北交所策略专题报告 2025 年 08 月 25 日 卓兆点胶收购广东浦森，设备与耗材强强联合客户互补，中报扭亏为盈 ——北交所策略并购专题报告第五期 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 政策鼓励北交所并购，前期并购事件推进中 从新"国九条"到"并购六条"，2024 年起，并购重组市场迎来了诸多积极信号。 产业整合、跨界并购，为产业发展注入了新的动力。此外，地方国资成立并购基 金的步伐也在加快，交易设计方面的创新层出不穷，上市公司亦借助并购重组的 力量积极拓展国际市场。定位为主要服务创新型中小企业的北交所，能够及时把 握并购机遇。我们认为，在北交所公司并购的趋势方向上，应重点关注：（1）同 一集团内优质资源整合；（2）新质生产力行业外延并购；（3）"强链补链"扩张 版图式并购。截至 2025 年 8 月 24 日，北交所共发生 32 家次重要投资并购事件。 卓兆点胶收购广东浦森 51%股权，是 "设备+耗材"协同并购的标杆案例 （1）交易设计：全资子公司苏州卓兆自动化科技有限公司以人民币 9,690 万元 收购广东浦森塑胶科技有限公司 ...

Core Insights - As of August 17, 25 companies listed on the Beijing Stock Exchange disclosed their 2025 semi-annual reports, with 22 companies reporting year-on-year revenue growth [1] - Notably, Zhuozhao Adhesive achieved the highest revenue growth rate at 207.46%, while several other companies, including Binhang Technology, Jinbo Biology, Tongxin Transmission, Haineng Technology, and Mingyang Technology, reported revenue growth rates exceeding 30% [1] - Zhuozhao Adhesive and Jinbo Biology plan to distribute interim dividends, indicating a commitment to returning value to investors [1] Revenue and Profit Performance - Among the 25 companies that disclosed their mid-year reports, 24 reported positive net profits, with only Optai experiencing a loss [2] - 18 companies saw year-on-year growth in net profit, with Zhuozhao Adhesive, Haineng Technology, and Yingtai Biology successfully turning losses into profits [2] - Zhuozhao Adhesive reported a revenue of 156 million yuan, a 207.46% increase year-on-year, and a net profit of 26.78 million yuan, recovering from a loss of 12.03 million yuan in the same period last year [2] - The growth in Zhuozhao Adhesive's performance is attributed to increased demand in end-use applications, accelerated acceptance of existing projects, progress in new market development, and improved cost control and operational efficiency [2] Sector-Specific Insights - Yingtai Biology also turned a profit in the first half of 2025, reporting a revenue of 2.966 billion yuan, a 3.04% increase, and a net profit of 15.29 million yuan, recovering from a loss of 79.38 million yuan [3] - The agricultural chemical sector is experiencing a structural recovery, with improved supply and demand dynamics and price increases in certain product segments due to seasonal demand and overseas restocking [3] - Haineng Technology reported a total revenue of 136 million yuan, a 34.87% increase, and a net profit of 5.47 million yuan, recovering from a loss of 14.02 million yuan [3] - The company is focusing on high-efficiency chromatography instruments and expanding into new market segments, which contributed to a 61.71% increase in revenue from chromatography and spectroscopy products [3] Dividend Distribution Plans - As of August 17, Zhuozhao Adhesive, Jinbo Biology, and two other companies plan to distribute a total cash dividend of 176 million yuan [4] - Zhuozhao Adhesive plans to distribute 2.20 yuan per 10 shares, totaling approximately 18.06 million yuan [4] - Jinbo Biology intends to distribute 10 yuan per 10 shares, amounting to about 115 million yuan, with a revenue of 859 million yuan and a net profit of 392 million yuan, reflecting a year-on-year growth of 42.43% and 26.65%, respectively [4] - Mingyang Technology plans to distribute 2.25 yuan per 10 shares, with a total cash dividend of around 30 million yuan, reporting a revenue of 167 million yuan and a net profit of 31.88 million yuan, a slight decrease of 4% year-on-year [4] - Jianbang Technology also announced a cash dividend of 2 yuan per 10 shares, totaling approximately 13.16 million yuan, with a revenue of 375 million yuan and a net profit of 49.41 million yuan, reflecting a year-on-year growth of 20.77% and 27.18%, respectively [5]

