Core Viewpoint - The company,拓斯达, reported a significant decline in revenue and net profit for 2024, marking its first loss since going public, primarily due to a drastic drop in its smart energy and environmental management systems business, while its core businesses in industrial robots and CNC machine tools showed strong growth [1][4][5]. Revenue and Profit Summary - In 2024, the company achieved revenue of 2.872 billion yuan, a year-on-year decline of 36.92%, and a net profit of -245 million yuan, indicating the first loss since its establishment [1]. - The smart energy and environmental management systems business saw a revenue drop of over 50%, significantly impacting overall profitability [4][5]. Business Performance Analysis - The company's automation application systems business declined by 33.74% due to strategic contraction, while self-produced multi-joint robots experienced a revenue increase of 76.04%, with total shipments exceeding 8,000 units [3][5]. - The industrial robot segment's revenue grew by 12.50%, with a gross margin increase of 3.93 percentage points, and the electric injection molding machine orders surged by 150% [5][6]. Strategic Transformation - The company is undergoing a strategic transformation by focusing on standardized, replicable core products and reducing low-margin, highly customized project-based businesses [3][4]. - The company plans to further shrink its project-based business and adjust subsidiary equity to reduce reliance on the smart energy and environmental management systems business [6][7]. Technological Advancements - The company is committed to developing embodied intelligence and integrating IT with operational technology, aiming to create a seamless connection between the physical and digital worlds [7][8]. - The new X5 motion control platform, which integrates with AI models, has been successfully implemented in the 3C industry, enhancing efficiency by 40% [7][8]. Future Outlook - The company aims to complete a closed-loop chain of "technical breakthroughs, scene implementation, and ecological construction" over the next decade, focusing on solving manufacturing pain points through product definition based on real scenarios [8]. - The first quarter of 2025 showed a continued positive trend, with product business revenue increasing by 8.87%, driven by strong demand in emerging industries [8].

Group 1: Company Performance Overview - In 2024, the company achieved operating revenue of 287,163.57 million yuan, a decrease of 36.92% year-on-year, primarily due to a 54.22% contraction in the smart energy and environmental management system business [3] - The overall gross margin for other business segments was 34.25%, an increase of 3.30 percentage points year-on-year [3] - The product business scale increased by 15.62 percentage points year-on-year, contributing 93.12% to gross profit, which is a 47.71% increase year-on-year [3] Group 2: Q1 2025 Business Performance - In Q1 2025, the smart energy and environmental management system revenue dropped by over 90%, while other business revenues grew by over 23%, with a comprehensive gross margin of 37.43% [3] - The product business revenue increased by 8.87% year-on-year, with industrial robot revenue rising by 23.81% [3] - The company received over 120 orders for CNC machine tools, with order value increasing by over 70% [3] Group 3: Industrial Robot Business - In 2024, the industrial robot segment generated revenue of 27,531.64 million yuan, reflecting a 12.50% year-on-year growth, with a gross margin of 47.53%, up by 3.93 percentage points [4] - The growth was driven by a 26.20% increase in revenue from coordinate robots due to heightened demand in the injection molding industry [4] - The company reduced low-margin trading robot business while rapidly expanding its self-produced multi-joint robot business, achieving a shipment of over 2,000 units, with a revenue increase of 76.04% [4] Group 4: CNC Machine Tool Business - In 2024, the CNC machine tool segment reported revenue of 30,816.43 million yuan, with a gross margin of 29.85%, experiencing an 11.71% decline due to production constraints from capacity relocation [5] - Approximately 270 units of five-axis CNC machine tools were sold, with over 250 units shipped [5] Group 5: Injection Molding Equipment Business - In 2024, the injection molding machine and related equipment segment achieved revenue of 51,121.47 million yuan, an 18.67% increase year-on-year, with a gross margin of 32.75% [6] - The injection molding machine revenue rose by 10.50%, with order volume increasing by approximately 150% and shipment volume growing by over 300% [6] Group 6: Embodied Intelligence Development - The company is focusing on embodied intelligence by launching a new generation of intelligent robot control platform, which integrates sensing, computing, and control [7] - Collaborations with major cloud service providers like Huawei Cloud and Alibaba Cloud are underway to explore embodied intelligence applications [8] - The company aims to develop intelligent robots tailored to real customer scenarios, addressing pain points in manufacturing [8]

