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 CNY 1,098,630,442.10, representing a 0.96% increase compared to CNY 1,088,208,650.63 in the same period last year[2]. - The net profit attributable to shareholders was a loss of CNY 25,055,496.62, a decrease of 255.03% from a profit of CNY 16,161,295.18 in the previous year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 30,261,651.67, a decline of 533.94% compared to CNY 6,973,765.17 last year[2]. - The basic and diluted earnings per share were both CNY -0.0357, down 257.27% from CNY 0.0227 in the same period last year[2]. - Net profit for Q1 2025 was a loss of CNY 23,785,839.12, contrasting with a profit of CNY 18,081,755.41 in Q1 2024, marking a significant decline[16]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,392,432,107.76, a 0.97% increase from CNY 6,330,839,728.08 at the end of the previous year[2]. - The company's total assets as of the end of the reporting period were CNY 6,392,432,107.76, up from CNY 6,330,839,728.08 at the end of the previous period, reflecting an increase of approximately 1.0%[14]. - Total liabilities increased to CNY 3,199,402,204.08 from CNY 3,146,687,237.25, representing a rise of about 1.7%[12]. - The company's cash and cash equivalents decreased, with short-term borrowings rising to CNY 1,209,688,560.77 from CNY 1,105,351,102.38, an increase of approximately 9.5%[12]. - The total equity attributable to shareholders of the parent company was CNY 2,958,413,353.80, slightly up from CNY 2,952,376,536.20[14]. Cash Flow - The net cash flow from operating activities was a negative CNY 132,291,044.43, compared to a negative CNY 115,211,461.09 in the same period last year[2]. - Cash inflow from operating activities for Q1 2025 was 920,195,860.79 CNY, down 6.06% from 979,841,163.60 CNY in Q1 2024[19]. - Net cash outflow from operating activities for Q1 2025 was -132,291,044.43 CNY, compared to -115,211,461.09 CNY in Q1 2024[19]. - Cash inflow from investment activities for Q1 2025 was 402,793,865.24 CNY, a decrease of 3.5% from 418,380,804.55 CNY in Q1 2024[20]. - Net cash outflow from investment activities for Q1 2025 was -124,972,165.69 CNY, compared to a net inflow of 22,176,836.63 CNY in Q1 2024[20]. - Cash inflow from financing activities for Q1 2025 was 452,925,609.90 CNY, an increase of 53.73% from 294,733,992.00 CNY in Q1 2024[20]. - Net cash inflow from financing activities for Q1 2025 was 141,435,879.42 CNY, compared to 20,617,630.57 CNY in Q1 2024[20]. - The company experienced a cash outflow of 311,489,730.48 CNY from financing activities in Q1 2025, compared to 274,116,361.43 CNY in Q1 2024[20]. Other Financial Metrics - The weighted average return on net assets decreased to -0.8479%, down 1.33 percentage points from 0.4778% in the previous year[2]. - Research and development expenses for Q1 2025 were CNY 36,681,875.17, down from CNY 42,582,332.62 in Q1 2024, indicating a decrease of about 13.9%[15]. - The company reported a significant increase in other comprehensive income, with a net amount of CNY 31,653,054.49 in Q1 2025 compared to a loss of CNY 39,801,513.38 in Q1 2024[16]. - The company's accounts receivable increased to CNY 993,814,998.36 from CNY 857,650,931.19 at the end of the previous year[10]. - The company reported non-recurring gains of CNY 5,206,155.05, primarily from government subsidies and asset disposals[6]. - The company's contract liabilities increased to CNY 100,127,355.59 from CNY 99,254,966.48, showing a growth of approximately 0.9%[12].

Core Viewpoint - The company reported a revenue of 1.099 billion yuan for the first quarter of 2025, showing a year-on-year growth of 0.96%, but incurred a net loss of 25.055 million yuan compared to a net profit of 16.1613 million yuan in the same period last year [1] Financial Performance - Revenue for Q1 2025: 1.099 billion yuan, up 0.96% year-on-year [1] - Net loss for Q1 2025: 25.055 million yuan, compared to a net profit of 16.1613 million yuan in Q1 2024 [1]

Group 1 - The company approved the 2024 Annual Sustainable Development (ESG) Report with a unanimous vote of 9 in favor [1] - The company appointed Mr. Zhang Yong as Vice President and Mr. Wu Weijie as the Secretary of the Board, both with terms until the end of the current board's tenure, also receiving unanimous approval [2][3] - The company plans to hold the 2024 Annual Shareholders' Meeting at a later date, which was also approved unanimously [4] Group 2 - The company announced a guarantee plan for its wholly-owned or controlled subsidiaries, with a total amount not exceeding 600 million yuan for the year 2025 [9][10] - The guarantee will cover subsidiaries including Dukepu Ai Hua Co., Ltd., Shanghai Shensi Enterprise Development Co., Ltd., and others, with specific financial details provided for each [11][12][13][14] - The company has no outstanding guarantees or overdue guarantee situations as of the announcement date [19] Group 3 - The company plans to manage temporarily idle raised funds and self-owned funds, with a maximum of 500 million yuan from raised funds and 100 million yuan from self-owned funds for cash management [22][23] - The cash management will involve high-security, liquid, short-term products, ensuring that it does not affect the normal implementation of investment projects [32][33] - The company has established a three-party supervision agreement for the raised funds, ensuring compliance with relevant regulations [36]

