九识（苏州）智能科技有限公司创 投报告 主要产品/项⽬：- 更新时间：2025/05/14 九识（苏州）智能科技有限公司 存续（在营、开业、在册） 股权投资 法定代表⼈： 崔霄 成⽴⽇期： 2021-08-10 统⼀社会信⽤代码： 91320594MA26R5BM7D 简介： 城配⾃动驾驶产品研发及应⽤服务商 主要产品/项⽬： - 官⽹链接： - 公司简称： - 融资信息(4) | 融资⽇期 | 融资轮次 | 融资⾦额 | 投资机构 | 新闻链接 | | --- | --- | --- | --- | --- | | 2022-08-15 | 股权投资 | 30000000美元 | | 京东物流⽆⼈⻋⻣⼲出⾛，在苏州 单⻜创业，已获3000万美元投资 | | | | | 美团 百度⻛投 | | | | | | Unicorn | 九识智能完成近1亿美元A轮融 | | 2024-02-27 | A轮 | 近100000000美元融资 | 闲庭基⾦ | | | | | | 索道投资 | 资，引领城配智能⻋产业发展 | | | | | 蓝湖资本 | | | | | | 建发集团 | | | 2024-11-11 | ...

Group 1: Research Basic Information - The research object is Wanliyang, belonging to the automotive parts industry, with a reception time of May 13, 2025. The listed company's reception staff includes the Financial Controller, Board Secretary Zhang Leigang, and Strategic Center Director Xu Wanhong [16] Group 2: Detailed Research Institutions - The research institutions include Yinshi Finance, Shaanxi Olympus, Taihu County People's Government, Guoyuan Securities, Hangzhou Added - value Investment, and Mingde Capital, along with their corresponding types and related personnel [17] Group 3: Main Content Company Business Scope - The company's business includes automotive parts and new energy storage business. The automotive parts business involves R & D, production, and sales of automotive transmission and drive system products, non - highway transmission/drive system products, and parts export business. The new energy storage business includes power generation - side energy storage power stations, grid - side independent energy storage power stations, user - side energy storage power stations, and power trading [22][23][24] Shareholding of Top Ten Shareholders - Anhui Guoyuan Trust Co., Ltd. - Guoyuan Trust - Anrui No. 1 Single Fund Trust and China Resources Shenzhen International Trust Co., Ltd. - China Resources Trust · Huaying No. 16 Single Fund Trust are trust products established by Anhui Chery Automobile Sales Co., Ltd., a wholly - owned subsidiary of Chery Automobile Co., Ltd., as the sole trustee, and are affiliated parties and concerted actioners of Chery Automobile Co., Ltd. [25] Robot Parts Business - The company has established an industrialization team for robot reducer products, aiming to enrich product models, promote industrialization, and increase market share [27] Heavy - Truck Transmission Business - The company has developed a full range of heavy - truck transmission products and is conducting vehicle - model installation tests and calibration work. As the supporting vehicle models are gradually mass - produced, production and sales will increase [28] Light - Truck Transmission Business - In addition to the stable development of existing light - truck manual products, the company is actively developing electrified products. Currently, the production and sales demand for light - truck transmission products is strong [29] Passenger - Car Transmission Business - In 2024, the direct export sales of the company's passenger - car transmission products increased significantly year - on - year. The company will continue to develop overseas customers and promote the growth of overseas business revenue. It is also developing pure - electric passenger - car EV reducers and related products [30] New Energy Storage Business - The company's grid - side independent energy storage power stations in Zhaoqing, Guangdong and Yiwu, Zhejiang have been put into operation. The company is promoting new project development in Guangdong, Hainan, and Zhejiang, and developing market - oriented operation and maintenance services for energy storage power stations [31] Core Competitiveness - The company has been deeply involved in the automotive parts industry for nearly 30 years, with a full range of products, comprehensive capabilities, a complete supply chain and sales network, strong large - scale manufacturing and quality control capabilities, and continuously enhanced market competitiveness and sustainable development capabilities [32]

Group 1: Research Basic Information - The research object is GuaiBao Pet, and the reception time is May 13, 2025. The listed company's reception staff includes the Chief Financial Officer Yuan Xue, the Board Secretary Wang Peng, the Independent Director Zhai Yueling, and the Sponsoring Representatives Chen Fenghua and Sun Xiyun [16] Group 2: Detailed Research Institutions - The reception object is investors who participated in the online performance briefing of GuaiBao Pet in 2024 via online and telephone, and the type is others [19] Group 3: Main Content Company's Operating Performance in 2024 - In 2024, the company achieved a revenue of 5.245 billion yuan, a year-on-year increase of 21.22%, and a net profit attributable to the parent company of 625 million yuan, a year-on-year increase of 45.68%. The self-owned brand business revenue was 3.545 billion yuan, a year-on-year increase of 29.14% [23] Company's Performance in Q1 2025 - In Q1 2025, the company achieved an operating income of 1.48 billion yuan, a year-on-year increase of 34.82%, and a net profit attributable to shareholders of the listed company of 204 million yuan, a year-on-year increase of 37.68% [23] Company's Dividend Plan - In 2024, the company conducted two dividends, with a cumulative cash dividend