证券代码：301608 证券简称：博实结 编号：2026-001 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 ☑ 现场参观 □业绩说明会 □路演活动 ☑ 其他：腾讯会议 参与单位名称 2026 年 1 月 8 日（线下调研） 国联基金 2026 年 1 月 9 日（线上调研） 华夏基金 时间 2026 年 1 月 8 日- 2026 年 1 月 9 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书 向碧琼女士 证券事务代表 王占超先生 投资者关系活动 主要内容介绍 一、基本情况介绍 公司是专业从事物联网智能化产品的研发、生产和销售的高 新技术企业、专精特新"小巨人"企业，以通信、定位、AI等技 术应用为核心，基于自研无线通信模组，为物联网众多应用场景 提供智能终端产品及配套解决方案。 公司始终秉承"智慧赋能万物，共创美好未来"的使命，坚 持"成就客户、创新驱动、博大务实、品质至上"的经营理念， 依托"通信+定位+AI"底层核心技术与"模组+平台+终端"业务 模式，深耕车联网，广泛布局物联网，致力于成为全球的物联网 智能化应用解决方案专家。 2024 年度， ...

继新能源汽车和扫地机器人后，割草机器人也用上了AI视觉和激光雷达"黑科技"。 2026年1月6日，2026年国际消费电子展（以下简称"CES 2026"）在美国拉斯维加斯开幕。在本届CES 上，MOVA旗下高端园林工具及机器人解决方案品牌耐士劳（NexLawn）发布了旗舰智能割草机器人 NAVIA 6000 AWD。 《中国经营报》记者注意到，NAVIA 6000 AWD搭载NexNav三重传感导航系统，将星基RTK（实时动 态载波相位差分技术）、AI双目视觉与360°高精度激光雷达融合于统一平台，实现厘米级定位精度，无 需埋线或外置RTK基站也能在多区域、坡地及复杂环境中稳定运行，实时识别300余种常见障碍物，确 保割草过程安全、高效、精准。 此外，耐士劳还展出了Master X概念割草机器人。该款割草机器人搭载机械臂，可完成传统割草机器人 难以胜任的多样化任务。通过可更换的末端执行器组合，包括多功能夹爪、修剪头与修边刀盘，Master X能够实现清理庭院杂物、精准修边、除草、采摘小型果实，甚至可在安全前提下与宠物互动。据了 解，Master X预计将于2027年正式开启商业化。 （文章来源：中国经营报） ...

瑞财经 吴文婷12月25日，广东九安智能科技股份有限公司（以下简称"九安智能"）创业板IPO获受理。 本次IPO的保荐机构为申万宏源证券承销保荐有限责任公司，保荐代表人为黄彪、刘令，会计师事务所为天职国际会计师事务所（特殊普通合伙），律师 事务所为北京市中伦律师事务所。 九安智能是一家智能视觉产品制造商、物联网运营服务商和物联网技术方案提供商，以视觉成像及分析技术、无线传输技术、物联网平台技术及AI视觉 应用模型为核心，自主研发、生产及销售智能硬件产品，并利用物联网云平台提供运营服务，构建起"硬件+平台+服务"一体化模式。 据招股书，2022年-2024年及2025上半年，九安智能实现营收分别为4.84亿元、6.45亿元、7.8亿元、3.23亿元；归母净利润分别为3430.63万元、8595.04万 元、1.02亿元、4478.83万元。 | | 2025年1-6月 | 2024 年度 | 2023 年度 | 2022 年度 | | --- | --- | --- | --- | --- | | 项目 | /2025年6月 | /2024 年 12 月 | /2023 年 12 月 | /2022 年 12月 ...

