关于成都唐源电气股份有限公司向特定对象发行股票申请文件的审核问询函的回复报告 股票代码：300789 股票简称：唐源电气 关于成都唐源电气股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复报告（修订稿） 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二零二五年十二月 关于成都唐源电气股份有限公司向特定对象发行股票申请文件的审核问询函的回复报告 深圳证券交易所： 贵所于 2025 年 9 月 16 日出具的《关于成都唐源电气股份有限公司申请向特 定对象发行股票的审核问询函》（审核函〔2025〕020050 号）（以下简称"问 询函"）已收悉，成都唐源电气股份有限公司（以下简称"发行人"、"唐源电 气"或"公司"）会同中信证券股份有限公司（以下简称"保荐人"、"主承销 商"或"中信证券"）、北京市金杜律师事务所（以下简称"发行人律师"或"律 师"）、信永中和会计师事务所（特殊普通合伙）（以下简称"发行人会计师"、 "信永中和"）等相关方对问询函所列问题进行了逐项核查，现回复如下，请予 审核。 关于回复内容释义、格式及补充更新披露等事项的说明如下： 1、如无特别说明，本回 ...

成都唐源电气股份有限公司（以下简称"公司"）于 2025 年 12 月 10 日召 开了第四届董事会第六次会议，审议通过了《关于会计估计变更的议案》。全体 董事一致同意该事项，并就本次会计估计变更的合理性说明如下： 成都唐源电气股份有限公司 董事会关于会计估计变更合理性的说明 成都唐源电气股份有限公司董事会 2025 年 12 月 10 日 公司董事会认为本次会计估计变更是根据《企业会计准则第 28 号——会计 政策、会计估计变更和差错更正》的相关规定，并结合公司实际情况和参考同行 业企业的会计估计进行的合理变更，符合企业会计准则及深圳证券交易所的相关 规定。公司执行变更后的会计估计能够更加客观、公允地反映公司的财务状况和 经营成果，不涉及对已披露的财务数据的追溯调整，不存在损害公司及股东、特 别是中小股东利益的情况。 ...

证券代码：300789 证券简称：唐源电气 公告编号：2025-095 成都唐源电气股份有限公司 关于会计估计变更的公告 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"）于 2025 年 12 月 10 日召 开了第四届董事会第六次会议，审议通过了《关于会计估计变更的议案》。根据 《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》《企业会计 准则第 22 号——金融工具确认和计量》的有关规定，以谨慎性原则为前提，同 意对公司相关会计估计进行变更。 公司本次会计估计变更采用未来适用法，对公司 2025 年前三季度及以往各 年度财务状况和经营成果不会产生影响，无需追溯调整，本次会计估计变更自 2025 年 11 月 1 日起执行。 根据《深圳证券交易所创业板股票上市规则》及《公司章程》等有关规定， 本次会计估计变更无需提交公司股东会审议，现将具体情况公告如下： 一、本次会计估计变更概述 （一）会计估计的变更原因 公司控股子公司四川攀西钒钛能源科技有限公司（以下简称"攀西钒钛"） 自 2022 年下半年开始开 ...

证券代码：300789 证券简称：唐源电气 公告编号：2025-094 成都唐源电气股份有限公司 第四届董事会第六次会议决议公告 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 三、备查文件 1、公司第四届董事会第六次会议决议； 二、董事会会议审议情况 本次会议以记名投票方式进行表决并通过了如下议案： 1、审议通过《关于会计估计变更的议案》 经审核，董事会认为：公司本次会计估计变更是根据《企业会计准则第28 号——会计政策、会计估计变更和差错更正》等相关规定，并结合公司实际情 况和参考同行业企业的会计估计进行的合理变更，符合企业会计准则及深圳证 券交易所的相关规定。执行变更后的会计估计能够更加客观、公允地反映公司 的财务状况和经营成果，不涉及对已披露的财务数据的追溯调整，不存在损害 公司及股东、特别是中小股东利益的情况。 本议案已经董事会审计委员会审议通过。 表决结果为：同意7票，反对0票，弃权0票。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 会计估计变更的公告》。 成都唐源电气股份有限公司（以 ...