Group 1 - The company plans not to distribute profits for the year 2024, including no cash dividends or stock bonuses, due to a negative net profit [2][35][38] - The company's consolidated net profit for 2024 is -24,423,133.43 yuan, while the parent company's net profit is 21,570,680.93 yuan [5][36] - The company aims to reserve operating funds to ensure stable operations and liquidity needs for sustainable development [2][38] Group 2 - The company operates in the manufacturing sector, specifically in the specialized equipment manufacturing industry, focusing on sewing machinery [2] - The sewing machinery industry in China has shown recovery, with 275 large enterprises achieving a revenue of 31.611 billion yuan, a year-on-year increase of 19.04% [3] - The garment industry has seen a stable recovery, with a 0.8% increase in industrial added value and a 4.22% increase in garment production in 2024 [3] Group 3 - The automotive industry, a key customer for the company's medium-thick material sewing equipment, has shown positive growth, with production and sales increasing by 3.7% and 4.5% respectively [4] - The company's overseas subsidiary in Germany faced a sluggish market, with the automotive sector's production remaining stable and machinery output declining by approximately 8% [5] - The company has implemented cost control measures and improved cash flow management to mitigate short-term operational losses [6] Group 4 - The company reported a revenue of 4.411 billion yuan for the reporting period, a year-on-year increase of 16.39%, primarily due to the acquisition of an 80% stake in a subsidiary [8] - The net profit attributable to shareholders decreased by 369.16% to -24.423 million yuan, influenced by reduced sales of high-margin products and lower asset disposal gains [8] - The company has maintained its core business of developing, producing, and selling sewing and intelligent manufacturing equipment, with no significant changes in its business model [5]

上工申贝（集团）股份有限公司 审计报告及财务报表 二〇二四年度 上工申贝（集团）股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-151 | 审 计 报 告 信会师报字[2025]第 ZA12464 号 上工申贝（集团）股份有限公司全体股东： 一、 审计意见 我们审计了上工申贝（集团）股份有限公司（以下简称贵公司） 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者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 ...

上工申贝（集团）股份有限公司 内部控制审计报告 2024 年 12 月 31 日 内部控制审计报告 信会师报字[2025]第 ZA12463 号 上工申贝（集团）股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了上工申贝（集团）股份有限公司（以下简称贵公 司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是贵公司董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 内部控制审计报告 第 1 页 四、 财务报告内部控制审计意见 我们认为，贵公司 ...

申万宏源证券承销保荐有限责任公司 关于上工申贝（集团）股份有限公司 2024 年度募集资金存 放与实际使用情况的专项核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"）作 为上工申贝（集团）股份有限公司（以下简称"上工申贝"或"公司"）非公开 发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易 所股票上市规则》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的 监管要求》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定，申万 宏源承销保荐公司对上工申贝非公开发行募集资金在 2024 年度的存放与实际使 用情况进行了核查，具体情况如下： 一、募集资金基本情况 1、募集资金到位情况 经中国证券监督管理委员会《关于核准上工申贝（集团）股份有限公司非公 开发行股票的批复》（证监许可[2020]2269 号）核准，公司向 8 名特定投资者以 非公开发行股票的方式发行人民币普通股（A 股）164,576,880 股，发行价格为 每股 4.95 元，募集资金总额 814,655,556.0 ...

上工申贝（集团）股份有限公司 2024 年度独立董事述职报告 2024 年度，本人作为上工申贝（集团）股份有限公司（以下简称"公司"）第十届 董事会独立董事，严格按照《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司治理准则》《上市公司独 立董事管理办法》《上工申贝（集团）股份有限公司章程》（以下简称"《公司章程》"） 以及《上工申贝（集团）股份有限公司独立董事工作制度》等相关规定及要求，积极 出席公司相关会议，仔细审议各项议案，独立、诚信、勤勉地履行独立董事职责，并 按规定对公司相关事项发表了客观、公正的独立意见，切实维护了公司的整体利益， 尤其关注中小股东的合法权益不受损害。现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 作为公司独立董事，本人拥有专业资质及能力，在从事的专业领域积累了丰富的 经验。本人个人工作履历、专业背景以及任职情况如下： 习俊通，男，1963 年 10 月出生，上海交通大学机械制造及其自动化学科、机械系 统与振动国家重点实验室，长聘教授、博士生导师。主要从事数字化制造、智能制造 技术领域的研究工作。 ...