Financial Performance - The company's operating revenue for 2024 was ¥157,592,015.19, a decrease of 59.20% compared to ¥386,296,607.59 in 2023[22]. - The net profit attributable to shareholders for 2024 was -¥237,796,262.46, representing a decline of 135.81% from -¥100,841,003.97 in 2023[22]. - The net cash flow from operating activities improved by 43.09%, reaching -¥20,672,367.36 in 2024 compared to -¥36,323,318.81 in 2023[22]. - The total assets at the end of 2024 were ¥1,734,567,142.19, down 13.08% from ¥1,995,498,037.29 at the end of 2023[22]. - The net assets attributable to shareholders decreased by 26.22% to ¥864,449,848.53 at the end of 2024 from ¥1,171,613,693.60 at the end of 2023[22]. - The basic earnings per share for 2024 was -¥1.64, a decline of 137.68% from -¥0.69 in 2023[22]. - The company reported a total of ¥33,544,466.09 in non-recurring gains and losses for 2024, compared to ¥28,743,348.39 in 2023[29]. - The general equipment manufacturing industry reported revenue of ¥157,592,015.19, a decrease of 59.20% year-over-year, with a gross margin of 12.24%[106]. - The smart monitoring and control equipment segment generated revenue of ¥83,184,722.02, down 76.09% year-over-year, with a gross margin of 11.93%[106]. - The smart robot segment saw a significant revenue increase of 356.36% year-over-year, totaling ¥51,314,375.50, with a gross margin of 21.59%[107]. Strategic Focus and Investments - The company reported a focus on the "AI + Industrial Health" strategy, actively investing in AI robotics and industry applications, while exploring emerging sectors such as energy storage and intelligent computing[7]. - The company is committed to continuous investment in sectors like power grids, rail transportation, and ecological environment[7]. - The company is exploring emerging sectors such as energy storage and intelligent computing, aligning with national policies[101]. - The company has established a new joint venture to enhance AI applications in the industrial sector, aiming to improve digitalization and operational efficiency[101]. - The company plans to continue its investment strategy in innovative technologies to enhance its product offerings[135]. - The company aims to leverage its investments to drive future growth and profitability[135]. Research and Development - Research and development investment for 2024 totaled CNY 106.02 million, focusing on technological innovation across multiple fields[1]. - The company holds a total of 448 patents, including 189 invention patents, with 47 new patents granted during the reporting period[98]. - The overall R&D investment has been adjusted to align with industry trends, focusing on enhancing technological advantages in core business areas[120]. - The company is actively involved in research and development to enhance its product offerings and technological capabilities[196]. - The company is focusing on core areas such as electric power and rail transit, leading to a strategic reduction in R&D investments in non-core sectors[120]. Market and Competitive Landscape - The company has faced intensified industry competition, contributing to the decline in performance[7]. - The smart inspection robot market is expected to grow significantly due to increasing demands for automation and reliability in the power grid and rail transportation sectors[35]. - The company aims to enhance operational reliability and efficiency in substations through remote intelligent inspections and data analysis[51]. - The company acknowledges the risk of increased competition in the robotics sector and plans to strengthen its innovation capabilities and market responsiveness[162]. Operational Efficiency and Management - The overall period expenses remained high, which negatively impacted profits despite management optimization efforts[7]. - The company employs a sales-driven production model, allowing for rapid adjustments based on order demand and market conditions, ensuring production efficiency and product quality[76]. - The company has established a comprehensive solution system, including smart grid, smart transportation, and smart environmental solutions, to serve various industrial clients[42]. - The company has a well-defined internal management structure that operates independently from controlling shareholders[185]. Governance and Compliance - The governance structure aligns with the requirements set by the China Securities Regulatory Commission, with no significant discrepancies[180]. - The company maintains independence from its controlling shareholders, ensuring separate operations and financial independence[177]. - The company has established independent labor, personnel, and compensation management systems, ensuring independence from controlling shareholders[182]. Future Outlook and Guidance - Future guidance indicates a commitment to innovation and market expansion, aiming for sustainable growth[197]. - The company plans to enhance its market presence and explore new strategies for growth in 2024[166]. - The company is exploring potential mergers and acquisitions to strengthen its market position[166]. - The company has outlined its future outlook and performance guidance during investor interactions in early 2024[166].

