业绩亮眼，盈利能力显著提升 8月25日晚间，江苏新美星（300509）包装机械股份有限公司(股票代码：300509，以下简称"新美星") 发布了2025年半年度报告。报告显示，公司上半年实现营业收入5.80亿元，同比增长14.65%；归属于上 市公司股东的净利润达4105.70万元，同比大幅增长118%；扣非净利润为4036.09万元，同比增长 158.71%，展现出强劲的盈利能力和高质量的成长性。 2025年1月至6月，新美星在复杂多变的全球经济环境中稳健前行，核心财务指标全面提升。公司基本每 股收益为0.14元/股，同比增长133.33%，加权平均净资产收益率达到6.80%，较上年同期提升3.75个百分 点。值得注意的是，公司净利润增速远高于营收增速，反映出产品结构优化、成本控制能力增强及运营 效率提升。 公司承担的多项国家级项目，如"高速旋转式全自动吹瓶机"(国家火炬计划项目)和"环保轻量化瓶装饮用 水吹灌装一体化关键技术装备及应用"(江苏省科学技术奖)，进一步巩固了其在无菌灌装、超洁净包装 等前沿技术领域的优势。 现金流稳健，资产结构持续优化 公司仍保持健康的现金流水平。期末货币资金余额为7.40亿元 ...

分红方面，先导智能A股上市后累计派现31.49亿元。近三年，累计派现14.61亿元。 8月27日，先导智能盘中上涨2.02%，截至10:37，报29.74元/股，成交4.80亿元，换手率1.05%，总市值 465.78亿元。 资金流向方面，主力资金净流入2859.19万元，特大单买入2628.69万元，占比5.48%，卖出3109.00万 元，占比6.48%；大单买入1.33亿元，占比27.75%，卖出9972.49万元，占比20.79%。 先导智能今年以来股价涨48.97%，近5个交易日涨4.20%，近20日涨14.38%，近60日涨48.74%。 资料显示，无锡先导智能装备股份有限公司位于江苏省无锡市新吴区新锡路20号(经营场所:无锡市新吴 区新洲路18号),香港湾仔皇后大道东183号合和中心46楼，成立日期2002年4月30日，上市日期2015年5 月18日，公司主营业务涉及专业从事自动化成套设备的研发、设计、生产与销售以及自动化整体解决方 案。主营业务收入构成为：锂电池智能装备64.85%，智能物流系统15.75%，光伏智能装备7.31%，其他 6.18%，3C智能装备5.81%，其他(补充)0.09 ...

据证券之星公开数据整理，近期北自科技(603082)发布2025年中报。截至本报告期末，公司营业总收入 9.46亿元，同比上升1.41%，归母净利润7614.65万元，同比上升6.82%。按单季度数据看，第二季度营 业总收入5.04亿元，同比上升1.55%，第二季度归母净利润3393.39万元，同比上升12.91%。本报告期北 自科技盈利能力上升，毛利率同比增幅4.85%，净利率同比增幅5.34%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率16.94%，同比增4.85%，净利率8.05%，同比增 5.34%，销售费用、管理费用、财务费用总计4010.24万元，三费占营收比4.24%，同比增6.3%，每股净 资产9.56元，同比增5.64%，每股经营性现金流0.28元，同比增10.85%，每股收益0.47元，同比增2.17% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 9.33亿 | 9.46(Z | 1.41% 1 | | 归母净利润(元) | 7128.36万 | 7614.65万 | 6.82% ...

行业评级：看好 证券研究报告 无人叉车（移动机器人）：AI应用 最佳场景之一，将迎来爆发式增长 ——无人叉车行业深度报告 2025年8月22日 分析师 邱世梁 分析师 王华君 分析师 何家恺 研究助理 徐琛奇 邮箱 qiushiliang@stocke.com.cn 邮箱 wanghuajun@stocke.com.cn 邮箱 hejiakai@stocke.com.cn 研究助理 蒋逸 证书编号 S1230520050001 证书编号 S1230520080005 证书编号 S1230523080007 无人叉车（移动机器人）：AI应用最佳场景之一，将迎来爆发式增长 1、无人叉车（移动机器人）：无人搬运、无人装卸定义物料搬运新模式 3、竞争格局：2023年我国销售额过亿元企业占8%；叉车企业、AGV/AMR企业、系统集成企业为主要参与方 风险提示：市场渗透不及预期；技术迭代不及预期；海外贸易摩擦风险。 2 • 无人叉车：叉车行业下一站。叉车行业第一站为燃油化，第二站为电动化，下一站为无人化。2025年7月1日，亚马逊公司的亚马逊机器人全 球机器人总量已部署超100万台。无人叉车为移动机器人品种之一，2023 ...

