本报讯 （记者李昱丞）据侨银城市管理股份有限公司（以下简称"侨银股份"）官微消息，5月7日，侨 银股份与国家地方共建人形机器人创新中心（以下简称"国地中心"）举行人形机器人合作项目签约仪 式，共同推进双方在城市服务场景与具身智能机器人领域的资源融合与技术协同。 根据协议，双方将重点围绕城市服务大管家主题，在人形机器人、算法算力等领域进行深度协作，着力 推动三款应用类型的人形机器人（臂）产品首发。在环卫作业场景，解决地车搬运、地面巡检、水面保 洁、路面清洗、垃圾清理及分类、绿化维护、扬尘控制、特殊天气应对等问题；在物业管理场景，解决 门禁管理、安保、巡查、环境卫生清洁、房屋及设施设备维护等问题；在家居场景，打造家庭保姆类人 形机器人，深度整合洗衣做饭、拖地洗碗、居家安全监测等精细化功能，共同完善城服人形机器人产业 化落地的商业模式，为行业提供机器人应用落地的基础技术要素。 另外根据合作协议，双方签约1000台城服机器人意向订单，拟推出首批面向街道环卫场景的人形机器 人，具备自主搬运、自主装载等功能，打造街道场景应用示范。 侨银股份总裁夏冠明认为，依托在城市服务领域的深厚积累，侨银股份可提供充足的市场资源、场景应 ...

Group 1: Stock Performance - Zhongchao Holdings (002471) has achieved a 10.00% increase over four consecutive trading days, driven by developments in robotics and photolithography [3] - Aopeng Optoelectronics (002338) has also seen a 10.00% rise over two days, attributed to robotics [3] - Qiaoyin Co. has made its debut with a 9.97% increase, linked to robotics [4] - Several companies, including Haoneng Co. and Jidong Equipment, have recorded first-day gains of over 10% due to robotics [3][4] Group 2: Military and Aerospace Sector - Huatai Securities indicates that the military sector is showing signs of recovery, with improvements in demand, orders, and performance in upstream areas like information technology and new materials [5] - Chengfei Integration (002190) and Maiwu Co. (300095) have both seen 9.99% and 19.95% increases respectively, attributed to military applications [6] - Tianjian Technology (002977) and Lijun Co. (002651) have also recorded gains of 10.01% due to military and automotive applications [6] Group 3: Renewable Energy Sector - The National Energy Administration reports that China's new photovoltaic installations reached 59.71 GW in Q1 2025, a year-on-year increase of 30.5% [8] - Companies like Xing Shuai Er (002860) and Huaxiang Co. (603112) have seen stock increases of 10.00% and 10.02% respectively, driven by photovoltaic components and supports [9] Group 4: AI and Technology Sector - Huawei's launch of its first HarmonyOS computer has sparked interest in AI applications, with stocks like Vision China (000681) and Donghua Software (002065) seeing gains of 10.02% and 9.96% respectively [14] - The AI sector is further supported by the introduction of dedicated AI assistants in new technology products [14] Group 5: Data Center and Cooling Technology - Demand for magnetic levitation compressors in data centers is expected to double in the next three years, with companies like Jialitu (603912) and Mag Valley Technology (688448) seeing stock increases of 10.04% and 20.01% respectively [17][18]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 14.36 [7][8]. Core Views - The company reported a revenue of RMB 39.14 billion for 2024, a year-on-year decrease of 0.74%, and a net profit attributable to the parent company of RMB 2.89 billion, down 8.71% year-on-year, which is in line with expectations [1]. - The company has signed new contracts with an annualized amount that continues to grow, focusing on the sanitation robot sector and enhancing its smart sanitation ecosystem [1][2]. - The company plans to invest up to RMB 1 billion in the Jiangsu Wujiang project to develop and manufacture various unmanned driving robots for urban management [3]. - The company aims to raise RMB 900 million through a private placement to support its strategic projects, including a centralized equipment configuration center for urban management [4]. - The earnings forecast has been adjusted downward, with expected EPS for 2025-2027 at RMB 0.76, 0.82, and 0.85, respectively, reflecting a 10% and 15% downward adjustment for 2025 and 2026 [5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 39.14 billion and a net profit of RMB 2.89 billion, with a significant increase in accounts receivable by 23.08% to RMB 2.656 billion [4][6]. - The operating cash flow for 1Q25 turned positive at RMB 1.98 billion, a significant improvement compared to a negative cash flow in 1Q24 [4]. Market Position and Strategy - The company has expanded into six key cities and has a total of RMB 42 billion in pending orders, indicating strong future performance potential [2]. - The company is recognized as a leading urban management service provider in China, with significant brand and scale advantages [2]. Investment and Growth Plans - The company is continuously investing in the smart city robot sector, which is expected to enhance its artificial intelligence and smart urban service ecosystem [3]. - The planned fundraising of RMB 900 million will support the development of digital projects for smart city management [4].

