从瑞松科技十大流通股东角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，华夏基金旗下1只基金位居瑞松科技十大流通股东。华夏中证机器人ETF（562500）二季度 增持59.77万股，持有股数166.11万股，占流通股的比例为1.36%。根据测算，今日浮盈赚取约310.63万 元。 华夏中证机器人ETF（562500）成立日期2021年12月17日，最新规模144.71亿。今年以来收益27.51%， 同类排名1617/4218；近一年收益38.88%，同类排名846/3868；成立以来亏损0.93%。 10月21日，瑞松科技涨5.27%，截至发稿，报37.37元/股，成交5088.02万元，换手率1.15%，总市值 45.73亿元。 华夏中证机器人ETF（562500）基金经理为华龙。 资料显示，广州瑞松智能科技股份有限公司位于广东省广州市黄埔区瑞祥路188号，成立日期2012年8月 8日，上市日期2020年2月17日，公司主营业务涉及机器人系统集成与智能制造 ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting a significant decline in revenue but an increase in gross profit margin, indicating a strategic shift in its business approach [1][2]. Revenue and Profitability - The company achieved a revenue of 624.57 million yuan in 2024, a year-on-year decrease of 19.47%, while the gross profit margin increased by 4.41 percentage points to 20.69% [1][6]. - The revenue from certain robotic automation production line projects was recognized using the time-based method, with a reported income of 514.72 million yuan during a specific period, reflecting a year-on-year growth of 27.53% [1][6]. Client and Accounts Receivable Analysis - The top five clients in the robotic automation production line business are all well-known automotive manufacturers, with a total contract amount of 1.33 billion yuan and sales revenue of 501.25 million yuan [2][4]. - As of December 31, 2024, the accounts receivable amounted to 96.18 million yuan, with overdue accounts receivable of 66.76 million yuan, which aligns with the upstream funding situation in the automotive industry [5][6]. - The company reported a post-period collection rate of 74.99% as of June 30, 2025, indicating a good recoverability of accounts receivable [5][6]. Market Conditions and Strategic Adjustments - The automotive manufacturing industry's capacity utilization rate was 72.2%, down 2.4% from 2023, leading to a general slowdown in fixed asset investment among downstream clients [5][6]. - The company adjusted its order-taking strategy to focus on higher-margin projects with good historical payment records, opting to forgo lower-margin, longer payment cycle orders [5][6]. Comparison with Industry Peers - Comparable companies in the industry also experienced a decline in revenue but an increase in gross profit margin, indicating a similar strategic focus on quality over quantity [6][6]. - The average revenue decline among comparable companies was 16.03%, while their gross profit margin increased to 18.38% [6][6]. Revenue Recognition Methodology - The company employs a time-based revenue recognition method for its robotic automation production line projects, which aligns with the new revenue recognition standards [10][12]. - The products provided are non-standard customized products, making them difficult to repurpose for other uses, thus justifying the revenue recognition method [11][12].

立信会计师事务所（特殊普通合伙） 关于广州瑞松智能科技股份有限公司 关于广州瑞松智能科技股份有限公司 信会师函字2025第ZM030号 上海证券交易所： 根据贵所出具的《关于广州瑞松智能科技股份有限公司2024年年度报告的信息披 露监管问询函》（上证科创公函【2025】0259号，以下简称"《问询函》"）相关问题 的要求，立信会计师事务所（特殊普通合伙）（以下简称"会计师"）作为广州瑞松智 能科技股份有限公司（以下简称"瑞松科技"、"公司"）2024年度财务报表审计机构， 对问询函中涉及年审会计师的问题具体回复如下： 说明：本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五 入所致。 务实现营业收入62,457.07万元,同比下降19.47%；毛利率20.69%，同比增长4.41个百 分点。公司对部分机器人自动化生产线项目按时段法确认收入，报告期内在某一时段 内确认收入金额为51,471.71万元，同比增长27.53%。 请公司：（1）列示机器人自动化生产线业务前五大客户的名称、是否为新增客 户、具体销售内容、销售金额、收入确认政策、对应的应收账款及合同资产金额，如 存在应收账款、合同资产占销售 ...

Core Viewpoint - The city of Pingxiang in Guangxi is leveraging its open development strategy to enhance its economic growth, achieving a foreign trade import and export total of 2180.9 billion yuan in 2024, maintaining its leading position among border port cities in China and counties in Guangxi [1] Group 1: Open Development and Trade - Pingxiang has made significant progress in enhancing its port capabilities, with infrastructure improvements and the successful expansion of the Friendship Pass port's operational scope [2] - The city has achieved breakthroughs in trade categories and modes, including the first general trade export of new cars and the import of durians through the Nangyao channel [2] - The cross-border e-commerce trade value reached 21.4 billion yuan in 2024, marking a year-on-year increase of 441.77%, becoming a new engine for regional foreign trade growth [3] Group 2: Industrial Upgrading - Pingxiang is focusing on industrial chain upgrades and the cultivation of emerging industries, signing 13 key industrial projects in 2024, including traditional Chinese medicine processing and intelligent manufacturing [4] - The Pingxiang Industrial Park is accelerating its development, with infrastructure investment reaching 2.224 billion yuan in 2024, and 24 key infrastructure projects are being expedited [4] Group 3: Policy and Service Optimization - The city is enhancing its business environment, achieving a goal of 0.5 days for enterprise registration through streamlined services [6] - In 2024, Pingxiang received 10.34 million tourists, generating a total tourism revenue of 9.567 billion yuan, reflecting a year-on-year growth of 17.69% and 18.8% respectively [6] - The city is actively utilizing national policy advantages to promote the construction of the Pingxiang Industrial Park and transition from a "channel economy" to a "port economy" [6]