证券代码：002416 证券简称：爱施德 公告编号：2024-028 深圳市爱施德股份有限公司 第六届监事会第十三次（定期）会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市爱施德股份有限公司（以下简称"公司"）第六届监事会第十三次（定期） 会议通知于 2024 年 8 月 12 日以电子邮件及通讯方式送达全体监事，以现场方式于 2024 年 8 月 23 日上午在深圳总部 18 楼 A 会议室召开了本次会议。本次会议应出席 监事 3 名，实际出席监事 3 名。本次会议的出席人数、召集、召开程序和议事内容 均符合《中华人民共和国公司法》和《公司章程》的规定。 本次会议由监事会主席朱维佳先生召集并主持。经与会监事投票表决，做出如 下决议： 一、审议通过了《2024 年半年度报告》及《2024 年半年度报告摘要》 监事会认为，公司董事会编制和审核《2024 年半年度报告》及《2024 年半年度 报告摘要》的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司的实际情况，没有任何虚假记载、误导性陈述或者重大遗漏。 表决结 ...

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示：本次会计政策变更，是公司依据财政部发布的相关企业会计准则解 释进行的相应变更，无需提交股东大会审议，不会对公司当期的财务状况、经营成 果和现金流量产生重大影响，亦不存在损害公司及股东利益的情况。 深圳市爱施德股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开第六 届董事会第十三次（定期）会议、第六届监事会第十三次（定期）会议审议通过了 《关于会计政策变更的议案》，上述议案已事前通过审计委员会审议，现将有关情况 公告如下： 一、本次会计政策变更原因及执行时间 证券代码：002416 证券简称：爱施德 公告编号：2024-031 深圳市爱施德股份有限公司 关于会计政策变更的公告 2023 年 10 月 25 日，财政部发布了《关于印发<企业会计准则解释第 17 号>的 通知》（财会〔2023〕21 号）（以下简称"解释第 17 号"），对"关于流动负债与非 流动负债的划分"、"关于供应商融资安排的披露"、"关于售后租回交易的会计处理" 等内容进行进一步规范及明确。该解释自 2024 年 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥38,847,475,710.75, a decrease of 16.54% compared to ¥46,545,220,507.34 in the same period last year[13]. - Net profit attributable to shareholders was ¥395,487,160.07, representing an increase of 23.92% from ¥319,152,023.03 in the previous year[13]. - The net cash flow from operating activities was ¥450,076,397.39, down 84.17% from ¥2,843,946,796.89 in the same period last year[13]. - Basic earnings per share increased to ¥0.3191, up 23.92% from ¥0.2575 in the previous year[13]. - Total assets at the end of the reporting period were ¥12,692,707,626.22, reflecting a growth of 1.89% from ¥12,456,814,430.10 at the end of the previous year[13]. - Net assets attributable to shareholders decreased by 1.66% to ¥5,865,484,872.15 from ¥5,964,441,083.78 at the end of the previous year[13]. - The weighted average return on net assets was 6.51%, an increase of 1.17% compared to 5.34% in the previous year[13]. - The company reported a diluted earnings per share of ¥0.3191, consistent with the basic earnings per share[14]. - The company reported a non-recurring profit of CNY 89,466,412.90 for the period, after accounting for various non-operating income and expenses[17]. Revenue Breakdown - Digital intelligent distribution business revenue was CNY 24.96 billion, accounting for 64.26% of total revenue, down 17.65% year-on-year[35]. - Digital intelligent retail business revenue was CNY 13.72 billion, representing 35.33% of total revenue, a decrease of 14.63% year-on-year[35]. - The company achieved operating revenue of ¥38,847,475,710.75, a decrease of 16.54% compared to the same period last year[28]. - Operating profit increased by 29.83% year-on-year to ¥623,564,280.43, while net profit attributable to shareholders rose by 23.92% to ¥395,487,160.07[28]. Cash Flow and Liquidity - Cash and cash equivalents decreased by 23.25% to CNY 2.95 billion from CNY 3.26 billion at the end of the previous year[38]. - The net cash flow from operating activities decreased significantly, leading to a net decrease in cash and cash equivalents of CNY 743.23 million[35]. - The net cash flow from operating activities for the first half of 2024 was approximately ¥450.08 million, a significant decrease from ¥2.84 billion in the first half of 2023[118]. - Cash and cash equivalents at the end of the first half of 2024 were approximately ¥1.47 billion, down from ¥2.06 billion at the end of the first half of 2023[118]. Strategic Initiatives - The company operates over 100,000 stores across T1-T6 channels in China, establishing a comprehensive distribution network for mobile smart terminals and 3C digital products[19]. - The company is a leading distributor for major brands such as Apple, Honor, Samsung, and Meizu, enhancing its market position in the digital distribution sector[19]. - The company has built a full-channel online and offline retail network, being the largest retailer of Apple’s self-operated APR stores in China[20]. - The company has established a digital new retail ecosystem, integrating online and offline sales channels to enhance customer experience[20]. - The company has expanded its overseas sales services, acting as an authorized service provider for Honor in markets like Hong Kong, Thailand, and Vietnam[21]. Employee and Corporate Governance - The company has implemented various employee training programs to enhance professional skills and career development opportunities[58]. - The company has established a comprehensive performance evaluation system for employees, enhancing their sense of belonging and sharing in the company's development achievements[58]. - The company emphasizes the importance of protecting the rights of shareholders and creditors, ensuring compliance with relevant laws and regulations[56]. Risk Management and Compliance - The company has established a robust risk control system and is optimizing funding costs to ensure operational efficiency[50]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[62]. - The company has not engaged in any violations regarding external guarantees during the reporting period[62]. Shareholder Structure - The total number of shares before the recent change was 1,239,281,806, with 98.76% being unrestricted shares[96]. - The largest shareholder, Shenzhen Shenzhou Tong Investment Group, holds 39.50% of the shares, totaling 489,464,303 shares[97]. - The total number of restricted shares is 15,377,502, accounting for 1.24% of total shares[96]. - There are no foreign shareholders holding shares in the company, indicating a domestic ownership structure[96]. Legal Matters - The company reported a litigation amount of 5,663.05 million yuan in a contract dispute with Dalian Dongmei Supply Chain Service Co., Ltd., with the first instance ruling in favor of the company[63]. - The company is currently involved in a first-instance litigation against Suning.com Group Co., Ltd. with a claim amount of 10,134 million yuan, awaiting court judgment[63]. Accounting Policies - The company has not disclosed any significant changes in its accounting policies or financial reporting standards during the reporting period[15]. - The company follows the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect its financial position accurately[139]. - The company has specific accounting policies for bad debt provisions and inventory valuation, adhering to relevant accounting standards[138]. Social Responsibility - The company has actively participated in social responsibility initiatives, including donations to support education and assist underprivileged children, contributing to social equity[60]. - The company is committed to sustainable development and will continue to explore social welfare initiatives to contribute to common prosperity[60].

