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 ...

| 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 ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,251 | 3,932 | 4,890 | 6,002 | 7,544 | | 同比（%） | 43.50 | 20.95 | 24.36 | 22.74 | 25.69 | | 归母净利润（百万元） | 179.23 | 640.93 | 792.30 | 960.06 | 1,138.00 | | 同比（%） | 75.66 | 257.59 | 23.62 | 21.17 | 18.53 | | EPS-最新摊薄（元/股） | 0.40 | 1.42 | 1.75 | 2.12 | 2.52 | | P/E（现价&最新摊薄） | 98.20 | 27.46 | 22.21 | 18.33 | 15.47 | [关键词： Table_Tag#新产品、新技术、新客户 ] 证券研究报告·公司点评报告·计算机设备 道通科技（688208） 2025 年一季报点评： ...

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]

道通科技 20250427 摘要 • 道通科技一季度归母净利润同比增长 60%，达 1.99 亿元，扣非归母净利 润增长 58%，经营活动现金流入 2.79 亿元，同比增长 36%，现金储备充 足，为 AI 战略推进提供坚实保障。 • 公司研发投入同比增长 34.57%，达 2.04 亿元，占收入比重近 18%，重 点投入 AI 多模态大模型、AI 平台及智能体研发，旨在构筑技术护城河，成 为 AI 及机器人行业应用龙头。 • 数字维修业务收入增长 24%，达 7.3 亿元，Archos Two 智能终端市场认 可度高；TPMS 业务增速达 60%，市场潜力巨大，全球市场空间预计达 3,000-4,800 亿人民币。 • 数字能源业务在欧洲市场取得突破，已中标客户累计体量空间达 40-60 亿 欧元，预计到 2030 年市场份额将超百亿，全球供应链优势显现。 • 公司全面拥抱 AI 战略，加速 AI 技术与业务场景融合，重塑数字能源、数 字维修产品及方案，提升市场占有率和盈利能力，致力于成为 AI 及机器人 行业应用龙头。 Q&A 道通科技 2025 年一季度的业绩表现如何？有哪些亮点数据？ 道通科技 202 ...

Core Insights - Daotong Technology reported strong financial performance for Q1 2025, with revenue of 1.094 billion yuan, a year-on-year increase of 26.71%, and a net profit of 199 million yuan, up 59.91% year-on-year [1] - The company has strategically emphasized AI and software as a separate business segment, reflecting its commitment to AI-driven solutions [2][3] Financial Performance - Q1 2025 revenue reached 1.094 billion yuan, a 26.71% increase year-on-year [1] - Net profit for the same period was 199 million yuan, showing a significant growth of 59.91% year-on-year [1] - Operating cash flow net amount was 279 million yuan, up 35.75% year-on-year, indicating improved profitability and cash flow quality [1] AI and Software Business - AI and software business revenue reached 137 million yuan in Q1 2025, a 36% increase year-on-year, with a gross margin of 99% [2] - The company launched new products like the Ultra S2 diagnostic tablet, integrating self-developed AI models and voice assistant features [2] - Future developments include more AI agents to enhance automotive diagnostics' intelligence and efficiency [2] Digital Energy Business - Digital energy business revenue was 212 million yuan, a 35% increase year-on-year, with significant progress in North America and Europe [5] - The company secured a major order from LAZ Parking, valued at 240 million yuan, marking a strategic partnership in the North American market [5] - Daotong's digital energy solutions are now present in over 28 countries in Europe, enhancing its market influence [5] Digital Repair Business - The digital repair business generated 731 million yuan in Q1 2025, a 24% increase year-on-year, maintaining a leading position in the market [4] - The TPMS series saw approximately 60% growth, supported by innovative products like Ultra S2 and MS909PRO [4] - Daotong became a member of the European Workshop-Net alliance, strengthening its presence in the European market [4] Strategic Direction - The company is focused on integrating AI as a core driver for innovation and enhancing its competitive strength across three business lines [6] - Daotong aims to establish a commercial closed-loop through technology research, ecosystem building, and scene implementation, positioning itself as a leader in AI and robotics applications [7]

