证券代码：301603 证券简称：乔锋智能 乔锋智能装备股份有限公司 2025 年 12 月 1 日投资者关系活动记录表 编号：2025-013 | 投资者关 | 特定对象调研 分析师会议 | | --- | --- | | 系活动类 | 媒体采访 业绩说明会 | | 别 | 新闻发布会 路演活动 | | | 现场参观 其他：电话会议 | | 参与单位 | 创华投资 1 人、济略投资 1 人、百利合新材料 1 人。 | | 名称 | | | 时间 | 2025 年 12 月 1 日 9:30-11:50。 | | 地点 | 公司会议室 | | 上市公司 | 1、副总经理、董事会秘书：陈地剑 | | 接待人员 | 2、证券事务代表：王璐 | | 姓名 | 3、证券事务专员：汪泳展 | | 投资者关 | 1、公司数控机床核心部件的外部采购及公司自制情况如何？ | | 系活动主 | 外部采购部件：公司综合机床性能需求、匹配度、下游市场客户 | | 要内容介 | 偏好及供应周期等多方面因素自主决定选配的数控系统、丝杆、线轨 | | 绍 | 等核心零部件品牌。数控系统方面，主要选择发那科、三菱、西门子， ...

根据招股书，冈田智能拟募资9.85亿元，其中，2.14亿元用于数控机床刀库生产线扩建项目、4.47亿元用于数控机床主轴及转台生产线扩建项目、 0.56亿元 用于营销技术服务网络建设项目、1.48亿元用于企业研发及信息化升级改造项目、1.20亿元用于补充流动资金。 来源：时间财经 深圳证券交易所消息，11月28日，冈田智能（江苏）股份有限公司（简称"冈田智能"）更新提交相关财务资料。据了解，冈田智能上市申请于6月30日被受 理，7月13日进入问询阶段。 资料显示，冈田智能主营业务为数控机床核心功能部件的研发、生产与销售，主要产品包括刀库、主轴、转台，产品主要应用于金属切削类数控机床。 ...

Core Viewpoint - Several companies from Shanghai, including Topu CNC, have submitted IPO applications to the Hong Kong Stock Exchange, with Topu CNC being a notable player in the high-end manufacturing sector [1]. Company Overview - Topu CNC, founded in May 2007, is headquartered in Minhang District, Shanghai, and was transformed into a joint-stock company in November 2016 [2]. - The company focuses on the research, design, production, and sales of high-end intelligent manufacturing equipment, particularly five-axis CNC machine tools, to meet the advanced manufacturing needs of China's aerospace sector [4]. Financial Performance - Topu CNC has raised approximately 630 million RMB in funding over the past few years, with major investors including Shanghai Yiding Investment and Dinghui Investment [3]. - The company's revenue has shown growth, with figures of 136 million RMB in 2022, 335 million RMB in 2023, and projected revenues of 532 million RMB in 2024 and 445 million RMB for the first half of 2025. Net profits transitioned from losses of 197 million RMB in 2022 to a profit of 6.9 million RMB in 2024 [9][10]. - The gross profit margin improved significantly from -18.3% in 2022 to 42.9% in the first half of 2025, indicating better cost management and sales performance [9]. Product Line and Market Position - Topu CNC's product line includes aerospace intelligent manufacturing equipment, compact general-purpose five-axis machine tools, and large-size carbon fiber composite five-axis machine tools [6]. - The aerospace intelligent manufacturing equipment accounted for 94% of the company's revenue in the first half of 2025, down from 97.5% in 2022, indicating diversification in revenue sources [11]. - The company holds a leading position in the Chinese aerospace five-axis CNC machine tool market with an 11.6% market share and ranks fifth among all suppliers in the five-axis CNC machine tool market with a 4.3% share [29]. Industry Context - The CNC machine tool market in China is projected to grow from 86.5 billion RMB in 2020 to 116.9 billion RMB by 2024, with a compound annual growth rate of 5.3% [27]. - The five-axis CNC machine tool market is expected to increase from 7 billion RMB in 2020 to 10.8 billion RMB by 2024, representing about 9.2% of the overall market [27]. - Domestic suppliers are expected to capture a larger share of the five-axis CNC machine tool market, increasing from 18% in 2020 to over 75% by 2029 [29]. Challenges - The company has faced challenges with cash flow, recording negative operating cash flows in recent years due to high inventory levels and reliance on state-owned enterprises, which have longer cash conversion cycles [16][14]. - The cash conversion cycle for sales to state-owned enterprises was significantly longer than for non-state enterprises, impacting the company's liquidity [14][15].

