证券代码：300445 证券简称：康斯特 公告编号：2025-039 北京康斯特仪表科技股份有限公司 关于召开 2025 年第一次临时股东会的提示性公告 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。 一、召开会议的基本情况 1、股东会届次：2025 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等法律、行政法规、部门规章、规范性文件及《公司章程》的 有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 10 日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 10 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联 网投票系统投票的具体时间为 2025 年 11 月 10 日 9:15 至 15:00 的任意时间。 6、会议的股权登记日：2025 年 11 月 3 日 7、出席对象 ...

Investment Rating - The mechanical industry is rated as "Positive" [1] Core Insights - The report emphasizes the potential of high-end equipment in the mechanical industry, particularly in deep-sea technology and low-altitude economy, driven by national strategies and emerging industries [2][3] - The domestic market for deep-sea equipment has significant room for domestic substitution, with current localization rates below 30% for critical components [2] - The eVTOL market is projected to grow significantly, with an expected delivery of 300,000 units by 2035, leading to a market size of 570 billion yuan [3] - Humanoid robots are positioned to address customization challenges in industrial production, with key components like sensors and motors offering substantial market opportunities [4] - The penetration rate of five-axis CNC machine tools is expected to increase, driven by demand upgrades and local supply chain maturity [5][8] Summary by Sections Deep-Sea Equipment - The report highlights the strong growth potential in deep-sea equipment manufacturing, with significant barriers to entry and a high degree of market share held by foreign companies [2] - Key beneficiaries include companies like Hailanxin (300065), Zhongke Haixun (300810), and Kangst (300445) [2] Low-Altitude Economy - eVTOLs are anticipated to become a major transportation mode by 2035, with a compound annual growth rate of 69.69% in deliveries and 60.58% in market size from 2023 to 2035 [3] - Beneficiaries in this sector include Dongmu Co. (600114), Xinzhi Group (002664), and Tianc Control (603085) [3] Humanoid Robots - Humanoid robots are expected to revolutionize customization in manufacturing, with significant market potential for core components like sensors and motors [4] - Companies such as Shuanghuan Transmission (002472), Lide Harmonic (688017), and Zhongdali De (002896) are identified as potential beneficiaries [4] CNC Machine Tools - The report notes that five-axis CNC machine tools are gaining traction, with a shift from two- and three-axis machines in the domestic market [5][8] - Key players include Kede CNC (688305), Haitai Precision (601882), and Niuwai CNC (688697) [8]

Domestic Market Performance - In Q3 2025, domestic market sales rebounded due to the delivery of some inquiry orders, indicating a return to normalcy [2] - The instrument and sensor industry experienced rapid growth driven by new pressure controller products, while measurement and testing, as well as the power industry, remain core strengths [2] International Market Dynamics - Despite high tariffs, the international market saw growth due to proactive expansion into European markets and the fulfillment of delayed orders from U.S. clients [3] - Tariffs were adjusted from a peak of 170% to 55%, which, while still high, allowed for some recovery in order placements [3] Order Fulfillment and Cash Flow - As of January 1, 2025, the company shifted to using its Singapore subsidiary for nearly 40% of international orders, while U.S. orders continue to be managed by the U.S. subsidiary [4] Growth Sustainability in Non-U.S. Regions - The company is committed to expanding overseas markets despite tariff impacts, with all regions showing slight growth [5] - If tariff policies stabilize, the overall demand growth trend is expected to become clearer [5] Product Performance and Market Share - The company maintains a cautiously optimistic outlook for 2026 sales, particularly for pressure controllers, which have high acceptance and demand in the domestic market [6] - The temperature and humidity product line, while important, has lower margins and is expected to see limited growth due to high tariffs affecting U.S. sales [7] Revenue Breakdown and Profitability - In Q3 2025, revenue from the U.S. and Americas accounted for 53%, while Europe, the Middle East, and Africa contributed over 32%, maintaining good overall profit margins [8] Sensor Development and Future Plans - The self-developed sensor project is expected to conclude by the end of 2025, with production plans for 10,000 units, though initial costs are higher than outsourced sensors [9] - The pressure transmitter is in the prototype stage, with a launch planned for 2026 and sales expected to begin in 2027 [10] Market Application Potential - The company’s high-precision sensors are focused on high-end industrial applications, with plans to gradually expand into high-value scenarios based on existing customer validation [12]

Core Viewpoint - The company, 康斯特, has announced that its self-manufactured high-precision pressure sensors have comprehensive indicators superior to 0.01% F.S, indicating a strong performance in sensor technology [1] Group 1: Product Development - The company is currently in the final testing phase for its micro-pressure sensors, while other pressure sensor ranges are gradually entering small-scale production [1]

