Investment Rating - The investment rating for the company is "Outperform the Market" [5][6]. Core Views - The company is experiencing steady revenue growth, with a projected 10.81% increase in revenue for 2024, reaching 1.13 billion yuan, and a 13.64% increase in net profit, amounting to 183 million yuan [2][5]. - The company's strategy focuses on the high-end and specialized instrument sectors, which is expected to drive further growth and improve product structure [5][6]. - Despite a strong performance in 2024, the first quarter of 2025 shows a slight profit pressure due to increased depreciation from the Vietnam factory and high R&D expenses [4][5]. Financial Performance Summary - For 2024, the company achieved a gross margin of 45.16% and a net margin of 15.85%, reflecting improvements of 1.84 and 0.33 percentage points year-on-year, respectively [3][4]. - The revenue breakdown by business segments for 2024 includes: - Testing Instruments: Revenue of 155 million yuan, up 14.62%, with a gross margin of 42.56% [3]. - General Instruments: Revenue of 660 million yuan, up 8.33%, with a gross margin of 46.02% [3]. - Specialized Instruments: Revenue of 92 million yuan, up 72.94%, with a gross margin of 50.82% [3]. - Temperature and Environmental Testing Instruments: Revenue of 219 million yuan, down 0.21%, with a gross margin of 42.34% [3]. - The company forecasts net profits of 228 million yuan, 274 million yuan, and 314 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 17, 15, and 13 [5][6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][6][22]. Core Views - The company is experiencing steady revenue growth, with a projected 10.81% increase in revenue for 2024, reaching 1.13 billion yuan, and a 13.64% increase in net profit, amounting to 183 million yuan [2][5]. - The company's strategy focuses on the high-end and specialized instrument sectors, which is expected to drive further growth and improve product structure [5][6]. - The first quarter of 2025 shows a revenue increase of 9.58% year-on-year, but profit is under pressure due to increased depreciation from the Vietnam factory and high R&D expenses [4][5]. Financial Performance Summary - For 2024, the company achieved a gross margin of 45.16% and a net margin of 15.85%, reflecting improvements of 1.84 and 0.33 percentage points respectively [3][4]. - The revenue breakdown by business segment for 2024 includes: - Testing Instruments: Revenue of 155 million yuan, up 14.62%, with a gross margin of 42.56% [3]. - General Instruments: Revenue of 660 million yuan, up 8.33%, with a gross margin of 46.02% [3]. - Specialized Instruments: Revenue of 92 million yuan, up 72.94%, with a gross margin of 50.82% [3]. - Temperature and Environmental Testing Instruments: Revenue of 219 million yuan, down 0.21%, with a gross margin of 42.34% [3]. - The company maintains high R&D and sales expenses, with the expense ratios for 2024 being 10.40% for sales, 6.91% for management, and 10.36% for R&D [3][4]. Earnings Forecast - The earnings forecast for the company indicates a net profit of 228 million yuan in 2025, 274 million yuan in 2026, and 314 million yuan in 2027, with corresponding P/E ratios of 17, 15, and 13 [5][6][23].

北京德恒（东莞）律师事务所 关于优利德科技（中国）股份有限公司 2024 年年度股东大会的 法律意见 广东省东莞市南城总部基地蜂汇广场 1 栋 31、35 层 电话：0769-23229888 邮编：523000 北京德恒（东莞）律师事务所 关于优利德科技（中国）股份有限公司 2024 年年度股东大会的法律意见 北京德恒（东莞）律师事务所 关于优利德科技（中国）股份有限公司 2024 年年度股东大会的 法律意见 德恒 29G20250035-0001 号 致：优利德科技（中国）股份有限公司 北京德恒（东莞）律师事务所（以下简称"本所"）接受优利德科技（中国） 股份有限公司（以下简称"公司"）的委托，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》）、中国证券 监督管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民 共和国（以下简称"中国"，为本法律意见之目的，不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾地区）法律、行政法规、部门规章、规范性文件 和现行有效的《优利德科技（中国）股份有限公司章程》（以下简称《公司章程》） 的规定，指 ...

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 证券代码：688628 证券简称：优利德 公告编号：2025-018 优利德科技(中国)股份有限公司 2024年年度股东大会决议公告 （一） 股东大会召开的时间：2025 年 5 月 6 日 （二） 股东大会召开的地点：广东省东莞市松山湖园区工业北一路 6 号优利德 科技（中国）股份有限公司会议室 （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： | 1、出席会议的股东和代理人人数 | 59 | | --- | --- | | 普通股股东人数 | 59 | | 2、出席会议的股东所持有的表决权数量 | 70,392,275 | | 普通股股东所持有表决权数量 | 70,392,275 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 63.6820% | | 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（%） | 6 ...

