一、回购股份的基本情况 2025 年 4 月 8 日，深圳市道通科技股份有限公司（以下简称"公司"）召开 第四届董事会第十九次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，同意公司使用自有资金通过集中竞价交易方式回购公司已发行的 人民币普通股（A 股），本次回购的股份拟用于维护公司价值及股东权益。公司拟 用于本次回购的资金总额不低于人民币 1 亿元（含），不超过人民币 2 亿元（含）， 回购价格为不超过人民币 63.83 元/股（含）。本次回购实施期限为自董事会审议通 过本次回购股份方案之日起 3 个月内。具体内容详见公司分别于 2025 年 4 月 9 日和 2025 年 4 月 10 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 以集中竞价交易方式回购公司股份方案的公告》（公告编号：2025-028）和《关于 以集中竞价交易方式回购公司股份的回购报告书》（公告编号：2025-029）。 | 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 ...

| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-039 | | --- | --- | --- | | 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 关于实施 2024 年年度权益分派调整"道通转债" 转股价格的公告 调整前转股价格：33.93 元/股 调整后转股价格：22.55 元/股 转股价格调整生效日期：2025 年 5 月 14 日 见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《2024 年年度权益 分派实施公告》（公告编号：2025-037）。 根据中国证券监督管理委员会关于可转换公司债券发行的有关规定和《深圳 市道通科技股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简 称"《募集说明书》"）的约定，"道通转债"发行之后，当公司发生派送股票股利、 转增股本、增发新股或配股、派送现金股利等情况（不包括因本次发行的可转债 转股而增加的股本），公司将对转股价格进行调整。 公司于 2025 年 5 月 6 日召开公司第四届董事会第二十一次会议，审议通过了 《关于实施 2024 年年度权益分派调整"道通转债 ...

北京市中伦（深圳）律师事务所 关于深圳市道通科技股份有限公司 北京市中伦（深圳）律师事务所 关于深圳市道通科技股份有限公司 差异化分红事项的 差异化分红事项的 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 海证券交易所上市公司自律监管指引第 7 号——回购股份（2025 年 3 月修订）》 （以下简称"《回购指引》"）等法律、法规及其他规范性文件以及《深圳市道 通科技股份有限公司章程》（以下简称"《公司章程》"）的规定，就公司 2024 年年度利润分配所涉及的差异化分红特 ...

Stock Recommendations - Donghua Testing (300354.SZ) shows strong order fulfillment and is expected to benefit from its advanced sensor capabilities, with an EPS forecast of 1.22 in 2025, up from 0.88 in 2024[3] - Daotong Technology (688208.SH) reported a 26.71% revenue growth in Q1 2025 and a 57.50% increase in net profit, maintaining a high growth trajectory[3] - Shuanghuan Transmission (002472.SZ) is expected to see continued growth in its core business driven by new energy and smart execution mechanisms, with an EPS forecast of 1.59 in 2025[3] Financial Performance Highlights - Xinyiseng (300502.SZ) achieved a revenue of 86.47 billion yuan in 2024, a 179.15% increase year-on-year, and a net profit of 28.38 billion yuan, up 312.26%[4] - Kexing Pharmaceutical (688136.SH) expanded its overseas sales network, with a projected EPS of 0.51 in 2025, significantly up from 0.16 in 2024[3] - Kaiying Network (002517.SZ) reported a revenue of 51.18 billion yuan in 2024, a 19.16% increase, and a net profit of 16.28 billion yuan, up 11.41%[5] Market Trends and Valuation - The market performance of the recommended stocks shows that Kexing Pharmaceutical had the highest increase of over 50% in the last month, while Xinyiseng and Donghua Testing had turnover rates exceeding 100%[20] - The average PE ratio for the recommended stocks is below 50, with Kexing Pharmaceutical having the highest at 170.61, indicating a potential for growth despite high valuation[20] - The largest market capitalization among the recommended stocks is for Juzhi Biological (2367.HK) at 795.15 billion yuan, followed by Xinyiseng at 636.44 billion yuan[20]

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-036 | | --- | --- | --- | | 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 关于调整 2024 年度利润分配现金分红总额 及资本公积转增股本总额的公告 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： 现金分红总额：深圳市道通科技股份有限公司（以下简称"公司"）2024 年 度利润分配拟每 10 股派发现金红利 5 元（含税）不变，派发现金分红的总额由 222,759,608.50 元（含税）调整为 222,759,696.00 元（含税）。 资本公积转增股本总额：公司 2024 年度拟以资本公积向全体股东每 10 股转 增 4.9 股不变，转增股本的数量由 218,304,416 股调整为 218,304,502 股（最终以中 国证券登记结算有限责任公司上海分公司登记结果为准）。 本次调整原因：公司公开发行的可转换公司债券"道通转债"处于转股期， 自 2025 年 3 ...

