Core Viewpoint - 康斯特's stock price increased by 5.25% to 21.06 CNY per share, with a total market capitalization of 4.474 billion CNY as of the report date [1] Group 1: Company Overview - 康斯特 was established on September 20, 2004, and went public on April 24, 2015 [1] - The company specializes in the research, production, and sales of digital testing instruments and equipment, as well as auxiliary testing services [1] - The revenue composition of 康斯特 includes: 75.44% from digital pressure testing products, 17.22% from temperature and humidity testing products, 6.14% from process signal testing products, and 1.20% from other supplementary products [1] Group 2: Shareholder Information - 华夏稳增混合 (519029) is among the top ten circulating shareholders of 康斯特, holding 2.2928 million shares, which is unchanged from the previous period, representing 1.61% of circulating shares [2] - The fund has generated a floating profit of approximately 2.4074 million CNY as of the report date [2][4] Group 3: Fund Performance - 华夏稳增混合 (519029) was established on August 9, 2006, with a current scale of 1.2 billion CNY [2] - Year-to-date, the fund has achieved a return of 41.36%, ranking 1752 out of 8147 in its category; over the past year, it has returned 34.13%, ranking 1714 out of 8056 [2] - Since its inception, the fund has delivered a total return of 503.34% [2] Group 4: Fund Manager Information - The fund manager of 华夏稳增混合 (519029) is 彭海伟, who has been in the position for 11 years and 302 days [3] - The total asset size of the fund is currently 1.314 billion CNY, with the best return during his tenure being 95.9% and the worst being -4.6% [3]

证券代码：300445 证券简称：康斯特 公告编号：2025-040 北京康斯特仪表科技股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 重要提示： 1. 本次股东会无增加、变更、否决提案的情况； 2. 本次股东会以现场表决、网络投票方式进行。 一、会议召开的基本情况 （一）会议召开情况 1. 股东会届次：2025 年第一次临时股东会 2. 会议召集人：公司董事会 3. 会议召开的合法、合规性：公司第六届董事会第十一次会议审议通过了 《关于召开 2025 年第一次临时股东会的议案》，本次股东会会议的召开符合有关 法律、行政法规、部门规章、规范性文件和《公司章程》等规定。 4. 会议时间 （1）现场会议召开时间：2025 年 11 月 10 日（星期一）14:00； （2）网络投票时间：2025 年 11 月 10 日，其中： ②通过深圳证券交易所互联网系统投票的具体时间为：2025 年 11 月 10 日 9:15-15:00 的任意时间。 ①通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 11 ...

北京市天元律师事务所 关于北京康斯特仪表科技股份有限公司 2025 年第一次临时股东会的法律意见 京天股字（2025）第 677 号 致：北京康斯特仪表科技股份有限公司 北京康斯特仪表科技股份有限公司（以下简称"公司"）2025 年第一次临时股 东会（以下简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议 于 2025 年 11 月 10 日在北京市海淀区丰秀中路 3 号院 5 号楼公司会议室召开。北 京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股 东会现场会议，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）以及《北京康斯特仪表科技股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，就本次股东会的召集、召开程序、出席现场会议人员的 资格、召集人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《北京康斯特仪表科技股份有限公司第 六届董事会第十一次会议决议公告》《北京康斯特仪表科技股份有限公司第六届监 事会第十 ...

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The report highlights a significant growth in the sales of excavators and loaders, with excavator sales reaching 18,096 units in October, a year-on-year increase of 7.8%, and loader sales increasing by 27.7% [12][58] - The humanoid robot sector is experiencing rapid advancements, with companies like Xiaopeng and ZhiYuan launching new models aimed for mass production by 2026 [12][55] - The report emphasizes the resilience of companies like Rihuan Technology and Kangst, which have shown strong revenue growth despite external pressures [3][4][14] Summary by Sections 1. Company Highlights - Rihuan Technology, a leading supplier of industrial X-ray intelligent detection equipment, saw a nearly 100% increase in new orders year-on-year and a 44.01% revenue growth in the first three quarters [3] - Kangst, involved in digital detection instruments, reported a 22.24% increase in revenue and a 30.66% increase in net profit in Q3, demonstrating strong operational resilience [4][14] - Newrui Co., which produces hard alloys and tools, experienced a significant profit increase of 75.40% in Q3, driven by effective cost management amid rising raw material prices [5][15] 2. Industry Trends - The machinery sector is witnessing a broad recovery, with excavator and loader sales showing strong growth, indicating a positive trend in construction and infrastructure investment [12][58] - The humanoid robot market is set for significant growth, with advancements in technology and increasing investments from major companies [12][55] 3. Market Performance - The machinery index saw a slight decline of 0.25% last week, while other major indices like the Shanghai Composite Index increased by 1.08% [16] - The report notes that the machinery industry is experiencing varied performance across sub-sectors, with some segments like power distribution equipment showing strong gains [22] 4. Policy Support - Recent government policies are aimed at enhancing the industrial machinery sector, including support for high-end machine tools and automation technologies [28][35]

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.