5、就于资产负债表日与诚优股份往来款项的余额执行函证程序； 6、通过天眼查、工商档案、国家企业信息系统等公开渠道对公司的董监高、诚优股份及其董监高进行 背景调查，关注公司及董监高与诚优股份是否存在未披露的关联关系； 7、选取预付账款项目，检查本年及期后入库单、成本结转单等相关支持性文件，关注相关预付款项的 存货入库以及成本结转是否存在异常。 基于我们执行的上述审计和核查程序及获取的审计证据，我们认为，公司与诚优股份的相关事项的回复 在所有重大方面与我们在审计核查过程中了解的信息一致。 登录新浪财经APP 搜索【信披】查看更多考评等级 2、获取公司报告期内与诚优股份的采销交易明细表及相关合同，对报告期内公司与诚优股份发生的交 易的定价进行分析，核查是否与其他第三方类似参数产品的交易价格存在重大差异或交易定价原则显失 公允的情形，对比分析交易价格的公允性； 3、询问公司管理层了解2024年度公司与诚优股份同时存在大额预付与应收以及预付规模大于对方合同 负债的商业原因并分析其合理性； 4、获取公司与诚优股份签订的债权债务抵消协议，识别与债权债务抵消相关主要条款，以评价相关会 计处理是否符合企业会计准则的要求； 问题 ...

利元亨 20250709 摘要 立恒公司消费锂电设备订单显著增长，截至 5 月底总订单约 50 亿元， 其中消费锂电设备占比超 30%达 15 亿元，智能仓储订单 6.5 亿元，这 两大业务占据近半订单，消费锂电领域毛利率较高，一季度达 34%。 公司主要客户包括 ATL、比亚迪、CATL 和国轩，占据 80%-90%订单 份额，其中 a 公司的新设备产线给予很大支持，预计后续仍有较大规模 订单，为公司提供稳定支持。 立恒公司提供硫化物全固态电池整线装备，硫化物遇水产生有毒气体硫 化氢，气体管控至关重要。生产工艺上，混料可选干法或湿法，制片后 需在正负极边缘涂绝缘膜，包装采用铝塑膜软包，并使用等静压设备及 高压化成分容。 固态电池生产需增加高压，可能导致硫化物产生有毒气体，需设备方、 材料方、企业方及终端用户共同研发解决方案。电池企业占固态电池客 户 2/3，车企占 1/3，海外客户处于积极交流阶段，尚未形成订单。 广汽埃安项目为主要固态电池订单，预计三季度末完成整线交付，2025 年上半年装机。该产线为中试线，价值量几千万，由立恒公司独立完成， 但不包含等电压工艺，前道混料可采用干法或湿法。 Q&A 立恒公 ...

Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

Core Viewpoint - The REITs market in China is experiencing significant growth with the introduction of new projects and the normalization of issuance, driven by the expansion of quality assets and improved regulatory frameworks [1][2][3]. Group 1: New Projects and Market Expansion - The first two data center REITs have completed inquiries and will start subscriptions, indicating a successful expansion of underlying assets in the public REITs market [1]. - The launch of the first public REITs for urban renewal and municipal infrastructure marks a significant milestone, filling gaps in the domestic REITs market [1][2]. - More "first" projects are in preparation, including tourism infrastructure REITs, which are expected to diversify the asset pool further [2]. Group 2: Normalization of Issuance and Expansion - Existing projects are undergoing regular expansions, with the announcement of additional acquisitions for the 华夏华润商业REIT, indicating a trend towards normalizing expansion activities [2][3]. - The normalization of expansion is expected to enhance the vitality of individual REITs and improve market liquidity by encouraging existing REITs to grow [3]. Group 3: Regulatory Improvements and Legislative Support - Recent guidelines from the Shanghai Stock Exchange and Shenzhen Stock Exchange have standardized the expansion process for public REITs, facilitating more structured growth [3]. - The ongoing legislative efforts to support REITs are anticipated to enhance their role in serving the real economy and optimizing asset allocation for investors [4][5]. - The recent guidance from multiple government departments to support consumer infrastructure REITs is expected to directly benefit tourism and commercial real estate sectors [4].

