Group 1 - The core viewpoint of the news highlights that XuanYuan Investment has conducted research on Tangyuan Electric, focusing on its innovation and development in the field of AI and technology integration for smart transportation [1] - Tangyuan Electric is committed to its main business while expanding into new sectors through technological accumulation and capital operations, with core technologies including machine vision and robot control [1] - The company is enhancing product performance and competitiveness by integrating AI technology with its core technologies, leading to the development of smart operation and maintenance platforms for rail transit and robotic products [1] Group 2 - The emergency response business of Tangyuan Electric is expanding into western regions, with profit models including project construction and operation services [1] - The company is increasing R&D investment to optimize algorithms and introduce AI large model technology, exploring collaborative operation modes [1] - AI technology is being utilized for fault warning and status assessment, with future plans to optimize algorithms, expand applications, and improve data processing speed [1] Group 3 - XuanYuan Investment, established in 2015, focuses on private equity fund management, with a team that has an average of over 10 years of experience in the securities industry [2] - The investment philosophy of XuanYuan Investment is driven by "value and quantitative" strategies, emphasizing a comprehensive investment framework that includes macro, meso, and micro perspectives [2] - The company aims to become a leading asset management firm in China, adhering to a culture of knowledge, practicality, customer-centricity, and win-win cooperation [2]

成都唐源电气股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资者关 | □媒体采访 业绩说明会 | | | | | | | | | | 系活动类 | □新闻发布会 ☑路演活动 | | | | | | | | | | 别 | □现场参观 | | | | | | | | | | | ☑其他 "神源"轨交供电 AI 运维平台新产品发布 | | | | | | | | | | | 华泰证券:刘思倩、刘曼青；广发证券:卢耀强、谭耀昌；长江证券:屈奇； | | | | | | | | | | | 金元证券:叶艳云；海雅金控:孔庆志；海通期货:胡哲宁；东方证券:高沁； | | | | | | | | | | | 国 君 益 田 路 营 业 部 : 程 秀 丽 ； 聚 龙 投 资 : 李 友 富 ； | | | | | | | | | | | 深 圳 联 通 : 黎 芳 ； 畅 达 泰 泽 : 岳 远 明 ； ...

Core Viewpoint - Chengdu Tangyuan Electric Co., Ltd. reported a revenue of 640 million yuan and a net profit of 72.8759 million yuan for 2023, with a proposed dividend of 1.52 yuan per 10 shares, totaling 21.8455 million yuan [2] Group 1: Company Overview - Tangyuan Electric specializes in machine vision, robot control, embedded computing, digital twins, artificial intelligence, fault prediction, and health management [2] - The company provides products and solutions primarily for smart transportation, emergency response, and intelligent manufacturing sectors [2] Group 2: Industry Context - The railway and urban rail transit sectors in China are transitioning to a dual focus on construction and operational maintenance, driven by advancements in big data, AI, and robotics [2] - The shift from traditional manual operations to digital and intelligent maintenance presents significant growth opportunities for the rail transit operation and maintenance industry [2] Group 3: Financial Performance and R&D - In 2024, the company invested 73.8094 million yuan in R&D, accounting for 11.54% of its revenue, and secured 12 new patents and 36 software copyrights [3] - The company achieved milestone results in a national key R&D project for intelligent maintenance equipment in rail transit [3] Group 4: Business Development - Tangyuan Electric's intelligent inspection drone system was successfully implemented at a railway bureau, enhancing defect detection rates through an "automatic flight + AI defect recognition" model [3] - The company won a bid for the Beijing intercity railway project, marking a significant expansion from its southwestern base to the national market [3] Group 5: Future Outlook - The company aims to focus on core businesses and deepen the integration of AI and robotics, targeting technological challenges in various engineering fields [4] - Plans include the development of 14 upgraded products, including intelligent comprehensive inspection robots, and expanding the smart station business across 18 railway bureaus nationwide [4] - The company will enhance regional penetration in domestic markets while actively exploring overseas opportunities [4]