Group 1: Consumer Sector - The government has implemented substantial measures to boost consumption, focusing on smart products, green energy, and products for the elderly [1] - The fourth round of "trade-in" subsidies is accelerating, targeting home appliances, digital products, and home decoration, with a deadline for consumers to act by December 31 [1] Group 2: Alcohol and Pharmaceutical E-commerce - A company specializing in both liquor and pharmaceutical e-commerce has seen revenue growth of nearly 30%, with high gross margins due to increased demand during year-end banquets [1] - The pharmaceutical e-commerce segment benefits from stricter regulations, providing a competitive edge, while innovative drugs are in phase three clinical trials, indicating strong cash flow and a low price-to-earnings ratio compared to peers [1] Group 3: Prepared Dishes and New Retail - A company focused on prepared dishes and new retail is experiencing rapid market growth, with the market size exceeding 600 billion, although its actual revenue contribution is only over 10% [3] - The main business remains traditional retail with lower gross margins, and new production facilities for prepared dishes will not be operational until 2026, posing risks for large investments [3] Group 4: Healthcare Sector - Companies specializing in cold medicine are expected to see revenue spikes during the flu season, with over 40% of their revenue coming from this period, but they have low R&D investment, limiting long-term growth potential [3] Group 5: Elderly Care and AI Medical Services - A company focusing on elderly care and AI medical services has seen over 50% revenue growth in community care and rehabilitation, with AI diagnostic systems implemented in numerous grassroots hospitals [5] - The company has high R&D investment compared to industry averages, but its diverse business lines contribute limited short-term profits, making it suitable for long-term investment [5] Group 6: Private Hospitals and Smart Medical Services - A company operating in private hospitals, smart medical services, and coal has seen over 30% revenue growth in private hospitals, with stable cash flow from coal operations [6] - The company has a diversified risk profile but lacks a core growth engine, making it suitable for conservative investors [6] Group 7: High-end Manufacturing - The high-end manufacturing sector is receiving strong policy support, with a focus on industrial mother machines, which are expected to modernize by 2027 [6] - A company producing CNC machines has reported over 60% profit growth in the first three quarters, with a nearly 40% year-on-year increase in industrial mother machine revenue [6] Group 8: New Energy and Digital Economy - The new energy and digital economy sectors are experiencing explosive growth, with data trading becoming a national focus and data center capacity reaching 500 PB [8] - The company involved in data business has seen revenue double, with stable cash flow from cement operations and lower valuations compared to peers, indicating potential for increased profitability if the data business model is successful [8]

Group 1 - Shandong has 31 national-level characteristic industrial clusters, housing nearly 60,000 enterprises with a total output value exceeding 4 trillion yuan [1][4] - The industrial clusters are concentrated in various sectors, with a focus on local strengths, exemplified by the beauty eyelash industry in Pingdu, which holds 70% of the global market share [3][6] - The clusters have evolved from traditional industries, creating a local economic cycle that supports employment and income generation [3][4] Group 2 - The clusters serve as innovation hubs, with over 100 national-level innovation platforms and more than 500 provincial-level platforms established within these clusters [5] - Shandong's approach emphasizes the integration of small and medium enterprises (SMEs) into the industrial chain, facilitating collaboration with larger enterprises [6][7] - The province is enhancing policies to support information sharing, technical support, talent cultivation, and market expansion for these clusters [7][8] Group 3 - The clusters are characterized by their self-evolution capabilities, with successful practices emerging from within the market [7] - Market-oriented operations are encouraged to strengthen the clusters' self-improvement abilities, promoting professional development and competition [8] - Collaborative mechanisms involving government, state-owned enterprises, and industry associations are being explored to enhance financing and operational efficiency for cluster enterprises [7][8]

