证券代码：300005 证券简称：探路者 编号：临2025-071 探路者控股集团股份有限公司 关于向特定对象发行股票导致股东权益变动的提示性公告 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。 重要提示： 1、本次权益变动方式为探路者控股集团股份有限公司（简称"公司"）拟向 特定对象发行 A 股股票（简称"本次发行"）。本次发行的对象为李明先生控股的 北京通域合盈投资管理有限公司（简称"通域合盈"）和北京明弘毅科技服务有 限公司（简称"明弘毅"）。李明先生系公司实际控制人、董事长，通域合盈系 公司控股股东北京通域众合科技发展中心（有限合伙）（简称"通域众合"）的 执行事务合伙人，李明先生持有通域合盈 60%的股权；明弘毅系李明先生控制的 企业，李明先生持有明弘毅 100%的股权。 2、本次发行将会导致公司控股股东由通域众合变更为通域合盈，通域合盈 系公司实际控制人李明控制的企业，本次权益变动不会导致公司实际控制人变更。 3、本次发行尚需股东会审议通过、深圳证券交易所（简称"深交所"）审核 通过和中国证券监督管理委员会（简称"中国证监会"）同意注册的批复后方可 ...

Group 1 - The company announced that its sixth board meeting will be held on October 31, 2025, in a combined format of on-site and communication [1] - For the first half of 2025, the company's revenue composition shows that the outdoor products industry accounts for 82.45%, while other businesses account for 17.55% [1] - The current market capitalization of the company is 8.3 billion yuan [1]

Core Insights - The establishment of Haohai Xingkong marks a significant entry into the increasingly competitive embodied intelligence industry, with a focus on leveraging key breakthroughs in energy, materials, costs, and large models [3][4] - The company aims to capitalize on the upcoming critical phase of the industry, where leading companies are expected to emerge, by forming a unique founding team of 15 members with extensive experience in the robotics sector [4][5] Company Structure and Strategy - The founding team consists of 14 individuals, each with over 7-10 years of experience in the robotics industry, allowing for clear role delineation and rapid integration into existing industrial ecosystems [5][6] - Haohai Xingkong's strategy involves a "pick and choose" approach in its market positioning, focusing on education, healthcare, and commercial applications while avoiding direct competition with established players [6][7] Application Scenarios - The company prioritizes three main application scenarios: education, healthcare, and commercial services, leveraging the team's expertise in education and healthcare to develop comprehensive solutions [7][8] - In education, the company plans to provide solutions across all age groups, enabling students to learn programming and mechanical principles through robotics [7] - In healthcare, the focus is on hospital logistics and surgical assistance, utilizing a step-by-step approach to data collection and algorithm optimization for future scalability [7] Recent Developments - Haohai Xingkong has secured an order worth 30 million yuan, emphasizing the importance of focusing on areas that can generate cash flow [8] - The company is developing a full-size humanoid robot with approximately 10 unique innovations aimed at balancing motion performance and interactive intelligence, with plans for future applications in rehabilitation and companionship [9][10] - A strategic investment of 40 million yuan from Zhejiang Xiantong has been secured, allowing for the establishment of a joint venture to build a manufacturing base for robots, enhancing production capabilities [9][10] Future Goals - The company aims to leverage Zhejiang Xiantong's extensive manufacturing experience and quality management to transition from research and development to large-scale market deployment [10] - Long-term objectives include positioning Haohai Xingkong within the second tier of leading companies by the end of next year and striving for the top tier within 2-3 years, ultimately promoting harmonious coexistence between robots and humans [10]

