Core Viewpoint - Efort is a significant player in the domestic industrial robotics sector, focusing on the research, production, and sales of industrial robots and their core components, with a comprehensive technological advantage across the entire industry chain [1] Financial Performance - In Q3 2025, Efort reported revenue of 702 million yuan, ranking 9th in the industry out of 20, with the industry leader Estun generating 3.804 billion yuan [2] - The main business composition includes 370 million yuan from robot systems, accounting for 72.77%, and 116 million yuan from system integration, accounting for 22.86% [2] - Efort's net profit was -235 million yuan, ranking last in the industry, with the top performer, Bosch, achieving a profit of 443 million yuan [2] Financial Ratios - As of Q3 2025, Efort's debt-to-asset ratio was 56.16%, higher than the previous year's 48.37% and above the industry average of 38.93% [3] - The gross profit margin for Q3 2025 was 7.55%, down from 17.11% in the previous year and below the industry average of 25.17% [3] Executive Compensation - The chairman and general manager, You Wei, received a salary of 822,700 yuan in 2024, a decrease of 34,100 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.24% to 30,700, with an average holding of 17,000 circulating A-shares, which increased by 5.54% [5] - The top circulating shareholders include the E Fund National Robot Industry ETF and the Huaxia CSI Robot ETF, with holdings of 7.6793 million shares and 5.7467 million shares, respectively [5]

埃夫特智能机器人股份有限公司（以下简称"公司"）第三届监事会第二十九 次会议于 2025 年 10 月 30 日（星期四）在公司会议室以现场结合通讯的方式召 开。会议通知已于 2025 年 10 月 20 日通过邮件的方式送达各位监事。本次会议 应出席监事 5 人，实际出席监事 5 人，本次会议由监事会主席赵文娟主持。 证券代码：688165 证券简称：埃夫特 公告编号：2025-065 埃夫特智能机器人股份有限公司 第三届监事会第二十九次会议决议公告 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。 一、监事会会议召开情况 本次会议的召集、召开符合《中华人民共和国公司法》《中华人民共和国证 券法》《上海证券交易所科创板股票上市规则》等法律法规、规范性文件以及《埃 夫特智能机器人股份有限公司章程》《埃夫特智能机器人股份有限公司监事会议 事规则》的相关规定。 二、监事会会议审议情况 监事会审议了下列议案： （一） 审议通过《关于公司 2025 年第三季度报告的议案》 （二）审议通过《关于 2025 年第三季度计提减值准备的议案 ...

埃夫特智能机器人股份有限公司 持股 5%以上股东及其一致行动人减持计划期限届满 暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 持股 5%以上股东及其一致行动人持股的基本情况 本次减持计划实施前，埃夫特智能机器人股份有限公司（以下简称"公司" 或"埃夫特"）股东安徽信惟基石产业升级基金合伙企业（有限合伙）（以下简称"信 惟基石"）持有公司股份 45,937,700 股，占公司总股本的 8.8040%；其一致行动 人马鞍山基石智能制造产业基金合伙企业（有限合伙）（以下简称"马鞍山基石"） 持有公司股份 13,748,718 股，占公司总股本的 2.6350%；合计持有公司股份 59,686,418 股，占公司总股本的 11.4390%。上述股份来源为信惟基石及马鞍山基 石在公司首次公开发行前取得的股份，并已上市流通。 减持股份结果的情况 2025 年 7 月 9 日，公司于上海证券交易所网站（www.sse.com.cn）披露了《埃 夫特持股 5%以上股东及其一致行动人减持股份 ...

埃夫特智能机器人股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 11 月 7 日（星期五）下午 15:00-16:30 （网址：https://roadshow.eastmoney.com/luyan/4954770） 投 资 者 可 于 2025 年 11 月 6 日 （ 星 期 四 ） 16:00 前 通 过 公 司 邮 箱 ir@efort.com.cn 进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 证券代码：688165 证券简称：埃夫特 公告编号：2025-066 三、参加人员 公司董事长、总经理游玮先生，副总经理、财务总监、董事会秘书康斌先生， 独立董事杜颖洁女士（如有特殊情况，参会人员可能进行调整）。 埃夫特智能机器人股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）发布公司 2025 年第三季度报告， 为便于广大投资者 ...

证券代码：688165 证券简称：埃夫特 公告编号：2025-064 埃夫特智能机器人股份有限公司 关于 2025 年第三季度计提减值准备的公告 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 年第三季度计提减值准备的情况概述 依据《企业会计准则——基本准则》及埃夫特智能机器人股份有限公司（以 下简称"公司"）会计政策的相关规定，为真实、公允地反映公司截至 2025 年 9 月 30 日的财务状况及 2025 年第三季度的经营情况，公司对截至 2025 年 9 月 30 日合并范围内可能存在减值损失的各项资产进行了评估和分析，本着谨慎性原则， 对相关资产进行了减值测试并计提了相应的减值准备。公司于 2025 年 10 月 30 日召开第三届董事会第三十六次会议、第三届监事会第二十九次会议，审议通过 了《关于 2025 年第三季度计提减值准备的议案》。经测算，2025 年第三季度确 认的各项减值损失合计为人民币 620.62 万元，2025 年前三季度累计确认的各项 减值损失合计为人民币 1,581.55 万元 ...

