Core Viewpoint - The company Alte (300825) reported a significant increase in revenue but a substantial decline in profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1] Financial Performance - Total revenue reached 522 million yuan, a year-on-year increase of 33.14% - Net profit attributable to shareholders was -58.2 million yuan, a year-on-year decrease of 268.61% - In Q2 2025, total revenue was 254 million yuan, up 80.96% year-on-year, while net profit was -70.6 million yuan, down 93.28% year-on-year [1] - Gross margin was 17.3%, a decrease of 44.74% year-on-year, and net margin was -12.03%, a decrease of 135.78% year-on-year [1] - Total operating expenses were 89.3 million yuan, accounting for 17.09% of revenue, a decrease of 23.57% year-on-year [1] Key Financial Ratios - Earnings per share was -0.12 yuan, a decrease of 271.25% year-on-year - Operating cash flow per share was -0.2 yuan, a decrease of 295.76% year-on-year - Return on Invested Capital (ROIC) has been historically low, with a median of 3.82% since the company went public [3] Business Strategy and Client Relationships - The company has established deep partnerships with over 80 domestic and international automotive clients, including Honda, Nissan, and Toyota [4] - Future client development focuses on maintaining existing relationships while exploring new clients and overseas markets, particularly targeting large global automotive groups [5] - The company aims to create new revenue streams through smart electric vehicle development and international supply chain solutions [5]

Group 1 - The meeting of the fifth supervisory board of Alter Automotive Technology Co., Ltd. was held on August 27, 2025, via telecommunication voting, with all three supervisors present [1] - The supervisory board approved the proposal regarding the "2025 Half-Year Report" and its summary, confirming that the report accurately reflects the company's financial status and operational results for the first half of 2025 [1][2] - The voting results showed unanimous support with 3 votes in favor, 0 against, and 0 abstentions [2] Group 2 - The supervisory board's decision and meeting resolutions are available for review in the company's official announcements [2]

Market Overview - The automotive service sector experienced a decline of 1.04% on August 29, with Altec leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable stock performances in the automotive service sector included: - Jiao Yun Co. (600676) closed at 6.03, up 2.20% with a trading volume of 188,400 shares [1] - Bei Ba Media (600386) closed at 4.66, up 0.87% with a trading volume of 166,400 shares [1] - Altec (300825) closed at 11.92, down 5.25% with a trading volume of 401,700 shares and a transaction value of 484 million [2] - Hao Wu Co. (000757) closed at 4.84, down 3.20% with a trading volume of 285,100 shares and a transaction value of 139 million [2] Capital Flow - The automotive service sector saw a net outflow of 47.97 million from institutional investors, while retail investors had a net inflow of 62.15 million [2] - The detailed capital flow for specific stocks showed: - Guo Ji Auto (600335) had a net inflow of 11.55 million from institutional investors [3] - Altec (300825) experienced a net outflow of 20.99 million from institutional investors [3] - Xiamen Xinda (000701) had a significant net outflow of 18.85 million from institutional investors [3]

Group 1 - The core point of the news is that Altec Automotive Technology Co., Ltd. experienced a stock price drop of 5.01%, reaching 11.95 CNY per share, with a trading volume of 425 million CNY and a turnover rate of 7.27%, resulting in a total market capitalization of 5.952 billion CNY [1] - Altec was established on May 23, 2007, and went public on March 27, 2020. The company specializes in the design of fuel and new energy vehicles, along with related technical services in the automotive industry [1] - The main revenue composition of Altec is 94.34% from professional technical services and 5.66% from manufacturing [1] Group 2 - From the perspective of fund holdings, one fund under Everbright Prudential has a significant position in Altec. The Everbright Prudential Anyang One-Year Mixed A Fund (012027) held 90,000 shares in the second quarter, accounting for 0.87% of the fund's net value, ranking as the eighth largest holding [2] - The Everbright Prudential Anyang One-Year Mixed A Fund was established on June 17, 2021, with a latest scale of 66.3592 million CNY. Year-to-date returns are 7.53%, with a ranking of 6039 out of 8189 in its category; the one-year return is 13.17%, ranking 6364 out of 7969 [2] - The fund manager, Huang Bo, has a tenure of 5 years and 327 days, managing total assets of 14.614 billion CNY, with the best fund return during his tenure being 60.59% and the worst being 10.34%. The co-manager, Hua Yeshun, has a tenure of 2 years and 348 days, managing assets of 1.24 billion CNY, with the best return of 19.9% and the worst of 10.27% during his tenure [2]

