证券代码：301608 证券简称：博实结 编号：2026-001 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 ☑ 现场参观 □业绩说明会 □路演活动 ☑ 其他：腾讯会议 参与单位名称 2026 年 1 月 8 日（线下调研） 国联基金 2026 年 1 月 9 日（线上调研） 华夏基金 时间 2026 年 1 月 8 日- 2026 年 1 月 9 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书 向碧琼女士 证券事务代表 王占超先生 投资者关系活动 主要内容介绍 一、基本情况介绍 公司是专业从事物联网智能化产品的研发、生产和销售的高 新技术企业、专精特新"小巨人"企业，以通信、定位、AI等技 术应用为核心，基于自研无线通信模组，为物联网众多应用场景 提供智能终端产品及配套解决方案。 公司始终秉承"智慧赋能万物，共创美好未来"的使命，坚 持"成就客户、创新驱动、博大务实、品质至上"的经营理念， 依托"通信+定位+AI"底层核心技术与"模组+平台+终端"业务 模式，深耕车联网，广泛布局物联网，致力于成为全球的物联网 智能化应用解决方案专家。 2024 年度， ...

二、提问与交流（同类问题已作汇总整理，近期已回复问 题不再重复） 1、公司产品线较为分散，公司的产品策略是什么？ 公司致力于"满足客户需求，解决行业痛点"，以"万物互 联"为核心产品策略，帮助客户落地针对物联网多场景需求的应 用产品。公司智能睡眠终端、智能车载终端、智慧出行组件、智 能支付硬件等产品是基于"通信+定位"的底层核心技术在具体 物联网场景下的应用，在技术上具有一定的相通之处。 证券代码：301608 证券简称：博实结 深圳市博实结科技股份有限公司 投资者关系活动记录表 编号：2025-041 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 ☑ 路演活动 □其他： 参与单位名称 2025 年 12 月 24 日 招商基金 兴业证券 2025 年 12 月 25 日 东北证券策略会 时间 2025 年 12 月 24 日- 2025 年 12 月 25 日 地点 惠州市、深圳市 上市公司接待人 员姓名 董事长、总经理 周小强先生 副总经理、董事会秘书 向碧琼女士 董事、财务总监 雷金华先生 证券事务代表 王占超先生 投资者关系活动 主要内容介绍 ...

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering wisdom for a better future" [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up by 0.81% [2] - For the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, a 21.66% increase year-on-year, and a net profit of CNY 180 million, reflecting a 33.95% growth [2] Group 3: Market Outlook - The demand for smart vehicle terminals and smart sleep terminals is expected to continue growing, supported by favorable market conditions [2] - The installation penetration rate of smart vehicle video recorders in the domestic heavy-duty truck sector is currently low, indicating potential growth opportunities [2] Group 4: International Expansion - The company is leveraging the "Belt and Road" initiative to expand its market presence in Africa, Southeast Asia, and Central Asia, while also targeting developed markets in Europe and North America [3] - It has successfully entered the supplier system of an overseas automotive brand, beginning small-scale supply [3] Group 5: Product Diversification - The company has diversified its product offerings across various scenarios, including smart transportation, smart sleep, and mobile payment, with a focus on customer-driven solutions [4] - The smart sleep terminal can track and analyze users' sleep states, adjusting the environment for optimal sleep quality [5] Group 6: Core Competencies - The company's ability to adapt technology to various application scenarios is a key strength, supported by extensive experience in core technologies such as communication, positioning, and AI [4] - The fragmented nature of the IoT market allows the company to customize solutions effectively, enhancing product competitiveness [4] Group 7: Supply Chain Management - Storage chips are primarily used in commercial vehicle monitoring terminals, with their cost impact on the company being relatively low due to existing reserves [6]

投资者关系活动记录表 编号：2025-039 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 ☑ 现场参观 □业绩说明会 □路演活动 □其他： 参与单位名称 华夏基金 浙商证券 时间 2025 年 12 月 2 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书 向碧琼女士 证券事务代表 王占超先生 投资者关系活动 主要内容介绍 一、基本情况介绍 公司是专业从事物联网智能化产品的研发、生产和销售的高 新技术企业、专精特新"小巨人"企业，以通信、定位、AI等技 术应用为核心，基于自研无线通信模组，为物联网众多应用场景 提供智能终端产品及配套解决方案。 公司始终秉承"智慧赋能万物，共创美好未来"的使命，坚 持"成就客户、创新驱动、博大务实、品质至上"的经营理念， 依托"通信+定位+AI"底层核心技术与"模组+平台+终端"业务 模式，深耕车联网，广泛布局物联网，致力于成为全球的物联网 智能化应用解决方案专家。 2024 年度，公司实现营业收入 14.02 亿元，较上年同期增 加 24.85%，实现归属于上市公司股东的净利润 1.76 亿元，较上 年同期增加 0.81% ...

