Core Viewpoint - The company Zhejiang Haideman (SH688577) has received regulatory inquiries due to the unusual gross margin and revenue of its distribution model in 2024, which exceeded that of its direct sales model [2] Group 1: Revenue and Profitability - In 2024, Zhejiang Haideman achieved a revenue of 765 million yuan, representing a year-on-year increase of 15.31% [3] - Revenue from the distribution model reached 385 million yuan, growing by 19.53%, and accounted for 50.39% of total revenue, surpassing direct sales revenue [3] - The gross margin of the distribution model is higher than that of the direct sales model, contributing to the overall increase in profitability [2][3] Group 2: Changes in Sales Model - The shift from a primarily direct sales model to a distribution model has drawn regulatory attention, as the company was primarily direct sales-focused at the time of its IPO in 2020 [3] - The company explained that end customers prefer purchasing through distributors due to advantages in customer demand exploration, sample demonstrations, and after-sales service [3] - Distributors can offer price advantages through bulk purchases, which helps end customers save costs [3] Group 3: Customer Relationships - By the end of 2024, only 2 out of the top 5 direct sales customers from 2019 continued to cooperate, with the remaining 3 having sufficient capacity from previous purchases, leading to a significant decline in transaction volume [4] - The company confirmed that there is no practice of prematurely recognizing revenue or engaging in year-end revenue recognition spikes [5][6] Group 4: International Trade and Market Trends - The company reported that 100% of the payment from the top five foreign customers was received, although some large foreign customers had delayed payments due to external trade environment changes [6] - The company is actively involved in the humanoid robot sector, providing core components suitable for turning processing, and has developed customized solutions to address industry-specific challenges [6]

Sales Model - The company reported a revenue of 765 million yuan, representing a year-on-year increase of 15.31%, with a higher gross profit margin from distribution sales compared to direct sales [1] - The sales model has shifted significantly from "mainly direct sales, supplemented by distribution" at the time of listing in 2020 [1] Revenue Recognition - The company needs to clarify the sales situation of its top five distribution customers, including names, cooperation duration, and sales amounts, along with reasons for changes [2] - Revenue recognition for the top five distribution customers is based on the timing of sales and compliance with industry practices and accounting standards [2][6] - The gross profit margin for distribution sales is higher than that for direct sales due to factors such as pricing advantages and customer service provided by distributors [6][9] Inventory and Sales Matching - The company confirmed that there are no significant issues with product operation, distributor stockpiling, or post-sale returns for its distribution customers [5] - The company maintains a buyout transaction model with distributors, meaning they do not have the right to return products except for quality issues [5] Customer Relationships - The reasons for end customers not purchasing directly from the company include the advantages of distributors in customer service and cost savings through bulk purchases [6] - The company has maintained good relationships with several major customers since its listing, with no significant anomalies compared to industry peers [11]

Core Viewpoint - Zhejiang Haideman Intelligent Equipment Co., Ltd. has received an inquiry letter regarding its 2024 annual report, prompting a detailed response concerning its sales model and revenue recognition practices [1]. Sales Model - The company reported a revenue of 765 million yuan in 2024, representing a year-on-year increase of 15.31% [2]. - The sales model has shifted significantly from "mainly direct sales, supplemented by distribution" at the time of its 2020 IPO to a model where distribution plays a more prominent role [2][3]. - The gross profit margin for distribution sales is higher than that for direct sales, indicating a strategic shift in sales approach [2]. Major Customers and Sales Performance - The company provided detailed sales information for its top five distribution customers, including sales amounts, changes, and reasons for variations [3][4]. - The total sales to the top five distribution customers reached 118 million yuan, accounting for 30.72% of distribution revenue [14]. - The sales performance of major customers showed fluctuations, with some customers experiencing significant changes in purchasing behavior due to market conditions [14]. Revenue Recognition - Revenue recognition practices are aligned with industry standards, with sales recognized upon delivery and acceptance based on contractual agreements [15]. - The company confirmed that there are no significant discrepancies in revenue recognition compared to industry peers, ensuring compliance with accounting standards [15]. - The revenue recognition for export sales is based on customs clearance and obtaining shipping documents, while domestic sales follow a different set of criteria [15]. Financial Performance - The fourth quarter of 2024 saw a revenue of 221 million yuan, reflecting a quarter-on-quarter growth of 29.83% [15]. - The company noted a seasonal pattern in revenue distribution, with the fourth quarter typically accounting for a higher proportion of total annual revenue [15]. Customer Relationships - The company maintains ongoing relationships with several major customers from before its IPO, although some have seen reduced transaction volumes due to changes in demand [12][14]. - The reasons for decreased cooperation with certain customers include shifts in their operational needs and market conditions, which are consistent with industry practices [14].