Group 1: Company Insights - BGI Genomics faces challenges such as declining demand, operational complexity, and high prices in the genetic testing industry, but is enhancing efficiency through automation and AI, while expanding into reproductive health and cancer prevention [1] - Nanshan Zhishang reported a 12.84% year-on-year increase in net profit for Q1, driven by new materials business, particularly ultra-high molecular weight polyethylene fibers [2] - Jizhi Co. saw a 54.89% increase in revenue year-on-year in Q1, benefiting from stable growth in balancing machine sales and automation line revenue [3] - Huangma Technology's export sales grew over 30% in Q1 2025, with improved gross margins due to increased production and lower raw material costs [4] - Proya Cosmetics aims to become the first beauty company in China to exceed 10 billion in revenue by 2024, focusing on expanding its product matrix and enhancing online and offline channels [5] - Daotong Technology is advancing its "embrace AI" strategy, significantly enhancing its digital repair and energy products, with a 60% growth in its TPMS series [6] - Lianchuang Optoelectronics experienced significant revenue growth in Q1 2025, with a focus on optimizing asset quality in the backlight source industry [7] - Hengshuai Co. reported a 16.04% decline in revenue for Q1 2025, facing challenges in traditional cleaning and motor businesses, but is expanding its ADAS cleaning system business [8] - Weifeng Electronics achieved a 9.77% revenue growth in 2024, despite a decline in net profit due to reduced non-operating income and increased expenses [9] - Perfect World continues to enhance its gaming portfolio with successful updates and expansions, including the launch of new titles and esports initiatives [11] - Xiangsheng Medical invested 80 million in R&D in 2024, focusing on AI technology in ultrasound products and maintaining a strong dividend policy [12] - Jiuhua Tourism reported a 30.13% revenue increase in Q1 2025, driven by a rise in tourist visits and ongoing infrastructure projects [13] - Jingzhida's semiconductor business line saw a revenue share increase to over 70% in Q1 2025, with ongoing efforts to localize core components [14] - Teruid's management outlined plans for international expansion and the development of a virtual power plant platform to enhance service offerings [15] Group 2: Industry Trends - The genetic testing industry is experiencing increased competition and cost pressures, prompting companies to innovate and optimize operations [1] - The new materials sector is becoming a key growth driver, particularly in high-performance fibers used in various applications [2] - Automation and AI are reshaping traditional manufacturing and service sectors, enhancing efficiency and product offerings [3][6] - The beauty and cosmetics industry is focusing on market expansion and product diversification to capture a larger share of the global market [5] - The gaming industry is evolving with continuous updates and new releases, indicating a strong demand for innovative gaming experiences [11] - The tourism sector is recovering with increased visitor numbers, highlighting the importance of infrastructure development and service enhancement [13]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 1.09 billion yuan, a year-on-year increase of 26.7%, and a net profit of 200 million yuan, up 59.9% year-on-year [8] - The company is advancing its AI strategy, with AI and software business revenue growing 36% year-on-year to 140 million yuan, and significant growth in the charging cloud segment [8] - The launch of new products, including the Ultra S2 repair tablet, is expected to enhance market share and customer loyalty, with a global market share of 32.7% [8] - The digital energy segment achieved a revenue increase of 35% year-on-year, securing major contracts in North America and Europe [8] - The company forecasts net profits of 790 million yuan, 960 million yuan, and 1.14 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 22.2, 18.3, and 15.5 [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 3.25 billion yuan, with a year-on-year growth of 43.5% [1] - Net profit for 2023 is expected to be 179.23 million yuan, reflecting a 75.66% increase year-on-year [1] - The latest diluted EPS is forecasted at 0.40 yuan for 2023, with a P/E ratio of 98.20 [1] Business Segments - AI and software business is a key growth driver, with a focus on multi-modal large models and AI platforms [8] - The digital energy segment is diversifying its client base and has secured significant contracts, including a 240 million yuan order from LAZ Parking [8] - The repair tablet segment is expected to see stable growth due to new product launches and AI integration [8]

Core Insights - Shenzhen Daotong Technology Co., Ltd. reported a revenue of 1.094 billion yuan for Q1 2025, representing a year-on-year growth of 26.71% [1] - The company achieved a net profit attributable to shareholders of 199 million yuan, with a significant increase of 59.91% year-on-year [1] - Operating cash flow reached 279 million yuan, marking a 35.75% increase compared to the previous year, indicating improved profitability and cash flow quality [1] Digital Maintenance Business - The digital maintenance segment remains the primary growth driver for the company, generating 731 million yuan in revenue for Q1 2025, a year-on-year increase of approximately 24% [1] - Revenue from the TPMS series saw a substantial growth of around 60% [1] - The launch of flagship products such as UltraS2 and the smart analysis product MS909PRO, featuring an AI voice assistant, helps maintain technological leadership in the product line [1] European Market Expansion - Daotong Technology officially became a member of the European Workshop-Net alliance, enhancing collaboration with mainstream automotive service networks in Europe [1] - This partnership is expected to strengthen the penetration of the company's digital maintenance products in the European market [1] - The company was recognized as a "Manufacturing Industry Champion" by the Shenzhen Municipal Bureau of Industry and Information Technology, further solidifying its market position [1] Digital Energy Business - The digital energy segment also performed well, with Q1 2025 revenue reaching 212 million yuan, reflecting a year-on-year growth of approximately 35% [2] - The company secured a significant order from LAZ Parking, the largest commercial parking operator in North America, with an initial cooperation amount of 240 million yuan [2] - This partnership positions Daotong Technology as the exclusive charging pile partner for LAZ Parking [2] AI and Software Business - For the first time, Daotong Technology disclosed AI and software as an independent business segment, merging AI-related revenues from previous categories [2] - Revenue from AI and software business reached 137 million yuan in Q1 2025, showing a year-on-year growth of approximately 36% [2] - The company is focusing on enhancing team capabilities, solutions, customer expansion, and ecosystem development while promoting generative AI solutions in energy and transportation sectors [2] Strategic Focus - Daotong Technology is leveraging AI as a core driver to integrate technological and industrial innovation, enhancing the overall competitive strength across its three main business lines [2]