智能视觉产品制造商九安智能闯关IPO。 12月25日，广东九安智能科技股份有限公司（简称"九安智能"）创业板IPO获深交所受理，公司拟募资10.64亿元。 | 公司全称 | 广东九安智能科技股份有限公司 | | --- | --- | | 受理日期 | 2025-12-25 | | 审核状态 | 已受理 | 招股书显示，九安智能是一家智能视觉产品制造商、物联网运营服务商和物联网技术方案提供商，以视觉成像及分析技术、无线传输技术、物联网平台技术 及AI视觉应用模型为核心，自主研发、生产及销售智能硬件产品，并利用物联网云平台提供运营服务，构建起"硬件+平台+服务"一体化模式。 全球智能摄像机市场达千亿规模，且具有场景多样化、需求个性化的特征。为了顺应市场变化趋势，九安智能从向终端品牌商提供硬件产品逐步发展到提供 硬件产品技术方案、物联网云平台部署及终端用户运营一体的整体解决方案，累计合作的终端品牌商超200个，取得较为显著的成果。 本次IPO，九安智能拟募资10.64亿元，投入到九安智能研发制造及总部基地项目并补充流动资金。 其中"智能视觉产品产业化建设项目"将通过新建厂房及购置全新生产设备，提升公司生产自动化水 ...

（来源：CSHIA） 装修云管家直播大屏 AI自动监理 装修公司为何总陷入 "信任危机"？交付质量频频失控，是材料信息不透明、施工环节无有效监管、项目进度管理体系漏洞百出等问题的集中显现。 开发者伙伴"装修云管家"，基于萤石开放平台，以AI视觉算法为核心，联合打造出覆盖装修全链路的工地可视化方案。同时，接入萤石 4G 设备实现通电 即用，支持公司端、工程端、营销端、业主端多端同步使用，推动装修服务标准化、流程透明化与管理规范化。 施工可视化 工地可视化方案，打破了传统装修施工的信息壁垒，实现了从工地到云端的全场景连接。业主通过微信小程序就可实时查看施工进度，工地直播和施工资 料也能一键存档。装修公司管理人员和业主都能远程监工，省心又安心。 水电改造、防水测试等关键施工节点，系统会自动留存高清影像，业主在线确认后即可推进下一工序，所有流程云端留痕，从根源上规避事后纠纷。 萤石AI算法实现的智能监理能力，将传统的人工巡检升级为24小时不间断的智能管控，包括：违规抓拍、低分预警、规范监测...... 平台的AI系统能够精准识别当前施工阶段，无论是防水施工还是墙面铺装，都能自动匹配对应的规范操作要求并实时推送，帮助施 ...

Core Insights - The article highlights that the emerging company, Laimu Technology, has successfully completed its fourth round of financing this year, raising tens of millions in an A+ round led by Jiuhe Venture Capital, with participation from Qingbo Fund, Xingfu Capital, and Zhengjing Capital [1][2] Company Overview - Laimu Technology, founded in 2022, focuses on the research and manufacturing of high-end robotic lawn mowers. The company has attracted significant investment from various prominent funds and institutions, accumulating over 100 million RMB in total financing since its inception [2][3] Product Innovation - Laimu Technology's core product, LymowOne, addresses traditional lawn mowing challenges with innovative features such as a new tracked design and an industry-first straight blade cutting system. This design enhances the device's climbing ability to 100% (i.e., 45 degrees) and increases its power output to 300W, significantly improving operational efficiency compared to competitors [4][6] Market Performance - Since its launch, LymowOne has performed exceptionally well, raising over $7.5 million on Kickstarter and achieving sales exceeding 100 million RMB by September. The product's average selling price is $2,499, indicating strong market recognition in the high-end segment. The company has stabilized its daily production capacity at 200 units, with total deliveries reaching several thousand units, aiming for over 100,000 units by 2026 [6][7] Industry Landscape - The global market for robotic lawn mowers is substantial, with approximately 250 million private lawns and gardens. North America and Europe are key markets, with countries like Germany and Switzerland showing over 40% penetration rates. IDC forecasts a significant increase in global shipments of robotic lawn mowers, with a year-on-year growth of 327.2% expected in the first half of 2025 [6][7] Trade Challenges - Despite the booming market, trade tensions are emerging, as the European Commission has initiated an anti-dumping investigation into Chinese exports of robotic lawn mowers following a complaint from a Swedish company. This company holds over 40% of the global market share for buried wire lawn mowers and claims that the influx of Chinese products negatively impacts the EU industry [7]

