2024年9月24日以来，中国资本市场风起云涌。而要谈论这一轮牛市的主线，科技想必是当仁不让。而 在这其中，光模块CPO或许算得上是"皇冠上的明珠"，A股市场里尤以"易中天"光模块三巨头表现格外 突出。 辨识度最高的标的股价早已飙升，不过似乎也并非所有概念股都能持续受到资金垂青。就拿前不久向港 交所递交了上市申请的罗博特科（300757.SZ）来说，这家业务涉及硅光与CPO的公司今年以来股价表 现呈现出大起大落的特点，与2024年录得数倍涨幅的成绩相比显然相去甚远。罗博特科今年来股价升势 陷入停滞，或与公司财务表现未能兑现增长预期有关。2022-2024年，罗博特科的收入分别为9.01亿 元、15.7亿元、11.04亿元，净利润2560.4万元、7946.9万元、6317.6万元。根据公司最新披露的三季 报，今年前三季度罗博特科的营收为4.16亿元，归母净利润为-7474.89万元，核心财务数据均同比出现 负增长。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | ...

虽然战略收购进一步抬高了罗博特科的成长预期，但结合公司当前的业绩来看，眼下罗博特科显然正在 急切等待业绩拐点的出现。拆分收入结构来看，罗博特科收入的大头主要由光伏制造解决方案贡献， 2022年-2025年上半年，该业务的收入占比分别为92.8%、95%、92.5%、72.6%。在核心业务收入权重下 滑的同一时间，罗博特科的硅光组装与测试设备业务则潜力初释，该业务从2024年才开始贡献收入，至 今年上半年其业务占比已升至18.7%。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | | | | | (除百分比外,以人民幣千元計) | | | | | | | | | | | | | | (未經審核) | | | | | 光伏製造解决方案 .. | 836,932 | 92.8% | 1,490,398 | 95.0% | ...

2024年9月24日以来，中国资本市场风起云涌。而要谈论这一轮牛市的主线，科技想必是当仁不让。而 在这其中，光模块CPO或许算得上是"皇冠上的明珠"，A股市场里尤以"易中天"光模块三巨头表现格外 突出。 辨识度最高的标的股价早已飙升，不过似乎也并非所有概念股都能持续受到资金垂青。就拿前不久向港 交所递交了上市申请的罗博特科（300757）(300757.SZ)来说，这家业务涉及硅光与CPO的公司今年以 来股价表现呈现出大起大落的特点，与2024年录得数倍涨幅的成绩相比显然相去甚远。罗博特科今年来 股价升势陷入停滞，或与公司财务表现未能兑现增长预期有关。2022-2024年，罗博特科的收入分别为 9.01亿元、15.7亿元、11.04亿元，净利润2560.4万元、7946.9万元、6317.6万元。根据公司最新披露的三 季报，今年前三季度罗博特科的营收为4.16亿元，归母净利润为-7474.89万元，核心财务数据均同比出 现负增长。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | ...

Group 1 - The core viewpoint of the news highlights the active performance of the green energy ETF (562010), with a notable increase of 2.1% in intraday trading, driven by strong performances from key stocks like Arctech, which rose by 9.03% [1] - The "Power Equipment Industry Stabilization and Growth Work Plan (2025-2026)" was issued, aiming to promote a green low-carbon energy structure and establish a new power system, with an annual revenue growth target of around 7% for the advanced manufacturing cluster in the power equipment sector [1] - The term "semi-solid battery" is expected to be standardized as "solid-liquid battery," with industry expectations for semi-solid batteries to enter the industrialization phase by 2026 [1] Group 2 - Tesla's electric vehicle sales have reached a quarterly historical record, with strong overseas energy storage demand driving an increase in installed capacity and supply chain growth [2] - The wind power sector is set to benefit from the "Wind Energy Beijing Declaration 2.0," which outlines new installed capacity targets for the 14th Five-Year Plan, alongside deep-sea planning and overseas orders [2] - In the photovoltaic sector, the recovery in silicon material and wafer prices is expected to lead to profitability improvements in the module segment, while BC battery efficiency optimization is creating a premium advantage [2] Group 3 - The green energy ETF (562010) passively tracks the green energy index, with its top ten weighted stocks including CATL, BYD, and Longi Green Energy [2]

