Core Viewpoint - The company reported a significant increase in revenue for 2024, but faced substantial losses in net profit compared to the previous year [1][2]. Financial Performance Summary - The company achieved operating revenue of 971 million yuan in 2024, representing a year-on-year growth of 13.17% compared to 858 million yuan in 2023 [1][2]. - The net profit attributable to shareholders was -133 million yuan in 2024, a decline of 469.37% from a profit of 36 million yuan in 2023 [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -140 million yuan, down 1,824.27% from 8 million yuan in the previous year [1][2]. - The net cash flow from operating activities was 239 million yuan, an increase of 381.47% from 50 million yuan in 2023 [1][2]. Earnings Per Share and Return on Equity - Basic earnings per share were -0.2700 yuan in 2024, a decrease of 469.36% from 0.0731 yuan in 2023 [2]. - The diluted earnings per share were also -0.2700 yuan, reflecting the same percentage decline [2]. - The weighted average return on equity was -5.60% in 2024, down 7.10% from 1.50% in 2023 [2]. Asset and Equity Position - Total assets at the end of 2024 were approximately 3.28 billion yuan, a decrease of 3.38% from 3.39 billion yuan at the end of 2023 [2]. - The net assets attributable to shareholders were about 2.29 billion yuan, down 6.70% from 2.45 billion yuan in the previous year [2]. Q1 2025 Performance - In the first quarter of 2025, the company reported operating revenue of 26.85 million yuan, a year-on-year increase of 6.51% [3]. - The net profit attributable to shareholders was 12.39 million yuan, a decrease of 40.23% compared to 20.74 million yuan in the same quarter of the previous year [3]. - The net cash flow from operating activities was 2.60 million yuan, down 31.60% from 3.80 million yuan in Q1 2024 [3].

截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质押 | 本次质押 | 占其所 | | 已质押 | | 未质押 | | | 股东 | 持股数量 | 持股比 | 前质押股 | 后质押股 | | 占公司总 | 股份限 | | | 占未 | | | | | | | 持股份 | | | 占已质 | 股份限 | | | 名称 | （股） | 例 | 份数量 | 份数量 | | 股本比例 | 售和冻 | | | 质押 | | | | | | （股） | 比例 | | | 押股份 | 售和冻 | | | | | | （股） | | | | 结、标 | | | 股份 | | | | | | | | | | 比例 | 结数量 | | | | | | | | | | 记数量 | | | 比例 | | | | | | | | | （股） | | （股） | | 证券代码：300825 ...

Core Points - Altec (SZ300825) reported a transition from profit to loss in its 2024 annual report, with a net profit attributable to shareholders of -132.85 million yuan, a decrease of 469.37% year-on-year [1] - The company's operating revenue for 2024 was 971 million yuan, reflecting a year-on-year increase of 13.17% [1] - The company experienced a significant decline in net profit after deducting non-recurring gains and losses, amounting to -140.22 million yuan, a drop of 1824.27% compared to the previous year [1] Financial Performance - The gross profit margin for Altec in 2024 was 20.65%, down 12.45% year-on-year, while the net profit margin was -15.72%, a decrease of 19.07% from the previous year [2] - Total operating expenses for the year reached 297 million yuan, an increase of 64.83 million yuan compared to the previous year, with an expense ratio of 30.63%, up 3.52% year-on-year [2] - Sales expenses decreased by 32.69%, while management expenses increased by 4.53%, R&D expenses surged by 164.96%, and financial expenses rose by 48.74% [2] Employee Information - As of the end of 2024, Altec had a total of 2,315 employees, a reduction of 217 employees or 8.57% compared to the previous year [6] - The number of employees at the parent company was 844, while the number at major subsidiaries was 1,471 [4] Executive Compensation - Total compensation for the board of directors, supervisors, and senior management in 2024 amounted to 8.5779 million yuan, with the vice chairman receiving the highest salary of 2.6009 million yuan, nearly double that of the chairman [8] - The vice chairman's compensation accounted for 30.32% of the total executive remuneration [8]

Core Viewpoint - Altec's Q1 2025 financial report shows a mixed performance with a revenue increase but significant declines in net profit and cash flow [1][2]. Financial Performance - Altec's operating revenue for Q1 2025 was 268.51 million yuan, a year-on-year increase of 6.51% [1]. - The net profit attributable to shareholders was 12.39 million yuan, down 40.23% compared to the same period last year [1]. - The net profit after deducting non-recurring gains and losses was 10.51 million yuan, a decrease of 51.05% year-on-year [1]. - Basic earnings per share were 0.0252 yuan, reflecting a 40.14% decline from the previous year [1]. - The net cash flow from operating activities was 25.99 million yuan, down 31.60% year-on-year [1]. Profitability Metrics - The gross margin for Q1 2025 was 25.07%, a decrease of 6.62% year-on-year but an increase of 25.76% quarter-on-quarter [2]. - The net profit margin was 4.01%, down 3.55% year-on-year but up 45.93% from the previous quarter [2]. Expense Analysis - Total period expenses were 51.08 million yuan, a decrease of 0.43 million yuan compared to the same period last year [2]. - The expense ratio was 19.02%, down 2.96% year-on-year [2]. - Sales expenses increased by 2.94% year-on-year, while management expenses decreased by 29.77% [2]. - R&D expenses rose by 75.75% year-on-year, and financial expenses increased by 16.36% [2]. Leadership Compensation - Altec's chairman, Xuan Qiwu, received a salary of 1.352 million yuan in 2024, a 19.96% increase from 1.127 million yuan in the previous year [4]. Company Overview - Altec, established in May 2007 and listed in March 2020, specializes in the design of fuel and new energy vehicles and related technical services [4].