民生证券股份有限公司 关于浙江海德曼智能装备股份有限公司 2024 年年报问询函回复的核查意见 （豁免版） 上海证券交易所： 由浙江海德曼智能装备股份有限公司（以下简称"公司"）转来的《关于浙 江海德曼智能装备股份有限公司 2024 年年度报告的信息披露监管问询函》（上 证科创公函〔2025〕0143 号，以下简称问询函）收悉。 我们已对问询函中需要我们发表意见的事项进行了核查，部分信息根据公司 的信息披露相关制度的要求进行了豁免，现汇报如下。 1 一、关于销售模式。 年报显示，公司报告期实现营业收入 7.65 亿元，同比上升 15.31%，净利润 2,582.94 万元，同比下滑 12.27%。其中，经销模式收入 3.85 亿元，同比增长 19.53%，增速高于整体，占营业总收入的比例升至 50.39%，超过直销收入，且 经销毛利率高于直销。公司销售模式与 2020 年上市时"直销为主、经销为辅" 相比发生较大变化。 请公司：（1）说明报告期前五大经销客户销售情况，包括经销商名称、合作 年限、关联关系、终端客户及所处行业、销售内容、销售金额及变动原因、验收 单出具方、回款情况等，并结合发货模式、验收单出具方 ...

目 录 | 一、关于销售模式………………………………………………… | 第 1—13 | 页 | | --- | --- | --- | | 二、关于收入确认…………………………………………………第 | 13—20 | 页 | | 三、关于产销存匹配关系…………………………………………第 | 20—27 | 页 | | 四、关于保证金匹配性……………………………………………第 | 27—31 | 页 | | 五、其他问题………………………………………………………第 | 31—42 | 页 | 问询函专项说明 天健函〔2025〕515 号 上海证券交易所： 由浙江海德曼智能装备股份有限公司（以下简称浙海德曼公司或公司）转来 的《关于浙江海德曼智能装备股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证科创公函〔2025〕0143 号，以下简称问询函）奉悉。我们已对问 询函中需要我们说明的财务事项进行了审慎核查，现汇报说明如下。 一、关于销售模式 年报显示，公司报告期实现营业收入 7.65 亿元，同比上升 15.31%，净利润 2,582.94 万元，同比下滑 12.27%。其中，经销模式收入 3.8 ...

证券代码：688577 证券简称：浙海德曼 公告编号：2025-016 在本问询函相关问题的回复中，合计数与各分项数值相加之和可能存在尾数 差异，均为四舍五入所致。 鉴于公司回复内容中披露的部分信息涉及商业秘密和商业敏感信息，根据相 关法律法规、规范性文件的规定，公司对本次问询函回复中相关内容进行豁免披 露处理。 一、关于销售模式。 年报显示，公司报告期实现营业收入 7.65 亿元，同比上升 15.31%，净利润 2,582.94 万元，同比下滑 12.27%。其中，经销模式收入 3.85 亿元，同比增长 19.53%，增速高于整体，占营业总收入的比例升至 50.39%，超过直销收入，且 经销毛利率高于直销。公司销售模式与 2020 年上市时"直销为主、经销为辅" 相比发生较大变化。 请公司：（1）说明报告期前五大经销客户销售情况，包括经销商名称、合 作年限、关联关系、终端客户及所处行业、销售内容、销售金额及变动原因、 验收单出具方、回款情况等，并结合发货模式、验收单出具方，说明是否存在 产品未实际运行、经销商压货或期后退货情形，终端客户未直接向公司采购的 原因；（2）说明报告期对上述经销商客户的收入确认时点 ...

