截至发稿，博实股份市值为173亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 张明双） 每经AI快讯，博实股份（SZ 002698，收盘价：16.94元）12月25日晚间发布公告称，哈尔滨博实自动化 股份有限公司于2025年12月25日收到股东蔡志宏先生《关于股份减持计划的告知函》，蔡志宏先生为公 司控股股东、实际控制人之一蔡鹤皋先生之子，持有公司股份约5068万股（约占公司总股本约10.23亿 股的4.96%），计划以大宗交易及集中竞价交易的方式减持公司股份不超过3000万股；实施期间为自本 次减持计划公告披露之日起15个交易日后的三个月内（即2026年1月21日至2026年4月20日）。 2025年1至6月份，博实股份的营业收入构成为：智能制造装备占比69.88%，工业服务占比27.24%，环 保工艺与装备占比2.89%。 ...

Group 1 - The core point of the article is that Boshi Co., Ltd. (SZ 002698) held its first board meeting of the sixth session on November 27, 2025, where it reviewed the proposal for appointing the company's board secretary [1] - For the first half of 2025, Boshi Co., Ltd.'s revenue composition was as follows: intelligent manufacturing equipment accounted for 69.88%, industrial services accounted for 27.24%, and environmental processes and equipment accounted for 2.89% [1] - As of the time of reporting, Boshi Co., Ltd. had a market capitalization of 15.6 billion yuan [1]

Financial Data and Key Metrics Changes - In Q3 2025, OMA's passenger traffic reached 7.6 million, an 8% year-over-year increase, with seat capacity rising by 11% [3] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4] - Adjusted EBITDA grew by 9% to MXN 2.7 billion, with an adjusted EBITDA margin of 74.8% [5][10] - Consolidated net income for the quarter was MXN 1.5 billion, reflecting a 9.1% increase compared to the same quarter last year [10] - Cash generated from operating activities amounted to MXN 1.9 billion, with a cash position of MXN 4.4 billion at the end of the quarter [11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing significantly to overall growth [3] - International passenger traffic increased by 11%, with notable contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with commercial revenue per passenger at MXN 60, driven by parking, restaurants, VIP lounges, and retail [4][8] - Industrial services revenues surged by 53%, mainly due to increased leased square meters in the industrial park [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space was 96% at the end of the quarter, indicating strong demand [4] - The overall investment level for the next Master Development Program is expected to remain similar in real terms to the previous program [7] Company Strategy and Development Direction - The company plans to allocate around half of its Master Development Program (MDP) investment to Monterrey, focusing on capacity expansion and commercial opportunities [23] - OMA is exploring international expansion opportunities, although no concrete transactions are currently in place [23] Management Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single-digit growth for the following year [14] - Cost pressures from AG&E and utility costs are viewed as not permanent, with ongoing efforts to manage costs effectively [19] Other Important Information - Total debt at the end of September was MXN 13.6 billion, with a net debt to adjusted EBITDA ratio of 0.9x, indicating a solid financial position [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year to be between 7% and 8%, with expectations for next year in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [17] Question: Outlook on AG&E and utility cost pressures - Cost pressures are not expected to be permanent, with management analyzing alternatives to maintain costs [19] Question: Capital allocation for the next MDP and potential international expansion - Half of the MDP will be allocated to Monterrey, focusing on capacity and commercial opportunities, while international expansion opportunities are being explored [23]

Financial Data and Key Metrics Changes - In Q3 2025, total passenger traffic reached 7.6 million, an 8% increase year over year, with seat capacity rising by 11% [3][4] - Aeronautical revenues increased by 11%, with aeronautical revenue per passenger rising by 3% [4][10] - Total aeronautical and non-aeronautical revenues grew by 9.8% to 3.5 billion pesos [9] - Adjusted EBITDA increased by 9% to 2.7 billion pesos, with a margin of 74.8% [5][10] - Consolidated net income was 1.5 billion pesos, reflecting a 9.1% increase compared to the same quarter last year [10][11] Business Line Data and Key Metrics Changes - Domestic passenger traffic grew by 7%, primarily driven by Monterrey Airport, contributing to 68% of total domestic growth [3][4] - International passenger traffic increased by 11%, with significant contributions from routes to San Francisco, Atlanta, and Dallas [4] - Commercial revenues grew by 7%, with notable increases in parking (9.4%), restaurants (9.8%), VIP lounges (9.9%), and retail (8.2%) [8][9] - Industrial services revenues surged by 53%, driven by higher leased square meters and contractual rent increases [9] Market Data and Key Metrics Changes - The occupancy rate for commercial space stood at 96% at the end of the quarter [4] - Cash generated from operating activities amounted to 1.9 billion pesos, with a cash position of 4.4 billion pesos at the end of the quarter [11] Company Strategy and Development Direction - The company is focused on its Master Development Program (MDP) for 2026-2030, with expectations for a similar investment level to the previous MDP [5][6] - Approximately half of the MDP will be allocated to Monterrey, reflecting its significant traffic share [22] - The company is exploring international expansion opportunities, although no concrete plans have been disclosed [22] Management's Comments on Operating Environment and Future Outlook - Management expects overall traffic growth for the year to be between 7% and 8%, with a forecast of low to mid-single digits growth for 2026 [14] - Cost pressures from AG&E and utility costs are viewed as temporary, with expectations for cost management strategies to mitigate these pressures [18] Other Important Information - Total investments in Q3 2025 amounted to 472 million pesos, including major maintenance and strategic investments [5] - The company maintains a solid financial position with a net debt to adjusted EBITDA ratio of 0.9 times [11] Q&A Session Summary Question: Traffic expectations for Q4 and early thoughts on 2026 - Management anticipates overall traffic growth for the year between 7% and 8%, with next year's growth expected in the low to mid-single digits [14] Question: Drivers behind the decline in commercial revenue per passenger - The decline is attributed to one-time revenues recorded in the previous year, with expectations for gradual increases in future quarters [16] Question: Outlook on AG&E and utility cost pressures - Cost pressures are seen as temporary, with management analyzing alternatives to maintain costs in check [18] Question: Capital allocation for the next MDP and international expansion - Half of the MDP will focus on Monterrey, with ongoing exploration of international expansion opportunities [22]

