证券代码：301382 证券简称：蜂助手 公告编号：2025-102 蜂助手股份有限公司 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9 号——回购股份》等相关规定，公司应当在每个月的前三个交易日内披露截至上月 末的回购进展情况。现将公司上月末回购进展的具体情况公告如下： 截至 2025 年 10 月 31 日，公司以集中竞价交易方式累计回购股份数量为 887,000 股，占公司总股本（未扣除公司回购专用证券账户中的股份）285,593,903 的 0.31%，最高成交价为 41.90 元/股，最低成交价为 29.86 元/股，交易总金额为 30,850,838.3 元（不含交易费用）。上述回购均符合公司股份回购的既定方案及相 关法律法规的规定。 三、其他说明 关于回购股份的进展公告 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。 一、回购股份的基本情况 蜂助手股份有限公司（以下简称"公司"）于2025年1月13日召开了第四届董 事会第三次会议，审议通过了《关于回购公司股份方案的议案》，同意以公司银行 专项贷款资金、自有资金和/或自筹资金 ...

Core Viewpoint - The stock of Bee Assistant has experienced fluctuations, with a year-to-date increase of 80.67% and a recent decline of 2.02% on November 4, 2023, indicating volatility in market performance [1]. Company Overview - Bee Assistant Co., Ltd. was established on January 13, 2012, and went public on May 17, 2023. The company specializes in providing digital virtual product aggregation, operation, and distribution services for mobile internet-related scenarios, as well as comprehensive solutions for IoT applications [2]. - The main revenue source for the company is digital product aggregation, accounting for 99.87% of total revenue, with other services contributing 0.13% [2]. Financial Performance - For the period from January to September 2025, Bee Assistant reported a revenue of 1.551 billion yuan, representing a year-on-year growth of 41.64%. The net profit attributable to shareholders was 134 million yuan, reflecting a growth of 46.65% [2]. - Since its A-share listing, the company has distributed a total of 48.919 million yuan in dividends [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Bee Assistant was 31,500, a decrease of 9.61% from the previous period. The average number of circulating shares per person increased by 43.30% to 5,615 shares [2]. - Notable institutional shareholders include Xin'ao Advantage Industry Mixed Fund, which is the second-largest shareholder with 4.0469 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 1.604 million shares [3].

Core Viewpoint - The company, Bee Assistant (301382), emphasizes its focus on digital goods as a core business, leveraging high-frequency and essential digital product resources to enhance user operations for various lifestyle and payment apps [1] Group 1 - The company is committed to strengthening its digital service capabilities and aims to seize opportunities arising from the integration of new consumption and digital consumption [1] - The business model is supported by a channel capability that provides a stable cash flow foundation for the company [1] - The company plans to continuously expand its business boundaries through innovative service models [1]

Market Overview - On November 3, the communication services sector rose by 1.0%, with Fengzhushou leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Fengzhushou (301382) closed at 37.56, up 7.68% with a trading volume of 288,800 shares and a turnover of 1.074 billion yuan [1] - Online and Offline (300959) closed at 109.50, up 6.43% with a trading volume of 89,700 shares [1] - Zhongjia Bochuan (000889) closed at 3.94, up 5.07% with a trading volume of 345,000 shares [1] - Hengxin Dongfang (300081) closed at 5.60, up 4.67% with a trading volume of 465,000 shares [1] - Chaoxun Communication (603322) closed at 47.76, up 3.62% with a trading volume of 145,900 shares [1] Capital Flow - The communication services sector saw a net inflow of 51.17 million yuan from institutional investors, while retail investors experienced a net outflow of 19.84 million yuan [2][3] - Major stocks with significant net inflows include Runze Technology (300442) with 90.79 million yuan and China Unicom (600050) with 44.42 million yuan [3] - Stocks like ST Xintong (600289) and Guangmai Technology (920924) experienced declines of 2.43% and 0.99% respectively [2]

Core Insights - The AI application sector continues its strong performance from the previous week, with notable stock movements in several companies [1] Company Performance - Fushi Holdings experienced a significant increase, achieving a two-day limit up of 20% [1] - Other companies such as Jishi Media, 37 Interactive Entertainment, and Tianxia Show also reached their daily limit up [1] - Companies like 360, Wanshili, BlueFocus, and Fengzhushou saw a rise in their stock prices, indicating a broader positive trend in the AI application market [1]

