国泰海通证券股份有限公司 关于上海索辰信息科技股份有限公司 使用部分超募资金永久补充流动资金的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 上海索辰信息科技股份有限公司（以下简称"索辰科技"或"公司"）首次公开 发行股票并在科创板上市的持续督导机构，根据《证券发行上市保荐业务管理办 法》 《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自 律监管指引第1号——规范运作》 《上市公司募集资金监管规则》等有关规定履行 持续督导职责，对公司本次拟使用部分超募资金补充流动资金事项进行了谨慎核 查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可〔2023〕461号《关于同意上海索辰信 息科技股份有限公司首次公开发行股票注册的批复》的同意，公司向社会公开发 行人民币普通股（A股）10,333,400股，发行价格245.56元/股，募集资金总额为 人民币2,537,469,704.00元，扣除各项发行费用后的实际募集资金净额为人民币 审验并于2023年4月12日出具了中汇会验20233083号《验资报告》。公司已按相 关规则要求对募集资金进行了专户 ...

证券研究报告 | 2025 年 06 月 13 日 晨会集萃 制作：产品中心 重点推荐 《固收|美债仍有上行压力？》 一、拉长时间看，美债似乎进入拐点。期限溢价从 2023 年下半年开始持 续上行，背后是市场对美国财政问题恶化、贸易政策不确定性的担忧。一 些历史规律也在失效，铜金比和 10Y 美债走势不再相关，或反映了投资 者正在重新定价美国国债的避险属性。二、下半年美债怎么看？展望下半 年，关税和财政问题延续，10Y 美债收益率预计继续在当前 4.2–4.6%区 间附近震荡，但三季度面临进一步上行的风险。美债信用下降的背景下， 期限利差将继续扩大、利率曲线进一步陡峭化。三季度，核心因素是关税、 财政法案。关注一是 7 月 9 日对等关税的"暂停期"到期后，关税是否落 地执行；二是财政法案方面，两党博弈或在 8 月进入最后阶段。四季度， 核心因素在于美联储。从目前联储官员表态来看，相比于降息以预防衰退， 维持高利率来控通胀仍然更为重要。受益于移民流入的下降，就业数据尚 稳健；而关税对通胀的传导，美联储或需更多时间观察数据结果。年内或 降息 1-2 次，但不足以带动长端利率显著下行。 风险提示：特朗普关税谈判超 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-06 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250603：复盘 200 年，贸易战何去何从？ 通过复盘自 1800 年至今 200 余年的全球贸易历史，以及结合近期东部沿 海省份"造船厂-船东-船公司-货代及外贸公司-实体制造业"外贸产业链 调研反馈，我们的研究表明： 首先，复盘全球贸易历史看，汇率、非关 税壁垒可能取代关税成为更加关键的"贸易交锋"工具。 其次，国内多 数外贸企业认为由于在根本矛盾上的冲突，中美贸易谈判过程未来或将 "一波三折"，企业可能需要持续控制对美出口风险敞口。 再次，如果加 征关税无法实现美方贸易竞争的主要目的，那么参考过去 200 年全球贸 易历史特别是 1970s-1990s 美日德贸易竞争阶段的美方举措，未来美国政 府可能在非关税壁垒、汇率等方面发起更多挑战。 最后，在控制对美出 口风险敞口的过程中，拓展非美出口、"出口转内销"、"出海"等关键手 段仍待企业端摸索落地方式，年内外贸前景仍面临高度不确定性。 宏观深度报告 20250602：人民币汇率：会否升 ...

速腾聚创发布2025Q1业绩，机器人产品销量高增长【国信汽车旭霞团队】 公司发展近况：截至2025年3月底，公司已成功取得30家汽车整车厂及一级供应商的超过100款车型的量 产定点订单，并为其中12家客户的38款车型实现SOP。2025年1月，公司发布全球首款千线超远距数字 激光雷达EM4，具备1080线发射能力和最远600米探测距离，同时推出两款面向汽车与机器人市场的新 品激光雷达E1R与Airy，以及第二代灵巧手Papert 2.0，拥有20个自由度和14个力传感器。 2025年2月，公司在深圳举办第100万台激光雷达下线仪式，这台激光雷达已正式交付予人形机器人（上 海）有限公司。这标志着速腾聚创成为全球首家达成百万台高线数激光雷达下线的企业。 2025年3月，公司正式推出首款基于Active Camera平台打造的新型机器人视觉产品AC1及AI-Ready生态 系统，AC1是首款实现激光雷达、摄像头与IMU的硬件级融合的传感器，具备120°×60°超大FoV、70米 测距能力2025年4月，公司正式发布全新一代数字化激光雷达EMX，其具备真192线、每秒288万点的高 清点云输出、300米超远探测距离和 ...