Core Viewpoint - The outdoor products company, Pathfinder, reported a significant decline in performance for Q3 2025, with a notable change in shareholder structure as founder Wang Jing reduced her stake, raising market concerns [2][4]. Financial Performance - For the first three quarters of 2025, Pathfinder's revenue was 953 million yuan, a decrease of 13.98% year-on-year; net profit attributable to shareholders was 33.037 million yuan, down 67.53% year-on-year; and net profit excluding non-recurring items was 26.937 million yuan, a decline of 70.46% [2]. - In Q3 alone, the company reported revenue of 300 million yuan, a year-on-year decrease of 24.91%, and a net profit of 12.9429 million yuan, down 20.32% year-on-year. However, the net profit excluding non-recurring items showed a positive growth of 12.9% year-on-year, indicating signs of recovery in some business areas [2]. Market Environment and Business Strategy - The decline in performance is attributed to the outdoor business being affected by market conditions and product iteration, leading to lower-than-expected sales. Additionally, despite positive overall development in the chip business, exchange rate fluctuations caused foreign exchange losses, contributing to the overall performance decline [2]. - The outdoor industry has been experiencing rapid growth, becoming a new growth point in the apparel sector. Pathfinder is focusing on enhancing product functionality, increasing marketing investments, and improving store efficiency, which may help in brand rebuilding and profitability enhancement in the future [3]. Shareholder Changes - The largest shareholder is Beijing Tongyu Heying Investment Management Co., Ltd., holding 7.80% of shares, followed by Beijing Tongyu Zhonghe Technology Development Center with 5.85%. Founders Sheng Faxiang and Wang Jing hold 5.43% and 4.78%, respectively, with Wang Jing having exited the 5% shareholder category after reducing her stake [4]. - Wang Jing's share reduction involved selling 4.2246 million shares, approximately 0.50% of the total share capital, bringing her holding from 5.17% to 4.67% [4][5]. Strategic Transition - The performance decline and shareholder changes occur during a critical period for Pathfinder's dual business transformation into outdoor products and chips. The company's ability to address sales pressures in the outdoor segment, mitigate exchange rate risks in the chip business, and maintain strategic coherence under the new shareholder structure are key concerns for the market [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a non-net profit growth of double digits in Q3, with a focus on the progress of private placement [2] - The outdoor industry is experiencing rapid growth, becoming the next growth point in the apparel sector, with the company enhancing product functionality and marketing efforts [4] - The company has successfully integrated G2 Touch, benefiting from technology development and customer expansion, with potential growth in the automotive sector [4] Financial Summary - In Q3 2025, the company reported revenue of 30 million, net profit of 1.3 million, and non-net profit of 1.1 million, with year-on-year changes of -24.91%, -20.32%, and +12.94% respectively [2] - For the first three quarters of 2025, the company’s revenue was 95.3 million, net profit was 3.3 million, and non-net profit was 2.7 million, with year-on-year changes of -13.98%, -67.53%, and -70.46% respectively [2] - The company announced a private placement of up to 1.93 billion at a price of 7.28 per share, which will increase the chairman's shareholding from 22% to 33.6% [2] Profitability and Forecast - The gross profit margin for Q3 2025 was 46.5%, an increase of 1.8 percentage points year-on-year, while the net profit margin was 4.3%, an increase of 0.2 percentage points year-on-year [3] - The company maintains its revenue forecast for 2025-2027 at 2.011 billion, 2.280 billion, and 2.588 billion respectively, and net profit forecast at 237 million, 276 million, and 325 million respectively [4] - The earnings per share (EPS) forecast for 2025-2027 is 0.27, 0.31, and 0.37 respectively, with corresponding price-to-earnings (PE) ratios of 34, 29, and 25 [4]

