Market Overview - The Shanghai Composite Index closed at 3986.90 points, above the six-month moving average, with a decline of 0.73% [1] - The total trading volume of A-shares reached 246.43 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 48 A-shares have surpassed the six-month moving average today, with notable stocks including: - Boke Co., Ltd. (涨幅 14.10%, 乖离率 10.80%) - Langzi Co., Ltd. (涨幅 10.02%, 乖离率 7.67%) - Zhongrui Co., Ltd. (涨幅 10.14%, 乖离率 7.49%) [1] Stocks with Significant Deviation Rates - Stocks with the largest deviation rates from the six-month moving average include: - Boke Co., Ltd. (乖离率 10.80%) - Langzi Co., Ltd. (乖离率 7.67%) - Zhongrui Co., Ltd. (乖离率 7.49%) [1] - Other stocks with notable performance include: - Tongli Rising (涨幅 9.99%, 乖离率 7.25%) - Guangha Tongxin (涨幅 8.06%, 乖离率 6.24%) [1] Additional Stocks with Minor Deviations - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Tangshan Port (乖离率 marginal) - Shanxi Fenjiu (乖离率 marginal) - Yanhua Intelligent (乖离率 marginal) [1]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [7][9]. Core Insights - The company reported a revenue of 510 million RMB for the first three quarters of 2025, representing a year-over-year increase of 28.4%. The net profit attributable to the parent company was 40 million RMB, up 37.5% year-over-year [8][9]. - The company is expected to benefit from the rapid growth in the robotics industry, with significant sales growth in core products such as frameless motors and servo wheels [9]. - The report slightly raises profit forecasts for 2025, 2026, and 2027, projecting net profits of 70 million, 101 million, and 122 million RMB respectively, with corresponding year-over-year growth rates of 43%, 45%, and 20% [9][11]. Company Overview - The company operates in the machinery equipment sector, with a current A-share price of 88.79 RMB and a market capitalization of 7.458 billion RMB [2]. - The major shareholder is Shanghai Bujin Information Consulting Co., Ltd., holding 38.40% of the shares [2]. - The company has a total of 90.83 million shares issued, with 84 million shares being A-shares [2]. Financial Performance - The company achieved a gross margin of 35.2% for the first three quarters of 2025, a slight decrease from the previous year [9]. - The net profit margin for the first three quarters improved to 6.8%, up 1.6 percentage points year-over-year [9]. - The report highlights a significant increase in quarterly revenue for Q3 2025, reaching 200 million RMB, which is a 41.3% increase year-over-year [8][9]. Market Position - The company focuses on the robotics sector, positioning itself as a provider of essential components for robots, which is expected to drive future sales growth [9]. - The report notes that the company has established partnerships with several leading robotics firms, contributing to a 55% year-over-year increase in sales revenue in the robotics industry for the first half of 2025 [9].

Core Viewpoint - The A-share market shows a slight increase with the Shanghai Composite Index at 4017.63 points, remaining above the six-month moving average, indicating a stable market trend [1]. Group 1: Market Performance - As of 10:29 AM today, the A-share total trading volume reached 1,170.496 billion yuan [1]. - The Shanghai Composite Index experienced a change of 0.03% [1]. Group 2: Stocks Breaking the Six-Month Line - A total of 81 A-shares have surpassed the six-month moving average today, with notable stocks including: - Buke Co., Ltd. (涨幅: 13.75%, 乖离率: 10.47%) - Langzi Co., Ltd. (涨幅: 10.02%, 乖离率: 7.67%) - Sijin Intelligent (涨幅: 10.01%, 乖离率: 7.64%) [1]. - Other stocks with smaller deviations from the six-month line include: - Qianjiang Motorcycle - Fushun Special Steel - Pino Technology [1]. Group 3: Detailed Stock Data - The following stocks have significant deviations from the six-month moving average: - Buke Co., Ltd. (Latest Price: 101.00 yuan, 半年线: 91.43 yuan) - Langzi Co., Ltd. (Latest Price: 18.99 yuan, 半年线: 17.64 yuan) - Sijin Intelligent (Latest Price: 14.94 yuan, 半年线: 13.88 yuan) [1]. - Additional stocks with notable performance include: - New Steel Co., Ltd. (涨幅: 6.98%, 乖离率: 6.65%) - Huaihe Energy (涨幅: 7.08%, 乖离率: 6.26%) [1].

Group 1 - The core viewpoint of the news is that Buke Co., Ltd. (688160.SH) reported a decrease in institutional investor holdings in its third-quarter report for 2025, with a total of 8 institutional investors holding 52.8333 million shares, representing 58.17% of the total share capital, a decline of 6.24 percentage points from the previous quarter [1] Group 2 - In the public fund sector, there were 3 funds that increased their holdings compared to the previous period, with an increase rate of 1.10% [2] - Conversely, 2 public funds reduced their holdings, with a decrease rate of 0.92% [2] - A total of 85 public funds did not disclose their holdings this period, including several notable funds such as AVIC Trend Leading Mixed Fund and Penghua New Energy Mixed Fund [2]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven primarily by its robotics sector, and announced plans to establish a subsidiary in Germany to enhance its international market presence [6][7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 508.63 million yuan, representing a year-on-year increase of 28.35% [6]. - The robotics segment generated sales revenue of 256.65 million yuan, with a remarkable year-on-year growth of 65.93% [6]. - The net profit attributable to shareholders reached 44.53 million yuan, up 37.54% compared to the same period last year [6]. - The net profit, excluding the impact of share-based payments, was 60.95 million yuan, reflecting a substantial increase of 67.47% year-on-year [6]. Strategic Developments - On September 24, 2025, the company’s board approved a proposal to establish a wholly-owned subsidiary in Germany, with an investment of 100,000 euros [7]. - This subsidiary aims to serve as a key operational hub in Europe, focusing on sales promotion, supply chain and logistics management, and customer technical support and services [7]. - The establishment of the German subsidiary is part of the company's strategy to enhance its "robotics going global" initiative and improve its competitive edge in overseas markets [7].

