Core Views - The report outlines the ongoing supervision work conducted by China International Capital Corporation for Aobo Zhongguang Technology Group, emphasizing the establishment and execution of a robust supervision system and work plan [1][3][5]. Supervision Work Status - The sponsor has established a sound supervision system and executed a corresponding work plan for ongoing supervision [1]. - A sponsorship agreement was signed between the sponsor and Aobo Zhongguang, clarifying the rights and obligations during the supervision period [1][2]. - Regular communication, site inspections, and due diligence are employed to monitor the company's operations [3][5]. Compliance and Governance - The company is required to adhere to the business rules and commitments set forth by the Shanghai Stock Exchange [4][6]. - The sponsor has ensured that Aobo Zhongguang has established effective corporate governance and internal control systems [4][5]. - The company has been monitored for compliance with information disclosure regulations, ensuring that no misleading statements or omissions occur [6][9]. Financial Performance - For the first half of 2025, the company reported a revenue of RMB 435.47 million, a 104.14% increase compared to the same period in 2024 [14]. - The net profit attributable to shareholders was RMB 60.19 million, showing a significant recovery from a loss of RMB 53.37 million in the previous year [14]. - The total assets as of June 30, 2025, were RMB 332.71 million, with total liabilities decreasing by 14.53% to RMB 38.86 million [14]. Core Competitiveness - The company has developed a comprehensive 3D visual perception technology system, showcasing its capabilities in optical design, chip development, and algorithm optimization [15][21]. - Aobo Zhongguang has a strong talent pool, with a significant number of team members holding advanced degrees and extensive experience in the field [17]. - The company has established a complete industrial chain, collaborating with leading clients and suppliers to enhance its market position [18][19]. Research and Development - The total R&D expenditure for the first half of 2025 was RMB 91.18 million, representing a decrease of 14.02% compared to the previous year [22]. - The R&D investment accounted for 20.94% of the company's revenue, indicating a strategic focus on innovation despite a reduction in absolute spending [22]. - The company continues to advance its 3D visual perception technology, aiming to meet the growing market demands [23]. Use of Raised Funds - As of June 30, 2025, the company reported a remaining balance of RMB 3.05 million from its fundraising activities, with funds allocated appropriately according to regulatory requirements [24][25].

Core Viewpoint - The machine vision sector is experiencing significant growth, driven by increased demand in various applications and advancements in technology, particularly AI and 3D vision integration [1][2][3] Group 1: Market Performance - The machine vision index rose by 12.16% from July 14 to August 13, while the CSI 300 index increased by 4.03% during the same period [1] - Over the past year, the machine vision index surged by 90.43%, compared to a 25.26% rise in the CSI 300 index [1] Group 2: Company Performance - Aobi Zhongguang Technology Group Co., Ltd. reported a revenue of 435 million yuan for the first half of the year, marking a 104.14% year-on-year increase, and achieved a net profit of 60.19 million yuan, turning from loss to profit [1][2] - The growth in Aobi Zhongguang's revenue is primarily attributed to the demand for 3D scanning and payment applications, with a focus on industrial robots and smart logistics [2] Group 3: Industry Trends - The demand for 3D vision is intensifying, especially in the robotics sector, as traditional robots evolve towards embodied intelligence, necessitating capabilities for autonomous movement, recognition, and interaction [2] - The machine vision industry is consolidating around high-quality assets, exemplified by Lionhead Technology's acquisition of a majority stake in Lipotek Technology for 662 million yuan, aimed at enhancing its machine vision capabilities [3] - The Chinese machine vision market is projected to exceed 21 billion yuan by 2025, with a year-on-year growth rate of over 14% [3]

Core Viewpoint - The company reported significant revenue growth in 2024, driven by advancements in the AIoT sector, although it still faced net losses, which have narrowed considerably compared to the previous year [1][5]. Group 1: Financial Performance - The company achieved total revenue of 564 million yuan in 2024, representing a year-on-year increase of 56.8% [1]. - The net profit attributable to shareholders was -62.91 million yuan, a substantial improvement from -276 million yuan in 2023, reflecting a 77.2% reduction in losses [1][5]. Group 2: AIoT Sector Growth - The AIoT sector emerged as a key growth engine, with the company actively expanding its market presence and applying 3D visual perception technology across various industries [4]. - Collaborations with leading firms in service and industrial robotics have been established, enhancing the company's technological advantages and product offerings [4]. Group 3: Cost Control and Profitability Challenges - Despite the reduction in losses, the company continues to face profitability pressures, with a non-GAAP net profit of -112 million yuan [5]. - The company needs to focus on cost control and improving profitability to sustain its growth trajectory [5][6]. Group 4: Technological Advancements - The company has increased its investment in R&D, launching new products like the Gemini335 and Gemini336 series dual-camera systems, which utilize proprietary depth engine chips [7]. - Collaborations with international research institutions are ongoing to explore applications of 3D visual technology, indicating a commitment to innovation and long-term growth [7].