Financial Performance - In Q1 2025, the company achieved a revenue of 267,142.72 million CNY, representing a year-on-year growth of 15.24% [2] - The net profit attributable to shareholders increased by 12.10% year-on-year [2] - Gross profit margin improved to 23.79%, up by 0.14 percentage points year-on-year and 2.85 percentage points quarter-on-quarter [2] Business Segments - The digital energy segment experienced a revenue decline due to industry destocking and falling battery prices, prompting a strategic shift towards energy storage applications [2] - The smart automotive and robotics sectors maintained high growth rates, with significant advancements in charging solutions and laser radar products [2][3] - The tools and home appliances business is expanding through partnerships with high-value clients and product innovation [2] Market Strategy - The company plans to enhance market share in the home appliance and tool sectors, which currently generate around 1 billion CNY each, by focusing on high-growth clients [6] - The transition from components to complete machines is expected to positively impact product value and profit margins, with new products priced in the tens of thousands CNY range [6] Competitive Landscape - The company aims to maintain a leading position in the digital energy and smart automotive sectors, with a focus on technology-driven growth [7] - The global market for laser radar in automotive applications is projected to reach a scale of approximately 100 billion CNY [5] International Operations - Direct exports to the U.S. represent a low percentage of total revenue, and the company is leveraging overseas production to mitigate tariff impacts [7] - Future overseas revenue is expected to account for over 20% in 2024, with plans to increase this to 30%-40% based on client demand [7] Risk Management - The company is actively managing foreign exchange risks through various strategies, including forward contracts and timely settlements [7]

内容概要：数字化智能控制系统及设备是指利用数字技术、智能算法和网络通信等手段，实现对工业、 家居、交通等领域的自动化控制与优化的系统及设备，通过集成硬件、软件和网络通信技术，实现对各 种设备和过程的智能化管理与控制，是自动化技术的重要组成部分。近年来，互联网技术高速发展，云 计算、大数据、人工智能等新一代信息技术在各个领域中得到了广泛的应用，数字化智能控制系统及设 备市场规模随着终端应用领域的快速发展而不断提升。2024年，我国智能家居领域数字化智能控制系统 （有线+无线）市场规模约为361.48亿元，较2023年增加35.82亿元；酒店数字化智能控制系统市场规模 为9.9亿元，较2023年增加1.3亿元。预计2025年我国智能家居领域数字化智能控制系统（有线+无线） 市场规模约为402.33亿元，酒店数字化智能控制系统市场规模约为11.5亿元。 上市企业：拓邦股份(002139)、肯特智能(871994)、威控科技(430292)、中控技术(688777)、宏英智能 (001266.SZ) 相关企业：山东比特智能科技股份有限公司、快住智能科技(苏州)有限公司 关键词：数字化智能控制系统及设备市场规模、数字化 ...

Stock code Co-Innovating A Smarter Future Topband ESG Report 2024 Shenzhen Topband Co., Ltd. Topband ESG Report 2024 About the Report This is the 5th Social Responsibility Report and the 4th ESG Report issued by Shenzhen Topband Co., Ltd. since its listing, which discloses Topband's activities and performance in the main areas of sustainable development including environment, society and governance. The Report was deliberated and approved at the 18th Meeting of the 8th Board of Directors of Topband held on ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 2.67 billion yuan in Q1 2025, representing a year-on-year growth of 15%, and a net profit attributable to shareholders of 197 million yuan, up 12% year-on-year [1][2] - The company's gross margin improved to 24%, an increase of 0.14 percentage points year-on-year and 2.85 percentage points quarter-on-quarter [1] - The tools and home appliances segment showed robust growth, while the smart automotive and robotics segments maintained high growth rates [1][2] - The digital energy business experienced a decline in revenue due to technological upgrades and product structure adjustments [2] - The robotics business saw rapid growth in various products, including lawn mowers and service robots, with significant market breakthroughs in commercial cooking machines [2] Financial Summary - For 2024, the company is expected to achieve a revenue of 10.5 billion yuan, a year-on-year increase of 17%, and a net profit of 671 million yuan, up 30% year-on-year [7] - The revenue structure is as follows: tools and home appliances account for 76%, digital energy and smart automotive for 20%, and robotics for 4% [7] - The company aims for revenue targets of 11.6 billion yuan, 13.8 billion yuan, and 16 billion yuan for 2025, 2026, and 2027 respectively, with net profit targets of 800 million yuan, 960 million yuan, and 1.15 billion yuan [7] - The projected P/E ratios for 2025-2027 are 19, 15, and 12 respectively, indicating a low valuation with high growth potential [7] Market Position - The company is positioned as a leader in smart controllers in China, with its hollow cup motors for humanoid robots expected to open new market opportunities [7] - The company has established a leading position in the hollow cup motor market, with mass production capabilities and a strong technical foundation [7]

