深圳市道通科技股份有限公司监事会 关于 2024 年限制性股票激励计划第一个归属期 归属名单的核查意见 监事会同意本次符合条件的203名激励对象办理归属，对应限制性股票的归属数 量为6,302,998股。上述事项符合相关法律、法规及规范性文件所规定的条件，不存 在损害公司及股东利益的情形。 深圳市道通科技股份有限公司监事会 2025年10月25日 深圳市道通科技股份有限公司（以下简称"公司"或"道通科技"）监事会依 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称 "《管理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上 市规则》"）、《科创板上市公司自律监管指南第4号——股权激励信息披露》等相 关法律、法规及规范性文件和《深圳市道通科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，对公司2024年限制性股票激励计划（以下简称"本次激 励计划"）第一个归属期归属名单进行审核，发表核查意见如下： 本次拟归属的203名激励对象符合《公司法》《证券法》等法律、法规和规范性 文件以及《公司章 ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 第四届董事会第二十七次会议决议公告 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 深圳市道通科技股份有限公司（以下简称"公司"）第四届董事会第二十七次会 议于 2025 年 10 月 24 日在公司会议室以现场结合通讯方式召开，会议通知于 2025 年 10 月 14 日以邮件、电话或其他通讯方式送达至公司全体董事，并于 2025 年 10 月 19 日、2025 年 10 月 23 日发出增加议案的补充通知。本次会议由董事长李红京 先生召集并主持，应到董事 7 人，实到董事 7 人。本次会议的召集和召开程序符合 《中华人民共和国公司法》（以下简称"《公司法》"）和《深圳市道通科技股份有限 公司章程》（以下简称"《公司章程》"）等相关规定，会议形成的决议合法、有效。 二、董事会会议审议 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥1,150,985,938.17, representing a 19.59% increase compared to ¥962,408,113.13 in the same period last year[5] - Total profit for the quarter was ¥279,341,841.43, an 83.14% increase from ¥152,527,787.76 year-over-year[5] - Net profit attributable to shareholders was ¥252,944,042.74, up 63.49% from ¥154,719,364.85 in the previous year[5] - The company reported a basic earnings per share of ¥0.39, a 69.57% increase compared to ¥0.23 in the same quarter last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥3,496,425,547.05, a 24.7% increase from ¥2,804,152,959.79 in the same period of 2024[24] - Net profit for the first three quarters of 2025 was ¥699,644,682.21, compared to ¥502,544,058.90 in the same period of 2024, reflecting a growth of 38.9%[25] - Total comprehensive income attributable to the parent company reached CNY 657,595,771.98, up from CNY 520,767,721.75 in the previous year, representing a growth of approximately 26.3%[26] - Basic earnings per share increased to CNY 1.12 from CNY 0.82, reflecting a rise of 36.6% year-over-year[26] Expenses and Costs - Research and development expenses totaled ¥212,588,897.62, a 47.02% increase from ¥144,598,106.77 year-over-year, accounting for 18.47% of revenue[6] - Total operating costs increased to ¥2,719,319,131.22, up 18.0% from ¥2,305,845,578.27 year-over-year[24] - Research and development expenses rose to ¥567,930,252.11, an increase of 29.5% from ¥438,195,952.72 in the previous year[24] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥202,110,558.48, down 55.75% from ¥456,762,947.99 in the same period last year[5] - Cash inflow from operating activities totaled CNY 3,910,922,769.06, compared to CNY 3,185,176,867.82 in the same period last year, marking an increase of about 22.8%[28] - Cash inflow from investment activities amounted to CNY 3,036,295,602.59, significantly higher than CNY 6,601,554.92 in the previous year[29] - Cash and cash equivalents at the end of the period stood at CNY 1,154,344,343.12, down from CNY 1,427,459,512.26 in the previous year[29] - The company reported a net cash outflow from financing activities of CNY -729,264,987.51, compared to CNY -324,363,596.39 in the same period last year[29] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,950[16] - The largest shareholder, Li Hongjing, holds 37.46% of the shares, totaling 251,052,493 shares[16] - The company's total equity attributable to shareholders increased slightly by 0.20% to ¥3,565,075,087.52 from ¥3,557,794,019.86 at the end of the previous year[6] Assets and Liabilities - Total assets increased by 8.20% to ¥6,824,936,820.48 from ¥6,307,590,501.10 at the end of the previous year[6] - Total liabilities increased to ¥3,428,458,619.01, compared to ¥2,884,826,080.53, marking a rise of 19.0%[20] - The company reported a significant increase in accounts payable, which rose to ¥434,778,908.28 from ¥316,951,128.22, reflecting a growth of 37.1%[20] - Accounts receivable increased to approximately 1.05 billion yuan from 866.75 million yuan[18] Future Outlook - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[25] - The company effectively controlled operating expenses, contributing to the growth in net profit[13] - The company reported a significant increase in foreign exchange gains during the reporting period[13]

道通科技公告，为深化国际化战略布局，增强境外投融资及运营能力，持续吸引并聚集优秀人才，进一 步提升公司综合竞争实力，正在筹划境外发行股份（H股）并申请在香港联合交易所有限公司上市的相 关工作。具体细节尚未确定，需提交公司董事会和股东大会审议，并取得相关政府机构、监管机构备 案、批准或核准。该事项具有较大不确定性。 ...