Industry Overview - The machine dog industry can be divided into upstream core components and software system development, midstream manufacturing of machine dogs, and downstream personal consumers and various application scenario commercial users [1] - The industry chain involves high-tech fields such as communication and artificial intelligence, with high technical barriers at each link [1] Upstream Components - Upstream components include sensors, reducers, motors, controllers, and joint actuators, as well as software and technologies like SLAM, machine vision, voice interaction, and operating systems [1] - The most commonly used reducers in machine dogs are harmonic reducers and planetary gear reducers, with planetary reducers being the preferred choice due to their compact structure, high reduction ratio, high torque transmission efficiency, and reliability [3][5] Midstream Manufacturing - Midstream manufacturing of machine dogs is categorized into military-grade, industrial-grade, and consumer-grade robots [1] Downstream Applications - Downstream applications include education, healthcare, security, reconnaissance, firefighting, and personal consumers [1] Sensor Technology - Environmental perception is crucial for machine dogs to achieve autonomy and adapt to complex environments, with multi-sensor fusion technology becoming an important trend [5][6] - Machine dogs require high perception capabilities, covering visual, tactile, auditory, and force perception [6] Sensor Types - Visual sensors utilize camera hardware and algorithms for environmental perception, with various types including structured light, ToF, and laser scanning [8] - LiDAR provides precise distance measurement and is effective in low-light or adverse weather conditions, making it essential for obstacle avoidance [8][9] - Ultrasonic sensors are cost-effective for long-distance obstacle detection but have limitations in detecting small or sound-absorbing objects [8] - Infrared sensors are compact and low-cost but can be affected by environmental light conditions [8] - Auditory sensors simulate human hearing for sound signal recognition [8] - Force/torque sensors monitor contact forces and joint stresses for dynamic balance and movement efficiency [8] - Inertial sensors (IMU) track the position and motion trajectory of machine dogs [8] Perception Technology Routes - The perception technology routes for machine dogs are divided into pure visual perception and LiDAR-based perception, with each having its advantages and disadvantages [11] - Multi-sensor fusion is a significant trend in sensor design for machine dogs to meet various downstream application needs, with high-end products using LiDAR and cost-effective products using ToF and cameras [12]

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-017 | | --- | --- | --- | | 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 关于公司及全资子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"）及全资子公司杭州晟冠科 技有限公司（以下简称"晟冠科技"）于近期陆续取得中华人民共和国国家知识 产权局颁发的两项发明专利证书，具体情况如下： 一、发明专利证书基本情况 专利一： 发明名称：一种机械臂末端工具快换装置 地址：311121 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 04 月 04 日 专利申请日：2021 年 12 月 17 日 专利权人：杭州申昊科技股份有限公司 授权公告号：CN114030003B 本申请涉及全自动工具更换技术领域，特别是涉及一种机械臂末端工具快换 装置，包括包括连接杆，连接杆一端设置有工具接口，工具接口外围套设有滑扣， 滑扣上设置有锁止件和容置槽，工具接口上 ...

Group 1 - The core point of the article is that Shenhao Technology announced on April 9 that its police quadruped robot is now ready for sale [1] Group 2 - The company has confirmed that the quadruped robot meets the necessary sales conditions [1]

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-016 | | --- | --- | --- | | 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 2025 年第一季度可转换公司债券转股情况的公告 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。 特别提示： 1、"申昊转债"（债券代码：123142）转股期为 2022 年 9 月 26 日至 2028 年 3 月 17 日；最新有效的转股价格为 33.71 元/股。 2、2025 年第一季度，共有 1,200 张"申昊转债"完成转股（票面金额共计 人民币 120,000 元），合计转成 3,559 股"申昊科技"股票（股票代码：300853）。 3、截至 2025 年第一季度末，公司剩余可转换公司债券为 5,494,740 张，剩 余票面总金额为人民币 549,474,000 元。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》等有关规定，杭州申昊科技股份有 限公司（以下简称 ...

杭州申昊科技股份有限公司（以下简称"公司"）全资子公司杭州申弘智能 科技有限公司（以下简称"申弘智能"）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：一种用于电网地下通道的巡检设备 发明人：曹光客;杜礼会 专利号：ZL202211076999.9 专利申请日：2022 年 09 月 05 日 | 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-015 | | --- | --- | --- | | 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 关于全资子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。 三、备查文件 《发明专利证书》。 特此公告。 杭州申昊科技股份有限公司 专利权人：杭州申弘智能科技有限公司 地址：310000 浙江省杭州市余杭区仓前街道长松街 6 号西区一楼、西区五 楼、东区三楼 授权公告日：2025 年 03 月 14 日 授权公告号：CN115459133B 本发明涉及人工智能技术领域 ...