Core Insights - As of August 17, 25 companies listed on the Beijing Stock Exchange disclosed their 2025 semi-annual reports, with 22 companies reporting year-on-year revenue growth [1][2] - Notably, Zhuozhao Adhesive achieved the highest revenue growth rate at 207.46%, while several other companies, including Xingbo Biology and Mingyang Technology, also reported revenue growth exceeding 30% [1][2] Revenue Growth - Zhuozhao Adhesive reported a revenue of 156 million yuan, marking a year-on-year increase of 207.46% and a net profit of 26.78 million yuan, recovering from a loss of 12.03 million yuan in the same period last year [2] - The revenue growth for Zhuozhao Adhesive was attributed to increased demand in end-use applications, accelerated acceptance of existing projects, progress in new market development, and improved cost control and operational efficiency [2] - Xingbo Biology achieved a revenue of 2.966 billion yuan, with a year-on-year growth of 3.04%, and a net profit of 15.29 million yuan, recovering from a loss of 79.38 million yuan last year [3] - Haineng Technology reported total revenue of 136 million yuan, a year-on-year increase of 34.87%, and a net profit of 5.47 million yuan, recovering from a loss of 14.01 million yuan in the previous year [3] Dividend Distribution - Zhuozhao Adhesive, Xingbo Biology, and other companies plan to distribute a total cash dividend of 176 million yuan [4] - Zhuozhao Adhesive announced a cash dividend of 2.20 yuan per 10 shares, totaling approximately 18.06 million yuan [4] - Xingbo Biology plans to distribute a cash dividend of 10 yuan per 10 shares, amounting to about 115 million yuan [4] - Mingyang Technology intends to distribute a cash dividend of 2.25 yuan per 10 shares, totaling around 3 million yuan [4] - Jianbang Technology announced a cash dividend of 2 yuan per 10 shares, totaling approximately 1.32 million yuan [5]

Group 1: Company Performance - As of August 17, 25 companies listed on the Beijing Stock Exchange disclosed their 2025 semi-annual reports, with 22 companies achieving year-on-year revenue growth [1] - Zhuozhao Adhesive reported the highest revenue growth rate at 207.46%, followed by companies like Xinghang Technology, Jinbo Biology, Tongxin Transmission, Haineng Technology, and Mingyang Technology, all exceeding 30% growth [1] - Zhuozhao Adhesive achieved a revenue of 156 million yuan and a net profit of 26.78 million yuan, recovering from a loss of 12.03 million yuan in the same period last year [2] - Yingtai Biology also turned a profit with a revenue of 2.966 billion yuan, a year-on-year increase of 3.04%, and a net profit of 15.29 million yuan, recovering from a loss of 79.38 million yuan [3] - Haineng Technology reported a total revenue of 136 million yuan, a year-on-year increase of 34.87%, and a net profit of 5.47 million yuan, recovering from a loss of 14.01 million yuan [3] Group 2: Dividend Plans - Zhuozhao Adhesive, Jinbo Biology, and two other companies plan to distribute a total cash dividend of 176 million yuan [4] - Zhuozhao Adhesive plans to distribute 2.20 yuan per 10 shares, totaling approximately 18.06 million yuan [4] - Jinbo Biology plans to distribute 10 yuan per 10 shares, totaling approximately 115 million yuan [4] - Mingyang Technology plans to distribute 2.25 yuan per 10 shares, totaling approximately 3 million yuan [4] - Jianbang Technology plans to distribute 2 yuan per 10 shares, totaling approximately 1.32 million yuan [5]

新京报贝壳财经讯(记者黄鑫宇)8月12日，北交所上市公司卓兆点胶(即苏州卓兆点胶股份有限公司， 873726.BJ)发布了2025年半年报。今年初实现并表的产业链并购企业广东浦森塑胶科技有限公司(即广东 浦森)，成为其业绩修复的最大功臣；同时，在新增重点客户方面，卓兆点胶透露，公司当前已进入宁 德时代（300750）供应商体系。 公开信息显示，卓兆点胶主营业务为高精度智能点胶设备、点胶阀及其核心部件以及点胶耗材配件的研 发、生产和销售；其他业务收入则主要系设备租赁收入。 截至2025年6月末，卓兆点胶实现营业收入约1.56亿元，同比大增207.46%；实现归母净利润约2678.27 万元，同比增幅达322.66%，较上年同期的-1202.83万元，卓兆点胶本期扭亏为盈。 对于卓兆点胶上半年的业绩表现，市场给予积极反应。8月12日早间开盘后不久，卓兆点胶股价涨至 20.62%；截至当日收盘，卓兆点胶涨幅为7.70%，收于34.68元/股，当前总市值为28.46亿元。 对于今年上半年净利润和营业收入的同比大幅增长，卓兆点胶坦言，这主要受益于存量项目验收推进、 阀体及配件订单确认周期缩短，以及并购广东浦森带来的收入 ...

