Core Viewpoint - The company has announced an adjustment to its cash dividend distribution plan for the first half of 2025, proposing a cash dividend of 6.66 yuan per 10 shares to all shareholders, which reflects a commitment to returning value to shareholders [1] Summary by Relevant Sections - **Dividend Distribution Plan** - The company plans to distribute profits based on the total share capital registered on the dividend distribution date, proposing a cash dividend of 6.66 yuan per 10 shares (including tax) [1] - **Total Dividend Amount** - As of the announcement date, the total number of shares is 288,729,927, leading to a total proposed cash dividend of 192,294,131.38 yuan (including tax) [1] - **Profit Allocation Ratio** - The proposed cash dividend represents 30.04% of the net profit attributable to ordinary shareholders of the listed company in the consolidated financial statements for the first half of 2025 [1]

二、说明会召开的时间、地点 证券代码：688188 证券简称：柏楚电子 公告编号：2025-045 上海柏楚电子科技股份有限公司 关于召开 2025 年半年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： 上海柏楚电子科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营成果、财务状况，公司计划于 2025 年 10 月 27 日下午 16:00-17:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 会议召开时间：2025 年 10 月 27 日(星期一) 下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 20 日(星期一) 至 1 ...

Group 1 - The core point of the news is that 柏楚电子 (Bachoo Electronics) experienced a decline of 5.06% in its stock price, reaching 138.20 yuan per share, with a trading volume of 275 million yuan and a turnover rate of 0.68%, resulting in a total market capitalization of 39.902 billion yuan [1] - 柏楚电子 is based in Shanghai and was established on September 11, 2007, with its IPO on August 8, 2019. The company specializes in the research, production, and sales of laser cutting control systems [1] - The revenue composition of 柏楚电子 includes: 61.36% from flat solutions, 21.43% from pipe solutions, 14.09% from other solutions, and 3.11% from three-dimensional solutions [1] Group 2 - From the perspective of major fund holdings, 泓德基金 (Hongde Fund) has one fund heavily invested in 柏楚电子. The 泓德量化精选混合 (Hongde Quantitative Selected Mixed Fund) held 11,400 shares in the second quarter, accounting for 1.16% of the fund's net value, making it the third-largest holding [2] - The 泓德量化精选混合 fund was established on September 6, 2019, with a current scale of 130 million yuan. Year-to-date, it has achieved a return of 26.09%, ranking 3421 out of 8160 in its category; over the past year, it has returned 36.34%, ranking 2398 out of 8021; and since inception, it has returned 76.24% [2] - The fund manager of 泓德量化精选混合 is 张天洋 (Zhang Tianyang), who has been in the position for 3 years and 264 days, with the fund's total asset size at 147 million yuan. The best return during his tenure is 42.25%, while the worst return is -38.09% [3]

Core Viewpoint - On October 14, 2023, Bichu Electronics experienced a decline of 5.16%, with a stock price of 146.75 yuan per share, a trading volume of 321 million yuan, a turnover rate of 0.74%, and a total market capitalization of 42.371 billion yuan [1] Company Overview - Shanghai Bichu Electronics Technology Co., Ltd. was established on September 11, 2007, and went public on August 8, 2019. The company specializes in the research, development, production, and sales of laser cutting control systems [1] - The revenue composition of the main business includes: flat solutions 61.36%, pipe solutions 21.43%, others 14.09%, and three-dimensional solutions 3.11% [1] Shareholder Analysis - Among the top ten circulating shareholders of Bichu Electronics, a fund under Huaxia Fund holds a significant position. The Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) increased its holdings by 1.715 million shares in the second quarter, totaling 6.3479 million shares, which accounts for 2.2% of the circulating shares. The estimated floating loss today is approximately 50.6561 million yuan [2] - The Huaxia SSE Sci-Tech Innovation Board 50 ETF (588000) was established on September 28, 2020, with a latest scale of 83.343 billion yuan. Year-to-date returns are 48.27%, ranking 679 out of 4220 in its category; the one-year return is 63.6%, ranking 429 out of 3857; and since inception, the return is 7.39% [2] Fund Performance - The Huaxia Zhongzheng Machine Tool ETF (159663) also holds a significant position in Bichu Electronics, having increased its holdings by 6,075 shares in the second quarter, totaling 23,800 shares, which represents 3.99% of the fund's net value. The estimated floating loss today is around 190,000 yuan [3] - The Huaxia Zhongzheng Machine Tool ETF (159663) was established on October 12, 2022, with a latest scale of 78.6349 million yuan. Year-to-date returns are 46.6%, ranking 776 out of 4220 in its category; the one-year return is 68.11%, ranking 326 out of 3857; and since inception, the return is 47.38% [3] Fund Manager Information - The fund manager of the Huaxia Zhongzheng Machine Tool ETF (159663) is Si Fan, who has been in the position for 4 years and 102 days, managing a total fund size of 16.508 billion yuan. The best fund return during his tenure is 68.71%, while the worst return is -35.97% [4]

法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海柏楚电子科技股份有限公司 2025 年第一次临时股东大会的 上海市锦天城律师事务所 关于上海柏楚电子科技股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：上海柏楚电子科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海柏楚电子科技股份 有限公司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东大会 （以下简称"本次股东大会"、"本次会议"）的有关事宜，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》等法律、 法规、规章和其他规范性文件以及《上海柏楚电子科技股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信 ...