Group 1: Company Overview and New Subsidiary - The company established a subsidiary, Beijing Alrite Intelligent Robot Technology Co., Ltd., in May 2025, with shareholdings of 51%, 34%, and 15% held by Altrite, Shanghai Yunshi Space, and Shanghai Yifeng respectively [2][3] - Alrite focuses on providing customized robot solutions and developing various types of robots, including humanoid robots, leveraging automotive engineering technology [3] Group 2: Revenue and Market Expansion - In 2024, the company's overseas revenue was 111 million CNY, accounting for 11.4% of total revenue [3] - The overseas strategy starts in Japan and expands to Southeast Asia, the Middle East, and Europe, with significant projects including a 470 million CNY contract for vehicle manufacturing with Japan's AIM [3][10] - The company aims to enhance its overseas revenue share by leveraging global trends in the new energy vehicle industry [3] Group 3: Technological Developments - The company is advancing in the field of AI, applying new technologies to various stages of research and development, including the launch of the AI-based automotive design product "TAI" in March 2025 [4] - Ongoing projects in the autonomous delivery vehicle sector include the development of distributed drive steering platforms and intelligent chassis for logistics vehicles [3][4] Group 4: Automotive Components and Financial Performance - The company is expanding its automotive components business, focusing on power systems and key components, with several products entering mass production in 2025 [5][10] - The 2024 loss was attributed to intense price competition in the domestic automotive market, high R&D investments, and provisions for credit and asset impairments [6] Group 5: Future Growth Drivers - The company has secured multiple orders in vehicle development and component manufacturing, with a focus on maintaining relationships with existing clients while exploring new markets [9][10] - The gradual realization of these orders is expected to positively impact the company's performance and support future revenue growth [10]

Group 1: Company Overview and Subsidiary Establishment - The company established a subsidiary, Beijing Alrite Intelligent Robot Technology Co., Ltd., in May 2025, with a shareholding structure of 51% by Altr, 34% by Shanghai Yunshi Space, and 15% by Shanghai Yifeng [3] - Alrite focuses on integrated design and development platforms for various robotic applications, offering customized solutions and full-cycle development services [3] Group 2: International Revenue and Market Expansion - In 2024, the company's overseas revenue amounted to 111 million CNY, accounting for 11.4% of total revenue [4] - The company aims to expand its overseas market starting from Japan, with plans to penetrate Southeast Asia, the Middle East, and Europe [4] - A notable project includes a collaboration with YAMATO in Japan, which successfully delivered over 100 electric system kits in April 2025 [4] - The company signed a vehicle manufacturing export contract worth 470 million CNY with AIM in Japan by the end of 2024 [4] Group 3: Autonomous Delivery Vehicle Development - The company is advancing several projects in the autonomous delivery vehicle sector, including ISDC distributed drive steering platform and RUBIK central drive steering platform [5] - These platforms incorporate cutting-edge technologies such as decoupled control, four-wheel independent drive, and active suspension, supporting high-level autonomous driving solutions [5] Group 4: AI Integration in R&D - The company has integrated AI models and digital R&D tools into various stages of its development chain, including modeling, engineering, and performance testing [6] - Successful developments include an intelligent rendering system for effect images and automated generation of components [6]

目录 邹菁 李元婷 | 作者 六、小结 在私募行业高速发展的十几年，上市公司以各种形式参与一级市场私募股权投资，其主要目的是挖掘、孵化、锁定相关行业及上下游产业链中的优质标 的，拓展产业发展与投资的路径。而由上市公司主导的CVC基金在资本市场中"大显身手"，已然成为私募股权投资市场里不可或缺的关键力量，但又因此 饱受市场的诟病。这是因为上市公司本身处于公募市场，可以募集社会公众的资金，而其又可在私募市场募集合格投资人的资金，往往可能产生利益联 结，对于证券市场的影响力放大，故这种业务模式近年来被冠上"类金融"业务的标签，受到证监会、证券交易所（以下简称"交易所"）等监管部门的严格 限制，从而使得A股上市公司参与私募业务受到直接冲击。 设立上市公司背景的CVC基金，第一步是上市公司及相关主体在中国证券投资基金业协会（以下简称"中基协"）申请私募基金管理人资格。自《私募投资 基金登记备案办法》（以下简称《登记备案办法》）于2023年5月1日正式实施以来，与上市公司有关的私募管理人已成功落地多个案例，本篇文章拟对管 理人资格申请的路径及合规关注点进行分析，以供市场参考。 1 上市公司及关联方设立私募基金管理人的路径 ...

