Core Viewpoint - Recently, a new company named Zhishen Robotics Technology (Chengdu) Co., Ltd. was established with a registered capital of 40 million yuan, focusing on IoT technology development, intelligent robotics research, AI application software development, and AI public data platforms [1] Company Summary - Zhishen Robotics Technology (Chengdu) Co., Ltd. has a registered capital of 40 million yuan [1] - The company is co-owned by Baoxin Technology (002514) and its wholly-owned subsidiary, Jingjiang Baoxin Intelligent Manufacturing Co., Ltd. [1] Industry Summary - The establishment of Zhishen Robotics indicates a growing focus on IoT and AI technologies within the robotics sector [1] - The company's operations will include research and development in intelligent robotics and AI applications, reflecting industry trends towards automation and smart technology [1]

Core Points - Baoxin Technology's stock price decreased by 2.05% on November 17, trading at 6.69 CNY per share with a market capitalization of 4.817 billion CNY [1] - The company has experienced a 16.48% decline in stock price year-to-date, with a recent 3.74% drop over the last five trading days [1] - Baoxin Technology's main business involves CNC sheet metal technology, with revenue composition primarily from equipment parts (90.62%) [1] Financial Performance - For the period from January to September 2025, Baoxin Technology reported a revenue of 150 million CNY, a year-on-year decrease of 33.80%, while the net profit attributable to shareholders was -54.46 million CNY, showing a year-on-year increase of 67.05% [2] - The company has not distributed any dividends in the last three years, with a total payout of 72.08 million CNY since its A-share listing [3] Shareholder Information - As of October 31, 2025, Baoxin Technology had 75,600 shareholders, a decrease of 3.08% from the previous period, with an average of 7,330 circulating shares per shareholder, an increase of 3.18% [2] - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 5.324 million shares, an increase of 3.348 million shares from the previous period [3]

Group 1 - The company, Jiangsu Baoxin Technology Co., Ltd., has approved the establishment of a joint venture with Zhishen Technology (Beijing) Co., Ltd. and Shuyang'er Media Technology (Sichuan) Co., Ltd. to be set up in Chengdu, Sichuan, with a registered capital of 40 million RMB, where the company will contribute 20.4 million RMB, holding a 51% stake [2] - The joint venture has been officially registered and named Zhishen Robot Technology (Chengdu) Co., Ltd., with a registered capital of 40 million RMB and a business scope that includes technology services, development, and sales related to artificial intelligence and robotics [5][6] - A supplementary agreement was signed to amend the original investment agreement, including changes to the company name and the structure of the supervisory board, which will not be established [3][4] Group 2 - The joint venture will operate in various fields, including technology consulting, IoT technology research and development, and the manufacturing and sales of intelligent robots and related software [5][6] - The establishment of the joint venture does not require approval from the company's shareholders' meeting, in accordance with relevant regulations [2]

Core Viewpoint - Baoxin Technology has established a joint venture with Zhishen Technology and Shuyang Media, focusing on intelligent robotics and AI software development [1] Group 1 - The joint venture, named Zhishen Robotics Technology (Chengdu) Co., Ltd., has completed its business registration [1] - The registered capital of the joint venture is 40 million yuan, with Baoxin Technology contributing 20.4 million yuan, holding a 51% stake [1] - The joint venture will be consolidated as a subsidiary of Baoxin Technology, engaging in technology services, intelligent robot R&D, and AI software development [1]

证券代码：002514 证券简称：宝馨科技 公告编号：2025-100 江苏宝馨科技股份有限公司 关于对外投资设立合资公司进展暨完成工商登记的公告 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。 3、原协议中第五条第三款中约定："公司设监事会，由 3 名监事组成，其 中甲方推荐 1 名，乙方推荐 1 名，丙方推荐 1 名，任期 3 年"，现变更为：经各 方协商一致本公司不设立监事会。 本补充协议与原合同条款冲突时，以本补充协议为准。 一、对外投资概述 江苏宝馨科技股份有限公司（以下简称"公司"或"宝馨科技"）于2025 年11月3日召开第六届董事会第二十二次会议，审议通过《关于对外投资设立合 资公司的议案》，同意公司与智身科技（北京）有限公司（以下简称"智身科技"）、 数羊儿传媒科技（四川）有限公司（以下简称"数羊儿传媒"）签署《股权投资 协议》，共同出资在四川成都设立合资公司（合资公司名称以市场监督管理部门 最终核定名称为准）。合资公司设立时注册资本拟定为4,000万元人民币，其中 公司货币出资2,040万元，占该合资公司注册资本的51%。合资公司将成为宝馨 ...

Core Viewpoint - The company has signed an equity investment agreement with Zhishen Technology and Shuyang'er Media to establish a joint venture in Chengdu, Sichuan, with a registered capital of 40 million RMB [1] Group 1 - The registered capital of the joint venture is 40 million RMB, with the company contributing 20.4 million RMB, accounting for 51% of the registered capital [1] - On November 13, 2025, the company signed a supplementary equity investment agreement to adjust the original contract terms [1] - The joint venture has completed the business registration process and obtained a business license on the same day [1]