Core Insights - The social security fund has disclosed its stock holdings, appearing in the top ten shareholders of 57 stocks on the Sci-Tech Innovation Board, with a total holding of 279 million shares valued at 12.916 billion yuan [1][2] Group 1: Stock Holdings - The social security fund has newly entered 15 stocks and increased holdings in 16 stocks, while reducing holdings in 16 stocks, with 10 stocks remaining unchanged [1] - The stock with the highest holding ratio by the social security fund is Yingke Recycling, accounting for 7.11% of the circulating shares, followed by Hangcai Co., with a holding ratio of 6.24% [2] - The top five stocks held by the social security fund, each with over 10 million shares, include China Communication Signal, Transsion Holdings, and Western Superconducting, with holdings of 33.1432 million shares, 32.8289 million shares, and 27.6675 million shares respectively [2][3] Group 2: Performance and Profit Growth - Among the stocks held by the social security fund, 36 are expected to see year-on-year net profit growth in 2024, with the highest growth rate of 705.74% from Purun Co. [2] - The average increase in stock prices for the Sci-Tech Innovation Board stocks held by the social security fund this year is 2.57%, with the best performer being Shijia Photon, which has risen by 58.51% [3] Group 3: Industry Focus - The social security fund's holdings are primarily concentrated in the electronics, pharmaceutical, and computer industries, with 16, 8, and 8 stocks respectively [2]

Summary of Daotong Technology Conference Call Company Overview - **Company**: Daotong Technology - **Industry**: AI and Robotics, Digital Energy, Digital Maintenance Key Financial Highlights - **Q1 2025 Performance**: - Net profit attributable to shareholders increased by 60% year-on-year, reaching 199 million RMB [2][3] - Operating revenue was 1.094 billion RMB, a 27% increase year-on-year [3] - Operating cash flow reached 279 million RMB, up 36% year-on-year [2][3] - Cash reserves stood at 2.028 billion RMB, indicating strong liquidity [3] Research and Development - **R&D Investment**: - R&D spending grew by 34.57% year-on-year to 204 million RMB, accounting for nearly 18% of revenue [2][5] - Focus areas include AI multimodal models, AI platforms, and intelligent agents [5] Business Segments Performance - **Digital Maintenance**: - Revenue increased by 24% to 730 million RMB, with the Archos Two smart terminal gaining significant market acceptance [2][6] - **TPMS (Tire Pressure Monitoring System)**: - Revenue growth reached 60%, with a potential market size of 300 to 480 billion RMB globally [2][6][23] - **Digital Energy**: - Significant breakthroughs in the European market, with a cumulative client base valued at 4 to 6 billion Euros [2][7][8] AI Strategy - **AI and Software Growth**: - AI and software business grew by 36% in Q1 2025, contributing nearly 70% to overall profits [4][25] - The company is integrating AI into various business scenarios to enhance market share and profitability [9] Market Expansion - **U.S. Market**: - Steady progress in the U.S. charging station business, with partnerships with major companies like Hilton and Marriott [4][20][21] - Price adjustments have been made to mitigate tariff impacts, with a 7% to 10% increase in product prices [10][35] - **Global Orders**: - Continuous growth in global orders, with significant increases expected in the latter half of the year [19] Future Outlook - **Strategic Direction**: - The company aims to fully embrace AI strategies, enhancing the integration of AI technology into its business models [9] - Plans to maintain high-quality development and deliver stable returns to investors [9] Additional Insights - **Software Revenue Model**: - The software revenue model is based on licensing, with annual fees ranging from 150 to 800 USD depending on the type of charging equipment [29][31] - **Competitive Advantages**: - Daotong's software system is adaptable to third-party hardware, providing greater customer flexibility compared to competitors [32] Conclusion Daotong Technology is positioned for significant growth in the AI and robotics sector, with strong financial performance, strategic R&D investments, and a robust market expansion plan. The company's focus on integrating AI into its operations and products is expected to enhance its competitive edge and profitability in the coming years.