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized and innovative" small giant [1] - The mission is to empower through intelligence and create a better future, focusing on customer success, innovation, pragmatism, and quality [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up 0.81% from the previous year [2] Group 2: Business Performance - In the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, a 21.66% increase year-on-year, and a net profit of CNY 180 million, reflecting a 33.95% increase [2] - The company is experiencing a product upgrade wave in the smart transportation sector, with policies promoting the replacement of traditional vehicle recorders with advanced models [2] Group 3: Strategic Initiatives - The company is expanding its "going global" strategy, increasing the number of overseas clients and entering the supply chain of an overseas automotive brand [3] - In the smart sleep terminal sector, the company aims to enhance product functionality based on customer needs and expand its market presence [3] - The company is actively pursuing innovation and application expansion in various fields, including smart campuses, smart cities, and smart offices [3] Group 4: Supply Chain Management - The company has strategically stocked a certain quantity of key raw materials, including storage chips, to meet short-term needs [4] - The impact of rising storage chip prices is limited due to their low proportion in the company's operating costs [4]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering everything with wisdom" [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - For the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, up 21.66%, and a net profit of CNY 180 million, an increase of 33.95% [2] Group 2: Product Development and Advantages - The company has developed its own wireless communication modules, which provide advantages over externally sourced modules, including reduced R&D cycles and improved product reliability [2] - The self-developed modules cover mainstream communication standards such as 2G, 3G, 4G, and NB-IoT, enhancing the company's competitive edge [2] - The company has expanded its application scenarios from smart transportation to various IoT applications, building a comprehensive technical architecture [2] Group 3: Market Trends and Growth Factors - The company's "going global" strategy has led to a steady increase in overseas customers and sales regions, contributing to rapid growth in operating performance [3] - The smart transportation, smart travel, and smart sleep sectors are experiencing technological upgrades and product innovations, driving demand for the company's products [3] - The rise of AI technologies is creating diverse market demands for "AI edge" applications, positioning the company to capitalize on these opportunities [4]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, driven by its core technologies and business model [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up by 0.81% [2] - For the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, a 21.66% increase year-on-year, and a net profit of CNY 180 million, reflecting a 33.95% growth [2] Group 3: Product Line Growth - All product lines experienced revenue growth in the first three quarters of 2025, with significant contributions from the smart transportation sector due to the "going abroad" strategy [2] - Domestic revenue for commercial vehicle monitoring terminals and passenger vehicle positioning terminals increased due to new policies and continuous product innovation [2] - The smart mobility sector saw revenue growth from shared mobility clients and electric bicycle components [2] Group 4: AI Technology Development - The company is increasing R&D investment in AI technology, which is a core application in its smart terminal products and cloud management platforms [3] - AI algorithms are utilized in various products, including advanced driver assistance systems and smart security solutions [3] - The company aims to enhance its AI application capabilities and explore business opportunities in diverse "AI edge" application scenarios [4] Group 5: Market Outlook and Risks - The IoT industry is characterized as fragmented, with growing demand for AI hardware as IoT applications expand [4] - The company emphasizes the importance of meeting customer needs and addressing industry pain points while cautioning investors about potential risks in industry predictions and strategic plans [4]