速腾聚创实现总营收约3.3亿元，去年同期为3.61亿元；毛利增长至7701万元，同比大幅增长73.1%。速 腾聚创收入波动，很大程度由于其头部客户小鹏汽车的战略转向纯视觉方案。2021年发布小鹏P5时， 车身上还装有激光雷达，之后推出的多款车型也都搭载了激光雷达。然而3年后，2024年7月推出P7+车 型时，激光雷达就开始被去除，采用纯视觉方案。这些动作被视为小鹏从融合方案向纯视觉方案的全面 转向。 但得益于ADAS、机器人及其他产品应用毛利率的大幅提高，速腾聚创整体毛利率达23.5%，同比提升 11.2个百分点；同时净亏损显著收窄至9878.6万元，同比改善24.4%，表明运营效率的有效提升。 在AI机器人战略稳步推进、产品综合优势突出和产业加速发展等因素的共同推动下，一季度速腾聚创 机器人业务全面爆发，产品销量、收入等核心数据实现迅猛增长，为公司点燃业绩增长引擎注入强劲动 能。报告期内，在E1R及Airy销量的带动下，机器人业务激光雷达产品销量约11900台，同比增长 183.3%；同时实现收入7340.3万元，同比大幅增长87.0%。 在割草机器人领域，凭借高可靠性、高感知能力与高集成度等突出优势，速腾 ...

正是 得益于高毛利的机器人产品销量翻倍 以及 自研芯片带来的成本优势 和 产品组合优化 ， 速腾 聚创 一季度的毛利率同比 提升 11.2个百分点 至 23.5% 。同时， 速腾聚创一季度 的 净亏损显著 收窄至 9878.6万元，同比改善24.4% 。 机器人业务爆发成新引擎，数字化激光雷达引领全场景落地。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， RoboSense速腾聚创（2498.HK） 于 5月30日 发布 了 2025年第一季度未 经审核的财务业绩公告。 财报显示， 速腾聚创 今年 一季度实现营收 3.28亿元 （人民币，下同） 。其中， ADAS激光雷达 收入2.29亿元；泛机器人激光雷达收入0.73亿元，同比 增长 87%；解决方案及其他收入0.26亿 元，同比增长61%。 值得注意的是， 速腾聚创 一季度 机器人产品销量 为 11,900台，同比 大幅增长 183.3% 。 这里 需要指出的一点是， 速腾聚创 的 E1R 、 Airy激光雷达产品毛利率 高于 Ruby、Helios 、 Bpearl 系列等机械式激光雷达产 ...

索辰科技首次公开发行股票的发行费用合计22,172.06万元(不含税)，其中保荐承销费用19,231.02万元。 中国经济网北京5月27日讯索辰科技(688507.SH)今日股价下跌，截至收盘，该股报76.98元，跌幅 2.56%。 索辰科技于2023年4月18日在上交所科创板上市，发行数量为1,033.3400万股，发行价格为245.56元/ 股，保荐机构(主承销商)为海通证券股份有限公司(现名"国泰海通证券股份有限公司")，保荐代表人为 程韬、陈佳一。该股目前处于破发状态。 索辰科技首次公开发行股票募集资金总额253,746.97万元，募集资金净额为231,574.91万元。索辰科技最 终募集资金净额比原计划多134,684.55万元。索辰科技于2023年4月12发布的招股说明书显示，该公司拟 募集资金96,890.36万元，用于研发中心建设项目、工业仿真云项目、年产260台DEMX水下噪声测试仪 建设项目、营销网络建设项目、补充流动资金。 索辰科技于2023年6月13日披露的2022年年度权益分派实施公告显示，公司本次利润分配及转增股本以 方案实施前的公司总股本41,333,400股为基数，每股派发现金 ...

Group 1 - The stock price of Suochen Technology (688507.SH) fell by 5.05% to 76.69 yuan as of the close on May 15, 2023, indicating that the stock is currently in a state of decline since its IPO [1] - Suochen Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 18, 2023, with an issuance of 10.33 million shares at a price of 245.56 yuan per share, resulting in a total fundraising amount of approximately 253.75 million yuan [1] - The net fundraising amount was 231.57 million yuan, exceeding the original plan by 134.68 million yuan, with the funds allocated for various projects including R&D center construction and marketing network development [1] Group 2 - On June 13, 2023, Suochen Technology announced a profit distribution plan, distributing a cash dividend of 0.15 yuan per share and a capital increase of 0.48 shares for every share held, resulting in a total of 6.20 million yuan in cash dividends and 19.84 million shares being transferred [2] - The total share capital after the distribution will be 61.17 million shares, with the ex-dividend date set for June 20, 2023 [2] - For the 2023 annual profit distribution, approved on June 12, 2024, the company plans to distribute a cash dividend of 3.80 yuan for every 10 shares and a capital increase of 4.60 shares for every 10 shares held, with the ex-dividend date set for June 19, 2024 [2]

