Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Views - The company is entering the robotics field, focusing on both organic growth and external expansion [2] - The robotics business includes care service robots, logistics service robots, AI companion robots, and humanoid robots, aiming to create a product system with application value [2][3] - The company has made significant technological advancements in motion control, scene voice interaction, and emotional experience for its robots [3] Financial Performance - In Q2 2025, the company reported revenue of 600 million, a decrease of 25% year-on-year, and a net profit attributable to shareholders of 50 million, down 57% [1] - For the first half of 2025, the company achieved revenue of 1.1 billion, a decrease of 21%, and a net profit of 90 million, down 58% [1] - The overseas revenue for the first half of 2025 was 880 million, down 16.78%, while domestic revenue was 260 million, down 33.54% [1] Business Development - The company is leveraging its subsidiary, Songlin Robotics Technology Co., Ltd., to develop a comprehensive robotics product system [2] - The focus is on enhancing the R&D team and utilizing existing technology in AI smart hardware and software algorithms for product development [2] - The company is also exploring acquisition opportunities and collaborating with outstanding enterprises and professional teams in the industry [2] Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 being 350 million, 410 million, and 470 million respectively, with corresponding P/E ratios of 39X, 32X, and 29X [4]

证券代码：603992 证券简称：松霖科技 公告编号：2025-065 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 关于 2025 年第三季度可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担法律责任。 一、 可转债发行上市概况 （一）经中国证券监督管理委员会《关于核准厦门松霖科技股 份有限公司公开发行可转换公司债券的批复》（证监许可[2022]1240 第 1 页 共 3 页 累计转股情况：截至 2025 年 9 月 30 日，累计有 372,145,000 元"松 霖转债"已转换成厦门松霖科技股份有限公司(以下简称"公司") 股份，因转股形成的股份数量累计为 23,747,588 股，占可转债转 股前公司已发行股份总额的 5.9219%。 未转股可转债情况：截至 2025 年 9 月 30 日，公司尚未转股的"松 霖转债"金额为 237,850,000 元，占"松霖转债"发行总量的 38.9918%。 本季度转股情况：自 2025 年 7 月 1 日至 2025 年 9 月 30 ...

| 证券代码：603992 | 证券简称：松霖科技 | 公告编号：2025-064 | | --- | --- | --- | | 转债代码：113651 | 转债简称：松霖转债 | | 厦门松霖科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 10 月 17 日 （星期五） 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 10 日 （星期五） 至 10 月 16 日 （星期 四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 irm@solex.cn 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 厦门松霖科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 ...

Core Viewpoint - As of September 25, a total of 126 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Shandong Publishing, which has seen net buying for 16 consecutive trading days [1] - Other notable stocks with significant net buying days include Dashengda, Guangming Meat, Songlin Technology, Liuhua Co., Tianlong Co., Zhongnan Media, China Merchants Port, and Shapuaisi [1]

Core Viewpoint - As of September 22, a total of 121 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Health元, which has seen net buying for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include Shandong Publishing, Aima Technology, Liu Hua Co., New Light Optoelectronics, Guangming Meat, Songlin Technology, Dashengda, and Shengda Biology [1]

●已履行的审议程序：厦门松霖科技股份有限公司（以下简称"公 司"）于 2024 年 12 月 16 日召开第三届董事会第十六次会议、第三 届监事会第十五次会议，并审议通过《关于公司使用闲置募集资金进 行现金管理的议案》，同意公司使用最高额度不超过人民币 35,000 万 元（含）的暂时闲置募集资金，在确保日常经营资金需求和资金安全 的前提下，公司利用闲置募集资金购买安全性高、流动性好的产品， 以增加投资收益，使用期限自董事会审议通过之日起 12 个月内有效， 公司可在上述额度及期限内循环滚动使用。公司监事会对该事项发表 了同意意见，保荐机构对该事项出具了无异议的核查意见。 厦门松霖科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： ●本次现金管理产品种类：银行结构性存款 ●本次受托方：兴业银行厦门文滨支行 ●本次赎回金额：人民币 6,900 万元 ●本次投资金额：人民币 8,200 万元 证券代码：603992 证券简称：松霖科技 公告编号：202 ...

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of a subsidy policy for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - Six listed bathroom product companies reported a total revenue of 10.076 billion yuan, a year-on-year decrease of 9.5% - Arrow Home ranked first with a revenue of 2.837 billion yuan, surpassing the second-ranked Jianlin Home by approximately 451 million yuan - Rietter's revenue fell significantly by 19.5% to 920 million yuan compared to the first half of 2024 [1] Cost Control - Operating costs for bathroom product companies generally decreased due to business contraction, with Arrow Home and Jianlin Home's cost reductions outpacing revenue declines - Arrow Home's operating cost was 2.001 billion yuan, leading the sector [1] Expense Efficiency - Jianlin Home was the only company to see an increase in sales, management, and R&D expenses year-on-year - Rietter reduced all three expense categories, while Huida Bathroom had the highest sales expense ratio at 11.8% - Songlin Technology had the highest management expense ratio at approximately 13.5% [1] Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, while the combined net profit/loss of the other five companies was only 165 million yuan - Jianlin Home also experienced the smallest decline in net profit compared to the first half of 2024 [1] Profit Quality - Only Arrow Home reported a net outflow in operating cash flow, while Songlin Technology, Jianlin Home, and Huida Bathroom saw a year-on-year decrease in net operating cash flow - Huida Bathroom had high accounts receivable and inventory turnover days, at 98 days and 160 days respectively, affected by the weak performance of upstream real estate companies [1]