公募基金方面，本期较上一期持股增加的公募基金共计6个，主要包括汇丰晋信价值先锋股票A、金鹰 元和混合A、交银启信混合发起A、大成可转债增强债券A、申万宏源双季增享6个月债券A等，持股增 加占比达0.21%。本期较上一季度持股减少的公募基金共计4个，包括交银先进制造混合A、华泰柏瑞富 利混合A、交银启明混合A、明亚中证1000指数增强A，持股减少占比达0.77%。本期较上一季未再披露 的公募基金共计115个，主要包括华泰柏瑞鼎利混合A、鹏华价值优势混合(LOF)、工银中小盘混合、融 通互联网传媒灵活配置混合、国泰君安君得明混合等。 2025年4月25日，优利德(688628.SH)发布2025年第一季报。截至2025年4月30日，共有18个机构投资者 披露持有优利德A股股份，合计持股量达7301.62万股，占优利德总股本的65.61%。其中，前十大机构 投资者包括优利德集团有限公司、中国农业银行股份有限公司-交银施罗德先进制造混合型证券投资基 金、拓利亚二期企业管理(东莞)中心(有限合伙)、招商银行股份有限公司-交银施罗德均衡成长一年持有 期混合型证券投资基金、中国工商银行股份有限公司-汇添富科创板2年定期开放 ...

Core Viewpoint - The Chinese laser rangefinder industry is characterized by a diverse competitive landscape, with major players including large measurement instrument manufacturers, OEM companies, and specialized lidar manufacturers, driven by the growing demand for lidar in smart vehicles [1][6][12]. Group 1: Types of Competitors - The Chinese laser rangefinder industry consists of three main types of companies: large measurement instrument manufacturers, OEM companies, and specialized lidar manufacturers [1][3]. - Large measurement instrument manufacturers, such as JiuZhiYang and LaiSai Laser, focus on R&D and production of laser rangefinders and have a diverse business portfolio [3]. - OEM companies primarily engage in the processing and production of non-core components, exemplified by DanYang XieGuang Technology [3]. - Specialized lidar manufacturers, like SuTeng JuChuang and HeSai Technology, concentrate on producing new lidar products [3]. Group 2: Leading Companies - The Chinese laser rangefinder industry can be categorized into three tiers: - The first tier includes listed companies like JiuZhiYang, JuXing Technology, LaiSai Laser, and YouLiDe, which have rich industry experience and strong brand advantages [6]. - The second tier consists of competitive enterprises, including specialized small giants and pre-listed companies, such as MaiCe Technology and LeiShen Intelligent, which possess significant technical accumulation [6]. - The third tier comprises small and medium-sized enterprises and new entrants [6]. Group 3: Market Concentration - As of January 2025, there are over 300 major laser rangefinder-related companies in China, with Guangdong province having the highest number, exceeding 90 [8]. - The market concentration in the laser rangefinder industry is moderate, with a CR3 of 53% and a CR5 of 63% [8]. Group 4: Market Share and Competition - In 2023, leading companies like JuXing Technology, JiuZhiYang, and YouLiDe collectively held a market share of no more than 25%, indicating a relatively fragmented market [10]. - The competitive landscape is intense, with numerous suppliers and established international brands like Bosch and Leica maintaining a leading position in the market [13]. Group 5: Business Strategies - Among listed companies, there is a noticeable divergence in market strategies: JiuZhiYang and LaiSai Laser focus on the domestic market, while JuXing Technology primarily targets international markets [12]. - LaiSai Laser leads in the business layout of laser rangefinders among listed companies, while other firms like JiuZhiYang and JuXing Technology treat laser rangefinder business as a supplementary segment [12].

Core Insights - The company reported a revenue of 1.13 billion yuan for 2024, representing a year-on-year growth of 10.81%, and a net profit attributable to shareholders of 183 million yuan, up 13.64% year-on-year [1] - For Q1 2025, the company achieved a revenue of 311 million yuan, a year-on-year increase of 9.58%, with a net profit of approximately 55.11 million yuan, reflecting a modest growth of 0.91% [1] Financial Performance - In 2024, the company's professional instruments segment generated revenue of 91.53 million yuan, a significant increase of 72.94% year-on-year, driven by product launches in power and renewable energy applications [2] - The gross profit margin for the main products improved by 1.88 percentage points to 45.22% in 2024, benefiting from optimized sales structure [3] - The sales net profit margin for 2024 was 15.85%, an increase of 0.33 percentage points, while the gross profit margin was 45.16%, up 1.84 percentage points [3] Strategic Initiatives - The company is focusing on high-end, specialized, and international strategies, which have led to sustained growth in its product lines [2] - The company has increased its R&D and market development investments by 18.51% and 10.35% respectively in Q1 2025, indicating a commitment to innovation [4] - The establishment of an overseas production base in Vietnam aims to enhance international competitiveness and mitigate risks associated with global market fluctuations [4] Market Outlook - The company anticipates that equipment upgrades and the demand for self-controlled solutions will act as catalysts for growth in the instrumentation industry [5] - The projected net profit for 2025-2027 is estimated at 210 million yuan, 240 million yuan, and 290 million yuan, with respective year-on-year growth rates of 12.4%, 17.6%, and 17.9% [5]

