近年来，华晟智能增长态势良好。从2022年到2024年，公司营业收入从3.31亿元增长到7.33亿元，净利 润从3481.87万元增长到8833.55万元，年均复合增长率分别达到50.7%和61.2%，充分体现了公司强劲的 发展势头和良好的盈利能力。 责编：郝章程 审核：陈志炳 此次IPO并在北京证券交易所上市辅导过程中，保荐机构协助解决了存在的几个关键问题，确认公司已 具备成为上市公司应有的各项条件。 华晟智能成立于2019年，是橡胶轮胎行业、新能源、医药等多个行业的智能产线物流系统解决方案和智 能仓储物流系统解决方案提供商。主要客户包括软控股份、贵州轮胎、浦林成山等，产品还销售到越 南、泰国等海外市场，为公司未来的国际化发展奠定了基础。 11月17日，青岛华晟智能装备股份有限公司向青岛证监局提交了辅导工作完成报告，标志着公司距离登 陆资本市场迈出了关键一步。 华晟智能于2025年1月20日，在新三板正式挂牌，4个月后的5月20日，成功调入创新层。 ...

Core Viewpoint - The report outlines the continuous supervision of the company by Huazhong Securities during the first half of 2025, highlighting the absence of major issues requiring rectification and detailing various risks faced by the company in its operations and financial performance [1][10]. Continuous Supervision Work - Huazhong Securities has fulfilled its continuous supervision responsibilities without identifying any significant issues requiring rectification for the company during the supervision period [1]. Major Risk Factors Operational Risks - The company faces risks related to the inability to develop new customers, which could lead to a decline in operational performance [2]. - Project acceptance times are heavily influenced by clients, potentially causing significant fluctuations in revenue across accounting periods [2]. - Fluctuations in raw material prices, particularly steel and purchased components, pose a risk to business operations and performance [3]. Financial Risks - The company has accounts receivable valued at 481.24 million and contract assets valued at 84.10 million, with potential for bad debts impacting financial performance [4][5]. - Investment projects funded by the IPO may lead to a short-term decline in return on equity due to the time required to realize expected benefits [5]. - The gross profit margin for the first half of 2025 was 18.83%, down from 23.84% the previous year, indicating potential volatility in profitability [5][12]. Technical Risks - The company must continuously innovate and develop new products to maintain competitiveness; failure to do so could adversely affect operations [6]. - Risks exist regarding the potential leakage or theft of core technologies, which could undermine competitive advantages [7]. - The company faces challenges in retaining technical talent, which is crucial for sustaining its competitive edge [7]. Project Management Risks - As the company expands its business scale, the demand for enhanced project management capabilities increases, which could impact operational efficiency if not addressed [8]. Major Violations - There were no significant violations reported for the company during the first half of 2025 [10]. Financial Performance Indicators - The company reported a net profit of 498,700, a 98.05% decrease year-on-year, primarily due to gross margin fluctuations [12]. - Cash flow from operating activities increased by 116.90% to 10.72 million, attributed to improved management of supplier payment terms and inventory turnover [12]. - The net asset value decreased by 1.64% to 827.20 million, mainly due to dividend distributions [12]. Core Competitiveness - The company maintains its core competitiveness in the intelligent warehousing logistics equipment sector, focusing on R&D and manufacturing, with no adverse changes reported in its competitive position [13][14]. R&D Expenditure and Progress - R&D expenses for the first half of 2025 were 32.93 million, a 3.77% increase from the previous year, reflecting the company's commitment to innovation [15]. - The company added 12 new patents and 17 software copyrights, totaling 221 patents and 105 software copyrights by the end of June 2025 [15]. Use of Raised Funds - As of June 30, 2025, the company had a balance of 280.63 million in raised funds, with compliance in the management and use of these funds [17][18]. Shareholding and Management Changes - There were no changes in shareholding or pledging of shares by major stakeholders during the first half of 2025 [19].