3．公司火工品业务的成长空间及竞争地位、资质要求？ 证券代码：300836 证券简称：佰奥智能 昆山佰奥智能装备股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | ☑特定对象调研□分析师会议 | | | --- | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及 | 招商证券、国寿安保基金、招商银行、上海证券、长江证券、泰 | | | 人员姓名 | 康资产 | | | 时间 | 年 日 2025 7 11 (周五) 下午 2:00~4:00 | 月 | | 地点 | 线下会议、电话及网络交流 | | | 上市公司接待人 | 董事、副总经理、董事会秘书、财务总监朱莉华女士 | | | 员姓名 | | | | | 佰奥智能作为智能制造整体解决方案供应商，其专注于智能 | | | | 组装装备及其零组件的研发、设计、生产和销售，并可为客户提 | | | | 供智能化、信息化和数字化成套解决方案。公司依托智能组装生 | | | | ...

Group 1: Company Overview - Baiao Intelligent focuses on intelligent assembly equipment and components, providing comprehensive solutions for clients in various sectors including consumer electronics and new energy vehicles [2][3] - The company leverages high reliability, stability, and flexibility of its intelligent assembly production lines to expand into new downstream fields [2] Group 2: Financial Performance and Shareholder Returns - The company aims to enhance operational efficiency and internal value to deliver better performance to investors, with specific details available in the upcoming semi-annual report [2][5] - In 2024, the company implemented semi-annual and annual dividends, emphasizing its commitment to shareholder returns [5] Group 3: Technological Advancements - The company utilizes AI technology in machine vision, high-speed conveying, and intelligent control, achieving breakthroughs in AI applications [2][3] - The integration of AI edge computing with robotics enhances real-time data processing and safety in hazardous areas, addressing previous operational challenges [3][9] Group 4: Market Trends and Demand - The demand for explosives is rapidly increasing, driven by military, civil, and aerospace developments, with over 97% of industrial explosive production lines adopting automation by the end of 2021 [6][7] - The Ministry of Industry and Information Technology aims for at least 40% of hazardous position operators to be replaced by robots by 2025, indicating a significant shift towards automation in the industry [6][7] Group 5: Safety and Regulatory Impact - Enhanced safety regulations in the explosives industry necessitate technological innovation and a shift towards smart manufacturing to ensure safety and improve product quality [8] - The new national production safety law is expected to further boost market demand for safety equipment and technology upgrades in the explosives sector [8] Group 6: Competitive Advantages and Future Outlook - The company has established significant technological barriers in intelligent design and safety, ensuring a high level of safety and control in production processes [9] - The market for special robots is promising, with applications in defense, aerospace, and civil sectors, positioning the company favorably for future growth [10][11]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The military ammunition supply chain is expected to experience unprecedented growth opportunities, particularly in the context of the global geopolitical landscape and China's military development goals by 2027 [1][15]. - The company, Baiao Intelligent, is positioned as a key player in the ammunition supply chain, focusing on the manufacturing of smart equipment for explosive products, which are critical for military operations [1][3]. Summary by Sections Company Overview - Baiao Intelligent specializes in the manufacturing of smart equipment for explosive products, which are essential components in the ammunition supply chain [1][3]. - The company has secured a significant order worth 819 million yuan for explosive products in 2024, indicating a breakthrough in its business operations [3][4]. Market Opportunity - The demand for explosive products is expected to surge due to increased military spending and the need for ammunition replenishment, particularly highlighted by the ongoing conflicts such as the Russia-Ukraine war [2][15]. - The report notes that the average daily consumption of artillery shells during peak conflict periods reached 50,000 rounds, emphasizing the urgent need for production capacity in the explosive products sector [2]. Competitive Advantages - The barriers to entry in the smart equipment manufacturing for explosive products are notably high due to the complex and hazardous nature of the production processes, which require stringent safety and precision controls [2][20]. - Baiao Intelligent's leadership team has extensive experience in engineering and a strong understanding of customer needs, enhancing the company's competitive edge [3]. Financial Projections - The company is projected to achieve a net profit of 131 million yuan in 2025, with significant growth expected in subsequent years, reaching 250 million yuan by 2027 [4][5]. - Revenue is anticipated to grow from 466 million yuan in 2024 to 1.791 billion yuan in 2027, reflecting a robust growth trajectory [5][12]. Industry Trends - The report highlights a shift towards automation and smart manufacturing in the explosive products sector, driven by safety concerns and the need for efficiency [20][22]. - The "black factory" initiative aims to enhance safety and productivity by minimizing human intervention in hazardous operations, which is crucial for the explosive products industry [20][22].