of over 200 million yuan, accounting for 32.02% of the company's net profit attributable to the parent company in 2024. The Second Board Meeting of the Ninth Session has reviewed and approved the proposal to authorize the board to formulate the mid - year dividend matters for 2025 [23] Thailand Factory's Situation - The original factory in Thailand is currently at full capacity. The new factory project in Thailand will cost about 200 million yuan and is expected to be put into production in June this year, doubling the production capacity in Thailand. The company is also planning to build a research and development center in Thailand, and the budget for this part is being calculated [23][25] Company's Internal Optimization - The company will focus on two aspects: accelerating digital transformation to improve operational efficiency and implementing continuous incubation of strategic organizational capabilities and talent echelons and optimizing the incentive mechanism [25]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The company is optimistic about the future profitability growth, with expected steady revenue growth, scale - effect enhancement through product platformization, and cost control by increasing raw material self - production ratio [36]. - The automotive parts industry is closely related to vehicle production and sales. In 2024, the European, Chinese, and North American automotive markets had different trends, and the A - share automotive parts industry showed growth [42]. - The company's global production layout helps it avoid over - reliance on a single country or market, and its advantage is emerging under the background of US tariff increases [28]. - Solid - state batteries are in the stage of accelerated industrialization, and it is expected that a critical turning point will be reached in the next few years [43]. 3. Summary According to the Table of Contents 3.1 Basic Research Situation - The research object is Del股份, belonging to the automotive parts industry. The reception time is May 8, 2025, and the listed company's reception personnel include the chairman, general manager, board secretary, financial director, independent director, and sponsorship representative [16]. 3.2 Detailed Research Institutions - The research institutions are investors participating in the company's 2024 annual report online performance briefing [19]. 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data 3.4.1 Solid - state Battery Progress - The company has built a solid - state battery sample trial - production line in Shanghai and is conducting various technical tests. It can customize solutions for customers according to different application scenarios and technical requirements. The follow - up pilot line and mass - production line bases will be advanced based on customer development verification and market demand [23][25][26]. - The company's solid - state battery Shanghai trial - production line and the R & D in Japan are carried out collaboratively [42]. - As of the first quarter of this year, the solid - state battery sample trial - production line has been built, and it is expected that a critical turning point will be reached in the next few years [43]. 3.4.2 Business Cooperation - In August 2024, the company signed a "Solid - state Battery Strategic Cooperation Agreement" with Jiangxi Jiangling Group New Energy Vehicle Co., Ltd., and is in continuous technical docking [27][40]. - The company is open to cooperation with downstream customers in various fields such as new energy vehicles, robots, and energy storage [38][51][53]. 3.4.3 Financial and Operating Conditions - In 2024, the company achieved an operating income of 4.513 billion yuan, a year - on - year increase of 4.98%, and a net profit attributable to the parent of 32.42 million yuan, a year - on - year increase of 151.73% [30][35][42]. - As of March 31, 2025, the total number of the company's shareholders was 29,076 [30]. - In 2025, the company's first - quarter operating income was 1.22 billion yuan, with a gross profit margin of 19.74% and a net profit attributable to the parent of 22.74 million yuan, with a net profit margin of 1.86% [53]. 3.4.4 Product and Market Analysis - The company's solid - state battery sample has an energy density of 260Wh/kg, high safety, simple process, and cost advantages [59]. - The company's battery flame - retardant materials have been supplied to new - energy vehicle models of vehicle manufacturers, but not to Xiaomi cars [63]. - The company's automotive electronic products include electronic control and body electronic products, with an operating income of 68 million yuan in 2024, accounting for 1.52% of the total operating income [61][62]. 3.4.5 Company Strategy and Future Plans - The company adheres to the strategy of "focusing on the automotive industry", with a wide product layout. In the next stage, it will increase R & D investment, strengthen market expansion, and improve management efficiency [55][56]. - The company will continue to focus on new - energy vehicle - related product R & D and market promotion, including consolidating the market position of new - energy drive unit cooling and lubrication electronic pumps, and accelerating the development of solid - state batteries [56].

