Summary of Conference Call Notes Company and Industry Overview - The focus is on a leading SoC (System on Chip) chip company that benefits from the rapid development of AI at the edge, with products widely used in TWS (True Wireless Stereo) earbuds, smartwatches, smart glasses, and smart speakers [1][2] Key Points and Arguments 1. **Market Growth**: The TWS earbud market is experiencing steady growth, while the smart watch and smart glasses markets are expanding further. The company's products are extensively applied across various terminals including TWS earbuds, smartwatches, smart glasses, and smart speakers [2][4] 2. **Diverse Clientele**: The company's downstream clients include major global Android smartphone brands such as Samsung, OPPO, and Huawei, as well as professional audio manufacturers like Harman, Anker Innovations, and Edifier. Additionally, internet companies like Alibaba, Baidu, ByteDance, and Google, along with home appliance manufacturers like Haier and Hisense, are also part of the client base. The BES2700 series wearable main control chip has been successfully integrated into products like OPPO Enco X3 and ByteDance's OlaFriend [2][4] 3. **AI Glasses Development**: The company is witnessing rapid development in AI glasses, with the new generation of smart wearable chip BES2800 achieving mass production. This chip utilizes advanced 6nm FinFET technology and has been adopted in various projects involving clients' earbuds, smartwatches, and smart glasses. The company's smart wearable main control chip has been applied in MYVUAR glasses. Furthermore, according to WellsennXR, the Xiaomi AI smart glasses' auxiliary chip is equipped with the Hengxuan BES2700 chip, valued at 7 USD [2][4] Additional Important Information - The company is recognized as a leader in ultra-low power computing SoC chips, indicating a strong position in the market [4] - The report highlights the importance of the AI edge development in driving the demand for the company's products, suggesting a favorable market environment for future growth [1][2] - The conference call notes also include insights into the broader industry trends and competitive landscape, emphasizing the company's strategic partnerships and technological advancements [5]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 16.17 [8][19]. Core Views - The company reported a revenue of RMB 1.029 billion for 2024, a year-on-year decrease of 11.52%, and a net profit attributable to the parent company of RMB 38.63 million, down 85.16% year-on-year. However, the company achieved a significant quarter-on-quarter revenue increase of 213.32% in Q4 2024 [1][5]. - The decline in revenue is primarily attributed to a slowdown in downstream demand in traditional industries such as industrial communication. Despite this, there is optimism regarding high growth in the company's industrial OS revenue in 2025 due to domestic substitution trends and the mass production of robots driving industrial control product demand [1][2]. Summary by Sections Financial Performance - In 2024, the company's industrial network communication business generated revenue of RMB 661 million, down 3.87% year-on-year, while the intelligent controllers and solutions business saw a revenue drop of 37.43% to RMB 227 million. Conversely, the industrial operating system and related software services revenue increased by 25.80% to RMB 140 million [2]. - The company expects a recovery in profitability as it focuses on expanding its industrial software products and reducing lower-margin businesses [2]. Market Opportunities - The Ministry of Industry and Information Technology issued guidelines for updating industrial operating systems and software, aiming to complete the replacement of 800,000 industrial operating systems and 2 million software units by 2027. This policy is expected to accelerate domestic substitution, benefiting the company's industrial software business [3]. - The company has signed large-scale application agreements with over 20 enterprises in sectors such as semiconductors and robotics, indicating strong demand for its industrial OS [3]. Product Development - The company launched an AI controller integrated with its industrial operating system and software, aimed at providing a comprehensive control platform for embodied robots. This product is expected to benefit from the ongoing trend of robot mass production [4]. - The development of the MaVIEW Robo software for intelligent robots is designed to be compatible with mainstream robotic arms and humanoid robot joints, targeting applications in sorting, painting, welding, and assembly [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is RMB 0.13, RMB 0.23, and RMB 0.33, respectively. The company’s target market capitalization for 2026 is set at RMB 9.94 billion, with a revised target price of RMB 16.17, reflecting an increase in valuation multiples for both software and hardware businesses [5][19]. - The software business is expected to grow at a compound annual growth rate (CAGR) of 102% from 2025 to 2026, significantly higher than the average of comparable companies [5][17].

