证券代码：002990 证券简称：盛视科技 盛视科技股份有限公司 投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | ■其他 （参加投资者集体接待日活动） | | 形式 ☐ | 现场 ■网上 电话会议 ☐ | | 活动参与人员 | 通过全景网参与"传价值・ 促信任・ 共机遇，助力上市公司 | | | 年度深圳辖区上市公司投资者网上集体接 高质量发展"2025 | | | 待日活动的投资者 | | 时间 | 2025 年 11 月 20 日 15:40-17:00 | | 地点 | 公司通过"全景路演"网站（https://rs.p5w.net），采用网络远 | | | 程的方式召开 | | | 董事长瞿磊 | | 上市公司接待人 | 独立董事曹玮 | | 员姓名 | 副总经理、财务总监龚涛 | | | 副总经理、董事会秘书秦操 | | | 公司就投资者在本次活动中提出的问题进行了回复： 1.秦总好，请问家用机器人未来会 ...

Core Viewpoint - Guangdian Yuntong has shown steady revenue growth and significant improvement in operating cash flow in the first three quarters of 2025, marking its first mid-term dividend distribution while continuing to expand in the robotics and cross-border payment sectors [1] Group 1: Financial Performance - The company reported steady revenue growth in the first three quarters of 2025 [1] - There has been a significant improvement in operating cash flow [1] Group 2: Robotics Development - The company is advancing the research and application of mobile super cabinet robots, inspection robots, and intelligent police robots [1] - Collaborations with several state-owned banks are underway to promote financial robot pilot projects [1] - The inspection robots have been deployed in the Guangzhou Artificial Intelligence Computing Power Center and the company's data center, achieving comprehensive and efficient inspections through an intelligent linkage system [1] - The intelligent police robots developed by the company integrate over ten technologies, including facial recognition and behavior analysis, supporting security patrols, mobile promotion, and route guidance, with real-time data transmission aiding police decision-making [1] Group 3: Cross-Border Payment Expansion - Guangdian Yuntong's wholly-owned subsidiary, Guangdian Huitong (Hong Kong) Co., Ltd., has obtained the Money Service Operator (MSO) license from Hong Kong Customs, enabling compliant cross-border fund settlement and foreign exchange services [1] - The company plans to leverage synergies with its controlling subsidiary, Zhongjin Payment, in licenses and customer resources to build an integrated "domestic + overseas" funding channel [1] - The goal is to provide safe, efficient, and transparent cross-border fintech services to corporate clients [1]

Core Insights - The rapid development of "hard technology" in the Guangdong-Hong Kong-Macao Greater Bay Area is also a frontier for exploring technology finance [1] - In October, the Ministry of Industry and Information Technology announced the addition of 675 new "little giant" enterprises in the Greater Bay Area, marking a historical high [2] Group 1: Financial Support for Technology Enterprises - Banks are shifting from traditional asset-based lending to a focus on technological strength and the professional background of actual controllers, alleviating financing difficulties for "light asset" technology companies [3][4] - The collaboration between banks and enterprises is deepening, with banks increasingly proactively connecting with high-quality small and medium-sized technology enterprises [3] - Banks are expanding their services beyond traditional corporate loans to include support for sales expansion, management improvement, digital transformation, and cost reduction [3][8] Group 2: Case Studies of Technology Companies - Shenzhen Zhihui Technology, founded in 2015, has faced challenges in financing due to long cash flow cycles, requiring banks to extend loan terms [4][5] - Jinzhai Times, established in 2009, received nearly 200 million yuan in investment in 2023 and is seeking to attract industrial investors, highlighting the need for banks to understand the unique characteristics of high R&D investment technology companies [7][8] - Beike Biotechnology, a leading company in the stem cell industry, has received the highest credit limit from Huaren Bank, which has supported its R&D and international expansion [9][10] Group 3: The Role of Banks in Supporting Innovation - Huaren Bank's "Run Chuang Port" brand offers a comprehensive financial service system tailored to the needs of technology enterprises, including products for financing, sales expansion, digital transformation, and management improvement [8] - The collaboration between private equity/venture capital and banks is crucial for technology companies, with banks providing essential support for scaling production and supply chain management [11][12] - The deep integration of banks and industries is activating the innovation potential of enterprises and creating a virtuous cycle of "technology-capital-ecosystem" [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [9]. Core Insights - The company has initiated a mid-term dividend distribution, reflecting its commitment to enhancing shareholder returns and confidence in long-term growth [4][7]. - For the first three quarters of 2025, the company reported a revenue of 7.906 billion yuan, a year-on-year increase of 11.08%, while the net profit attributable to shareholders decreased by 10.51% to 602 million yuan [7]. - The company is focusing on the development of robotics and cross-border payment sectors, with significant advancements in financial robotics and the acquisition of necessary licenses for cross-border financial services [7][8]. Financial Performance Summary - The company achieved a total revenue of 79.06 billion yuan in the first three quarters of 2025, with a gross profit margin of 27.69%, down 3.75 percentage points year-on-year [7]. - The operating cash flow improved significantly, with a net cash flow of -4.01 billion yuan, a notable improvement from -10.41 billion yuan in the same period last year [7]. - The earnings per share (EPS) for 2025 and 2026 are projected to be 0.36 yuan and 0.44 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 34 and 29 [8].