Summary of the Earnings Call for Youli Technology (2025 Q1) Company Overview - **Company**: Youli Technology - **Industry**: Instrumentation and Testing Equipment Key Financial Performance - **Revenue Growth**: Approximately 15% year-on-year in Q1 2025, with overall revenue growth of 9.58% [2][3] - **Gross Margin**: Slight decline of 2-3 percentage points due to high costs from the trial production at the Vietnam factory and inventory clearance of low-end brands. Excluding these factors, the main business gross margin improved year-on-year [2][3] - **Profit Growth**: Profit growth of nearly 1%, lower than revenue growth due to decreased gross margin and increased operating expenses [2][3] Expense Analysis - **R&D, Sales, and Management Expenses**: Combined expenses increased by 17% year-on-year, totaling over 74 million. R&D expenses rose by 18.5% due to an increase in personnel and project costs related to the Vietnam factory [5] - **Projected Annual Expense Growth**: Expected to grow by approximately 10% for the year [5] Revenue by Region and Product Line - **Domestic Revenue**: Increased by 12.25% year-on-year [6] - **Overseas Revenue**: Increased by 7.26% year-on-year, with overseas orders growing over 15% [6] - **Testing Instruments**: Notable performance with an 18.55% increase, particularly strong growth in overseas markets exceeding 40% [6] New Product Launches - **High-End New Products**: Launched new high-end products in April 2025, including power load safety compliance instruments, aimed at sectors like renewable energy and automotive electronics [7][8] International Expansion - **Overseas Sales Network**: Continued establishment of subsidiaries in the US and Germany, with plans for expansion in the Asia-Pacific region. The Vietnam factory has commenced production and is in a rapid ramp-up phase [9] Shareholder Returns - **Dividends**: Consistent increase in annual dividends since listing, with a total dividend of 1.3 yuan per share in 2024, representing a payout ratio of 78% [10] Market Environment and Strategy - **Tariff Impact**: The tariff policy has accelerated the domestic substitution process, with increased acceptance of domestic products among industrial clients [4][23] - **Growth Targets**: The company aims for annual revenue and profit growth of no less than 20%, particularly focusing on high-end instruments and specialized equipment [4][16] Production and Supply Chain - **Vietnam Factory**: Designed for a capacity of 300 million yuan, with low initial investment leading to a gross margin that is expected to be at least on par with domestic levels [17] - **Domestic Supply Chain Resilience**: High levels of domestic component sourcing, with 99% localization in instrumentation products, ensuring minimal impact from potential supply chain disruptions [19] Competitive Landscape - **Price Increases by Competitors**: Some US-based competitors have raised prices significantly, impacting market dynamics and accelerating the domestic substitution trend [15][25] Future Outlook - **Q2 Expectations**: Anticipated stable growth in orders and performance, particularly in domestic and Southeast Asian markets, with a goal of maintaining double-digit growth [12] - **Testing Instruments Growth Target**: Set at no less than 20% for the testing instruments segment [30] Conclusion - **Overall Sentiment**: The company remains optimistic about its growth trajectory despite external challenges, with a strong focus on high-end product development and international market expansion.

