Industry Overview - The production of industrial sewing machines in China has shown fluctuations, with a decline to 5.6 million units in 2023, but is expected to rebound to approximately 6.85 million units in 2024, representing a year-on-year growth of 22.32% [1][10] - The production of household sewing machines was around 3.8 million units in 2023, down 5% year-on-year, primarily due to weak domestic demand and a fragmented export market. In 2024, production is projected to reach about 4.7 million units, a year-on-year increase of 25.33% [1][11] Industry Chain Analysis - The sewing machine industry chain includes upstream raw materials and components supply, midstream equipment manufacturing, and downstream applications and supporting services, forming a complete value chain [4] - Upstream materials include metals like steel and aluminum, which are essential for manufacturing sewing machines, ensuring performance and stability [8] Development History - The Chinese sewing machine industry has evolved through four stages: initial reliance on imports, rapid development post-reform, global competition after joining the WTO, and the current phase of intelligent transformation driven by IoT and AI technologies [6] Current Industry Status - The industrial sewing machine sector is rapidly advancing towards automation, with many companies introducing machines with features like automatic thread cutting and tension adjustment [10] - The household sewing machine market remains stable, with a growing demand for high-end models featuring advanced functionalities aimed at mid-to-high-end consumers [11] Key Enterprises - Key players in the industry include Jack Sewing Machine, Shang Gong, and Standard Shares, each focusing on different market segments and product innovations [13][15][17] - Jack Sewing Machine is recognized for its competitive pricing and product diversity, while Shang Gong employs a multi-brand strategy to cover various market needs [15][17] Future Development Trends - The industry is moving towards intelligent development, with machines increasingly equipped with advanced sensors and control systems for enhanced efficiency and accuracy [19] - There is a noticeable trend towards high-end and customized sewing machines, catering to the growing demand for personalized products [20][21] - Green manufacturing and energy efficiency upgrades are becoming critical, with companies adopting eco-friendly materials and optimizing energy consumption in production processes [22]