拓邦股份（002139） 证券研究报告 营收净利润持续增长，智能汽车及机器人业务保持高增速 事件：公司发布 2025 年一季报，25Q1 实现收入 26.71 亿元，同比增长 15.24%，归母净利润 1.97 亿元，同比增长 12.10%，扣非归母净利润 1.87 亿元，同比增长 10.37%。 我们的点评如下： 毛利率持续提升，对新领域加大研发投入 公司 25Q1 毛利率 23.79%，同比提升 0.14 个百分点，环比提升 2.85 个百分 点。公司 25Q1 三项费用（销售费用、研发费用、管理费用）4.35 亿元， 同比增加 8656 万元，上升幅度为 24.83%。主要原因为公司加大对 AI+、数 字能源、智能汽车、机器人等新业务领域的研发投入，加速海外市场及供 应链能力的构建，股权激励费用同比增加。 公司报告 | 季报点评 各业务来看： 1）工具和家电业务加速增长。公司持续加大与高价值客户的合作，发挥 国际化布局与综合技术竞争优势，围绕技术迭代和市场需求变化，针对细 分应用场景进行产品创新，扩大市场份额。 2）智能汽车业务及机器人业务保持高增速。其中充电桩产品在海外市场 应用加快，国内增加与各城市 ...

Financial Performance - The company achieved operating revenue of ¥2,671,427,242.07, representing a year-on-year increase of 15.24%[4] - Net profit attributable to shareholders reached ¥196,885,296.32, up 12.10% compared to the same period last year[4] - The gross profit margin improved to 23.79%, an increase of 0.14 percentage points year-on-year[5] - Total operating revenue for the current period reached ¥2,671,427,242.07, an increase of 15.2% compared to ¥2,318,132,398.80 in the previous period[29] - Net profit for the current period was ¥196,725,019.80, representing a growth of 13.1% from ¥173,843,360.15 in the previous period[30] - Basic and diluted earnings per share increased to ¥0.1600 from ¥0.1400, reflecting a 14.3% rise[31] Cash Flow and Investments - The net cash flow from operating activities decreased by 41.34% to ¥58,348,277.70, primarily due to increased employee compensation[8] - Cash inflow from operating activities totaled ¥2,805,803,951.89, compared to ¥2,559,987,243.58 in the previous period, marking an increase of 9.6%[31] - The net cash flow from investing activities was CNY 87,478,925.21, a significant improvement from a negative cash flow of CNY -72,189,293.64 in the prior period[32] - Cash inflow from financing activities totaled CNY 851,229,270.21, compared to CNY 776,109,746.04 in the previous period, reflecting an increase of 9.7%[32] - The cash inflow from investment activities was CNY 473,376,195.29, compared to CNY 225,482,258.75 in the previous period, indicating a growth of 109.0%[32] Assets and Liabilities - The company’s total assets increased by 3.92% to ¥13,351,951,849.12 compared to the end of the previous year[4] - The company's total liabilities increased to ¥6,450,107,401.55 from ¥6,176,485,704.96, reflecting a growth of 4.4%[28] - The total equity attributable to shareholders of the parent company reached ¥6,901,952,220.27, an increase of 3.4% from ¥6,672,327,751.46[28] - Current assets total 8,304,505,266.28 RMB, up from 7,861,510,225.74 RMB at the start of the period[26] - Inventory has increased to 2,109,793,697.53 RMB from 1,810,510,580.57 RMB[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 106,200[19] - The top shareholder, Wu Yongqiang, holds 17.00% of shares, amounting to 212,008,715 shares, with 38,860,000 shares pledged[19] - The company repurchased a total of 18,045,600 shares during the reporting period, accounting for 1.45% of the total issued shares[20] - The proposed cash dividend for the 2024 fiscal year is 0.7 RMB per 10 shares, totaling 86.0153 million RMB, which represents 27.06% of the net profit attributable to shareholders[22] Research and Development - Research and development expenses rose by 24.83% to ¥43,519.19 million, reflecting increased investment in new business areas[7] - Research and development expenses rose to ¥226,091,001.24, up 24.0% from ¥182,427,898.31 in the prior period, indicating a focus on innovation[29] Market Expansion and Growth - The company successfully expanded its market presence in Southeast Asia, launching multiple megawatt-level projects[6] - The intelligent automotive and robotics sectors maintained high growth rates, with significant advancements in product offerings[5] Other Financial Metrics - The company reported a 450.17% increase in investment income, attributed to enhanced cash management returns[14] - The company’s weighted average return on equity was 2.90%, up from 2.77% in the previous year[4] - The company experienced a foreign exchange gain of CNY 24,334,404.17, compared to CNY 15,971,896.37 in the previous period[32] - The total cash flow net increase for the period was CNY 259,326,060.39, a decrease of 64.6% from CNY 732,686,054.56 in the previous period[32] Audit Information - The company did not undergo an audit for the first quarter report[33]

