ST赛为（深圳市赛为智能股份有限公司）2025年年度报告摘要：投资者需关注的关键事项

一、报告核心亮点与重要事项

• 持续经营重大不确定性：中审亚太会计师事务所为公司出具了“带持续经营重大不确定性段落和强调事项段的无保留意见”的审计报告。投资者需要高度关注公司未来的经营稳定性。
• 巨额亏损与累计未分配利润为负：截至2025年末，公司母公司累计未分配利润为-33.09亿元，合并报表可供分配利润为-28.90亿元，远未达到现金分红条件。公司明确表示本年度不派发现金红利、不送红股、不以公积金转增股本，显示财务压力巨大。
• 被债权人申请重整及预重整、债务重组：2025年公司多次公告重大诉讼、债权人申请重整及预重整事项，已启动预重整并指定管理人。这些信息高度影响公司持续经营能力及股价走势，投资者务必密切关注相关进展。

二、主营业务与产品体系详解

公司坚持以人工智能为核心，聚焦机器视觉、自主导航、智能控制、识别决策、数据分析等关键能力，形成了“人工智能算法为核心+自研软硬件产品协同创新+多场景融合赋能”的智慧城市业务体系，重点覆盖以下领域：

1. 工业巡检机器人产品线

• 挂轨式巡检机器人（如GE100、GE200、SE100、SE300、SE400、SP100）：针对数据中心、管廊、输煤栈桥等复杂环境。
• 轮式巡检机器人（NB100、NB600、LE100、LE200）：服务于变电站、化工园区、电力机房、工厂等。
• 挂轨防爆巡检机器人GB100：适用于易燃易爆气体和粉尘高危场景。

2. 人工智能平台产品

• 图像与视频分析系统：聚焦复杂环境下的人脸识别、人体姿态检测、智能视频行为分析，服务于作业安全、应急体系、平安城市等。
• 远程智能运维系统：融合物联网与大数据，实现实时监测、智能预警、故障诊断、能源管控，助力传统行业数字化转型。

3. 无人机系列产品

• 系留多旋翼无人机（SY4KT、SY12KT、SY14KT）：用于应急照明、通信中继、边境巡逻等。
• 共轴双旋翼无人机（SY125CH）：应用于公共安全、环境监测。
• 大载荷油电混动多旋翼无人机（SYOL50/100）：载重高，适用于运输、农业、科研。
• 大载荷无人直升机（SY120H/450H）：广泛应用于物流运输与应急救援。

4. 城市空中救护创新应用

多旋翼无人机搭载AED（自动体外除颤器），5分钟内可将急救设备送达4公里内，有效覆盖50平方公里，打破传统急救时空限制。已在深圳多个郊野公园试点。

5. 智慧城市整体解决方案

• 轨道交通无人驾驶综合监控系统，已在国内多条地铁线路应用，提升运营效率与安全性。
• 车载乘客信息系统：集成广播、视频监控、信息发布、客流统计等，提高乘客出行体验和地铁运营管理水平。
• 综合安防集成平台软件，支持多子系统集成与联动，提升轨道交通安防智慧化水平。
• 智慧运维管控平台与智慧车站可视化管理平台，实现资产全生命周期管理和车站运行全景管理。
• 大数据分析平台，支持城市级数据分析、决策支持和预测。

三、财务表现与风险提示

• 营业收入连续下滑：2025年实现营业收入1.31亿元，同比下降8.42%。近三年收入持续下滑，2023年收入4.48亿元，2024年1.43亿元。
• 净利润巨亏、亏损加剧：2025年归属于上市公司股东净利润为-12.64亿元，同比大幅下滑149.09%，2024年净亏损5.07亿元，2023年净亏损1.61亿元，亏损呈加速扩大趋势。
• 净资产为负：2025年末归属于股东的净资产为-11.35亿元，已严重资不抵债。
• 现金流有所改善：经营活动现金流净额为3571万元，较去年同期大幅改善。
• 大股东质押及冻结股份比例高：第一大股东周勇质押6337万股、冻结1106万股，持股高度质押，增加股价波动与强平风险。
• 表决权安排正常：无表决权差异安排。

四、重要诉讼、重整及债务重组进展

• 2025年内公司多次披露涉及重大诉讼、被债权人申请重整、预重整、债务重组等事项，并已收到启动预重整并指定管理人决定书。这些事件均为高度敏感事项，极大影响公司经营与股票价值。

五、股本结构

• 普通股股东总数为52,291人，前十大股东中，周勇与周新宏为一致行动人。大部分主要股东为自然人。

六、投资者必须关注的潜在风险和警示

• 公司已资不抵债、经营持续性高度不确定、存在被ST甚至退市的风险。
• 多项重大诉讼和重整事项影响公司持续经营能力，随时可能出现重大不利变化。
• 大股东高比例质押和冻结股份，增加股价波动和强制平仓风险。
• 公司主营业务虽具备创新性，但受制于资金、市场及运营瓶颈，未能有效转化为盈利能力。

七、结论与投资建议

综上所述，ST赛为2025年年度报告重点揭示了公司持续巨额亏损、资不抵债、多项重大诉讼及重整事项。虽然公司在人工智能、智慧城市、工业机器人、无人机等领域具备一定的技术积累和产品布局，但财务困境、诉讼和重整进展对公司影响极大，存在退市风险，股价极易大幅波动。建议投资者高度关注公司后续重整进展及诉讼结局，审慎评估投资风险。

