齐心集团专注为中大型政企客户提供办公物资数字化集采服务，是最早进入B2B大客户数字化集采市场 的企业之一，已从办公物资采购平台服务商延展为包括办公物资、MRO、员工福利、营销物料等多个 场景和领域在内的综合物资集采服务平台。 2024年及2025年第一季度，公司分别实现营业收入113.97亿元和22.12亿元。B2B办公物资集采业务是公 司主营业务。2024年，B2B业务收入达到113.52亿元。 公司表示，经过多年发展，公司已成为国内B2B办公集采领域的领导者。随着各垂直赛道内竞争加剧， 带动数字化采购进入全场景综合性竞争时代。目前，办公集采业务的竞争格局总体没有变化，公司在多 年履约服务中已逐渐建立起了良好业务粘性与密切合作关系，得到了行业客户积极认可。 资料显示，公司已积累了深厚的垂直行业服务经验和大客户项目履历，聚集了8万多家优质客户资源， 赢得了200多家头部大型客户的信赖，其中当前98家央企中，已服务超60家。 2024年度，公司覆盖客户类型有如国家电网、南方电网、中国华能、国电投、中国华电、中电建、国家 能源等能源电力行业客户，农业银行、中国邮政、中国银行、建设银行、工商银行、招商银行、中国人 ...

证券代码：002301 证券简称：齐心集团 深圳齐心集团股份有限公司 投资者关系活动记录表 编号：2025-003 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（） 参与单位名称及人员姓名 齐心集团 2024 年度网上业绩说明会采用网络远程方式进行，面 向全体投资者 时间 2025 年 5 月 9 日 15:00-17:00 地点 深圳市坪山区锦绣中路 18 号齐心科技园公司会议室 交流形式 价值在线（https://www.ir-online.cn/）网络互动 会议通知及问题征集情况 公司已于 2025 年 4 月 29 日通过指定信息披露媒体发布《关于 召开 2024 年度网上业绩说明会的公告》。为充分尊重投资者， 提升公司与投资者的交流效率和效果，已就公司 2024 年度网上 业绩说明会提前向投资者公开征集问题，广泛听取投资者的意 见和建议。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"页面进行提问，公司在信息披露允许范围内在本次 ...

公司报告 | 年报点评报告 齐心集团（002301） 证券研究报告 深挖企业级多场景物资需求 公司发布年报及一季报 25Q1 公司营收 22 亿同增 1%，归母净利 0.5 亿同减 1%，扣非后归母净利 0.4 亿同减 1%。 2024 年营收 114 亿同增 3%，归母净利 0.6 亿同减 18%，扣非后归母净利 0.6 亿同减 21%。 公司秉持数字化转型升级和服务客户的宗旨，聚焦 B2B 行政办公物资、MRO 工业品、营销物料和员工福利等场景，深入应用大模型和 AIGC 技术于数据 治理到售后服务的全生命周期管理中，不断完善数字化系统架构和功能。 B2B 办公物资集采聚焦核心客户、聚焦核心场景 公司将聚焦央企、央管金融机构、政府、世界 500 强等优质大客户，持续 挖掘民营 500 强集采机会，依托高效协同的齐心数字化运营平台和覆盖全 国的营销网络和商品交付体系，围绕客户集中化、多元化业务需求，积极 构建高附加值行政办公运维物资解决方案，重点发展 MRO 解决方案，配 套发展数字化工会福利解决方案与营销物料解决方案，为客户提供全链路、 数字化、专业化的高效集采解决方案。 B2B 电商集采将持续构建投标入 ...

公司报告 | 年报点评报告 齐心集团（002301） 证券研究报告 深挖企业级多场景物资需求 公司发布年报及一季报 25Q1 公司营收 22 亿同增 1%，归母净利 0.5 亿同减 1%，扣非后归母净利 0.4 亿同减 1%。 2024 年营收 114 亿同增 3%，归母净利 0.6 亿同减 18%，扣非后归母净利 0.6 亿同减 21%。 公司秉持数字化转型升级和服务客户的宗旨，聚焦 B2B 行政办公物资、MRO 工业品、营销物料和员工福利等场景，深入应用大模型和 AIGC 技术于数据 治理到售后服务的全生命周期管理中，不断完善数字化系统架构和功能。 B2B 办公物资集采聚焦核心客户、聚焦核心场景 公司当前净利率仍处于较低水平，且考虑到行业竞争形势可能加剧，我们 调低盈利预测，预计公司 25-27 年归母净利分别为 1.0/1.2/1.3 亿元（25-26 年前值为 2.8/3.5 亿元）；EPS 分别为 0.14/0.16/0.18 元。 风险提示：行业竞争加剧风险；B2B 客户流失风险；人才缺失风险等。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | ...

事件描述 公司2024 年实现营业总收入/归母净利润/扣非净利润113.97/0.63/0.59 亿元，同比+3%/-18%/-21%；其中 2024Q4 实现营业总收入/归母净利润/扣非净利润30.01/-0.96/-0.98 亿元，同比-10%/亏损/亏损；2025Q1 实现营业总收入/归母净利润/扣非净利润22.12/0.49/0.44 亿元，同比+1%/-1%/-1%。 随着公司进一步优化调整B2B 业务客户结构，有望实现收入稳健成长以及盈利水平的持续改善。公司 已从办公物资采购平台服务商转变成为包括办公物资、MRO、营销物料、员工福利等在内的综合物资 集采服务平台，通过内部结构调整提升MRO 份额占比、同时运用AI 增降本增效有望改善盈利能力。期 待品牌新文具业务品牌贡献增量。新文具业务层面，公司在产品的研发、品质提升、产品情感价值及使 用体验等方面持续投入，在个人及高价值文具市场通过与优质 IP 合作不断推陈出新。此外，期待好视 通业务调整成效显现，有望实现利润正贡献。预计公司2025-2027 年归母净利润2.0/2.5/3.2 亿元，对应 PE25/20/16X。 风险提示 事件评论 1、市场 ...

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、 ...