Core Viewpoint - The domestic real estate market in China continues to face pressure in the first half of 2025, impacting related industries such as home furnishings and sanitary ware, with significant declines in investment, construction, and sales metrics [1][3]. Investment and Construction - Residential investment reached 3.58 trillion yuan, down 10.4% year-on-year - New residential construction area was 22.3 million square meters, a decrease of 19.6% - Completed residential area was 16.3 million square meters, down 15.5% [1]. Sales Performance - Residential sales area declined by 3.7% - New residential property sales amounted to 442 billion yuan, down 5.5%, with residential sales dropping by 5.2% [1]. Home Furnishing Industry Impact - The home furnishing industry is affected, but the implementation of trade-in subsidies for durable consumer goods since Q4 2024 has somewhat mitigated the downturn [1]. - In the first half of 2025, revenue for furniture manufacturing enterprises above designated size totaled 302.39 billion yuan, down 4.9%, while total profit fell by 23.1% to 10.64 billion yuan [1]. Financial Performance of Sanitary Ware Companies - Six listed sanitary ware companies reported a combined revenue of 10.076 billion yuan, down 9.5%, with a total net profit of 403 million yuan, compared to 681 million yuan in the same period of 2024 [1][3]. - Arrow Home led in revenue with 2.837 billion yuan, while Seagull Home reported a net loss of 26.06 million yuan, marking its first loss since 2009 [11]. Cost Control - Operating costs for sanitary ware companies generally decreased, with Arrow Home's costs at 2.001 billion yuan, 1.15 times that of the second-largest, Jianlin Home [4]. - Seagull Home's operating cost ratio was notably high at 87.1%, primarily due to geopolitical tensions affecting export costs [4]. Expense Efficiency - Jianlin Home was the only company to see increases in sales, management, and R&D expenses, while others like Ruierte reduced all three [7]. - Huida Sanitary had the highest sales expense ratio at 11.8% [7]. R&D Investment - R&D expense ratios for sanitary ware companies ranged from 3% to 5%, with Songlin Technology leading at 10.2% [8]. - Huida Sanitary's R&D expenses fell over 33% due to project fluctuations [8]. Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, the highest among peers, with a minimal decline of 8.0% year-on-year [11]. - Seagull Home's net profit margin was -2.4%, the lowest among the companies analyzed [11]. Cash Flow and Quality - Only Arrow Home reported a net outflow in operating cash flow, while others like Songlin Technology and Jianlin Home saw declines in cash flow net amounts [14]. - Huida Sanitary's accounts receivable and inventory turnover days were notably high, indicating potential liquidity issues [16].

Group 1 - The stock of Songlin Technology (603992) fell by 7.38% today, with a turnover rate of 1.90% and a trading volume of 243 million yuan, showing a fluctuation of 11.88% [2] - Institutional investors net sold 32.84 million yuan, while the Shanghai-Hong Kong Stock Connect saw a net sell of 2.42 million yuan, leading to a total net sell of 52.45 million yuan from brokerage seats [2] - The stock was listed on the Shanghai Stock Exchange due to a daily decline deviation of -7.51%, with institutional specialized seats contributing to the majority of the net sell [2] Group 2 - For the first half of the year, the company reported a revenue of 1.14 billion yuan, a year-on-year decrease of 21.23%, and a net profit of 93.09 million yuan, down 57.92% year-on-year [3] - The top five brokerage seats accounted for a total transaction volume of 116 million yuan, with a buying amount of 37.75 million yuan and a selling amount of 78.26 million yuan, resulting in a net sell of 40.51 million yuan [3] - The main fund flow for the stock showed a net outflow of 1.28 million yuan today, with a significant single order net outflow of 6.71 million yuan and a large order net inflow of 5.43 million yuan [2][3]

Group 1 - The renovation and building materials sector experienced a slight increase, closing at 15024.46 points with a growth rate of 0.43% [1] - Several stocks in the renovation and building materials sector saw price increases, with Luopuskin leading at 5.86 CNY per share, up 9.94% [1] - Beijing Lier closed at 9.17 CNY per share, with a growth rate of 6.38%, ranking second in the sector [1] - Filinger closed at 29.18 CNY per share, with a growth rate of 6.30%, ranking third in the sector [1] - Zhongyuan Home fell to 15.36 CNY per share, leading the decline with a drop of 10.02% [1] - Songlin Technology closed at 28.99 CNY per share, with a decline of 7.38%, ranking second in losses [1] - Gujia Home closed at 30.80 CNY per share, down 2.28%, ranking third in losses [1] Group 2 - According to a report by EIU Think Tank, the smart home market in China is expected to exceed 1 trillion CNY by 2025 [1] - Major players in the internet, home appliances, and traditional hardware sectors are increasingly entering the smart home market, leading to enhanced product supply and technological development [1] - The expansion of the smart home market is becoming more pronounced due to the growing availability of products and advancements in technology [1]