| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 第四届董事会第二十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 深圳市道通科技股份有限公司（以下简称"公司"）第四届董事会第二十七次会 议于 2025 年 10 月 24 日在公司会议室以现场结合通讯方式召开，会议通知于 2025 年 10 月 14 日以邮件、电话或其他通讯方式送达至公司全体董事，并于 2025 年 10 月 19 日、2025 年 10 月 23 日发出增加议案的补充通知。本次会议由董事长李红京 先生召集并主持，应到董事 7 人，实到董事 7 人。本次会议的召集和召开程序符合 《中华人民共和国公司法》（以下简称"《公司法》"）和《深圳市道通科技股份有限 公司章程》（以下简称"《公司章程》"）等相关规定，会议形成的决议合法、有效。 二、董事会会议审议 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥1,150,985,938.17, representing a 19.59% increase compared to ¥962,408,113.13 in the same period last year[5] - Total profit for the quarter was ¥279,341,841.43, an 83.14% increase from ¥152,527,787.76 year-over-year[5] - Net profit attributable to shareholders was ¥252,944,042.74, up 63.49% from ¥154,719,364.85 in the previous year[5] - The company reported a basic earnings per share of ¥0.39, a 69.57% increase compared to ¥0.23 in the same quarter last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥3,496,425,547.05, a 24.7% increase from ¥2,804,152,959.79 in the same period of 2024[24] - Net profit for the first three quarters of 2025 was ¥699,644,682.21, compared to ¥502,544,058.90 in the same period of 2024, reflecting a growth of 38.9%[25] - Total comprehensive income attributable to the parent company reached CNY 657,595,771.98, up from CNY 520,767,721.75 in the previous year, representing a growth of approximately 26.3%[26] - Basic earnings per share increased to CNY 1.12 from CNY 0.82, reflecting a rise of 36.6% year-over-year[26] Expenses and Costs - Research and development expenses totaled ¥212,588,897.62, a 47.02% increase from ¥144,598,106.77 year-over-year, accounting for 18.47% of revenue[6] - Total operating costs increased to ¥2,719,319,131.22, up 18.0% from ¥2,305,845,578.27 year-over-year[24] - Research and development expenses rose to ¥567,930,252.11, an increase of 29.5% from ¥438,195,952.72 in the previous year[24] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥202,110,558.48, down 55.75% from ¥456,762,947.99 in the same period last year[5] - Cash inflow from operating activities totaled CNY 3,910,922,769.06, compared to CNY 3,185,176,867.82 in the same period last year, marking an increase of about 22.8%[28] - Cash inflow from investment activities amounted to CNY 3,036,295,602.59, significantly higher than CNY 6,601,554.92 in the previous year[29] - Cash and cash equivalents at the end of the period stood at CNY 1,154,344,343.12, down from CNY 1,427,459,512.26 in the previous year[29] - The company reported a net cash outflow from financing activities of CNY -729,264,987.51, compared to CNY -324,363,596.39 in the same period last year[29] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,950[16] - The largest shareholder, Li Hongjing, holds 37.46% of the shares, totaling 251,052,493 shares[16] - The company's total equity attributable to shareholders increased slightly by 0.20% to ¥3,565,075,087.52 from ¥3,557,794,019.86 at the end of the previous year[6] Assets and Liabilities - Total assets increased by 8.20% to ¥6,824,936,820.48 from ¥6,307,590,501.10 at the end of the previous year[6] - Total liabilities increased to ¥3,428,458,619.01, compared to ¥2,884,826,080.53, marking a rise of 19.0%[20] - The company reported a significant increase in accounts payable, which rose to ¥434,778,908.28 from ¥316,951,128.22, reflecting a growth of 37.1%[20] - Accounts receivable increased to approximately 1.05 billion yuan from 866.75 million yuan[18] Future Outlook - The company plans to continue investing in new technologies and market expansion strategies to drive future growth[25] - The company effectively controlled operating expenses, contributing to the growth in net profit[13] - The company reported a significant increase in foreign exchange gains during the reporting period[13]

道通科技公告，为深化国际化战略布局，增强境外投融资及运营能力，持续吸引并聚集优秀人才，进一 步提升公司综合竞争实力，正在筹划境外发行股份（H股）并申请在香港联合交易所有限公司上市的相 关工作。具体细节尚未确定，需提交公司董事会和股东大会审议，并取得相关政府机构、监管机构备 案、批准或核准。该事项具有较大不确定性。 ...