文 | 唐学菲 "基金+基地"，合肥庐江重仓押注机器人产业收获颇丰。 7月9日，连续六年位居全球仓储移动机器人市场占有率首位的公司极智嘉（股票代码：2590.HK）在香 港交易所主板挂牌上市，成为全球AMR仓储机器人第一股。 上市当天，市场热度较大。收盘价每股17.7港元，市值超230亿港元，成为年内港股最大规模的机器人 企业IPO。更是创下港股科技板块最高国际配售倍数纪录，香港公开发售超额认购133.62倍，国际配售 获30.17倍认购，是今年港股最高倍数的国际配售Top3。 片来源：微聚庐江官微 值得注意的是，极智嘉发展壮大背后，与安徽的渊源颇深。 全球唯一生产基地落子合肥庐江县 "基金+基地" 合肥重仓押注机器人 根据极智嘉官网信息显示，极智嘉2015年成立于北京，主要做一站式仓储机器人，项目覆盖零售、鞋 服、医药、3PL、汽车、锂电、光伏、电子等行业，沃尔玛、丰田、西门子、宝马等众多国内外知名品 牌都是公司的合作伙伴。 公开数据显示，按收入计，极智嘉是全球最大的仓储履约AMR解决方案提供商，已连续6年蝉联第一。 截至2024年底，极智嘉已向全球40多个国家和地区交付了约56000台AMR，累计部署超1 ...

EMO Trans集团首席执行官兼总裁Marco Rohrer EMO Trans集团中国公司EMO Trans China Limited（翼锚中国）执行董事孙祖民 GDP排名位于前40%～50%的国家，占全球贸易市场份额的80%～90%，这成为EMO Trans集团落子的依据。 随着逆全球化浪潮危机显现，地缘政治风险攀升趋势推动供应链重构，国际供应链企业纷纷布局多元化市场，除了深耕成熟市场之外，加快开拓新兴市场 步伐。 起源于德国、拥有60年历史的EMO Trans集团，以稳健的运营风格穿越多个航运周期。过去的发展沉淀了什么？哪些竞争要素能够穿越周期、应对不确定 性？ Marco Rohrer还向中国航务周刊记者深度解读了EMO Trans集团的全球市场布局战略，他分析道："对EMO Trans集团来说，北美洲、亚洲、欧洲仍是核心 战略市场。" 在地缘政治环境日益复杂的当下，作为一家跨国物流集团，开拓新兴市场成为主动应对变化的重要战略。 EMO Trans集团经营60年，以稳健著称，在进军新兴市场时有何选择标准？ Marco Rohrer告诉中国航务周刊记者："GDP排名位于前40%～50%的国家，占全球 ...

Core Viewpoint - Symbotic is a leader in automation technology, transforming warehouse supply chains through AI-driven robotics and software platforms, primarily serving large retail companies [1] Financial Performance - In Q2 2025, the company reported revenue of $550 million, a 42% year-over-year increase, surpassing market expectations of $520 million; net loss was $21 million; adjusted EBITDA was $35 million, exceeding market expectations by 30% [2] - Revenue breakdown: 95.4% from the U.S., with international revenue rising from less than 1% to over 4% year-over-year [2] - Revenue sources: System revenue at $510 million (88.6% of total, up 38.5% YoY), software subscription revenue at $7 million (up 161% YoY), and operational services revenue at $30 million (up 47% YoY) [2] - Gross margin for the quarter was 21%, with significant improvements across all business lines [2] Cash Flow and Guidance - Cash and cash equivalents increased by $52 million to $955 million [3] - The company has completed deployment of 37 systems and has 46 systems in deployment, with a backlog of $22.7 billion in contracts expected to convert to revenue by 2030 [3] - Guidance for revenue is $520-$540 million, below expectations by 5%, and adjusted EBITDA is projected at $26-$30 million, below expectations by 30% [3] Macro and Industry Trends - Rapid growth in online retail, with global e-commerce sales expected to reach $6.6 trillion in 2025 and $8.1 trillion by 2028 [4] - The global warehouse robotics market is projected to grow from $6.51 billion in 2025 at a CAGR of 15.6% to $17.98 billion by 2032 [7] - Labor supply issues due to aging population and immigration policies highlight the need for automation [8] Technological Advantages - Symbotic's systems utilize a "singulating" strategy for item-level sorting, enhancing space utilization and throughput speed [18] - The company employs dynamic storage to reduce robot movement and improve transport efficiency [20] - The robots operate at speeds up to 25 miles per hour, significantly faster than competitors [20] - The automation system can save customers nearly 80% in labor costs and 25%-40% in space [20] Strategic Acquisitions - Recent acquisitions include Veo Robotics for enhanced machine vision and OhmniLabs for improved robotics capabilities [16][17] - A notable acquisition was Walmart's robotics business for $200 million, expected to generate over $5 billion in future orders [17] Customer Base and Stability - The company has a highly sticky customer base, with Walmart contributing 85.6% of revenue in Q2 2025 [14] - The backlog of $22.7 billion in orders provides revenue assurance, with significant contracts linked to Walmart [14] Future Market Opportunities - The company identifies a total market opportunity of $432 billion over the next 15 years, with primary, secondary, and other vertical markets defined [20] - Plans for international expansion beyond the U.S. and Canada into Europe and Latin America, representing a market size of approximately $111 billion [20]

