Investment Rating - The report maintains a positive outlook on leading equipment manufacturers in the photovoltaic industry, anticipating their ability to navigate through the current cycle [1]. Core Insights - The photovoltaic equipment industry is experiencing short-term performance pressure, with a focus on waiting for industry recovery [6][42]. - The industry is characterized by both growth and cyclical attributes, influenced by supply, demand, and technological factors [3]. Summary by Sections Industry Performance - In 2024, the total revenue of the photovoltaic equipment industry reached 848.6 billion, a year-on-year increase of 2%, while the net profit attributable to shareholders was 54.8 billion, down 57% year-on-year [10]. - The first quarter of 2025 saw a total revenue of 158.3 billion, a decrease of 19% year-on-year, with net profit dropping to 15 billion, down 40% year-on-year [10]. Profitability Analysis - The industry's gross margin for 2024 was 24%, a decrease of 6 percentage points year-on-year, while the net profit margin was 6%, down 9 percentage points year-on-year [16]. - The report highlights that leading equipment manufacturers maintain higher profitability compared to the industry average, with gross margins around 30% [28]. Equipment Segment Insights - In the silicon wafer equipment segment, low-oxygen single crystal furnaces and tungsten wire diamond saws are expected to have promising futures, with ongoing international expansion [43]. - The battery equipment segment is seeing accelerated cost reduction and efficiency improvements, particularly with HJT technology, and overseas orders are expected to increase [43]. Market Trends - The report notes a slowdown in the expansion of silicon wafer production capacity in 2024, with a focus on the introduction of new technologies as downstream markets recover [60]. - The Middle East is emerging as a significant market for photovoltaic equipment, with expected growth in installed capacity driven by energy diversification efforts [65]. Cash Flow and Financial Health - The industry has seen a significant improvement in cash flow since Q3 2024, with a net operating cash flow of 9.25 billion in Q1 2025 [40].

Group 1: Company Performance and Financial Outlook - In Q1 2025, the company's revenue declined by 63%, with a net loss of over 26 million [6] - The company anticipates that the optical electronics business will gradually improve its revenue and net profit due to ongoing projects and orders [7] - The company expects to see a significant increase in production capacity to meet customer delivery requirements after the acquisition of ficonTEC is completed [4] Group 2: ficonTEC Acquisition and Integration - The acquisition of ficonTEC has been approved by the China Securities Regulatory Commission, and it will become a wholly-owned subsidiary of the company [4][13] - The integration of ficonTEC is expected to enhance operational efficiency and reduce production costs, contributing positively to the company's performance [3][4] - The company plans to implement a "dual headquarters" global layout to better serve customers in the Asia-Pacific region while expanding overseas [4] Group 3: Market Demand and Customer Orders - ficonTEC has secured orders from major clients, including Tesat-Spacecom GmbH, a subsidiary of Airbus, and other leading companies in the satellite communication sector [3] - The company is actively expanding its service capabilities in Southeast Asia, Taiwan, and South Korea to meet the growing demand for Co-Packaged Optics (CPO) and optical transceiver technologies [7] - The domestic market for ficonTEC's equipment is expected to grow significantly, with increasing collaboration with major Chinese companies like Huawei and others [11] Group 4: Technology and Product Development - ficonTEC has developed equipment to enhance yield rates in wafer and chip manufacturing, which has been showcased at industry events [13] - The company is focusing on advancing its technology in the photonics field, with applications in data communication, AI, and quantum computing [13] - The company is a core member of the Taiwan Silicon Photonics Industry Alliance, collaborating with top semiconductor companies to promote the commercialization of silicon photonics technology [13] Group 5: Challenges and Market Conditions - The company faces challenges due to cyclical demand fluctuations in the photovoltaic industry, which have impacted its equipment segment [6][24] - Concerns have been raised regarding the low yield rates of the CPO project with NVIDIA and TSMC, but the company assures that measures are in place to improve these rates [6] - The company is closely monitoring geopolitical situations, such as the India-Pakistan tensions, to mitigate any potential impacts on its operations in India [15]

Group 1 - The company, Robotech, has completed the transfer procedures and related business registration for the acquisition of target assets [1] - The acquired assets include an 81.18% stake in Suzhou Feikong Technology Co., Ltd. and 6.97% stakes in both ficonTEC Service GmbH and ficonTEC Automation GmbH [1] - Following the completion of the transfer, Robotech now holds 100% ownership of Feikong, FSG, and FAG [1] Group 2 - The company will continue to advance the issuance of shares, cash payment for the acquisition, and the fundraising related to the transaction [1]