Core Viewpoint - Warner Bros. Discovery's recent financial report showed declines in revenue and net profit, yet the stock price rose due to the announcement of a strategic review aimed at maximizing shareholder value, including potential sales of its Warner Bros. and Discovery Global businesses [1][5]. Financial Performance - Warner Bros. Discovery reported significant losses in recent fiscal years: $7.297 billion in 2022, $3.079 billion in 2023, and projected $11.482 billion in 2024, with a debt level of $60 billion and an asset-liability ratio exceeding 60% [4]. Strategic Moves - The company initiated a strategic review after receiving interest from multiple parties, indicating a recognition of its portfolio's value in the market [5]. - The potential acquirer, Skydance Media, has shown interest and has made multiple offers, following its recent acquisition of Paramount [7][8]. Business Segments - Warner Bros. Discovery's business segments include streaming (HBO Max, Discovery+), studio operations (Warner Bros. Pictures, DC Studios), and global cable networks (CNN, Discovery Channel), with Q3 2025 revenues of approximately $2.6 billion, $3.3 billion, and $3.9 billion respectively [6]. Market Position and Competition - The company faces challenges in the streaming market, with HBO Max achieving profitability in 2023 but lagging behind Netflix in user numbers (120 million vs. 282 million) [6]. - The decline of traditional cable networks due to streaming competition has been significant, with cable subscriptions decreasing and streaming production spending projected to reach $50 billion in 2024 [6]. Integration Risks - Potential acquirers must consider integration risks, including the need to streamline content distribution and manage the complexities of merging operations and cultures [7][9]. - The merger could lead to increased content costs and pressure on profitability due to overlapping user bases and the need for enhanced content offerings [9].

Core Insights - The company reported strong performance in Q3 2025, with significant growth in both revenue and profit [1][4][5] Financial Performance - Q3 revenue reached 2.531 billion yuan, a year-on-year increase of 44.56%; cumulative revenue for the year-to-date was 6.317 billion yuan, up 50.14% [1] - Total profit for Q3 was 334 million yuan, a substantial increase of 155.23%; year-to-date profit totaled 776 million yuan, growing by 170.22% [4] - Net profit attributable to shareholders in Q3 was 303 million yuan, up 145.14%; cumulative net profit for the year was 699 million yuan, a growth of 155.99% [4] - Basic earnings per share for Q3 were 0.76 yuan, a year-on-year increase of 145.16%; year-to-date earnings per share reached 1.75 yuan, up 157.35% [4] - The weighted average return on equity for Q3 was 6.34%, an increase of 3.23 percentage points; year-to-date return on equity was 15.32%, up 8.40 percentage points [4] Research and Development - R&D expenditure in Q3 was 168 million yuan, a year-on-year increase of 37.43%; cumulative R&D investment for the year was 423 million yuan, growing by 31.69% [4] - Despite a slight decrease in the proportion of R&D spending relative to revenue growth, the total amount reflects the company's commitment to technological innovation [4] Asset and Equity Growth - Total assets reached 10.459 billion yuan, a year-on-year increase of 33.57%; equity attributable to shareholders was 4.933 billion yuan, up 17.77% [4] Market Position and Growth Drivers - The company's growth is primarily driven by the increasing shipment of high-end CMOS image sensor (CIS) chips, along with product structure optimization and improved capacity utilization [5] - The company has accelerated its presence in niche markets such as automotive imaging, security monitoring, and industrial vision, launching several new high-performance CIS products that have gained wide recognition from domestic and international clients [5] - The demand for CIS chips continues to expand with the rapid development of AI vision and intelligent driving applications, solidifying the company's market position [5] - As a leading domestic CIS enterprise, the company benefits from the recovery in automotive electronics, security, and consumer electronics sectors, highlighting its product performance advantages and broad growth potential [5]

