Core Insights - Shenhao Technology reported a revenue of 70.57 million yuan for Q3 2025, representing a year-on-year growth of 87.15% [1] - The company incurred a net loss of 57.47 million yuan in Q3 2025 [1] - For the first three quarters of 2025, Shenhao Technology achieved a total revenue of 141 million yuan, marking a year-on-year increase of 89.44%, with a net loss of 129 million yuan [1]

Group 1 - The core viewpoint of the article highlights the significant revenue growth of Shenhao Technology, with a reported revenue of approximately 141 million yuan for the first three quarters of 2025, representing a year-on-year increase of 89.44% [1] - The company reported a net loss attributable to shareholders of approximately 129 million yuan, with a basic earnings per share loss of 0.88 yuan [1] - As of the report, Shenhao Technology has a market capitalization of 3.3 billion yuan [1] Group 2 - The article also notes a broader market context, indicating that the A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology stocks leading the market's new "slow bull" trend [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥70,566,532.27, representing an increase of 87.15% compared to the same period last year[4] - The net profit attributable to shareholders was -¥57,468,774.86, a decrease of 16.60% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥59,194,817.87, down 18.92% from the previous year[4] - Total operating revenue for the period reached ¥140,742,699.34, a significant increase from ¥74,295,930.94 in the previous period, representing an increase of approximately 89.0%[18] - The company reported a net loss of ¥131,392,123.40 for the current period, compared to a net loss of ¥120,735,313.58 in the previous period, indicating an increase in losses of approximately 8.3%[20] - Operating profit was recorded at ¥-126,198,015.27, slightly improved from ¥-137,503,861.56 in the previous period, showing a reduction in operating losses of about 8.5%[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,620,737,030.05, a decrease of 6.56% from the end of the previous year[4] - The owner's equity attributable to shareholders decreased by 15.07% to ¥734,170,509.59 compared to the end of the previous year[4] - Total assets decreased to ¥1,620,737,030.05 from ¥1,734,567,142.19, a decline of about 6.6%[16] - Total liabilities increased to ¥878,297,686.66 from ¥867,424,599.75, reflecting a rise of approximately 1.0%[16] - The company's equity attributable to shareholders decreased to ¥734,170,509.59 from ¥864,449,848.53, a decline of about 15.0%[16] Cash Flow - The company reported a significant increase in cash flow from operating activities, with a net cash flow of -¥72,830,548.20, reflecting a decrease of 28,542.96% year-on-year[4] - Cash flow from operating activities showed a net outflow of ¥72,830,548.20, worsening from a net outflow of ¥254,270.35 in the previous period[22] - Investment activities resulted in a net cash outflow of ¥121,451,930.86, compared to a net outflow of ¥183,920,820.44 in the previous period, indicating an improvement of about 34%[22] - The company received cash inflows from investment activities amounting to ¥584,552,969.38, a substantial increase from ¥77,229,123.45 in the previous period[22] Shareholder Information - The basic earnings per share for the period was -¥0.39, a decline of 14.71% year-on-year[4] - Basic and diluted earnings per share were both reported at ¥-0.88, compared to ¥-0.81 in the previous period, reflecting a decline in earnings per share[20] - The number of convertible bonds converted during the reporting period was 20, with a total conversion of 58 shares[13] - The company holds 3,098,200 shares in its repurchase account, accounting for approximately 2.81% of the total unrestricted circulating shares at the end of the reporting period[11] Operational Metrics - Total operating costs amounted to ¥323,640,175.83, up from ¥271,170,301.69 in the previous period, indicating an increase of about 19.4%[18] - The increase in revenue was primarily driven by the sales growth of new energy storage products[7] - The company's cash and cash equivalents decreased to ¥151,367,221.02 from ¥377,124,684.13, reflecting a decline of approximately 59.9%[14] - Accounts receivable decreased to ¥284,303,227.80 from ¥377,429,789.09, a reduction of about 24.7%[14] - Inventory increased significantly to ¥218,350,813.45 from ¥122,075,302.41, marking an increase of approximately 79.0%[15] Expenses - Research and development expenses decreased to ¥52,333,833.22 from ¥77,367,915.93, a reduction of approximately 32.4%[20] - Financial expenses increased significantly to ¥33,309,952.40 from ¥12,980,908.70, marking an increase of about 157.5%[20] - The company's weighted average return on net assets was -7.53%, a decrease of 2.64% compared to the same period last year[4]