Group 1 - Michelin aims to achieve global carbon neutrality by 2050, with all its tire factories in China targeting this goal by 2030, 20 years ahead of schedule [2] - At the China International Import Expo (CIIE), Michelin (Shanghai) Polymer Co., Ltd. signed a strategic cooperation agreement with the Yangtze River Delta Carbon Fiber and Composite Materials Technology Innovation Center to promote green transformation and technological upgrades in China's composite materials industry [2][5] - The CIIE attracted 4,108 companies from 155 countries and regions, with a 23.1% increase in participation from countries involved in the Belt and Road Initiative [2] Group 2 - Michelin showcased several products at the CIIE, including a rigid inflatable boat made from composite coated fabric, marking its debut in the Chinese market [3] - Otis introduced the new Gen3 Comfort smart elevator and a new inspection robot at the CIIE, enhancing elevator safety through a technology-driven proactive protection system [3] Group 3 - IKEA launched its "Fusdamnian" Chinese New Year product series at the CIIE, featuring 25 new items designed with elements of horses and goldfish, marking its eighth consecutive year of participation [4] - The electric sofa RULLERUM, first introduced at the 2022 CIIE, has sold approximately 78,000 units, accounting for 26.96% of IKEA's total sofa sales in the 2025 fiscal year [4] Group 4 - Nippon Paint signed over 20 contracts at the CIIE, with a 50% increase in contract volume compared to the previous year, indicating strong business growth potential [5] - Michelin's collaboration with the Yangtze River Delta Carbon Fiber and Composite Materials Technology Innovation Center focuses on high-performance, sustainable, and non-toxic resin systems for broader industrial applications [5] Group 5 - Increasing numbers of foreign companies are establishing factories and core departments in China, with Karcher investing over 3 billion yuan since 2018 and expanding its production base in Changshu, Jiangsu Province [6] - Mitsubishi Electric established its new Chinese headquarters in June 2023, marking a shift towards integrated production, sales, and research operations in the Chinese market [6]

Group 1: Company Strategy and Future Plans - The company is focused on global expansion, particularly in mature markets like Japan, South Korea, and Southeast Asia, while not completely excluding the domestic market [2] - The establishment of the subsidiary Talys in May 2025 aims to enhance the robotics ecosystem by integrating upstream core components with downstream applications [5][6] - The company is actively exploring micro-motors for robotics applications, with ongoing product development and testing [5][6] Group 2: Financial and Market Performance - The company emphasizes the importance of market value management and shareholder returns, focusing on stability in its main operations to navigate market fluctuations [6] - The new game "ATHENA: Blood Twins" has received positive feedback, achieving top rankings in free charts across multiple regions upon launch [4] - The Thai manufacturing base for digital conveyor belts has officially commenced production, with a target output of 10 million square meters annually [5] Group 3: Investor Relations and Risk Management - The company has reiterated that any acquisition or restructuring plans will be disclosed in accordance with regulatory requirements, urging investors to remain aware of investment risks [1][3] - The company is cautious about revealing specific financial details related to contracts due to confidentiality agreements [2] - Ongoing developments in the robotics sector are subject to uncertainties, and the company advises investors to stay informed through official communications [3][5]

