浙江六和律师事务所 关于杭州永创智能设备股份有限公司 2021 年限制性股票激励计划第三个解除限售期解除 限售条件成就相关事项的 法律意见书 浙江六和律师事务所 1、本所律师审查了公司提供的与出具本法律意见书相关的文件资料的正本、 副本或复印件，听取相关方对有关事实的陈述和说明，并对有关问题进行了必要 的核查和验证。公司对本所律师作出如下保证:其向本所律师提供的信息和文件 资料（包括但不限于原始书面资料、副本资料和口头信息等）均是真实、准确、 完整和有效的，该等资料副本或复印件均与其原始资料或原件一致，所有文件的 签名、印章均是真实的，不存在虚假记载、误导性陈述或重大遗漏。 2、本所律师依据本法律意见书出具之日以前已经发生或存在的事实和中国 现行法律、法规和规范性文件，并基于对有关事实的了解和对中国有关法律、行 政法规、规范性文件的理解发表法律意见，对出具本法律意见书至关重要又无法 得到独立的证据支持的事实，本所律师依赖有关政府部门、公司或其他有关机构 出具的证明文件出具本法律意见书。 关于杭州永创智能设备股份有限公司 2021 年限制性股票激励计划第三个解除限售期解除限售条件成就 相关事项的法律意见书 浙六 ...

Group 1 - The company plans to repurchase shares using its own funds ranging from RMB 20 million to 30 million, with the repurchase period set from April 10, 2025, to July 9, 2025 [1] - As of April 30, 2025, the company has repurchased a total of 1,889,800 shares, representing 0.39% of the total share capital, with a maximum purchase price of RMB 9.35 per share and a minimum of RMB 8.82 per share, totaling RMB 16,996,511 (excluding transaction fees) [2] - The repurchase actions comply with relevant laws, regulations, and the requirements of the repurchase plan [3] Group 2 - The company will strictly adhere to the regulations regarding share repurchase and will make decisions based on market conditions during the repurchase period, ensuring timely information disclosure regarding the progress of the share repurchase [4]

杭州永创智能设备股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/10 | | --- | --- | | 回购方案实施期限 | 2025/4/10~2025/7/9 | | 预计回购金额 | 2,000万元~3,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 188.98万股 | | 累计已回购股数占总股本比例 | 0.39% | | 累计已回购金额 | 1,699.65万元 | | 实际回购价格区间 | 8.82元/股~9.35元/股 | 证券代码：603901 证券简称：永创智能 公告编号：2025-048 转债代码：113654 转债简称：永 02 转债 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个 ...

Group 1 - The company Hangzhou Yongchuang Intelligent Equipment Co., Ltd. has applied for a patent for a "fall prevention method for robots," which aims to enhance the stability of robot movement and facilitate recovery from falls [1] - The patent application was filed on February 2025, and the public announcement number is CN119871427A [1] - The fall prevention method involves real-time acquisition of robot status data, including sensor data, center of gravity position, and current posture data, to assess fall risk and adjust auxiliary leg components accordingly [1] Group 2 - Hangzhou Yongchuang Intelligent Equipment Co., Ltd. was established in 2002 and is primarily engaged in the manufacturing of instruments and meters [2] - The company has a registered capital of approximately 487.90 million RMB [2] - The company has invested in 42 enterprises and participated in 932 bidding projects, holding 943 patent records and 67 trademark records [2]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a mixed performance with revenue growth but a significant decline in net profit due to various challenges [1]. Financial Performance - In 2024, the company achieved revenue of 3.57 billion, a year-on-year increase of 13%; however, the net profit attributable to shareholders was 16 million, a decrease of 78% year-on-year; operating cash flow was 260 million, up 21% year-on-year [1]. - For Q1 2025, the company reported revenue of 890 million, a 7% increase year-on-year; net profit attributable to shareholders was 41 million, a 6% increase year-on-year; operating cash flow was 77 million, a significant increase of 138% year-on-year [1]. Business Segments - The company’s main business lines showed positive revenue growth, with total new orders amounting to approximately 4.5 billion, a year-on-year increase of about 14% [2]. - Smart packaging production lines generated revenue of 1.56 billion (up 9% year-on-year) with a gross margin of 25.5% (down 7.2 percentage points); beverage industry orders increased by about 37% due to higher capital expenditure and market share growth [2]. - Standard single machine equipment revenue reached 1.3 billion (up 21% year-on-year) with a gross margin of 25.4% (down 2.5 percentage points); new orders for standard single machine equipment grew by about 13% [2]. - Packaging materials generated revenue of 370 million (up 31% year-on-year) with a gross margin of 10.3% (up 0.9 percentage points); new orders for packaging materials increased by about 22% [2]. Future Outlook - The company is advancing its humanoid robot product development and has launched an equity incentive plan, indicating a potential turning point for its main business in 2025 [3]. - The company plans to issue 5.08 million restricted stock incentives, with conditions for lifting restrictions based on revenue and net profit targets for 2025-2027 [3]. - The company anticipates that the completion of liquid intelligent packaging production lines in 2024 will add 24 new production lines, potentially generating a net profit of 102 million [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 4 billion, 4.5 billion, and 5.1 billion, with year-on-year growth rates of 12%, 13%, and 13%; net profit attributable to shareholders is forecasted at 137 million, 204 million, and 299 million, with growth rates of 780%, 49%, and 47% respectively [4]. - The corresponding price-to-earnings ratios are projected to be 33, 22, and 15 times, with a compound annual growth rate of 168% for net profit from 2024 to 2027 [4].