郑勇，一位在创业道路上摸爬滚打十年的企业家，终于迎来了他的高光时刻。他创立的极智嘉公司在港交所成功上市，成为全球AMR仓储机器人 领域的首家上市公司。此次IPO，极智嘉以每股16.8港币的价格发行股票，募集资金净额达到22.06亿港币，公司总市值超过218亿港币。 与极智嘉同日上市的还有五家公司，共同见证了港股IPO市场的繁荣。今年上半年，港股市场迎来了44只新股，募资总额超过1000亿港币。极智 嘉的香港公开发售部分获得了133.62倍的超额认购，国际配售部分也获得了30.17倍的认购，成为今年港股市场上国际配售倍数最高的前三名之 一，同时也创下了港股科技板块的最高国际配售倍数纪录。众多主权财富基金、国际长线基金、科技专项基金以及对冲基金都积极参与了认购。 极智嘉的IPO不仅是机器人企业历史上规模最大的H股IPO，也是今年以来香港市场上规模最大的非"A+H"科技企业IPO。开盘后，极智嘉的股价冲 高0.95%，达到16.96港元/股，市值达到220亿港元。 回顾郑勇的创业历程，2014年是一个重要的转折点。当时，他作为新天域资本的高级投资经理，在一次考察亚马逊仓库物流项目时，被正在全面 推广的机器人深深震撼 ...

7月9日，全球智能机器人企业极智嘉（股票代码：2590.HK）在香港交易所主板挂牌上市，标志着该公 司正式成为全球AMR仓储机器人市场首家上市企业。极智嘉首日开盘报16.9港元/股，收盘为17.7港元/ 股，略高于此前发售价16.80港元，市值超233亿港元。 据悉，极智嘉最终在本次IPO中发售共1.614亿股H股，募资总额为27.1162亿港元，是迄今为止规模最大 的机器人企业H股IPO，也是今年以来香港市场规模最大的非"A+H"科技企业IPO。其中，香港公开发售 超额认购133.62倍，国际配售获30.17倍认购，是今年港股最高倍数的国际配售Top 3，创下港股科技板 块最高国际配售倍数纪录。基石投资者包括国际资本巨头、顶级风投、国资力量与产业龙头，反映出资 本市场对于机器人赛道的战略共识。 最新数据显示，截至2025年4月30日的四个月，极智嘉录得订单收入10.16亿元，较2024年同期增加 33.4%，同期的收入录得同比增长。极智嘉认为，该增长反映了来自电商、第三方物流和制造业等核心 垂直领域的复购终端客户和新终端客户的持续强劲需求。"我们预期于2025年产生亏损净额，部分归因 于非经常性和非现金项目 ...

港交所名场面来了。 7月9日，港股再度上演热闹一幕——蓝思科技、极智嘉、峰岹科技、讯众通信、大众口腔，5家企业集体鸣锣。 其中，备受瞩目的机器人独角兽极智嘉，登顶港股机器人IPO规模之最，市值220亿港元（约合人民币200亿元）。 来自北京的极智嘉，创始人郑勇是学霸出身，他本硕毕业于清华大学，也是德国亚琛工业大学硕士，后来曾加入了新天域资本。早年郑勇在考察亚马逊仓 库物流项目时被震撼到，于是他与几位好友在2015年创办极智嘉，专注于仓储机器人行业。 经过10年发展，极智嘉已经处于行业领导地位。2024年收入24亿元，是按收入计的全球最大仓储履约AMR（自主移动机器人）解决方案提供商。截至去 年底，极智嘉已向40多国家或地区交付5.6万台AMR。 仓储履约AMR是一种在仓库进行自动搬运的移动机器人，相比传统仓库工人需跑腿找货、搬货，使用机器人使得仓库运转效率更高，成本更低。 创立不久，极智嘉就开始向海外拓展。去年收入的70%来自海外。 截至2024年底，公司的已服务全球超800家终端客户。其中，美国服饰巨头S&S Activewear三年内五次复购，美国3PL巨头UPS相继在美国东西部两个仓库 成功部署超千台A ...