Core Viewpoint - The company, Boshi Co., Ltd. (002698), is focusing on developing a service-oriented manufacturing system driven by intelligent manufacturing equipment and industrial services, which together contributed 97% of its revenue in the first half of 2025 [1] Group 1: Business Model and Revenue Sources - The company has established a comprehensive production and operation management service system covering the entire lifecycle of equipment products, enhancing customer focus on core business and achieving cost reduction and efficiency improvement [1] - Industrial service demand is driven by both the steady growth of existing equipment and the deep exploration of customer needs, leading to an expansion of growth opportunities [2] - The company's industrial service revenue is expected to increase steadily with the growth of intelligent equipment sales and the customer base of operational equipment [2] Group 2: Competitive Advantages and Market Position - The company emphasizes a differentiated competitive strategy through technological leadership, R&D investment, and product innovation, which are crucial for sustainable development and core competitiveness [2] - The company has built a nationwide service network, excluding Hong Kong, Macau, Taiwan, and Tibet, and maintains a leading position in service scale and profitability within the industry [1] Group 3: Future Outlook and Technological Integration - The company is leveraging advancements in digital technologies such as 5G, industrial internet, and artificial intelligence to transition its products from automation to digitalization and intelligence [3] - The company aims to accelerate the development of intelligent manufacturing equipment and industrial services, focusing on market demand and innovation to ensure core technology security and promote safe, efficient, and green production [3]

Group 1: Competitive Advantages in Smart Manufacturing - The company’s smart manufacturing equipment features high speed, precision, and reliability, focusing on high-end markets to meet stringent customer demands for efficient and safe production [1] - The integration of AI technologies such as machine vision and deep learning enables the company to offer innovative solutions for digital and intelligent production environments [1] - The company’s products have achieved domestic leadership and international advanced levels, with some applications reaching global leading scales [1] Group 2: Industrial Services and Growth Trends - The company has established a comprehensive lifecycle management service system for its equipment, enhancing customer focus on core business and promoting cost reduction and quality development [1] - Industrial service demand is driven by both the growth of existing equipment and the exploration of new service projects, leading to a dual growth trend [1] - The company’s service network covers all regions except Hong Kong, Macau, Taiwan, and Tibet, positioning it among the industry leaders in service scale and profitability [1] Group 3: Key Drivers of Business Development - The company employs a differentiated competitive strategy focused on technology leadership, R&D investment, and market expansion, supported by core technological capabilities and industry experience [3] - National strategies like "Made in China 2025" and various supportive policies for intelligent manufacturing and digital economy drive the company’s high-quality development [3] Group 4: Future Business Directions - The company aims to leverage advancements in digital technologies such as 5G, industrial internet, and AI to transition from automation to digital and intelligent manufacturing [4] - Future efforts will focus on market-driven innovation, ensuring core technology safety, and expanding both smart manufacturing equipment and industrial services [4] Group 5: Product Development and Application Pathways - The company’s approach to entering new industries involves starting with key single equipment, then expanding to automated production lines, and finally developing comprehensive smart manufacturing solutions [5] - This systematic innovation strategy enhances the company’s ability to concentrate resources, reduce development risks, and improve R&D efficiency [5] Group 6: Impact of National Policies and External Environment - The ongoing "Manufacturing Power" strategy and supportive policies for intelligent manufacturing provide a robust framework for industry development [6] - Global economic challenges, such as trade barriers and geopolitical crises, may impact domestic demand, but the company’s products are less affected by short-term economic fluctuations [6] Group 7: Market Opportunities in Smart Factories - The integration of AI and industrial internet technologies into smart factory solutions maximizes production efficiency and safety [8] - The company’s smart factory projects have received positive feedback, indicating significant market potential for digital transformation in the industry [8]