Group 1: Basic Information - The research object is Demaishi, belonging to the automotive parts industry, and the reception time was May 7, 2025. The listed company's reception personnel included the chairman and general manager He Jianping, the director, deputy general manager, and financial controller Li Jian, and others [16] - The detailed research institutions were investors participating in Demaishi's 2024 annual and Q1 2025 performance briefing [19] Group 2: Core Views - The automotive parts industry is developing steadily and well, and Demaishi's operating performance is also growing steadily [23] - The automotive parts industry is in a critical stage of transformation from traditional manufacturing to intelligent manufacturing, and new development opportunities will emerge with the development of emerging fields. Chinese automotive parts companies are leveraging their competitive advantages [28] - Demaishi will maintain continuous growth around its main business and actively explore a second growth curve, including increasing the development of new energy vehicle products and customers, exploring new fields, and optimizing operations [25][26][28][30] Group 3: Specific Content Business Performance and Growth Points - Regarding the industry's overall performance this period and Demaishi's comparison with other companies, the automotive parts industry is developing steadily and well, and Demaishi's operating performance is also growing steadily [23] - Demaishi's future profit growth points include consolidating its leading position in the segmented industry, maintaining the stable growth of traditional businesses, expanding production capacity, optimizing product structure, and exploring new fields [24] Product and Market Layout - Demaishi has not supplied products to Tesla robots [28] - The company is developing products for the robot field, has carried out sample trials, and has a plan to purchase new equipment, aiming to obtain fixed-point orders for humanoid robot parts from customers [23] - In the future, Demaishi will further increase the development of new energy vehicle products and customers, focusing on the new generation of engine systems, thermal management systems, motor systems of new energy vehicles, and the field of unmanned driving [25][26][28][30] - The company's products are sold to many countries and regions such as Europe, Japan, South Korea, and North America, and in the future, it will further expand these overseas regions and customer groups [29] Equipment and Production Management - Demaishi will arrange equipment renewal plans according to customer orders, new products, and its own production capacity, and use advanced management means to tap the potential of existing production capacity [25][26][29] - The company has introduced the "Amoeba management model", carried out equipment automation transformation, and used the IOT Internet of Things platform and MES system to improve production efficiency [26][27] Industry Development Prospects - The automotive parts industry is in a critical stage of transformation from traditional manufacturing to intelligent manufacturing, and with the development of emerging fields, new development opportunities will emerge [28]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints - The company's subsidiary, Ningbo Wanxiang, has good production and sales of UHV capacitor film products, which is one of the company's profit - growth products. It will maintain production and sales in 2025 to achieve new revenue breakthroughs [22]. - The company is actively promoting the public solicitation and transfer of the major shareholder's equity, and will disclose relevant announcements in a timely manner [25]. - The company will focus on its main business, extend the industrial chain, and carry out digital transformation to enhance its core competitiveness and operating performance [24]. 3. Summary by Directory 01.调研基本情况 (Basic Research Information) - Research object: Dandongnan [16]. - Industry: Plastic products [16]. - Reception time: April 30, 2025 [16]. - Reception personnel: Chairman and General Manager Luo Ping, Independent Director Zhou Bohuang, Financial Controller Zhong Minjun, Deputy General Manager and Board Secretary Zhou Mingliang [16]. 02.详细调研机构 (Detailed Research Institutions) - The 2024 annual performance briefing of Dandongnan was held remotely online, targeting all investors [19]. 03.调研机构占比 (Proportion of Research Institutions) No relevant information is provided. 04.主要内容资料 (Main Content Information) - **Business Growth Points**: The UHV capacitor film products of the subsidiary Ningbo Wanxiang are profitable, and the company is building a new energy metallized film and capacitor testing center to optimize the product structure [22][26]. - **R & D**: The company's R & D investment in 2024 was 44.54 million yuan, a year - on - year increase of 12.04%. It will continue to increase R & D investment [33]. - **Profit and Dividend**: The company's 2024 audited distributable profit was negative, not meeting the profit - distribution conditions. The company will strive to improve profitability and implement the profit - distribution policy [30]. - **Market and Competition**: The market for various plastic films is highly competitive, with some products having an income - cost inversion. The company will focus on differentiated products [33][34]. - **New Factory and Production**: The new factory of the subsidiary Ningbo Wanxiang is expected to be completed in June 2025, and the specific production time will depend on the installation progress of the production line [33]. - **PEEK Material**: The company currently does not plan to develop PEEK materials [26][32]. - **Capacitor Testing Center**: The capacitor testing center of the subsidiary Ningbo Wanxiang is mainly used to improve the quality of the main product, capacitor film [40].