2025 年 11 月 11 日 公司点评 买入/首次 科瑞技术(002957) 昨收盘:21.55 收入符合预期，"AI+半导体"业务成为公司发展引擎 ◼ 走势比较 (40%) (26%) (12%) 2% 16% 30% 24/11/11 25/1/22 25/4/4 25/6/15 25/8/26 25/11/6 ◼ 股票数据 事件：公司发布 2025 年三季报，2025 年前三季度公司实现营收 17.61 亿 元，同比增长 0.22%；实现归母净利润 2.47 亿元，同比增长 49.79%。 移动终端业务收入稳健，行业及产品收入结构变化利润有所承压。分业务 来看，公司 2025 年前三季度移动终端业务实现销售收入 7.09 亿元，占营 业收入的 40.28%；新能源业务实现销售收入 4.34 亿元，占营业收入的 24.63%；精密零部件业务实现销售收入 3.57 亿元，占营业收入的 20.25%。 在利润端，2025 年前三季度公司实现毛利率 34.87%，同比下降 4.03 pcts； 实现扣非归母净利润 1.57 亿元，同比增长 5.20%，主要原因系行业及产 品收入结构发生变化所致。 运营效率维 ...

为进一步加强与投资者的互动交流，深圳科瑞技术股份有限公司（以下简称"公司"） 将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司协会与深圳市全景 网络有限公司联合举办的"2025 年度深圳辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： 证券代码：002957 证券简称：科瑞技术 公告编号：2025-087 深圳科瑞技术股份有限公司 关于参加2025年度深圳辖区上市公司投资者网上集体接待日活动 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。 本 次活 动 将采 用 网络 远 程的 方 式 举行 ， 投资 者 可登 录" 全 景路 演" 网 站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次 互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。届时公司总经理陈路南 先生、董事会秘书李日萌先生、财务负责人饶乐乐先生以及独立董事李文茜女士将在线 就公司业绩、公司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等投 资者关心的问题，与投资者 ...

科瑞技术（002957.SZ）11月6日在投资者互动平台表示，沙特智能工厂项目是科瑞技术为该标杆客户打 造的第三座智能工厂，此次中标标志着双方合作迈入更紧密稳定的战略伙伴阶段。作为客户在中东地区 首个智能化、现代化生产基地，基地除了将聚焦笔记本电脑、台式机、手机等消费产品及IT产品的智能 生产，满足中东和非洲地区日益增长的市场需求外，还将建设AI服务器制造中心，推动中东地区优化 布局算力基础设施，促进人工智能产业发展。作为智能制造解决方案提供商，公司将提供涵盖组装、测 试、包装、物流的全流程一体化智能生产线。项目建成后将成为中东区域智能制造的示范标杆基地，为 与该客户未来十年的合作打下坚实的基础。公司中标或签订的合同金额如达到信息披露标准，将及时履 行信息披露义务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司沙特项目中标金额是多少？ ...

证券日报网讯科瑞技术11月6日在互动平台回答投资者提问时表示，截至2025年10月31日，公司的股东 人数为39566户。 （文章来源：证券日报） ...

Core Viewpoint - The company has been continuously developing and accumulating technological reserves and capabilities in AR/VR-related testing and equipment in recent years [1] Company Summary - The company currently provides AR/VR integrated function testing equipment and related devices for multiple brand clients [1]

