Investment Rating - The report rates the industry as "Outperform" [1][7]. Core Insights - The development of AI foundation models is progressing positively, with decreasing costs, which is expected to accelerate the adoption of AI applications [2][7]. - The report highlights specific companies to watch, including Empyrean Technology, Dameng Database, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, with Wuxi Unicomp Technology Co., Ltd. as a related target [2][7]. Summary by Sections - **AI Model Developments**: OpenAI's o3-pro model was launched, outperforming Google's Gemini 2.5 Pro and Anthropic's Claude 4 Opus in key benchmarks, with an 80% price reduction for the o3 model, enhancing its cost-effectiveness [8]. - **Doubao Model Launch**: The Doubao 1.6 model introduced innovative pricing based on input length, significantly reducing costs by 63% compared to previous models, which is expected to facilitate AI adoption across various industries [9]. - **Ant International's Stablecoin Plans**: Ant International plans to apply for a stablecoin license in Hong Kong, indicating a positive outlook on stablecoin development and potential market growth [10].

Group 1: Economic and Industry Updates - China announced a unilateral visa exemption policy for Saudi Arabia, Oman, Kuwait, and Bahrain, effective from June 9, 2025, to June 8, 2026, allowing ordinary passport holders to enter China for up to 30 days without a visa [1] - The Ministry of Finance reported that from January to April 2025, the total operating revenue of state-owned and state-controlled enterprises was 262,755.0 billion yuan, remaining flat year-on-year, while total profit decreased by 1.7% to 13,491.4 billion yuan [2] - A meeting on semiconductor cooperation between China and the EU emphasized the importance of collaboration in the global semiconductor supply chain, with a commitment to oppose unilateralism and ensure supply chain stability [2] - The National Healthcare Security Administration announced a verification of retail pharmacy pharmacists to ensure compliance with labor contracts and prohibit "hanging certificates" or part-time practices [2] Group 2: Company News - Zhongqi Co. has project approval for chlorantraniliprole but has not yet commenced production [4] - Tongda Electric's stock may be subject to market sentiment risks and irrational speculation [4] - ST Longjin's stock will enter the delisting arrangement period starting June 6 [4] - Yaxing Chemical's subsidiary plans to introduce strategic investors [4] - China Gold's controlling shareholder intends to increase its stake in the company by 168 million to 335 million yuan [4] - ST Huaxi signed a significant contract worth 290 million USD for daily operations [4] - Shantui Co. is planning to issue H-shares and list on the Hong Kong Stock Exchange [5] - Hehe Information is also planning to issue H-shares for listing on the Hong Kong Stock Exchange [5] - Debon Logistics stated that the current trends in autonomous logistics vehicles will not impact its performance [5] - ST Jiyuan's stock will be delisted on May 29 [5] - ST United plans to acquire 100% of Runtian Industrial and will resume trading on May 29 [5] - Taiji Industry intends to repurchase shares worth 100 million to 120 million yuan [5] - China Energy Construction's subsidiary won a coal and power project contract worth approximately 145.86 billion yuan [5]

致：南通国盛智能科技集团股份有限公司 根据《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》"）、《上市公司股份回购规则（2025 修 订）》（以下简称"《回购规则》"）《上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"《自律监管指引第 7 号》"） 等有关法律、法规和规范性文件以及《南通国盛智能科技集团股份有限公司章程》 （以下简称"《公司章程》"）的规定，本所接受南通国盛智能科技集团股份有限 公司委托，就南通国盛智能科技集团股份有限公司 2024 年度利润分配所涉及的 差异化分红（以下简称"本次差异化分红"）相关事项出具本法律意见书。 本所依据《证券法》《律师事务所从事证券法律业务管理办法（2023）》和 《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日以 前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律 ...

证券代码：688558 证券简称：国盛智科 公告编号：2025-013 南通国盛智能科技集团股份有限公司 2024年年度权益分派实施公告 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： 每股现金红利0.60元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/28 | 2025/5/29 | 2025/5/29 | 一、 通过分配方案的股东大会届次和日期 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （南通国盛智能科技集团股份有限公司回购专用证券账户除外）。 根据《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 上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章 是否涉及差异化分红送转：是 每股分配比例 及其他规范性文件以及《公司章程》的有关规定，公司回购专用证券账户中的股 份不享 ...

