每经AI快讯，有投资者在投资者互动平台提问：请问贵司是否存在和特斯拉的相关合作？ 拓邦股份（002139.SZ）11月3日在投资者互动平台表示，公司通过第三方供货给TSL，目前以新能源汽 车充电设备为主。 （记者 胡玲） ...

拓邦股份（002139.SZ）11月3日在投资者互动平台表示，公司积极送样人形机器人灵巧手相关的头部客 户，已有部分客户达成小批量订单合作；机械臂暂未涉及。如有其他相关进展，公司将及时履行信息披 露义务。 （记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：贵公司在人形机器人及灵巧机械臂方面的业务和发展 动态如何？ ...

Core Viewpoint - The company,拓邦股份, is a leading player in the smart control system solutions sector, with a focus on innovation and expansion in various technology fields, despite facing challenges in profitability and competition within the industry [1][6]. Group 1: Business Performance - In Q3 2025,拓邦股份 reported revenue of 8.188 billion, ranking 14th among 88 companies in the industry, significantly lower than the top competitors, with the industry average at 15.493 billion [2]. - The net profit for the same period was 420 million, placing the company 15th in the industry, with the industry average net profit at 635 million [2]. - Revenue growth year-on-year was 6.34%, while net profit saw a decline of 23.86%, indicating challenges in maintaining profitability [6][7]. Group 2: Financial Ratios - The company's debt-to-asset ratio stood at 48.32%, higher than the industry average of 44.84%, reflecting a relatively higher leverage position [3]. -毛利率 was reported at 21.98%, which, despite a decrease from the previous year's 23.71%, remains above the industry average of 19.47% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.73% to 109,800, while the average number of circulating A-shares held per shareholder decreased by 5.42% [5]. Group 4: Management Compensation - The chairman and general manager, 武永强, received a salary of 1.9965 million, an increase of 340,300 from the previous year, reflecting the company's commitment to rewarding leadership [4]. Group 5: Strategic Insights - The company is focusing on expanding its "components + complete machine" strategy, with growth in digital energy and smart automotive sectors, despite a slight decline in毛利率 [6][7]. - Long-term profitability is expected to improve as new business lines and products are launched, with projected net profits for 2025-2027 at 680 million, 840 million, and 1.01 billion respectively [6][7].

根据披露的机构调研信息2025年10月27日，泉果基金对上市公司拓邦股份进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为237.87亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得38.25%。 2025 年 1-9 月，公司实现营业收入 81.88 亿元，同比增长 6.34%；2025年第三季度单季收入 26.85 亿 元，同比持平；归母净利润 4.20 亿元，同比下降 23.86%；扣非净利润 3.96 亿元，同比下降 26.58%。 剔除股份支付费用影响后，归母净利润 4.98 亿元，同比下降 9.86%。 前三季度，公司毛利率 21.98%，同比下降 1.73 个百分点，主要因关税政策导致订单转移，原材料跨境 转运带来成本阶段性上升；同时行业竞争加剧导致产品定价短期承压。未来，随着关税政策稳定、海外 产能释放、新业务推向市场贡献增量，收入增速及盈利能力将得到修复。 费用端，三项期间费用同比增加 2.11 亿元，增长 17.94%，主要因战略性投入增加，其中股权激励及员 工持 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's basic operations remain robust, with strong resilience shown in tools and home appliances. The digital energy business is in a critical market expansion phase, with a time lag between the divestment of low-end businesses and the ramp-up of new businesses, resulting in performance contributions being in a preparatory stage. The smart automotive business continues to grow rapidly due to technological advantages and customer stickiness, while the innovative robotics sector has also seen rapid growth [2][6]. Summary by Sections Financial Performance - For the third quarter of 2025, the company achieved operating revenue of 8.188 billion yuan, a year-on-year increase of 6.34%. However, the net profit attributable to shareholders of the parent company was 420 million yuan, a year-on-year decrease of 23.86% [6]. Business Strategy - The company is deepening its "components + complete machine" strategy, accelerating the expansion of digital energy and smart automotive businesses, and continuously releasing new business growth momentum. The focus is on maintaining existing technological and platform advantages while deepening strategic cooperation with leading customers to solidify market opportunities and competitive barriers in component categories [12]. Profitability and Costs - The gross profit margin decreased by 1.73 percentage points year-on-year to 21.98%, primarily due to tariff policy disruptions and increased costs from cross-border raw material transportation. However, long-term profitability is expected to improve as tariff policies stabilize, innovative product categories scale up, and product structures optimize [12]. Strategic Investments - Period expenses increased by 17.94% year-on-year, reflecting increased strategic investments. The company is focusing on AI + complete machine and robotics innovations, with significant investments in research and market promotion [12]. Earnings Forecast - The company is expected to maintain steady growth in tools and home appliances, with rapid growth in smart automotive and robotics businesses opening future growth opportunities. The projected net profits for 2025-2027 are 680 million yuan, 840 million yuan, and 1.01 billion yuan, corresponding to PE ratios of 26, 21, and 18 times, respectively [12].

