北京市中伦律师事务所 关于上海新时达电气股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（一） 二〇二五年九月 1 北京市中伦律师事务所 关于上海新时达电气股份有限公司 2025 年度向特定对象发行 A 股股票的 | | | 补充法律意见书（一） 补充法律意见书（一） 致：上海新时达电气股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受上海新时达电气股份有限 公司（以下简称"发行人""公司"或"新时达"）的委托，担任发行人本次向 特定对象发行股票（以下简称"本次发行"或"本次向特定对象发行"）事宜的 专项法律顾问，并于 2025 年 7 月 29 日出具了《北京市中伦律师事务所关于上 海新时达电气股份有限公司 2025 年度向特定对象发行 A 股股票的法律意见书》 （以下简称"《法律意见书》"）、《北京市中伦律师事务所关于上海新时达电气股 份有限公司 2025 年度向特定对象发行 A 股股票的律师工作报告》（以下简称 "《律师工作报告》"）。 深圳证券交易所于 2025 年 8 月 18 日下发《关于上海新时达电气股份有限 公司申请向特定对象发行股票的审核问询函》（审核函〔20 ...

关于上海新时达电气股份有限公司 2025 年度向特定对象发行股票 之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 2025 年 9 月 上海新时达电气股份有限公司 发行保荐书 关于上海新时达电气股份有限公司 2025 年度向特定对象发行股票之发行保荐书 中国证券监督管理委员会、深圳证券交易所： 上海新时达电气股份有限公司（以下简称"新时达"、"发行人"、"上市公司" 或"公司"）拟申请向特定对象发行 152,504,097 股的人民币普通股（A 股）股票（以 下简称"本次证券发行"、"本次发行"或"向特定对象发行股票"），并已聘请中国 国际金融股份有限公司（以下简称"中金公司"）作为本次证券发行的保荐机构（以下 简称"保荐机构"或"本机构"）。 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》"）、《证券发行上市保荐业务管理办法》（以下简称"《保 荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、 《发行证券的公司信息披露内容与格式准则第 27 号——发行保荐书和发行保荐 ...

上海新时达电气股份有限公司 审计报告 上会师报字(2025)第 7434 号 上会会计师事务所(特殊普通合伙) 第十 图出 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn） 进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:///ac.mof.gov.cn） 进行查询 【 计师 穿 务 所 (特殊普通合伙) lio Secountants (She 审计报告 上会师报字(2025)第 7434 号 上海新时达电气股份有限公司全体股东: 一、审计意见 我们审计了上海新时达电气股份有限公司(以下简称"新时达")的财务报表, 包括 2024年 12月 31 日的合并及母公司资产负债表,2024年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务报表 附注。 会计师事务所(特殊善通合 我们认为:后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了新时达 2024年12月 31 日的合并及母公司财务状况以及 2024年度的合并及 母公司经营成果和现金流量。 二、形成审计意见的基础 我们按 ...

关于对上海新时达电气股份有限公司 申请向特定对象发行股票审核问询函 相关事项核查情况的说明 上会业函字(2025)第 1290 号 上会会计师事务所（特殊普通合伙） 中国 上海 关于对上海新时达电气股份有限公司 申请向特定对象发行股票审核问询函 相关事项核查情况的说明 上会业函字(2025)第 1290 号 深圳证券交易所： 上海新时达电气股份有限公司（以下简称"公司"、"发行人"或"新时达"）收 到贵所于 2025 年 8 月 18 日下发的《关于上海新时达电气股份有限公司申请向特定对象 发行股票的审核问询函》（审核函〔2025〕120030 号）（以下简称"《问询函》"）， 上会会计师事务所（特殊普通合伙）（以下简称"申报会计师"或"会计师"）作为上 海新时达电气股份有限公司（以下简称"发行人"、"公司"或"新时达"）向特定对 象发行股票的申报会计师，会同发行人、中国国际金融股份有限公司（以下简称"保荐 人"）、北京市中伦律师事务所（以下简称"发行人律师"），对审核问询函所列问题 进行了逐项落实、核查，现对审核问询函问题回复如下，请予审核。 如无特别说明，本审核问询函回复中的简称或名词释义与《上海新时达电 ...

Group 1 - The humanoid robot concept stocks experienced a significant surge at the beginning of trading on September 12, with Wald increasing by over 15% [1] - Longsheng Technology and Guansheng Co., Ltd. both saw increases of over 7% [1] - Other companies such as Wolong Electric Drive, New Times, and Wuzhou New Spring also showed upward movement in their stock prices [1]

Core Viewpoint - The humanoid robot concept stocks experienced a significant surge in early trading, indicating strong market interest and potential investment opportunities in this sector [1] Company Summaries - Wald increased by over 10%, reflecting investor confidence and interest in humanoid robotics [1] - Longsheng Technology and Guansheng Co. both rose by more than 7%, suggesting a positive market sentiment towards these companies [1] - Wolong Electric Drive, New Times, and Wuzhou Xinchun also saw notable gains, indicating a broader trend of rising stock prices within the humanoid robot industry [1]