Summary of 10X Genomics (TXG) 2025 Conference Call Company Overview - **Company**: 10X Genomics (TXG) - **Date of Conference**: May 13, 2025 Key Points Industry Context - The macroeconomic environment has changed significantly, impacting funding for customers, particularly in U.S. academic and government markets [4][10][12] - There is ongoing uncertainty regarding future funding and budget allocations, leading to cautious spending among customers [10][11][12] Financial Performance - The company reported robust growth in reactions and volumes for Chromium consumables, indicating strong fundamentals despite macro pressures [6][7] - The first quarter guidance was suspended due to uncertainty, but a quarterly guidance was provided with a projected growth of 1% from Q1 to Q2 [13][15] - The company experienced a 22% growth in China, indicating strong international performance [17] Product Development and Market Position - The introduction of new products aimed at lowering the price per reaction has driven growth in the single-cell market [6][38] - The Xenium platform is gaining traction, with customers increasingly recognizing its value alongside single-cell technologies [30][32] - The company is focused on expanding its product offerings and improving customer experience to maintain a competitive edge [44][46] Customer Insights and Trends - Customers are showing a preference for established brands during uncertain budget periods, which benefits 10X Genomics [48] - There is a growing demand for both single-cell and spatial technologies, with customers increasingly seeing them as complementary rather than competitive [30][31] Competitive Landscape - The competitive environment remains challenging, but 10X Genomics believes its product quality and customer service will help retain market share [44][46] - The company is actively addressing pricing concerns to remain competitive while ensuring product value [47][48] Future Outlook - The company is optimistic about the long-term growth potential in the biopharma sector, with plans to enhance commercial infrastructure and focus on routine use of its technologies [58][59][60] - Sustained progress is expected to take time, but there is confidence in achieving growth comparable to academic markets [60] Additional Insights - The company has made significant changes to its sales force, focusing on dedicated teams for biopharma accounts and Xenium instruments [49][50] - Cost-cutting measures were implemented, particularly in R&D, to maintain financial health without undermining sales efforts [52] This summary encapsulates the key insights and developments discussed during the conference call, highlighting the company's performance, market dynamics, and strategic direction.

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $155 million, with $138 million excluding license and royalty revenue, down 2% year over year [8][22] - Total consumables revenue was $115.4 million, up 5%, while instrument revenue was $14.8 million, down 42% [22][24] - Gross profit for Q1 was $105.4 million, with gross margins increasing to 68% from 66% year over year [25] - Operating loss for Q1 was $39.3 million, compared to a loss of $61.5 million in the same period last year [27] Business Line Data and Key Metrics Changes - Chromium consumables revenue was approximately flat at $84.1 million, while spatial consumables revenue increased by 18% to $31.2 million, driven by Xenium consumables [22][23] - Instrument revenue saw a significant decline, with Chromium instrument revenue down 25% and spatial instrument revenue down 49% [24][25] Market Data and Key Metrics Changes - Revenue in the Americas decreased by 7% to $73.8 million, EMEA decreased by 8% to $31.9 million, while APAC increased by 22% to $32.4 million [25] - Instrument revenue declined across all geographies, although strong consumable sales helped offset the impact in APAC [25] Company Strategy and Development Direction - The company is navigating a challenging macro environment, withdrawing full-year revenue guidance and implementing quarterly guidance due to uncertainty in U.S. academic and government research funding [12][29] - A reduction in workforce by approximately 8% has been implemented to enhance efficiency and protect the balance sheet [14][32] - The company is focused on product innovation and has seen increased usage of its products, particularly in single-cell and spatial biology [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current challenges and emphasized the importance of maintaining a strong balance sheet [12][14] - The macro environment has created uncertainty, leading to unpredictable customer purchasing behavior and reduced visibility on the outlook for the year [11][29] - Management remains optimistic about long-term growth potential despite current turbulence, citing strong fundamentals and customer engagement [21][39] Other Important Information - The company has completed a sales reorganization to better address current challenges and has a strong cash position of $427 million at the end of Q1 [14][27] - Recent product launches have resonated well with customers, contributing to the company's technology leadership [13][17] Q&A Session Summary Question: Can you provide insights on recent customer conversations and the impact of NIH funding? - Management noted that conversations with customers have become increasingly dire due to uncertainty around funding, prompting cost-cutting measures among institutions [44][45] Question: How do you expect the year to play out regarding instrumentation versus consumables? - Management indicated that Q2 is expected to mirror Q1 trends, with pressure on CapEx in instrumentation but stable consumables performance [54][55] Question: What are the implications of the headcount reduction on future growth? - Management stated that the headcount reduction was carefully considered, with minimal impact on direct sales roles, and emphasized the importance of retaining talent for future growth [66][67] Question: How is the company addressing potential tariffs and demand in China? - Management confirmed that there has been no pull forward in demand due to tariffs, and they are actively working on mitigation strategies to maintain production capabilities [100]