Core Viewpoint - The company has made significant governance changes, including the cancellation of the supervisory board, changes in registered capital, and amendments to the articles of association, which are aimed at improving operational efficiency and compliance with legal requirements [4][5][6][39]. Group 1: Company Governance Changes - The company has decided to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors [4][39]. - The registered capital has been increased from RMB 102,207,980 to RMB 102,679,640 due to the completion of the second vesting period of the restricted stock incentive plan [5]. - Amendments to the articles of association have been made to reflect the cancellation of the supervisory board and to comply with the latest legal requirements [6][39]. Group 2: Management Changes - The company announced the resignation of Deputy General Manager Jiang Xia due to reaching the statutory retirement age, and he will no longer hold any position within the company or its subsidiaries [10][13]. - Jiang Xia's departure will not have a significant adverse impact on the company's ongoing operations, research capabilities, or core competitiveness [12][15]. Group 3: Financial Performance - For the first half of 2025, the company achieved operating revenue of RMB 623 million, a year-on-year increase of 19.54%, and a net profit attributable to shareholders of RMB 41.36 million, up 11.89% from the previous year [43]. - The company reported a significant increase in overseas revenue, which reached RMB 56.28 million, representing a growth of 164.10% compared to the same period last year [44]. Group 4: Research and Development - The company invested RMB 64.37 million in research and development in the first half of 2025, an increase of 18.21%, accounting for 10.33% of its operating revenue [45]. - The company applied for 62 intellectual property rights in the first half of 2025, with 53 being granted, indicating a strong focus on innovation [46]. Group 5: Investor Relations and Governance - The company completed a cash dividend distribution of RMB 33.73 million for the 2024 fiscal year, maintaining a cumulative cash dividend of RMB 145 million since its listing [47]. - The company has implemented a share repurchase plan, with a total of 151,890 shares repurchased for RMB 4.99 million as of July 31, 2025 [48].

风险提示：以上内容仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。 根据公开数据显示，8月12日东杰智能主力资金净流出3566.69万元，占流通市值比例为0.5%。近五个交 易日累计净流出3.02亿元，占流通市值比例达4.24%。早盘时段该股曾出现快速回调，9点47分时五分钟 内跌幅超过2%。 截至2025年8月12日收盘，东杰智能报16.25元，较前一交易日下跌0.03元，跌幅0.18%。当日该股开盘 价为15.90元，最高触及17.15元，最低下探15.82元，全天振幅达8.17%，成交金额9.55亿元，换手率为 13.23%。 东杰智能主营业务为智能装备系统的研发、生产和销售，产品涵盖智能物流系统、智能停车系统等。公 司所属行业为专用设备制造业，注册地位于山西省。 ...

Group 1: Company Overview and Business Scope - The company has over 20 years of expertise in intelligent logistics and manufacturing equipment, primarily serving the tobacco industry with integrated solutions [2] - Main business areas include intelligent logistics systems, production line systems, operation maintenance, and specialized products and services [2] - The company is expanding its technology applications from the tobacco industry to other sectors such as liquor and energy chemicals, developing a range of high-quality solutions and proprietary products [2] Group 2: International Market Development - The company is actively pursuing international market expansion while focusing on domestic growth, aligning with the "Belt and Road" initiative to support national strategies [3] Group 3: Robotics and Technology Advancements - The company is one of the early domestic developers of AGV (Automated Guided Vehicle) technology, holding complete proprietary rights and recognized as a "Famous Brand" in Yunnan Province [3] - New technologies such as communication, artificial intelligence, big data, and cloud technology are being integrated into smart equipment to enhance the capabilities of industrial robots [3] - Continuous optimization of the mobile robot control system software platform is planned for 2024, enabling intelligent collaborative scheduling in complex scenarios [3]