Group 1 - The company has successfully developed a high-precision pressure sensor with comprehensive indicators better than 0.01%F.S [1] - Currently, all pressure sensor ranges are in small batch production, except for the micro-pressure sensor, which is in the final testing phase [1]

Company and Industry Summary Company Overview - Company reported total revenue of 586 million yuan for the first three quarters of 2025, representing a year-on-year increase of 7.6% [2][3] - Domestic market revenue reached 200 million yuan, up 11.3% year-on-year, while international market revenue was 193 million yuan, growing by 8.7% [2][3] Core Financial Performance - Main detection products generated revenue of 375 million yuan, a 9.4% increase year-on-year, with a 21% growth in the third quarter alone [2][4] - Digital platform revenue was 14 million yuan, reflecting a 36% year-on-year increase [2][4] - Overall gross margin stood at 65.4%, with a slight year-on-year fluctuation of 0.8% [5] Expense Analysis - Total operating expenses accounted for 41.7% of revenue, up from 40.9% the previous year [6] - R&D expenses were 57.68 million yuan, an 18% increase year-on-year; management expenses were 45.15 million yuan, up 18.4%; and sales expenses were 61.63 million yuan, a 3.7% increase [6] Market Dynamics - Domestic demand in the instrumentation and calibration sectors is growing rapidly, with significant orders confirmed in the third quarter [7] - The U.S. market has shown recovery, with growth rebounding from -11% to 2% by September, while the Europe, Middle East, and Africa (EMEA) market improved from -7% to 14% [3][7] Export Strategy - The company has reduced U.S. tariff costs by exporting through its Singapore subsidiary, which now accounts for nearly 40% of its international sales [2][8] - Sales are still managed by the U.S. subsidiary, while the Singapore subsidiary handles operations and exports [8] Product Performance - Pressure controllers are significantly impacted by high tariffs but maintain a competitive advantage, with plans for bulk shipments to enhance market share and profitability [2][9] - The company is optimistic about the sales of pressure controllers in 2026, as customer acceptance leads to increased demand [10] Future Product Development - Self-developed sensors are expected to complete R&D by the end of 2025, with a planned production of 10,000 units, primarily for new product development [12][17] - The pressure transmitter is under development, with samples expected by the end of 2026 [13] Digital Platform Development - The digital business platform is progressing, integrating resources and iterating products, with a focus on reducing project acceptance time and income recognition fluctuations [18] Conclusion - The company is well-positioned to navigate current market challenges, leveraging its competitive advantages in product offerings and strategic export operations to sustain growth in both domestic and international markets.

Group 1 - Brazilian President Lula announced negotiations with the US regarding tariffs, indicating a constructive dialogue with President Trump and a mutual agreement to seek solutions without conflict [2] - The US and Brazil agreed to suspend tariff imposition during the negotiation period, aiming for a favorable agreement [2] Group 2 - Former Alibaba CEO Zhang Yong purchased a luxury apartment in Hong Kong for 53.54 million HKD (approximately 6.8 million USD), with a practical area of about 193 square meters [3][4] - The property is currently vacant, with a projected net rental income of 1.018 million HKD for 2024, reflecting a 51% increase from 2023 [3] Group 3 - SoftBank has approved an investment of 22.5 billion USD (over 160 billion RMB) into OpenAI, which is developing AI music models [5] - OpenAI's previous music generation models faced challenges due to technology and cost limitations, and legal risks may arise from AI-generated music [6] Group 4 - The Chinese and US economic teams reached a preliminary consensus on several important trade issues during recent negotiations in Kuala Lumpur, emphasizing mutual respect and equal dialogue [7][9] - Both parties committed to maintaining communication and promoting a stable economic relationship under the guidance of their leaders [10] Group 5 - Huawei updated its management information, appointing Yu Chengdong as the head of the Product Investment Committee while retaining his role as Executive Director and Chairman of the Terminal BG [8] Group 6 - Kongsberg reported that its US exports are facing a 55% tariff rate, but the company has managed to maintain stable overall gross margins through price adjustments and cost-sharing with partners [21] - The company is shifting more non-US business through its Singapore subsidiary to avoid tariffs, which has positively impacted gross margins [21]