Core Viewpoint - Shanghai Topu Numerical Control Technology Co., Ltd. (Topu Numerical Control) has submitted a listing application to the Hong Kong Stock Exchange after achieving profitability in 2024 following years of losses, with revenue growth nearing threefold over the past two years [1][2]. Group 1: Company Overview - Topu Numerical Control, established in 2007, focuses on the research, design, production, and sales of high-end intelligent manufacturing equipment, primarily five-axis CNC machine tools used in the aerospace sector [2][7]. - The company ranks first in the Chinese aerospace five-axis CNC machine tool market, holding an 11.6% market share [2]. Group 2: Financial Performance - After losses in 2022 and 2023, Topu Numerical Control reported a profit of 6.89 million RMB in 2024, with gross profit rising from a loss of 24.79 million RMB in 2022 to nearly 200 million RMB in 2024 [3][4]. - Revenue figures for the fiscal years 2022, 2023, and 2024 were 136 million RMB, 335 million RMB, and 531 million RMB, respectively, indicating a growth of nearly three times over two years [2][4]. Group 3: Market and Industry Context - The global CNC machine tool market is projected to exceed 130 billion USD by 2025, with China accounting for 30% of this market, expected to surpass 450 billion RMB this year [2]. - The high-end five-axis machine tool market in China is estimated to exceed 13 billion RMB [2]. Group 4: Product and R&D Developments - Topu Numerical Control has expanded its product line, achieving revenue of 23.84 million RMB from compact general-purpose five-axis machine tools in fiscal year 2024, and 19.02 million RMB from large-size carbon fiber composite five-axis machine tools in the first half of fiscal year 2025 [5]. - R&D expenditures have decreased from 108 million RMB in 2022 to 86 million RMB in 2024, with a further reduction to 36 million RMB in the first half of 2025 [5][6]. Group 5: Funding and IPO Attempts - Topu Numerical Control has completed multiple funding rounds since 2011, with a valuation reaching 580 million RMB by the end of 2023 [8]. - This marks the company's fourth attempt at going public, having previously applied for listings on the Sci-Tech Innovation Board in 2019 and 2020, both of which were terminated during the inquiry stage [8].

Group 1: Company Overview and Product Lines - The company specializes in the R&D, manufacturing, sales, and maintenance of mid-to-high-end CNC machine tools, robots, and core components for new energy vehicles, recognized as a national high-tech enterprise [2][3] - Product offerings include CNC machine tool components such as spindles, rotary tables, linear motors, CNC systems, and encoders; robot components like harmonic reducers, DD motors, low-voltage servo drives, and torque sensors; and new energy vehicle components such as hydrogen fuel cell compressors [2][3] Group 2: Financial Performance - As of Q3 2025, spindle product sales reached 758 million CNY, a year-on-year increase of 30.32%, accounting for 66.31% of the main business revenue [2][3] - Sales revenue for functional components like rotary tables and reducers was 168.34 million CNY, up 15.69% year-on-year, representing 14.73% of total revenue [4] Group 3: Strategic Initiatives and Investments - The company has initiated a phased equipment procurement plan to enhance delivery capabilities and support future growth due to a significant increase in orders [3] - A joint venture, Hunan Haozhi Transmission Machinery Co., Ltd., was established to focus on linear guides and related components, with an investment of 232.26 million CNY [3][6] Group 4: Robotics and Technology Development - The company has developed a "N+1+3" structure in the robotics sector, focusing on core components and applications in various business scenarios [3] - Significant breakthroughs in harmonic reducer technology have been achieved, with precision improved by 66.7% and vibration control enhanced by 60% compared to international standards [5] Group 5: Market Expansion and Sales Strategy - The company actively participates in professional exhibitions and utilizes proactive marketing to enhance brand influence and attract customers [10] - The acquisition of Infranor Group has facilitated significant synergies in product technology and sales, expanding the company's international market presence [8][9] Group 6: Risks and Cautions - The core functional components of the robotics business currently have low sales revenue and are not expected to significantly impact overall performance [5] - Investors are advised to exercise caution regarding investment risks associated with the company's operations and market conditions [5]