Core Viewpoint - 2024 is a critical year for the company, TuoSiDa, as it undergoes a significant transformation despite facing its first historical loss due to a substantial decline in revenue and a strategic shift towards product-focused operations [2][3][8] Group 1: Financial Performance - In 2024, TuoSiDa's revenue dropped by over 30%, resulting in the company's first-ever loss since its establishment, primarily due to a 54.22% contraction in its intelligent energy and environmental management systems business [2][3] - The company has proactively reduced low-margin, high-risk projects since late 2022, leading to a historical revenue decline in 2023 and continued reductions in 2024 [2][3] - Despite the loss, the company indicates an improvement in operational quality, suggesting a transition towards becoming a product-oriented company [2][3] Group 2: Business Structure and Strategy - TuoSiDa plans to focus on developing its core product lines, including robots, CNC machine tools, and injection molding machines, while gradually divesting from non-core businesses [3][4] - The intelligent energy and environmental management systems business saw a revenue decline of over 90% in Q1 2025, while other business segments experienced a revenue growth of over 23% [3][4] - The company’s product business now accounts for a larger share of total revenue, with a 15.62 percentage point increase in contribution and a 37.43% overall gross margin [4] Group 3: Product Performance - The industrial robot segment achieved a revenue of 27,531.64 million yuan in 2024, marking a 12.50% year-on-year growth, with a gross margin of 47.53% [4] - The injection molding machine and related equipment business generated 51,121.47 million yuan in revenue, reflecting an 18.67% increase due to various market factors [5][6] - The sales of electric injection molding machines saw a significant increase, with order volume up by approximately 150% and shipment volume up over 300% [6] Group 4: Technological Advancements - TuoSiDa is positioned as a comprehensive player in the robotics industry, integrating upstream core components, midstream industrial robots, and downstream automation systems [7] - The company has launched the new X5 robot motion control platform, which serves as a critical component in bridging the gap between embodied intelligence and robotics [7][8] - TuoSiDa is collaborating with major tech companies to enhance its capabilities in embodied intelligence, creating a closed-loop system for data-driven product evolution [7][8]

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 30 CNY, indicating a potential upside of 5% to 15% from the current price of 26.57 CNY [2][7][12]. Core Insights - The company reported a significant decline in revenue for 2024, achieving 2.87 billion CNY, a year-over-year decrease of 36.9%. The net loss attributable to shareholders was 250 million CNY, compared to a profit of 90 million CNY in 2023 [7][12]. - The company is undergoing a strategic transformation focusing on product-oriented business while reducing project-based operations, which is expected to improve profitability in the future [7][9][12]. Company Performance - In Q4 2024, the company generated revenue of 637 million CNY, down 51.61% year-over-year, with a net loss of 254 million CNY, an increase in loss of 213 million CNY compared to the previous year [7]. - For Q1 2025, the company reported revenue of 360 million CNY, a decline of 63.8% year-over-year, with a net profit of 3.86 million CNY, down 87.1% year-over-year [7]. Business Segments - The company's product mix includes: - Industrial Robots: 9.6% - Injection Molding Machines and Supporting Equipment: 17.8% - CNC Machine Tools: 10.7% - Automation Application Systems: 16.7% - Intelligent Energy and Environmental Management: 42.8% [3]. Financial Forecast - The company is projected to achieve net profits of 44 million CNY in 2025, 72 million CNY in 2026, and 115 million CNY in 2027, indicating a recovery from losses in 2024 [10][12]. - The earnings per share (EPS) forecast for 2025 is 0.09 CNY, with subsequent increases to 0.15 CNY in 2026 and 0.24 CNY in 2027 [10][12]. Market Position - The company has a market capitalization of 8.972 billion CNY, with a price-to-book ratio of 4.52 and a current price-to-earnings ratio projected at 295.62 for 2025 [1][10]. - Institutional investors hold a small percentage of the circulating A-shares, with funds at 2.9% and general corporations at 2.8% [4].