优利德科技（中国）股份有限公司 UNI-TREND TECHNOLOGY（CHINA）CO., LTD 2024 年年度股东大会 会议材料 会议时间：2025年5月6日 目录 | 2024 年年度股东大会会议须知 | | | 3 | | --- | --- | --- | --- | | 2024 | 年年度股东大会议程 | | 5 | | 议案一：关于《2024 | | 年年度报告》及摘要的议案 | 7 | | 议案二：关于《2024 | | 年度董事会工作报告》的议案 | 8 | | 议案三：关于《2024 | | 年度监事会工作报告》的议案 | 9 | | 议案四：关于《2024 | | 年度财务决算报告》的议案 | 10 | | 2024 | 议案五：关于 | 年度利润分配预案的议案 | 11 | | 议案六：关于续聘 | | 2025 年度审计机构的议案 | 12 | | 议案七：关于公司 | | 2025 年度董事、监事薪酬方案的议案 | 13 | | 附件 | 1：《2024 | 年董事会工作报告》 | 14 | | 附件 | 2：《2024 | 年度监事会工作报告》 | 19 | | 附件 3 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 311,046,902.64, representing a year-on-year increase of 9.58% compared to CNY 283,856,179.34 in the same period last year[3]. - The net profit attributable to shareholders was CNY 55,106,577.26, a slight increase of 0.91% from CNY 54,609,256.13 in the previous year[3]. - The net profit after deducting non-recurring gains and losses was CNY 53,680,039.51, showing a decrease of 0.93% compared to CNY 54,184,637.68 last year[3]. - The basic and diluted earnings per share were both CNY 0.50, reflecting a 2.04% increase from CNY 0.49 in the same period last year[3]. - The overall gross margin decreased by 1.56 percentage points year-over-year, primarily due to the trial production efforts of the Vietnam subsidiary, which did not yield significant output during the period[12]. - Operating profit for Q1 2025 was CNY 64,593,615.73, slightly up from CNY 64,300,975.00 in Q1 2024[18]. - Net profit for Q1 2025 was CNY 53,039,599.02, a decrease of 1.3% from CNY 53,752,439.62 in Q1 2024[18]. - The total comprehensive income for the first quarter of 2025 was CNY 64,439,651.55, compared to CNY 55,369,754.50 in the first quarter of 2024, representing an increase of approximately 12.5%[32]. Cash Flow - The company's cash flow from operating activities was CNY 80,819,986.95, down by 2.47% from CNY 82,864,182.96 in the same period last year[3]. - Cash inflows from operating activities amounted to CNY 364,624,692.55 in Q1 2025, up from CNY 312,253,875.44 in Q1 2024, reflecting a growth of about 16.7%[32]. - The net cash flow from operating activities decreased to CNY 94,945,139.72 in Q1 2025, down from CNY 114,678,539.03 in Q1 2024, indicating a decline of approximately 17.2%[32]. - Cash outflows from investment activities totaled CNY 340,338,051.87 in Q1 2025, significantly higher than CNY 12,411,664.29 in Q1 2024, marking an increase of over 2,640%[33]. - The net cash flow from investment activities was negative at CNY -109,323,648.45 in Q1 2025, compared to a positive CNY 5,479,656.26 in Q1 2024[33]. - The ending balance of cash and cash equivalents was CNY 142,700,008.19 as of the end of Q1 2025, down from CNY 341,060,168.87 at the end of Q1 2024, a decrease of approximately 58%[33]. - Cash received from tax refunds in Q1 2025 was CNY 7,964,068.13, compared to CNY 1,300,499.47 in Q1 2024, showing an increase of approximately 513%[32]. - The company paid CNY 203,600,127.96 for goods and services in Q1 2025, which is an increase from CNY 133,655,499.72 in Q1 2024, reflecting a growth of about 52.3%[32]. Research and Development - Research and development expenses totaled CNY 26,627,960.33, an increase of 18.51% from CNY 22,468,887.93 in the previous year, accounting for 8.56% of operating revenue[3][4]. - Research and development expenses reached RMB 26.628 million, reflecting an 18.51% increase year-over-year, while marketing expenses totaled RMB 27.372 million, up 10.35% year-over-year, significantly impacting net profit[12]. - Research and development expenses for Q1 2025 were ¥21,244,649.19, an increase of 13.6% compared to ¥18,680,717.67 in Q1 2024[31]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,719,700,052.85, a slight increase of 0.86% from CNY 1,705,033,147.02 at the end of the previous year[4]. - Current assets totaled RMB 892.9 million, showing an increase from RMB 876.8 million at the end of 2024[13]. - The company’s total liabilities were RMB 892.9 million, with current liabilities at RMB 192.4 million, down from RMB 243.2 million at the end of 2024[14]. - Total liabilities decreased to CNY 432,085,225.78 in 2025 from CNY 472,123,057.30 in 2024, reflecting a reduction of approximately 8.5%[15]. - The total equity attributable to shareholders increased to CNY 1,289,520,183.94 in 2025 from CNY 1,235,102,023.58 in 2024, marking a growth of about 4.4%[15]. - The total equity as of March 31, 2025, was ¥1,295,710,055.84, an increase of 5.4% from ¥1,229,086,954.51 at the end of 2024[28]. Shareholder Information - The company’s actual controller holds a voting power ratio of 57.45% through various partnerships and entities[11]. - The top ten shareholders collectively hold significant stakes, with the largest shareholder, Youlide Group, owning 60,222,200 shares[11].