Investment Rating - The report gives a "Buy" rating for the company, 卓兆点胶, marking its first coverage in this regard [1]. Core Insights - The company is positioned as a leader in the intelligent dispensing equipment industry, benefiting from the rapid growth of the smart wearable sector and expanding its technological avenues through acquisitions [3][9]. - The intelligent dispensing equipment market is projected to grow significantly, with a forecasted global market size of $10.68 billion by 2028, driven by the demand for smart devices like smart glasses and headphones [9][38]. - The company has a robust intellectual property system covering the entire chain from core components to complete equipment and application processes, which supports its competitive edge [9][49]. Summary by Sections 1. Company Overview - 卓兆点胶 is a technology-driven high-tech enterprise engaged in the R&D, production, and sales of high-precision intelligent dispensing equipment and valves [14]. - The company offers a full range of dispensing valve products and customizes intelligent dispensing solutions based on customer needs [14]. 2. Market Expansion - The intelligent dispensing equipment market is rapidly expanding, with strong demand in consumer electronics, particularly in smart glasses and smart headphones [39][41]. - The company aims to deepen its presence in the semiconductor and new energy sectors, leveraging its technological reserves to explore new application markets [52]. 3. Financial Performance - The company experienced significant revenue fluctuations, with a projected revenue of 1.25 billion yuan in 2024, down 52.35% year-on-year, but is expected to rebound with a revenue forecast of 3.40 billion yuan by 2025 [20][9]. - The report anticipates a net profit of 54.33 million yuan in 2025, with an EPS of 0.66 yuan, reflecting a strong recovery trajectory [1][9]. 4. Acquisition Strategy - In 2024, the company acquired Guangdong Pusen, a leading enterprise in dispensing consumables, which is expected to enhance its competitive advantage and customer base [54]. - The acquisition is anticipated to create a comprehensive service chain combining precision equipment, specialized consumables, and process solutions, thereby increasing customer loyalty and opening high-value markets [54]. 5. Technological Development - The company has established several R&D centers and has been recognized as a high-tech enterprise, focusing on advanced dispensing technologies and automation solutions [45][46]. - It has a dual-track R&D model that emphasizes both foundational and application research, aiming to build long-term technological barriers and enhance product competitiveness [50].

Group 1: Investor Relations Activity - The company held an annual performance briefing on May 16, 2025, via the "Value Online" platform [3] - Key attendees included the Chairman, General Manager, Board Secretary, and Financial Director [3] Group 2: Business Strategy and Market Expansion - The company plans to expand into new application areas while optimizing its organizational structure to support core and emerging business [5] - In 2025, the company aims to focus on high-end application scenarios, targeting four growth areas: semiconductor packaging, photovoltaic component sealing, and electric vehicles [5] - The company is diversifying its product matrix to include various types of dispensing valves, catering to different fluid control needs [5] Group 3: Revenue Structure and Client Base - In 2024, sales to Apple and its EMS manufacturers accounted for less than 80% of total revenue, indicating reduced reliance on the Apple supply chain [6] - The company is actively pursuing high-end markets outside the Apple ecosystem, particularly in electric vehicles, photovoltaics, and semiconductors [6] Group 4: Industry Outlook - The global dispensing machine market is projected to reach $10.68 billion by 2028, with China's precision fluid control equipment market expected to reach ¥49.06 billion by 2025 [7] - The consumer electronics sector is experiencing a decline in some products, but the wearable device market is growing rapidly [8] - The electric vehicle market is anticipated to reach a penetration rate of 30% in China by 2025, with sales expected to hit 11.5 million units [8] Group 5: Market Management and Shareholder Communication - The company is committed to market value management and will comply with regulations regarding shareholding changes [9] - The controlling shareholder's stock is currently under lock-up, and any future reductions will be disclosed in accordance with legal requirements [9] Group 6: Technical Capabilities and Product Development - The company has established applications in semiconductor packaging but faces uncertainty regarding the timeline for achieving large-scale sales [10] - The precision of dispensing technology is crucial in semiconductor packaging, with advancements in non-contact dispensing methods enhancing operational efficiency [10]

证券简称： 卓兆点胶 证券代码： 873726 江苏省苏州市高新区五台山路 189 号 苏州卓兆点胶股份有限公司 苏州卓兆点胶股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经营与收 益变化或者股票价格变动引致的投资风险。 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露 ...

证券简称： 卓兆点胶 证券代码： 873726 苏州卓兆点胶股份有限公司 江苏省苏州市高新区五台山路 189 号 苏州卓兆点胶股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书注册稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出投资 ...

证券简称： 卓兆点胶 证券代码： 873726 江苏省苏州市高新区五台山路 189 号 苏州卓兆点胶股份有限公司 苏州卓兆点胶股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出投资 ...