Core Viewpoint - Baoxin Technology (002514.SZ) has signed a capital increase agreement with Suzhou Jicui Intelligent Manufacturing Robot Co., Ltd. and its shareholders, aiming to enhance its stake in the robotics sector [1] Group 1: Investment Details - The target company will receive a capital increase of 20 million yuan, with Baoxin Technology subscribing 18 million yuan of this amount [1] - After the completion of this transaction, Baoxin Technology will hold 81.82% of the equity in the target company [1] - The target company will become a consolidated subsidiary of Baoxin Technology following the completion of the capital increase [1] Group 2: Business Focus - Suzhou Jicui Intelligent Manufacturing Robot Co., Ltd. primarily engages in the manufacturing and sales of industrial robots, research and development of intelligent robots, and related system integration and services [1]

证券代码：002514 证券简称：宝馨科技 公告编号：2025-088 江苏宝馨科技股份有限公司 关于签署《增资扩股协议》暨对外投资的公告 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。 江苏宝馨科技股份有限公司（以下简称"宝馨科技"或"公司"）于2025 年9月3日召开第六届董事会第十七次会议审议通过了《关于参与苏州集萃智造机 器人有限公司增资扩股暨对外投资的议案》，现将相关事项公告如下： 一、对外投资概述 2025年9月3日，公司与苏州集萃智造机器人有限公司（以下简称"目标公司"） 及其股东江苏集萃智能制造技术研究所有限公司（以下简称"江苏集萃智造"）、 吕自贵签署《苏州集萃智造机器人有限公司之增资扩股协议》（以下简称"《增 资扩股协议》"）。目标公司本次增资2,000万元，其中宝馨科技以自有资金认 购1,800万元，江苏集萃智造认购200万元，吕自贵放弃优先认购权。增资完成后， 宝馨科技持有目标公司81.82%的股权，江苏集萃智造持有目标公司16.36%的股 权，吕自贵持有目标公司1.82%的股权。本次交易完成后，目标公司将成为宝馨 科技并表子公司。 公 ...

Group 1 - The energy storage sector has seen a significant surge, with companies like Haibo Sichuang and Shangneng Electric hitting the daily limit up, while others like Chunxing Precision and Tongrun Equipment also reached their limits [1] - The energy storage market is experiencing a supply-demand reversal, with companies such as CATL and EVE Energy operating at full capacity despite a previously oversupplied market [1] - In the first half of 2025, global energy storage cell shipments are expected to reach 226 GWh, marking a 97% year-on-year increase, with Chinese companies accounting for over 90% of the global market share [1] Group 2 - Chinese companies have secured a record number of overseas energy storage orders, with 199 new orders totaling over 160 GWh in the first half of the year, representing a 220.28% year-on-year increase [2] - The Middle East has emerged as the fastest-growing market for energy storage, with significant orders from regions like Australia and Europe also contributing to the growth [2] - The Chinese government has implemented policies to promote the marketization of energy pricing, which is expected to enhance the profitability of the energy storage sector [2] Group 3 - In the first half of 2025, China's new energy storage installed capacity reached 42.6 GWh, a 27.5% increase year-on-year, while global battery storage systems installed capacity reached 86.7 GWh, a 54% increase [3] - Emerging markets such as the Middle East, Southeast Asia, and Latin America are expected to see a significant rise in energy storage demand due to power shortages and supportive government policies [3] - Notable companies in the energy storage sector include CATL, which is a global leader in power batteries, and Sungrow Power Supply, which offers comprehensive energy storage solutions [3][4]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3814.20 points, down by 1.14%, while the total trading volume reached 1.8782 trillion yuan, indicating a fluctuating market environment [1] Group 1: Market Performance - The Shanghai Composite Index is currently above the annual line, reflecting a slight decline of 1.14% [1] - The total trading volume of A-shares today is reported at 1.8782 trillion yuan [1] Group 2: Stocks Breaking Annual Line - A total of 12 A-shares have surpassed the annual line today, with notable stocks including: - Shangneng Electric (300827) with a deviation rate of 8.99% and a daily increase of 11.84% [1] - Renfu Pharmaceutical (600079) showing a deviation rate of 8.06% and a daily increase of 9.99% [1] - Saiteng Co., Ltd. (603283) with a deviation rate of 5.06% and a daily increase of 7.32% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include: - ST Jinglun (600355) with a deviation rate of 0.53% and a daily increase of 1.14% [1] - Shichuang Energy (688429) with a deviation rate of 0.76% and a daily increase of 2.14% [1]