Group 1: AI Chip Market Dynamics - Nvidia's market value has evaporated by 500 billion yuan within a month due to emerging competition in the AI chip market, particularly from Google's self-developed AI chip, TPU, which is reportedly in talks for external collaborations with major tech companies like Meta [2] - Analysts on Wall Street refute the notion of a "zero-sum game" in the AI chip market, suggesting that companies like Google and Nvidia can coexist and thrive in the trillion-dollar AI infrastructure sector [9] Group 2: Automotive Industry Insights - Li Xiang, CEO of Li Auto, stated that the most valuable robots in the next decade will be cars with autonomous capabilities, envisioning cars as the core form of embodied intelligence [4] - Li Auto reported a quarterly revenue of 27.4 billion yuan for Q3 2025, with a total revenue of 83.5 billion yuan for the first three quarters, and a significant R&D expenditure of 3 billion yuan for the quarter, indicating strong financial health with cash reserves of 98.9 billion yuan [12] Group 3: Corporate Developments - The founder of Hua Yu Hua, Hua Shan, claimed that the restaurant chain Xibei is being manipulated, leading to a public dispute with Luo Yonghao, who demanded an apology from Hua Shan [6][7] - Zhi Yuan's Peng Zhihui has been elected as the chairman of the board for the company, bringing a wealth of experience from previous roles at OPPO and Huawei [8] Group 4: Entertainment Industry Highlights - The animated film "Zootopia 2" has set a record for the highest single-day box office for an imported animated film in China, grossing over 213 million yuan on its opening day, showcasing the strong appeal of established IPs [10]

Core Insights - Gree Electric Appliances has developed a dual five-axis high-speed gantry machining center to address the challenges of six-sided machining for automotive components in the context of integrated die-casting for electric vehicles [2] - The new machining center can complete all six features in one clamping, resulting in an efficiency improvement of over 80% compared to traditional single five-axis equipment [2] - The innovative design of the machining center has been awarded a gold medal at the Geneva Invention Exhibition, and Gree ranks among the top three in terms of shipment volume in this field [2]

Core Viewpoint - The development of technology finance is crucial for building a modern industrial system in China and injecting key momentum into the cultivation of new productive forces [1][5]. Group 1: Event Overview - The 2025 Greater Bay Area Technology and Financial Innovation Development Conference was successfully held in Nansha, Guangzhou, gathering nearly 300 professionals from various sectors including securities, funds, banks, futures, listed companies, and technology enterprises [1][2]. - The conference featured keynote speeches and brainstorming sessions that showcased frontline innovations in the integration of technology and finance [1][5]. Group 2: Opportunities and Challenges - During the 14th Five-Year Plan period, technology finance faces both opportunities and challenges, with a focus on creating a virtuous cycle between technology industries and finance [2][3]. - Six major opportunities include the continuous improvement of frameworks and tools, strong financial institution capabilities, and increasing market demand for financing in future industries and core technologies [3][4]. - Three main challenges involve insufficient evaluation and identification capabilities for early-stage technology projects, a lack of professional talent, and the need for improved cooperation mechanisms in investment and lending [4]. Group 3: Key Directions for Future Development - Eight key directions for future development were proposed, including enhancing the role of national commercial banks, promoting differentiated allocation of technology finance resources, and improving the technology finance service ecosystem [4]. - The focus is on fostering patience capital, optimizing the risk-sharing and benefit-sharing mechanisms between state-owned and private capital, and enhancing the digital and intelligent capabilities of financial institutions [4]. Group 4: Financial Market Innovations - The establishment of the Science and Technology Innovation Board and the deepening of the registration system have led to over 500 innovative enterprises listed, with 70% being technology companies [3][4]. - New financial products such as science and technology bonds have been launched, and cross-border financial facilitation policies continue to improve, enhancing the environment for technology finance development [3][4]. Group 5: Regional Development and Policy Support - Nansha is positioned as a key player in the Greater Bay Area's technology finance innovation, with significant policy support and strategic advantages [21][22]. - The region has seen rapid growth in high-tech enterprises and financial innovation, with a focus on fostering a supportive ecosystem for technology companies [22][23]. Group 6: Capital Market Support for Innovation - The capital market is enhancing support for technology innovation through reforms in the Science and Technology Innovation Board and the establishment of a multi-dimensional financing service ecosystem [13][14]. - The focus is on providing tailored services for technology enterprises at various stages of development, ensuring a robust support system for innovation [13][14].