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - The company achieved total revenue of 1.272 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 21.66%. The net profit attributable to shareholders was 180 million yuan, up 33.95% year-on-year. In Q3 2025, revenue reached 467 million yuan, a 24.31% increase year-on-year, with net profit of 73 million yuan, reflecting a significant year-on-year growth of 64.42% [2][6][10]. - The acceleration in Q3 was primarily driven by the demand expansion from the implementation of the 5G + Beidou policy in domestic commercial vehicles and the market development of smart sleep terminals. The gross margin for Q3 was 25.29%, an increase of 3.76 percentage points year-on-year, while the net margin was 15.57%, up 3.80 percentage points year-on-year [2][6][10]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported total revenue of 1.272 billion yuan, a 21.66% increase year-on-year, and a net profit of 180 million yuan, up 33.95% year-on-year. In Q3 alone, revenue was 467 million yuan, a 24.31% increase year-on-year, with net profit reaching 73 million yuan, a 64.42% increase year-on-year [2][6][10]. Business Development - The company continues to launch new products based on core technologies such as communication and positioning, extending into various IoT application scenarios. The coherent technology iteration allows for efficient product development without excessive foundational research [8]. - The company has established a full-stack IoT solution system comprising "modules + platforms + terminals," which enhances its hardware and software capabilities. This positions the company to benefit from the growth of AI terminals while maintaining product competitiveness and constructing profitability advantages through refined cost control [8]. Future Projections - With the smart sleep terminal and overseas business entering a rapid growth phase, the company is expected to accelerate its new growth trajectory. The overseas business, which has a higher gross margin compared to domestic operations, is anticipated to improve the overall gross margin of the company [8]. - The projected net profits for 2025-2027 are estimated at 230 million yuan, 304 million yuan, and 402 million yuan, corresponding to year-on-year growth rates of 31%, 32%, and 32%, with price-to-earnings ratios of 34x, 26x, and 20x respectively [8].

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [2] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering wisdom for all things" [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [3] - For Q3 2025, the revenue reached CNY 1.272 billion, up 21.66% year-on-year, with a net profit of CNY 180 million, reflecting a 33.95% increase [3] Group 3: Growth Drivers - The growth in revenue and net profit for the first three quarters of 2025 is attributed to: - The ongoing "going global" strategy, with steady growth in overseas sales of smart vehicle and sleep terminals [3] - The domestic upgrade of commercial vehicle monitoring terminals, particularly due to new policies in several provinces [3] - Increased supply share from key clients, boosting revenue in the electric bicycle sector [3] - Recovery in revenue from smart payment hardware due to continuous product innovation and market promotion [3] Group 4: Future Growth Strategies - The "going global" strategy will remain a key focus, with plans to expand in Africa, Southeast Asia, and South America, while targeting developed markets in Europe and North America [4] - Continuous product innovation and expansion of application scenarios are identified as core drivers for sustained revenue growth [4] Group 5: Cost Management - The company maintains a low expense ratio by focusing on product R&D and sales to B-end large enterprises, avoiding high management costs associated with extensive sales teams [5] - The implementation of a divisional management system allows for independent accounting and profit-centered evaluation, enhancing operational efficiency [5] Group 6: Capacity and Investment - The company is actively advancing fundraising projects to meet future capacity demands, ensuring sustained business growth [5]

Core Viewpoint - The company has demonstrated strong financial performance in Q3 2025, with significant improvements in profitability and revenue growth across various business segments [1][5]. Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.272 billion, a year-on-year increase of 21.66%, and a net profit attributable to shareholders of 180 million, up 33.95% year-on-year [1]. - In Q3 alone, the company reported operating revenue of 467 million, representing a year-on-year growth of 24.31% and a quarter-on-quarter increase of 2.07%. The net profit for the same quarter was 73 million, showing a year-on-year increase of 64.42% and a quarter-on-quarter growth of 7.72% [1]. - The company improved its sales gross margin to 23.84% in the first three quarters, up 0.54 percentage points year-on-year, and the net profit margin reached 14.19%, an increase of 1.30 percentage points year-on-year [1]. Group 2: Business Development - The company is actively developing smart sleep terminals under the "sleep economy" trend, with expected revenue of nearly 200 million in 2024, accounting for 14.2% of total revenue [2]. - The smart sleep terminal business utilizes an ODM model and has established stable partnerships with clients since 2023, expanding product categories based on customer needs and entering the Chinese market [2]. - The company is accelerating the expansion of its smart vehicle terminal business into high-margin overseas markets, focusing on commercial vehicles in the EU, Americas, and Middle East regions [3]. - In the two-wheeled transportation sector, the company is benefiting from the acceleration of electric bicycle smart technology, partnering with leading clients to enhance its product offerings and increase revenue from smart components [4].