Core Viewpoint - The article highlights the growth and strategic positioning of Shenzhen Keri Technology Co., Ltd. in the lithium battery equipment sector, emphasizing its focus on mid-to-late stage equipment and its robust performance in the face of industry challenges [4][5][6]. Company Performance - In the first three quarters of 2025, Keri Technology reported impressive results: revenue of 1.761 billion yuan and a net profit of 247 million yuan, marking a year-on-year growth of 49.79%. The company's focus on mid-to-late stage lithium battery equipment contributed 434 million yuan in sales, becoming a core support for its growth [4][5]. Strategic Development - Keri Technology's development is characterized by a commitment to "persistence and adaptation." The company began its journey in 2007, initially focusing on consumer batteries and later transitioning to new energy equipment as the demand for power batteries surged post-2010 [6][7]. - The establishment of a new energy sub-brand and the acquisition of Huizhou Dingli Intelligent in 2021 allowed Keri Technology to enhance its comprehensive solutions for battery cell assembly, meeting customer demands for integrated services [7][8]. Customer Focus and Competitive Advantage - Keri Technology aims to create a differentiated competitive advantage by deeply binding with leading industry customers and focusing on customized equipment development to meet their specific needs [9][10]. - The company's ability to adapt its equipment to meet the evolving demands of major clients has resulted in stable long-term partnerships, driven by a responsive R&D team [12][13]. Global Expansion - As domestic battery companies expand overseas, Keri Technology is strategically building a global network, establishing offices and production bases in regions like the U.S., Singapore, and Vietnam to support local delivery and maintenance [14][15]. - The company conducts thorough research on local policies and supply chains before entering new markets, ensuring compliance with regional standards and optimizing its offerings accordingly [15][17]. Long-term Vision - Keri Technology is committed to remaining a provider of mid-to-late stage lithium battery solutions, focusing on enhancing existing products and addressing technical bottlenecks without blindly expanding its business scope [18][19]. - The core objectives for the next 3-5 years include improving business stability and customer satisfaction, with the Huizhou New Energy Industrial Park set to enhance delivery efficiency and service experience [19][20].

Core Insights - The company reported a revenue of 1.761 billion yuan for the first three quarters of 2025, showing a slight year-on-year increase of 0.22% [1] - The net profit attributable to shareholders reached 247 million yuan, representing a significant year-on-year growth of 49.79% [1][4] - Operating cash flow demonstrated strong performance, with a net cash flow from operating activities increasing by 192.21% to 457 million yuan [1][8] Financial Performance - Revenue for the precision components business grew by 20.25%, while the mobile terminal business saw a revenue increase of 7.09% [10] - The new energy business experienced a revenue decline of 13.03%, with sales amounting to 434 million yuan [11] - The company's total assets reached 6.374 billion yuan, with equity attributable to shareholders increasing by 10.19% to 3.203 billion yuan [10] Cash Flow and Efficiency - Accounts receivable decreased by 9.11%, indicating improved collection capabilities and efficiency in capital turnover [1][10] - Contract liabilities rose by 58.69% to 975 million yuan, reflecting an increase in orders on hand and advance payments [1][10] Research and Development - The company invested 207 million yuan in R&D, accounting for 11.74% of its revenue during the period [11] - The total number of intellectual property rights held by the company reached 545, including 297 valid patents and 168 valid inventions [12] Strategic Initiatives - The company has successfully secured a project for an intelligent factory in Saudi Arabia, expanding its presence in new fields such as AI servers [12]

Core Viewpoint - As of October 29, 2025, Kory Technology (002957) closed at 22.93 yuan, down 1.8%, with a turnover rate of 5.22% and a trading volume of 218,500 shares, amounting to a transaction value of 499 million yuan [1]. Trading Information Summary - On October 29, the net outflow of main funds was 11.89 million yuan, while retail investors saw a net inflow of 14.46 million yuan [1][3]. Company Announcement Summary - Kory Technology announced the use of part of its idle funds for securities investment, with an investment limit not exceeding 950 million yuan, valid for 12 months. As of the announcement date, the company and its subsidiaries had redeemed some financial products, totaling approximately 151 million yuan, with a total return of about 1.48 million yuan [1]. - The company continues to use idle funds to purchase financial products, with new purchases including 71 million yuan and 8 million USD. As of the announcement date, the cumulative balance of unexpired financial products was 714.15 million yuan and 8 million USD, with a maximum daily balance of 930 million yuan, remaining within the authorized limit [1][3].