Financial Performance - The company's operating revenue for Q1 2025 was ¥97,870,501.27, a decrease of 17.46% compared to ¥118,578,980.86 in the same period last year[3]. - The net profit attributable to shareholders was -¥4,643,403.60, an improvement from -¥17,062,167.88 year-on-year, indicating a reduction in losses[3]. - The basic and diluted earnings per share were both -¥0.0134, showing an improvement from -¥0.0493 in the same period last year[3]. - The company reported a comprehensive loss of -¥11,153,720.28 in Q1 2025, compared to -¥15,877,198.29 in Q1 2024, indicating an improvement[25]. - The total comprehensive income attributable to the parent company's owners for Q1 2025 was -9,549,783.38 RMB, compared to -14,381,511.54 RMB in Q1 2024, showing an improvement of approximately 33.5%[27]. Cash Flow - The net cash flow from operating activities was -¥34,725,674.07, which is a significant decline compared to -¥15,491,210.23 in the previous year[3]. - Cash inflow from operating activities for Q1 2025 was 91,450,517.86 RMB, down 17.0% from 110,192,991.85 RMB in Q1 2024[27]. - Cash outflow from operating activities totaled 126,176,191.93 RMB in Q1 2025, slightly up from 125,684,202.08 RMB in Q1 2024, resulting in a net cash flow from operating activities of -34,725,674.07 RMB[27]. - The net cash flow from investing activities for Q1 2025 was 13,662,783.33 RMB, a significant recovery from -9,842,081.00 RMB in Q1 2024[28]. - Cash inflow from investing activities was 203,663,983.33 RMB in Q1 2025, compared to 110,869,600.00 RMB in Q1 2024, reflecting a growth of approximately 83.5%[28]. - The net cash flow from financing activities for Q1 2025 was -285,809.83 RMB, a decline from 20,528,062.99 RMB in Q1 2024[28]. - The ending balance of cash and cash equivalents as of Q1 2025 was 64,504,468.62 RMB, down from 153,949,125.21 RMB in Q1 2024[28]. - The company reported a cash decrease of 20,875,040.82 RMB in Q1 2025, compared to a decrease of 4,553,918.89 RMB in Q1 2024[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,091,166,394.27, down 2.12% from ¥1,114,752,276.40 at the end of the previous year[4]. - Total liabilities decreased to ¥409,865,360.41 in Q1 2025 from ¥422,942,474.97 in Q1 2024, a reduction of 3.1%[21]. - The company's equity attributable to shareholders decreased by 1.37% to ¥643,904,766.27 from ¥652,839,156.66 at the end of the previous year[4]. - The company's equity attributable to shareholders decreased to ¥643,904,766.27 in Q1 2025 from ¥652,839,156.66 in Q1 2024, a decline of 1.4%[22]. Research and Development - The company has developed a new special computer-controlled sewing machine for ton bags, filling a market gap and enhancing its product offerings[16]. - The company obtained 4 authorized patents in Q1 2025, bringing the total number of effective patents to 291, including 47 invention patents[17]. - Research and development expenses for Q1 2025 were ¥3,906,296.49, slightly down from ¥4,126,221.51 in Q1 2024[24]. Market and Strategy - The company is focusing on enhancing its marketing capabilities and service abilities, particularly in the domestic market for clothing, automotive, home, and luggage sectors[11]. - The company is committed to transitioning from a single sewing equipment supplier to a provider of comprehensive solutions and services in the environmental and apparel sectors[14]. - The company has established a digital technology division to deepen the integration of digital technology with the manufacturing industry, enhancing automation and information services[15]. - The company has made significant strides in international market expansion, achieving breakthroughs in previously untapped regions such as West Asia and Southeast Europe[11]. - The company has implemented a mechanism for regular evaluation and elimination of underperforming distributors to maintain a vibrant distribution channel[12]. - The company reported a year-on-year reduction in net losses attributable to shareholders of ¥12,418,800, primarily due to exchange rate gains and cost reduction efforts[6]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 35,129[8]. - The largest shareholder, China Standard Industrial Group Co., Ltd., holds 42.77% of the shares, totaling 147,991,448 shares[8].

前十大流通股东累计持有： 16182.34万股，累计占流通股比： 46.77%，较上期变化： -1221.94万股。 | 名称 | 持有数量(万股) | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- | --- | --- | | 中国标准工业集团有限公司 | | | | | 14799.14 | | 42.77 | 不变 | | 谢慧明 | 358.59 | 1.04 | -453.35 | | 钱德芝 | 160.00 | 0.46 | 不变 | | 广东广金投资管理有限公司-广金致远私募证券投资 | | | | | 基金 | 154.98 | 0.45 | 新进 | | 黄彪 | 137.01 | 0.40 | -208.89 | | 李娜 | 135.09 | 0.39 | -36.36 | | 张志宏 | 117.96 | 0.34 | 新进 | | 段志奇 | 112.32 | 0.32 | 新进 | | 陈晓云 | 106.70 | 0.31 | -13.02 | | 孙亮 | 100.55 | 0.29 | 新进 | | 较上个报告期退出前十大股东有 | | | | ...

标准股份（600302）公告，2025年第一季度营收为9787.05万元，同比下降17.46%；净亏损464.34万 元，去年同期净亏损1706.22万元。 ...