Group 1 - JD Industrial and Yongchuang Intelligent have signed a strategic cooperation agreement to enhance the digital supply chain in the packaging equipment industry [2][3] - Yongchuang Intelligent is a leading domestic packaging equipment company, focusing on R&D, manufacturing, and technical services for packaging equipment and materials [2][3] - The packaging equipment industry is a key segment encouraged by the government for smart manufacturing, with increasing demand driven by the rapid development of downstream industries like food and pharmaceuticals [3] Group 2 - In 2024, Yongchuang Intelligent's subsidiary Zhejiang Weipai will open a self-operated flagship store on JD Industrial's platform, with plans to further deepen cooperation by 2025 [4] - JD Industrial will provide Yongchuang Intelligent access to various channels, including JD Hardware City and other procurement platforms, to enhance market penetration [4][5] - The collaboration aims to improve supply chain response speed and customer satisfaction while reducing Yongchuang Intelligent's warehousing and logistics costs [5] Group 3 - The partnership signifies a shift from platform cooperation to deep supply chain integration, focusing on cost reduction and efficiency improvement [5] - Both companies aim to explore the construction and implementation of a digital supply chain in the packaging equipment sector, enhancing industry collaboration and supply chain integration [4][5] - The strategic cooperation is expected to inject new momentum into the high-quality development of the packaging industry [5]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has shown a revenue growth of 13% year-on-year in 2024, reaching 3.57 billion yuan, but the net profit attributable to shareholders decreased by 78% to 0.16 billion yuan due to various factors including increased costs and changes in product structure [1] - The company is expected to see a turning point in its main business in 2025, driven by product upgrades, category expansion, and domestic substitution [2][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.57 billion yuan, a 13% increase year-on-year, with a net profit of 0.16 billion yuan, down 78% [1] - For Q1 2025, the company reported a revenue of 0.89 billion yuan, a 7% increase year-on-year, and a net profit of 0.41 billion yuan, up 6% [1] - The operating cash flow for 2024 was 0.26 billion yuan, a 21% increase year-on-year, while Q1 2025 saw a significant increase of 138% to 0.77 billion yuan [1] Business Segments - The smart packaging production line generated 1.56 billion yuan in revenue, a 9% increase, with a gross margin of 25.5% [1] - Standard single machine equipment revenue reached 1.3 billion yuan, up 21%, with a gross margin of 25.4% [1] - Packaging materials revenue grew by 31% to 0.37 billion yuan, with a gross margin of 10.3% [2] Future Outlook - The establishment of a subsidiary focused on humanoid robots indicates a strategic entry into a new growth area [2] - The company plans to implement a stock incentive plan, with performance targets set for revenue and net profit from 2025 to 2027 [2] - Revenue projections for 2025-2027 are 4.0 billion, 4.5 billion, and 5.1 billion yuan, respectively, with net profits expected to grow significantly [3]