Core Viewpoint - The company is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries regarding the specifics of the listing process [1] Group 1 - The company is currently in the process of planning the issuance of H-shares [1] - Specific details regarding the H-share listing have not yet been determined [1] - The H-share listing will require approval from the company's board of directors, shareholders' meeting, and relevant regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1]

Core Insights - The company reported a third-quarter revenue of 1.151 billion yuan, representing a year-on-year increase of 19.59% [1] - The net profit for the third quarter was 253 million yuan, showing a significant year-on-year growth of 63.49% [1] - For the first three quarters, the total revenue reached 3.496 billion yuan, which is a year-on-year increase of 24.69% [1] - The net profit for the first three quarters amounted to 733 million yuan, reflecting a year-on-year growth of 35.49% [1]

Core Insights - The "2025 International Low Altitude Economic Trade Expo (Guangzhou) / 8th Global Unmanned Systems Conference (GUSC2025)" is scheduled to take place from December 12 to 14, 2025, in Guangzhou, focusing on the theme "Innovate Low Altitude, Service Trade Globally" [1][2] Group 1: Event Overview - The expo will utilize a variety of formats including dynamic and static displays, exhibitions and conferences, as well as indoor and outdoor settings, covering six major topics: meetings, exhibitions, performances, introductions, investments, and trade [1] - The event aims to leverage Guangzhou's position as an international transportation hub and trade gateway, focusing on five core areas: domestic and international low altitude economic policies, industry development trends, core technology innovations, standard alignment, and practical applications [1] Group 2: Highlights and Participation - The expo will feature a 60,000 square meter exhibition area, with 80% of the exhibition space already secured, and is expected to attract over 600 industry chain enterprises and more than 50,000 domestic and international attendees from over 50 countries and regions [3] - Key highlights include over 20 professional forums and seminars, the awarding of the "Golden Wing Award" to set industry benchmarks, and the introduction of an innovative trade service model termed "1+5+N" [2][3] - Notable participating companies include EHang, Xpeng, DJI, and many other leading firms in the low altitude economy sector [3]

Investment Rating - The report maintains an "Outperform" rating for the computer sector, suggesting a positive outlook for the industry [1][12]. Core Insights - The metropolitan "millisecond computing" initiative emphasizes low latency and high computing power requirements, with specific goals set for 2027 [12]. - Shanghai's smart terminal action plan aims to strengthen intelligent computing terminals and create computing clusters, promoting the application of core components like GPUs and interconnect modules [12]. - The emergence of domestic EDA and high-end testing equipment indicates a clear pace of domestic substitution in the industry [12]. Summary by Sections Metropolitan "Millisecond Computing" Initiative - The initiative sets three clear goals: computing center interconnection under 1 millisecond, resource access under 1 millisecond, and terminal network delay under 10 milliseconds by 2027 [12]. - Emphasis on the application of 400Gbps optical transmission and new network protocols is expected to benefit optical transmission, networks, edge nodes, and scheduling software [12]. Shanghai Smart Terminal Action Plan - The plan aims to enhance the capabilities of intelligent computing terminals and create a billion-level scale for local enterprises [12]. - It promotes the mass production of AI computers and smartphones, as well as the development of plug-and-play edge solutions [12]. Domestic EDA and Testing Equipment - New domestic EDA software and high-end testing equipment have been introduced, showcasing advancements in high-end measurement and industrial software [12]. - Taiwan Semiconductor Manufacturing's Q3 results exceeded expectations, indicating strong demand driven by AI and high-performance computing [12].

Core Viewpoint - The total margin balance of the Sci-Tech Innovation Board decreased to 248.04 billion yuan on October 17, reflecting a reduction of 3.37 billion yuan from the previous trading day [1] Group 1: Margin Balance - The financing balance amounted to 247.19 billion yuan, down by 3.33 billion yuan compared to the previous trading day [1] - The margin trading balance was recorded at 0.85 billion yuan, which is a decrease of 0.046 billion yuan from the previous trading day [1] Group 2: Stock Performance - On October 17, 255 stocks on the Sci-Tech Innovation Board experienced net financing inflows, with 10 stocks having net inflows exceeding 20 million yuan [1] - Tengjing Technology topped the list with a net financing inflow of 127 million yuan, followed by stocks such as Jiewate, Daotong Technology, Baijishenzhou, Dekeli, and Aobizhongguang [1]