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]

Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 8.188 billion, a year-on-year increase of 6.34% [3] - The revenue for Q3 2025 was CNY 2.685 billion, remaining flat year-on-year [3] - The net profit attributable to shareholders was CNY 420 million, a year-on-year decrease of 23.86% [3] - The non-recurring net profit was CNY 396 million, down 26.58% year-on-year [3] - The gross profit margin for the first three quarters was 21.98%, a decrease of 1.73 percentage points year-on-year [3] Cost and Investment - Period expenses increased by CNY 211 million, a growth of 17.94%, mainly due to strategic investments [4] - The increase in expenses included CNY 77 million for stock incentives and employee shareholding plans [4] - The company is focusing on technology R&D and new business layouts, particularly in digital energy, AI, and robotics [4] Market and Business Strategy - The company is implementing a "components + complete machine" dual-engine strategy to strengthen partnerships with leading clients [2] - Digital energy is in a critical market expansion phase, with new products receiving validation and orders in Europe and Asia-Pacific [2] - The smart automotive sector continues to grow rapidly, leveraging technological advantages and customer loyalty [2] Challenges and Outlook - The company faces short-term pressure on profits due to external environment factors, strategic investments, and stock incentive costs [3] - The impact of tariffs on demand is minimal, but they affect delivery and cost structures [5] - As overseas production capacity increases, revenue is expected to recover [5] New Business Developments - The digital energy sector is expected to accelerate growth, with high unit prices anticipated to surpass tools and home appliances [8] - The smart automotive business is gaining momentum, with products like charging stations and laser radar motors showing strong market presence [8] - Robotics is a strategic focus, with products like cooking robots entering mass delivery stages [8] Future Prospects - The company aims to enhance revenue and profitability through strategic cooperation with global leading clients [12] - The release of overseas production capacity and improved operational efficiency are expected to drive growth [12] - The company is committed to focusing on core technologies and expanding into new application scenarios [12]

Group 1 - The core viewpoint of the news is that TuoBang Co., Ltd. (002139.SZ) reported a decrease in institutional holdings in its third-quarter report for 2025, with a total of 8 institutional investors holding 87.4651 million shares, representing 7.01% of the total share capital, a decline of 0.88 percentage points from the previous quarter [1] Group 2 - In the public fund sector, there were 4 public funds that increased their holdings compared to the previous period, with a total increase of 0.73% [2] - There were 2 public funds that reduced their holdings, showing a slight decline [2] - A total of 236 public funds did not disclose their holdings this period, including several notable funds [2] - In terms of foreign investment, there was 1 foreign fund that increased its holdings, accounting for an increase of 0.20% [2]

Summary of TuoBang Co., Ltd. Conference Call Company Overview - **Company**: TuoBang Co., Ltd. - **Date**: October 27, 2025 - **Industry**: Digital Energy, Smart Automotive, Robotics Key Points Business Strategy - TuoBang adheres to a "whole machine + components" dual-engine strategy, focusing on product innovation and global expansion to navigate complex external environments and trade conflicts [2][4][22] - The company is adjusting its digital energy business to concentrate on advantageous categories, accelerating the incubation and growth of new businesses such as smart automotive and robotics [2][4] Financial Performance - For the first three quarters of 2025, TuoBang reported revenue of 8.188 billion yuan, a year-on-year increase of 6.34%, while net profit attributable to shareholders was 420 million yuan, a decline of 24% due to external factors, new business investments, and stock incentive costs [2][6] - In Q3 2025, the company achieved revenue of 2.685 billion yuan, remaining flat year-on-year, but profits were pressured by external conditions and new business investments [5][6] Global Operations - The company is transferring overseas production capacity due to trade wars, with a factory in Vietnam expected to be operational in the first half of 2026, which will enhance order-taking capacity and operational efficiency [2][7][9] - Current overseas production capacity utilization is between 70% and 80%, with sales scale around 2 billion yuan [10] New Business Development - The digital energy sector is in a critical market expansion phase, with smart automotive and robotics businesses expected to grow significantly, potentially reaching a scale of 10 billion yuan, outpacing the company's average growth rate [4][11] - The robotics business accounted for approximately 5% of total revenue in 2024, with expectations for significant growth in the coming years [12] Market Trends and Opportunities - The A-share market is currently in a technology bull market, with TuoBang positioned as a leading player in its niche, benefiting from global operations and competitive advantages [3] - The company is embracing AI and other cutting-edge technologies, with expectations for the whole machine business to start contributing to performance in 2026 [8][22] Challenges and Risks - Recent gross margin fluctuations are influenced by tariff policy adjustments and increased industry competition, with margins historically ranging from 22% to 24% [13] - The company has temporarily abandoned some low-margin orders to prioritize high-margin ones due to limited current capacity [7] Future Outlook - TuoBang anticipates that the new production capacity from the Vietnam factory will contribute to growth and operational efficiency starting in 2026 [9][21] - The company aims to maintain rapid growth through the integration of AI technologies and the expansion of its core business areas, including home appliances and tools [22][23] Conclusion - TuoBang's strong fundamentals, rapid growth in new businesses, and strategic focus on AI integration position it well for future success, with expectations for revenue and profit recovery as new capacities come online and market conditions stabilize [22][23]

Group 1 - The core viewpoint of the article is that拓邦股份 (002139.SZ) reported a mixed performance in its third-quarter results, with revenue growth but a significant decline in net profit [1] Group 2 - The company achieved a revenue of 8.188 billion yuan in the first three quarters, representing a year-on-year increase of 6.34% [1] - The net profit attributable to shareholders of the listed company was 420 million yuan, showing a year-on-year decrease of 23.86% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 396 million yuan, reflecting a year-on-year decline of 26.58% [1]