Core Viewpoint - The AI application sector continues to show strong performance, with several companies experiencing significant stock price increases, indicating a robust market interest in AI technologies [1] Group 1: Company Performance - Fushi Holdings (福石控股) has achieved a 20% increase in stock price for two consecutive trading days [1] - Other companies such as Jishi Media (吉视传媒), 37 Interactive Entertainment (三七互娱), and Tianxiao Show (天下秀) have also reached their daily price limits [1] - Companies like 360 (三六零), Wanshili (万事利), BlueFocus (蓝色光标), and Fengzhushou (蜂助手) have seen their stock prices rise in response to the overall market trend [1] Group 2: Industry Insights - According to a report by QuestMobile, the number of monthly active users for AI applications on mobile platforms in China has surpassed 700 million [1] - As of September 2025, the mobile monthly active user count reached 729 million, while the PC user count stands at 200 million [1]

Report's Investment Rating for the Industry - No information about the industry investment rating is provided in the report. Core Viewpoints of the Report - The report regularly tracks the latest information on private exchangeable bond (private EB) projects from public channels, including basic elements such as issuance scale, underlying stocks, and main underwriters, while noting that issuance terms may change and advising to consult the final prospectus and relevant lead underwriters for issuance progress [1]. Summary by Related Catalog New Project Information Last Week - The private exchangeable bond project of Yingfeng Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 1 billion yuan (down from the previous scale), underlying stocks being Yingfeng Environment/Baina Qiancheng (000967.SZ/300291.SZ), and main underwriters being Shen港 Securities, CICC, and Huafu Securities (CICC and Huafu were newly added compared to before), updated on October 30, 2025 [1]. - The private exchangeable bond project of Guangdong Guangxin Holdings Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 3 billion yuan, underlying stocks being Shengyi Technology/Xinghu Technology (600183.SH/600866.SH), and the main underwriter being CITIC Securities, updated on October 30, 2025 [1]. - The private exchangeable bond project of Fujian State - owned Assets Management Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 200 million yuan, the underlying stock being Fuguang Co., Ltd. (688010.SH), and the main underwriter being Guoxin Securities, updated on October 29, 2025 [1]. - The private technology - innovation exchangeable bond project of Chongqing Xiaokang Holdings Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 3 billion yuan, the underlying stock being Seres (601127.SH), and the main underwriter being Hongta Securities, updated on October 28, 2025 [1]. - The private technology - innovation exchangeable bond project of New Hope Group Co., Ltd. in 2025 received feedback from the exchange, with a proposed issuance scale of 4.5 billion yuan, the underlying stock being New Hope (000876.SZ), and the main underwriter being CICC, updated on October 31, 2025 [1]. - The private technology - innovation exchangeable bond project of Sichuan Jiuzhou Investment Holdings Group Co., Ltd. in 2025 received feedback from the exchange, with a proposed issuance scale of 1 billion yuan, the underlying stock being Sichuan Jiuzhou (000801.SZ), and the main underwriter being CITIC Securities, updated on October 28, 2025 [1]. - The private exchangeable bond project of Haixia Innovation Internet Co., Ltd. in 2025 was accepted by the exchange, with a proposed issuance scale of 300 million yuan, the underlying stock being Fengzhushou (301382.SZ), and the main underwriter being Dongguan Securities, updated on October 31, 2025 [1]. Overall Project Status (Table 1) - There are multiple private exchangeable bond projects in different statuses (approved, received feedback, accepted), including details such as bond names, main underwriters, issuance scales, underlying stocks, project statuses, and update dates [3].