Financial Performance - The net profit attributable to shareholders of the parent company for 2024 is -153,370,161.03 RMB, a decrease from -196,076,661.25 RMB in 2023, indicating an improvement of 21.73% year-over-year[6]. - Total operating revenue for 2024 is 446,351,660.77 RMB, down 11.95% from 506,925,296.14 RMB in 2023[23]. - The net cash flow from operating activities improved significantly to 1,570,534.28 RMB in 2024, compared to -29,688,300.25 RMB in 2023, marking a turnaround[23]. - The total assets decreased by 14.94% to 1,114,752,276.40 RMB at the end of 2024, down from 1,310,609,299.49 RMB at the end of 2023[23]. - The net assets attributable to shareholders of the parent company decreased by 18.25% to 652,839,156.66 RMB at the end of 2024, compared to 798,538,479.43 RMB at the end of 2023[23]. - Basic earnings per share for 2024 is -0.44 RMB, an improvement from -0.57 RMB in 2023[25]. - The weighted average return on net assets for 2024 is -21.18%, slightly improved from -21.82% in 2023[25]. - The company will not implement cash dividends for 2024 due to negative net profit and negative distributable profits at year-end[6]. Operational Performance - The company's operating revenue for Q1 was approximately CNY 118.58 million, which decreased to CNY 101.82 million by Q4, reflecting a downward trend throughout the year[27]. - The net profit attributable to shareholders showed significant losses, with Q1 at CNY -17.06 million and Q4 escalating to CNY -105.68 million[27]. - The cash flow from operating activities turned positive in Q4, reaching CNY 23.13 million, after negative cash flows in the first three quarters[27]. - The company aims to reduce losses by CNY 46.90 million in 2024 compared to the previous year, indicating a focus on improving financial performance[34]. Market Expansion and Strategy - International market expansion efforts have led to increased sales and market share in regions such as North Africa and South Asia, with successful project deliveries noted[35]. - The domestic market strategy included the establishment of over 10 new sales channels and two new service outlets in Yunnan, enhancing the distribution network[36]. - The company is actively promoting semi-automated equipment and has achieved bulk sales of template machines in the North China market[37]. - The focus on precision manufacturing and system services aims to enhance the company's capabilities in providing integrated solutions for the industrial sector[38]. - The company has registered its brand in Southeast Asia, strengthening its overseas brand presence and marketing efforts[35]. Research and Development - The company obtained 26 authorized patents in 2024, bringing the total to 287 effective patents, including 47 invention patents[41]. - The company launched several new products, including the TC165 series head rotating template machine and the 5217C series thick material lifting head rotating template machine, which were recognized in the "Upgraded and Innovative Sewing Machinery Products" directory[40]. - The company completed the design of a new three-synchronous comprehensive feeding sewing machine, which is currently in the trial production stage[42]. - The company is focusing on enhancing its core technical capabilities through R&D-driven transformation, aligning with market demands[40]. Financial Risks and Challenges - The company has faced various operational risks, which are detailed in the management discussion section of the report[9]. - The company has identified a risk of negative net assets in its subsidiaries, which could adversely affect their operations and image[95]. - The company faces significant industry and market risks due to the competitive nature of the sewing equipment industry, with over 50% of its products being exported, making it vulnerable to international political and economic changes[91]. - The company has reported a significant reliance on direct material costs, which account for over 80% of its total costs, making it susceptible to fluctuations in raw material prices[93]. - The company is implementing a strategy to mitigate financial risks by strictly controlling inventory and focusing on customer-driven production[94]. Corporate Governance - The company is committed to enhancing its governance structure and ensuring compliance with legal and regulatory requirements to protect shareholder interests[98]. - The company adheres to strict information disclosure regulations, ensuring timely and accurate reporting of financial information to shareholders[100]. - The company emphasizes investor relations management, actively communicating with investors through various platforms[100]. - The company has conducted multiple shareholder meetings in 2024, with all resolutions passed without any objections[101]. - The company has a structured annual investor relations management plan, which is publicly disclosed[100]. Environmental Compliance - The company has invested 29.94 million CNY in environmental protection during the reporting period[137]. - The company has established a comprehensive waste gas treatment facility and two low-nitrogen emission heating boilers, ensuring compliance with local emission standards[140]. - The company has implemented a self-monitoring program for environmental compliance, conducting annual manual monitoring of benzene, toluene, and xylene emissions[143]. - The company has developed an emergency response plan for environmental incidents, which was filed with the environmental protection bureau in June 2024[142]. - The company has a waste water treatment facility that meets national discharge standards, ensuring environmental protection[140]. Audit and Financial Reporting - The company received an unqualified audit report with emphasis on the pending relocation compensation agreement for its production base[154]. - The audit report confirms that the financial statements fairly reflect the company's financial position as of December 31, 2024[190]. - The company has successfully transitioned its audit firm after more than 10 years of service from the previous auditor, in compliance with regulatory requirements[158]. - The management is responsible for ensuring the financial statements reflect a true and fair view in accordance with accounting standards[199]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 17,720, a decrease from 35,129 at the end of the previous month[177]. - The largest shareholder, China Standard Industrial Group Co., Ltd., holds 147,991,448 shares, representing 42.77% of the total shares[178]. - Shareholder Xie Huiming reduced his holdings by 8,600,600 shares, leaving him with 8,119,400 shares, which is 2.35% of the total[178]. - The company has not experienced any changes in its total share capital or share structure during the reporting period[176].

