为更好发挥工业品数字化服务在培育新质生产力、构建新型市场流通体系、推动内外贸产业链的深度融 合畅通及促进企业合作的积极作用，近期，以"内外贸融合发展——链通天下"为主题的2025生产性互联 网服务平台创新发展大会在上海成功举办，行业协会代表、专家学者及150余家工业品企业出席本次大 会，共探新质生产力驱动下的全球供应链变革新路径。 据了解，齐心集团是上海市工商联工业品服务商会副会长企业单位，深耕政企采购30余年，多年来持续 聚焦一站式数字化MRO采购服务平台建设，为央国企客户提供MRO物资专业采购服务，依托全国3000 多家服务网点和深圳总部+区域矩阵化的服务模式，培养搭建专业工程师团队，聚焦能源电力、航空航 天、矿业冶金、汽车制造等行业客户专业场景，为工业品客户实现最大价值的降本增效。同时，齐心集 团近年来全面推动大模型及AIGC技术应用于数字化采购全流程，助力整体供应链数智化水平和运营管 理效率提升。 随着工业品数字化服务平台加速向专业化、场景化延伸，技术驱动下的供应链效率升级与跨领域协作， 或将成为构建新质生产力的关键路径之一。 为表彰先进典型，树立行业标杆，本届大会通过2024年度"推优表扬"活动为对 ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, reflecting a downward adjustment from previous ratings [4][6]. Core Insights - The company reported a revenue of 2.2 billion in Q1 2025, a year-on-year increase of 1%, while the net profit attributable to the parent company was 50 million, a decrease of 1% [1]. - For 2024, the projected revenue is 11.4 billion, representing a 3% increase, but the net profit is expected to decline by 18% to 60 million [1]. - The company is focusing on digital transformation and enhancing customer service, particularly in B2B administrative office supplies, MRO industrial products, marketing materials, and employee benefits [1][2]. Financial Performance - The company's revenue for 2023 was approximately 11.1 billion, with a growth rate of 28.62%. The projected revenue for 2024 is 11.4 billion, with a growth rate of 2.69% [5][12]. - The net profit attributable to the parent company for 2023 was 76.91 million, with a significant decline of 39.29% expected in 2024 to 62.82 million [5][12]. - The earnings per share (EPS) for 2023 was 0.11, projected to decrease to 0.09 in 2024, before recovering to 0.14 in 2025 [5][12]. Strategic Focus - The company aims to concentrate on core customers, including state-owned enterprises and Fortune 500 companies, while also exploring procurement opportunities with private enterprises [2]. - It is developing high-value administrative office operation solutions and focusing on MRO solutions, alongside digital union welfare solutions and marketing material solutions [2]. - The company is enhancing its self-operated e-commerce capabilities and diversifying its product offerings through collaborations with quality IP partners [3].

Investment Rating - The report assigns a rating of "Accumulate" to the company, reflecting a downward adjustment from previous ratings [4][6]. Core Insights - The company reported a revenue of 2.2 billion in Q1 2025, a year-on-year increase of 1%, while the net profit attributable to the parent company was 50 million, a decrease of 1% [1]. - For 2024, the projected revenue is 11.4 billion, representing a 3% increase, but the net profit is expected to decline by 18% to 60 million [1]. - The company is focusing on digital transformation and enhancing customer service, particularly in B2B administrative office supplies, MRO industrial products, marketing materials, and employee benefits [1][2]. Financial Performance - The company’s revenue for 2023 was approximately 11.1 billion, with a growth rate of 28.62%. The projected revenue for 2024 is 11.4 billion, with a growth rate of 2.69% [5][12]. - The net profit attributable to the parent company for 2023 was 76.91 million, with a significant decline of 39.29% expected in 2024 to 62.82 million [5][12]. - The earnings per share (EPS) for 2023 was 0.11, projected to decrease to 0.09 in 2024, before recovering to 0.14 in 2025 [5][12]. Strategic Focus - The company aims to concentrate on core customers, including state-owned enterprises and Fortune 500 companies, while also exploring procurement opportunities with private enterprises [2]. - It is developing high-value administrative office operation solutions and enhancing its digital capabilities to support B2B e-commerce procurement [2]. - The company is also focusing on brand partnerships and product innovation to improve its market position in the stationery sector [3].