Group 1 - The energy storage sector experienced a strong rebound on September 3, with several companies reaching their daily price limits [1] - Notable performers included Tongrun Equipment and Baoxin Technology, which both hit the upper limit, while Haibo Sichuang, Yiwei Lithium Energy, Sunshine Power, and Shangneng Electric all surged over 10% [1] - Other companies such as Chunxing Precision and Shijia Technology also saw significant gains, indicating a broader positive trend in the energy storage market [1] Group 2 - Specific stock performance data showed Haibo Sichuang rising by 16.69% to 144.00, while Sunshine Power increased by 12.90% to 112.50 [2] - Yiwei Lithium Energy and Shangneng Electric also reported increases of 12.83% and 12.08%, respectively, highlighting strong investor interest [2] - Additional companies like Chunxing Precision and Tongrun Equipment saw gains of 10.10% and 10.01%, respectively, further emphasizing the sector's upward momentum [2]

Core Viewpoint - Baoxin Technology (002514) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges despite some improvements in profit margins [1] Financial Performance - Total revenue for the first half of 2025 was 101 million yuan, a decrease of 42.51% year-on-year compared to 176 million yuan in 2024 [1] - The net profit attributable to shareholders was -44.83 million yuan, an increase of 57.71% year-on-year from -106 million yuan in 2024 [1] - In Q2 2025, total revenue was 60.66 million yuan, up 11.69% year-on-year, while the net profit attributable to shareholders was -21.11 million yuan, an increase of 68.77% year-on-year [1] Profitability Metrics - Gross margin improved to 24.04%, a year-on-year increase of 199.85% [1] - Net margin was -44.34%, showing a year-on-year improvement of 30.91% [1] - The ratio of selling, administrative, and financial expenses to revenue was 47.03%, up 5.17% year-on-year [1] Balance Sheet and Cash Flow - Current ratio reached 0.54, indicating increased short-term debt pressure [1] - Cash and cash equivalents decreased by 36.82% to 23.68 million yuan [1] - Accounts receivable dropped by 50.30% to 223 million yuan [1] - Earnings per share were -0.06 yuan, an increase of 57.68% year-on-year [1] Historical Performance and Investment Return - The company's historical return on invested capital (ROIC) median over the past decade was 3.41%, with a particularly poor ROIC of -52.18% in 2024 [3] - The company has reported losses in four out of its fourteen annual reports since going public, indicating a generally weak financial performance [3] Debt and Financial Health - Interest-bearing liabilities increased by 14.63% to 1.047 billion yuan [1] - The ratio of interest-bearing liabilities to total assets reached 27.3% [3] - The liquidity position is concerning, with cash flow from operations averaging only 3.8% of current liabilities over the past three years [3]

根据半年报，报告期内宝馨科技智能制造板块业务持续深化发展，实现营业收入9377.93万元，占总营 收比重为92.76%；毛利率为22.86%，同比增加13.78个百分点，成为公司业务的压舱石。 宝馨科技紧跟国家推动产业智能化升级的战略部署，聚焦智能化制造，构建了以客户需求为导向、产品 创新为核心、数据流动为基础的运营体系。通过全面提升智能化、自动化与信息化水平，并依托供应链 与产业集群优势，公司致力于打造柔性高效、安全可靠的智能制造生态系统，为客户提供覆盖研发、设 计、生产、安装至调试投产全生命周期的一站式智能装备解决方案。 与此同时，秉持"智能制造+新能源"双轮驱动战略，公司加强了与集团内新能源板块的协同效应。目 前，宝馨科技以苏州、厦门及菲律宾的生产基地为支点，专注于智能制造及新能源充/换电结构件设备 等高端装备的研发与制造。报告期内，宝馨科技通过定制化设计、规模化制造与智能化生产的深度融 合，保障服务的快捷与高品质。公司积极开拓新能源行业相关业务，持续优化工艺、扩产增能、引进专 业团队，为新能源与智能制造业务协同提供了坚实的技术与产品后盾。 此外，宝馨科技通过银团贷款、供应链金融等多渠道保障资金安全，优 ...

