齐建伟 也就是说，浩海星空的创始人团队共有十五人，这样的架构设计并不多见。如此布局有何用意？ ◎记者 孙小程 竞争日趋白热化之际，具身智能产业又迎来了新变量。 今年5月，浩海星空正式成立。成立之初，浩海星空机器人即入选签约上海市政府认定的"上海市重大项 目"，该公司也是上海人工智能研究院重点支持与孵化的机器人企业。 浩海星空创始人兼CEO齐建伟在机器人领域已经扎根了二十年。他是法国Aldebaran Robotics（后被软银 收购）的首位中国籍员工，后主导促成了软银对Aldebaran的收购，并先后在优必选、擎朗智能任职。 近日，在做客上海证券报《青年创业家》栏目时，齐建伟首次系统阐述了其创业决策背后的深层思考： 为何选择在行业的关键节点入场？如何凭借独特的"联创"团队架构，在拥挤赛道中找准生态位？以及如 何结合产业资本，探索差异化的发展模式？ 聚英才躬身入局 "我身边的同事和朋友都知道，创立'浩海星空'——打造一个新的平台和公司——是我始终不变的目 标，我只是在等待最合适的时机。"齐建伟坦言，自己一直在等待能源、材料、成本及大模型等关键领 域的突破，因为具身智能行业没有一家公司可以独立覆盖整个产业链，部分 ...

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].

[Table_Summary] 事件概述 2025Q3公司实现收入/归母净利/扣非归母净利3.0/0.13/0.11亿元、同比增长-24.91%/-20.32%/12.94%。 2025 前三季度公司收入/归母净利/扣非归母净利/经营性现金流分别为 9.53/0.33/0.27/-1.47 亿元、同比增 长-13.98%/-67.53%/-70.46%/-17.80%，经营性现金流为负主要由于应付账款下降。 2025 年 8 月 26 日，公司公告大股东定增不超过 19.3 亿元，价格为 7.28 元/股，定增后董事长持股由 22% 提升至 33.6%，主要用于夯实户外+芯片双主业。 证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 30 日 [Table_Title] Q3 扣非利润双位数增长，关注定增进展 [Table_Title2] 探路者(300005) | 评级： [Table_DataInfo] | 买入 | 股票代码： | 300005 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 10.62/6. ...

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 ...

1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 证券代码：300005 证券简称：探路者 公告编号：临 2025-067 探路者控股集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 探路者控股集团股份有限公司 2025 年第三季度报告 □是 否 3.第三季度财务会计报告是否经过审计 （二） 非经常性损益项目和金额 适用 □不适用 1 探路者控股集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 比上年同期增减 | | 营业收入（元） | 29 ...

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].

证券代码：300005 证券简称：探路者 编号：临2025-065 探路者控股集团股份有限公司 关于公司股东股份减持计划实施完毕的公告 本公司股东王静女士保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 1、本次权益变动符合《中华人民共和国证券法》《上市公司收购管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第2号——创业板上市公司规范运作》《上市公司股东减持股份管理暂行办法》 等相关法律、法规的规定。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 探路者控股集团股份有限公司（简称"公司"）于2025年8月21日在巨潮资 讯网（www.cninfo.com.cn）披露了《关于公司股东减持股份预披露的公告》，公 司股东王静女士计划在预披露公告披露之日起十五个交易日后的三个月内以集 中竞价（含盘后定价）方式减持公司股份不超过4,224,687股（占公司总股本比例 不超过0.5%，计算相关比例时，总股本已剔除回购专用账户中的股份数量，下同）。 公司于近日收到王静女士出具的《关于股份减持计划实施完毕的告知函》， 王静女士本次 ...

Market Overview - The apparel and home textile sector increased by 0.08% compared to the previous trading day, with Zhongyin Fashion leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Zhongyin Fashion (300901) closed at 18.42, up 5.38% with a trading volume of 109,100 shares and a turnover of 200 million yuan [1] - Langsha Co., Ltd. (600137) closed at 20.45, up 3.39% with a trading volume of 61,800 shares and a turnover of 125 million yuan [1] - Other notable performers include: - Bingshi Co., Ltd. (001209) up 3.14% - Jihua Group (601718) up 2.93% - Tianchuang Fashion (603608) up 2.52% [1] Capital Flow - The apparel and home textile sector experienced a net outflow of 299 million yuan from institutional investors, while retail investors saw a net inflow of 306 million yuan [2] - The detailed capital flow for selected stocks shows: - Meibang Apparel (002269) had a net inflow of 20.42 million yuan from institutional investors [3] - Langsha Co., Ltd. (600137) had a net inflow of 9.46 million yuan from institutional investors [3] - Other stocks like Tanshijia (300005) and Jinhao Group (603518) also showed varying net inflows and outflows [3]