Core Viewpoint - The company focuses on machine vision and robotics technology, providing solutions for smart transportation, emergency response, and intelligent manufacturing, aiming to enhance operational safety and efficiency in the rail transit sector [5][32]. Company Overview - The company specializes in machine vision, robotics control, embedded computing, digital twins, artificial intelligence, fault prediction, and health management [5]. - It operates in sectors such as smart transportation, smart emergency response, and intelligent manufacturing, offering products like machine vision intelligent detection equipment and big data intelligent management systems [5]. Main Products - **Machine Vision Intelligent Detection Equipment**: Includes smart detection equipment for rail transit, such as contact network detection devices and online track status detection equipment, which utilize advanced imaging and machine vision technologies for real-time monitoring and maintenance [7][8]. - **Robotics**: Features products like intelligent inspection robots for rail vehicles and rail flaw detection robots, enhancing inspection efficiency and reducing labor costs [10][11]. - **Big Data Intelligent Management Systems**: These systems integrate real-time monitoring, fault warning, and data analysis to optimize operational efficiency in power supply and maintenance management [13][14]. Business Model - The company adopts a "production based on sales" model, focusing on customized products and direct sales to clients such as railway operators and contractors [29][31]. - Procurement is conducted based on project material needs, with a mix of order-based and planned purchasing strategies to manage costs and supply risks [29]. Industry Position - The company is recognized as a high-tech enterprise and has received various accolades for its innovation and contributions to the rail transit sector [32][33]. - It has developed leading technologies in rail transit safety and artificial intelligence detection, significantly improving operational safety and efficiency [34][35].

Core Viewpoint - Chengdu Tangyuan Electric Co., Ltd. reported a stable revenue for 2024, but significant declines in net profit and cash flow raise concerns about the company's operational and financial health [1][15]. Revenue Analysis - The company's revenue for 2024 was 639,787,065.75 yuan, a slight increase of 0.06% compared to 639,429,333.94 yuan in the previous year [2]. - The smart transportation business generated 467,527,413.89 yuan, accounting for 73.08% of total revenue, but decreased by 12.81% year-on-year [2]. - The waste solid resource utilization business saw revenue of 153,946,004.41 yuan, representing 24.06% of total revenue, with a significant growth of 54.04% year-on-year [2]. Profitability Challenges - The net profit attributable to shareholders was 72,875,895.94 yuan, down 32.45% from 107,881,056.26 yuan in 2023 [3]. - The net profit after excluding non-recurring items was 66,167,481.68 yuan, a decrease of 35.13% year-on-year [3]. - Factors contributing to the decline include intensified market competition, high R&D costs, and lengthy market cultivation periods for new products [3]. Earnings Per Share - Basic earnings per share fell to 0.5093 yuan, a decrease of 33.11% from 0.7614 yuan in the previous year [4]. - The diluted earnings per share, excluding non-recurring items, decreased by 35.13% to 0.4625 yuan [4]. Expense Management - Total sales expenses increased by 1.51% to 31,032,552.71 yuan, indicating ongoing investment in market expansion [5][6]. - Management expenses slightly decreased by 1.01% to 47,719,673.76 yuan, suggesting some efficiency improvements [7]. - Financial expenses turned positive, increasing by 34.66% due to reduced interest income from deposits [8]. R&D Investment - R&D expenses amounted to 73,809,393.97 yuan, a slight decrease of 1.48%, but still representing 11.54% of total revenue [9]. - The company is focusing on technological innovation across various fields, including smart operations and emergency management [9]. Cash Flow Analysis - The net cash flow from operating activities was -20,172,402.31 yuan, a drastic decline of 119.33% from 104,337,135.12 yuan in 2023 [10]. - Cash outflows from operating activities increased significantly, primarily due to higher procurement costs [11]. - Investment cash flow showed a net outflow of -92,953,611.34 yuan, reflecting increased fixed asset investments [12]. - Financing activities generated a net inflow of 19,908,101.02 yuan, a growth of 695.76%, indicating improved capital inflow [13]. Management and Governance - The compensation for executives is aligned with industry standards and company performance, which may help incentivize management to improve company performance [15].

成都唐源电气股份有限公司 2024 年度董事会工作报告 2024 年度，公司实现营业收入 63978.71 万元，较上年同期增加 0.06%；实 现归属于上市公司股东的净利润 7287.59 万元，较上年同期减少 32.45%。公司 积极应对挑战，迅速做出战略调整。一方面，全面梳理产品体系，持续强化研发 投入，组建专项研发团队，针对产品功能和技术进行优化升级，致力于推出更契 合市场需求、具备更强竞争力的新产品。加快技术成果转化，构建更敏捷的产品 迭代机制，深厚的技术积淀将持续赋能产品创新，助力公司在激烈的行业竞争中 保持优势地位，并为未来发展培育新的增长动能。另一方面，对销售体系进行了 大刀阔斧的重建与优化，从团队架构、激励机制到市场策略等方面进行全方位革 新，以提升销售团队的市场敏感度和响应速度，强化市场开拓能力。 公司开展的调整措施已初见成效。新产品研发进展顺利，部分已进入市场测 试阶段，获得了客户的积极反馈；新销售体系在市场拓展中也展现出更强的活力， 市场份额逐步回升。公司有信心凭借自身的技术积累、创新能力和快速应变能力， 在后续发展中克服短期困难，重回业绩增长轨道。 一、公司重点工作完成情况 （1）智 ...