Group 1: Financial Performance - The company's net profit in Q3 2025 achieved a nearly twofold year-on-year growth, driven by continuous expansion across business segments and improved management of accounts receivable, resulting in a significant reduction in credit impairment losses [3][4] - The company is confident in meeting its revenue and net profit targets for 2025, supported by existing contracts and new business developments in the digital goods sector [3][4] Group 2: Business Development and Strategy - The company plans to enhance its three main business segments in 2026, focusing on expanding customer reach and increasing collaboration scale in the digital goods sector [4][5] - The company has initiated a refinancing plan to support the construction of a computing center, upgrade smart hardware, and develop SoC chips, which will bolster its IoT and cloud service capabilities [4][8] Group 3: Cloud and AI Integration - The company is advancing its cloud terminal technology and computing operations, with a focus on applications such as cloud gaming and social media operations, to improve customer engagement [5][6] - The company aims to launch "cloud phone" products that run certain applications in the cloud while maintaining local functionality, targeting specific demographics like the elderly and students [6][7] Group 4: Product Development and Market Position - The company is developing a comprehensive smart home solution based on its IoT capabilities, featuring an AI smart integration gateway that simplifies device connectivity and enhances user experience [10][11] - The company is a key partner in the HarmonyOS ecosystem, having adapted its "Bee Assistant" app for HarmonyOS and planning further cloud service collaborations as the system becomes open-source [12]

Core Viewpoint - The company, Bee Assistant, experienced a decline in stock price and significant net financing outflows on October 30, indicating potential investor caution despite strong revenue growth in recent quarters [1][2]. Financial Performance - For the period from January to September 2025, Bee Assistant achieved a revenue of 1.551 billion yuan, representing a year-on-year growth of 41.64% [2]. - The net profit attributable to the parent company for the same period was 134 million yuan, reflecting a year-on-year increase of 46.65% [2]. Stock and Financing Activity - On October 30, Bee Assistant's stock price fell by 1.61%, with a trading volume of 284 million yuan [1]. - The financing buy-in amount for the day was 26.9016 million yuan, while the financing repayment was 44.4633 million yuan, resulting in a net financing outflow of 17.5617 million yuan [1]. - As of October 30, the total margin balance for Bee Assistant was 473 million yuan, accounting for 7.91% of its market capitalization, which is above the 60th percentile of the past year [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Bee Assistant was 31,500, a decrease of 9.61% from the previous period [2]. - The average number of circulating shares per shareholder increased by 43.30% to 5,615 shares [2]. - The company has distributed a total of 48.9191 million yuan in dividends since its A-share listing [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder was Xin'ao Advantage Industry Mixed A, holding 4.0469 million shares as a new shareholder [3]. - Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, increasing its holdings by 1.604 million shares to 2.4763 million shares [3]. - Xin'ao Prosperity Preferred Mixed A was the seventh-largest circulating shareholder, also a new shareholder with 1.5391 million shares [3].

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 1.551 billion yuan, a year-on-year growth of 41.64%, and a net profit attributable to shareholders of 134 million yuan, up 46.65% [1] - The third quarter alone saw a remarkable revenue of 568 million yuan, representing a 57.57% increase year-on-year, and a net profit of 56.6887 million yuan, which is a staggering 195.42% growth compared to the same period last year [1] - The company is actively investing in new projects, including a capital increase plan to raise 984 million yuan for cloud terminal computing centers, IoT terminal upgrades, and the development of SoC chips, which are expected to enhance its core competitiveness and market share [2] Financial Performance - For the first three quarters of 2025, the company achieved a gross profit margin recovery, with a gross margin of 21.30% in Q3, an increase of 2.93 percentage points year-on-year [1] - The company effectively controlled its expense ratios, with sales, management, and R&D expense ratios at 2.08%, 1.80%, and 3.74%, respectively, showing a decrease of 0.66, 0.56, and an increase of 0.31 percentage points year-on-year [1] - The operating cash flow significantly improved due to better management of accounts receivable and a reduction in credit impairment losses [1] Strategic Initiatives - The company plans to invest in a cloud terminal computing center, which has already initiated the construction of approximately 700 cabinets, significantly reducing computing costs compared to leasing [2] - The IoT upgrade project aims to create an "edge intelligence + cloud computing" architecture, applicable to smart speakers and other terminals, facilitating a strategic shift towards an intelligent service ecosystem [2] - The development of SoC chips through in-house R&D is intended to empower AI terminal manufacturers by providing comprehensive solutions in computing power, algorithms, and services [2] Investment Outlook - The company forecasts revenue growth for 2025 to 2027, estimating revenues of 2.011 billion yuan, 2.564 billion yuan, and 3.188 billion yuan, respectively, with net profits projected at 202 million yuan, 274 million yuan, and 344 million yuan [3] - The investment rating is maintained at "Buy" based on the anticipated growth trajectory and strategic initiatives [3]