Market Overview - The computer equipment sector increased by 1.28% on December 1, with Zhongwei Electronics leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Performers - Zhongwei Electronics (300270) closed at 13.45, up 14.27% with a trading volume of 507,900 shares and a transaction value of 653 million yuan [1] - Fushen Technology (920190) closed at 27.48, up 6.02% with a trading volume of 54,800 shares and a transaction value of 149 million yuan [1] - Yilong Information (300588) closed at 32.40, up 4.92% with a trading volume of 195,900 shares and a transaction value of 633 million yuan [1] Underperformers - Siwei Liekong (603508) closed at 27.88, down 10.01% with a trading volume of 241,100 shares and a transaction value of 679 million yuan [2] - Tianmai Technology (300807) closed at 45.70, down 4.77% with a trading volume of 30,300 shares and a transaction value of 140 million yuan [2] - Tangyuan Electric (300789) closed at 24.20, down 4.01% with a trading volume of 35,300 shares and a transaction value of 85.87 million yuan [2] Capital Flow - The computer equipment sector experienced a net outflow of 458 million yuan from institutional investors, while retail investors saw a net inflow of 159 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Aerospace Intelligence (300455) had a net inflow of 106 million yuan from institutional investors, while retail investors experienced a net outflow of 53.89 million yuan [3] - Dahua Technology (002236) saw a net inflow of 75.84 million yuan from institutional investors, with retail investors facing a net outflow of 48.41 million yuan [3] - Zhongwei Electronics (300270) had a net inflow of 29.62 million yuan from institutional investors, while retail investors faced a net outflow of 17.87 million yuan [3]

Market Overview - A-shares experienced a low open and high close today, with major indices rising to varying degrees, and over 4000 stocks closing higher [1][3][6] - The Shanghai Composite Index rose by 0.34%, the Shenzhen Component increased by 0.85%, and the ChiNext Index gained 0.7% [3] Sector Performance - The agriculture, forestry, animal husbandry, and fishery sector led the gains with an overall increase of over 1.5% [3] - Basic chemicals, steel, non-ferrous metals, and electronics sectors also saw increases, each exceeding 1% [4] - The banking and coal sectors were among the few that declined [5] Notable Stocks - Hainan Free Trade Zone concept stocks surged, with Hainan Ruize (002596) hitting the daily limit, and Shennong Seed Industry (300189) closing up nearly 9% [5] - Haichang New Materials (300885) saw a significant intraday rise of nearly 19%, with total trading volume exceeding 500 million yuan, more than ten times the previous trading day [6] - Silin Jie experienced a rise of 8.26%, with trading volume reaching 114 million yuan, over three times the previous day [8] Hong Kong Market - The Hong Kong market saw a slight decline, with the Hang Seng Index closing down 0.34% [2][10] - The robotics sector in Hong Kong was a highlight, with stocks like Yujian rising nearly 10% and Horizon Robotics-W increasing by 4.23% [12][13] - A strategic cooperation agreement was signed between Green Source Group and Yujian Technology, aiming to deploy 5000 robotic dogs in smart store upgrades [12]

Group 1 - The stock price of Tangyuan Electric has increased by 72.78% this year, but it has seen a decline of 0.58% in the last 5 trading days, 10.82% in the last 20 days, and 19.63% in the last 60 days [1] - As of November 5, the stock is trading at 25.55 CNY per share, with a market capitalization of 3.675 billion CNY [1] - The company has experienced a net outflow of main funds amounting to 268.07 thousand CNY, with significant selling pressure observed [1] Group 2 - Chengdu Tangyuan Electric Co., Ltd. was established on November 5, 2010, and went public on August 28, 2019, focusing on the rail transit industry [2] - The main business revenue composition includes: machine vision intelligent detection equipment (49.89%), technical services and others (22.02%), vanadium-titanium resource development (12.86%), big data intelligent management systems (9.98%), and railway public transport and smart stations (5.25%) [2] - As of September 30, the number of shareholders has increased by 0.32% to 8,052, while the average circulating shares per person have decreased by 14% [2] Group 3 - Since its A-share listing, Tangyuan Electric has distributed a total of 131 million CNY in dividends, with 81.489 million CNY distributed in the last three years [3]

Core Points - Tangyuan Electric's stock price decreased by 2.09% on November 4, trading at 25.30 CNY per share with a market capitalization of 3.639 billion CNY [1] - The company has seen a year-to-date stock price increase of 71.08%, but has experienced declines of 5.67% over the past 5 trading days, 12.76% over the past 20 days, and 19.48% over the past 60 days [1] - For the first nine months of 2025, Tangyuan Electric reported a revenue of 404 million CNY, a year-on-year decrease of 10.56%, and a net profit attributable to shareholders of 39.09 million CNY, down 27.94% year-on-year [2] Company Overview - Chengdu Tangyuan Electric Co., Ltd. was established on November 5, 2010, and listed on August 28, 2019. The company specializes in the research, manufacturing, and sales of traction power supply, engineering services, vehicle engineering testing and monitoring, and intelligent operation and maintenance information management systems for the rail transit industry [1] - The revenue composition of Tangyuan Electric includes: 49.89% from machine vision intelligent detection equipment, 22.02% from technical services and others, 12.86% from vanadium-titanium resource development and utilization, 9.98% from big data intelligent management systems, and 5.25% from railway public transport and smart stations [1] Shareholder Information - As of September 30, the number of shareholders of Tangyuan Electric was 8,052, an increase of 0.32% from the previous period, with an average of 10,597 circulating shares per shareholder, a decrease of 14.00% [2] Dividend Information - Since its A-share listing, Tangyuan Electric has distributed a total of 131 million CNY in dividends, with 81.49 million CNY distributed over the past three years [3]

