Group 1 - Qiaoyin Co., Ltd. signed a cooperation agreement with the National Local Co-construction Humanoid Robot Innovation Center to advance resource integration and technological collaboration in urban service scenarios and embodied intelligent robots [2][3] - The focus of the collaboration will be on humanoid robots and algorithmic computing power, aiming to launch three types of humanoid robot products for urban services [2] - The agreement includes an intention to order 1,000 urban service robots, with the first batch targeting street sanitation scenarios featuring autonomous handling and loading capabilities [2] Group 2 - Qiaoyin's president, Xia Guanming, emphasized the company's strong foundation in urban services, which will provide ample market resources, application scenarios, big data support, and capital advantages to implement AI and robotics solutions at scale [3] - The collaboration aims to enhance operational quality and efficiency while reducing labor costs, contributing to the modernization of urban management [3] - Both parties plan to leverage this signing as a starting point to integrate resources and deepen cooperation, setting new benchmarks for smart city development [3]

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]

Core Insights - The company reported a stable performance in its 2024 annual report, achieving an operating revenue of 3.914 billion yuan and a net profit attributable to shareholders of 309 million yuan, reflecting a year-on-year growth of 1.12% [1] - The company has significantly improved its cash flow from operating activities, with a year-on-year increase of 98.29%, indicating enhanced operational efficiency [1] - The gross profit margin has steadily increased over five years, rising from 23.93% in 2020 to 26.86% in 2024, showcasing the company's effective cost management [1] - The company has reduced its "three expenses" ratio by 0.88% to 13.23%, further indicating operational efficiency [1] Financial Performance - Total assets reached 8.26 billion yuan by the end of the reporting period, with equity attributable to shareholders also increasing, reflecting a solid financial structure [1] - The company has invested a total of 87.89 million yuan in research and development over the past two years, highlighting its commitment to innovation [1] Strategic Initiatives - The company is leveraging digital transformation to enhance its urban service capabilities, focusing on "AI full-dimensional and all-scenario empowerment" as its core strategy [1] - The company is accelerating the construction of an "urban service ecosystem," expanding its business scope to include property management, resource recycling, AI equipment, and technology services [2] - By the end of 2024, the company has a backlog of 42 billion yuan in orders, indicating strong sustainable development potential [2] Market Positioning - Analysts note that the company has established a virtuous cycle of "technology-efficiency-market" through its proactive positioning in the digitalization sector, serving as a model for traditional service enterprises undergoing transformation [2] - The company is expected to gain a first-mover advantage as demand for smart city services continues to grow, contributing to increased industry concentration [2]

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 ...