Revenue and Profit - The company's revenue for Q3 2025 was CNY 193.58 million, a decrease of 42.75% compared to the same period last year, primarily due to a 36.67% decline in robot business revenue and a 57.78% drop in non-strategic system integration business revenue [3]. - The total profit for Q3 2025 was CNY -55.86 million, with a net profit attributable to shareholders of CNY -48.58 million, reflecting a significant loss compared to the previous year [3]. - The net profit attributable to shareholders for the year-to-date period was CNY -200.28 million, reflecting a 31.03% decrease compared to the same period last year [3]. - Net loss attributable to the parent company for the first three quarters of 2025 was CNY 200,279,761.43, compared to a net loss of CNY 105,427,844.56 in the same period of 2024 [20]. - The company reported a total comprehensive loss of CNY -151,553,303.90 for the first three quarters of 2025, compared to a loss of CNY -79,098,277.72 in 2024 [20]. Research and Development - Research and development (R&D) expenses totaled CNY 53.99 million in Q3 2025, an increase of 88.18% year-over-year, representing 27.89% of revenue, up 19.40 percentage points from the previous year [3][9]. - The company is focusing on R&D in the field of embodied intelligence, with a strategic shift towards smart robots starting in the second half of 2024 [9]. - Research and development expenses increased to CNY 144,880,341.08 in the first three quarters of 2025, up from CNY 77,770,395.66 in 2024, representing an increase of 86.14% [19]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was CNY -40.48 million, indicating a worsening cash flow situation compared to the previous year [3]. - The company's cash inflow from operating activities was CNY 841,279,966.45 for the first three quarters of 2025, down from CNY 1,189,922,159.90 in 2024, a decrease of 29.25% [22]. - The company reported a net cash outflow from operating activities of CNY -211,047,994.49 for the first three quarters of 2025, compared to CNY -4,877,104.50 in 2024 [22]. - Cash and cash equivalents are reported at ¥452,735,486.16, down from ¥787,649,177.22 in the previous year [14]. - The company's total assets at the end of the reporting period were CNY 3.52 billion, a decrease of 3.30% from the end of the previous year [4]. - The total assets decreased to CNY 3,519,607,762.31 in 2025 from CNY 3,639,568,590.03 in 2024, a decline of 3.29% [17]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 30,695 [11]. - The largest shareholder, Wuhu Yuanhong Industrial Robot Investment Co., Ltd., holds 84,000,000 shares, accounting for 16.10% of total shares [11]. - The company has a total of 38.5746% equity and voting rights held by Wuhu Yuanhong and its concerted parties [12]. - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending [13]. Operating Performance - Total operating revenue for the first three quarters of 2025 was CNY 702,044,650.38, a decrease of 30.96% compared to CNY 1,017,866,207.38 in the same period of 2024 [19]. - Total operating costs for the first three quarters of 2025 were CNY 1,018,166,124.69, down from CNY 1,150,226,828.56 in 2024, reflecting a reduction of 11.45% [19]. - The company reported a significant decline in gross profit margin due to increased competition and pricing pressures in the European automotive sector, leading to a reduction in orders from major clients [8]. - The company has faced challenges in its overseas system integration business, with a 57.26% decline in revenue attributed to external competition and market conditions [8]. Financial Management - The company's weighted average return on equity was -3.23%, a decrease of 1.93 percentage points year-over-year [3]. - Total liabilities increased slightly to CNY 1,976,541,703.50 in 2025 from CNY 1,949,129,950.28 in 2024, an increase of 1.93% [17]. - Cash outflow for investment activities was 1,899,323,728.22, an increase from 1,307,805,369.30 year-over-year [23]. - The company reported a decrease in cash flow from financing activities due to higher debt repayments of 348,832,986.26 compared to 436,370,507.77 previously [23]. - The impact of exchange rate changes on cash and cash equivalents was positive at 24,694,672.15, contrasting with a negative impact of -176,230.22 last year [23]. Future Outlook - The company's net profit is currently in a loss state, and it is expected to remain in a loss state for the entire year of 2025 [13]. - The company will not apply new accounting standards starting from 2025 [24].