Meeting Overview - The shareholders' meeting of Nantong Guosheng Intelligent Technology Group Co., Ltd. was held on May 9, 2025, at the company's office building in Jiangsu Province [1] - A total of 33 ordinary shareholders attended the meeting, holding 93,153,539 voting rights, which accounts for 70.5708% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with a significant majority. For instance, one proposal received 93,058,126 votes in favor, representing 99.8975% of the votes [2] - The voting results for another proposal showed 93,059,626 votes in favor, which is 99.8991% [2] Legal Compliance - The meeting was conducted in accordance with legal regulations, and the qualifications of attendees and the convenor were deemed valid by the lawyers present [3]

证券代码：688558 证券简称：国盛智科 公告编号：2025-012 南通国盛智能科技集团股份有限公司 2024年年度股东大会决议公告 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 5 月 9 日 （二） 股东大会召开的地点：江苏省南通市崇川区港闸经济开发区永通路 2 号 办公大楼会议室 （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： | 1、出席会议的股东和代理人人数 | 33 | | --- | --- | | 普通股股东人数 | 33 | | 2、出席会议的股东所持有的表决权数量 | 93,153,539 | | 普通股股东所持有表决权数量 | 93,153,539 | | 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 | 70.5708 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 70.5708 ...

法律意见书 国盛智科 江苏世纪同仁律师事务所关于 南通国盛智能科技集团股份有限公司 2024 年年度股东大会的法律意见书 致:南通国盛智能科技集团股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证监会《上 市公司股东大会规则》等法律、法规和规范性文件以及《公司章程》的规定,本 所受贵公司董事会的委托,指派本律师出席贵公司 2024年年度股东大会,并就 本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、表决程序以 及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书,本律师对本次股东大会所涉及的有关事项进行了审 查,查阅了本律师认为出具法律意见所必须查阅的文件,并对有关问题进行了必 要的核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决议一并公告,并依法对 本法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业务 标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东大会的召集、召开程序 1、本次股东大会由董事会召集。2025年4月19日,贵公司召开第三届董 事会第十八次会议,决定于 2025年5月9日 1 ...

Investment Rating - The report recommends a positive outlook for the industrial automation sector, particularly highlighting the FA automation segment as a key area for investment opportunities [3][7]. Core Insights - The industrial automation sector is showing signs of recovery, with improved demand and performance in Q1 2025, particularly in the FA automation segment [3]. - The injection molding machine market is expected to grow, driven by increased domestic concentration and significant overseas market potential [4]. - The machine tool and cutting tool industries are anticipated to benefit from accelerated domestic production and international expansion [5]. - The humanoid robot sector is entering a golden development period, with a focus on dexterous hands and lightweight components [6]. Summary by Sections Industrial Automation - In Q1 2025, the industrial automation sector showed improvement with a total revenue of 138.61 billion yuan, a year-on-year increase of 19% [3][34]. - The overall revenue for 2024 was 592.48 billion yuan, reflecting a 6% increase year-on-year, but profits declined by 40% to 34.18 billion yuan [3][34][45]. - Key companies analyzed include Estun, Huichuan Technology, and Yihua, with varying performance metrics [3][37]. Injection Molding Machines - The injection molding machine sector is characterized by strong growth among leading companies, with Haite International achieving a revenue of 161.3 billion yuan in 2024, up 23% year-on-year [4]. - The market is expected to see further growth as domestic players increase their market share and expand internationally [4]. Machine Tools and Cutting Tools - The machine tool sector is projected to grow, with a total revenue of 171 billion yuan in 2024, a 10% increase year-on-year, despite a 5.2% decline in profits [5]. - The cutting tool industry also saw a revenue increase of 10% to 47.53 billion yuan in 2024, although profits fell by 20% [5]. Humanoid Robots - The humanoid robot industry is on the verge of mass production, with a focus on dexterous hands and lightweight materials, which are critical for enhancing performance [6]. - Investment opportunities are highlighted in the areas of dexterous hands and lightweight components, particularly in the use of PEEK materials and magnesium alloys [6]. Investment Recommendations - Key investment recommendations include Yihua for FA automation, Haite International and Yizhiming for injection molding machines, and Nuwei CNC and Kede CNC for machine tools [7].

