瑞财经 吴文婷12月29日，杭州沃镭智能科技股份有限公司（以下简称"沃镭智能"）科创板IPO获受理。 本次IPO的保荐机构为中信建投证券股份有限公司，保荐代表人为魏尚骅、张兴华，会计师事务所为中审众环会计师事务所（特殊普通合伙），律师事 务所为上海市锦天城律师事务所。 沃镭智能主要从事智能检测装备、智能制造生产线的研发、生产、销售和服务，为新能源汽车、功率半导体等新兴产业提供智能制造整体解决方案，是 该领域的国家重点"小巨人"企业。 | 项目 | 2025 年 1-6 | 2024 年度/ | 2023 年度/ | 2022 年度/ | | --- | --- | --- | --- | --- | | | 月/6 月末 | 末 | 末 | 末 | | 资产总额(万元) | 185,723.15 | 156,259.90 | 119,846.02 | 105,532.05 | | 归属于母公司所有者权益(万元) | 66,574.55 | 51,859.85 | 43,148.93 | 39,403.66 | | 资产负债率(母公司)(%) | 65.13 | 67.76 | 64.63 | 63.14 | ...

12月25日，丹东东方测控技术股份有限公司（简称"东方测控"）正式向上交所递交招股书，拟在科 创板上市，保荐机构为国泰海通证券。 招股书显示，东方测控成立于1995年，是一家为全球有色金属矿山、黑色金属矿山、煤矿、水泥、 冶金、风电、石化等领域及其上下游企业提供智能在线检测分析设备、智能控制系统和智能装备及相关 智能化服务的高新技术企业。凭借多年深耕，公司已与国家能源集团、国家电投、中国建材集团等百余 家央国企及大型民企建立稳固合作，产品远销30余个国家。 曾参与多项国家级项目和标准制定 公开资料显示，东方测控是国家企业技术中心、国家高新技术企业、国家级专精特新"小巨人"企 业"，先后承担了国家863计划、科技部国家重大科学仪器设备开发、工信部智能制造系统解决方案等16 项国家级项目，曾参与制订8项国家、行业、团体标准。技术团队中享受国务院政府特殊津贴专家3人， 正高级工程师19人，高级工程师78人。 财务数据方面，2022年至2025年上半年，公司分别实现营业收入6.03亿元、5.21亿元、5.67亿元和 2.11亿元，净利润9,257.69万元、7,477.99万元、7,308.51万元和430.47万元 ...

Core Points - The release of the "Encouragement Directory for Foreign Investment (2025 Edition)" aims to optimize the direction of foreign investment in China, effective from February 1, 2026, replacing the 2022 version [1] Group 1: Encouragement of Foreign Investment - The new directory emphasizes encouraging foreign investment in advanced manufacturing, adding sectors such as nucleic acid drug development, zero-magnetic medical equipment, smart detection equipment, and key components for robotics [1] - It also promotes foreign investment in modern service industries, including new material technology platforms, high-end shipping services, virtual power plant operations, and various consumer services like pet care and sports tourism [1] - The directory encourages foreign investment in the central and western regions, northeastern areas, and Hainan Province, tailored to local resources and industrial advantages [2] Group 2: Policy Benefits and Implementation - Industries included in the directory will benefit from significant policy incentives, such as tax exemptions on imported equipment and preferential land supply for industrial projects [3] - In western regions and Hainan, foreign investors can enjoy a reduced corporate income tax rate of 15% [3] - The government plans to enhance the business environment for foreign investment by addressing issues faced by companies and facilitating investment cooperation [4]