Core Insights - The global technological revolution is accelerating the iteration of robotics technology, with China's robotics industry transitioning from a technology follower to a global leader, driven by demand upgrades and technological breakthroughs [1] - Beijing is emerging as a core hub for China's intelligent robotics industry, with over 940 robotics-related companies, leveraging its strong capabilities in core technology autonomy [1][3] Industry Development - Beijing has established a strategic framework for the intelligent robotics sector, characterized by "North-South linkage," positioning itself as an innovation high point in China [3] - The city is focusing on developing humanoid robots while promoting four categories of high-end robots: medical, collaborative, emergency, and service robots, through a "1+4" industrial system [3] Competition Overview - The 2025 Intelligent Robotics Competition is designed to meet industry needs, featuring four main tracks: manufacturing, rehabilitation and elderly care, safety and emergency, and innovation, with seven competition events [4] - The competition will include preliminary rounds, finals, and a comprehensive evaluation of participating robots based on innovation, practicality, and market potential [5] Competition Structure - The preliminary rounds will take place in four sub-regions, with expert evaluations determining which teams advance to the finals [5] - The finals will feature a "real-world challenge + free display" format, allowing diverse robot types to demonstrate their capabilities in realistic industrial scenarios [5][9] Prize and Support - The total prize pool for the competition is 1.3 million yuan, with specific awards for different tracks to encourage high-quality technological solutions [9] - A panel of authoritative experts will provide technical guidance to participants, facilitating the transition from technology development to market application [9][12] Event Promotion - The competition will coincide with an intelligent robotics industry forum and project roadshow to promote collaboration between quality enterprises and local governments [12] - The event aims to create a complete cycle from innovation to verification and landing in the industry, providing real feedback and support for participating teams [13]

Group 1 - The aging population in South Korea is leading to increased labor costs, resulting in a rise in the use of service robots from China in restaurants, hotels, and supermarkets [2] - According to IDC, Roborock holds over 50% market share in the South Korean vacuum cleaner market, with more than 70% share in the high-end segment [2] - Shanghai Qianlang Intelligent Technology Co., Ltd. offers delivery robots that autonomously deliver items such as room supplies and takeout, while their cleaning robots can perform multiple cleaning functions, reducing labor costs and optimizing resource allocation [4] Group 2 - Chinese robotics companies are rapidly expanding into the South Korean market, with products ranging from cleaning robots to industrial applications [6] - Hangzhou Yunshenchu Technology Company focuses on developing quadruped robots for inspection tasks in construction sites and underground pipelines, aiming to replace human workers to ensure their safety [6]

Group 1 - Xi Jinping's visit to South Korea from October 30 to November 1 is expected to enhance political trust and deepen bilateral economic cooperation between China and South Korea [1][3] - The visit is seen as a significant opportunity to promote friendly relations and inject new momentum into regional peace and development [3][5] - The bilateral trade volume between China and South Korea reached $328.08 billion in 2024, marking a 5.6% increase, with China being South Korea's largest trading partner for 21 consecutive years [6][8] Group 2 - The visit is anticipated to strengthen cooperation in various sectors, including high-end manufacturing, logistics, and emerging fields like digital economy and artificial intelligence [8][10] - There is a strong belief among business leaders that the high-level exchanges will boost confidence and support local development for companies operating in both countries [8][10] - Cultural exchanges and mutual understanding are emphasized as essential for solidifying the foundation of bilateral relations, with increased tourism and people-to-people interactions noted since the implementation of a visa waiver policy [11][14]

Group 1 - The core viewpoint of the articles highlights the increasing presence and market share of Chinese service robots in South Korea, particularly in the cleaning and delivery sectors, driven by the aging population and rising labor costs [1][2][3] - Stone Technology holds over 50% market share in the South Korean vacuum cleaner market, with more than 70% in the high-end segment, attributed to its product capabilities tailored to local consumer preferences for hygiene and convenience [1] - The introduction of delivery robots by companies like Shanghai Qingtian Intelligent Technology has improved operational efficiency and customer satisfaction in the hospitality sector, showcasing the practical benefits of automation [2] Group 2 - The Korean robotics industry has been a leader in education, nursing, and industrial manufacturing, but is now facing competitive pressure from Chinese companies that are transitioning from "technology learners" to "innovation leaders" [2] - There is significant potential for collaboration between China and South Korea in emerging industries such as digital economy, green transformation, and artificial intelligence, leveraging China's data resources and South Korea's advanced semiconductor capabilities [3] - The expansion of Chinese robots into the South Korean market reflects not only the innovation strength of Chinese manufacturing but also a new pattern of industrial interaction and cooperation between the two countries [3]