Core Insights - Chengdu Tangyuan Electric Co., Ltd. has entered a strategic partnership with Zhejiang Dongri's subsidiary Peianmei to develop the "Peianmei Health Card" and related technologies, focusing on health services and smart devices [1][2] Group 1: Partnership Details - The collaboration will involve joint research and optimization of the "Peianmei Health Card," construction of a support system, expansion of health industry scenarios, and establishment of a strategic joint laboratory [1][2] - Yongliwei specializes in wearable smart devices, AI machine vision systems, and advanced manufacturing processes, while Peianmei focuses on AI foundational technologies and smart medical systems [1][2] Group 2: Market Potential - The health card and smart wearable medical device market in China is projected to exceed 300 billion yuan by 2026, indicating a significant growth opportunity for the partnership [3] - Yongliwei aims to transition from single device development to a comprehensive provider of smart devices, health services, and medical services, leveraging Peianmei's resources [2][3] Group 3: Strategic Implications - The partnership is expected to enhance Yongliwei's market position and operational capabilities, with a focus on integrating hardware, software, and security algorithms into a unified solution [2][3] - Peianmei has designated Yongliwei as a long-term strategic supplier, ensuring ongoing order support and collaboration [3]

Summary of the Conference Call for Taiyuan Electric Company Overview - **Company**: Taiyuan Electric - **Industry**: Rail Transportation and Robotics Key Financial Highlights - **Revenue**: 404 million (down 10% year-on-year) [2] - **Net Profit**: 39 million (down 27% year-on-year) [2] - **Core Business Growth**: Excluding non-core business, core revenue grew by 10% year-on-year [2] - **Net Profit Adjustments**: After adjusting for stock incentive costs (over 9 million) and asset impairments (over 8 million), the net profit would be over 67 million [2] - **Employee Growth**: Increased workforce by over 40 people, focusing on core algorithm development [2] Business Strategy and Developments - **Focus Shift**: Strategic focus on core business areas, particularly in AI and robotics, leading to a reduction in non-core activities such as vanadium-titanium resource development [2] - **New Robotics Products**: Development of various robots for rail maintenance, including: - Intelligent maintenance robots for rails and fasteners - Intelligent inspection robots for vehicles [3][5] - **Market Potential**: The new rail maintenance robot is estimated to have a market potential of over 2 billion [5] Future Outlook - **Optimistic Projections**: Expectation of a turnaround in profitability for core subsidiaries next year [3] - **Main Business Growth**: Anticipated growth of 20-30% for core business in a normal year [11] - **New Business Growth**: Projected growth of over 60% for the platform door business due to new technology reducing costs and implementation time [11] - **Smart Emergency Services**: Expected growth of 50% in smart emergency services, with contracts already secured [12] Market Analysis - **Platform Door Market**: Estimated 1,100 high-speed rail stations and 400-600 urban rail stations, with potential revenue per station ranging from 3 million to 8 million [15] - **Robotics Service Model**: Two sales models for robots: unit sales and data service fees (10,000 to 20,000 per kilometer) [29] - **New Materials Market**: Anticipated explosive growth in new materials, with a global demand of 80-90 million units at a price of approximately 2.5 USD each [12][35] Competitive Advantages - **Technological Leadership**: First company to implement fully adaptive platform doors, providing a competitive edge of 2-4 years over competitors [19] - **Diverse Product Offerings**: Unique multi-functional robots that meet various customer needs [27] Challenges and Considerations - **High Initial Costs**: Increased employee costs due to strategic investments in technology and personnel [42] - **Market Delays**: Some projects delayed due to tendering processes, but expected to pick up in the fourth quarter [10] Conclusion - **Long-term Vision**: The company is focused on long-term growth through strategic investments in technology and innovation, with a call for patience from investors as new business segments begin to contribute to revenue [42]