证券代码：002416 证券简称：爱施德 公告编号：2024-027 深圳市爱施德股份有限公司 第六届董事会第十三次（定期）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市爱施德股份有限公司（以下简称"公司"）第六届董事会第十三次（定期） 会议通知于 2024 年 8 月 12 日以电子邮件及通讯方式送达全体董事，以现场、通讯方 式于 2024 年 8 月 23 日上午在深圳总部 18 楼 A 会议室及北京总部 5 层中会议室召开 了本次会议。本次会议应出席董事 7 名，实际出席董事 7 名，其中董事黄文辉先生、 周友盟女士、喻子达先生、独立董事吕良彪先生出席现场会议，董事黄绍武先生、独 立董事张蕊女士、葛俊先生以通讯方式参会并进行表决。公司高级管理人员、监事列 席了本次会议。本次会议的出席人数、召集、召开程序和议事内容均符合《中华人民 共和国公司法》和《公司章程》的规定。 1 / 3 表决结果：同意 7 票，反对 0 票，弃权 0 票。 《关于核销应收款项的公告》详见公司在《中国证券报》《证券时报》《上海证券 报》及巨潮资讯网（www.c ...

证券代码：002416 证券简称：爱施德 公告编号：2024-030 深圳市爱施德股份有限公司 关于核销应收款项的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市爱施德股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开第六 届董事会第十三次（定期）会议、第六届监事会第十三次（定期）会议，审议通过 了《关于核销应收账款的议案》，上述议案已事前通过审计委员会审议。根据《深圳 证券交易所股票上市规则》和《公司章程》等相关规定，本次核销应收款项的事项 无需提交股东大会审议。现将有关情况公告如下： 一、本次核销应收款项概述 根据《企业会计准则》《公司章程》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规及公司相关制度，为真实反映公司财 务状况和资产价值，在对合并报表范围内的资产进行清查的基础上，拟对公司截至 2024 年 6 月 30 日经营过程中无法收回的账款予以核销。 本次核销应收账款 5,254.00 万元，核销其他应收款 378.97 万元，合计 5,632.97 万元，已全额计提坏账准备 5,6 ...