| 项目 | 期末外币余额 | 折算汇率 | 期末折算人民币余额 | | --- | --- | --- | --- | | 货币资金 | - | - | | | 其中：美元 | 574,432.13 | 7.1884 | 4,129,248.41 | | 欧元 | 233,379.49 | 7.5257 | 1,756,344.03 | | 应收账款 | - | - | | | 其中：美元 | 8,560,163.64 | 7.1884 | 61,533,880.31 | | 欧元 | 21,714,908.53 | 7.5257 | 163,419,887.12 | | 港币 | 27,559.36 | 0.92604 | 25,519.97 | | 其他应付款 | - | - | | | 其中：欧元 | 41,386.92 | 7.5257 | 311,465.54 | | 应付账款 | - | - | | | 其中：美元 | 72,373.45 | 7.1884 | 520,249.31 | 1 | 欧元 | 22,927,909.47 | 7.5257 | 172,548,568.30 | | -- ...

西安标准工业股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 致同Ր计师Ӂ务所δ特殊普通合Տε 中国北京朝阳区建国门外大街 22 ਭ 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 | 审计报告 | 1-7 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-102 | ᄡ同审字ď2025Đ第 610A014439 号 西安标准工业股份有限公司全体股东ġ 一、审计意见 我们审计了西安标准工业股份有限公司ď以下简称标准股份公司Đ财务 报表，包括 2024 年 12月 31 日的合并及公司资产负债表，2024 年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财 务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了标准股份公司 202 ...

西安标准工业股份有限公司 2024 年年度股东大会会议资料 股票代码：600302 股票简称：标准股份 召开时间：2025 年 5 月 9 日 西安标准工业股份有限公司 2024 年年度股东大会会议资料 西安标准工业股份有限公司 2024 年年度股东大会会议议程 第三项、 审议会议议案 - 1 - 第一项、 主持人宣布会议开始，宣布现场会议股东到会情况 第二项、 推举计票人和监票人（分别为一名股东、一名监事、一名律师） 1、 审议《关于公司 2024 年度董事会工作报告的议案》； 2、 审议《关于公司 2024 年度监事会工作报告的议案》； 3、 审议《关于公司 2024 年年度报告的议案》； 4、 审议《关于公司 2024 年度财务决算报告的议案》； 5、 审议《关于公司 2024 年度财务预算完成情况的议案》； 6、 审议《关于公司 2025 年度财务预算草案的议案》； 7、 审议《关于公司未弥补亏损达到实收股本总额三分之一的议案》； 8、 审议《关于公司 2024 年度利润分配预案的议案》； 9、 审议《关于公司 2024 年度计提减值准备的议案》； 10、 审议《关于公司 2024 年度董事、监事及高 ...