Core Viewpoint - Shenhao Technology announced the replacement of its sponsor representative for the ongoing supervision of its convertible bond issuance project, which is set to continue until December 31, 2024 [2] Group 1 - Shenhao Technology received a letter from Huatai United Securities regarding the change of the sponsor representative for the continuous supervision of its convertible bond issuance [2] - The original sponsor representatives, Mr. Pu Guiyang and Mr. Fan Mengzhuo, were responsible for the ongoing supervision, but Mr. Fan has been replaced due to a job transfer [2] - Ms. Si Yudi has been appointed as the new sponsor representative to ensure the orderly continuation of the supervision work [2]

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：123142 | 债券简称：申昊转债 | | 杭州申昊科技股份有限公司 特此公告。 杭州申昊科技股份有限公司 董事会 2025 年 10 月 21 日 附件：斯宇迪个人简历 关于变更持续督导保荐代表人的公告 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。 杭州申昊科技股份有限公司（以下简称"公司"）于近日收到保荐机构华泰 联合证券有限责任公司（以下简称"华泰联合证券"）出具的《关于更换杭州申 昊科技股份有限公司向不特定对象发行可转换公司债券持续督导保荐代表人的 函》。 华泰联合证券系公司 2022 年度向不特定对象发行可转换公司债券的保荐机 构，项目持续督导期至 2024 年 12 月 31 日止。鉴于公司发行的可转换公司债券 的转股尚未完成，华泰联合证券将继续履行可转换债券相关的持续督导职责。 华泰联合证券原委派保荐代表人蒲贵洋先生、范蒙卓先生负责公司持续督导 工作。范蒙卓先生因工作调动，不再担任公司持续督导保荐代表人 ...

Core Viewpoint - The rapid development of robotics and artificial intelligence has led to an increased demand for intelligent robots, particularly quadruped robots, which are seen as a significant advancement in bionic robotics and are gaining traction in various industries [1][5]. Quadruped Robot Industry Definition and Classification - Quadruped robots are bionic automation devices that mimic the walking patterns of four-legged animals, offering strong load-bearing capacity, high mobility, and adaptability to various environments [2]. Current Development Status of the Quadruped Robot Industry - The quadruped robot market in China is projected to grow from 330 million yuan in 2022 to 660 million yuan in 2024, with sales increasing from 10,000 units to 20,000 units during the same period. By 2025, the market size is expected to reach 850 million yuan, with sales potentially hitting 23,000 units [1][5]. Quadruped Robot Industry Value Chain - The upstream of the quadruped robot industry includes key components such as chips, sensors, reducers, motors, controllers, and batteries. The midstream focuses on the manufacturing of quadruped robots, while the downstream applications span various fields including security patrols, military defense, industrial inspections, emergency rescue, healthcare, entertainment, and agriculture [5][6]. Innovation in the Quadruped Robot Industry - The rapid advancement in technology has raised expectations for robots, evolving from simple walking capabilities to complex functions like running, obstacle avoidance, and autonomous navigation. Quadruped robots have unique advantages over wheeled and tracked robots, particularly in unstructured environments [7]. Competitive Landscape of the Quadruped Robot Industry - The quadruped robot sector is becoming a competitive arena for numerous companies, with key players including Yushu Technology, Cloud Deep Technology, Blue Intelligence Technology, Xiaomi, Shenhao Technology, Chengdu Dingqiao Communication, Zhongjian Technology, and others [5][9]. Development Trends in the Quadruped Robot Industry - As research progresses, quadruped robots are expected to improve in speed, stability, flexibility, and ground adaptability, with gradual advancements in autonomy and intelligence [9][10].