Core Viewpoint - The company, Kunshan Baiao Intelligent Equipment Co., Ltd., announces that major shareholders, Zhu Lihua and Zhuang Huafeng, plan to reduce their holdings through centralized bidding, with each intending to sell up to 923,269 shares, representing approximately 0.9961% of the total share capital [1][2]. Group 1: Shareholder Information - Zhu Lihua holds 7.1809% of the company's total share capital and plans to reduce her holdings by up to 923,269 shares [1][2]. - Zhuang Huafeng holds 4,526,262 shares, accounting for 4.8835% of the total share capital, and also plans to reduce his holdings by up to 923,269 shares [1][2]. Group 2: Reduction Plan Details - The reduction plan allows for a maximum sale of 923,269 shares by each shareholder, which is subject to adjustments if there are changes in share capital during the reduction period [2]. - The reduction period is set to begin 15 trading days after the disclosure of the reduction plan and will last for three months [2]. Group 3: Compliance and Commitments - Both shareholders have adhered to their previous commitments regarding share transfer limitations, which restricts them to selling no more than 25% of their holdings annually after the lock-up period [3]. - There are no violations of the commitments by the shareholders as of the announcement date, and the current reduction plan aligns with previously disclosed commitments [3].

Group 1 - The core viewpoint of the news is that Baiao Intelligent (佰奥智能) announced a share reduction plan by major shareholders due to personal financial needs, which involves a total reduction of approximately 1.99% of the company's total share capital [1][2] - The shareholders involved are Zhu Lihua, who holds 6,629,907 shares (7.15% of total shares), and Zhuang Huafeng, who holds 4,526,262 shares (4.88% of total shares) [2] - The reduction will occur through centralized bidding transactions, starting 15 trading days after the announcement and lasting for three months [2] Group 2 - In Q1 2025, Baiao Intelligent reported total revenue of 79.094 million yuan, a year-on-year increase of 16.61%, while the net profit attributable to shareholders decreased by 42.48% to 9.3752 million yuan [3] - The company experienced a significant decline in cash flow from operating activities, reporting a net cash flow of -104 million yuan compared to 117 million yuan in the same period last year [3] - To mitigate the risk of core technical personnel turnover, the company has implemented various innovative incentive policies and initiated an employee stock ownership plan targeting core employees and technical backbones [3]

证券代码：300836 证券简称：佰奥智能 公告编号：2025-031 昆山佰奥智能装备股份有限公司 关于持股5%以上股东及董事减持股份的预披露公告 持股5%以上的股东朱莉华女士、董事庄华锋先生保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 昆山佰奥智能装备股份有限公司（以下简称"公司"）持有公司股份 6,629,907股（占总股本的7.1531%，占剔除最新披露的回购专用账户股份数量后 公司总股本的7.1809%）的股东朱莉华女士拟通过集中竞价方式减持公司股份不超 过923,269股。即不超过公司总股本的0.9961%（不超过剔除最新披露的回购专用 账户股份数量后公司总股本的1.0000%）。 持有公司股份4,526,262股（占总股本的4.8835%，占剔除最新披露的回购专 用账户股份数量后公司总股本的4.9024%）的股东、公司董事庄华锋先生拟通过集 中竞价方式减持公司股份不超过923,269股。即不超过公司总股本的0.9961%（不 超过剔除最新披露的回购专用账户股份数量后公司总股本的1 ...

Group 1: Company Overview and Market Position - Baiao Intelligent focuses on intelligent assembly equipment and components, providing comprehensive solutions in automation, information technology, and digitalization [2][3] - The company has established a solid supplier network in consumer electronics, new energy vehicles, and explosive materials, ensuring stable growth [2][4] Group 2: Product Advantages and Technical Barriers - The intelligent assembly production line features high stability and reliability, utilizing standardized modules for enhanced performance [2][4] - The company has developed a range of specialized robots and digital factory systems, achieving significant advancements in safety and efficiency [3][11] Group 3: Market Demand and Growth Drivers - The new national production safety law has increased demand for equipment upgrades in explosive materials and chemical industries, driving business growth [4][6] - The company has a first-mover advantage in the explosive materials sector, having developed relevant equipment since 2014, which enhances its competitive edge [6][7] Group 4: Safety and Compliance - The company’s products, including explosion-proof robots and sensors, have received certification from authoritative bodies, ensuring compliance with safety standards [5][12] - The development of explosion-proof technology addresses safety concerns in high-risk environments, significantly improving operational safety [5][11] Group 5: Research and Development - As a national high-tech enterprise, the company has obtained 177 patents, including 85 invention patents, and is recognized as a specialized and innovative small giant [10][11] - The company is committed to continuous innovation and talent retention through incentive mechanisms and training programs for core technical personnel [8][9]