据悉，本届大赛以"智启新质·造极未来"为主题，吸引了全国范围内众多优秀团队与解决方案参赛，旨 在聚焦智能制造关键环节，推动技术创新与产业应用深度融合。 （文章来源：新华财经） 冯昭华介绍说，永川发展智能检测装备产业具备扎实的根基。全区工业门类覆盖广泛，拥有长城汽车、 理文纸业等一批领军企业，形成了多个全国性的生产基地，为智能检测技术提供了丰富的应用场景。同 时，永川地处成渝主轴，交通网络发达，兼具"西部职教基地"的独特优势，近20万名职教在校生为企业 持续输送高技能人才，被誉为"成就工程师的城市"。经过多年积累，永川在数控机床、机器人等高端装 备领域已形成显著集聚效应，这为智能检测装备产业的发展奠定了坚实基础。 这些优势的叠加效应，在近年来承办全国性行业盛会的实践中得到了生动体现与进一步放大。冯昭华介 绍，连续两年举办制造业智能化解决方案创新大会，为永川区带来了多重实效：一批可复制、可推广的 智能化解决方案成功落地，为本地企业转型升级提供了清晰样板；同时，"智能化+职教"的融合探索也 通过校企签约得以深化。这一进程有力加速了大数据与制造业的深度融合，截至目前，永川已培育了11 家智能制造解决方案供应商，拥有4 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 737 million yuan in the first three quarters of 2025, representing a year-on-year growth of 44.01%. The net profit attributable to the parent company was 125 million yuan, up 18.83% year-on-year, while the net profit excluding non-recurring items was 96 million yuan, increasing by 41.54% year-on-year [3][4] - The company has a strong order backlog and continues to see growth in orders, driven by its core competitiveness and the rapid increase in new orders from downstream industries [4] - The company plans to acquire 66% of SSTI, a Singapore-based semiconductor testing equipment supplier, which is expected to enhance domestic production capabilities and break foreign technology monopolies in the semiconductor testing equipment sector [6] Financial Performance Summary - For Q3 2025, the company reported a single-quarter revenue of 277 million yuan, a year-on-year increase of 54.57%. The net profit attributable to the parent company was 42 million yuan, up 48.84% year-on-year, and the net profit excluding non-recurring items was 36 million yuan, growing by 126.09% year-on-year. The gross margin for Q3 was 44.23%, a slight decrease of 0.40 percentage points year-on-year [4] - The company forecasts its earnings per share (EPS) to be 1.15 yuan, 1.70 yuan, and 2.43 yuan for the years 2025, 2026, and 2027, respectively [6][13] Product and Market Development - The company has expanded its product line to include various types of X-ray sources, achieving full-spectrum coverage. In the first half of 2025, it launched 8 new X-ray source products, with some already recognized by leading clients in the electronic semiconductor field [5] - The company provides advanced industrial X-ray detection solutions for well-known PCB manufacturers and has also supplied X-ray detection equipment and solutions to some semi-solid battery manufacturers [5]

Core Viewpoint - Chengdu Tangyuan Electric Co., Ltd. is focusing on AI technology and expanding its business in various industries, while also adjusting its business structure due to strategic shifts in its vanadium-titanium resource development [2][3]. Group 1: Financial Performance - In the first three quarters of 2025, Tangyuan Electric achieved a revenue of 404.0681 million yuan, representing a year-on-year decrease of 10.56% due to strategic adjustments in its vanadium-titanium business [2]. - The net profit attributable to shareholders was 48.4688 million yuan, with a net profit of 44.6212 million yuan after excluding non-recurring gains and losses, indicating stable profitability [2]. Group 2: Robotics Business Development - The company is set to launch a new generation of intelligent maintenance robots for rail fastening, featuring fully automated walking and intelligent obstacle avoidance capabilities, which can effectively replace traditional manual operations [3]. - The robot is designed with customized tooling to meet various maintenance needs and is expected to provide a significant new revenue and profit growth point for the company [3]. Group 3: New Business Expansion - Tangyuan Electric is expanding into multiple new business sectors, including smart emergency response, intelligent manufacturing, and new materials, leveraging core technologies such as high-precision dynamic imaging and digital twins [4]. - The smart emergency response sector is expanding, with the establishment of a new subsidiary in Tibet and successful bids for local safety warning platform projects [4]. - The company has also made advancements in the railway sector, successfully delivering solutions for intelligent platform doors and receiving positive feedback on its intelligent manufacturing projects [4][5].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 404.07 million yuan, a year-on-year decrease of 10.56% due to business restructuring [1] - Excluding the vanadium-titanium business, core main businesses generated a revenue of 347.07 million yuan, representing a year-on-year growth of 10.73% [2] - The net profit attributable to shareholders was 48.47 million yuan, with a net profit of 44.62 million yuan after excluding non-recurring gains and losses [2] Group 2: Robotics Business Development - The company is set to launch a new generation of intelligent maintenance robots for rail fastening, featuring fully automated walking and intelligent obstacle avoidance [3] - The new robot is designed for customized tooling, supporting various maintenance needs and is expected to enhance operational convenience and market competitiveness [3] Group 3: New Business Segments Progress - The company has expanded into new business segments such as smart emergency response, intelligent manufacturing, and smart transportation through internal incubation and technology transfer [4] - **Smart Emergency Response**: Established a new company in Tibet, successfully winning a project for a county-level mining safety warning platform [4] - **Intelligent Manufacturing**: A subsidiary successfully secured a project for a smart factory control system in a benchmark automotive parts factory [5] - **Smart Transportation**: The company is promoting its self-adaptive platform door technology for high-speed rail stations nationwide, having recently won a project for an intercity station [5]