Core Viewpoint - The company experienced a mixed financial performance in 2024, with total revenue increasing by 3% but a significant decline in net profits, indicating challenges in certain business segments [1][2][3]. Financial Performance - In 2024, the company achieved total revenue of 11.397 billion yuan, with a net profit attributable to shareholders of 630 million yuan, reflecting a year-on-year decrease of 18% [1]. - The fourth quarter of 2024 saw total revenue of 3.001 billion yuan, with net losses reported at 960 million yuan, indicating a challenging market environment [1][3]. - For the first quarter of 2025, total revenue is projected at 2.212 billion yuan, with a slight increase of 1% year-on-year, and net profit expected to be 490 million yuan [1][4]. Business Segments - The B2B business segment is estimated to have stable growth, contributing to the overall revenue increase in 2024, with revenue of 11.352 billion yuan, also up 3% year-on-year [2]. - The SAAS business segment faced a significant decline, with revenue dropping by 42% to 45 million yuan in 2024, as the company refocused its efforts on the smart education sector [2][3]. - The gross profit margin for 2024 was reported at 8.6%, a slight increase of 0.2 percentage points, with B2B and SAAS margins at 8.58% and 10.40%, respectively [3]. Future Outlook - The company anticipates a recovery in B2B revenue in the first quarter of 2025, with improvements in order volumes and profitability expected from the adjustments made in the SAAS segment [4]. - The gross profit margin for the first quarter of 2025 is projected to be 9.7%, although this represents a decrease of 0.4 percentage points year-on-year [4]. - The company is focusing on optimizing its B2B customer structure and leveraging AI tools to enhance efficiency and profitability, with expectations for growth in the comprehensive procurement service platform [5]. Strategic Initiatives - The company is investing in the development of new stationery products, aiming to enhance product quality and emotional value through collaborations with premium IPs [5]. - There is an expectation for the SAAS business adjustments to yield positive contributions to profits in the near future [5]. - The company projects net profits of 200 million, 250 million, and 320 million yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 25, 20, and 16 times, respectively [5].

Investment Rating - The investment rating for the company is "Accumulate" and maintained [7] Core Views - The company is expected to achieve total revenue of 11.397 billion yuan in 2024, with a year-on-year growth of 3%. However, the net profit attributable to the parent company is projected to decline by 18% to 63 million yuan, and the net profit after deducting non-recurring gains and losses is expected to decrease by 21% to 59 million yuan [2][4] - In Q4 2024, the company anticipates total revenue of 3.001 billion yuan, with a year-on-year decline of 10%. The net profit is expected to be a loss of 96 million yuan [2][4] - For Q1 2025, total revenue is projected to be 2.212 billion yuan, with a slight year-on-year increase of 1%. The net profit attributable to the parent company is expected to be 49 million yuan, showing a decrease of 1% [2][4] Summary by Sections Business Performance - The B2B business is estimated to achieve stable growth in 2024, contributing to a total revenue increase of 3%. The revenue from the B2B segment is expected to be 11.352 billion yuan, driven by digital transformation and the use of AI tools to optimize business processes [11] - The SAAS business is projected to generate 4.5 million yuan in revenue, a decrease of 42%, as the company focuses on the smart education sector [11] Profitability - The company's net profit for 2024 is expected to be 63 million yuan, with a net profit of 110 million yuan after excluding goodwill impairment [11] - The gross margin for 2024 is projected to be 8.6%, an increase of 0.2 percentage points. The gross margins for B2B and SAAS businesses are expected to be 8.58% and 10.40%, respectively [11] Future Outlook - In Q4 2024, the company anticipates revenue pressure across all business segments, leading to losses. The B2B revenue is expected to decline by 10%, while SAAS revenue is projected to drop by 52% [11] - For Q1 2025, the company expects a recovery in B2B revenue and positive profitability from the good vision business adjustments [11] - The company aims to optimize its B2B customer structure and enhance its MRO share, leveraging AI for cost reduction and efficiency improvements [11]