免责声明：本文仅为信息披露与解读，不构成任何投资建议。投资者据此操作，风险自负。请密切关注公司后续公告及相关诉讼、重整等进展。

English Version

ST Sunwin (Shenzhen Sunwin Intelligent Co., Ltd.) 2025 Annual Report: In-Depth Analysis for Investors

Main Highlights & Key Issues

• Major Uncertainties in Going Concern: The auditor issued an unqualified opinion with significant uncertainties regarding the company’s ability to continue as a going concern. This is a critical point for all shareholders.
• Huge Losses and Negative Retained Earnings: As of the end of 2025, the parent company’s accumulated losses reached -3.309 billion yuan, and consolidated distributable profits stood at -2.889 billion yuan. The company will not pay cash dividends, issue bonus shares, or transfer capital reserves to share capital this year, reflecting severe financial stress.
• Creditor-Filed Restructuring and Debt Reorganization: In 2025, the company repeatedly disclosed major lawsuits, creditor-initiated restructuring, and pre-restructuring matters, and has entered pre-restructuring with a court-appointed administrator. These developments are highly sensitive and could greatly impact share price.

Business Overview & Product Portfolio

The company is committed to an AI-centric strategy, focusing on machine vision, autonomous navigation, intelligent control, decision-making, and data analytics. Its “AI algorithm core + proprietary hardware/software + multi-scenario integration” system supports key verticals including:

1. Industrial Inspection Robots

• Rail-guided robots (GE100, GE200, SE100, SE300, SE400, SP100): For challenging environments like data centers, tunnels, and coal conveyors.
• Wheeled robots (NB100, NB600, LE100, LE200): For substations, chemical parks, power rooms, and factories.
• Explosion-proof rail robots (GB100): For hazardous environments with flammable gases and dust.

2. AI Platform Products

• Image & video analysis: Deep learning for complex face recognition, human pose detection, and behavior analytics, serving safety, emergency, and urban security needs.
• Remote intelligent O&M: Integrates IoT and big data for predictive maintenance, real-time monitoring, and fault diagnosis — supporting digital transformation in traditional industries.

3. UAV Product Series

• Tethered multi-rotor UAVs (SY4KT, SY12KT, SY14KT): For emergency lighting, communications relay, and border patrols.
• Coaxial twin-rotor UAV (SY125CH): For public safety and environmental monitoring.
• Heavy-lift hybrid UAVs (SYOL50/100): High payload for transport, agriculture, and research.
• Heavy-lift unmanned helicopters (SY120H/450H): For logistics and emergency rescue.

4. Urban Aerial Rescue Innovation

Multi-rotor UAVs equipped with AEDs can deliver emergency devices within 5 minutes to a 4km radius, covering 50 km², breaking traditional limitations. Pilots are underway in Shenzhen parks.

5. Smart City Solutions

• Rail transit integrated monitoring (applied in multiple metro lines), improving operational safety and efficiency.
• Onboard passenger information: Integrated systems for broadcasting, surveillance, info display, and flow analysis.
• Comprehensive security platform: Multi-subsystem integration for smart transit security.
• Smart O&M platform and visualized station management: End-to-end asset lifecycle and panoramic station control.
• Big data analytics: City-level data mining, prediction, and decision support.

Financial Performance & Risks

• Declining Revenue: 2025 revenue was 131 million yuan, down 8.42% year-on-year; three-year trend is sharply downward.
• Exploding Losses: 2025 net loss to shareholders was 1.264 billion yuan (2024: 507 million yuan loss; 2023: 161 million yuan loss), with losses accelerating.
• Negative Net Assets: End-2025 net assets attributable to shareholders was -1.135 billion yuan — the company is insolvent.
• Improved Cash Flow: Operating cash flow was positive at 35.7 million yuan, a significant turnaround from previous years.
• High Shareholder Pledge & Freeze: Main shareholder Zhou Yong has pledged 63.37 million shares and 11.06 million shares are frozen, raising volatility and forced-sale risk.
• No differential voting rights arrangements.

Major Litigation, Restructuring & Debt Reorganization

• In 2025, the company repeatedly disclosed major lawsuits, creditor-filed restructuring, pre-restructuring, and debt reorganization developments, with a court-appointed administrator now in place. These are highly price-sensitive and could lead to drastic changes in the company’s future.

Shareholding Structure

• 52,291 ordinary shareholders. Top 10 holders are mostly individuals, with Zhou Yong and Zhou Xinhong acting together. High pledge ratios are a concern.

Investor Attention & Warnings

• The company is deeply insolvent, its ability to continue as a going concern is highly uncertain, and it faces the risk of delisting.
• Major lawsuits and restructuring developments could lead to rapid adverse changes.
• High pledge/freeze ratios among key shareholders increase risk of forced selling and volatility.
• Despite technical strengths in AI and smart city solutions, financial distress and operational bottlenecks have prevented effective conversion to profitability.

Conclusion & Investment Advice

In summary, ST Sunwin’s 2025 annual report reveals accelerating losses, insolvency, and multiple major lawsuits and restructuring actions. While the company maintains a strong technical base in AI and smart city sectors, its severe financial distress, legal issues, and restructuring progress will likely drive share price volatility and raise delisting risks. Investors should pay close attention to restructuring and litigation outcomes and assess risks very carefully.

Disclaimer: The above content is for informational purposes only and does not constitute investment advice. Investors act at their own risk. Please closely monitor the company’s future announcements and developments in litigation and restructuring matters.

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