Core Viewpoint - Baoxin Technology's stock price has experienced a decline of 11.99% year-to-date, with a recent drop of 2.08% on November 12, 2023, indicating potential challenges in market performance [1]. Group 1: Financial Performance - For the period from January to September 2025, Baoxin Technology reported a revenue of 150 million yuan, representing a year-on-year decrease of 33.80% [2]. - The company recorded a net profit attributable to shareholders of -54.46 million yuan, which is a year-on-year increase of 67.05% [2]. - Cumulative cash dividends since the company's A-share listing amount to 72.08 million yuan, with no dividends distributed in the past three years [3]. Group 2: Stock Market Activity - As of November 12, 2023, Baoxin Technology's stock price was 7.05 yuan per share, with a trading volume of 64.78 million yuan and a turnover rate of 1.64%, leading to a total market capitalization of 5.076 billion yuan [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) six times this year, with the most recent appearance on September 5 [1]. - The number of shareholders decreased by 3.08% to 75,600 as of October 31, 2023, while the average circulating shares per person increased by 3.18% to 7,330 shares [2]. Group 3: Business Overview - Baoxin Technology, established on October 8, 2001, and listed on December 3, 2010, specializes in the research, design, production, and sales of industrial-grade CNC sheet metal structure products [1]. - The company's revenue composition includes 90.62% from equipment parts, 3.62% from project services, 2.21% from sales of charging and swapping piles and related products, and minor contributions from other services [1]. - The company operates within the mechanical equipment sector, specifically in general equipment and metal products, and is involved in various concept sectors such as wastewater treatment and energy conservation [2].

Core Viewpoint - Jiangsu Baoxin Technology Co., Ltd. plans to establish a joint venture with Zhishen Technology and Shuyang'er Media in Chengdu, with a registered capital of 40 million yuan, aiming to focus on humanoid and quadruped robot R&D and industrial applications [1][2] Group 1: Joint Venture Details - The joint venture, named Baoxin Zhishen Robotics (Chengdu) Co., Ltd., will have Baoxin Technology holding 51% with an investment of 20.4 million yuan [1] - The joint venture will be included in Baoxin Technology's consolidated financial statements and does not require shareholder meeting approval [1] Group 2: Strategic Focus and Collaboration - The joint venture will cover core component R&D, complete machine manufacturing, and application in various scenarios, leveraging Baoxin Technology's strengths in new energy equipment manufacturing and Zhishen Technology's expertise in embodied intelligence and key technologies [1][2] - The collaboration aims to complement resources and promote synergistic development among the three parties [1] Group 3: Management and Operational Structure - Baoxin Technology will lead the establishment and management of the joint venture, with a board of five directors, three of whom will be recommended by Baoxin Technology [2] - The joint venture will have an independent financial department and will adhere to national accounting standards, ensuring operational stability and regulatory compliance [2] Group 4: Market Positioning and Future Outlook - The investment aligns with the trend of integrating artificial intelligence with high-end equipment manufacturing, aiming to expand Baoxin Technology's business boundaries and establish a new growth engine in the intelligent robotics sector [2] - The joint venture will be based in Chengdu, enhancing the company's technological innovation and industrial layout capabilities in the robotics field [2]

Group 1 - The core point of the article is that Jiangsu Baoxin Technology Co., Ltd. plans to establish a joint venture company focused on humanoid robots in Chengdu, Sichuan, in collaboration with Zhishen Technology and Shuyang'er Media [2][3] - The joint venture, tentatively named Baoxin Zhishen Robotics (Chengdu) Co., Ltd., will have a registered capital of 40 million yuan, with Baoxin Technology contributing 20.4 million yuan for a 51% stake, Zhishen Technology contributing 12 million yuan for a 30% stake, and Shuyang'er Media contributing 7.6 million yuan for a 19% stake [2] - The establishment of the joint venture is driven by Baoxin Technology's strategic development needs, aiming to integrate its new energy technology with the intelligent technology achievements and media resources of its partners [2] Group 2 - The humanoid robot industry is transitioning from pilot applications to large-scale promotion, supported by favorable policies in China, with provincial innovation centers being established in regions like Sichuan [3] - Baoxin Technology's combination of supply chain management and large-scale production capabilities from its photovoltaic manufacturing background, along with the core technology from Zhishen Technology and market resources from Shuyang'er Media, creates a complementary structure [3] - This strategic move not only meets the industry's demand for production capacity and practical application but also opens up a second growth curve for Baoxin Technology beyond its main business in new energy [3]

Core Viewpoint - Jiangsu Baoxin Technology Co., Ltd. is officially entering the intelligent robotics sector by establishing a joint venture with Zhishen Technology and Shuyang'er Media in Chengdu, marking a strategic move to extend its industrial chain and create diversified growth opportunities [1][3]. Group 1: Joint Venture Details - The joint venture, Baoxin Zhishen Robotics (Chengdu) Co., Ltd., will have a registered capital of 40 million RMB, with Baoxin Technology contributing 20.4 million RMB for a 51% stake, ensuring consolidated control [1]. - Zhishen Technology will invest 12 million RMB for a 30% stake, while Shuyang'er Media will contribute 7.6 million RMB for a 19% stake [1]. Group 2: Strategic Importance - The establishment of the joint venture aligns with global trends towards artificial intelligence and robotics, as well as national strategies for upgrading manufacturing and developing new productive forces [3]. - This move is not merely a financial investment but a strategic layout based on foresight regarding future industry dynamics, allowing Baoxin Technology to quickly enter the trillion-yuan intelligent robotics market [3]. Group 3: Governance Structure - The governance structure of the joint venture includes a board of five directors, with Baoxin Technology appointing three members, including the chairman and general manager, ensuring control over strategic direction while valuing input from partners [3]. Group 4: Future Expectations - The joint venture is expected to integrate resources swiftly to launch competitive robotic products and solutions, opening new growth avenues for Baoxin Technology and invigorating the Chinese intelligent robotics industry [4].