Core Insights - The company reported a revenue of 197,727,273.48 yuan for the third quarter of 2025, representing a year-on-year growth of 41.31% [1] - The net profit attributable to shareholders of the listed company was 18,418,505.66 yuan, showing a significant year-on-year increase of 96.22% [1] Financial Performance - Revenue for Q3 2025: 197.73 million yuan, up 41.31% year-on-year [1] - Net profit for Q3 2025: 18.42 million yuan, up 96.22% year-on-year [1]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The total operating revenue for the first three quarters reached 509 million yuan, representing a year-on-year growth of 28.35% [1] - The net profit attributable to shareholders was 44.53 million yuan, showing a year-on-year increase of 37.54% [1] - The basic earnings per share were reported at 0.52 yuan [1]

Investment Rating - The report maintains an "Outperform" rating for the machinery sector, indicating a positive outlook compared to the market [1]. Core Views - The machinery sector continues to show resilience, with a focus on high-growth areas such as construction machinery, shipbuilding, robotics, and AIDC [1][5]. - The report highlights a market uptrend, with traditional sectors like mining and metallurgy machinery gaining attention due to favorable market sentiment [5]. Summary by Sections 1. Machinery Sector Performance - In October, the CITIC machinery sector declined by 0.32%, underperforming the CSI 300 index by 1.94 percentage points, ranking 19th among 30 CITIC primary industries [4][10]. - Key sub-sectors such as mining and metallurgy machinery, nuclear power equipment, and shipbuilding saw significant gains, with increases of 8.2%, 6.05%, and 4.92% respectively [4][10]. 2. Engineering Machinery - In September, excavator sales reached 19,858 units, a year-on-year increase of 25.4%, while loader sales were 10,530 units, up 30.5% [22][31]. - The report suggests that the engineering machinery sector is in a recovery phase, with leading companies expected to see performance improvements [43]. 3. Robotics - Industrial robot production in September was 76,287 units, reflecting a year-on-year growth of 28.3% [44]. - The report emphasizes the upward cycle in the robotics industry, particularly in humanoid robots, which are gaining traction in the market [53]. 4. Shipbuilding - The shipbuilding sector is experiencing a period of adjustment, with new orders declining by 23.5% year-on-year, while the completion volume increased by 6% [54]. - Despite the decline in new orders, the profitability of shipbuilding companies is expected to continue recovering [54].

上海步科自动化股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 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： 投资种类：安全性高、流动性好、满足保本要求的投资产品（包括但不 限于结构性存款、协议存款、通知存款、定期存款、大额存单等） 证券代码：688160 证券简称：步科股份 公告编号：2025-066 投资金额：不超过人民币 2,800.00 万元 已履行及拟履行的审议程序：上海步科自动化股份有限公司（以下简称 "公司"）于 2025 年 10 月 28 日召开了第五届董事会第十四次会议，审议通过 了《关于使用部分暂时闲置募集资金进行现金管理的议案》。该事项在董事会审 批权限范围内，无需提交股东大会审议，保荐人国泰海通证券股份有限公司对本 事项出具了无异议的核查意见。 特别风险提示：公司及实施募投项目的子公司本次使用部分暂时闲置募 集资金进行现金管理，仅投资于安全性高、流动性好、满足保本要求的投资产品 （包括但不限于结构性存款、协议存款、通知存款、定期存款、大额存单等）， 该类投资产品主要受货币 ...

证券代码：688160 证券简称：步科股份 公告编号：2025-067 资产负债表日，存货采用成本与可变现净值孰低计量，公司评估存货可变现 净值，并按照存货成本高于可变现净值的差额计提存货跌价准备。对合同资产按 账龄组合确认资产减值准备并计入当期损益。2025 年前三季度公司合并报表口 径发生资产减值损失合计 503.21 万元。 （二）信用减值损失 公司以预期信用损失为基础，对应收账款、应收票据、其他应收款等进行了 分析和评估并相应计提减值准备。2025 年前三季度公司合并报表口径发生信用 减值损失合计 293.13 万元，主要由于公司 2025 年应收账款余额整体上升所致。 上海步科自动化股份有限公司 关于 2025 年前三季度计提信用减值损失及资产减值损失的 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、准确性和完整性依法承担法律责任。 一、2025 年前三季度计提资产减值准备情况 根据《企业会计准则第 8 号——资产减值》（以下简称"《企业会计准则》"） 及上海步科自动化股份有限公司（以下简称"公司"）会计政策、会计估计的相 关规定，为了客 ...