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The company's performance in Q1 2025 was mainly due to the good growth of China's GDP in Q1, the effectiveness of consumption - stimulating and trade - in policies, the rapid recovery of the lithium - battery industry, and the company's internal improvements since 2024 [24]. - The decline in the gross margin of the general automation business in 2024 was mainly affected by product structure changes, and it decreased slightly year - on - year in Q1 2025 [24]. - The company aims for the general automation business to grow by 10% - 30% in 2025 [25]. - The company expects the growth of the process industry business to be higher than that of the general automation business as a whole in 2025 [27]. - The company's annual profit target for 2025 is set at 5% - 25% considering the uncertainty of the external environment [33]. 3. Summary According to the Table of Contents 3.1. Research Basic Situation - The research object is Inovance Technology, belonging to the electronic components industry. The reception time was April 29, 2025. The company's reception staff included the chairman and president, directors, vice - presidents, the board secretary, independent directors, and the financial director [17]. 3.2. Detailed Research Institutions - The total number of participants in the research was about 770 [20]. 3.3. Research Institution Proportion - No information provided in the content 3.4. Main Content Data 3.4.1. Impact of Tariffs - In April, the impact of tariffs on the industry was small, and the situation in May and June needed further observation. The direct impact on the general automation business was small, while the indirect impact was hard to judge. OEM industry customers such as textile and plastic industries might be affected [24][28]. 3.4.2. Gross Margin of General Automation Business - The decline in the gross margin of the general automation business in 2024 was mainly due to product structure changes. In Q1 2025, it decreased slightly year - on - year [24]. 3.4.3. Business Goals - The company's general automation business target for 2025 is about 10% - 30% [25]. 3.4.4. New Product Layout - The company builds different management and organizational models for different product categories. For example, the strategy for high - efficiency motors is "motor +", for large - load six - joint robots is "operation island + process", and for solenoid valves is to combine electrical and pneumatic technologies [26]. 3.4.5. Process Industry Business - The company sees good entry points in the process industry, including the trend of localization and the industry's digital and intelligent transformation. The company is strengthening its capabilities in digitalization and large - scale PLCs and creating demonstration projects. It expects the process industry business to grow faster than the general automation business [26][27]. 3.4.6. Competition with Foreign Brands - The company's advantages in competing with foreign brands are high internal operational efficiency, fast response to customer needs, and the ability to provide customized solutions with processes [27]. 3.4.7. Order Confirmation Cycle - The confirmation cycle for standard products is 1 - 2 months, and for process industry business, it is about half a year depending on project acceptance [28]. 3.4.8. Internationalization Strategy - The company focuses on developed markets (e.g., Europe, the US) and emerging markets (e.g., South Korea, Vietnam, India). In developed markets, it targets leading multinational enterprises with customized solutions; in emerging markets, it uses a "industry line + regional line" model to develop channel systems [28]. 3.4.9. IFA Industrial Software Platform - IFA is the first all - integrated industrial automation software platform in China, providing an all - in - one and highly integrated platform, which is of great significance [28]. 3.4.10. AI Application in Industrial Automation - The company applies AI in production manufacturing in areas such as quality inspection, production scheduling optimization, process parameter optimization, and equipment fault warning. It also plans to integrate industrial AI solutions into digital solutions [29]. 