证券代码：688558 证券简称：国盛智科 南通国盛智能科技集团股份有限公司 2024 年年度股东大会会议资料 二○二五年五月 | | | 2024 年年度股东大会会议资料 南通国盛智能科技集团股份有限公司 2024 年年度股东大会会议须知 为维护全体股东的合法权益，确保南通国盛智能科技集团股份有限公司（以下简 称"公司"）股东大会会议秩序和议事效率，保证股东大会的顺利召开，根据《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》"）、《上市公司股东会规则》以及《公司章程》和《股东大 会议事规则》等有关规定，特制定本须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作人 员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，出席会 议的股东及股东代理人须在会议召开前 30 分钟到达会议现场办理签到手续，并请按 规定出示证券账户卡、身份证明文件或法人单位证明、授权委托书等，经验证后方 可出席会议。会议开始后，由会议主持人宣布现场出席会议的股东人数及其所持有 表决权的股份 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥286,121,000.28, representing a 16.48% increase compared to ¥245,638,452.99 in the same period last year[2] - Net profit attributable to shareholders was ¥34,633,567.42, a 30.43% increase from ¥26,553,249.01 year-over-year[2] - The net profit after deducting non-recurring gains and losses was ¥32,962,341.92, reflecting a 36.80% increase from ¥24,095,110.15 in the previous year[2] - Basic earnings per share rose to ¥0.26, up 30.00% from ¥0.20 in the same quarter last year[3] - The company's net profit for Q1 2025 reached CNY 35,349,163.33, a 31.7% increase compared to CNY 26,842,431.53 in Q1 2024[16] - Operating profit for the same period was CNY 39,118,698.50, up from CNY 29,328,540.68, reflecting a growth of 33.3%[16] - The total comprehensive income for Q1 2025 was CNY 35,349,163.33, compared to CNY 26,849,634.60 in Q1 2024, reflecting an increase of 31.5%[17] Expenses and Costs - Research and development expenses totaled ¥15,913,641.28, which is 5.56% of operating revenue, a slight decrease from 5.63% in the previous year[3] - Total operating costs for Q1 2025 were ¥252,605,042.51, up from ¥223,680,372.96 in Q1 2024, reflecting a growth of 12.9%[15] - Research and development expenses in Q1 2025 amounted to ¥15,913,641.28, compared to ¥13,837,334.72 in Q1 2024, indicating a rise of 15%[15] - The company adjusted its financial statements for Q1 2024, increasing operating costs by CNY 1,428,507.77 and decreasing selling expenses by the same amount due to new accounting standards[18] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 37.37% to ¥7,808,279.51, down from ¥12,468,299.56 in the previous year[5] - Cash and cash equivalents as of March 31, 2025, were ¥411,017,952.91, down from ¥539,073,379.81 as of December 31, 2024, a decrease of 23.8%[10] - The company experienced a decrease in cash and cash equivalents, with a net decrease of CNY 128,055,426.90, leading to an ending balance of CNY 411,017,952.91[21] - The company reported a significant increase in investment activity cash inflow, totaling CNY 273,540,742.32, although cash outflow for investment activities was CNY 408,363,492.40, resulting in a net cash flow of -CNY 134,822,750.08[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,140,779,046.39, a decrease of 0.28% from ¥2,146,869,722.60 at the end of the previous year[3] - Total assets as of March 31, 2025, were ¥2,140,779,046.39, slightly down from ¥2,146,869,722.60 at the end of 2024[12] - Total liabilities decreased to ¥453,976,549.49 from ¥496,159,396.28, a reduction of 8.4%[12] - The company's total equity increased to ¥1,686,802,496.90 from ¥1,650,710,326.32, reflecting a growth of 2.2%[13] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 7,347, with the top ten shareholders holding a combined 73.77% of the shares[6] - The company did not report any changes in the participation of major shareholders in margin financing or securities lending activities[10] Other Financial Metrics - The weighted average return on equity increased to 2.10%, up from 1.66% in the previous year, an increase of 0.44 percentage points[3] - The company reported non-recurring gains totaling ¥1,671,225.50 after tax, with significant contributions from asset disposals and investment management[5] - The company reported a credit impairment loss of CNY 660,927.00, contrasting with a gain of CNY -715,502.51 in the previous year, indicating a significant change in credit risk management[16]