证券代码：300757 证券简称：罗博特科 公告编号：2025-037 罗博特科智能科技股份有限公司 关于拟向银行申请并购贷款并提供担保的公告 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。 罗博特科智能科技股份有限公司（以下简称"公司""罗博特科"或"本公 司"）于 2025 年 5 月 8 日召开第三届董事会第二十八次会议，审议通过了《关 于拟向银行申请并购贷款并提供担保的议案》，同意公司质押公司直接持有苏州 斐控泰克技术有限公司（以下简称"斐控泰克"）的 81.18%股权及通过全资子公 司苏州斐控晶微技术有限公司（以下简称"斐控晶微"）间接持有的斐控泰克 18.82% 股权，合计 100%的股权质押，向银行申请不超过 6.28 亿元人民币的并购贷款。 现将相关内容公告如下： 一、并购贷款的基本情况 公司拟通过发行股份及支付现金方式购买建广广智（成都）股权投资中心（有 限合伙）、苏州工业园区产业投资基金（有限合伙）、南京永鑫融合创业投资合 伙企业（有限合伙）、上海超越摩尔股权投资基金合伙企业（有限合伙）、尚融 宝盈（宁波）投资中心（有限合伙）、常州朴铧投资 ...

证券代码：300757 证券简称：罗博特科 公告编号：2025-035 罗博特科智能科技股份有限公司 罗博特科智能科技股份有限公司（以下简称"上市公司"或"公司"）拟以 发行股份及支付现金方式购买建广广智（成都）股权投资中心（有限合伙）（以 下简称"建广广智"）、苏州工业园区产业投资基金（有限合伙）（以下简称"苏 园产投"）、南京永鑫融合创业投资合伙企业（有限合伙）（以下简称"永鑫融 合"）、上海超越摩尔股权投资基金合伙企业（有限合伙）（以下简称"超越摩 尔"）、尚融宝盈（宁波）投资中心（有限合伙）（以下简称"尚融宝盈"）、 常州朴铧投资合伙企业（有限合伙）（以下简称"常州朴铧"）、南通能达新兴 产业母基金合伙企业（有限合伙）（以下简称"能达新兴"）持有的苏州斐控泰 克技术有限公司（以下简称"斐控泰克"）合计 81.18%的股权；拟以支付现金方 式购买境外交易对方 ELAS Technologies Investment GmbH（以下简称"ELAS"） 持有 ficonTEC Service GmbH（以下简称"FSG"）和 ficonTEC Automation GmbH （以下简称"FAG"）各 6.9 ...

东方证券股份有限公司 关于 罗博特科智能科技股份有限公司 发行股份及支付现金购买资产 并募集配套资金标的资产过户情况 之 独立财务顾问核查意见 独立财务顾问 二〇二五年五月 声 明 东方证券股份有限公司（以下简称"东方证券"、"本独立财务顾问"）接受罗 博特科智能科技股份有限公司（以下简称"上市公司"、"罗博特科"）委托，担任 罗博特科本次发行股份及支付现金购买资产并募集配套资金之独立财务顾问，并 出具本核查意见。本核查意见系依据《公司法》《证券法》《上市公司重大资产重 组管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公 司重大资产重组》等有关法律、法规的要求，按照证券行业公认的业务标准、道 德规范，经过审慎调查，本着诚实信用、勤勉尽责的态度，就本次交易认真履行 尽职调查义务，对上市公司相关申报和披露文件进行审慎核查后出具的，以供中 国证监会、深圳证券交易所及有关各方参考。 1、本独立财务顾问核查意见所依据的文件、材料由交易各方提供，本次交 易各方均已向本独立财务顾问保证：其所提供的有关本次重大资产重组的相关信 息真实、准确和完整，没有虚假记载、误导性陈述或者重大遗漏。 2、本核查意 ...

证券代码：300757 证券简称：罗博特科 公告编号：2025-036 二、董事会会议审议情况 本次会议以记名方式投票表决。经与会董事认真审议，审议通过以下事项： 1、审议通过了《关于开设募集资金专项账户并授权签订募集资金监管协议 的议案》 罗博特科智能科技股份有限公司 第三届董事会第二十八次会议决议公告 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、董事会会议召开情况 罗博特科智能科技股份有限公司（以下简称"公司"或"罗博特科"）第三届董 事会第二十八次会议于 2025 年 5 月 8 日在苏州工业园区唯亭街道港浪路 3 号罗 博特科 A 栋四楼会议室以通讯表决的方式召开。会议通知已于 2025 年 4 月 30 日以电子邮件形式通知全体董事。本次会议应出席董事 7 人，实际出席董事 7 人，公司监事和高级管理人员列席了本次会议，会议由公司董事长戴军先生主持。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》等法律法规及 《公司章程》的有关规定，会议决议合法有效。 公司于 2025 年 4 月 29 日收到中国证券监督管理委员会出具的《关于同 ...