Market Performance - The main board led the gains with notable stocks such as Daysea Intelligent (+10.03%), Zhejiang University Network New (+10.02%), and Dongni Electronics (+10.02) [1] - The ChiNext board saw significant increases with Yitong Technology (+20.02%), Saiwei Intelligent (+20.00%), and Langke Technology (+19.98%) [1] - The Sci-Tech Innovation board was led by Chip Origin (+20.01%), Anlu Technology (+20.00%), and Guoxin Technology (+15.50%) [1] - Active sub-industries included SW Other Communication Equipment (+5.83%) and SW Analog Chip Design (+4.80%) [1] Domestic News - A new holographic waveguide N30G was showcased by Nika Optical, featuring high luminous efficiency of 600 nits/lm and a transmittance greater than 90% [1] - Shanghai has included AR/AI glasses in its digital product subsidy program, offering up to 15% direct price subsidies for consumers purchasing brands like Rokid and Meizu [1] - A major project in Jiangdu District aims to produce 3 million automotive-grade SiC modules annually, generating sales revenue of 1 billion yuan and tax revenue of 50 million yuan [1] - TSMC plans to invest an additional $100 billion in advanced semiconductor manufacturing projects in the U.S., including the construction of three new wafer fabs [1] Company Announcements - Weir Shares announced a pledge and release of part of its controlling shareholder's shares, with 48.78 million shares pledged, accounting for 11.94% of total shares [2] - Yuntian Lihui reported a share buyback progress, having repurchased 1,432,621 shares, representing 0.4034% of total shares [2] - Dongtu Technology disclosed receiving government subsidies totaling 21,844,452.91 yuan from October 25, 2024, to the announcement date [2] - Zhongke Xingtou's 2024 annual report indicated revenue of 3.257 billion yuan, a year-on-year increase of 29.49%, and a net profit of 352 million yuan, up 2.67% year-on-year [2] Overseas News - The NAND Flash industry is expected to see a revenue decline of up to 20% in Q1, but is anticipated to rebound in the second half of the year [2] - Marvell showcased its first 2nm silicon IP for next-generation AI and cloud infrastructure, produced using TSMC's 2nm process [2] - Qualcomm released the X85 5G modem, featuring a dedicated AI processor that improves AI inference speed by 30% compared to the previous generation [2] - Intel announced a five-year delay in the production of its $28 billion advanced chip manufacturing facility in Ohio, raising concerns about the reliance on government funding to revitalize the U.S. chip industry [2]

证券代码：300353 证券简称：东土科技 公告编码：2024-082 为满足公司及子公司日常经营和业务发展的资金需求，北京东土科技股份有 限公司（以下简称"东土科技"或"公司"）于 2024 年 4 月 19 日召开的第六届 董事会第三十九次会议审议通过了《关于向金融机构申请综合授信额度暨为子公 司申请综合授信额度提供担保的议案》，同意公司及子公司拟向金融机构申请最 高额度不超过人民币 200,000 万元的综合授信；同时，为加强公司对外担保的日 常管理，增强公司对外担保行为的计划性与合理性，公司计划为合并报表范围内 部分子公司向银行、非银行金融机构、其他机构申请的授信、借款、票据、保理 等业务提供担保，本次担保额度预计不超过人民币 43,000 万元。授权期限自董 事会审议通过之日起至 2024 年年报董事会审议之日止，前述授信最高额度内， 实际授信、担保额度可在授权范围内循环滚动使用。 因业务发展需要，公司之下属子公司北京东土军悦科技有限公司（以下简称 "东土军悦"）向兴业银行股份有限公司北京鲁谷支行申请综合授信融资人民币 壹仟万元整，授信期限壹年；向北京农村商业银行股份有限公司海淀新区支行申 请综合授 ...

北京东土科技股份有限公司 第六届监事会第三十次会议决议公告 公司及监事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记 载、误导性陈述或者重大遗漏负连带责任。 一、审议通过《北京东土科技股份有限公司2024年第三季度报告》 一、会议召开情况 经与会监事审核，公司编制的《北京东土科技股份有限公司 2024 年第三季 度报告》符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整 地反映了公司实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 北京东土科技股份有限公司（以下简称"公司"）于2024年10月24日于公司会 议室以现场会议方式召开了第六届监事会第三十次会议。本次会议为监事会临时 会议。会议通知于2024年10月22日以电子邮件方式发出。公司现有监事3人，实 际出席监事3人。会议由监事会主席王爱莲女士主持。本次会议的召开符合《中 华人民共和国公司法》《公司章程》以及有关法律、法规的规定。 证券代码：300353 证券简称：东土科技 公告编码：2024-077 二、会议表决情况 经与会监事认真审议，以记名投票方式通过如下议案： 特此公告。 北京东土科技股份有限公司 监事会 具体内容详见同 ...