Group 1 - The core viewpoint of the news is that Altec Automotive Technology Co., Ltd. experienced a decline in stock price, dropping by 5.01% to 11.95 CNY per share, with a trading volume of 425 million CNY and a turnover rate of 7.27%, resulting in a total market capitalization of 5.952 billion CNY [1] - Altec's main business involves the design of fuel and new energy vehicles, along with related technical services, with a revenue composition of 94.34% from professional technical services and 5.66% from manufacturing [1] Group 2 - Among Altec's top ten circulating shareholders, a fund under China Europe Fund, specifically the China Europe Sci-Tech Theme Mixed Fund (LOF) A, entered the top ten shareholders in the second quarter, holding 3.6898 million shares, which accounts for 0.76% of the circulating shares, with an estimated floating loss of approximately 2.3246 million CNY today [2] - The China Europe Sci-Tech Theme Mixed Fund (LOF) A was established on June 28, 2019, with a latest scale of 2.238 billion CNY, achieving a year-to-date return of 63.64% and ranking 287 out of 8189 in its category, while its one-year return is 141.35%, ranking 75 out of 7969 [2]

Group 1 - The core viewpoint is that the robotics industry is entering an accelerated application phase driven by the "AI+" policy and the global AI wave, with Shou Cheng Holdings collaborating with Alt Automotive Technology to enhance the integration of robotics and automotive sectors [1] - Shou Cheng Holdings has signed a strategic cooperation framework agreement with Alt Automotive and its subsidiaries, focusing on integrated development, simulation training platform construction, intelligent manufacturing, and application validation [1] - The agreement establishes a "priority procurement mechanism," ensuring that Alt will prioritize purchasing Shou Cheng's robotic products and solutions under equal conditions, indicating a strong partnership for future developments [1] Group 2 - Shou Cheng Holdings is not just an investment platform; it has invested in leading domestic companies and established collaborations with over a hundred upstream and downstream enterprises, creating a complete chain from components to applications [2] - With the deepening implementation of the "AI+" policy and the acceleration of AI large models and NVIDIA's ecosystem, the strategic value of Shou Cheng Holdings is becoming increasingly prominent, suggesting potential exponential revenue growth [2] - The company is positioned at the forefront of the "AI+ Robotics" industry, leveraging technology from leading enterprises and collaborative partners to drive multi-dimensional commercial applications [2]

Core Insights - The company is actively engaging in the integration of robotics and automotive industries through strategic partnerships [1][2] - A framework agreement has been signed with Alt Automotive Technology Co., focusing on collaborative development and application of robotics in vehicle manufacturing [1] - The company is transitioning from a single investor role to a dual-driven application promoter, enhancing its operational capabilities [1][2] Group 1: Strategic Partnerships - The company has established a strategic cooperation framework with Alt Automotive and its subsidiary for deep collaboration in robotics [1] - The agreement includes a "priority procurement mechanism" for Alt Automotive to favor the company's robotic products and solutions [1] - Joint development efforts will focus on optimizing existing robotic products for the automotive industry [1] Group 2: Market Position and Future Outlook - The company is evolving from being viewed solely as an investment platform to focusing on application-driven strategies [2] - It has invested in leading domestic companies, building a comprehensive ecosystem in the robotics sector [2] - With the implementation of national "Artificial Intelligence+" policies, the company's strategic value is expected to increase, leading to potential exponential revenue growth [2]

证券代码：300825 证券简称：阿尔特 公告编号：2025-054 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 4、控股股东或实际控制人变更情况 控股股东报告期内变更 单位：股 ■■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 □适用 √不适用 公司报告期控股股东未发生变更。 ...

Core Viewpoint - The company reported a significant increase in revenue but also experienced a substantial net loss, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - The company's operating revenue for the first half of 2025 was 522 million yuan, representing a year-on-year growth of 33.14% [1] - The net loss attributable to shareholders of the listed company was 58.197 million yuan, which expanded by 268.61% year-on-year [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 62.0842 million yuan, showing an increase of 376.87% year-on-year [1] - The basic loss per share was 0.1188 yuan [1]

Group 1 - The core of the collaboration is to leverage "robotics + automotive" as an entry point to promote the application of robotics technology in automotive research, manufacturing, smart transportation, and mobility services [2] - The partnership aims to establish a comprehensive iterative and application ecosystem by combining the technological advantages of domestic robotics companies and the collaborative resources with hundreds of upstream and downstream quality enterprises [2] - The four parties will create a priority procurement mechanism to enhance upstream and downstream collaboration, ensuring that technological achievements are rapidly transformed into marketable products [2] Group 2 - The strategic cooperation framework agreement was signed on August 28, 2025, involving Shou Cheng Holdings, Alter Automotive Technology Co., Ltd., Beijing Alrite Intelligent Robot Technology Co., Ltd., and Beijing Shou Cheng Robot Technology Industry Co., Ltd. [1] - Alter is recognized as a leading independent automotive design brand in China and is one of the first national high-tech enterprises [1] - The collaboration will focus on long-term strategic relationships to build a full-chain cooperation mechanism from technology validation to commercialization, enhancing the efficiency and stability of the industrial chain [1]