3.4.11. Humanoid Robot Business - **Development Strategy**: The company views humanoid robots as a long - term project. It will make moderate and scaled - up investments based on core components [30][31]. - **Product Layout**: It focuses on components such as low - voltage high - power drives, frameless torque motors and modules, and planetary roller screws. It uses an ecological cooperation model for sensors [32]. - **Customer Engagement**: It communicates closely with customers during component development for customized development [31][32]. - **Business Formats**: The company will selectively participate in different humanoid robot business formats, providing scenario - based solutions [32]. - **Product Landing Scenarios**: It will prioritize the TOB end [33]. 3.4.12. Nanjing Production Base - The Nanjing production base has been put into operation, with a planned capacity of 400,000 units/sets of industrial robots and precision machinery products. The company is expanding production lines, and the capacity is gradually increasing [33]. 3.4.13. Profit Goals and Cash Flow - The company's annual profit target for 2025 is 5% - 25% considering external uncertainties. The good cash flow in 2024 and Q1 2025 was due to the positive impact of bill collection on the cash flow statement [33].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In Q1 2025, the overall performance of the company returned to the growth track, with revenue and net profit showing significant year - on - year growth. The overseas building materials and investment businesses performed well, while the ceramic machinery business was affected by industry cycles [16]. - The company's ceramic machinery business has strong core competitiveness, with growth in 2024 despite the downturn in the global ceramic market. It aims to achieve the "10 - billion ceramic machinery" goal and expand into non - ceramic industries [25][28]. - The African building materials market has great potential, with increasing demand for tiles, glass, and sanitary ware. The company's overseas building materials business is expected to benefit from market growth and capacity expansion [49]. - The lithium battery materials and new energy equipment sectors achieved good growth in Q1 2025, and the cost of lithium carbonate production by Lanke Lithium Industry is expected to decline [62]. 3. Summary by Related Catalogs Company Main Situation Introduction - **Overall Performance**: In Q1 2025, the company achieved revenue of approximately 3.767 billion yuan, a year - on - year increase of 47.05%;归母净利润 was 347 million yuan, a year - on - year increase of 11.38%. After excluding exchange losses, the归母 net profit was 412 million yuan, and the non - recurring profit was 323 million yuan, a year - on - year increase of 17.13% [16]. - **Business Segments** - **Overseas Building Materials**: In Q1 2025, it showed strong performance, with significant revenue growth and improved gross profit margin. Tiles benefited from price strategy optimization and capacity release; glass production and operation reached a good level; the profitability of sanitary ware was still under pressure, but the Kenya project improved [16]. - **Ceramic Machinery**: Affected by industry demand cycles and customer investment rhythm adjustments, the overall performance declined slightly in Q1 2025. However, positive factors from Q4 2024 orders are expected to appear in Q2 [17]. - **Investment Business**: In Q1 2025, Lanke Lithium Industry produced about 8,500 tons of lithium carbonate, sold about 8,100 tons, achieved revenue of 528 million yuan, and net profit of 207 million yuan, contributing 90 million yuan to the company's归母净利润 [17]. Q&A - **Ceramic Machinery Business** - **2024 Growth Drivers**: Core competitiveness improvement led to increased market share at home and abroad, high - end order breakthroughs in Europe, and growth through产业链 extension and equipment generalization [19]. - **2024 Overseas Revenue Proportion**: Nearly 60%, with stable growth in traditional markets and breakthroughs in high - end markets. The proportion may further increase in the future [20]. - **2024 Gross Profit Margin Decline**: Due to intensified competition in overseas markets, early - stage product promotion discounts, and increased ink trading business [21]. - **Q1 2025 Overseas Revenue Proportion**: Over 50%, mainly sold to Southeast Asia, the Middle East, and South Asia, with good growth in South America and Europe [22]. - **Q1 2025 Business Structure**: Overall performance declined slightly, but net profit remained stable due to improved gross profit margin. The accessory and consumable business was relatively stable, while the ceramic machinery equipment and generalization businesses declined slightly [23]. - **Overseas Layout**: The company is strengthening its overseas local service scale and radius by setting up subsidiaries in Brazil and Vietnam and expanding production bases in other regions [24]. - **Future Outlook**: The company aims to achieve the "10 - billion ceramic machinery" goal, focusing on domestic market share expansion, global market penetration, and the development of accessory and consumable businesses and equipment generalization [28]. - **Building Materials Business** - **Q1 2025 Overseas Building Materials Net Profit Margin**: After excluding exchange losses, it increased due to price strategy optimization and cost control [37]. - **Tile Pricing and Market**: Tiles are mainly priced in US dollars, with prices set based on import costs. The African tile market is growing, and the company is adjusting prices and