Core Viewpoint - The company reported stable performance with a positive growth in non-recurring net profit and significant improvement in operating cash flow [2] Financial Performance - In 2024, the company achieved operating revenue of 3.914 billion yuan, a year-on-year decrease of 0.74%, and a net profit attributable to shareholders of 289 million yuan, down 9% [1] - For Q1 2025, the company reported operating revenue of 936 million yuan, a year-on-year decline of 4%, and a net profit attributable to shareholders of 68 million yuan, down 30% [1] - The non-recurring net profit for 2024 was 309 million yuan, showing a positive year-on-year growth [2] - The overall gross margin was 26.86%, an increase of 0.82 percentage points year-on-year, mainly due to the improvement in the gross margin of the core urban sanitation and cleaning business [2] - The net cash flow from operating activities reached 158 million yuan, a significant year-on-year increase of 98% [2] Business Segments - The urban sanitation and cleaning business generated revenue of 3.726 billion yuan, accounting for 95.18% of total revenue, with a slight year-on-year decrease of 1%, but the gross margin increased by 1.42 percentage points to 27.12% [2] - The revenue from the household waste disposal business was 101 million yuan, a minor year-on-year decline of 0.24% [2] - The company has a robust market expansion capability, with a backlog of orders amounting to 42 billion yuan by the end of 2024 [2] - The company is optimizing its market layout, focusing on regions with better payment capabilities, and has entered six key cities including Linyi, Chongqing, and Ordos [2] Technological Advancements - The company is accelerating its digital transformation, with R&D investment of 44.74 million yuan in 2024 [3] - A subsidiary was established to collaborate with national research institutions to create a "Smart City Research Institute," focusing on developing AI robots for municipal cleaning and property services [3] - Pilot applications of related unmanned equipment have been conducted in various locations, including Yunfu, Guangdong [3] - Plans for 2025 include establishing an AI industry ecosystem headquarters and enhancing the product matrix for unmanned cleaning, property management, and urban inspection robots [3] Profit Forecast - The company is expected to achieve operating revenues of 4.309 billion yuan, 4.746 billion yuan, and 5.221 billion yuan for 2025-2027, with year-on-year growth rates of 10.08%, 10.13%, and 10.01% respectively [3] - The net profit attributable to shareholders is projected to be 345 million yuan, 413 million yuan, and 480 million yuan for the same period, with growth rates of 19.40%, 19.51%, and 16.25% respectively [3] - Based on the closing price on April 28, 2025, the corresponding PE ratios are expected to be 12.00, 10.04, and 8.64, with EPS of 0.84, 1.01, and 1.17 yuan [3]

| 证券代码：002973 | 证券简称：侨银股份 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：128138 | 债券简称：侨银转债 | | 侨银城市管理股份有限公司 关于收到约 5695 万元广西壮族自治区钦州市 浦北县城区环卫保洁和绿化养护一体化服务项目 中标通知书的公告 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。 近日，侨银城市管理股份有限公司（以下简称"公司"）收到浦北县城区 环卫保洁和绿化养护一体化服务项目的《中标通知书》，具体情况公告如下： 1．项目名称：浦北县城区环卫保洁和绿化养护一体化服务项目； 2．采购人：浦北县综合行政执法局； 3．采购代理机构：广西华霖招标有限公司； 4．中标金额：首年报价 18,985,042.23 元/年（其中环卫为 16,074,987.31 元/ 年，绿化为 2,910,054.92 元/年），三年总报价 56,955,126.69 元；； 5．合同履约期限：拟定为" 3+3+2 "年。若中标人在第一个 3 年服务期内 月度考核评分平均值不低于 80 分(含 80 ...

Core Viewpoint - Qiaoyin Co., Ltd. has demonstrated significant financial improvement and strategic transformation, positioning itself for future growth in the urban services sector [1][2][3] Financial Performance - In 2024, Qiaoyin Co., Ltd. achieved a net profit of 309 million yuan, reflecting a year-on-year growth of 1.12% [1] - The company's cash flow from operating activities increased by 98.29% year-on-year, indicating improved liquidity [1] - Gross profit margin has steadily risen for five consecutive years, from 23.93% in 2020 to 26.86% in 2024 [1] - The "three expenses" ratio decreased by 0.88% to 13.23%, showcasing enhanced cost control capabilities [1] - Total assets and equity attributable to shareholders increased compared to the beginning of the period, reinforcing the company's industry position [1] Business Expansion and Strategy - Qiaoyin Co., Ltd. is accelerating its transformation into a "smart city steward," expanding its business into multiple sectors including property management, AI equipment, technology services, and recycling [2] - The company has added six key cities, including Chongqing and Ordos, with a total of 42 billion yuan in pending orders by the end of 2024, indicating strong sustainable development capabilities [2] - Qiaoyin Co., Ltd. is focusing on traditional business while also promoting a business integration strategy, with property management and recycling becoming new growth drivers [2] - The company is exploring a collaborative model of "urban services + AI + recycling," contributing to the construction of a green low-carbon circular economy [2] Technological Investment and Innovation - Qiaoyin Co., Ltd. has invested a total of 87.89 million yuan in R&D over the past two years [2] - The establishment of Qiaoyin Smart City Research Institute and the launch of autonomous driving robots in key cities demonstrate the company's commitment to technological advancement [2] - The upgraded smart sanitation system has improved operational efficiency while reducing labor costs, earning recognition through technology advancement awards [2] Industry Outlook - The urban services industry is poised for new opportunities with the advancement of the national "AI+" initiative and debt reduction policies [3] - Qiaoyin Co., Ltd. aims to leverage its technological accumulation, scale advantages, and strategic foresight to further solidify its leading position in the industry [3] - The company is focused on driving the transformation of urban services towards intelligence, low carbon, and cloud integration, enhancing urban development and residents' quality of life [3]

