光大证券股份有限公司 关于蜂助手股份有限公司 2025 年半年度跟踪报告 | 保荐人名称：光大证券股份有限公司 | 被保荐公司简称：蜂助手 | | --- | --- | | 保荐代表人姓名：李国强 | 联系电话：0755-83734358 | | 保荐代表人姓名：胡姗姗 | 联系电话：0755-82577427 | 2 | 3.股东会、董事会运作 | 无 | 不适用 | | --- | --- | --- | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括对外投 资、风险投资、委托理财、财务资助、 | 无 | 不适用 | | 套期保值等） | | | | 10.发行人或者其聘请的中介机构配合保 | 无 | 不适用 | | 荐工作的情况 | | | | 11.其他（包括经营环境、业务发展、财 务状况、管理状况、核心技术等方面的 | 无 | 不适用 | | 重大变化情况） | | | ...

Group 1 - National Development and Reform Commission will hold a press conference on August 29 [1] - Ministry of Agriculture and Rural Affairs will hold a press conference regarding the overall arrangements for the 2025 Chinese Farmers' Harvest Festival [2] - A total of 12.47 billion shares will be unlocked today, with a total market value of 13.171 billion yuan [3] Group 2 - 39 companies have disclosed stock repurchase progress, with 21 companies announcing new repurchase plans [4] - The highest repurchase plan amounts are from Daqin Railway, Shengtun Mining, and Spring Airlines, with proposed repurchase amounts of 1.5 billion yuan, 600 million yuan, and 500 million yuan respectively [4] - 361.2 billion yuan of 7-day reverse repos will mature today [5] Group 3 - Key economic data to be released includes the U.S. July core PCE price index year-on-year and Germany's August seasonally adjusted unemployment rate [6]

Summary of Key Points Core Viewpoint - On August 29, a total of 10 companies had their restricted shares unlocked, with a total unlocking volume of 1.247 billion shares, amounting to a market value of 13.171 billion yuan based on the latest closing prices [1] Group 1: Unlocking Volume - Three companies had unlocking shares exceeding 10 million: Xugong Machinery (119.2 million shares), Tiantie Technology (29.9195 million shares), and Hengsuo Co., Ltd. (17.1426 million shares) [1] Group 2: Unlocking Market Value - Three companies had unlocking market values exceeding 100 million yuan: Xugong Machinery (11.446 billion yuan), Hengsuo Co., Ltd. (798 million yuan), and Jinbo Biological (467 million yuan) [1] Group 3: Unlocking Ratio - Two companies had unlocking ratios exceeding 10%: Hengsuo Co., Ltd. (20.67%) and Xugong Machinery (10.14%), while Tiantie Technology had an unlocking ratio of 2.3% [1]

Group 1 - The stock price of Bee Assistant on August 27 was 37.16 yuan, down 1.66 yuan or 4.28% from the previous trading day [1] - The opening price for the day was 38.82 yuan, with a high of 39.42 yuan and a low of 36.95 yuan, and the trading volume reached 289,000 hands with a total transaction amount of 1.109 billion yuan [1] - Bee Assistant operates in the internet services sector, providing comprehensive digital goods operation services, IoT application solutions, and technical services [1] Group 2 - On August 27, the net outflow of main funds for Bee Assistant was 131 million yuan, with a cumulative net outflow of 102 million yuan over the past five days [2] - The company has announced that its AI cloud phone-related products have completed development, and its intelligent computing business is progressing steadily, including the research and optimization of AI toys and other cloud terminal empowerment products [1]

Core Viewpoint - The stock price of Bee Assistant is currently at 37.09 yuan, showing a slight decline of 0.03% from the previous trading day, with significant trading volume and revenue reported for the first half of 2025 [1] Company Overview - Bee Assistant operates in the internet services industry, focusing on three main business segments: digital goods comprehensive operation, IoT traffic operation and solutions, and cloud terminal technology research and cloud computing power operation [1] - The company has developed a digital goods trading cloud platform to provide aggregation operation services for digital virtual goods to clients in the mobile internet sector, establishing exclusive agency partnerships with leading brands such as Mango TV and BiliBili [1] Financial Performance - For the first half of 2025, Bee Assistant reported a revenue of 983 million yuan, representing a year-on-year growth of 33.83%, and a net profit attributable to shareholders of 76.11 million yuan, up by 5.69% [1] - The revenue from the digital goods comprehensive operation segment reached 864 million yuan, marking a year-on-year increase of 35.01%, which constitutes 87.81% of the total revenue [1] Future Plans - The company has announced a stock incentive plan, setting growth targets for revenue and R&D expenditures over the next three years [1] Market Activity - As of August 22, 2025, the net outflow of main funds from Bee Assistant was 58.97 million yuan, accounting for 0.9% of the circulating market value, with a five-day net outflow of 6.18 million yuan, representing 0.09% of the circulating market value [1]

Group 1 - The core viewpoint of the article highlights that as of June 30, 2025, the number of shareholders for the company "蜂助手" increased to 34,855, representing a growth of 2,843 shareholders or 8.88% compared to March 31, 2025 [1][2] - The average number of shares held per shareholder decreased from 6,884 shares to 6,323 shares, while the average market value of shares held per shareholder was 251,300 yuan [1][2] - Compared to the telecommunications service industry average, "蜂助手" has a lower number of shareholders, with the industry average being 69,700 shareholders, but it has a higher average market value per shareholder than the industry average of 223,900 yuan [1][2] Group 2 - From March 31, 2025, to June 30, 2025, "蜂助手" experienced a price decline of 3.4%, despite the increase in the number of shareholders [1][2] - During the same period, the net outflow of main funds was 570 million yuan, while retail investors saw a net inflow of 437 million yuan [2]