Core Viewpoint - The company is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries regarding the specifics of the listing process [1] Group 1 - The company is currently in the process of planning the issuance of H-shares [1] - Specific details regarding the H-share listing have not yet been determined [1] - The H-share listing will require approval from the company's board of directors, shareholders' meeting, and relevant regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1]

Core Insights - The company reported a third-quarter revenue of 1.151 billion yuan, representing a year-on-year increase of 19.59% [1] - The net profit for the third quarter was 253 million yuan, showing a significant year-on-year growth of 63.49% [1] - For the first three quarters, the total revenue reached 3.496 billion yuan, which is a year-on-year increase of 24.69% [1] - The net profit for the first three quarters amounted to 733 million yuan, reflecting a year-on-year growth of 35.49% [1]

Core Insights - The "2025 International Low Altitude Economic Trade Expo (Guangzhou) / 8th Global Unmanned Systems Conference (GUSC2025)" is scheduled to take place from December 12 to 14, 2025, in Guangzhou, focusing on the theme "Innovate Low Altitude, Service Trade Globally" [1][2] Group 1: Event Overview - The expo will utilize a variety of formats including dynamic and static displays, exhibitions and conferences, as well as indoor and outdoor settings, covering six major topics: meetings, exhibitions, performances, introductions, investments, and trade [1] - The event aims to leverage Guangzhou's position as an international transportation hub and trade gateway, focusing on five core areas: domestic and international low altitude economic policies, industry development trends, core technology innovations, standard alignment, and practical applications [1] Group 2: Highlights and Participation - The expo will feature a 60,000 square meter exhibition area, with 80% of the exhibition space already secured, and is expected to attract over 600 industry chain enterprises and more than 50,000 domestic and international attendees from over 50 countries and regions [3] - Key highlights include over 20 professional forums and seminars, the awarding of the "Golden Wing Award" to set industry benchmarks, and the introduction of an innovative trade service model termed "1+5+N" [2][3] - Notable participating companies include EHang, Xpeng, DJI, and many other leading firms in the low altitude economy sector [3]

Investment Rating - The report maintains an "Outperform" rating for the computer sector, suggesting a positive outlook for the industry [1][12]. Core Insights - The metropolitan "millisecond computing" initiative emphasizes low latency and high computing power requirements, with specific goals set for 2027 [12]. - Shanghai's smart terminal action plan aims to strengthen intelligent computing terminals and create computing clusters, promoting the application of core components like GPUs and interconnect modules [12]. - The emergence of domestic EDA and high-end testing equipment indicates a clear pace of domestic substitution in the industry [12]. Summary by Sections Metropolitan "Millisecond Computing" Initiative - The initiative sets three clear goals: computing center interconnection under 1 millisecond, resource access under 1 millisecond, and terminal network delay under 10 milliseconds by 2027 [12]. - Emphasis on the application of 400Gbps optical transmission and new network protocols is expected to benefit optical transmission, networks, edge nodes, and scheduling software [12]. Shanghai Smart Terminal Action Plan - The plan aims to enhance the capabilities of intelligent computing terminals and create a billion-level scale for local enterprises [12]. - It promotes the mass production of AI computers and smartphones, as well as the development of plug-and-play edge solutions [12]. Domestic EDA and Testing Equipment - New domestic EDA software and high-end testing equipment have been introduced, showcasing advancements in high-end measurement and industrial software [12]. - Taiwan Semiconductor Manufacturing's Q3 results exceeded expectations, indicating strong demand driven by AI and high-performance computing [12].