Core Viewpoint - Tangyuan Electric's third-quarter report indicates significant growth in revenue and net profit, driven by a focus on technology and innovation in the field of machine vision and robotics [1] Financial Performance - The company achieved operating revenue of 404 million yuan in the first three quarters, with core business revenue from machine vision and big data systems reaching 347 million yuan, a year-on-year increase of 10.73% [1] - The net profit attributable to shareholders was 39.09 million yuan, with a net profit of 48.47 million yuan after deducting share payment expenses [1] Strategic Focus - Tangyuan Electric is centered on machine vision and robotics control technologies, creating a product matrix that spans various professional fields including contact networks, railways, tunnels, and vehicles [1] - The company has set a strategic direction of "AI technology leadership + multi-industry scenario expansion + Belt and Road Initiative layout," aiming to enhance both the scale and profitability of its core business and innovative projects [1] Future Growth Potential - The planned fundraising for the AI large model project aims to deepen "image + audio multimodal" training, enhancing defect recognition accuracy in high-speed scenarios [1] - The robotics project will focus on motion control and intelligent perception core platforms, improving the product lineup [1] - The integration of AI and robotics technologies is expected to open up continuous growth opportunities for the company [1]

Core Insights - Tangyuan Electric's core business revenue showed robust growth during the industry adjustment period, with a 10.73% year-on-year increase to 347 million yuan in the first three quarters of 2025 [1] - The company's net profit attributable to shareholders reached 48.47 million yuan, while the net profit after deducting non-recurring gains and losses was 44.62 million yuan, indicating continuous optimization of profitability [1] - The company's strategic focus on "AI technology leadership, multi-industry scenario expansion, and Belt and Road Initiative layout" contributed to its strong performance [1] Technology and Innovation - Tangyuan Electric has deepened its expertise in AI machine vision and robotics integration, holding 207 patents and 242 software copyrights as of June 30, 2025, with an additional 98 patents pending [2] - The company's core products achieve millimeter-level positioning accuracy and stable defect feature extraction, with the vehicle intelligent inspection robot capable of replacing 80% of manual repetitive inspection work [2] Market Expansion - Tangyuan Electric's core products have been applied across 18 railway bureau groups and over 50 subway companies in China, extending into smart emergency and intelligent manufacturing sectors [2] - The overseas market has become a new growth engine, with machine vision equipment deployed in countries such as Egypt, Laos, Nigeria, and Indonesia, and recent discussions with Kazakhstan's national railway company regarding smart operation and maintenance cooperation [2] Future Plans - The company is advancing a private placement plan to raise 394 million yuan for the industrialization of rail transit intelligent operation and maintenance robots, and 311 million yuan to develop a vertical AI model for rail transit [2] - Tangyuan Electric aims to enhance its "hardware + software" collaborative advantages to support the extension of its core business into more scenarios and markets [2]

Core Insights - Tangyuan Electric (300789) reported a revenue of 404 million yuan and a net profit of 39.09 million yuan for the first three quarters of 2025, indicating a strategic focus on AI technology and multi-industry expansion [1] - The company aims to enhance its core business and innovative capabilities by focusing on machine vision intelligent detection equipment and deepening the integration of AI and robotics, while strategically reducing its vanadium-titanium resource development business [1][2] Financial Performance - Revenue from core businesses, excluding vanadium-titanium resource development, reached 347 million yuan, reflecting a year-on-year growth of 10.73% [1] - After adjusting for share-based payment expenses, the net profit amounted to 48.47 million yuan [1] Strategic Initiatives - The company plans to raise up to 806 million yuan for projects related to robotics and AI large models, which are aligned with its core business and strategic focus on AI and robotics integration [2] - This strategic direction aligns with national policies on intelligent upgrades in rail transportation and supports the expansion of the "Belt and Road" initiative [2] Market Position - Industry experts believe that under the guidance of its strategic focus on "AI technology leadership + multi-industry scenario expansion + 'Belt and Road' layout," Tangyuan Electric is consolidating its advantages in intelligent operation and maintenance, laying a solid foundation for long-term growth [2]