Core Viewpoint - TuoStar (300607) reported a significant decline in financial performance for 2024, with total revenue of 2.872 billion yuan, a year-on-year decrease of 36.92%, and a net loss of 245 million yuan, marking a substantial downturn primarily due to the contraction in its smart energy and environmental management systems business and delays in project acceptance [1][4]. Group 1: Smart Energy and Environmental Management Systems - The smart energy and environmental management systems business generated revenue of 1.229 billion yuan in 2024, down 54.22% year-on-year, with a negative gross margin of 11.66% [4]. - The decline is attributed to intensified competition, overcapacity, and tight customer funding, leading to delays in project acceptance and settlement [4]. - The company plans to gradually divest this business through equity adjustments in subsidiaries to optimize its business structure, although this may impose short-term financial pressure [4]. Group 2: Industrial Robots and Automation Applications - Despite overall poor performance, the industrial robots and automation applications business showed resilience, achieving revenue of 755 million yuan, a decrease of 22.05%, but with an improved gross margin of 34.60%, up 8.36 percentage points [5]. - Revenue from industrial robots reached 275 million yuan, a year-on-year increase of 12.50%, with a gross margin of 47.53%, up 3.93 percentage points [5]. - The company's self-produced multi-joint robots performed exceptionally well, with revenue growth of 76.04% and cumulative shipments exceeding 8,000 units [5]. Group 3: Injection Molding Machines and CNC Machine Tools - The injection molding machines and related equipment business generated revenue of 511 million yuan, an increase of 18.67%, but the gross margin fell to 32.75%, down 1.49 percentage points [7]. - Revenue from injection molding machines was 225 million yuan, up 10.50%, but the gross margin decreased to 15.23%, down 5.23 percentage points due to intense market competition [7]. - The CNC machine tools business reported revenue of 308 million yuan, a decline of 11.71%, with a gross margin of 29.85%, down 1.81 percentage points, primarily due to production disruptions from capacity relocation [7]. Group 4: Future Outlook - TuoStar aims to focus on core businesses and optimize product structure, planning to gradually divest inefficient operations and enhance the standardization and scalability of its industrial robots, injection molding machines, and CNC machine tools [8]. - The company anticipates that increasing the proportion of product-based business will gradually restore profitability [8]. - However, TuoStar faces significant financial pressure in the short term, having made an asset impairment provision of approximately 142 million yuan, reducing net profit attributable to shareholders by about 108 million yuan [8].

Financial Performance - The company's total revenue for 2024 was 2.872 billion, a decrease of 1.681 billion compared to the same period last year, representing a year-on-year decline of 36.92% [1] - The net profit attributable to shareholders was -245 million, a decrease of 333 million compared to the same period last year, reflecting a year-on-year decline of 378.58% [1] - The net cash inflow from operating activities was 109 million, down by 84.74 million from the same period last year, a year-on-year decrease of 43.68% [1] Profitability and Efficiency Ratios - The latest asset-liability ratio stands at 51.22% [3] - The latest gross profit margin is 14.59% [3] - The latest return on equity (ROE) is -8.77%, a decrease of 12.42 percentage points compared to the same period last year [3] - The diluted earnings per share is -0.57, down by 0.78 from the same period last year, representing a year-on-year decline of 371.43% [3] - The total asset turnover ratio is 0.44 times, a decrease of 0.22 times compared to the same period last year, reflecting a year-on-year decline of 33.45% [3] - The inventory turnover ratio is 3.69 times, down by 0.13 times from the same period last year, representing a year-on-year decline of 3.29% [3] Shareholder Information - The number of shareholders is 76,800, with the top ten shareholders holding 206 million shares, accounting for 43.11% of the total share capital [3] - The largest shareholder is Wu Xingli, holding 30.3 million shares [3] Research and Development - The total R&D investment was 109 million, ranking fifth in the past five years, and decreased by 28.82 million compared to the same period last year, reflecting a year-on-year decline of 20.89% [3] - The latest R&D investment ratio is 3.80% [3]

Core Viewpoint - The company, Guangdong Tosstar Technology Co., Ltd., reported a significant decline in both revenue and net profit for the year 2024, with net profit dropping by 378.58%, leading to a loss, highlighting challenges in business transformation and market environment changes [1][3]. Revenue and Profit Decline - Revenue decreased by 36.92%, with total revenue for 2024 at approximately 2.87 billion yuan, down from 4.55 billion yuan in 2023, primarily due to a strategic shift focusing on product concentration and project reduction [2]. - The smart energy and environmental management systems business saw a revenue drop of over 50%, significantly contributing to the overall revenue decline [2]. - Revenue from industrial robots and automation systems fell by 22.05%, while injection molding machines and related equipment saw an 18.67% increase in revenue [2]. Net Loss Factors - The net loss attributable to shareholders was approximately 245 million yuan, compared to a profit of 88 million yuan in the previous year, marking a substantial decline [3]. - Factors contributing to the loss included intensified competition, overcapacity, and financial strain among clients, affecting project acceptance and settlement [3]. Expense and Cash Flow Analysis - Sales expenses decreased by 11.62%, while management expenses increased by 5.62%, and financial expenses dropped by 14.79% [4]. - Research and development expenses remained high despite a 20.89% decrease, indicating the company's commitment to enhancing core competitiveness [4]. - Operating cash flow net amount was approximately 109 million yuan, down 43.68%, with cash inflows decreasing by 9.82% and cash outflows decreasing by 7.85% [5]. Investment and Financing Activities - Cash inflow from investment activities increased by 71.90%, while cash outflow rose by 74.49%, resulting in a net cash flow deficit from investment activities of approximately 322 million yuan [5]. - Financing activities saw a slight increase in cash inflow by 2.65%, but cash outflow increased by 14.02%, leading to a net cash flow deficit of approximately 42 million yuan [5]. Risks and Challenges - The company's strategic decision to reduce the scale of the smart energy and environmental management systems business poses short-term performance risks, with long-term prospects still uncertain [6]. - Client risks are heightened due to concentration in volatile industries, which may affect project acceptance and accounts receivable [7][8]. - The competitive landscape in the intelligent manufacturing equipment sector necessitates rapid technological advancement to avoid obsolescence [9].

