Financial Performance - In 2024, the company achieved a revenue of 11.397 billion CNY, representing a year-on-year growth of 2.69% [2] - The net profit attributable to shareholders was 63 million CNY, a decrease of 18.32% compared to the previous year [2] - In Q1 2025, the revenue was 2.212 billion CNY, with a net profit of 49 million CNY [4] Digital Transformation and Technology - The company has launched over 50 application scenarios on its digital operation platform, with more than 70% focused on core business production [3] - The digital platform integrates cloud computing, big data analysis, and AI technologies to enhance operational efficiency and customer service [6] - Future plans include further improving the digital system architecture and functionality to provide a better one-stop procurement experience for enterprise customers [3][12] B2B Business and Market Strategy - The B2B business focuses on high-quality clients such as state-owned enterprises and Fortune 500 companies, with a steady growth in order reserves [4] - In 2024, the B2B office supplies and new brand stationery business generated a revenue of 11.352 billion CNY, with a net profit of 220 million CNY excluding goodwill impairment [4] - The company aims to enhance its product structure and customer base while increasing the sales proportion of its proprietary brand products [9] Brand and IP Collaboration - The company has established partnerships with various well-known IPs to enhance brand value and appeal to younger consumers [7] - It has created its own IPs and collaborated with domestic IPs to develop culturally relevant products [10] Social Responsibility and Shareholder Returns - In response to natural disasters, the company donated 200,000 CNY for flood relief and contributed 280,000 CNY in educational resources to rural schools [11] - The company distributed a total of 109.24 million CNY in cash dividends over two years and repurchased 9.6 million shares for 50.5 million CNY [11] Customer Service and Logistics - The company has built a nationwide fulfillment network to optimize logistics and delivery efficiency [7] - It utilizes a combination of localized service teams and digital systems to ensure rapid response and resource allocation [7] Future Outlook - The company plans to explore new business models and fields while focusing on digital transformation and enhancing service capabilities [12] - It aims to become a trusted enterprise-level full-scenario operation service provider by connecting business activities through digitalization [12]

Core Viewpoint - The quality supervision and inspection results for key industrial products in Beichen District, Tianjin, for 2024 show that all 65 batches of products tested, including cement, steel bars, and fertilizers, passed inspection without any non-compliant products or companies identified [3][4][5]. Group 1: Product Categories - Cement: Ordinary Portland cement from Tianjin Jinyu Zhenxing Environmental Protection Technology Co., Ltd. passed inspection [3]. - Steel Bars: Hot-rolled ribbed steel bars from Tianjin Chengtai Technology Development Co., Ltd. and Tianjin Junjian Steel Trading Co., Ltd. were among the compliant products [4][5]. - Fertilizers: Compound fertilizers from various producers, including Tianjin Rongfu Agricultural Production Materials and Hebei Kaimenzi Fertilizer Co., Ltd., were also found to be compliant [4][5]. Group 2: Inspection Results - A total of 65 batches of products were tested, and all were found to be compliant with quality standards [3][4]. - The inspection covered 10 types of products, including stationery items like correction tape and various types of pens, all of which passed the quality checks [3][4][5]. Group 3: Companies Involved - Companies such as Shanghai Morning Glory Stationery Co., Ltd. and Shenzhen Qixin Group Co., Ltd. were noted for their compliant products in the inspection results [3][4][5]. - The inspection results reflect a strong adherence to quality standards among local manufacturers in the Beichen District [3][4].

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]