Group 1 - The green energy ETF (562010) showed active performance with an intraday price increase of 2.15% as of October 30 [1] - Among the constituent stocks, Aters performed the strongest with a rise of 9.03%, followed by Goldwind Technology and Tianci Materials with increases of 7.02% and 6.9% respectively [1] - Conversely, Deye shares experienced a significant decline of 8.25%, while Jiejia Weichuang and Robotech saw decreases of 2.88% and 2.67% respectively [1] Group 2 - On October 23, XINWANDA launched a new generation of polymer all-solid-state batteries, "Xin·Bixiao," achieving an energy density exceeding 400 Wh/kg and a cycle life of 1200 weeks under low external pressure [1] - Shanlin Group signed a procurement agreement worth 4 billion yuan for solid-state cells and energy storage equipment with Weilan New Energy, focusing on the new energy storage market [1] - Huafu Securities noted that the completion of the Long Electric into Zhejiang ultra-high voltage project by the end of next year will benefit the power equipment industry through accelerated construction [1] - According to招商证券, the lithium battery equipment industry is expected to recover in 2025, driven by new demand for equipment from solid-state battery technology [1] Group 3 - The green energy ETF passively tracks the green energy index, with the top ten weighted stocks including CATL, BYD, Changjiang Power, Sungrow Power, Yiwei Lithium Energy, LONGi Green Energy, Huayou Cobalt, Ganfeng Lithium, Xianlead Intelligent, and Tongwei Co [2]

Group 1 - Robotech (300757.SZ) reported its Q3 2025 results on October 29, 2025, with 17 institutional investors holding a total of 61.84 million A-shares, representing 36.90% of the total share capital [1] - The top ten institutional investors collectively hold 36.82% of the shares, with a decrease of 1.48 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, including Huaxia Growth Enterprise Board New Energy ETF, Tianhong CSI Photovoltaic A, and Dacheng Value Pioneer Flexible Allocation A, with a slight increase in the holding ratio [2] - Three public funds reduced their holdings, including Photovoltaic ETF, Southern CSI 500 ETF, and Puyin Ansheng CSI Photovoltaic Industry ETF, with a slight decrease in the holding ratio [2] - Five new public funds were disclosed this period, including Bank of China Securities Anhong Bond A and Huatai-PB CSI Photovoltaic Industry ETF, while 185 public funds were not disclosed this period, including Tianhong CSI Photovoltaic Industry ETF and Southern CSI New Energy ETF [2]

Group 1: Ganfeng Lithium - Ganfeng Lithium reported a third-quarter revenue of 6.249 billion yuan, a year-on-year increase of 44.10% [1] - The net profit for the third quarter was 557 million yuan, showing a significant year-on-year growth of 364.02% [1] - For the first three quarters, the revenue reached 14.625 billion yuan, up 5.02% year-on-year, while the net profit turned positive at 26 million yuan [1] - The substantial growth in performance was primarily driven by increased fair value changes of financial assets and gains from the disposal of certain energy storage plants and joint ventures [1] - However, the decline in lithium prices has put pressure on operating cash flow, indicating ongoing challenges in the core business [1] Group 2: Robotec - Robotec reported a third-quarter revenue of 168 million yuan, a year-on-year decline of 43.22% [2] - The net loss for the third quarter was 41.4187 million yuan, with a cumulative loss of 74.7489 million yuan for the first three quarters [2] - The decline in performance was mainly due to cyclical impacts in the photovoltaic industry, leading to reduced overall demand and a corresponding decrease in revenue and cost scale [2] - The company faces significant pressure from inventory destocking and intense competition within the industry [2] Group 3: Sungrow Power Supply - Sungrow Power Supply reported a third-quarter revenue of 22.869 billion yuan, a year-on-year increase of 20.83% [3] - The net profit for the third quarter was 4.147 billion yuan, reflecting a year-on-year growth of 57.04% [3] - For the first three quarters, the revenue totaled 66.402 billion yuan, up 32.95%, with a net profit of 11.881 billion yuan, marking a 56.34% increase year-on-year [3] - The growth in performance was primarily attributed to an expansion in sales scale, benefiting from the high demand in the energy storage business [3] - As a leading player in the global photovoltaic inverter and energy storage system market, the company is expected to continue to benefit from the accelerating global energy transition [3]

Core Insights - Robotech (300757.SZ) reported a significant decline in revenue for the first three quarters of 2025, with total revenue amounting to 416 million yuan, representing a year-on-year decrease of 59.04% [1] - The company experienced a net loss attributable to shareholders of 74.7489 million yuan, indicating financial challenges [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 106 million yuan, further highlighting the company's struggles [1] - Basic loss per share was reported at 0.47 yuan, reflecting the company's poor financial performance [1]

Core Viewpoint - Robotech (300757.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business operations [1] Financial Performance - The company achieved an operating revenue of 416 million yuan, representing a year-on-year decrease of 59.04% [1] - The net profit attributable to shareholders was -74.7489 million yuan, indicating a loss [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -106 million yuan [1] - The basic earnings per share were -0.47 yuan [1]

Core Viewpoint - The company, 罗博特科, announced a comprehensive review and impairment testing of its assets, indicating potential impairment signs for the first three quarters of 2025, leading to a total impairment provision of 8,317,479.18 yuan [2] Group 1 - The company and its subsidiaries conducted a thorough examination of assets that may show signs of impairment, including financial instruments, contract assets, and inventory [2] - The total impairment provision for the first three quarters of 2025 amounts to 8,317,479.18 yuan [2]