Core Viewpoint - Baoxin Technology has shown signs of performance recovery in the first half of 2025, with a significant reduction in net loss by 57.71% despite the challenging environment in the photovoltaic industry [1][2]. Group 1: Financial Performance - In the first half of 2025, Baoxin Technology achieved revenue of 101 million yuan, with a net loss attributable to shareholders of 44.826 million yuan, marking a substantial reduction in losses [1]. - The company's cash flow from operating activities was 26.5802 million yuan, indicating a stable cash inflow despite a slight year-on-year decline [1]. - The improvement in profitability is attributed to effective management of accounts receivable, optimized procurement strategies, and cost control measures [1]. Group 2: Strategic Focus and Business Development - Baoxin Technology is committed to the "smart manufacturing + new energy" strategic direction, actively exploring innovations in strategic emerging fields [2]. - The smart manufacturing segment generated revenue of 93.7793 million yuan, accounting for 92.76% of total revenue, with a gross margin of 22.86%, reflecting a year-on-year increase of 13.78% [2]. - The company is enhancing its production capabilities through three major production bases in Suzhou, Xiamen, and the Philippines, while also focusing on high-end equipment manufacturing and new energy support [2]. Group 3: Operational Resilience and Future Outlook - Baoxin Technology has demonstrated strong operational resilience and adaptability through strategic focus, cost optimization, and technological accumulation [3]. - The ongoing recovery in high-end equipment demand and the promotion of "dual carbon" policies are expected to support the company's performance recovery and value enhancement in the future [3].

Core Insights - Jiangsu Baoxin Technology Co., Ltd. reported a revenue of 101 million yuan for the first half of 2025, with a strong focus on the "smart manufacturing + new energy" dual-driven strategy [1][2] - The smart manufacturing segment generated 93.78 million yuan, accounting for 92.76% of total revenue, serving as a stabilizing force for the company's operations [1] Business Strategy - The company is actively expanding its high-end equipment manufacturing and new energy supporting businesses, leveraging three main production bases [1] - Baoxin Technology is enhancing its technological research and development through Baoxin Research Institute, promoting product iteration and production process optimization to strengthen competitive advantages [1] Market Positioning - In response to the cyclical adjustments in the photovoltaic industry and intensified market competition, the company is focusing on optimizing its production processes and product structures [1] - Baoxin Technology is extending its industrial chain value and exploring innovative businesses in strategic emerging fields, which helps in optimizing its industrial structure and business layout [1] Financial Strategy - The company has secured funding through syndicate loans and supply chain finance, while also optimizing its debt structure and exploring the introduction of strategic investors to enhance capital strength and risk resilience [2] - Baoxin Technology's strategic focus, cost optimization, and technological accumulation have demonstrated strong operational resilience and business adjustment capabilities [2] Future Outlook - With the gradual recovery of high-end equipment market demand and the ongoing promotion of "dual carbon" policies, Baoxin Technology is well-positioned to leverage its continuous innovation capabilities for performance recovery and value enhancement [2]

Core Viewpoint - The company, Baoxin Technology, reported significant progress in reducing losses and enhancing operational resilience despite facing industry cyclical adjustments and market challenges in the first half of 2025 [2][3][6] Financial Performance - In the first half of 2025, Baoxin Technology achieved a revenue of 101 million yuan, with a net profit attributable to shareholders showing a year-on-year reduction in losses by 57.71% [2][3] - The net cash flow from operating activities was 26.58 million yuan, indicating a stable cash flow despite a slight year-on-year decline [3] Business Segments - The smart manufacturing segment generated revenue of 93.78 million yuan, accounting for 92.76% of total revenue, with a gross margin of 22.86%, reflecting a year-on-year increase of 13.78% [4] - The company is actively expanding its high-end equipment manufacturing and new energy supporting businesses through its production bases in Suzhou, Xiamen, and the Philippines [4] Strategic Focus - Baoxin Technology is concentrating on its advantages in smart manufacturing and extending its industrial chain value while exploring innovations in strategic emerging fields [5] - The company is enhancing its operational resilience by optimizing production processes and product structures, as well as leveraging synergies between its smart manufacturing and strategic emerging industries [5] Future Outlook - The company demonstrates strong operational resilience and business adjustment capabilities through strategic focus, cost optimization, and technological accumulation [6] - With the recovery in high-end equipment demand and the ongoing "dual carbon" policy, Baoxin Technology is positioned to gradually achieve performance recovery and value enhancement through continuous innovation [6]