Report Industry Investment Rating There is no information regarding the report's industry investment rating provided in the content. Core Viewpoints - As of October 18, 2025, 117 listed companies have disclosed their Q3 earnings forecasts, the lowest in the past five years. About 84% of them announced positive news, similar to 2024. Most companies issued pre - increase announcements (60% of all forecasts). Only 10 convertible bond companies disclosed Q3 earnings forecasts, half the number of 2024, with 9 announcing positive news [2][6][14]. - Basic chemicals, electronics, non - ferrous metals, and machinery industries had more positive news. The non - ferrous metals and media industries showed significant improvement compared to 2024. Seven non - ferrous metal companies announced pre - increase, and 2 announced turnaround; 1 media company announced turnaround and 1 pre - increase [2][8]. - Four convertible bond listed companies, Luxshare, Limin, Bojun, and Downtow, reported positive Q3 earnings for two consecutive years. Luxshare expects a 20% - 25% net profit increase in Q3, Limin may see a year - on - year net profit increase of over 600%, Bojun expects a 50% - 80% net profit increase, and Downtow's Q3 profit may increase by over 30% [2][13][14]. - The market style may be switching, and geopolitical uncertainties increase market volatility. The risk appetite in the convertible bond market may have declined. Selecting high - quality convertible bonds during the earnings season may be a key strategy, especially those with consistently excellent performance [2][14]. Summaries by Directory 1. Q3 Earnings Forecasts: How to View the Convertible Bond Market - The number of listed companies disclosing Q3 earnings forecasts in 2025 is the lowest in the past five years, with a similar structure to 2024. The proportion of companies with positive news is about 84%, the same as in 2024. In the convertible bond market, only 10 companies disclosed forecasts, half the number of 2024, with 9 announcing positive news [2][6][14]. - Basic chemicals, electronics, non - ferrous metals, and machinery are industries with more positive news. Non - ferrous metals and media industries improved significantly compared to 2024. 15 companies mentioned AI contributions in their earnings forecasts, with 14 reporting positive results and most planning to increase AI investment [2][8][11]. - Four convertible bond listed companies had positive Q3 earnings for two consecutive years, with specific reasons for profit growth provided for each company [2][13][14]. 2. One - Week Market Performance - As of Friday's close, the Shanghai Composite Index closed at 3839.76, down 1.47% for the week; the CSI Convertible Bond Index closed at 474.22, down 2.35% for the week. The top - three rising industries in the stock market were banks (+4.99%), coal (+4.27%), and food and beverages (+0.85%), while electronics (-7.10%), media (-6.28%), and automobiles (-6.24%) declined [15]. - No new convertible bonds were listed this week. 45 convertible bonds rose, accounting for 11%. The top - five and bottom - five in terms of price changes are listed. 266 convertible bonds' conversion premium rates increased, accounting for 64%, and the top - five and bottom - five in terms of valuation changes are also listed [17]. 3. Major Shareholders' Convertible Bond Reductions - Nanjing Pharmaceutical announced a convertible bond reduction this week. A table shows the convertible bonds with high major shareholder holding ratios and their reduction status [25][26][27]. 4. Convertible Bond Issuance Progress - The primary - market approval process remains fast. Zhongqi Co., Ltd. (1.039 billion yuan), Mankun Technology (760 million yuan), and Huatong Cable (800 million yuan) have board proposals. Haitian Co., Ltd. (801 million yuan) has passed the shareholders' meeting, and Tianzhun Technology (872 million yuan) has received CSRC approval [27][28]. 5. Private EB Project Updates There were no progress updates on private EB projects this week [28]. 6. Style & Strategy: Large - Scale High - Rating Bonds Prevailed This Week - Using month - end rebalancing for back - testing and excluding bonds rated below A - and those with announced forced redemptions, large - scale high - rating convertible bonds prevailed this week. High - rating bonds had a 2.63pct excess return over low - rating bonds, large - scale bonds had a 1.89pct excess return over small - scale bonds, and equity - biased bonds had a - 8.24pct excess return over debt - biased bonds [29]. 7. One - Week Convertible Bond Valuation Performance: Convertible Bond Valuations Declined - The convertible bond market's 100 - yuan premium rate declined. As of the last trading day of the week, it closed at 29.31%, down 0.29% from the previous week, at the 86.5% historical percentile in the past six months and 93.6% in the past year. The median full - scope conversion premium rate increased by 0.78pct to 28.61%, and the market - value - weighted conversion premium rate (excluding banks) increased by 1.69pct to 41.46% [40]. - For equity - biased convertible bonds, the median conversion premium rate closed at 10.58%, down 1.12pct from the previous week, at the 80.6% historical percentile in the past six months. For debt - biased convertible bonds, the median pure - debt premium rate closed at 10.78%, down 1.43pct from the previous week, at the 71.4% historical percentile in the past six months [40]. - In terms of extreme pricing, as of the last trading day of the week, there was 1 convertible bond below par value, 0 below the bond floor, and 2 with a YTM greater than 3, at the 9.2%, 0%, and 6.7% historical percentiles since 2016 respectively. The median YTM of bank convertible bonds was - 3.97%, 5.84pct lower than the 3 - year AAA corporate bond yield; the median YTM of AA - to AA+ debt - biased convertible bonds was - 1.48%, 3.59pct lower than the 3 - year AA corporate bond yield [44]. - The adjusted 100 - yuan premium rate remained flat. After excluding factors such as bond nature and remaining term, it was at the 84.3% historical percentile in the past six months and 68.9% since 2018. Considering only the bond floor, it was at the 82.6% historical percentile in the past six months and 34.8% since 2018 [56].