拓邦股份（002139）公告，2025年第一季度营收为26.71亿元，同比增长15.24%；净利润为1.97亿元， 同比增长12.10%。 ...

深圳拓邦股份有限公司 2024 年年度股东大会决议公告 证券代码：002139 证券简称：拓邦股份 公告编号：2025029 深圳拓邦股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会没有出现否决、修改、新增议案的情形； 2.本次股东大会不涉及变更前次股东大会决议。 一、会议召开情况 1、召开时间 （1）现场会议时间：2025 年 4 月 21 日（星期一）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 4 月 21 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年 4 月 21 日 9:15 至 15:00 的任 意时间。 2、现场会议召开地点：深圳市宝安区石岩街道科技二路拓邦工业园公司会 议室。 3、会议召开方式：本次股东大会采取现场投票、网络投票相结合的方式。 4、召集人：深圳拓邦股份有限公司董事会。 5、主持人：本次会议由董事长武永 ...

北京市中伦（深圳）律师事务所 关于深圳拓邦股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年四月 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》"）、中国证券监督管理委员会《上市公司 股东会规则》（以下简称"《股东会规则》"）以及《深圳拓邦股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，北京市中伦（深圳）律师事务 所（以下简称"本所"）接受贵公司的委托，指派律师出席贵公司 2024 年年度 股东大会（以下简称"本次股东大会"），对本次股东大会召集与召开的程序、 出席会议人员资格、召集人的资格、表决程序和表决结果等重要事项的合法性进 行现场见证，并依法出具法律意见书。 本所律师得到贵公司的如下保证：贵公司已经提供和披露了本所律师认为为 出具本法律意见书必需的文件和全部事实情况，贵公司所提供的全部文件和说明 （包括书面及口头）均是真实的、准确的、完整的，所提供的文件副本或复印件 与正本或原件一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》和 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company has achieved a breakthrough in revenue, surpassing 10 billion yuan in 2024, with a total revenue of 10.501 billion yuan, representing a year-on-year growth of 16.78% [5] - The company's net profit attributable to shareholders reached 671 million yuan, a year-on-year increase of 30.25% [5] - The company is focusing on R&D investments in robotics and smart driving technologies, with a significant increase in R&D expenses to 809 million yuan, accounting for 7.70% of revenue [5] - The company is expected to benefit from a favorable tariff environment and has a diversified overseas market presence, reducing risks associated with single-market dependencies [5] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 12,276 million yuan - 2024A: 10,501 million yuan (growth rate of 16.8%) - 2025E: 12,276 million yuan (growth rate of 17%) - 2026E: 14,081 million yuan (growth rate of 15%) - 2027E: 16,045 million yuan (growth rate of 14%) [2][7] - Net profit projections are as follows: - 2023A: 516 million yuan - 2024A: 671 million yuan (growth rate of 30.2%) - 2025E: 809 million yuan (growth rate of 20.5%) - 2026E: 984 million yuan (growth rate of 21.5%) - 2027E: 1,176 million yuan (growth rate of 19.5%) [2][7] - The company's earnings per share (EPS) are projected to be: - 2024A: 0.54 yuan - 2025E: 0.65 yuan - 2026E: 0.79 yuan - 2027E: 0.94 yuan [2][7] Business Segments - The tools and home appliances segment generated revenue of 7.981 billion yuan, a year-on-year increase of 25.48% due to recovering downstream demand [5] - The digital energy and smart automotive segments reported revenue of 2.052 billion yuan, a year-on-year decrease of 6.32% [5] - The robotics segment achieved revenue of 468 million yuan, a year-on-year increase of 6.09% [5] Market Position and Strategy - The company is positioned as a leader in smart controllers in China and is actively expanding its product offerings in robotics and smart appliances [5] - The company is enhancing its brand marketing efforts to increase market influence in the complete machine business [5] - The company aims to provide comprehensive smart control solutions and services to leading global brand clients, particularly in the automotive sector [5]