Core Viewpoint - The company, Altrate, has officially entered the robotics industry by establishing a joint venture, Alrite Intelligent Robotics Technology Co., Ltd., marking a strategic expansion into the smart technology sector [2]. Group 1: Company Strategy and Development - Altrate has formed a team of top industry talents and is expanding its technical team while fostering partnerships with educational institutions to create an integrated innovation platform [2]. - The new company, Alrite, will focus on integrated design and development of robots, leveraging automotive engineering technology to provide customized robotic solutions across various applications [2][3]. - Alrite has initiated multiple R&D projects, including wheeled robots, underwater robots, drilling robots, and pet bathing robots [2]. Group 2: Technological Advancements - Alrite plans to build an integrated simulation training platform powered by NVIDIA Isaac technology, which is recognized as a leading simulation platform for providing robust virtual training environments for robot development [3]. - The company aims to offer comprehensive technical and service support throughout the entire lifecycle of robot development, from simulation and testing to optimization [3]. Group 3: Market Position and Client Engagement - Altrate has developed nearly 500 vehicle models for over 80 domestic and international clients, including notable brands such as Li Auto and Hongqi [4]. - Recently, Altrate secured a significant contract with a global client (referred to as Client Z) for the development of a new energy vehicle project, with a research and development fee of approximately 214 million yuan [4]. - This collaboration is expected to enhance Altrate's market share in overseas new energy vehicle R&D and design, aligning with the company's international strategy of "technology + supply chain" [4].

Core Viewpoint - The company Altrate has officially entered the robotics industry by establishing a joint venture, Beijing Alruite Intelligent Robotics Technology Co., Ltd., marking a strategic expansion into the smart technology sector [1] Group 1: Company Strategy and Development - Altrate has formed a top-tier elite team and is expanding its technical team while fostering partnerships with educational institutions to create an integrated innovation platform [1] - The new company, Alruite, will focus on integrated design and development platforms, leveraging automotive engineering technology to provide customized robotic solutions across various applications [1][2] - Alruite has initiated research and development projects for multiple types of robots, including wheeled robots, underwater robots, drilling robots, and pet bathing robots [1] Group 2: Technological Support and Infrastructure - Alruite will build an integrated simulation training platform powered by NVIDIA Isaac technology, which is recognized as a comprehensive simulation platform for providing virtual training environments for robot development [2] - The company is strategically located in the Beijing Economic and Technological Development Zone, which has been focusing on the robotics industry since 2023 and has attracted numerous related enterprises [2] - Cloud Vision Technology, a partner in the joint venture, will contribute its expertise in visual recognition technology, essential for enabling robots to perceive their environment and navigate autonomously [2] Group 3: Existing Business and Recent Contracts - Altrate is the only independent automotive design company in A-shares, specializing in full-process R&D of vehicles, development of new energy intelligent platforms, and manufacturing of core components [3] - The company has successfully developed nearly 500 vehicle models for over 80 domestic and international clients, including notable brands such as Li Auto and Hongqi [3] - Recently, Altrate secured significant contracts, including a technology development contract worth approximately 214 million yuan with a global client for a new energy vehicle project [4] - Additionally, Altrate signed contracts totaling about 337 million yuan with Future Energy for the development and procurement of large-scale electric vehicle conversion kits [4]

根据公告，双方将在前述合同签署后，根据项目进度节点，分别针对整车开发各阶段的详细工作内容等 另行签署合同。 阿尔特（300825）6月5日晚间公告，公司与某全球知名企业（以下简称"客户Z"）签署技术开发合同， 后者委托公司研究开发某新能源车型整车项目，项目研究开发费用不含税金额约为2.14亿元。 近年来，阿尔特瞄准海外市场发展机遇，逐步将客户开拓重心转向海外，2024年境外收入达1.11亿元， 同比增长188.89%，占总营收比重为11.4%，同比提升6.94个百分点；板块毛利率为33.03%，同比提升 5.71个百分点。 据悉，阿尔特海外战略以日本为起点，并逐步辐射东南亚、中东、欧洲、美洲等地区，目前已在日本、 东南亚、北美、欧洲等全球多个区域市场设立分支机构。 阿尔特表示，此次与客户Z达成合作，为其开发面向目标市场的新能源车型，一方面将基于中国智能电 动汽车标准和技术体系，助力客户业务向汽车领域延伸；另一方面，也将提升公司海外新能源整车研发 设计市场份额，是公司"技术+供应链"国际化战略的进一步实践。 证券时报·e公司记者关注到，阿尔特与客户Z此前已有合作基础。2024年，公司与客户Z发生类似交易的 合同 ...