道通科技（688208.SH）2025 年一季报点评 业绩表现强韧，前瞻布局，关税影响有限 2025 年 04 月 27 日 ➢ 事件。2025 年 4 月 25 日公司发布 2025 年一季度报告，公司实现营业收 入 10.94 亿元，同比增长 26.71%；实现归母净利润 1.99 亿元，同比增长 59.91%； 推荐 维持评级 当前价格： 38.18 元 ➢ 业绩扎实兑现。2025Q1 公司数字维修业务（不含软件）实现营业收入 7.31 亿元，同比增长约 24%，其中 TPMS 系列增长约 60%。数字能源业务（不含充 电云服务）实现营业收入 2.12 亿元，同比增长约 35%。AI 及软件业务实现营业 收入 1.37 亿元，同比增长约 36%，其中充电云订单增长 80%。 ➢ 前瞻布局，关税影响有限。美国客户及经销商愿共同承担新增关税成本，公 司也将适时调整产品价格。从长远计，公司积极布局海外生产基地。2023 年， 公司前瞻性收购位于北卡罗来纳州的美国本土工厂，并于当年末投产，这不仅能 满足美国本土生产要求，还能使产品更贴近当地客户，提升供应链响应速度与市 场竞争力。公司考虑将工序自动化程度较高的部 ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-035 | | --- | --- | --- | | 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 第四届监事会第十三次会议决议公告 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 深圳市道通科技股份有限公司（以下简称"公司"）第四届监事会第十三次会议 于 2025 年 4 月 25 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 4 月 18 日以邮件、电话或其他通讯方式送达至公司全体监事。会议应出席监事 3 名， 实际出席监事 3 名，本次会议由监事会主席瞿松松先生召集并主持。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、监事会会议审议情况 与会监事就以下议案进行了审议： （一）《关于<2025 年第一季度报告>的议案》 ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-034 | | --- | --- | --- | | 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次 会议于 2025 年 4 月 25 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 4 月 18 日以邮件、电话或其他通讯方式送达至公司全体董事。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》和《深圳市道通科技股份有限 公司章程》等相关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 与会董事就各项议案进行了审议，并表决通过以下事项： 1、《关于<2025 年第一季度报告>的议案》 表决情况：同意 7 票，弃权 0 票，反对 0 票。 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,093,779,525.58, representing a year-on-year increase of 26.71% compared to ¥863,227,597.54 in the same period last year[4] - Net profit attributable to shareholders was ¥199,492,887.25, a significant increase of 59.91% from ¥124,750,747.58 in the previous year[4] - Basic earnings per share rose to ¥0.45, marking a 60.71% increase compared to ¥0.28 in the previous year[5] - Total revenue for Q1 2025 reached ¥1,093,779,525.58, a 27% increase from ¥863,227,597.54 in Q1 2024[21] - Net profit for Q1 2025 was ¥186,093,020.20, a 62% increase from ¥115,171,363.32 in Q1 2024[22] - Earnings per share for Q1 2025 were ¥0.45, up from ¥0.28 in Q1 2024[23] - The company reported a total comprehensive income of ¥174,904,521.95 for Q1 2025, compared to ¥98,681,660.61 in Q1 2024, reflecting a significant increase[23] Cash Flow and Assets - The net cash flow from operating activities was ¥279,379,460.48, reflecting a 35.75% increase from ¥205,805,351.58 in the same period last year[5] - As of March 31, 2025, the company's cash and cash equivalents increased to ¥2,028,109,489.11 from ¥1,828,676,048.69 as of December 31, 2024, representing a growth of approximately 10.9%[17] - The total current assets reached ¥4,731,905,239.96, up from ¥4,244,765,116.24, indicating an increase of about 11.5%[17] - The company's inventory rose to ¥1,302,727,599.64 from ¥1,151,135,380.05, reflecting a growth of approximately 13.2%[17] - The total assets at the end of the reporting period were ¥6,790,601,021.60, an increase of 7.66% from ¥6,307,590,501.10 at the end of the previous year[5] - Total liabilities rose to ¥3,174,936,486.82 in Q1 2025, up from ¥2,884,826,080.53 in Q1 2024, an increase of 10%[19] - The company's equity attributable to shareholders increased to ¥3,764,066,820.35 in Q1 2025, compared to ¥3,557,794,019.86 in Q1 2024, a growth of 5.8%[19] Research and Development - Research and development expenses totaled ¥203,912,546.92, which is 18.64% of operating revenue, up from 17.55% in the previous year[5] - R&D expenses increased to ¥183,521,292.26 in Q1 2025, compared to ¥142,318,177.98 in Q1 2024, reflecting a 29% rise[22] Business Segments - The company's digital repair business (excluding software) generated revenue of ¥731 million, a year-on-year growth of approximately 24%, with the TPMS series growing about 60%[10] - The AI and software business achieved revenue of ¥137 million, reflecting a year-on-year increase of approximately 36%, with charging cloud orders growing by 80%[10] Shareholding Structure - The company reported a total of 168,491,606 shares held by the largest shareholder, Li Hongjing, representing 37.29% of total shares[14] - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 26,009,349 shares, accounting for 5.76% of total shares[14] - The company has no significant changes in the shareholding structure among the top ten shareholders compared to the previous period[15] Strategic Focus - The company is focusing on AI-driven strategies, developing multi-modal large models and AI applications in automotive diagnostics, charging, energy, and transportation[11] - The company aims to become a leader in AI and robotics industry applications, with ongoing investments in smart charging networks and energy management solutions[11] - The company is focused on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the call[16] Operational Status - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[16]