| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-077 | | --- | --- | --- | | 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 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 召开日期时间：2025 年 10 月 10 日 14 点 30 分 召开地点：深圳市南山区西丽街道松坪山社区高新北六道 36 号彩虹科技大 楼一层公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 10 月 10 日 股东大会召开日期：2025年10月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方 ...

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-073 | | --- | --- | --- | | 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 第四届监事会第十五次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 2、《关于签署股权转让协议之补充协议暨关联交易进展的议案》 表决情况：同意3票，弃权0票，反对0票。 具体内容详见同日于上海证券交易所网站（www.sse.com.cn）披露的《关于签 署股权转让协议之补充协议暨关联交易进展的公告》（公告编号：2025-075）。 本议案尚需提交股东大会审议。 深圳市道通科技股份有限公司（以下简称"公司"）第四届监事会第十五次会议于 2025 年 9 月 22 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 9 月 15 日以邮件、电话或其他通讯方式送达至公司全体监事。会议应出席监事 3 名， 实际出席监事 3 名，本次会议由监事会主席瞿松松先生召集并主持。 ...

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"）第四届董事会第二十六次会议 于 2025 年 9 月 22 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 9 月 15 日以邮件、电话或其他通讯方式送达至公司全体董事。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》和《深圳市道通科技股份有限公司章程》等相关规 定，会议形成的决议合法、有效。 二、董事会会议审议情况 与会董事就各项议案进行了审议，并表决通过以下事项： | 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-072 | | --- | --- | --- | | 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 第四届董事会第二十六次会议决议公告 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。 1、《关于增加 2025 年度日常关联交易额度预计的议案》 因本议案涉及之交易构成关联交易，关联 ...

Core Viewpoint - Daotong Technology (688208.SH) plans to transfer a total of 46% equity in its associate company, Saifang Technology, to newly established employee stock ownership platforms and other entities for a total consideration of 108.56 million RMB, all to be paid in cash [1] Group 1 - The company will transfer 34.50%, 11%, and 0.50% of its stake in Saifang Technology to the employee stock ownership platforms, Daohuatongliao, and Mr. Zhao Guanjie respectively, resulting in a complete divestment from Saifang Technology [1] - The total transfer price is based on assessment results and mutual agreement between the parties involved [1] - The transaction signifies a strategic shift for the company as it exits its investment in Saifang Technology [1]

Core Viewpoint - Daotong Technology (688208) announced the transfer of a total of 46% equity in its associate company, Shenzhen Saifang Technology Co., Ltd., to newly established employee stock ownership platforms and other entities for a total consideration of 109 million yuan, all to be paid in cash. This transaction allows the company to further focus on its core business and optimize its asset structure [1]. Group 1 - The company plans to transfer 34.5%, 11%, and 0.5% of its stake in Shenzhen Saifang Technology to different parties [1]. - The total consideration for the equity transfer is 109 million yuan [1]. - After the transaction, the company will no longer hold any equity in Shenzhen Saifang Technology [1].

Core Viewpoint - The company plans to transfer a total of 46% equity in Saifang Technology to newly established employee stock ownership platforms and individuals, resulting in the company no longer holding any stake in Saifang Technology [1] Group 1 - The company will transfer 34.50%, 11%, and 0.50% of its stake in Saifang Technology, totaling 46% [1] - The total transaction amount is set at 109 million RMB, which will be paid entirely in cash [1]

Core Points - Daotong Technology (688208.SH) announced the transfer of a total of 46% equity in Saifang Technology to seven employee stock ownership platforms, Daohuatongliao, and Zhao Guanjie for a total consideration of 108.56 million yuan [1] - The transfer of 11.50% equity to Daohuatongliao and Zhao Guanjie constitutes a related party transaction [1] - Following the completion of this transaction, the company will no longer hold any equity in Saifang Technology [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is undergoing a comprehensive transformation towards AI+ business model, leveraging AI intelligence as its core and focusing on industry models and intelligent terminals [7] - The company has joined Huawei's Robot to Cloud (R2C) protocol, enhancing its technological influence in the robotics and cloud intelligence sector [7] - The traditional business remains stable while new business lines are expected to open a second growth curve for the company [7] - Revenue projections for 2025-2027 are estimated at 49.62 billion, 61.58 billion, and 75.13 billion RMB, with corresponding net profits of 9.05 billion, 11.77 billion, and 14.36 billion RMB [7] Financial Performance - Revenue for 2023 is projected at 3,251 million RMB, with a growth rate of 43.5%, and is expected to reach 4,962 million RMB in 2025, reflecting a growth rate of 26.2% [6][8] - The net profit for 2023 is estimated at 179 million RMB, with a significant growth rate of 75.7%, projected to increase to 905 million RMB by 2025, with a growth rate of 41.2% [6][8] - Earnings per share (EPS) is expected to be 0.40 RMB in 2023, increasing to 1.35 RMB in 2025 [6][8] - The price-to-earnings (PE) ratio is projected to be 59.4 in 2023, decreasing to 28.2 in 2025 [6][8] - Return on equity (ROE) is expected to rise from 5.6% in 2023 to 24.9% in 2025 [6][8]