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The engineering machinery sector is experiencing a continuous recovery, with significant growth in excavator sales, which reached 19,858 units in September, a year-on-year increase of 25.4% [12][62] - The domestic humanoid robot industry is advancing towards commercialization, highlighted by the launch of the ZhiYuan G2 robot, which has secured over 100 million yuan in procurement contracts [12][55] - The report suggests focusing on the growth trajectories of engineering machinery, humanoid robots, and PCB equipment, while also monitoring the performance of process industries and tool sectors as quarterly reports are released [12][13][57] Summary by Sections Company Updates - **Rili Technology**: The company, a leading supplier of industrial X-ray intelligent detection equipment, saw new orders nearly double year-on-year, with revenue increasing by 38.34% and net profit rising by 7.8% [3][13] - **Kangst**: The company specializes in digital detection instruments and reported a significant recovery in Q3, with revenue, net profit, and non-recurring net profit increasing by 22.24%, 30.66%, and 36.2% respectively [4][14] - **Xinxin Co.**: The company, which produces hard alloys and tools, experienced revenue growth of 28.97% and net profit growth of 2.88% in the first half of the year [5][15] Industry Performance - In September, excavator sales reached 19,858 units, with domestic sales at 9,249 units and exports at 10,609 units, reflecting strong growth across the board [12][62] - The loader sales in September were 10,530 units, marking a 30.5% year-on-year increase, while the sales of automotive cranes also turned positive with a 21.9% increase [12][72] - The industrial robot sector saw a production increase of 28.3% in September, with a cumulative production of 594,816 units in the first nine months of the year, indicating robust growth in the market [48][49] Market Trends - The manufacturing PMI for September was reported at 49.8%, showing a slight recovery, with production and new orders indices also improving [25] - The report highlights the ongoing policy support for the machine tool industry, which is expected to enhance domestic production capabilities and drive growth in high-end machine tools [29][37] - The logistics sector is also showing resilience, with forklift sales in September reaching 130,380 units, a 23% increase year-on-year, supported by a favorable logistics index [38][42]

Group 1: Business Performance and Market Impact - The current tariff rate for products exported to the U.S. is 55%, which includes a 25% Section 301 tariff and an additional 30% base tariff. Tariffs and freight costs have decreased by 30% year-on-year, positively impacting gross margins [1] - The U.S. and Europe remain the primary markets, while emerging markets in Asia are growing rapidly but contribute less overall due to their smaller base [1][2] - The domestic market shows strong performance in the measurement and sensor industry, with its share in domestic revenue increasing from single digits to over 12% due to demand for automatic pressure control products [5] Group 2: Financial Health and Cash Flow - Operating cash flow increased by approximately 35 million yuan year-on-year, driven by agents adopting a cash-on-delivery policy and an increase in prepayment ratios from domestic private enterprises [7] - State-owned enterprises account for about 60% of domestic sales, providing reliable revenue despite potential accounts receivable issues [7] Group 3: Research and Development - The company aims for a research and development investment ratio of 15% or more, with a slight increase in investment in the third quarter due to new project establishment [8] - The self-developed sensor project is expected to conclude this year, with plans to produce 10,000 units primarily for internal use and testing [9] Group 4: Digital Platform and Future Outlook - The digital platform business, primarily driven by the subsidiary Mingde, has shown rapid growth in the third quarter, although its overall revenue contribution remains low [10] - The company anticipates that the digital platform's performance will be stable, with slight growth expected compared to the previous year [10]

Market Overview - The general equipment sector increased by 1.55% on October 24, with Wan Yi Technology leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Top Gainers in General Equipment Sector - Wan Yi Technology (688600) closed at 24.66, up 14.27% with a trading volume of 73,800 shares and a turnover of 178 million [1] - Kang Si Te (300445) closed at 20.13, up 11.52% with a trading volume of 192,900 shares and a turnover of 386 million [1] - Zhejiang Huaye (301616) closed at 56.17, up 10.53% with a trading volume of 70,300 shares and a turnover of 395 million [1] - Other notable gainers include Shanghai Chongding (603131), Guoji Jinggong (002046), and Qiaofeng Intelligent (301603) with respective increases of 10.00%, 9.99%, and 9.86% [1] Top Losers in General Equipment Sector - Huanghe Xuanfeng (600172) closed at 6.96, down 9.96% with a trading volume of 4,182,800 shares and a turnover of 298.6 million [2] - Ningbo Jingda (603088) closed at 10.25, down 7.07% with a trading volume of 323,600 shares and a turnover of 337 million [2] - Moqi Technology (301360) closed at 82.22, down 5.49% with a trading volume of 58,500 shares and a turnover of 49.6 million [2] Capital Flow Analysis - The general equipment sector saw a net inflow of 447 million from institutional investors, while retail investors contributed a net inflow of 294 million [2][3] - Notable stocks with significant capital flow include Ju Li Suo Ju (002342) with a net inflow of 293 million from institutional investors, and Guoji Jinggong (002046) with a net inflow of 219 million [3] - Conversely, retail investors showed a net outflow in several stocks, including Guoji Jinggong and Shanghai Chongding, indicating a mixed sentiment in the market [3]