Group 1 - The core point of the news is that Derma Technology (688360.SH) plans to transfer a total of 7,788,393 shares, representing 2.9530% of its total share capital, through a shareholder inquiry transfer before its initial public offering [1][2] - The shareholders involved in the transfer include Derma Investment, Chuangde Investment, and Huzhou Ligoo, with the transfer primarily driven by their own funding needs [2][3] - The transfer will be conducted as a non-public transfer, and the shares acquired through this inquiry transfer cannot be transferred within six months [3] Group 2 - Derma Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 2, 2020, with an issuance of 21,419,150 shares at a price of 25.12 yuan per share, raising a total of 538.05 million yuan [3] - The company plans to use the funds raised for projects including digital workshop construction, intelligent sorting system upgrades, and working capital [3] - In 2023, Derma Technology completed the acquisition of 100% equity in Jiangsu Moandi Technology Co., Ltd., with the transaction valued at 55.15 million yuan, reflecting a 358.59% appreciation [4][5] Group 3 - The acquisition involved issuing shares and cash, with 50% of the transaction price paid in shares and 50% in cash [6][7] - The transaction will not create new related party transactions with the controlling shareholder or its affiliates [7][8] - Moandi specializes in the R&D, production, and sales of core components for logistics sorting equipment, which aligns with Derma Technology's focus on intelligent logistics systems and key equipment [9]

Core Viewpoint - KJ Intelligent reported a revenue of 1.394 billion yuan for 2024, but incurred a net loss of 58.63 million yuan, marking two consecutive years of losses. The overseas revenue of 338 million yuan saw a significant increase of 150.55%, becoming the main driver of growth [1][2][3]. Group 1: Financial Performance - The company achieved a domestic revenue of 1.023 billion yuan in 2024, a year-on-year increase of 3.2%, with a low gross margin of 8.72% [2][3]. - The overseas business generated a revenue of 338 million yuan, with a gross margin of 22.55%, benefiting from large orders signed in 2023 with clients like Shopee and Sailun Group [3][4]. - The total contract liabilities reached 705 million yuan by the end of 2024, an increase of 43.78%, with 140 million yuan of these liabilities being overdue by more than one year [4]. Group 2: Business Strategy and Market Position - The company adopted a more competitive pricing strategy to maintain market share among major domestic clients such as JD.com and SF Express [2][3]. - The overseas business growth is attributed to the company's service to international e-commerce platforms and large-scale projects in the smart logistics and manufacturing sectors [3][4]. Group 3: Investment Projects and Future Outlook - The company faced delays in its fundraising projects, with the "Headquarters and R&D Center Construction Project" postponed to May 2025, and the "Marketing Network and Digital Construction Project" delayed to December 2026 [4][5]. - The company stated that the delays in fundraising projects would not significantly impact its core business or future development [5].

Core Viewpoint - The company reported a revenue of 139.36 million yuan for the fiscal year 2024, marking a year-on-year increase of 21.35%, but continued to incur a net loss of 58.63 million yuan for the second consecutive year [1] Revenue Breakdown - Domestic revenue reached 102.28 million yuan, growing by 3.2%, while international revenue surged to 33.77 million yuan, reflecting a significant increase of 150.55% [1] - The gross profit margins for domestic and international operations were 8.72% and 22.55%, respectively [1] Business Strategy - The company has shifted focus from low-value projects to high-value, large-scale projects, particularly in overseas markets, resulting in new international orders amounting to approximately 1.14 billion yuan, an increase of 81.18% year-on-year [3] - The company adopted a competitive pricing strategy to maintain relationships with key clients amid a challenging economic environment, leading to a 67.65% increase in new orders from Q2 2023 to Q1 2024, totaling 2.385 billion yuan [2] Client Relationships - Major domestic clients include industry leaders such as JD.com, SF Express, and Pinduoduo, with the company facing intense competition for large projects, which has resulted in lower gross margins for these key accounts [7][8] - The company maintains stable relationships with clients like SF Express, which has invested in the company to strengthen their partnership [8] International Market Expansion - The company has established a presence in several countries, including India, South Korea, Thailand, and Vietnam, and has formed partnerships with international e-commerce firms like Shopee and Flipkart [17] - The international business has become a crucial driver for revenue growth, with the company leveraging its cost advantages to offer competitive pricing in overseas markets [20] Financial Performance - The company’s international revenue for 2024 reached 337.72 million yuan, a 150.55% increase from 134.79 million yuan in 2023, with gross margins for international operations significantly higher than domestic ones [19][21] - The gross margin for international operations was reported at 22.55%, compared to 8.72% for domestic operations, indicating a strategic advantage in international pricing [21] Future Outlook - The company anticipates continued recovery in revenue and gross margins in 2025, driven by increased investment demand in logistics and industrial automation sectors [3][24] - The company plans to enhance its research and development capabilities, with a 33.14% increase in R&D investment in 2024, aiming to innovate and improve product offerings [24][26]