Dividend and Share Capital - The company plans to distribute a cash dividend of 6.0 RMB per 10 shares, totaling approximately 47.69 million RMB (including tax) based on a total share capital of 79,485,521 shares as of December 31, 2024[7]. - The company intends to increase its share capital by 4 shares for every 10 shares held, resulting in an additional 31,794,208 shares, raising the total share capital to 111,279,729 shares[7]. - The cash dividend policy complies with the company's articles of association and shareholder meeting resolutions[200]. - The dividend standards and ratios are clear and well-defined[200]. Financial Performance - The company's operating revenue for 2024 reached CNY 765,181,983.62, representing a 15.31% increase compared to CNY 663,561,414.29 in 2023[23]. - The net profit attributable to shareholders decreased by 12.27% to CNY 25,829,398.23 in 2024 from CNY 29,441,088.46 in 2023[23]. - The basic earnings per share for 2024 was CNY 0.34, down 12.82% from CNY 0.39 in 2023[25]. - The company's cash flow from operating activities decreased by 34.49% to CNY 68,606,893.32 in 2024 from CNY 104,726,208.50 in 2023[23]. - The net profit after deducting non-recurring gains and losses was CNY 18,328,846.32, down 10.19% from CNY 20,409,375.49 in 2023[23]. - Operating costs rose by 17.55% to 573.31 million yuan, primarily due to the increase in operating revenue[122]. - The company reported a net cash flow from operating activities of 68.61 million yuan, down 34.49% from the previous year[121]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. - The company has confirmed that all board members attended the board meeting, ensuring accountability for the annual report's accuracy[6]. - The company has not reported any instances where more than half of the directors could not guarantee the authenticity, accuracy, and completeness of the annual report[10]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[10]. - The company has not experienced any violations of decision-making procedures regarding external guarantees[10]. Research and Development - The company's R&D expenditure as a percentage of operating revenue was 5.98% in 2024, a decrease of 0.43 percentage points from 6.41% in 2023[25]. - The total R&D investment for the year was approximately ¥45.75 million, representing a 7.58% increase from the previous year[91]. - The company has achieved significant breakthroughs in high-precision core technologies, including spindle technology and servo turret technology, with a focus on developing high-precision platforms and autonomous core technologies[99]. - The company has developed high-end CNC lathes, including the T series, which are designed for high precision and high-speed processing of small components, particularly suitable for non-ferrous and black metals[45]. - The company is focusing on ultra-high precision machining technology, which is crucial for high-end equipment manufacturing and is currently a bottleneck area[77]. Market and Industry Trends - In 2024, China's GDP reached CNY 1,349,084 billion, growing by 5.0% compared to the previous year[33]. - The overall revenue of the machine tool industry in 2024 is CNY 1,040.7 billion, a decrease of 5.2% year-on-year[36]. - The domestic demand for high-end CNC machine tools is rapidly increasing, driven by the transformation and upgrading of China's manufacturing industry, particularly in sectors like automotive parts and aerospace[65]. - The company is positioned to benefit from the significant demand for high-precision, automated, and intelligent processing equipment in the context of China's commitment to carbon neutrality by 2060[150]. - The company anticipates new development opportunities in the machine tool industry due to government policies promoting large-scale equipment updates and product technology upgrades[152]. Governance and Management - The company has established a governance structure that ensures independence from its controlling shareholder, with a board of directors comprising seven members, including three independent directors[170]. - The company held its annual general meeting on May 28, 2024, where all proposed resolutions were approved[172]. - The company has appointed new independent directors and is undergoing a board restructuring process[172]. - The total number of shares held by the board members amounts to 28,969,720 shares, with a market capitalization of approximately 1,134.73 million RMB[176]. - The company emphasizes the importance of core technical personnel, with a focus on retaining talent to drive innovation[179]. Risks and Challenges - The company faces risks of significant performance decline or losses due to reliance on fixed asset investment in downstream industries, which is influenced by macroeconomic conditions[106]. - The company is exposed to risks from raw material price fluctuations, particularly for CNC systems and castings, which can significantly affect production costs[111]. - The company has a high inventory value, which could lead to operational impacts if there are significant changes in customer conditions[115]. - The company is at risk of bad debts due to a large accounts receivable balance, which may increase if major customers face financial difficulties[115]. - The company faces risks from international trade environment changes, which could adversely affect export performance due to being listed on the US OFAC SDN list[113].

证券代码：688577 证券简称：浙海德曼 公告编号：2025-015 浙江海德曼智能装备股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/6/6 | 2025/6/9 | 2025/6/9 | 2025/6/9 | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 22 日的2024年年度股东大会 审议通过。 二、 分配、转增股本方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配及转增股本以方案实施前的公司总股本79,485,521股为基数， 每股派发现金红 ...

浙江天册律师事务所 关于浙江海德曼智能装备股份有限公司 浙江天册律师事务所 关于 浙江海德曼智能装备股份有限公司 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 编号：TCYJS2025H0642 号 致：浙江海德曼智能装备股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江海德曼智能装备股份有限 公司（以下简称"浙海德曼"或"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求出具 本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所审 议的议案内容和该等议案中所表述的事实或数据的真实性和准确性发表意见。 本法律意见书仅供公司 2024 年年度股东大会之目的使用。本所律师同意将本 在其中发表的法 ...

| 证券代码：688577 证券简称：浙海德曼 公告编号：2025-014 | | | | | --- | --- | --- | --- | | 浙江海德曼智能装备股份有限公司 | | | | | 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 | | | | | 重要内容提示： | | | | | ? 本次会议是否有被否决议案：无 | | | | | 一、 会议召开和出席情况 | | | | | 股东大会召开的时间：2025 05 （一） 年 月 | | 22 日 | | | （二） 股东大会召开的地点：浙江省玉环市沙门镇公司会议室 | | | | | （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 | | | | | 其持有表决权数量的情况： | | | | | 普通股股东人数 | | | 15 | | 普通股股东所持有表决权数量 | | | 48,505,094 | | 例（%） | | | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | | | 61. ...