RSM | 容诚 审计报告 八方电气（苏州）股份有限公司 容诚审字[2025]230Z0332 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查询 " ⴞ ᖅ | ᒿਧ | ޵ ᇩ | 亥⸱ | | --- | --- | --- | | 1 | ᇑ䇑ᣕ੺ | 1-6 | | 2 | ਸᒦ䍴ӗ䍏٪㺘 | 1 | | 3 | ਸᒦ࡙⏖㺘 | 2 | | 4 | ਸᒦ⧠䠁⍱䟿㺘 | 3 | | 5 | ਸᒦᡰᴹ㘵ᵳ⳺ਈࣘ㺘 | 4-5 | | 6 | ⇽ޜਨ䍴ӗ䍏٪㺘 | 6 | | 7 | ਨޜ⇽ 㺘⏖࡙ | 7 | | 8 | ⇽ޜਨ⧠䠁⍱䟿㺘 | 8 | | 9 | ⇽ޜਨᡰᴹ㘵ᵳ⳺ਈࣘ㺘 | 9-10 | | 10 | 䍒࣑ᣕ㺘䱴⌘ | 11 - 121 | ᇯ䈐Ր䇗ᐾӁࣗᡶδ⢯⇀Ფ䙐ਾՏε ᙱᡶφ्Ӣᐸ㾵ค॰䱒ᡆ䰞ཌཝ㺍 22 ਭ 1 ᒘ 10 ቸ 1001-1 㠩 / 1001-2 ...

内部控制审计报告 八方电气（苏州）股份有限公司 容诚审字|2025|230Z0331 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查验 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查验 。 RSM | 容 诚 内部控制审计报告 容诚审字[2025]230Z033 八方电气(苏州)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 们审计了八方电气(苏州)股份有限公司（以下简称"八方股份"）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,并评价其有效性是八方 股份董事会的责任。 二、注册会计师的责任 （此页无正文，为八方电气（苏州）股份有限公司容诚审字[2025]230Z0331 号报告之签字盖章页。） 我们的责任是在实施审计工作的基础上,对 ...