3、召开方式：本次说明会将采用网络远程的方式召开。 4、参与方式：投资者可登录价值在线（网址：https://www.ir-online.cn）搜索"002301" 进入"齐心集团 2024 年度网上业绩说明会"或使用微信扫描下方小程序码即可进入参与互动 交流。 证券代码：002301 证券简称：齐心集团 公告编号：2025-014 深圳齐心集团股份有限公司 关于召开 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳齐心集团股份有限公司（以下简称"公司"）2024 年年度报告全文及摘要已于 2025 年 4 月 26 日披露于巨潮资讯网（www.cninfo.com.cn）。为使广大投资者进一步了解公司 2024 年 度经营情况和发展规划，公司将于 2025 年 5 月 9 日（星期五）15:00—17:00 通过价值在线召 开 2024 年度网上业绩说明会，广泛听取投资者的意见和建议，并就投资者关心的问题进行交 流。业绩说明会具体情况安排如下： 一、业绩说明会相关安排 1、会议主题：2024 年度网上业绩说明会 2、召 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 11.397 billion, a year-on-year increase of 2.69%, while the net profit attributable to shareholders was CNY 63 million, a decrease of 18.32% compared to the previous year [6] - In Q1 2025, the main revenue was CNY 2.212 billion, a year-on-year increase of 0.98%, with a net profit of CNY 49 million, down 1.14% from the same period last year [6] Business Strategy - The company aims to find new growth points in 2025 by enhancing the proportion of existing customers, improving new customer development capabilities, and expanding local major customer outreach [3] - The focus remains on the B2B sector, particularly in office supplies, MRO industrial products, employee benefits, and marketing materials, with over 60 out of 98 central enterprises currently served [7] Digital Transformation - The company has launched over 50 application scenarios in its digital operation platform, with more than 70% of these related to main business production scenarios, significantly enhancing service efficiency and customer experience [7][23] - The digital procurement total in China reached approximately CNY 17.2 trillion in 2023, with a penetration rate of 9.8% and a growth rate of 15.2% [8] Shareholder Returns - In 2024, the company implemented a cash dividend of CNY 59.4213 million and proposed an additional CNY 49.8196 million cash dividend, totaling CNY 109.2408 million over two years [9] Market Trends - The government has prioritized boosting consumption and investment efficiency, with policies aimed at expanding domestic demand, which is expected to positively impact the company's growth [8] - The company is focusing on high-value student stationery and office supplies, with plans to enhance product capabilities and service offerings [11] Challenges and Risks - The company has faced a decline in revenue due to project delays in the B2B sector, impacting overall growth [3] - There are concerns regarding asset impairment related to historical assets from Haoshitong, which the company is addressing through improved management of accounts receivable and inventory [20][24] Future Outlook - The company plans to continue its focus on self-owned brand development, particularly in cultural IP products, while exploring opportunities in high-value segments [11][16] - The cross-border e-commerce strategy is a key development direction, with significant progress in sales on platforms like Amazon [18]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 11.397 billion RMB in 2024, representing a year-on-year increase of 2.69%, while the net profit attributable to the parent company was 62.82 million RMB, down 18.32% year-on-year due to a provision for asset and credit impairment losses of 120 million RMB [1][2] - In Q1 2025, the company reported a revenue of 2.212 billion RMB, a year-on-year increase of 0.98%, with a net profit of 48.87 million RMB, down 1.14% year-on-year [1] - The company is expected to focus on core clients and business scenarios in office procurement, which is anticipated to lead to stable growth in business scale [1] - The company plans to enhance IP collaboration in new stationery products, which is expected to contribute to growth [1] - After the impairment provisions, the company is expected to recover its profitability in 2025 [1] Revenue and Profitability - The B2B office supplies and new stationery business generated a revenue of 11.352 billion RMB in 2024, up 3.00% year-on-year, with a net profit of 22 million RMB, down 9.8% year-on-year excluding goodwill impairment [2] - The SaaS software and services segment reported a revenue of 45 million RMB in 2024, down 41.93% year-on-year, with a net loss of 110 million RMB, slightly narrowing from a loss of 112 million RMB in 2023 [2] Financial Metrics - The gross profit margin for 2024 increased by 0.21 percentage points to 8.59%, attributed to a higher proportion of high-margin businesses and improved operational efficiency [3] - The operating expense ratio decreased by 0.50 percentage points to 6.46%, with the sales expense ratio increasing by 0.10 percentage points to 4.99% due to higher marketing expenses [3] - The net profit forecast for 2025-2027 is projected at 222.91 million RMB, 280.47 million RMB, and 339.96 million RMB respectively, with corresponding EPS of 0.31 RMB, 0.39 RMB, and 0.47 RMB [4][6] Valuation - The target price for the company is set at 8.37 RMB, based on a PE ratio of 27 times for 2025, reflecting an increase from the previous target price of 7.03 RMB [4][8] - The current market capitalization is approximately 5.028 billion RMB, with a closing price of 6.97 RMB as of April 25 [8]

深圳齐心集团股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 政旦志远核字第 2500166 号 政旦志远（深圳）会计师事务所（特殊普通合伙） Zandar Certified Public Accountants LLP 深圳齐心集团股份有限公司 控股股东及其他关联方资金占用情况的专项说明 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 二、 深圳齐心集团股份有限公司 2024 年度非经营 性资金占用及其他关联资金往来情况汇总表 1 地 址：深圳市福田区鹏程一路广电金融中心11F 电 话：+86-755-88605026 www.zdcpa.com 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 政旦志远核字第 2500166 号 深圳齐心集团股份有限公司全体股东： 我们接受委托，依据《中国注册会计师执业准则》审计了深圳齐 心集团股份有限公司（以下简称齐心集团公司）2024 年度财务报表， 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、 ...

深圳齐心集团股份有限公司 审 计 报 告 政旦志远审字第 2500353 号 政旦志远（深圳）会计师事务所（特殊普通合伙） 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） Zandar Certified Public Accountants LLP 深圳齐心集团股份有限公司 | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-7 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | 4 | | | 合并股东权益变动表 | | 5-6 | | | 母公司资产负债表 | | 7-8 | | | 母公司利润表 | | 9 | | | 母公司现金流量表 | | 10 | | | 母公司股东权益变动表 | | 11-12 | | | 财务报表附注 | | 1-103 | 地 址：深圳市福田区鹏程一路广电金融中心11F 电 话：+86-755-88605026 www.zdcpa.com 审 计 报 告 ...