Order Visibility Analysis of SUPCON Technology (688777.SS)

Based on the newly released 2025 semi-annual report and brokerage research materials, SUPCON Technology’s order situation shows a

trend, with the detailed analysis as follows:

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• New Orders in H1 2025
  : Approximately
  RMB 200 million
  , which has exceeded the full-year 2024 performance level [0][1]
• This data indicates that the company’s ability to secure orders continues to strengthen, with remarkable results in market expansion

• Contract Liability Indicator
  : Brokerage research reports clearly state that “inventory and contract liabilities indicate sufficient backlog orders” [2]
• Inventory Scale
  : Remains at a high level, reflecting full production and inventory preparation of the company
• Financial Health
  : Current ratio of 1.83, quick ratio of 1.40, with good asset liquidity [0]

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Business Segment	H1 2025 Revenue	Order Characteristics
Industrial Automation and Intelligent Manufacturing Solutions	RMB 2.238 billion (58% of total)	Core revenue source with stable orders
Industrial AI Products (TPT Time-Series Large Model)	RMB 117 million	Emerging growth driver, with cumulative projects exceeding 110
Robotics Products	RMB 110 million	Rapid volume growth, with multiple ten-million-level projects implemented

• Guangdong Baiyun Technology
  : Unmanned Warehouse Logistics Robot System (ten-million-level) [1]
• TBEA Co., Ltd.
  : UHV Smart Logistics System (ten-million-level) [1]
• Sinopec Zhenhai Refining & Chemical
  : The industry’s first shuttle robot inspection project [1]
• Saudi Aramco
  : Jointly developed ARAMCOBOT GEN2 intelligent inspection robot [1]

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1. Sufficient backlog orders
   : Both contract liability and inventory indicators show good order reserves
2. Strong new orders
   : New orders in H1 2025 have exceeded the full-year 2024 level
3. Booming downstream demand
   : The TPT industrial AI model has been recognized by industry leaders such as Sinopec, PetroChina, and Wanhua Chemical [1]
4. Breakthrough in overseas orders
   : Established cooperation with international giants such as Saudi Aramco, with continuous advancement of internationalization strategy
5. Great potential in emerging business orders
   : Rapid growth in orders for robotics and AI products

1. Slowing revenue growth
   : H1 2025 revenue reached RMB 3.83 billion, a year-on-year decrease of 9.92% [1]
2. Intensified market competition
   : Faces competition from domestic and foreign manufacturers in the DCS and SIS sectors
3. Downstream industry cycles
   : Capital expenditure rhythms of process industry customers affect order fulfillment

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Assessment Dimension	Status	Explanation
Short-term Orders (1-6 months)	Sufficient	Contract liability and inventory indicators show full backlog orders
Medium-term Orders (6-12 months)	Optimistic	New orders exceed expectations, with multiple ten-million-level projects in hand
Long-term Orders (over 1 year)	Promising	Internationalization strategy + AI + new robotics track open up growth space

: SUPCON Technology currently has order visibility, with sufficient backlog orders and strong performance of new orders. The rapid growth of orders from emerging businesses such as industrial AI and robotics provides strong support for the company’s future development.

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[0] Jinling API - SUPCON Technology Company Profile and Financial Data (https://www.south-money.com/stock/688777.html)

[1] Securities Times - SUPCON Technology 2025 Semi-Annual Report: Industrial AI and Robotics Businesses Shine (http://stcn.com/article/detail/3305060.html)

[2] Eastmoney - Steady Performance Growth, Promising Growth Space for Industrial AI + Robotics (https://pdf.dfcfw.com/pdf/H3_AP202504081653101747_1.pdf)