股票代码：300580 股票简称：贝斯特 公告编号：2025-029 无锡贝斯特精机股份有限公司 第四届董事会第十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 无锡贝斯特精机股份有限公司（以下简称"公司"）第四届董事会第十八次会 议于 2025 年 12 月 12 日以电子邮件方式发出会议通知，于 2025 年 12 月 15 日以 通讯方式召开。会议应出席董事 5 名，实际出席董事 5 名。公司董事长曹余华先 生主持会议，公司高级管理人员列席了本次会议。本次会议的召开及表决程序符 合《公司法》及《公司章程》等有关规定。 二、董事会会议审议情况 （一）逐项审议通过了《关于修订及制定公司部分内部管理制度的议案》 根据《中华人民共和国公司法》、《关于新〈公司法〉配套制度规则实施 相关过渡期安排》、《上市公司章程指引》、《深圳证券交易所上市公司自律监 管指引第 2 号—创业板上市公司规范运作》等法律、法规、规范性文件的规定， 结合公司实际情况，公司修订及制定了部分内部管理制度。 1.01 《关于修订<股东会议事规则>的议案 ...

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [4]. Core Insights - Tesla's Optimus has initiated a new round of factory audits, accelerating the mass production of domestic robot manufacturers, indicating a robust growth trajectory in the robotics sector [2][6]. - The report highlights significant advancements in the robotics industry, including the delivery of the 5000th robot by Zhiyuan, marking a milestone in large-scale commercial applications [6][11]. - The report emphasizes the increasing enthusiasm in the capital market for embodied intelligence, with several companies completing substantial financing rounds to enhance their technological capabilities [25][26]. Summary by Sections Industry News and Company Dynamics - Tesla's Optimus Gen3 is entering the mass production phase, with a comprehensive evaluation of Chinese suppliers underway [6]. - Zhiyuan has achieved the milestone of 5000 robot deliveries, showcasing its technological and supply chain breakthroughs [6][11]. - Midea has launched its third-generation humanoid robot, MIRO U, which features advanced collaborative capabilities [10][11]. - Chery's Mocha robot has delivered its 1000th unit, indicating a new phase of large-scale application [11]. - UBTECH has signed a sales contract exceeding 50 million RMB for its Walker S2 robot, furthering its commercial progress [14][15]. Investment Recommendations - The report suggests focusing on robotics manufacturers and core component suppliers, including: 1. Actuators and motors: Recommended companies include Zhaowei Electromechanical, Mingzhi Electric, and Jiechang Drive. 2. Reducers: Key companies include Ruidi Zhijun, Haoneng Co., and Zhongdali De. 3. Screw components: Recommended companies include Hengli Hydraulic and Best, with related companies like Zhejiang Rongtai and Zhenyu Technology. 4. Equipment for screws: Recommended companies include Qinchuan Machine Tool and Huachen Equipment. 5. Bearings: Recommended company is Longxi Co. 6. Sensors: Recommended companies include Donghua Testing and Keli Sensor. 7. Precision components: Recommended company is Changying Precision. 8. Complete machines: Related companies include Yuejiang and Yijiahe [30][31].

Core Viewpoint - Best (300580.SZ) has stated on its interactive platform that the company has not purchased the LEAP series die-casting machines from Yizhiming [1] Group 1 - The company clarified its position regarding the procurement of specific machinery [1]

Core Viewpoint - Best's stock price has shown a mixed performance in recent months, with a year-to-date increase of 6.80% but a decline over the last 60 days of 10.75% [1] Financial Performance - For the period from January to September 2025, Best achieved a revenue of 1.121 billion yuan, representing a year-on-year growth of 7.52% [2] - The net profit attributable to shareholders for the same period was 236 million yuan, reflecting a year-on-year increase of 5.06% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Best was 47,700, a decrease of 1.41% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.43% to 9,866 shares [2] Dividend Distribution - Since its A-share listing, Best has distributed a total of 455 million yuan in dividends, with 248 million yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is E Fund National Robot Industry ETF, holding 7.1726 million shares, an increase of 6.0059 million shares from the previous period [3] - Hong Kong Central Clearing Limited is the sixth-largest shareholder, holding 4.0052 million shares, a decrease of 597,200 shares [3] - New entrants among the top ten circulating shareholders include Hua'an Qianyu Bond Initiated A, holding 1.6698 million shares [3]

Core Viewpoint - Zhejiang Rifa Precision Machinery Co., Ltd. recently conducted a roadshow to engage with institutional investors, discussing the company's operational status, core product advancements, and strategic planning [1][2]. Group 1: Investor Engagement - The roadshow attracted participation from 14 institutions, including major securities firms and asset management companies, indicating strong interest in the company's developments [2]. - The company’s Secretary of the Board, Qi Bing, provided insights into the company's performance and future direction during the discussions [2]. Group 2: Core Product Development - The focus was on the progress of the CNC thread grinding machine, which is utilized in high-precision applications across various industries, including new energy vehicles and humanoid robots [3]. - The company has established production capabilities for high-precision CNC thread grinding equipment and has made progress in market expansion, signing contracts with key clients such as Best and Sanlian Forging [3]. - However, the humanoid robot sector remains in its early stages, and large-scale production of related CNC grinding equipment is still anticipated to take time [3]. Group 3: Subsidiary Product Matrix - The company’s subsidiaries, Rifa Gride and Rifa Nippon, have a comprehensive product matrix covering grinding and cutting tools, with a strong presence in the aerospace sector [4]. - Rifa Gride focuses on CNC grinding machines and production lines, while Rifa Nippon specializes in cutting machine tools, serving various industries including traditional machinery and aerospace [4]. Group 4: Business Strategy - The company aims to become a benchmark enterprise in the intelligent manufacturing sector, focusing on high-precision and intelligent products [5]. - The strategy emphasizes leading with mainframe business, supporting high-end manufacturing, and leveraging intelligent manufacturing as a breakthrough point [5]. - Continuous improvement in machine quality and production efficiency is a priority to enhance market competitiveness and brand influence [5].