Core Viewpoint - 博实股份 has secured two significant contracts in September, totaling approximately 332 million yuan, indicating strong growth in its industrial services segment [1][2] Group 1: Contract Wins - On September 22, 博实股份 announced a contract with Guoneng Baotou Coal Chemical Co., with a total value of 96.99 million yuan, expected to contribute 2.43% to the company's 2024 revenue [1] - This follows a previous announcement on September 12, where the company secured a 235 million yuan industrial services contract, highlighting a robust month for new business [1] Group 2: Financial Performance - For the first half of 2025, 博实股份 reported a revenue of 1.362 billion yuan, a decrease of 6.2% year-on-year, while net profit attributable to shareholders increased by 1.71% to 277 million yuan [2] - The company's cash position improved significantly, with cash and cash equivalents reaching 770 million yuan, up 387.49% from the previous year [2] - The asset-liability ratio has been continuously optimized, standing at 41.08% as of mid-2025, down from 42.75% in the previous year [2] Group 3: Shareholder Returns - 博实股份 has been proactive in returning value to shareholders, having distributed cash dividends 13 times since its listing, totaling 1.791 billion yuan, with a payout ratio of 48.77% [2]

Group 1: Financial Market Insights - The chairman of the China Securities Regulatory Commission emphasized the need to enhance the role of long-term funds as a stabilizer and attract more global capital to invest in China [1] - Following the Federal Reserve's decision to lower the federal funds rate by 25 basis points, some banks in Beijing still offer dollar deposit rates above 3%, but a decrease is expected soon [2] - The global PC gaming hardware market is projected to grow by 35% year-on-year in 2025, reaching $44.5 billion, driven by the end of Windows 10 [2] Group 2: Commodity and Material Trends - After the Fed's rate cut, copper prices stabilized, and the waste copper market showed resilience, with improved processing profits and a potential for price rebound [3] - The price of centralized components has slightly decreased, with a forecasted production drop of about 1GW in September due to reduced project evaluations [3] Group 3: Corporate Developments - OpenAI is reportedly collaborating with domestic supply chains, including Luxshare Precision, to develop consumer-grade devices [4] - JD Industrial Co., Ltd. has filed for overseas listing, planning to issue up to 253 million shares on the Hong Kong Stock Exchange [5] - Chery Automobile is expected to set its Hong Kong IPO price at the upper end of the range due to strong investor demand, potentially raising HKD 9.1 billion [6] Group 4: Project and Contract Announcements - New Xiang Chemical announced a production line will be shut down for renovation, expected to impact profits by approximately 48 million yuan [7] - Hai Xing Electric is a recommended candidate for a National Grid procurement project, with an estimated contract value of about 128 million yuan [8] - Samsung Medical is also a recommended candidate for multiple National Grid procurement projects, with a total expected contract value of approximately 193 million yuan [9] - Youxunda is projected to win a National Grid procurement project worth about 107 million yuan, representing 10.55% of its 2024 revenue [10] - Pulaide signed a strategic cooperation agreement with an international electric tool brand, with a total procurement amount exceeding 700 million yuan over five years [11] - Boshi Co. signed an industrial service contract worth approximately 96.99 million yuan with Guoneng Baotou Coal Chemical [12] Group 5: Market Performance - The STAR 50 Index surged by 3.38%, with several chip stocks reaching historical highs, while the overall market saw a mixed performance with significant movements in various sectors [12]

Group 1: Company Overview and Market Position - Harbin Boshi Automation Co., Ltd. focuses on intelligent manufacturing equipment, emphasizing innovation and technological leadership as core competitive advantages [2] - The company maintains a leading position in domestic technology and product performance, achieving international advanced levels in some applications [2] Group 2: Product and Service Offerings - The company offers a comprehensive lifecycle management service system for intelligent manufacturing equipment, covering consulting, spare parts sales, equipment maintenance, and production operation management [2] - The integration of intelligent equipment and industrial services enhances customer loyalty and mitigates risks associated with fluctuations in intelligent equipment business [2] Group 3: Innovation and Development Strategy - The company adopts a systematic innovation approach, progressing from key single equipment ("point") to automated production lines ("line") and ultimately to comprehensive intelligent manufacturing solutions ("surface") [4] - The development path includes addressing critical industry pain points and leveraging accumulated technology to enhance core competitiveness [5] Group 4: Impact of National Policies - National policies supporting the "Manufacturing Power" strategy provide a robust framework for the development of high-end intelligent manufacturing equipment, facilitating technological innovation and market expansion [3] - The company benefits from a conducive policy environment that promotes investment, consumption, and demand, which is crucial for its growth [3] Group 5: Future Prospects and Projects - The company successfully delivered two intelligent factory projects in 2024 and is actively promoting the digital transformation of the electric stone industry [6] - Ongoing development of humanoid robots aims to meet high standards for mobility, operation, and intelligence, with prototypes expected to be showcased in Q4 2025 [7]

Group 1 - The company confirmed a collaboration agreement with ExxonMobil, focusing on optimizing and upgrading existing product solutions [2] - ExxonMobil is identified as a long-term customer for the company's smart manufacturing equipment and industrial services [2] - The collaboration is expected to bring new business growth opportunities for the company [2]