Core Insights - The company reported a significant decline in net profit despite an increase in revenue, indicating underlying challenges in profitability [1][2][6] Financial Performance - Revenue for 2024 reached approximately 3.57 billion yuan, a 13.37% increase from 2023's 3.15 billion yuan, driven by higher sales of standard equipment and smart packaging production lines [2] - Net profit attributable to shareholders was approximately 15.58 million yuan, a drastic decline of 78.08% year-over-year, primarily due to decreased gross margins and increased asset impairment losses [2] - The company's non-recurring net profit fell by 98.55% to about 1.73 million yuan, highlighting significant challenges in core business profitability [2] - Basic earnings per share decreased by 78.93% to 0.0316 yuan, reflecting a substantial reduction in shareholder returns [2] Expense Analysis - Sales expenses increased by 9.0% to approximately 288.13 million yuan, attributed to higher personnel costs due to increased revenue and orders [3] - Management expenses rose by 16.83% to about 211.25 million yuan, driven by increased depreciation and salaries [3] - Financial expenses surged by 51.89% to approximately 48.16 million yuan, mainly due to decreased interest income from bank deposits [3] - R&D expenses grew by 5.85% to about 253.90 million yuan, reflecting the company's commitment to innovation [3] Cash Flow Overview - Net cash flow from operating activities increased by 21.41% to approximately 261.08 million yuan, benefiting from improved sales collections [4] - Net cash flow from investing activities was negative at approximately -323.21 million yuan, primarily due to cash outflows for fixed and intangible asset acquisitions [4] - Net cash flow from financing activities was also negative at approximately -21.94 million yuan, reflecting a decrease in bank borrowings [4] R&D Investment - Total R&D investment for 2024 was approximately 253.90 million yuan, accounting for 7.12% of revenue, indicating a strong focus on technological innovation [4] - The R&D team consisted of 723 personnel, with about 64.2% holding bachelor's degrees or higher, and a majority aged between 30 and 40 [4] Potential Risks - The company faces risks from macroeconomic fluctuations that could impact demand in the food and beverage sector [5] - Intense market competition may lead to price reductions and further compression of sales margins [5] - Fluctuations in raw material prices could adversely affect product costs and profitability [5] - High inventory levels pose a risk of losses and increased working capital requirements [5] - Management risks associated with recent acquisitions could hinder overall development [5]

Core Viewpoint - Yongchuang Intelligent (603901) reported a year-on-year increase in total revenue and net profit for Q1 2025, but showed a decline in gross and net profit margins, indicating mixed financial performance [1]. Financial Performance - Total revenue for Q1 2025 reached 889 million yuan, a 7.07% increase compared to 830 million yuan in Q1 2024 [1]. - Net profit attributable to shareholders was 40.68 million yuan, up 5.75% from 38.47 million yuan in the same period last year [1]. - Gross margin decreased to 25.67%, down 11.16% year-on-year from 28.90% [1]. - Net margin also fell to 4.57%, a decrease of 4.02% from 4.76% [1]. - Operating cash flow per share improved significantly to 0.16 yuan, a 138.15% increase from -0.41 yuan [1]. Accounts Receivable and Debt - The company's accounts receivable were notably high, with accounts receivable to net profit ratio reaching 4155.6% [1]. - Interest-bearing liabilities slightly decreased to 18.69 billion yuan, down 0.87% from 18.85 billion yuan [1]. - The company's debt situation is concerning, with an interest-bearing asset liability ratio of 22.79% [5]. Cost Structure - Total expenses (selling, administrative, and financial) amounted to 114 million yuan, accounting for 12.79% of revenue, a decrease of 11.03% year-on-year [1]. - The company’s return on invested capital (ROIC) was low at 1.37%, indicating weak capital returns [5]. Cash Flow and Dividends - The company has accumulated a total financing of 711 million yuan and total dividends of 346 million yuan since its listing, resulting in a dividend-to-financing ratio of 0.49 [5]. - Cash flow management is critical, with cash and cash equivalents representing only 7.76% of total assets [5].

Core Viewpoint - The company, Yongchuang Intelligent Equipment Co., Ltd., reported its 2024 annual results, highlighting a revenue increase but a significant decline in net profit, alongside plans for profit distribution and future growth strategies in the packaging equipment industry. Company Overview - Yongchuang Intelligent specializes in the research, design, production, and technical services of packaging equipment and materials, positioning itself as a leading player in the domestic packaging equipment sector [3][4]. - The company offers over 40 types of packaging equipment and more than 400 specifications, creating a comprehensive product system [3]. Financial Performance - In 2024, the company achieved a revenue of approximately 3.57 billion yuan, representing a year-on-year growth of 13.37% [6]. - The net profit attributable to shareholders was approximately 15.58 million yuan, a significant decrease of 78.08% compared to the previous year [6]. - The net profit after excluding non-recurring gains and losses was about 1.73 million yuan, down 98.55% year-on-year [6]. Profit Distribution Plan - The board approved a profit distribution plan for 2024, proposing a cash dividend of 0.15 yuan per share (including tax), with an estimated total cash dividend of approximately 7.2 million yuan, which accounts for 46.22% of the net profit attributable to shareholders [2]. Industry Outlook - The global packaging equipment market is projected to reach 77.7 billion USD by 2032, with a compound annual growth rate (CAGR) of 3.8% from 2024 to 2032 [2]. - The Chinese packaging machinery industry is expected to grow at an average annual rate of around 8% during the 14th Five-Year Plan period, with an average profit growth rate of 7% and an export target of 12 billion USD [2]. Important Resolutions - The board approved several key resolutions, including the annual report, profit distribution plan, and the proposal to apply for a comprehensive credit limit of up to 4.3 billion yuan for 2025 [24][15]. - The company plans to issue shares to specific investors, with a total financing amount not exceeding 300 million yuan, subject to shareholder approval [54][55].