成都唐源电气股份有限公司 本次会计政策变更前，公司执行财政部发布的《企业会计准则—基本准则》和各项 具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相关规定。 证券代码：300789 证券简称：唐源电气 公告编号：2025-031 关于会计政策变更的公告 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。 成都唐源电气股份有限公司（以下简称"公司"）根据中华人民共和国财政部（以 下简称"财政部"）颁布的《企业会计准则解释第18号》（财会[2024]24号）的要求变 更会计政策。本次变更会计政策是根据法律、行政法规和国家统一的会计制度要求执行 的变更，根据《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》的有关规定，无需提交公司董事会和股东大会审议批准。本次会计政策变更不会 对公司当期的财务状况、经营成果和现金流量产生重大影响。具体情况如下： 一、会计政策变更概述 （一）会计政策变更的原因和日期 财政部于2024年12月6日颁布了《企业会计准则解释第18号》（财会[2024]24号）， "关于浮动收费法下作为基础项目持有的投资性 ...

成都唐源电气股份有限公司 会计师事务所2024年度履职情况评估报告 成都唐源电气股份有限公司（以下简称公司）聘请信永中和会计师事务所 （特殊普通合伙）（以下简称信永中和）作为公司2024年度审计机构。根据中 华人民共和国财政部、国务院国有资产监督管理委员会、中国证券监督管理委 员会颁布的《国有企业、上市公司选聘会计师事务所管理办法》《会计师事务 所选聘制度》等相关规定，公司对信永中和在审计中的履职情况进行评估。经 评估，公司认为，信永中和在资质等方面合规有效，履职能够保持独立性，勤 勉尽责，公允表达意见。具体情况如下： 一、资质条件 （一）基本信息 信永中和会计师事务所（特殊普通合伙）（以下简称信永中和）成立于 2012年3月2日，特殊普通合伙企业，注册地址为北京市东城区朝阳门北大街8号 富华大厦A座8层，首席合伙人为谭小青先生。截至2024年12月31日，信永中和 合伙人（股东）259人，注册会计师1780人。签署过证券服务业务审计报告的注 册会计师人数超过700人。信永中和2023年度业务收入为40.46亿元，其中，审 计业务收入为30.15亿元，证券业务收入为9.96亿元。 （二）投资者保护能力 （一） ...

成都唐源电气股份有限公司内部控制评价报告 2024 年 12 月 31 日 成都唐源电气股份有限公司 2024年度内部控制评价报告 成都唐源电气股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求 （以下简称"企业内部控制规范体系"），结合成都唐源电气股份有限公司（以下 简称"本公司"或"公司"）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司截至2024年12月31日（内部控制评价报告基准日）的 内部控制有效性进行了自我评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有 效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和 实施内部控制进行监督。管理层负责组织领导企业内部控制的日常运行。公司董事 会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误 导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告 及相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制 ...

证券代码：300789 证券简称：唐源电气 公告编号：2025-033 成都唐源电气股份有限公司（以下简称"公司"或"本公司"）于2025年4 月21日召开了第三届董事会第三十一次会议和第三届监事会第十七次会议，审 议通过了《关于续聘公司2025年度审计机构的议案》，同意续聘信永中和会计 师事务所（特殊普通合伙）（以下简称"信永中和"）为公司2025年度审计机 构，本议案尚需提交公司2024年年度股东大会审议。本次续聘会计师事务所符 合《国有企业、上市公司选聘会计师事务所管理办法》（财会[2023]4号）的规 定。现将相关事宜公告如下： 成都唐源电气股份有限公司 关于续聘公司2025年度审计机构的公告 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。 首席合伙人：谭小青先生 一、拟聘任会计师事务所事项的情况说明 信永中和具有证券业从业资格，在担任公司2024年度审计机构期间，签字 注册会计师和项目负责人展现了相应的专业胜任能力，在执业过程中坚持以独 立、客观、公正的态度进行审计，表现了良好的职业规范和精神，具备足够的 独立性、专业胜任能力、投资者保护能力，能够满 ...