Core Viewpoint - Best has fully laid out its subsidiary Yuhua Precision Machinery in the linear motion components sector, targeting high-end equipment, automation, humanoid robotics, and intelligent connected vehicles industries [1] Group 1 - The company’s product offerings include high-precision ball screw assemblies, high-precision linear guide assemblies, planetary roller screw assemblies, micro screws, and linear actuators [1] - The company is actively expanding its market presence in the mid-to-high-end equipment industry and automation sector [1] - Specific business cooperation details are considered commercial secrets and will be disclosed only when required by relevant disclosure standards [1]

Core Viewpoint - Best will disclose shareholder information in its periodic reports according to information disclosure rules, while other requests for shareholder information must be supported by proof of shareholding [1] Group 1 - Best will provide shareholder information at specific reporting periods as mandated by regulations [1] - For inquiries outside of these periods, shareholders must submit proof of their shareholding to verify their identity before receiving information [1]

Group 1 - The company has already laid out its research, manufacturing, and sales of core components for hydrogen fuel cell vehicles, including products such as hydrogen fuel cell vehicle compressors, pressure recovery and rectifiers, motor housings, bearing covers, and functional components [1] - The customer base has expanded to several high-quality domestic and international enterprises, and the company is continuously developing its core customer group in this field [1] - Currently, due to factors such as the scale of the downstream market, this segment of the business has a minimal impact on the company's overall performance [1] Group 2 - The company emphasizes the importance of rational investment and awareness of investment risks, given the current limited impact of the hydrogen fuel cell business on overall performance [1] - The company commits to strictly adhering to relevant information disclosure management systems and fulfilling its obligations for accurate and complete information disclosure when the related business reaches the required standards [1]

Core Viewpoint - The company Wuzhou Xinchun plans to raise up to 1 billion yuan through a private placement, with 700 million yuan allocated for the development and industrialization of humanoid robots and core components for intelligent vehicles, and 300 million yuan for working capital [2] Investment Project Summary - The total investment for the current fundraising project is 1.055 billion yuan, with 721 million yuan earmarked for equipment procurement, primarily for production lines of planetary roller screws, micro ball screws, and general-purpose robot bearings [4][6] - The project aims to produce 980,000 sets of planetary roller screws, 2.1 million sets of micro ball screws, and 70,000 sets of general-purpose robot bearings, which can support the production of 70,000 humanoid robots [4][7] Market Demand and Clientele - The market demand for the company's products is driven by the growth in the humanoid robot and intelligent vehicle sectors, with a projected market share of approximately 3.9% by 2030 based on global humanoid robot sales reaching 2.05 million units [7] - The company has established connections with notable clients in the humanoid robot and intelligent vehicle industries, including ByteDance and Changan Automobile Group, and has received orders for components from these clients [7][8] Revenue and Orders - Initial revenues from the current fundraising project have been recorded, with screw products generating 6.13 million yuan in 2024 and 2.7 million yuan in the first half of 2025 [8] - The company notes that current order amounts are small due to the early stage of the humanoid robot industry, but anticipates significant demand as the market matures [8]

Core Viewpoint - The company reported a steady growth in revenue and net profit for the first three quarters of 2025, indicating a robust operational performance and benefiting from the automotive industry's favorable conditions [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.121 billion, a year-on-year increase of 7.52% - The net profit attributable to shareholders reached 236 million, up 5.06% year-on-year - The net profit excluding non-recurring items was 221 million, reflecting a 6.06% year-on-year growth - In Q3 2025, the company recorded revenue of 404 million, a year-on-year increase of 17.20% - The net profit attributable to shareholders for Q3 was 88 million, up 8.20% year-on-year - The net profit excluding non-recurring items for Q3 was 82 million, a year-on-year increase of 10.46% [1][2]. Industry Context - The automotive industry in China saw a total sales volume of 24.363 million units from January to September 2025, representing a year-on-year increase of 12.90% - New energy vehicle sales reached 11.2276 million units, showing a significant year-on-year growth of 34.95% - The company is expected to benefit from the overall demand in the automotive sector, particularly in turbocharger core components and expanding its production scale for new energy vehicle parts [2]. Profitability Metrics - The company's gross profit margin for Q3 2025 was 34.37%, a decrease of 0.78 percentage points year-on-year - The net profit margin was 21.72%, down 1.78 percentage points year-on-year - The company improved its expense ratio by 0.5 percentage points year-on-year, with specific changes in sales, management, R&D, and financial expense ratios [2]. Business Development - The company is advancing its screw rod business and expanding its layout in linear motion components, targeting high-end machine tools, automation, humanoid robots, and intelligent connected vehicles - The subsidiary Yuhua Precision Machinery has developed a high-precision double-end face center hole grinding machine and a ball screw pair lifespan testing machine, enhancing processing precision - The company has achieved the highest industry precision level for its ball screw pairs and linear guide pairs, and has secured bulk delivery orders from well-known domestic machine tool manufacturers [3]. International Expansion - The company is accelerating the construction of its subsidiary in Thailand to enhance production capacity and improve international competitiveness - The Thai subsidiary aims to serve as a hub for deepening market penetration in Southeast Asia and extending reach to Australia, New Zealand, and South Asia, leveraging regional trade agreements to reduce logistics costs [3]. Investment Outlook - The company maintains a "buy" rating, with projected net profits of 326 million and 390 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 38x and 31x [4].