Group 1: Market Demand and Product Development - The company sees significant development opportunities in the future of explosive products, particularly in the fourth and fifth generations of high-safety explosive products and integrated products [2] - New types of explosive products, such as explosion foil detonators and laser explosive products, are beginning to be applied and gradually maturing, with expanding applications in the military sector [2] - The company has established a strong competitive advantage in the industry through over a decade of research and development in intelligent manufacturing technology for explosive products and energetic materials [2] Group 2: Research and Development Investment - In 2024, the company invested over 37 million yuan in research and development, focusing on new technologies, processes, and products in the field of intelligent equipment manufacturing [3] - The continuous investment in R&D has led to multiple technological achievements and products, enhancing the company's core competitiveness and product added value [3] Group 3: Production Capacity and Market Position - The company currently has sufficient orders and plans to gradually release production capacity as projects are evaluated and awarded [4] - The company aims to optimize product structure and strengthen cost control to achieve synchronized growth in revenue and profit [4] - The company has a competitive edge in electronic detonators, igniters, and safety airbag generators, with products widely applicable in defense, aerospace, energy, and chemical industries [3] Group 4: Competitive Advantages - The company has deep technical accumulation and project experience in core business areas such as consumer electronics, new energy vehicles, and explosive products [5] - It provides highly customized intelligent manufacturing equipment solutions characterized by high precision, efficiency, and stability to meet diverse customer needs [5] - The company emphasizes R&D investment to continuously enhance technological innovation capabilities and product performance, maintaining a leading position in the market [5]

佰奥智能 20250604 摘要 佰奥智能从消费电子领域起家，逐步拓展至新能源车和火工品市场，形 成三大业务板块。公司通过技术创新，尤其是在火工品领域的突破，实 现了业务转型和增长。 公司在火工品领域取得重大进展，2023 年中标总额 8 亿元的合同，预 计将使公司年度收入至少翻倍增长，反映了其在该领域研发和市场拓展 的成功。 防爆机器人是佰奥智能的重要产品，应用于爆炸性气体、粉尘及火炸药 等危险环境，填补了国内空白，实现了相关工艺技术与装备的国产化， 负载能力范围广。 含能材料是国防工业的基础，佰奥智能在含能材料领域的技术突破，有 助于提升武器系统的性能，并已有多家国内企业涉足该领域。 火工材料行业正朝着安全生产和自动化产线建设方向发展，佰奥智能在 干燥、破碎、包装和运输等环节提供完整解决方案，以满足军工和民用 高危场景的需求。 公司通过股权激励和员工持股计划，旨在绑定骨干员工，提高员工积极 性，以推动公司在关键成长阶段的业务拓展，尤其是在火工品领域。 预计公司 2025 年收入将达到 10 亿元人民币，利润 1.2 亿元人民币，主 要受益于重大合同的执行。基于行业自动化改造的趋势，未来几年收入 和利润增速 ...

昆山佰奥智能装备股份有限公司投资者关系活动记录表 证券代码：300836 证券简称：佰奥智能 4、工业机器人的销售工作推进的如何，目前有确认的订单 吗，或者已经有在谈的订单? 编号：2025-002 | 投资者关系活动 | ☑特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 财通证券、华泰证券、国盛证券、景顺长城、华福证券、长江证 | | 人员姓名 | 券、西部证券 | | 时间 | 2025 年 5 月 22 日 (周四) 上午 10:00~11:00 | | 地点 | 线下会议、电话及网络交流 | | 上市公司接待人 | 1、董事长、总经理肖朝蓬先生 | | 员姓名 | 2、董事、副总经理、董事会秘书、财务总监朱莉华女士 | | | 1、请介绍下公司经营情况。 | | | 答：尊敬的投资者您好，公司主要从事智能制造装备的研发、 | | | 设计、生产和销售，为客户提供成套智能制造装备及相关零组件。 | | | 公司研发、制造及销 ...