Group 1 - Company Shenhui Technology (SZ 300853) announced on October 16 that it has obtained an invention patent certificate from the National Intellectual Property Administration of the People's Republic of China for a patent titled "Cable Clamping Method and Device, Electronic Equipment" [1] - As of the report date, Shenhui Technology's market capitalization is 3.3 billion yuan [2] - For the first half of 2025, Shenhui Technology's revenue composition is entirely from the general equipment manufacturing industry (C34), accounting for 100% [2]

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：123142 | 债券简称：申昊转债 | | 杭州申昊科技股份有限公司 关于公司取得发明专利证书的公告 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。 杭州申昊科技股份有限公司（以下简称"公司"）于近期取得中华人民共和 国国家知识产权局颁发的一项发明专利证书，具体情况如下： 一、发明专利证书基本情况 发明名称：线缆夹举方法及装置、电子设备 专利权人：杭州申昊科技股份有限公司 地址：311100 浙江省杭州市余杭区仓前街道长松街 6 号 授权公告日：2025 年 09 月 30 日 发明人：吴海腾；王佳；玉正英；夏天；肖焱 专利号：ZL202211481165.6 专利申请日：2022 年 11 月 24 日 自主知识产权优势，并形成持续创新机制，保持技术领先地位，提升公司的核心 竞争力。 三、备查文件 《发明专利证书》。 特此公告。 授权公告号：CN115816445B 本申请提供一种线缆夹举方法及装置、电子设备，该方法 ...

Market Overview - US stock markets experienced a decline, with the Dow Jones falling by 0.52%, the Nasdaq by 0.08%, and the S&P 500 by 0.28% [1] - Notable stock movements included Apple down by 1.56%, Google A down by 1.26%, while Nvidia, Amazon, and Meta saw increases ranging from 1.12% to 2.18% [1] Robotics and AI Developments - Figure AI, a US humanoid robot startup, launched its third-generation humanoid robot "Figure 03" [2] - OpenAI's CEO, Sam Altman, indicated that significant deals in AI, similar to those with Nvidia and Oracle, are expected to continue [3] - Microsoft forecasted that the data center resource shortage crisis will persist until 2026 [4] - Intel revealed details about its Panther Lake processor architecture, marking the first AI PC platform based on 18A technology [5] - Google Cloud introduced the Gemini enterprise AI platform, competing with Microsoft and OpenAI in the enterprise AI market [6] Commodities and Metals - Chile's National Copper Corporation (Codelco) reported that copper production in August hit its lowest level since 2003 [8] - The non-ferrous metals market saw collective gains, with London copper rising by 1.86%, aluminum by 1.63%, and cobalt by 3.57% [9] Domestic Policy and Industry Updates - The Chinese Ministry of Commerce and the General Administration of Customs announced export controls on certain rare earth materials and related items [11] - The National Development and Reform Commission is addressing price competition issues to maintain market order [12] - The Ministry of Industry and Information Technology adjusted the technical requirements for tax exemptions on new energy vehicles for 2026-2027 [13] Company Announcements and Financial Performance - SAILIS signed a cooperation framework agreement with Beijing Volcano Engine Technology for embodied intelligence business [20] - TCL Technology completed the acquisition of 80% and 100% stakes in LGDCA and LGDGZ, respectively, for a total of 11.088 billion yuan [20] - Gold and magnet companies reported significant profit increases, with Guangdong Mingzhu's net profit expected to rise by 858.45% to 1,071.44% year-on-year [21] - Shandong Steel projected a net profit of approximately 1.4 billion yuan for the first three quarters, marking a significant increase from the previous year [21] Investment Trends - The market is witnessing a surge in investments in solid-state batteries and robotics, with companies like Yunshe Technology launching new humanoid robots [18][19] - The domestic humanoid robot sector is poised for rapid growth, with major companies receiving substantial orders [17]

Core Viewpoint - The company has recently obtained a patent for a laser radar three-dimensional reconstruction method, which enhances the accuracy of data acquisition in 3D scanning [1] Group 1: Patent Details - The patent is titled "A Method, Device, Electronic Equipment, and Storage Medium for Laser Radar Three-Dimensional Reconstruction" [1] - The inventors of the patent include Wu Haiteng and others, with the patent number ZL202210898161.1 [1] - The application date for the patent was July 28, 2022, and the authorization announcement date is September 16, 2025, with the announcement number CN115291243B [1] Group 2: Technology Overview - The patented technology involves three-dimensional reconstruction using laser radar, which allows for real-time acquisition of rotation angle data and radar measurement data [1] - The method compares timestamp data to filter out matching point cloud data and angle data, resulting in precise angle and position data from the laser radar [1]