法律意见书 致：北京东土科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受北京东土科技股份有限公 司（以下简称"公司"）委托，指派本所律师对公司 2024 年第二次临时股东大会 （以下简称"本次股东大会"）的合法性进行见证并出具《北京市中伦律师事务 所关于北京东土科技股份有限公司 2024 年第二次临时股东大会的法律意见书》 （以下简称"本法律意见书"）。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规 则（试行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 北京市中伦律师事务所 关于北京东土科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年九月 法律意见书 北京市中伦律师事务所 关于北京东土科技股份有限公司 2024 年第二次临时股东大会的 本法律意见书根 ...

2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：北京东土科技股份有限公司 单位：元 | | | 占用方与上市公司 | 上市公司核 | 年期初占 2024 | 2024 年上半年 占用累计发生 | 2024 年 上半年占 | 年上半年 2024 | 年 月 2024 6 30 | 占用形成原 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 的关联关系 | 算的会计科 | 用资金余额 | 金额（不含利 | 用资金的 | 偿还累计发生 | 日占用资金余额 | 因 | 占用性质 | | | | | 目 | | 息） | 利息 | 金额 | | | | | | 关联方 D | 同一最终控制方 | 应收账款 | 4,800,000.00 | | | 4,800,000.00 | 0.00 | 销售商品及 提供服务 | 经营性占用 | | | 关联方 A | 同一最终控制方 | 应收账款 | 3,977,331.40 | 5,689,595.12 | | 2 ...

北京东土科技股份有限公司（以下简称"公司"）根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所创业板股 票上市规则》《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 相关规定，编制了关于 2024 年半年度募集资金存放与使用情况的专项报告。 证券代码：300353 证券简称：东土科技 公告编码：2024-058 北京东土科技股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 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。 单位：人民币元 项目 金额 募集资金金额合计 874,999,990.00 减：募集资金投入金额 289,377,884.28 其中：数字工厂智能控制解决方案项目 16,171,405.59 数字建造及智能工程装备控制解决方案项目 9,214,113.46 研发和实训展示中心项目 1,824,628.02 偿还银行借款和补充流动资金 262,167,737.21 减：临时补充流动资金 200,000,000.00 加：利息收入 2,712,518.99 减：银行手续费 2,1 ...

证券代码：300353 证券简称：东土科技 公告编码：2024-052 北京东土科技股份有限公司 关于使用闲置募集资金进行现金管理的公告 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。 北京东土科技股份有限公司（以下简称"公司"或"东土科技"）第六届董事会 第四十二次会议及第六届监事会第二十七次会议审议通过了《关于使用闲置募 集资金进行现金管理的议案》，同意公司在确保不影响募集资金投资项目建设 进度，并在有效控制风险的前提下，使用总额不超过 55000 万元人民币的闲置 募集资金进行现金管理，包括但不限于协定存款、通知存款、定期存款、可转 让大额存单及结构性存款等产品，在该额度范围内，资金可以滚动使用，使用 期限不超过董事会通过之日起 12 个月，并授权管理层代表签署相关合同文件， 公司财务部及相关部门负责组织实施和管理，具体情况如下： 一、募集资金的基本情况 公司向特定对象发行股票已获中国证券监督管理委员会《关于同意北京东土 科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2023〕1272 号）同意，公司向特定对象发行人民币普通股（A股）81,7 ...

深 圳 证 券 交 易 所 关于对北京东土科技股份有限公司 及相关责任人的监管函 创业板监管函〔2024〕第 111 号 北京东土科技股份有限公司董事会及相关责任人： 中国证监会北京监管局《关于对北京东土科技股份有限 公司、吴建国、李霞出具警示函行政监管措施的决定》（〔2024〕 181 号）及你公司于 2024 年 7 月 19 日晚披露的《关于 2023 年年度报告的更正公告》显示，公司于 2024 年 4 月 22 日晚 披露的《2023 年年度报告》中关于主要销售客户情况的内容 有误。 我部提醒你公司：上市公司必须按照国家法律、法规和 本所《创业板股票上市规则》，认真和及时地履行信息披露 义务。上市公司的董事会全体成员必须保证信息披露内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏， 并就其保证承担个别和连带的责任。 特此函告。 深圳证券交易所 创业板公司管理部 2024 年 7 月 19 日 2 你公司的上述行为违反了本所《创业板股票上市规则 （2023 年 8 月修订）》第 1.4 条和第 5.1.1 条的规定。 你公司董事会秘书吴建国、财务总监李霞未能勤勉尽责， 违反了本所《创业板股票 ...