广东拓斯达科技股份有限公司 2025年员工持股计划管理办法 第一章 总则 第一条 为规范广东拓斯达科技股份有限公司（以下简称"公司"）2025 年 员工持股计划（以下简称"本员工持股计划"）的实施，依据《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》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下 简称"《指导意见》"）、《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》（以下简称"《自律监管指引第 2 号》"）等有关法律、 行政法规、规章、规范性文件和《公司章程》等有关规定制定了《广东拓斯达科 技股份有限公司 2025 年员工持股计划管理办法》（以下简称"本管理办法"）。 第二章 员工持股计划的制定 第二条 本员工持股计划遵循的基本原则 1、依法合规原则 本公司实施员工持股计划，严格按照法律、行政法规的规定履行程序，真实、 准确、完整、及时地实施信息披露。任何人不得利用员工持股计划进行内幕交易、 操纵证券市场等证券欺诈行为。 2、自愿参与原则 本公司实施的员工持股计划遵循员工自愿参与的原则，不存在以摊派、强行 分配等方式 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the mechanical equipment industry [2][3]. Core Views - The mechanical equipment industry saw a 2.9% increase last week, ranking second among 31 primary industries. Sub-industries such as engineering machinery (+6%) and specialized equipment (+3.45%) showed strong performance, while rail transit equipment experienced a decline of 0.82% [3][14]. - The report suggests that with the completion of the third-quarter reports, market risk appetite is expected to improve. It recommends a balanced approach between technology growth and cyclical investments, focusing on sectors and stocks with performance support [3][4]. - Key areas of focus include humanoid robots, PCB equipment, semiconductor equipment, and cyclical recovery in engineering machinery and general equipment [3][4]. Summary by Sections 1. Recent Trends - In November 2025, excavator sales reached 20,027 units, a year-on-year increase of 13.9%. Domestic sales were 9,842 units (+9.11%), while exports were 10,185 units (+18.8%). Cumulatively, from January to November, 212,162 excavators were sold, marking a 16.7% increase year-on-year [5][44]. - The report highlights a structural recovery in the industry, driven by domestic demand from large projects and a new round of replacement cycles [5][44]. 2. Sub-Industry Performance - The engineering machinery sector is experiencing a significant recovery, with excavator sales showing strong growth. The report emphasizes the importance of technological upgrades and global expansion for leading companies [5][44]. - The industrial robot sector saw a production increase of 17.9% in October 2025, indicating potential investment opportunities as the industry adjusts to new demands [28][44]. 3. Key Companies and Recommendations - The report identifies several companies for investment consideration, including XCMG Machinery (000425.SZ), SANY Heavy Industry (600031.SH), and Huazhong CNC (688697.SH), which are expected to benefit from the ongoing recovery and technological advancements in the industry [7][44]. - The semiconductor equipment sector is highlighted as a critical area for investment, with companies like North Huachuang (002371.SZ) and Zhongwei Company (688012.SH) recommended due to their strong market positions and growth potential [4][7]. 4. Policy and Market Drivers - The report notes that government policies are strongly supporting the high-end machine tool sector, with initiatives aimed at accelerating domestic production and technological breakthroughs [5][46]. - The global demand for high-end manufacturing is recovering, as indicated by Japan's machine tool orders, which have seen continuous growth driven by exports [5][46].

Group 1 - The Chinese humanoid robot industry chain has formed a complete layout, with multiple A-share listed companies making breakthroughs in various segments [1] - Several listed companies have entered the mass supply stage, and the delivery volume is expected to see a significant increase next year [1] - In the first three quarters of this year, humanoid robot concept stocks with a year-on-year net profit growth of 20% (including turning losses into profits) have seen 36 stocks retreat over 20% from their annual highs as of December 3 [1] Group 2 - Among the 36 humanoid robot concept stocks, five have a rolling price-to-earnings ratio below 30 times, including Zhongding Co., Huaqin Technology, Changhong Energy, Mingke Precision, and Jihong Co. [1] - The market capitalization of several companies has significantly decreased from their peak values, with Softcom Power down 42.81%, Xinzhi Group down 36.21%, and Tuosida down 35.26% [2] - The number of institutional research visits for these companies varies, with Softcom Power receiving 6 visits and Tuosida receiving 7 visits [2]