广东拓斯达科技股份有限公司 2024 年度独立董事述职报告 （冯杰荣） 各位股东及股东代表： 本人作为广东拓斯达科技股份有限公司（以下简称"公司"、"拓 斯达"）的独立董事，严格按照《公司法》》《上市公司独立董事管 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》及其它 相关法律法规和《公司章程》《独立董事工作细则》等规章制度的要 求，认真履行独立董事职责，诚信、独立、勤勉地行使独立董事的权 利，通过本人在法律层面的专业技能，充分发挥独立董事的作用，确 保公司经营合法合规，有效维护公司整体利益和全体股东特别是中小 股东利益。 现将 2024 年度本人履行独立董事职责的工作情况汇报如下： 一、基本情况 本人冯杰荣，1992 年出生，中国国籍，无境外居留权，本科学 历。2014 年 8 月至今任广东可园律师事务所合伙人律师；2020 年 7 月至今任本公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条 规定的独立性要求，不存在影响独立性的情况。 本人依照《公司章程》及《董事会议事规则》的规定和要求，认 真审议议案，积极参 ...

一、基本情况 本人周鑫，1965 年出生，中国国籍，无境外永久居留权，本科 学历，中国注册会计师、资产评估师。1990 年 9 月至 1992 年 4 月任 四川省渠县食品公司主管会计；1992 年 5 月至 1994 年 5 月任四川省 渠县商业局审计专干；1994 年 6 月至 1997 年 1 月任中石油四川渠县 石油公司副科长；1997 年 2 月至 1999 年 12 月任东莞市审计师事务 所项目经理；2000 年 1 月至 2006 年 10 月任东莞市德信康会计师事 务所项目经理；2015 年 3 月至 2023 年 8 月 7 日任地球村同益科技（深 圳）有限公司监事；2020 年 3 月至 2023 年 12 月 13 日任广东简税信 息科技有限公司监事；2009 年 2 月至 2024 年 3 月 28 日任东莞市鑫 成税务师事务所有限公司监事；2006 年 11 月至今任东莞市鑫成会计 师事务所（普通合伙）部门经理；2017 年 4 月至今任广东德怀投资 管理有限公司监事；2019 年 3 月至今任广州市聚信诚信息科技有限 1 公司监事；2021 年 4 月至今任中坚（东莞）管理有限公司 ...

广东拓斯达科技股份有限公司 本人作为广东拓斯达科技股份有限公司（以下简称"公司"、"拓 斯达"）的独立董事，本着严格按照《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》等规范性文件、以及 《公司章程》《独立董事工作细则》相关条款的要求，在 2024 年度 任职工作期间，认真履行了独立董事的职责，恪尽职守，勤勉尽责， 及时了解跟进公司生产经营情况，结合行业及技术趋势为公司建言献 策，积极出席相关会议，认真审议董事会及董事会专门委员会的各项 会议议案，对公司重大事项发表了意见，对公司的生产经营和业务发 展提出了合理的建议，充分发挥了独立董事及各专业委员会委员的作 用，切实维护了公司整体利益和全体股东特别是中小股东的合法权 益。现将本人履行 2024 年度独立董事职责的工作情况汇报如下： 一、基本情况 本人万加富，1976 年出生，中国国籍，无境外居留权，华南理 工大学机械电子工程博士。2003 年 7 月至 2014 年 4 月历任广东机电 职业技术学院助教、讲师、副教授相关职位；2014 年至今任华南理 工大学机械与汽车工程学院副教授、教授；2021 年 6 月至今任山西 大同大学兼 ...