Core Viewpoint - Hunan Guoke Microelectronics Co., Ltd. reported a revenue of 1.172 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.50%, while the net profit attributable to shareholders was 7.4054 million yuan, showing a significant improvement in Q3 with a revenue of 431 million yuan, up 22.60% year-on-year [1] Financial Performance - The company achieved a revenue of 1.172 billion yuan in the first three quarters, down 2.50% year-on-year [1] - The net profit attributable to shareholders was 7.4054 million yuan, and after excluding share-based payment expenses, the net profit was 25.8953 million yuan [1] - In Q3, the company reported a revenue of 431 million yuan, reflecting a year-on-year growth of 22.60% [1] - R&D investment reached 518 million yuan, a slight increase of 0.09%, accounting for 44.24% of total revenue [1] Product Development - Guoke Micro established a dual strategy in the AI vision sector, focusing on both "high-end" and "affordable" products [2] - The GK7206V1 series chip, launched in September, has entered the supply chain of leading companies in traditional security and consumer electronics [2] - The GK7206V1 chip features low power consumption, an AI ISP engine, and requires only 0.5T computing power for AI noise reduction, achieving outstanding performance in its category [2] - The GK7606V1 series chip, launched in October 2024, supports 4K ultra-high-definition encoding and decoding, with a dual-core A55 architecture and a maximum of 2.5T computing power [2] Market Positioning - Guoke Micro has created a differentiated matrix of 4K AI vision chips with the GK7206V1 and GK7606V1, providing comprehensive AI vision solutions [3] - The GK7203V1 series IPC chip, released in July, integrates a 0.2T general-purpose NPU and is suitable for various consumer applications, aiming to enhance efficiency in the consumer IPC market [3] - The company aims to deepen its "chip + algorithm + ecosystem" model to promote the widespread adoption of AI vision technology across various applications [3] Ecosystem Development - Guoke Micro has successfully mass-produced eight open-source HarmonyOS chips, covering smart home, smart vision, and commercial display sectors [3] - The company participated in the 2025 HarmonyOS Ecological Conference, emphasizing the importance of chip adaptation capabilities for the development of the ecosystem [4] - Future plans include further investment in the open-source HarmonyOS ecosystem and collaboration with industry partners to promote its growth [5]

Core Viewpoint - The company, Orbbec (688322.SH), reported significant growth in its Q3 2023 financial results, achieving a revenue of 714 million yuan for the first three quarters, a year-on-year increase of 103.5%, and turning a profit with a net profit of 108 million yuan [1][4]. Financial Performance - For Q3 2023, the company recorded a revenue of 279 million yuan, up 102.49% year-on-year, and a net profit of approximately 47.83 million yuan, representing a 33.32% increase from Q2 [1][4]. - The cumulative revenue for the first nine months of 2023 exceeded the total revenue for the entire year of 2024, indicating a strong upward trend in profitability [4]. Business Growth Drivers - The growth is attributed to the continuous improvement of the upstream 3D vision perception industry chain and the accelerated expansion of downstream application scenarios, particularly in 3D scanning, payment verification, and various types of robotics [4][5]. - The company has seen a nearly 100% year-on-year growth in its domestic robotics business in the first half of the year, positioning itself as a leader in the robotics vision sector within the A-share market [5][8]. R&D and Strategic Focus - The company has significantly improved its R&D efficiency and reduced ineffective cost inputs, with an average R&D investment accounting for nearly 70% of annual revenue from 2022 to 2024 [4][5]. - Orbbec aims to enhance its capabilities in robot AI vision and spatial perception technology, with plans to raise up to 1.918 billion yuan for R&D and manufacturing projects [7][8]. Market Position and Future Outlook - The company holds over 70% market share in the 3D vision field for service robots in China and commercial and industrial mobile robots in South Korea, indicating strong competitive positioning [7][8]. - The projected market potential for humanoid robots, smart lawn mowers, and 3D printing is substantial, with estimates of 19 billion USD, 8.4 billion USD, and 4.2 billion USD respectively, suggesting a growing demand for 3D vision technology [8].