证券代码：300005 证券简称：探路者 编号：临2025-066 探路者控股集团股份有限公司 关于 2025 年第三季度报告披露的提示性公告 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。 探路者控股集团股份有限公司（简称"公司"）于 2025 年 10 月 29 日召开 了第六届董事会第八次会议，审议通过了《2025 年第三季度报告》。为使投资 者全面了解公司的经营成果和财务状况，公司《2025 年第三季度报告》于 2025 年 10 月 30 日在巨潮资讯网（www.cninfo.com.cn）上披露，敬请广大投资者注 意查阅。 董 事 会 2025 年 10 月 30 日 特此公告。 探路者控股集团股份有限公司 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥299,795,073.04, a decrease of 24.91% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2025 was ¥12,942,904.97, down 20.32% year-on-year, while the net profit for the first nine months decreased by 67.53% to ¥33,037,020.21[5] - Total operating revenue for the current period was CNY 952,804,473.26, a decrease of 14.0% compared to CNY 1,107,642,432.36 in the previous period[21] - Net profit for the current period was CNY 18,436,756.50, a decline of 78.3% from CNY 85,179,042.13 in the previous period[22] - The total comprehensive income for the period was CNY 28,430,878.04, a decrease from CNY 78,405,031.06 in the previous period[23] - The basic and diluted earnings per share were both CNY 0.0391, down from CNY 0.1192 in the previous period[23] Cash Flow and Liquidity - The net cash flow from operating activities for the first nine months was -¥147,223,283.74, a decrease of 17.80% compared to the previous year[5] - The net cash flow from operating activities was negative CNY 147,223,283.74, compared to negative CNY 124,980,829.79 in the previous period[25] - Cash inflow from investment activities totaled CNY 1,795,305,047.41, down from CNY 3,299,800,499.46 in the previous period[25] - The net cash flow from financing activities was negative CNY 31,811,588.21, compared to negative CNY 34,934,257.27 in the previous period[25] - The cash outflow for purchasing goods and services was CNY 682,293,657.11, down from CNY 784,317,817.10 in the previous period[25] - The company reported a decrease in cash received from sales of goods and services, totaling CNY 962,201,594.62, compared to CNY 1,101,081,935.91 in the previous period[24] - The cash and cash equivalents at the end of the period amounted to ¥764,053,284.19, an increase from ¥747,839,557.69 at the beginning of the period[18] - The total cash and cash equivalents at the end of the period were CNY 751,142,388.83, an increase from CNY 625,229,365.37 at the end of the previous period[25] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥2,639,961,489.21, reflecting a 1.97% increase from the end of the previous year[5] - The company's total assets increased to CNY 2,639,961,489.21, up from CNY 2,588,996,229.30[20] - Total liabilities rose to CNY 707,229,688.76, compared to CNY 674,556,060.14 in the previous period[20] - The company's equity attributable to shareholders increased to CNY 1,978,855,774.18, up from CNY 1,948,934,626.56[20] Inventory and Expenses - The company's inventory increased by 43.92% to ¥502,425,480.41, primarily due to higher autumn and winter product stock[10] - The financial expenses for the first nine months surged by 225.51% to ¥11,496,384.42, mainly due to increased exchange losses[10] - The company reported a significant decrease in investment income, down 81.79% to ¥443,122.72, attributed to reduced investment returns[10] - The company reported a decrease in sales expenses to CNY 241,734,401.34 from CNY 244,146,127.95[22] - Research and development expenses for the current period were CNY 53,603,586.26, an increase from CNY 50,280,623.49 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 41,112[12] - The company reported a total of 68,921,672 shares held by Beijing Tongyu Investment Management Co., accounting for 7.80% of total shares[13] - Beijing Tongyu Zhonghe Technology Development Center holds 51,691,257 shares, representing 5.85% of total shares[13] - The company has a total of 38,764,727 shares in its stock repurchase account, which is 4.39% of the total share capital[13] - The total number of restricted shares at the end of the period was 391,650, with 3,750 shares newly released from restriction[16] - There are no changes reported in the number of preferred shareholders or their holdings[15] Strategic Developments - The company has not disclosed any new strategies or significant developments in product or technology[17] - The company has not indicated any plans for market expansion or acquisitions in the near future[17] - The company plans to focus on market expansion and new product development as part of its future strategy[21] Audit and Reporting - The company did not conduct an audit for the third quarter financial report[27] - The company has not reported any changes in the number of shares held by major shareholders due to margin trading activities[14]