关 于 罗博特科智能科技股份有限公司 发行股份及支付现金购买资产并募集配套 资金标的资产过户情况 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai 200085, China 国浩律师（上海）事务所 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 2025 年 5 月 | 第一节 | 引言 | 3 | | --- | --- | --- | | | 一、律师应当声明的事项 | 3 | | 第二节 | 正文 | 5 | | | 一、本次交易方案概况 | 5 | | | 二、本次交易的决策过程和审批情况 | 7 | | | 三、本次交易标的资产过户情况 | 13 | | | 四、本次交易的后续事项 | 13 | | | 五、结论性意见 | 14 | 致：罗博特科智能科技股份有限公司 国浩律师（上海）事务 ...

Group 1: Company Overview and Performance - The company experienced a decline in revenue and net profit in 2024 due to cyclical impacts in the photovoltaic industry, but implemented proactive market strategies to maintain order quality and avoid losses from project cancellations [3][4]. - The comprehensive gross margin of the photovoltaic business segment improved compared to the previous year, with a slight increase in net profit margin [4]. - In Q1 2025, the company's performance faced further pressure due to prolonged demand shrinkage and supply-demand mismatches in the photovoltaic sector [4]. Group 2: Industry Trends and Market Strategy - The photovoltaic market is currently in a low-level fluctuation phase, with stable development expected only after excess capacity is effectively cleared [4]. - The company plans to expand into the Indian market to support its photovoltaic business segment [5]. - The company is focusing on developing and optimizing its silver-free technology to reduce costs in the photovoltaic battery sector, which shows significant potential [9]. Group 3: ficonTEC Business Development - ficonTEC is positioned to benefit from the rapid growth in demand for silicon photonics and related technologies, with commercial production expected to ramp up in 2026 [6][8]. - The company is transitioning from project management to a product system, focusing on three main product lines: testing products, fiber preform products, and coupling packaging products [7]. - ficonTEC has established a strong knowledge base and proprietary technology, enabling high-precision optical device coupling and testing, which is crucial for maintaining a competitive edge [12][13]. Group 4: Future Outlook and Challenges - The company is confident in the future performance of ficonTEC, supported by a commitment to achieve cumulative net profit targets over the next three years [8]. - The impact of U.S. tariff policies on ficonTEC's export of optical module equipment is minimal, as most deliveries are made to locations outside the U.S. [11]. - The company is actively preparing for domestic production of ficonTEC equipment, with no substantial legal barriers identified [15][16].

Group 1 - Longi Green Energy reported a net loss of 8.618 billion yuan for 2024, with revenue of 82.582 billion yuan, a year-on-year decline of 36.23% due to falling prices of key products like modules and wafers [2] - In Q1 2025, Longi Green Energy achieved revenue of 13.652 billion yuan, down 22.75%, with a net loss of 1.436 billion yuan, compared to a loss of 2.350 billion yuan in the same period last year [3] - China Southern Airlines reported a Q1 2025 net loss of 747 million yuan, with revenue of 43.407 billion yuan, a decrease of 2.68% year-on-year [27] Group 2 - Guizhou Moutai achieved Q1 2025 revenue of 43.557 billion yuan, with direct sales revenue of 23.220 billion yuan and wholesale revenue of 27.359 billion yuan [9] - Industrial Fulian reported a 2024 net profit increase of 15.86%, with revenue of 609.135 billion yuan and a net profit of 23.216 billion yuan [10] - China Shipbuilding Industry Corporation reported a 2024 net profit increase of 22.21%, with a net profit of 3.614 billion yuan [15] Group 3 - Longyang Power reported a 19.86% increase in net profit for 2024, reaching 32.496 billion yuan, with total profit of 38.862 billion yuan [7] - Shanxi Fenjiu reported a 17.29% increase in net profit for 2024, totaling 12.243 billion yuan, with revenue of 36.011 billion yuan [5] - China National Petroleum Corporation reported a Q1 2025 net profit increase of 43.4%, reaching 12.849 billion yuan [26] Group 4 - Ganfeng Lithium reported a Q1 2025 net loss of 356 million yuan, with revenue of 3.772 billion yuan, a year-on-year decline of 25.43% [38] - Tianqi Lithium reported a Q1 2025 net profit of 104 million yuan, marking a turnaround from a loss, with revenue of 2.584 billion yuan [39] - Huazhong Microelectronics reported a Q1 2025 net profit increase of 151%, reaching 83.216 million yuan [40]