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-014 | | --- | --- | --- | | 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 专利号：ZL202411195190.7 专利申请日：2024 年 08 月 29 日 专利权人：中国电力科学研究院有限公司武汉分院;中国电力科学研究院有 限公司;杭州晟冠科技有限公司 地址：430074 湖北省武汉市洪山区珞喻路 143 号 授权公告日：2025 年 01 月 07 日 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"）全资子公司杭州晟冠科技 有限公司（以下简称"晟冠科技"）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：全自动高精度含气油样配制方法和装置 发明人：胡蓓;袁田;吴永康;郭子君;郭建良;卫卓;肖梁乐;蔡勇;唐鹏;唐芳; 孙敏;陈亮;李旭;叶向东;姜娇龙 关于全资子公司取得发明专利证书的公告 杭州申昊科技股份有限 ...

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-013 | | --- | --- | --- | | 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"申昊转债"2025年付息的公告 8、下一付息期起息日及利率：2025 年 3 月 18 日；利率为 1.8%。 一、可转换公司债券概况 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。 特别提示： 1、"申昊转债"（债券代码：123142）将于 2025 年 3 月 18 日按面值支付第 三年利息，每 10 张"申昊转债"（面值 1,000 元）利息为 10.00 元（含税）。 2、债权登记日：2025 年 3 月 17 日（星期一） 3、付息日：2025 年 3 月 18 日（星期二） 4、除息日：2025 年 3 月 18 日（星期二） 5、"申昊转债"票面利率：第一年为 0.3%、第二年为 0.5%、第三年为 1.0%、 第四年为 1.8%、第五年为 2.4%、第六年为 3.0%。 6、本次付息期间及票面利率：计息期间为 2024 年 3 ...

| 证券代码：300853 | 证券简称：申昊科技 | 公告编号：2025-012 | | --- | --- | --- | | 债券代码：123142 | 债券简称：申昊转债 | | 专利权人：杭州申昊科技股份有限公司 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：一种轨道道床异物检测模型获取方法、装置、介质及设备 发明人：高灿;玉正英;程树华;吕圣杰;洪涛;吴海腾 专利号：ZL202411248301.6 专利申请日：2024 年 09 月 06 日 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 02 月 25 日 授权公告号：CN118762020B 本发明为一种轨道道床异物检测模型获取方法、装置、介质及设备，涉及数 据处理技术领域，包括：获取初始轨道道床图像列表，获取 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The company, Shenhao Technology, is currently developing flexible tactile sensors aimed at non-contact obstacle avoidance, which are in small-scale trial applications for operational robots [17]. - The company is exploring humanoid robot applications based on its accumulated technology and industry understanding, although this project is still in the research and development phase [17]. - The company has a robust order backlog with new orders showing a positive trend, although specific revenue forecasts are not provided [17]. - The company offers a combination of hardware and software solutions, providing intelligent hardware products and software platforms based on customer needs [17]. - The company has faced a decline in performance due to market conditions affecting downstream customer investments in robotics, slow project delivery, and the early commercialization stage of new business sectors [19]. - Despite challenges, the company remains optimistic about the future of AI and robotics in industrial applications and continues to invest in emerging sectors like energy storage and intelligent computing [19]. - The company has completed a share buyback in the first half of 2024, with plans for potential employee stock ownership plans or equity incentives in the future [17]. Summary by Sections 1. Basic Information - The report focuses on Shenhao Technology, which operates in the general equipment industry, and the analyst meeting took place on February 28, 2025 [13]. 2. Participating Institutions - The institutions involved in the research include HSBC Jintrust, Fidelity Management & Research, Changjiang Securities, Debon Securities, and Yinhua Fund [14]. 3. Main Content - The company is currently testing electronic skin sensors for operational robots, with a focus on safety through non-contact sensing [17]. - The company is actively researching humanoid robots, leveraging its expertise in robotics [17]. - The order situation is strong, with a positive trend in new orders, although detailed revenue expectations are not disclosed [17]. - The company provides integrated solutions combining hardware and software tailored to client needs [17]. - The decline in performance is attributed to market conditions and slow project delivery, but the company is optimistic about future growth in AI and robotics [19]. - The company is considering future stock incentive plans following a completed share buyback [17].