Financial Performance - The company's operating revenue for 2024 was approximately ¥1.36 billion, a decrease of 17.66% compared to ¥1.65 billion in 2023[22]. - Net profit attributable to shareholders for 2024 was approximately ¥63.85 million, down 50.06% from ¥127.86 million in 2023[22]. - The net profit after deducting non-recurring gains and losses was approximately ¥41.27 million, a decline of 61.42% compared to ¥106.96 million in 2023[22]. - The net cash flow from operating activities for 2024 was approximately ¥165.98 million, a decrease of 63.79% from ¥458.41 million in 2023[22]. - The total assets at the end of 2024 were approximately ¥3.16 billion, down 5.44% from ¥3.34 billion at the end of 2023[22]. - The net assets attributable to shareholders at the end of 2024 were approximately ¥2.65 billion, a decrease of 3.86% from ¥2.75 billion at the end of 2023[22]. - Basic earnings per share for 2024 were ¥0.27, a decrease of 50.00% compared to ¥0.54 in 2023[23]. - The weighted average return on net assets for 2024 was 2.35%, a decrease of 2.24 percentage points from 4.59% in 2023[23]. Market and Product Development - The company launched the GVT (Gear, Variable, Transmission) technology platform and introduced the G500A automatic five-speed hub, enhancing the riding experience and expanding its product line[33]. - The company filed 37 patent applications and received 35 authorizations in 2024, indicating a strong focus on R&D and innovation[33]. - The company aims to improve customer satisfaction by upgrading service mechanisms and establishing a 24-hour response system, emphasizing quality as a core competitive advantage[34]. - The European e-bike market is expected to recover post-2025, with the industry projected to maintain an upward trend until 2030, despite current challenges[35]. - The U.S. market for e-bikes is anticipated to grow significantly, with an estimated import of 1.7 million electric bicycles in 2024, highlighting the market's potential[36]. - By the end of 2024, China's electric bicycle ownership is projected to reach 400 million units, reflecting strong domestic demand[37]. Operational Efficiency - The company reported a significant increase in cash flow from operating activities in Q2 2024, amounting to approximately ¥49.24 million[25]. - The company’s net profit attributable to shareholders decreased to ¥0.60 million in Q3 2024, indicating challenges in maintaining profitability during that period[25]. - The company is committed to enhancing product performance and quality control as part of its strategic focus for 2025[34]. - The main business revenue from electric bicycle motors was 591.63 million RMB, a decrease of 20.38% compared to the previous year, with a gross margin of 41.30%[55]. - The revenue from battery sales was 135.00 million RMB, with a gross margin of 13.05%, reflecting a decrease of 6.73% in cost[55]. - The company employs a "make-to-order" production model, responding flexibly to customer specifications and order timelines[44]. Research and Development - The company has a strong R&D capability, being one of the few globally to master core technology in torque sensors, with products meeting international advanced standards[42]. - The company plans to continue increasing R&D investment to develop better-performing products based on existing offerings[46]. - Research and development expenses totaled ¥82,186,112.79, representing 6.06% of operating revenue, a decrease of 8.55% from ¥89,868,605.33 in the previous year[63]. Risk Management - The company has outlined potential risks in its report, advising investors to be cautious regarding future plans and strategies[8]. - The company faces risks from changes in international trade environments, particularly in Europe and North America, which could impact its competitive position[84]. - The company is exposed to market competition risks, especially in the electric bicycle system sector, where it competes with established brands like Bosch and Shimano[85]. - The company is at risk of technological obsolescence if its R&D does not align with industry trends and market demands[85]. - The company is vulnerable to fluctuations in raw material prices, such as neodymium and aluminum, which could increase operational costs[85]. Corporate Governance - The board of directors approved the 2023 annual report and financial statements, including profit distribution and capital reserve transfer plans[93]. - The total number of shares held by Chairman Wang Qinghua increased from 68,040,000 to 95,256,000, reflecting a change of 27,216,000 shares due to capital reserve transfer[97]. - Vice Chairman Yu Zhenhua's shareholding rose from 14,536,200 to 20,350,680, with an increase of 5,814,480 shares attributed to capital reserve transfer[97]. - The company has committed to avoiding competition with its controlling shareholders and related entities[93]. - The company has established a salary policy that links compensation to economic performance and aims to maintain competitive salary levels in the industry[119]. Environmental Responsibility - The company invested 40.42 million yuan in environmental protection during the reporting period[137]. - The company has established mechanisms for environmental protection and complies with all relevant regulations regarding waste discharge[138]. - The company reported zero production wastewater, with only domestic sewage treated and discharged into the municipal system[144]. - The company achieved compliance with air pollution discharge standards, including welding and cooking emissions[138]. - The company has implemented a comprehensive waste management strategy, achieving zero solid waste discharge[144]. Shareholder Returns - The company achieved a net profit attributable to ordinary shareholders of RMB 63,845,821.74, with a cash dividend amount of RMB 23,461,797.90, representing 36.75% of the net profit[129]. - The company plans to distribute cash dividends of no less than 20% of the distributable profit each year, with a cumulative cash dividend over the last three years amounting to RMB 430,850,290.90, which is 183.64% of the average annual net profit[131]. - The company has established a cash dividend policy that prioritizes cash distributions, ensuring that at least 20% of the distributable profit is allocated to cash dividends annually[124]. Employee Development - The company conducted over 128 internal and external training sessions, covering 1,967 employee instances, focusing on technical and quality aspects[121]. - The company has recognized 134 individuals in four occupational categories for vocational skills, with 126 obtaining certification and 61 being trained as skilled workers[120]. - The company has a robust training management process, enhancing employee professional skills and career development opportunities[121]. Financial Management - The company has engaged in cash asset management, with a total of RMB 317,360,220 in bank wealth management products and an outstanding balance of RMB 89,858,860[178]. - The company has completed three USD fixed deposits totaling USD 10 million, with interest income of approximately USD 234,200[179]. - The company reported a total of 8,000 million in structured financial products with a guaranteed return of 1.05%[182]. - The company has a projected return of 1.50% on 5,000 million in structured financial products, with a decrease of 25.6% in performance metrics[182].