Group 1 - The company reported a revenue of 983 million yuan for the first half of 2025, representing a year-on-year growth of 33.83% [1] - The net profit attributable to shareholders reached 76.11 million yuan, with a year-on-year increase of 5.69% [1] - The digital goods comprehensive operation business remains a cornerstone, benefiting from supply chain integration, channel expansion, and product innovation [1] Group 2 - In the IoT sector, the company launched a multi-network integration scheduling management platform, enhancing resource integration and flexible scheduling [2] - The company is focusing on customized traffic solutions for various industries, including AI retail and finance, while increasing R&D investment in IoT hardware products [2] - The cloud terminal technology and cloud computing operations have made progress, with new products like cloud phones and cloud applications being introduced [2] Group 3 - The company has entered into a strategic partnership with Guangzhou Haolaike and Guangdong Haotaitai to establish a joint venture focused on smart home products [3] - The joint venture aims to create a digital living solution ecosystem [3] - The company plans to continue its development strategy centered on digital goods operation, IoT traffic operation, and cloud terminal technology [3]

Core Viewpoint - The company reported a revenue of 983 million yuan, a year-on-year increase of 33.83%, and a net profit attributable to shareholders of 76.11 million yuan, a year-on-year increase of 5.69% in its 2025 semi-annual report. Additionally, a high-performance stock incentive plan was announced, aiming for significant revenue and R&D expenditure growth over the next three years [1] Group 1: Business Performance - The company achieved a revenue of 983 million yuan, reflecting a 33.83% year-on-year growth [1] - The net profit attributable to shareholders was 76.11 million yuan, marking a 5.69% year-on-year increase [1] Group 2: Stock Incentive Plan - A stock incentive plan was introduced with performance assessment targets based on 2024, aiming for revenue growth rates of 30.30%, 50%, and 65% over three years [1] - Corresponding R&D expenditure growth rates are set at 18%, 35.70%, and 49.27% [1] - The high targets of the stock incentive plan are expected to enhance employee motivation and creativity, driving sustainable development [1] Group 3: Business Strategy - The company adheres to a "Life + Technology" business philosophy and a development strategy based on "one foundation and two directions" [1] - The strategy focuses on "comprehensive operation of digital goods" and emphasizes two R&D directions: IoT traffic operation and cloud terminal technology [1] Group 4: Digital Goods Operation - The company is iterating its cloud platform system to enhance service productization and expand channel scale [2] - The platform has implemented a three-layer security protection system, improving operational efficiency while optimizing costs [2] - AI large models have been integrated into the cloud platform system, transitioning from "tool-based support" to "intelligent-driven" operations [2] Group 5: IoT Development - The company launched a series of hardware products, including 4G/5G modules and solutions, enhancing its IoT product line [2] - Technological upgrades have significantly reduced hardware costs, and the application of related devices is expected to increase with the advancement of lightweight 5G networks [2] Group 6: Cloud Terminal Technology and AI - The cloud terminal technology R&D and cloud computing operations are viewed as the most promising business segments for the next two to three years [3] - The company is increasing R&D investment in AI technology to enhance internal operational intelligence and create an intelligent ecosystem for management and execution [3] - The integration of AI technology with core business segments aims to build a differentiated competitive advantage and explore emerging markets such as smart homes and intelligent terminals [3]

2025年8月22日，蜂助手(301382.SZ)发布2025年中报。 公司营业总收入为9.83亿元，较去年同报告期营业总收入增加2.49亿元，实现5年连续上涨，同比较去年同期上涨33.83%。归母净利润为7611.06万元，较去 年同报告期归母净利润增加409.95万元，实现5年连续上涨，同比较去年同期上涨5.69%。经营活动现金净流入为-7785.08万元，较去年同报告期经营活动现 金净流入增加6493.75万元，实现2年连续上涨。 公司最新资产负债率为36.95%，较上季度资产负债率减少2.20个百分点。 公司摊薄每股收益为0.27元，较去年同报告期摊薄每股收益增加0.02元，同比较去年同期上涨7.92%。 公司最新总资产周转率为0.32次。最新存货周转率为30.66次，较去年同期存货周转率增加10.58次，同比较去年同期上涨52.73%。 公司股东户数为3.49万户，前十大股东持股数量为1.15亿股，占总股本比例为52.05%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 罗洪鹏 | 22.1 | | 2 | 海峡创新互联网股份有限 ...

一、监事会会议召开情况 蜂助手股份有限公司（以下简称"公司"）第四届监事会第七次会议于 2025 年 8 月 20 日在公司会议室召开，本会议通知已于 2025 年 8 月 8 日以通讯方式发 出。本次会议应出席监事 3 名，实际出席监事 3 名，董事会秘书列席。会议由公 司监事会主席姚超创先生召集和主持。本次会议的召集、召开和表决程序符合《中 华人民共和国公司法》等相关法律法规和《蜂助手股份有限公司章程》（以下简 称《公司章程》）的规定。 二、监事会会议审议情况 证券代码：301382 证券简称：蜂助手 公告编号：2025-070 蜂助手股份有限公司 第四届监事会第七次会议决议公告 本公司及监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。 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 经审议，监事会认为公司《2025年半年度报告》及《2025年半年度报告摘要》 内容真实、准确、完整地反映了公司2025年半年度的经营情况，不存在虚假记载、 误导性陈述和重大遗漏。 具体内容详见同日披露在巨潮资讯网（www.cninfo.com.cn）的《2025年半年 ...