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。 一、董事会会议召开情况 证券代码：002957 证券简称：科瑞技术 公告编号：2025-085 深圳科瑞技术股份有限公司 第五届董事会第二次会议决议公告 公司审计委员会对该事项发表了明确同意意见，《2025年第三季度报告》（公 告编号：2025-086）的具体内容详见公司刊登于巨潮资讯网（www.cninfo.com.cn） 和指定信息披露媒体的相关公告。 三、备查文件 1、公司第五届董事会第二次会议决议； 2、公司董事会审计委员会会议决议。 特此公告。 深圳科瑞技术股份有限公司（以下简称"公司"）第五届董事会第二次会议 于2025年10月29日以现场会议结合通讯会议的方式召开。本次董事会会议通知及 会议材料已于2025年10月24日以电子邮件方式向公司全体董事发出。会议由董事 长PHUA LEE MING先生主持。本次会议应出席董事9人（含3位独立董事），实 际出席董事9人。公司董事会秘书及部分高级管理人员列席本次会议。本次会议 的召集、召开符合相关法律、行政法规、部门规章、规范性文件和公司章程的规 定。 二、 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥654,765,125.97, a decrease of 8.63% compared to the same period last year[5] - Net profit attributable to shareholders was ¥123,931,884.13, an increase of 64.67% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥37,419,171.89, down 41.90% year-on-year[5] - The company achieved a basic earnings per share of ¥0.2951, representing a 60.03% increase compared to the same period last year[5] - The company reported a total revenue of 2,080 million, representing a year-over-year increase of 8.2%[19] - The net profit for the current period is CNY 273,760,038.81, an increase of 36% compared to CNY 201,233,718.84 in the previous period[22] - The total profit for the current period is CNY 291,283,296.35, an increase from CNY 226,441,227.29 in the previous period, reflecting a growth of 28.6%[22] - The total comprehensive income for the current period is CNY 271,710,855.67, compared to CNY 201,922,248.68 in the previous period, indicating a growth of 34.5%[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥6,373,516,493.32, reflecting a growth of 16.44% from the end of the previous year[5] - Total current assets amount to 4,649,596,348.19 CNY, an increase from 3,663,590,440.83 CNY at the beginning of the period[18] - The company’s total assets increased, indicating a positive trend in financial health and stability[20] - Total liabilities and equity amounted to ¥6,373,516,493.32, up from ¥5,473,664,067.71, reflecting an increase of approximately 16.4%[20] Cash Flow - Cash flow from operating activities for the year-to-date was ¥456,508,428.81, up 192.21% compared to the previous year[5] - The net cash flow generated from operating activities is CNY 456,508,428.81, significantly higher than CNY 156,223,672.56 in the previous period[24] - The company reported a net cash outflow from investing activities of CNY -460,291,096.35, worsening from CNY -254,819,075.48 in the previous period[25] - Cash and cash equivalents at the end of the period totaled CNY 407,181,955.36, compared to CNY 361,957,203.46 at the end of the previous period[25] Investments and Income - Investment income for the first nine months of 2025 was ¥100,253,784.97, a significant increase of 616.49% year-on-year[11] - The company maintained a strong focus on investment returns, with a notable improvement in investment income compared to the previous period[21] - The company received CNY 124,162,182.39 from investment activities, indicating ongoing interest in expanding its investment portfolio[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 39,984[14] - The largest shareholder, COLIBRI TECHNOLOGIES PTE LTD, holds 35.90% of shares, totaling 150,772,731 shares[14] - The total number of preferred shareholders at the end of the reporting period is not applicable[16] - The company has not reported any significant changes in the top 10 shareholders due to margin trading activities[15] Operational Highlights - The mobile terminal business generated sales revenue of ¥70,942.41 million, accounting for 40.28% of total revenue[8] - User data showed an increase in active users to 7,800,000, up from 7,720,000, indicating a growth rate of 1.08%[19] - The company provided a future outlook with a revenue guidance of 2,200 million for the next quarter, reflecting an expected growth of 5.77%[19] - Research and development expenses amounted to 430.66 million, which is 4.3% of total revenue, highlighting the company's commitment to innovation[19] - The company announced plans for market expansion into Southeast Asia, targeting a 15% market share within the next two years[19] - A new product line is set to launch in Q4 2023, projected to contribute an additional 150 million in revenue[19] - The company completed an acquisition of a tech startup for 500 million, aimed at enhancing its technological capabilities[19] Cost Management - Total operating costs increased to ¥1,563,904,413.87 from ¥1,507,641,014.46, representing a rise of about 3.7%[21] - Operating expenses were reported at 1,590 million, which is a 2.4% increase compared to the previous quarter[19] - The company reported a decrease in sales expenses to ¥87,303,203.95 from ¥89,719,434.18, a reduction of about 2.7%[21] Research and Development - Research and development expenses were recorded at ¥206,748,055.67, down from ¥214,444,446.67, showing a decrease of approximately 3.6%[21] - The company continues to prioritize research and development, despite a slight reduction in R&D spending, to drive future growth and innovation[21] Construction and Investments - The construction in progress increased by 4624.45% to ¥47,988,251.97, primarily due to investments in the Huizhou industrial park[10] - The company has a total of 386,436,137.15 CNY in trading financial assets, a substantial increase from 33,715,517.35 CNY[18]