Financial Performance - The company's operating revenue for Q1 2025 was ¥300,764,124.17, representing a 1.69% increase compared to ¥295,775,274.91 in the same period last year[3]. - Net profit attributable to shareholders increased by 32.11% to ¥21,844,670.32 from ¥16,535,627.48 year-on-year[3]. - Basic and diluted earnings per share rose by 28.57% to ¥0.09 from ¥0.07 in the same period last year[3]. - Operating profit for Q1 2025 was ¥26,133,424.56, up from ¥18,727,238.69 in Q1 2024, marking an increase of 39.5%[18]. - The total comprehensive income for the first quarter of 2025 was CNY 24,807,105.07, compared to CNY 15,160,824.41 in the first quarter of 2024, representing a significant increase[19]. - Net profit for Q1 2025 was ¥21,844,670.32, representing a 32.2% increase compared to ¥16,535,627.48 in Q1 2024[18]. Cash Flow - The net cash flow from operating activities surged to ¥21,218,315.91, a significant increase of 2,134.46% compared to ¥949,595.57 in the previous year[3]. - Cash flow from operating activities for Q1 2025 was CNY 21,218,315.91, a substantial increase from CNY 949,595.57 in Q1 2024[21]. - The company's cash outflows for operating activities in Q1 2025 were CNY 310,343,789.31, compared to CNY 321,801,199.97 in Q1 2024, showing a decrease of approximately 3.5%[21]. - The cash flow from operating activities showed a net outflow of CNY 31.07 million, an improvement from a net outflow of CNY 35.63 million in Q1 2024[28]. Assets and Liabilities - Total assets decreased by 2.33% to ¥3,085,844,240.68 from ¥3,159,602,486.24 at the end of the previous year[4]. - The company's total assets amounted to ¥3,085,844,240.68, down from ¥3,159,602,486.24 in the previous period[13]. - Total liabilities decreased to ¥415,548,988.92 from ¥514,114,339.55, a decline of 19.2%[14]. - The total liabilities as of March 31, 2025, were CNY 162,686,365.50, down from CNY 202,257,722.13 at the end of 2024[23]. Shareholder Equity - The equity attributable to shareholders increased by 0.94% to ¥2,670,295,251.76 compared to ¥2,645,488,146.69 at the end of the previous year[4]. - The company's equity attributable to shareholders increased to ¥2,670,295,251.76 from ¥2,645,488,146.69, a growth of 0.9%[14]. - The total equity of the company reached CNY 2.64 billion, up from CNY 2.60 billion year-over-year[24]. Expenses - The company reported a significant reduction in expenses and an increase in investment income as the main reasons for the profit growth[4]. - Research and development expenses decreased to ¥13,190,933.56 in Q1 2025 from ¥19,674,202.82 in Q1 2024, a reduction of 33.1%[18]. - Research and development expenses in Q1 2025 were CNY 10.95 million, down 30.7% from CNY 15.79 million in Q1 2024[25]. - The company experienced a decrease in sales expenses, which were CNY 7.82 million in Q1 2025, down 41.0% from CNY 13.30 million in Q1 2024[25]. Investment Activities - The company reported cash inflows from investment activities of CNY 774,877,354.49 in Q1 2025, compared to CNY 1,483,271.10 in Q1 2024[21]. - The net cash flow from investment activities for Q1 2025 was CNY 80,936,289.40, a turnaround from a negative cash flow of CNY -97,028,870.84 in Q1 2024[21]. - The company reported a significant increase in investment cash inflow, totaling CNY 774.43 million in Q1 2025 compared to CNY 576.59 million in the previous year[29]. Other Comprehensive Income - Other comprehensive income after tax for Q1 2025 was ¥2,962,434.75, compared to a loss of ¥1,374,803.07 in Q1 2024[18]. - The company's cash and cash equivalents at the end of Q1 2025 were CNY 752,180,251.89, compared to CNY 1,419,754,490.21 at the end of Q1 2024, indicating a decrease of approximately 47.1%[21].

八方股份（603489）公告，2025年第一季度营收为3.01亿元，同比增长1.69%；净利润为2184.47万元， 同比增长32.11%。 ...

Group 1 - The project in Baotou has a land area of 200 acres and aims to produce 52,000 sets of electric motors for new energy vehicles, 32,000 low-speed high-power permanent magnet motors, 1,300 wind turbines, 20,000 tons of castings, and a 100 MWh energy storage system, with a construction timeline of just 9 months from start to production [2] - The rapid construction of the Wolong Electric Drive (Baotou) permanent magnet motor industrial park reflects the city's efforts to optimize approval processes and enhance service efficiency, contributing to Baotou's economic growth [2][3] - Baotou's government has implemented a "storekeeper" service model to facilitate project construction, providing significant convenience in terms of resource guarantees and approval processes [3] Group 2 - The Baotou Ecological Environment Bureau has actively engaged in the approval process for the construction of large-scale wind power gearbox projects, expediting environmental assessments to help projects commence sooner [4] - The Baotou Natural Resources Bureau has successfully streamlined the approval process for new material production projects, enabling rapid issuance of necessary permits and licenses, thus promoting a "land acquisition immediately starts construction" approach [4] - Since March 7, Baotou's municipal data bureau has initiated a special service to address approval challenges for enterprises, significantly reducing the time and cost associated with project approvals [5]

证券之星消息，截止2025年一季度末，基金经理吕佳玮旗下共管理7只基金，本季度表现最佳的为华夏低碳经济一年持有混合A(015229)，季度净 值涨8.97%。 | 在任基金 | 规模(亿元) | 年化回报 | 2025年一季度涨幅 | 第一重合股 | 占净值比 | | --- | --- | --- | --- | --- | --- | | 华夏成长机会 - 年持有混合 | 5.99 | -16.85% | 5.27% | 長特威 | 9.51% | | 012098 | | | | 688213.SH | | | 华夏核心成长混合A 012703 | 3.06 | -13.36% | 5.12% | 思特威 688213.SH | 9.35% | | 华夏节能环保股票A | 2.59 | 6.08% | 7.23% | 绿能氯充 | 8.63% | | 004640 | | | | 600212.SH | | | 华夏低碳经济一年持有混合A 015229 | 1.28 | -15.67% | 8.97% | 绿能氯充 600212.SH | 9.71% | | 华夏低碳经济—年持有混合C | 0.46 | ...