Core Insights - The production of industrial robots and service robots in China has seen significant year-on-year growth of 29.8% and 16.3% respectively in the first three quarters, indicating a strong push towards high-end, intelligent, and green transformation in manufacturing [1] - The rapid growth in industrial robot production reflects the ongoing demand for intelligent transformation in China's manufacturing sector, with at least 22 companies establishing subsidiaries focused on industrial robotics since 2024 [2] - Companies like Efort and New Times have reported substantial increases in robot shipments, with Efort's industrial robot shipments growing nearly 20% year-on-year in the first half of 2025, particularly in the automotive sector [2][3] - The export of industrial robots from China has surged by 54.9% year-on-year in the first three quarters, showcasing the increasing competitiveness of Chinese robots in the global market [3] Industry Trends - The integration of technology and industry is deepening, with more innovations transitioning from laboratories to production lines, contributing to a 9.6% year-on-year increase in high-tech manufacturing value added [1] - The semiconductor robotics sector is experiencing growth, with New Times successfully developing a product matrix for semiconductor wafer transport robots, leading to increased customer acquisition and bulk orders [3] - The competitive landscape within the industrial robot market varies across different segments, with a notable shift towards collaborative robots that can perform complex tasks beyond simple handling [5] Company Performance - Efort has achieved significant breakthroughs in the automotive sector, securing bulk orders from leading electric vehicle manufacturers and successfully applying advanced welding techniques [2] - New Times has reported a 25.7% increase in robot shipments in Q1 and a 52.4% increase in Q2 of 2025, with a focus on the semiconductor and general industrial sectors [3] - Estun has established 75 service outlets globally, generating overseas revenue of 749 million yuan, and is actively expanding into international markets [4] - Companies in the industrial robot supply chain, such as Jingyu Technology and Orbbec, have reported substantial profit increases, with Jingyu's net profit expected to rise by 132%-143.6% year-on-year [4]

Core Viewpoint - The financial performance of Aifute (688165.SH) in the first half of 2025 shows a significant decline in revenue and an increase in net losses compared to the same period last year [1][3]. Financial Performance Summary - The company reported a revenue of 508 million yuan in the first half of 2025, representing a year-on-year decrease of 25.20% [1][3]. - The net profit attributable to shareholders was -152 million yuan, compared to -82.84 million yuan in the same period last year [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -159 million yuan, compared to -103 million yuan in the previous year [1][3]. - The net cash flow from operating activities was -171 million yuan, a decline from -45.70 million yuan in the same period last year [1][3]. Historical Financial Data - From 2020 to 2024, the net profit attributable to shareholders was -168.98 million yuan, -193.42 million yuan, -172.87 million yuan, -47.44 million yuan, and -157.16 million yuan respectively [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for the same period was -305.46 million yuan, -322.73 million yuan, -228.51 million yuan, -124.43 million yuan, and -235.50 million yuan respectively [3]. IPO and Fundraising Information - Aifute raised a total of 828 million yuan from its initial public offering, with a net amount of 726 million yuan after deducting issuance costs [5]. - The final net fundraising amount was 410 million yuan less than the original plan of 1.135 billion yuan [5]. - The funds were intended for projects related to the development and industrialization of next-generation high-performance industrial robots, enhancement of core components, and the development of a robot cloud platform [5].

Core Viewpoint - Efort's stock has experienced a decline of 12.99% year-to-date, with significant drops in recent trading periods, indicating potential challenges in the company's performance and market perception [1][2]. Group 1: Stock Performance - As of October 15, Efort's stock price rose by 2.04% to 22.97 CNY per share, with a trading volume of 92.61 million CNY and a turnover rate of 0.79%, resulting in a total market capitalization of 11.985 billion CNY [1]. - Year-to-date, Efort's stock has decreased by 12.99%, with a 9.07% drop over the last five trading days, a 15.33% decline over the last 20 days, and a 2.21% decrease over the last 60 days [1]. - Efort has appeared on the "龙虎榜" (a trading board for stocks with significant trading activity) four times this year, with the most recent appearance on February 28, where it recorded a net buy of -94.82 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Efort reported a revenue of 508 million CNY, representing a year-on-year decrease of 25.20%, and a net profit attributable to shareholders of -15.2 million CNY, down 83.12% year-on-year [2]. - The company's main business revenue composition includes 72.77% from robot systems, 22.86% from system integration, and 4.36% from other sources [1]. Group 3: Shareholder Information - As of June 30, Efort had 32,400 shareholders, a decrease of 4.32% from the previous period, with an average of 16,107 circulating shares per shareholder, an increase of 4.52% [2]. - The top ten circulating shareholders include the 华夏中证机器人ETF (562500), which is a new entrant holding 4.6737 million shares, while Hong Kong Central Clearing Limited has exited the top ten list [2].

Group 1 - The core point of the news is that Efort Intelligent Equipment Co., Ltd. experienced a decline in stock price by 5.01%, with a current trading price of 22.38 CNY per share and a total market capitalization of 11.677 billion CNY [1] - Efort's main business involves the research, development, production, and sales of industrial robots and their core components, with revenue composition being 72.77% from complete robots, 22.86% from system integration, and 4.36% from other sources [1] Group 2 - From the perspective of major fund holdings, Efort is heavily weighted in the Noan Advantage Industry Mixed A fund, which held 71,000 shares, accounting for 5.17% of the fund's net value, making it the third-largest holding [2] - The Noan Advantage Industry Mixed A fund has a total scale of 32.3772 million CNY and has achieved a year-to-date return of 38.25%, ranking 2044 out of 8162 in its category [2] - The fund manager, Deng Xinyi, has been in position for 3 years and 102 days, with the best fund return during this period being 56.94% and the worst being -16% [3]