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - Last week, the median convertible bond price dropped from 132 yuan to 129 yuan, with the average daily turnover in the entire convertible bond market remaining at a relatively low level of 65.2 billion yuan. The median conversion premium rate increased from 27.8% to 28.5%, and the implied volatility decreased from 37% to 35.5% (historical quantile of 73%). The trading sentiment of convertible bonds recovered, and the turnover rates of extremely low - balance and low - rated convertible bonds increased. After the market adjustment, the proportion of dual - low convertible bonds in industries such as commercial trade, banking, non - banking, and transportation increased [1]. - Last week, the risk appetite of funds continued to decline. The share of gold ETFs increased significantly by 22.7%, the share of dividend - concept ETFs increased by 5.2%, while the shares of stock - type and convertible bond ETFs decreased, with the decrease rate of convertible bond ETF fund shares (-3.5%) slightly larger than that of the overall stock - type ETFs (-2.6%) [2]. - After the TACO transaction was confirmed last weekend, the market risk appetite recovered. Structurally, overall attention should be paid to the performance realization of the underlying stocks. Combine performance and focus on Q3 performance - promising targets and sub - new convertible bonds [3][4]. 3. Summary by Relevant Catalogs Market Performance - The median convertible bond price decreased from 132 yuan to 129 yuan, the average daily turnover in the entire convertible bond market was 65.2 billion yuan, remaining at a low level. The median conversion premium rate rose from 27.8% to 28.5%, and the implied volatility dropped from 37% to 35.5% (historical quantile of 73%). The trading sentiment of convertible bonds improved, and the turnover rates of extremely low - balance and low - rated convertible bonds went up. Due to the protection of the bond floor in a falling market, the valuation of low - price convertible bonds increased significantly, outperforming other sectors. After the market adjustment, the proportion of dual - low convertible bonds in commercial trade, banking, non - banking, and transportation increased [1]. Funds Sentiment - Comparing the share fluctuations of various broad - based indexes, bond - type, and major commodity (gold) ETFs, last week, the risk appetite of funds continued to decline. The share of gold ETFs increased by 22.7%, the share of dividend - concept ETFs increased by 5.2%, while the shares of stock - type and convertible bond ETFs decreased. The decrease rate of convertible bond ETF fund shares (-3.5%) was slightly larger than that of the overall stock - type ETFs (-2.6%) [2]. - In September, bond investors such as insurance, social security, and securities asset management concentrated on reducing their holdings of convertible bonds, with the reduction amplitude significantly larger than the shrinkage amplitude of the convertible bond market scale. Retail investors maintained a selling trend in a relatively strong stock market. Convertible bond ETFs provided certain liquidity to the convertible bond market, and the public - offering convertible bond holdings remained stable [23]. Investment Strategy - After the TACO transaction was confirmed last weekend, the market risk appetite recovered. Focus on the performance realization of the underlying stocks and pay attention to the following directions: - Q3 performance - promising targets: 1) Technologically leading manufacturers in the domestic substitution field, such as Dinglong Co., Ltd. (Dinglong Convertible Bond) and Guoli Electronics (Guoli Convertible Bond). 2) Companies in high - growth sectors with continuous technological upgrades, like Daotong Technology (Daotong Convertible Bond) and Luxshare Precision (Luxshare Convertible Bond). 3) Industries benefiting from anti - involution price increases, such as power equipment and chemicals, including Zhuhai Guanyu (Guanyu Convertible Bond) and Limin Co., Ltd. (Limin Convertible Bond) [3]. - Sub - new convertible bonds: Due to the intensified supply - demand contradiction in the convertible bond market, the elasticity and valuation of sub - new convertible bonds have been pushed up, and many are popular themes with good performance. They are worth paying attention to during market pullbacks, such as Jinwei Convertible Bond, Weidao Convertible Bond, etc. [4]. - Considering the performance realization, convertible bonds such as Changyin Convertible Bond, Chongyin Convertible Bond, etc., are worthy of attention. The dumbbell strategy portfolio remained unchanged this period and outperformed the CSI Convertible Bond Index by 1.77 percentage points last week [28][29].

