, marking a 43.4% rise[19] - Shareholders' equity attributable to the company reached ¥1,266,422,921.21, up 63.70% year-on-year[4] - The company's equity attributable to shareholders reached ¥1,266.42 million, a significant increase from ¥773.60 million in the previous year, representing a growth of 63.8%[19] Cash Flow - The company reported a net cash flow from operating activities of ¥39,691,565.81, which decreased by 19.93% year-on-year[3] - Cash inflow from operating activities for the first three quarters of 2025 was $364,653,396.72, an increase of 5.4% compared to $346,130,273.99 in the same period of 2024[26] - Net cash flow from operating activities decreased to $39,691,565.81 in 2025 from $49,571,498.68 in 2024, representing a decline of 20%[26] - Cash inflow from investment activities increased significantly to $799,903,939.38 in 2025, up from $587,234,704.78 in 2024, marking an increase of 36%[27] - Net cash flow from investment activities was negative at -$537,962,020.87 in 2025, compared to -$301,299,403.95 in 2024, indicating a worsening of 78.7%[27] - Cash inflow from financing activities totaled $588,585,272.67 in 2025, a substantial increase from $99,328,049.06 in 2024[27] - Net cash flow from financing activities improved to $462,599,273.99 in 2025, compared to $7,208,418.27 in 2024, reflecting a significant increase[27] - The ending cash and cash equivalents balance for 2025 was $108,845,631.86, compared to $97,724,066.00 in 2024, showing an increase of 11.5%[27] Market Strategy - The company implemented cost control measures, resulting in a smaller increase in expenses compared to revenue growth, contributing to net profit growth[8] - The company plans to continue expanding its market presence and investing in new technologies to sustain growth[8] - The company plans to establish a subsidiary in Germany with an investment of EUR 100,000 to enhance its "robotics overseas" strategy and expand its international market presence[13] Current Assets - As of September 30, 2025, total current assets amounted to CNY 1,260.37 million, a significant increase from CNY 719.80 million at the end of 2024[17] - The company's cash and cash equivalents were CNY 154.65 million, down from CNY 176.04 million at the end of 2024[17] - The company's trading financial assets increased to CNY 628.24 million from CNY 139.21 million at the end of 2024[17] - Accounts receivable rose to CNY 147.69 million, compared to CNY 119.26 million at the end of 2024[17] - Inventory increased to CNY 153.23 million from CNY 115.93 million at the end of 2024[17]

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 ...

Investment Rating - The mechanical equipment industry is rated as "Standard Configuration" indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The mechanical equipment industry experienced a 2.50% decline in the last two weeks, underperforming the CSI 300 index by 2.02 percentage points, ranking 25th among 31 industries [12][18]. - Year-to-date, the mechanical equipment sector has increased by 33.88%, outperforming the CSI 300 index by 16.50 percentage points, ranking 6th among 31 industries [12][18]. - The demand for industrial robots has rebounded in the first half of 2025, with exports increasing by approximately 54.90% year-on-year [42]. - The domestic sales of excavators have shown a month-on-month increase, supported by the commencement of major national projects and ongoing demand in downstream sectors [42]. Summary by Sections 1. Market Review - As of October 16, 2025, the mechanical equipment industry has seen a 2.50% decline in the last two weeks, ranking 25th among 31 industries [12]. - The industry has increased by 33.88% year-to-date, outperforming the CSI 300 index [12][18]. - The sub-sector performance shows that the rail transit equipment II sector had the highest increase of 3.45% [18]. 2. Valuation Situation - The current PE TTM for the mechanical equipment sector is 31.64 times, with sub-sectors showing varied valuations: - General Equipment: 40.72 times - Specialized Equipment: 31.43 times - Rail Transit Equipment II: 18.39 times - Engineering Machinery: 23.84 times - Automation Equipment: 52.74 times [3][22]. 3. Data Updates - The report indicates a significant increase in the demand for industrial robots, with exports rising by 54.90% year-on-year in the first three quarters of 2025 [42]. - The domestic sales of excavators have also shown positive trends, with both domestic and international sales increasing month-on-month [42]. 4. Industry News - The Shanghai Municipal Economic and Information Commission has issued a development action plan for the intelligent terminal industry, emphasizing support for humanoid robot product development [40]. - The introduction of new industrial robots and the acceleration of product launches are expected to stimulate market performance [42]. 5. Company Announcements - Companies such as SANY Heavy Industry and Hengli Hydraulic are highlighted for their strong market positions and expected growth due to increased domestic demand [43][45]. 6. Weekly Insights - The report suggests focusing on companies like Huichuan Technology and Greentech Harmonic, which are positioned to benefit from the growth in the robotics sector [42][43].

Meeting Overview - The second extraordinary general meeting of shareholders was held on October 14, 2025, in Shenzhen, with all procedures compliant with the Company Law and the company's articles of association [2][3] - The meeting was chaired by the chairman, Mr. Tang Dong, and utilized a combination of on-site and online voting methods [2] Attendance - All 7 current directors attended the meeting, with attendance facilitated through both in-person and communication methods [3] - All 3 current supervisors attended the meeting in a similar manner [3] - The board secretary, Liu Yun, and other senior management personnel were also present [3] Resolutions Passed - The following resolutions were approved during the meeting: - Appointment of the auditing firm for the year 2025 [2] - Changes to registered capital, cancellation of the supervisory board, and amendments to the articles of association [2] - Amendments to various governance documents, including: - Shareholders' meeting rules [4] - Board meeting rules [4] - Independent director work system [4] - External guarantee management measures [4] - External investment management system [4] - Related party transaction management measures [4] - Cumulative voting system implementation details [4] - Fundraising management system [5] Voting Results - The first resolution was separately counted for minority investors [5] - Resolutions 2, 3.01, and 3.02 were special resolutions, passing with over two-thirds of the voting rights held by attending shareholders or their proxies [5] - All other resolutions were ordinary resolutions, passing with over half of the voting rights held by attending shareholders or their proxies [5] Legal Verification - The meeting was witnessed by Guohao Law Firm (Shenzhen), with lawyers Cheng Jing and Niu Lu confirming the legality and validity of the meeting's procedures and resolutions [5]

深圳市深南大道 6008 号特区报业大厦 24/31/41/42 层 邮编：518009 24/31/41/42F, Tequbaoye Building, 6008 Shennan Avenue, Shenzhen, Guangdong Province 518009, China 电话/Tel: (+86)(755) 83515666 传真/Fax: (+86)(755) 83515333 网址/Website:http://www.grandall.com.cn 邮箱/Email: grandallsz@grandall.com.cn 国浩律师（深圳）事务所 关于 上海步科自动化股份有限公司 2025 年第二次临时股东大会 之法律意见书 GLG/SZ/A2422/FY/2025-1300 致：上海步科自动化股份有限公司 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，指派律师对公司 2025 年第二次 临时股东大会（以下简称"本次股东大会"）的相关事项进行见证。现根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 等法律、行政 ...

证券代码：688160 证券简称：步科股份 公告编号：2025-064 上海步科自动化股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 10 月 14 日 （二） 股东大会召开的地点：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 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 55 | | --- | --- | | 普通股股东人数 | 55 | | 2、出席会议的股东所持有的表决权数量 | 55,159,945 | | 普通股股东所持有表决权数量 | 55,159,945 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 60.7272 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 60.7272 ...