Core Viewpoint - Traditional manufacturing companies are facing a "mid-life crisis" amid the wave of transformation and upgrading in the manufacturing industry, with many struggling to adapt and maintain profitability [2][12]. Company Summaries Standard Shares (600302.SH) - Standard Shares reported a revenue of 446 million yuan in 2024, a year-on-year decrease of 11.95%, and a net loss attributable to shareholders of 153 million yuan, although this was an improvement from a loss of 196 million yuan in the previous year [3][4]. - The company has experienced continuous losses, with net profit attributable to shareholders declining for four consecutive years and non-recurring net profit being negative for 13 years [4][12]. - The decline in revenue is attributed to intense market competition in the sewing equipment industry, leading to a drop in sales [3][12]. - The main business segments include industrial sewing machines and parts manufacturing, with the industrial sewing machine segment generating 345 million yuan in revenue, down 14.97% year-on-year [3][12]. - Standard Shares has attempted to pivot towards supply chain business but faced setbacks, leading to a significant reduction in this segment's revenue [7][12]. - The company aims to transform from a single sewing equipment supplier to a comprehensive solution provider in the environmental and apparel sectors, although no substantial progress has been reported [13][15]. Dagang Holdings (300103.SZ) - Dagang Holdings reported total revenue of 155 million yuan in 2024, a decline of 39% year-on-year, with a net loss of 115 million yuan, worsening from a loss of 109 million yuan in 2023 [8][11]. - The company has also faced challenges, with its two main business segments, high-end road equipment and urban road smart operation, seeing revenue declines of 18.46% and 45.11%, respectively [11][12]. - Dagang Holdings has been attempting to diversify by acquiring a new energy company, aiming to enter the renewable energy sector, which generated 31.6 million yuan in revenue, accounting for 20.37% of total revenue [11][15]. - The company has experienced five consecutive years of losses, with a cumulative loss exceeding 500 million yuan since 2022 [11][12]. - Dagang Holdings plans to focus on high-end equipment charging, battery swapping, and overseas market expansion, particularly in Southeast Asia, to seek new growth opportunities [15][17]. Industry Insights - The challenges faced by Standard Shares and Dagang Holdings reflect broader issues within the traditional manufacturing sector, including shrinking market share and stagnant revenue growth due to increased competition and changing market dynamics [12][17]. - The textile industry is under pressure from low-cost competition in Southeast Asia and saturated domestic demand, while the transportation infrastructure investment is also declining, impacting the performance of companies in this sector [12][17]. - Both companies exhibit weak technological accumulation and insufficient strategic focus, raising questions about how traditional industries can navigate through economic cycles [17].

西安标准工业股份有限公司 关于 2024 年度年报审计会计师事务所履职情况的 评估报告 西安标准工业股份有限公司（以下简称"公司"）聘请致同会计师事务所（特 殊普通合伙）（以下简称"致同所"）作为公司 2024 年度年报审计会计师事务 所。 根据财政部、国务院国资委及证监会颁布的《国有企业、上市公司选聘会计 师事务所管理办法》，公司对致同所 2024 年度年报审计中的履职情况进行了评 估。具体评估情况如下： 致同会计师事务所（特殊普通合伙）成立于 1981 年，注册地址位于北京市 朝阳区建国门外大街 22 号赛特广场五层，首席合伙人为李惠琦，执业证书颁发 单位及序号为北京市财政局 NO0014469。 截至 2024 年末，致同所从业人员近六千人，其中合伙人 239 名，注册会计 师 1,359 名，签署过证券服务业务审计报告的注册会计师超过 400 人。 致同会计师事务所（特殊普通合伙）2023 年度业务收入 27.03 亿元，其中 审计业务收入 22.05 亿元，证券业务收入 5.02 亿元。 2023 年度上市公司审计客户 257 家，主要行业包括制造业；信息传输、软 件和信息技术服务业；批发和零售业； ...