Market Review - The Huaxia Sci-Tech AI ETF (589010) rose by 0.58% on October 20, with a trading volume of approximately 163 million yuan, indicating stable market activity. The constituent stocks showed a mixed performance, with 22 stocks rising and 8 falling, led by Youke Technology, Daotong Technology, and Fudan Microelectronics, while Foxit Software experienced the largest decline [1] - The Robot ETF (562500) increased by 1.33%, showing a pattern of "rising then stabilizing." It reached a peak of 1.004 yuan during the day, with 63 out of 73 constituent stocks rising. Notable gainers included CITIC Heavy Industries, which hit the daily limit, and several others with gains between 4.5% and 6.5%. The trading volume over the past five days exceeded 1.29 billion shares, reflecting strong market recovery [1] Hot News - Yushu Technology launched a full-size humanoid robot H2, standing 180 cm tall and capable of carrying 70 kg, with a domestic component localization rate of 70%. The robot utilizes products from Suoteng Juchuang for laser radar and Tsinghua Tianji core for motion control, with a local procurement cost of approximately 180,000 yuan per unit [2] - Zhiyuan Robotics announced a multi-million yuan order for the G2 robot framework, set to deploy nearly 1,000 units in industrial manufacturing scenarios. Additionally, UBTECH secured a 126 million yuan contract for an intelligent project in Guangxi and over 32 million yuan in procurement contracts from an automotive technology company, with total orders for the Walker series exceeding 630 million yuan for the year [2] - Figure AI in the U.S. launched the Figure 03, designed for the Helix large model, featuring high-precision tactile perception and enhanced visual systems, with a weight reduction of 9%. The establishment of the BotQ factory aims for an initial annual production capacity of 12,000 units, marking a shift from demonstration to large-scale implementation for humanoid robots [2] Institutional Views - CITIC Construction Investment Securities expressed optimism regarding the accelerated industrialization of Tesla's Optimus and the high valuation financing of Figure, indicating that the sector is entering a period of continuous catalytic validation. The release and production guidance for the third-generation Optimus prototype are positive, and the overall market liquidity remains loose, favoring a return to technology growth configurations in robotics [3] - The preferred investment direction includes the Tesla supply chain, followed by Yushu and Zhiyuan, which have mass production capabilities. Recommendations focus on segments with technological upgrades, substantial product client samples, and expected differentiation [3] Popular ETFs - The Robot ETF (562500) is the only ETF in the market with a scale exceeding 20 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry chain, facilitating investor access to the sector [4] - The Huaxia Sci-Tech AI ETF (589010) is described as the "brain" of robotics, with a 20% price fluctuation limit and small-cap elasticity, aimed at capturing the "singularity moment" in the AI industry [4]

Group 1 - The core viewpoint of the news highlights the strong performance of the Science and Technology Innovation Artificial Intelligence ETF (589010), which has risen by 2.05%, outperforming the Shanghai Composite Index, with 29 out of 30 constituent stocks experiencing gains [1] - The ETF has seen a significant trading volume of 337 million yuan, indicating active market participation, and has recorded a net inflow of over 40 million yuan in the past five trading days, reflecting a recovery in market sentiment towards the AI sector [1] - The technical analysis indicates a "V" shaped rebound structure for the ETF, suggesting potential for further upward movement towards previous high levels [1] Group 2 - According to Guosheng Securities, China has a significant advantage in the application of AI, supported by a large pool of engineers, abundant data resources, and a well-established application ecosystem, with Alibaba leading the rapid AI integration across its various applications [2] - The Science and Technology Innovation Artificial Intelligence ETF closely tracks the Shanghai Stock Exchange's AI index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support, with a 20% price fluctuation range that aids in capturing the "singularity moment" of the AI industry [2]