Policy and Industry Trends - The humanoid robot industry is entering a stage driven by both policy and application scenarios, with significant government support and strategic focus on embodied intelligence and smart robotics[1] - Local governments are actively implementing special action plans to accelerate the industrialization of humanoid robots, indicating a robust policy environment[14] Market Opportunities - The market for humanoid robots is shifting from concept-driven to industrialization, with long-term investment value emerging in the sector[8] - Key components such as actuators, sensors, and lightweight materials are critical areas of focus, with a notable lack of software-related investment vehicles in the convertible bond market[1] Component Analysis - The core value of humanoid robots is highly concentrated in the components sector, particularly in actuators, dexterous hands, and sensors, which are essential for their functionality[29] - Actuators, including lead screws, reducers, and motors, are expected to contribute nearly half of the overall value in mass production stages, with significant growth potential[32] Investment Highlights - Notable convertible bonds include Yinlun Convertible Bond (Yinlun) and Daotong Convertible Bond (Daotong), which are leading in the exploration of the humanoid robot industry[2] - The Yinlun Convertible Bond focuses on thermal management systems and has established a product system for humanoid robots, while the Daotong Convertible Bond is leveraging AI for inspection robots[24] Risk Factors - Potential risks include the humanoid robot industry's slower-than-expected industrialization and unexpected changes in industrial policies[4]

Core Insights - The cross-border e-commerce industry is undergoing significant restructuring, with many established companies facing bankruptcy and operational challenges due to rising costs and changing policies [2][10][24]. Group 1: Company Closures and Financial Struggles - Several long-standing cross-border companies, such as Yongsheng Electric and Xunda Electric, have recently announced their dissolution, highlighting a trend of closures in the industry [2][4]. - Yongsheng Electric, a Hong Kong-funded enterprise with over 55 years of history, abruptly declared its dissolution, with employees still working just days before the announcement [3]. - Xunda Electric, another veteran company, also announced its closure in August, marking the end of a significant player in Shenzhen's manufacturing landscape [4]. - Among publicly listed cross-border companies, 38% reported a decline in net profits, with 5 companies experiencing revenue drops and 3 companies reporting losses [7]. Group 2: Financial Performance of Listed Companies - A report on 18 leading cross-border listed companies revealed that 7 companies saw a decline in net profits, while 5 experienced revenue decreases [7]. - Notable financial data includes: - Anker Innovation: Revenue of 12.867 billion, up 33.36%, net profit of 1.167 billion, up 33.80% [8]. - Giant Star Technology: Revenue of 7.027 billion, up 4.87%, net profit of 1.273 billion, up 6.63% [8]. - Huakai Yibai: Revenue of 4.538 billion, up 28.97%, net profit of 36.7 million, down 72.69% [8]. - The company with the largest decline in net profit was Jiemite, which reported a revenue of 291 million, down 32.46%, and a net loss of 9.9038 million, down 153.15% [8]. Group 3: Rising Costs and Market Challenges - The cross-border e-commerce sector is facing increased customer acquisition costs and heightened competition, leading to further profit margin compression for sellers [13][15]. - Advertising costs on platforms like Amazon have risen significantly, with the cost-per-click (CPC) expected to increase from $0.73 in 2023 to $0.84 in 2024, representing a 15.1% rise [14]. - TikTok's advertising costs have also surged, with a current cost of $6.21 per thousand impressions, reflecting a year-on-year increase of 12.28% [16]. - The cancellation of the $800 tariff exemption has led to a 25% increase in customs costs for sellers, further straining their financial viability [17]. Group 4: Market Dynamics and Future Outlook - Despite the challenges, the number of new entrants in the cross-border e-commerce sector remains high, with 13,400 new companies registered this year, a 140.81% increase compared to the previous year [22]. - The market is increasingly favoring larger sellers who can leverage their resources to withstand rising costs, while smaller and mid-tier sellers are being forced out or pushed into niche markets [24][25]. - The industry is entering a phase of "survival of the fittest," where market share is consolidating among a few dominant players, further squeezing the space for smaller sellers [25].