证券代码：688188 证券简称：柏楚电子 公告编号：2025-044 上海柏楚电子科技股份有限公司 2025年第一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 13 日 （二） 股东大会召开的地点：上海市闵行区兰香湖南路 1000 号上海柏楚电子科 技股份有限公司会议室 （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： 表决情况： | 1、出席会议的股东和代理人人数 | 250 | | --- | --- | | 普通股股东人数 | 250 | | 2、出席会议的股东所持有的表决权数量 | 227,068,912 | | 普通股股东所持有表决权数量 | 227,068,912 | | 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 | 78.6440 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数 ...

Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The report highlights the significant impact of U.S. tariffs and export controls on Chinese products, particularly in the software and hardware sectors, emphasizing the need for domestic innovation and self-reliance [1] - The Chinese government is actively promoting domestic products through favorable procurement policies, including a 20% price deduction for local products in competitive bidding [1] - The report indicates that the domestic chip industry is gaining traction, particularly in the financial sector, with major projects like the Industrial and Commercial Bank of China's procurement of Huaguang chip servers valued at approximately 3 billion yuan [1] - The report notes a substantial increase in domestic server procurement by China Unicom, with 90.1% of the servers being domestically produced, reflecting a strong trend towards localization [2] - The report anticipates a turning point for the domestic innovation industry (Xinchang) driven by supportive policies and improving performance of listed companies in the sector [2][3] Summary by Sections - **Policy Support**: The government emphasizes high-level technological self-reliance as a key development focus, aiming to enhance core technology research and innovation capabilities [2] - **Market Performance**: Several listed companies in the Xinchang sector have shown improved performance compared to the previous year, indicating a positive outlook for the industry [3] - **Investment Recommendations**: The report suggests focusing on key players in the Xinchang sector, including China Software, Dameng Data, and others, as well as leaders in specific sub-sectors like industrial software and the Harmony OS ecosystem [3]

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [4]. Core Views - The report emphasizes investment opportunities in AI infrastructure, humanoid robots, and import substitution, focusing on companies with strong fundamentals and technological capabilities [2][24]. - The mechanical industry is experiencing a structural upgrade driven by domestic industrial advancements and increasing global competitiveness [16][20]. Summary by Sections Market Overview - In September, the mechanical industry index rose by 5.29%, outperforming the CSI 300 index by 2.09 percentage points [12]. - The TTM P/E and P/B ratios for the mechanical industry are approximately 38.26 and 3.12, respectively, showing a quarter-on-quarter increase [12]. - The manufacturing PMI for September was reported at 49.80%, with the equipment manufacturing PMI at 51.90%, indicating a positive trend [12][19]. Key Investment Directions - **AI Infrastructure**: The report highlights significant investments in AI infrastructure, particularly in AI liquid cooling systems, gas turbines, and cooling units, driven by demand for computational power [25]. - **Humanoid Robots**: The humanoid robot sector is moving towards commercialization, with several manufacturers receiving large orders, indicating a growing market [3][25]. - **Import Substitution**: The report suggests focusing on companies that are positioned well in the import substitution space, particularly those with strong fundamentals and market positions [24][28]. Recommended Companies - Key recommended companies include: - **AI Infrastructure**: Feirongda, Gaolan Co., Tongfei Co., Nanfeng Co., and Yidong Electronics [25][29]. - **Humanoid Robots**: Feirongda, Longxi Co., Weiman Sealing, Hengli Hydraulic, and Huichuan Technology [3][29]. - **General Recommendations**: Huace Detection, Guangdian Measurement, Yizhiming, and others [24][32]. Performance Forecast - The report provides a performance forecast for key companies, indicating resilience in operations with expected revenue and profit growth across various sectors [33].

Core Viewpoint - The stock of Shanghai Bichu Electronics Co., Ltd. has shown a positive trend with a year-to-date increase of 12.38% and a recent rise of 5.94% over the last five trading days, indicating strong market performance and investor interest [1][2]. Financial Performance - For the first half of 2025, Bichu Electronics reported a revenue of 1.103 billion yuan, representing a year-on-year growth of 24.89% [2]. - The net profit attributable to shareholders for the same period was 640 million yuan, reflecting a year-on-year increase of 30.32% [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.522 billion yuan, with 1.126 billion yuan distributed over the past three years [2]. Stock Market Activity - As of September 30, the stock price was 154.19 yuan per share, with a market capitalization of 44.519 billion yuan [1]. - The trading volume on that day was 157 million yuan, with a turnover rate of 0.36% [1]. - The net outflow of main funds was 16.7735 million yuan, while large orders accounted for significant buy and sell activities [1]. Shareholder Structure - As of June 30, the number of shareholders increased to 7,925, with an average of 36,390 circulating shares per person, marking a 34.81% increase [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified institutional interest [2]. Business Overview - Bichu Electronics specializes in the research, development, production, and sales of laser cutting control systems, with its main revenue sources being flat solutions (61.36%), pipe solutions (21.43%), and others [1]. - The company is categorized under the computer equipment sector, specifically in the subcategory of other computer devices [1].

Core Viewpoint - The stock of Shanghai Bichu Electronics Co., Ltd. has shown fluctuations in trading, with a recent decline of 2.03% and a total market capitalization of 43.928 billion yuan, while the company has experienced a year-to-date stock price increase of 11.01% [1] Financial Performance - For the first half of 2025, Bichu Electronics reported a revenue of 1.103 billion yuan, representing a year-on-year growth of 24.89%, and a net profit attributable to shareholders of 640 million yuan, which is a 30.32% increase compared to the previous year [2] - Cumulative cash dividends since the A-share listing amount to 1.522 billion yuan, with 1.126 billion yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 4.13% to 7,925, with an average of 36,390 circulating shares per person, up by 34.81% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 18.9249 million shares, an increase of 4.7564 million shares from the previous period [3]