Summary of the Conference Call for 新时达 Company Overview - **Company**: 新时达 - **Industry**: Robotics and Control Systems Key Points and Arguments 1. Business Development and Product Launches - 新时达 is accelerating the development and commercialization of humanoid robots, planning to launch the 巨轮智能通用控制器 and complete machine products by the end of 2025, with a welding robot solution already showcased [2][3][4] - The company’s current business segments include elevator control (global second), robot control (top ten in China), and general control and drive, with revenue contributions expected to be 20%, 24%, and 47.4% respectively in 2024 [2][9] 2. Financial Performance and Projections - Expected net profits for 新时达 from 2025 to 2027 are projected to be 13 million, 84 million, and 190 million yuan, respectively, indicating a significant turnaround and a compound annual growth rate (CAGR) of approximately 290% [4][14][18] - Revenue is anticipated to recover from over 3 billion yuan to over 5 billion yuan, with net profit margins potentially reaching 5% to 10% [5][18] 3. Impact of 海尔's Acquisition - 海尔's acquisition has led to a restructuring of the shareholding, with an expected increase in ownership to 26%-27% and voting rights to 42% by the end of 2025, reflecting strong support for 新时达's future [2][6][10] - The management team has been largely replaced with 海尔 executives, enhancing operational efficiency and strategic execution [6][10] - A 10 billion yuan investment fund for embodied intelligence has been established by 海尔, facilitating product development and ecosystem collaboration [6][10] 4. Market Position and Competitive Advantages - 新时达 holds a strong market position in elevator control and is ranked fourth among domestic brands in SCARA industrial robots [9] - The company has a 30-year history in motion control, providing a competitive edge in the humanoid robot sector [3] 5. Future Growth Opportunities - The humanoid robot market is expected to be substantial, driven by a global population of 8 billion, with significant applications in both household and industrial settings [3] - The company is also expanding into semiconductor robotics, with orders expected from leading domestic semiconductor equipment manufacturers by mid-2025 [2][13] 6. Risks to Monitor - Investors should be aware of potential risks including a downturn in downstream demand, integration challenges with 海尔, and slow progress in embodied intelligence development [19] 7. Specific Developments in Robotics - The company is focusing on a wheeled configuration for its embodied robots, with plans to switch to legged designs, aiming to complete prototype development by the end of 2025 [15] - Key target applications include adaptive sorting systems, smart welding, and flexible automation for PCB quality inspection [15] 8. Financial Ratios and Valuation - Projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 1,043, 156, and 69, respectively, indicating a potential undervaluation based on future growth prospects [8][18] Conclusion - 新时达 is positioned for significant growth in the robotics sector, bolstered by 海尔's strategic support and a robust product development pipeline, despite facing certain market risks and challenges.

Core Viewpoint - New Times is recognized as a leading domestic robot manufacturer, with an upward turning point in its motion control business, and the acquisition by Haier is expected to accelerate the development of embodied intelligence and humanoid robots beyond expectations [1] Group 1: Market Position and Product Development - The company has a strong market share, ranking second globally in elevator controllers and fourth domestically in SCARA industrial robot shipments [1] - The company is a pioneer in domestic automation product substitution and has a high degree of integration in its offerings [1] - The company broke the foreign monopoly in elevator control early on and became the first domestic manufacturer to achieve integrated robot drive and control [1] Group 2: Future Prospects and Strategic Positioning - Future developments in embodied intelligence and humanoid robots can draw references from companies like Tesla, Xiaomi, and Xpeng [1] - The company possesses foundational capabilities in motion control technology and industrial robot manufacturing, while Haier contributes with its large model capabilities, data collection, and application scenarios [1] - The company aims to establish a complete industrial chain for embodied intelligence and humanoid robots, integrating "big brain + body + application scenarios + sales system" [1] Group 3: Financial Performance and Order Growth - The company is experiencing continuous improvement in gross and net profit margins [1] - There is a consistent increase in semiconductor robot order volumes [1] - The company has upgraded its rating to "Buy" based on these positive indicators [1]

Group 1 - The A-share market is experiencing a strong performance in robotics concept stocks, with several companies hitting the daily limit up [1] - Notable performers include Si Hui Fu Shi, which reached a 20% increase, and Jie Chuang Zhi Neng, which rose nearly 11% [1][2] - Other companies such as Chongda Technology, Shanghai Hu Gong, and Xin Shi Da also saw their stocks hit the limit up, indicating a bullish trend in the sector [1] Group 2 - The table lists various companies with their stock performance, including Si Hui Fu Shi with a market cap of 6.257 billion and a year-to-date increase of 69.77% [2] - Jie Chuang Zhi Neng has a market cap of 4.565 billion and a year-to-date increase of 87.03% [2] - Industrial Fu Lian stands out with a market cap of 1,171.1 billion and a remarkable year-to-date increase of 179.66% [2]

机器人概念表现活，首开股份触及涨停，新时达涨停、东山精密、江苏北人涨超6%。 ...