Group 1 - The core viewpoint of the news is the recognition of Bafang Electric as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise in the sports sector, highlighting its expertise in bicycle component manufacturing [1] - Bafang Electric has been recognized for two consecutive years as a national-level champion in the specialized manufacturing sector, indicating its strong position in the sports goods manufacturing niche [1] - The joint release of the "Guiding Opinions on Financial Support for High-Quality Development of the Sports Industry" by multiple government departments aims to enhance financial support for the sports goods manufacturing industry, which is expected to benefit companies like Bafang Electric by broadening financing channels and increasing R&D investments [1] Group 2 - The dual benefits of national-level recognition and financial support policies are expected to create development opportunities not only for Bafang Electric but also for other bicycle manufacturing companies, reflecting a positive trend in the cycling industry [2] - The "Guiding Opinions" emphasize the integration of sports with culture, tourism, and health, positioning cycling as a key area for development, which may lead to increased infrastructure for cycling tourism and new market opportunities for electric bicycles [2] - Financial support measures in the sports consumption sector are likely to stimulate consumer demand for electric bicycles and related sports goods [2] Group 3 - The electric bicycle market is expanding due to the growing demand for green transportation and healthy living, with major domestic electric two-wheeler companies actively entering the electric assist bicycle sector [3] - The increasing acceptance of cycling among the public is leading to a reassessment of the "cycling economy," aligning with national policies aimed at boosting consumption and expanding domestic demand [3] - Bafang Electric is expected to leverage its technological and manufacturing advantages to deepen its market presence in the electric bicycle sector, enhancing product quality and performance while expanding its market share [3]

Summary of Baifang Co., Ltd. Conference Call Company Overview - Baifang Co., Ltd. specializes in the electric bicycle industry, primarily selling battery, motor, and electronic control systems. The company generates approximately 70% to 80% of its revenue from the European market, with the remainder from domestic and U.S. markets [3][4]. Core Insights and Arguments - **Market Volatility and Performance**: Since its IPO in 2019, Baifang has experienced significant volatility, particularly during the COVID-19 pandemic when demand for short-distance travel surged in Europe, leading to substantial growth in performance [4]. - **Inventory Challenges**: The company faced inventory accumulation in 2021-2022, which has depleted future demand, resulting in a projected annual sales volume of around 1 million units for 2023-2024 [4][5]. - **Response to Order Reductions**: To counteract reduced orders from existing customers, Baifang developed integrated wheel motor business to maintain employment and supported 2,000 dealers in Europe to enhance after-sales service, thereby attracting new customers [4][6]. - **Quality Improvement Initiatives**: Baifang established a research and development center in Suzhou and acquired testing equipment to improve product quality and reliability, which helped regain some old customers and attract new ones [4][7]. - **Future Demand Recovery**: The electric bicycle industry is expected to undergo a replenishment cycle, with inventory levels of old customers dropping to low points, suggesting a potential increase in demand starting in the second half of 2025 [4][9]. - **Revenue and Profit Outlook**: Baifang's revenue and profit previously reached approximately 3 billion and 600 million RMB, respectively. However, due to fixed asset depreciation and losses from integrated wheel motors, profits are expected to stabilize at around 400 to 500 million RMB [4][13]. - **Current Order Visibility**: The company currently has low order visibility, with a weak recovery state. It is anticipated that by mid-2025, old customer inventory will be fully digested, leading to a clearer recovery trend in the second half of the year [4][14]. Additional Important Insights - **Sales Performance in 2021-2022**: Sales volume increased significantly during these years, with motor sales rising from approximately 1 million units pre-pandemic to 2.12 million in 2021 and 1.64 million in 2022, leading to a total inventory depletion of about 1.7 to 1.8 million units [5]. - **Industry Inventory Dynamics**: The electric bicycle industry has experienced cycles of inventory accumulation and depletion, with major Taiwanese brands expected to complete inventory clearance by mid-2025 [9]. - **Growth Potential in Europe**: The electric bicycle market in Europe is characterized by growth potential, with a current penetration rate of about 29%. The market is expected to benefit from economic recovery and infrastructure plans, potentially increasing penetration to 70%-80% in the coming years [11][12]. - **Impact of Economic Recovery**: The recovery of the European economy is expected to positively influence the electric bicycle industry, with a potential return to 2 million units in sales volume if old customer orders return alongside new customer acquisitions [12][13]. - **Future Revenue and Profit Expectations**: Baifang is projected to experience a recovery in the coming years, driven by the return of old customers and the acquisition of new ones, which could enhance market share [18].