Core Insights - The company, Qiaoyin Co., Ltd. (stock code: 002973), has demonstrated strong operational resilience and achieved record highs in several key performance indicators through a forward-looking digital transformation strategy amidst macroeconomic pressures and intensified industry competition [1] Financial Performance - The company reported a non-net profit attributable to shareholders of 309 million yuan, reflecting a year-on-year growth of 1.12% - Cash flow from operating activities significantly improved, with a year-on-year increase of 98.29% - Gross margin increased from 23.93% in 2020 to 26.86% in 2024, maintaining growth for five consecutive years - The "three expense rates" decreased by 0.88% to 13.23%, attributed to refined management and effective cost control driven by digitalization [1] - Total assets and equity attributable to shareholders increased compared to the beginning of the period, indicating strong reserves for future development [1] Operational Strategy - The company is accelerating its upgrade to a "smart city steward," expanding its urban service boundaries through digitalization - New business operations have been established in six key cities, including Chongqing and Ordos, with a backlog of 42 billion yuan in orders by the end of 2024, indicating robust sustainable development momentum [2] - In the property management sector, the company is leveraging digital technology to expand projects in Guangzhou and Zhaoqing, focusing on high-end commercial properties for precise services and efficient operations [2] Technological Development - R&D is a core support for the company's digital transformation, with a cumulative investment of 87.89 million yuan over the past two years - The establishment of Qiaoyin Smart City Research Institute and the launch of autonomous intelligent robots in key cities have enhanced operational efficiency and significantly reduced labor costs [3] - The company has received recognition for its technological capabilities, including awards for its intelligent robots and successful implementation of smart sanitation systems [3] Industry Outlook - The urban services industry is poised for growth with the advancement of the national "Artificial Intelligence +" initiative and the deepening of debt restructuring policies - The company aims to leverage its technological and scale advantages to implement a "two verticals and three horizontals" strategy, further solidifying its leading position in the industry [3] - The focus on intelligent, low-carbon, and cloud-connected urban services is expected to inject new vitality into urban development and provide a successful model for industry growth [3]

有业内分析师指出，侨银股份通过前瞻性布局数智化赛道，已构建起"技术－效率－市场"的良性循环， 其转型路径为传统服务型企业转型升级提供了可借鉴范本。随着数智城市服务需求的持续释放，公司有 望在行业集中度提升过程中占据先发优势。 从官网处获悉，近年来侨银股份深刻把握数智革命机遇，以人工智能为引擎，推动"AI全维度全场景赋 能城市综合管理服务"，形成"天、空、地、水、生活、生产"一体化城市数智管理作业体系，数字化转 型降本成效显著，研发成果迭出。年报显示，近两年侨银股份相关研发费用已累计投入8789万元。 依托数智化底座，侨银股份正加速构建"城市服务生态圈"。2024年，侨银股份业务版图新增物业综合管 理、再生资源循环利用、人工智能装备、科技服务等多个板块，形成"服务+科技+资源"三位一体的新 型业务架构，进一步深化产业链协同效应，业务版图方面更新增了重庆、鄂尔多斯、临沂、无锡等6大 重点城市。至2024年末，公司在手待执行订单已达420亿元，可持续发展能力强劲。 4月29日，侨银股份发布2024年年报，交出一份稳中有进的成绩单：公司全年实现营业收入39.14亿元； 实现扣非归母净利润3.09亿元，同比增长1.12 ...

侨银城市管理股份有限公司全体股东： 一、审计意见 我们审计了侨银城市管理股份有限公司（以下简称"侨银股份"）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。 侨银城市管理股份有限公司 2024 年度审计报告 司农审字[2025]24008540015 号 目 录 | 审计报告……………………………………………… | 1-6 | | --- | --- | | 合并资产负债表……………………………………… | 1-2 | | 母公司资产负债表表………………………………… | 3-4 | | 合并利润表…………………………………………… | 5 | | 母公司利润表………………………………………… | 6 | | 合并现金流量表……………………………………… | 7 | | 母公司现金流量表表………………………………… | 8 | | 合并所有者权益变动表……………………………… | 9-10 | | 母公司所有者权益变动表…………………………… | 11-12 | | 财务报表附注……… ...

侨银城市管理股份有限公司 内部控制审计报告 司农审字[2025]24008540021号 目 录 报告正文……………………………………………………1-2 侨银城市管理股份有限公司 内部控制审计报告 司农审字[2025]24008540021号 侨银城市管理股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了侨银城市管理股份有限公司（以下简称侨银股份）2024年12月31日的财 务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是侨银 股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 1 ...