product structures according to market demand [45]. - **Capacity Expansion**: In 2025, the company's tile production capacity is expected to increase with the full - scale operation of existing projects and the construction of new ones [48]. - **Brand and Channel**: The company is building a brand matrix for tiles, and sanitary ware and glass can share tile channel resources to some extent [51][52]. - **Glass Project**: The Tanzania glass project's capacity will be fully released in 2025, and the Peru project is expected to be put into production next year. The African glass market is in the early stage of development, with good growth potential [53][54]. - **Sanitary Ware Project**: The overall profitability is still under pressure, but the company is focusing on brand building, market expansion, and process and supply chain optimization to improve profitability [58]. - **Other Businesses** - **Lithium Battery and New Energy Equipment**: In Q1 2025, revenue increased, and the profitability of negative electrode materials improved. The new energy equipment business mainly includes clean coal gasification equipment and lithium battery positive and negative electrode material equipment [62]. - **Other Income**: Mainly includes hydraulic pumps and smart energy businesses. The smart energy business is expanding in the African market, and the hydraulic pump business has applications in the marine and offshore engineering fields [63][64]. - **Exchange Gains and Losses**: In 2024, the company had an overall exchange gain. In Q1 2025, the exchange loss was nearly 140 million yuan, mainly affecting the overseas building materials business [66]. - **Operating Cash Flow**: The ceramic machinery business has controllable accounts receivable risks, the overseas building materials business generates good cash flow, and the negative electrode material business's cash flow is expected to improve [68][69]. - **Core Competitiveness**: The company's core competitiveness lies in its dynamic talent iteration mechanism, innovation ability, and good partnership and distribution mechanism [72]. - **Employee Stock Ownership Plan**: The performance assessment is based on the compound growth rate of relevant performance indicators from 2025 - 2027, excluding the impact of Lanke Lithium Industry's investment income and other factors [73]. - **Capital Expenditure**: Mainly concentrated in the overseas sector, including the construction of overseas bases and new projects in the building materials and ceramic machinery industries [74][75]. - **Market Value Management**: The company has taken measures such as share repurchase, share cancellation, and major shareholder and director shareholding increase to boost investor confidence and maintain market value [77].

Group 1: Report Summary - Report industry: Special Equipment [2] - Research target: Jikai Co., Ltd. [16] - Reception time: April 28, 2025 [16] - Company representatives: Chairman Feng Fan, Independent Director Xu Chaozhi, Financial Officer Qiao Guicai, and Board Secretary Tian Jiying [16] Group 2: Research Institutions - Types of institutions: Investors participating in Jikai Co., Ltd.'s 2024 annual online performance briefing via Panorama Network [19] Group 3: Main Content R & D Investment - In 2024, the R & D investment accounted for 5.47% of the operating income. The company will continue to increase R & D investment to build core competitiveness [23] Business Expansion - The company will maintain and consolidate old markets, develop new markets, expand cooperation with high - quality new customers, improve sales models, and strengthen international market research [24] Subsidiary Performance - With the increasing demand for intelligent mining equipment, the company will focus on the coal machinery manufacturing business, maintain stable development, and improve management efficiency [25] Shareholder Information - As of April 18, 2025, the number of shareholders was 26,207 [25] Tariff Impact - From 2024 to the end of the first quarter of 2025, the company had no direct exports to the US, so the US tariff increase had no impact on its production and operation [26] Profit Improvement - The company will expand the market, promote products, accelerate new product R & D, implement cost - reduction and efficiency - improvement measures, and explore new business growth points [27][29] Repurchase Plan - As of now, the company has no share repurchase plan [27] Q1 2025 Financials - In Q1 2025, the company achieved operating income of 53.946 million yuan and a net profit attributable to shareholders of - 16.3909 million yuan [28] 2024 Financials - In 2024, the company's operating income was 382.6878 million yuan, a year - on - year increase of 13.62%. The main business income was 374.419 million yuan, a year - on - year increase of 14.44%. The total profit was - 5.6644 million yuan, a year - on - year increase of 13.45%. The net profit attributable to shareholders was - 1.8044 million yuan, a year - on - year increase of 1.12% [29] ST Risk - The company's production and operation are normal, and there is no risk of being labeled as ST [30] Industry Outlook - Refer to the "Company's Future Development Prospects" section in the 2024 annual report [32]