Core Insights - The automation equipment sector experienced a decline of 1.46% on December 2, with Gokai Technology leading the drop [1][2] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable gainers in the automation equipment sector included: - Haixi Communications: Closed at 28.26, up 4.43% with a trading volume of 54,100 shares and a turnover of 152 million [1] - Ruisheng Intelligent: Closed at 82.60, up 2.99% with a trading volume of 17,400 shares and a turnover of 140 million [1] - Major decliners included: - Gokai Technology: Closed at 34.46, down 6.05% with a trading volume of 225,300 shares and a turnover of 784 million [2] - Tuosida: Closed at 28.69, down 4.05% with a trading volume of 130,900 shares and a turnover of 377 million [2] Capital Flow - The automation equipment sector saw a net outflow of 601 million from institutional investors, while retail investors contributed a net inflow of 118 million [2][3] - Key stocks with significant capital flow included: - Haixi Communications: Net inflow of 22.19 million from institutional investors, with a retail net inflow of 400,500 [3] - Ruisheng Intelligent: Net inflow of 15.12 million from institutional investors, but a net outflow of 14.41 million from retail investors [3]

Core Viewpoint - TuoSiDa (300607.SZ) shares have dropped by 4.45% to 28.57 yuan, with a current trading volume of 300 million yuan and a market capitalization of 13.6 billion yuan. The company announced that shareholder Yang Shuangbao plans to reduce his stake by up to 5.6405 million shares, accounting for 1.1938% of the total share capital after excluding shares in the repurchase account, within three months starting from three trading days after this announcement [1]. Company Summary - TuoSiDa's current share price is 28.57 yuan, reflecting a decline of 4.45% [1]. - The company's latest market capitalization stands at 13.6 billion yuan [1]. - Shareholder Yang Shuangbao intends to sell up to 5.6405 million shares, which represents 1.1938% of the total share capital after excluding repurchased shares [1].

Core Viewpoint - The robotics sector is experiencing a decline, with significant drops in key stocks and ETFs, despite the potential for a long-term growth cycle driven by humanoid robots as carriers of AI technology [1][2]. Group 1: Stock Performance - Key robotics stocks such as Tuosida fell over 4%, Green Harmony over 3%, and others like Shuanghuan Transmission, Top Group, and Mingzhi Electric dropped over 2% [1]. - Robotics-related ETFs also saw a decline, with an average drop of nearly 2% [1]. Group 2: ETF Details - Specific ETF performance includes: - Robot ETF Fuguo: Current price 0.847, down 1.85% - Robot ETF Penghua: Current price 1.006, down 1.85% - Robot 50 ETF: Current price 1.278, down 1.84% - Robot ETF Yifangda: Current price 1.421, down 1.80% [2]. Group 3: Industry Outlook - Analysts suggest that the wave of embodied intelligence positions humanoid robots as the best carriers for AI, potentially leading to a 10-year industrial cycle [2]. - By 2025, small-scale production of robots is expected to commence, with rapid iteration and expansion in component manufacturing, leading to an accelerated industry explosion by 2026 [2].

Core Viewpoint - The announcement indicates that shareholder Yang Shuangbao plans to reduce his stake in TuoSiDa (300607.SZ) by up to 5.6405 million shares within a specified timeframe, which represents approximately 1.1938% of the company's total share capital excluding shares held in the repurchase account [1] Summary by Categories - **Shareholder Action** - Shareholder Yang Shuangbao intends to reduce his holdings through block trades and centralized bidding [1] - The reduction period is set from December 5, 2025, to March 4, 2026 [1] - **Impact on Company Shares** - The planned reduction accounts for a maximum of 5.6405 million shares [1] - This represents 1.1938% of the total share capital after excluding repurchased shares [1]

Core Viewpoint - The shareholder Mr. Yang Shuangbao of TuoSiDa (300607.SZ) plans to reduce his holdings in the company by up to 5.6405 million shares within a three-month period from December 5, 2025, to March 4, 2026, representing 1.1938% of the total share capital excluding shares in the repurchase account [1]. Summary by Category - **Shareholder Actions** - Mr. Yang Shuangbao intends to reduce his stake through block trades and centralized bidding [1]. - The planned reduction is capped at 5.6405 million shares [1]. - **Impact on Company Shares** - The reduction represents 1.1938% of the total share capital after excluding shares held in the repurchase account [1].

Group 1 - The core point of the news is that Yang Shuangbao, a shareholder of Tuosida, plans to reduce his holdings by up to approximately 5.64 million shares, which represents about 1.1938% of the company's total share capital after excluding repurchased shares [1] - As of the announcement, Tuosida's market capitalization is approximately 14.3 billion yuan [2] - The company's revenue composition for the year 2024 is projected to be 100% from the industrial sector [1]

Group 1 - The core point of the announcement is that shareholder Yang Shuangbao plans to reduce his holdings in TuoSiDa (300607.SZ) by up to 5.6405 million shares, which represents 1.1938% of the total share capital excluding shares in the repurchase account [1] - The reduction will take place within three months, specifically from December 5, 2025, to March 4, 2026, through block trades and centralized bidding [1] - The reason for the reduction is stated as personal funding needs, and the shares being sold are from those held prior to the initial public offering, including shares from capital reserve conversion [1]