Market Overview - The apparel and home textile sector increased by 0.03% compared to the previous trading day, with Luolai Life leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers - Luolai Life (002293) closed at 9.40, up 5.86% with a trading volume of 356,400 shares and a turnover of 339 million yuan [1] - Shengtai Group (605138) closed at 7.91, up 4.91% with a trading volume of 165,300 shares and a turnover of 132 million yuan [1] - Xinhe Shares (003016) closed at 8.84, up 4.49% with a trading volume of 289,500 shares and a turnover of 254 million yuan [1] Underperformers - ST Erya (600107) closed at 8.77, down 4.98% with a trading volume of 160,200 shares and a turnover of 144 million yuan [2] - Ribo Fashion (603196) closed at 23.12, down 4.93% with a trading volume of 60,300 shares and a turnover of 141 million yuan [2] - Anzheng Fashion (603839) closed at 8.91, down 3.47% with a trading volume of 117,000 shares and a turnover of 106 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 147 million yuan from institutional investors, while retail investors saw a net inflow of 125 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2][3] Individual Stock Capital Flow - Wanlima (300591) had a net inflow of 29.27 million yuan from institutional investors, while it saw a net outflow of 2.39 million yuan from retail investors [3] - Shengtai Group (605138) experienced a net inflow of 15.85 million yuan from institutional investors, but a net outflow of 23.59 million yuan from retail investors [3] - Seven Wolves (002029) had a net inflow of 18.53 million yuan from institutional investors, with a net outflow of 1.03 million yuan from retail investors [3]

Core Insights - The outdoor apparel industry in China has evolved through three distinct phases: the nascent stage, rapid development stage, and transformation and upgrading stage, driven by the increasing popularity of outdoor activities such as skiing, hiking, and climbing [1][4]. Industry Overview - The market size of China's professional outdoor apparel industry is projected to grow from 71.2 billion yuan in 2020 to 131.9 billion yuan in 2024, with expectations to exceed 160 billion yuan by 2025 [1][4]. - Professional outdoor apparel is categorized into sportswear, functional apparel, and fashion apparel, with functional apparel further divided into high-performance outdoor apparel and other functional apparel [2]. Industry Development Status - The demand for outdoor apparel continues to rise, leading to an expanding industry scale [4]. - The industry is supported by a comprehensive supply chain, including raw materials (such as polyester and nylon), production and brand operation, and various sales channels including both offline and online platforms [5]. Competitive Landscape - The Chinese outdoor apparel market features a competitive landscape comprising international brands, leading domestic brands, and emerging brands, with significant growth in domestic brands due to technological innovations [5][6]. - Major companies in the market include Beijing Sanfu Outdoor Products Co., Ltd., Guangzhou Kailas Sports Technology Co., Ltd., and Toread Holdings Group Co., Ltd., among others [5][6]. Key Companies - Beijing Sanfu Outdoor Products Co., Ltd. focuses on outdoor product development and retail, reporting a revenue of 455 million yuan in 2024, accounting for 56.81% of total revenue [6]. - Toread Holdings Group Co., Ltd. achieved sales of 5.5479 million outdoor apparel items in 2024, generating a revenue of 1.059 billion yuan [7]. - MobiGarden, known for its high-performance outdoor gear, produced 734,700 outdoor apparel items in 2024, with sales of 669,100 items [8]. Industry Development Trends - The outdoor apparel market is experiencing rapid growth driven by young consumer power and significant market potential, with a shift towards high-quality development characterized by fashionable and intelligent products [8].

Core Viewpoint - The company, Ternary Explorer, has shown a mixed performance in stock price and financial results, with a notable increase in stock price year-to-date but a decline in revenue and net profit for the first half of 2025 [1][2]. Financial Performance - As of October 27, Ternary Explorer's stock price increased by 2.21% to 8.78 CNY per share, with a total market capitalization of 7.759 billion CNY [1]. - Year-to-date, the stock price has risen by 25.45%, with a 5.66% increase over the last five trading days, a 4.57% decrease over the last 20 days, and a 2.57% increase over the last 60 days [1]. - For the first half of 2025, the company reported revenue of 653 million CNY, a year-on-year decrease of 7.82%, and a net profit attributable to shareholders of 20.094 million CNY, down 76.50% year-on-year [2]. Shareholder Information - As of June 30, the number of shareholders increased to 58,000, a rise of 31.04%, while the average number of circulating shares per person decreased by 23.69% to 15,220 shares [2]. Business Segments - Ternary Explorer operates primarily in two business segments: outdoor products and semiconductor business, with revenue contributions of 63.31% from outdoor clothing, 17.13% from semiconductor business, 13.29% from outdoor footwear, 3.71% from outdoor equipment, and 2.56% from other services [1]. Dividend Distribution - The company has distributed a total of 509 million CNY in dividends since its A-share listing, with cumulative distributions of 30.417 million CNY over the past three years [3].