证券代码：002416 证券简称：爱施德 公告编号：2024-026 深圳市爱施德股份有限公司 关于公司股东股份解除质押及质押延期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 深圳市爱施德股份有限公司（以下简称"公司"）于 2024 年 7 月 19 日接到公司股东深圳 市神州通投资集团有限公司（以下简称"神州通投资"）的通知，神州通投资将其持有的公司 部分股份进行了解除质押和质押延期，具体事项如下： 1、本次股份质押融资不用于满足公司生产经营相关需求。 | 股东 | 是否为控 股股东或 | 本次解除 | 占其所持 | 占公司 总股本 | 质押 | 质押 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 东及其一 | 质押数量 （股） | 股份比例 （%） | 比例 | 起始日 | 解除日 | | 质权人 | | | 致行动人 | | | （%） | | | | | | 深圳市神州 | | | | | 2023 年 | 2024 | 年 | 上海浦东发展 ...

证券代码：002416 证券简称：爱施德 公告编号：2024-025 深圳市爱施德股份有限公司 关于公司股东股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 深圳市爱施德股份有限公司（以下简称"公司"）于 2024 年 6 月 28 日接到公司股东深圳 市神州通投资集团有限公司（以下简称"神州通投资"）的通知，神州通投资将其持有的公司 部分股份进行了解除质押和质押，具体事项如下： 一、股东股份解除质押基本情况 | 股东 | 是否为控股股东 | 本次解除 | 占其所持 股份比例 | 占公司 总股本 | 质押 | | 质押 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | 质押数量 | | 比例 | 起始日 | | 解除日 | | | | | 其一致行动人 | （股） | （%） | （%） | | | | | | | 深圳市神州通投 | 是 | 14,000,000 | 2.86 | 1.13 | 2021 | ...

Investment Rating - The report assigns an "Overweight" rating to the company with a target price of 14.50 RMB, compared to the current price of 9.88 RMB [135] Core Views - The company is a leading player in China's mobile phone distribution and retail industry, with significant competitive advantages and a strong growth trajectory driven by resource and channel networks [6] - With the recovery of consumer electronics and the increasing penetration of AI-enabled smartphones, the company's future development is promising [6][8] - The company is expected to benefit from the rising demand for AI and foldable smartphones, which could catalyze a new wave of device upgrades [10][13][70] Valuation and Financial Forecasts - The company's EV/EBITDA valuation is estimated at 14.17 RMB per share, based on a comparison with peers such as Bailian, Huazhi, Kidswant, and Tianyin [4] - Revenue is projected to grow from 92.16 billion RMB in 2023 to 100.19 billion RMB in 2026, with a CAGR of 2.1% to 3.2% [7][134] - Net profit attributable to shareholders is expected to increase from 655 million RMB in 2023 to 886 million RMB in 2026, with a CAGR of 9.6% to 11.2% [7][134] Industry Outlook - The global smartphone market is recovering, with Q1 2024 shipments increasing by 7.8% YoY to 289.4 million units, signaling a rebound in demand [69] - China's smartphone market also showed signs of recovery, with Q1 2024 shipments growing by 6.5% YoY to 69.26 million units [69] - AI-enabled smartphones and foldable devices are expected to drive a new wave of upgrades, with AI smartphones projected to account for 5% of global shipments in 2024 and 45% by 2027 [76][105] Competitive Advantages - The company has established a strong competitive moat through its resource advantages, extensive channel network, efficient supply chain system, and digital capabilities [16][18][22] - It operates over 10,000 offline stores and more than 3,000 Apple-authorized stores, making it the largest Apple APR retailer in China [22][62] - The company has a comprehensive online presence, covering major e-commerce platforms such as Tmall, JD, and Douyin, with online sales growing by 120% YoY in 2023 [59] Financial Performance - Revenue grew from 55.8 billion RMB in 2019 to 92.16 billion RMB in 2023, with a CAGR of 13.3% [81] - Net profit attributable to shareholders increased from 344 million RMB in 2019 to 655 million RMB in 2023, with a CAGR of 17.5% [81] - The company maintains a stable gross margin of around 3.1% to 3.4%, with a net margin of 0.7% to 0.9% [26][83] Dividend Policy - The company has maintained a high dividend payout ratio of over 60% in the past five years, with a dividend yield of 3.51% in 2023 [114][115] - Future dividend policies are expected to remain robust, supported by stable cash flows and profitability [114] Future Plans - The company plans to focus on operational efficiency, channel network expansion, and overseas market development in 2024 [103] - It will also closely monitor the development of AI-enabled smartphones and explore opportunities in this emerging segment [103]

证券代码：002416 证券简称：爱施德 深圳市爱施德股份有限公司 投资者关系活动记录表 编号：2024-005 √特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 活动类别 □现场参观 □其他（请文字说明其他活动内容） 上市公司 副总裁兼董事会秘书吴海南先生 投资者关系经理陈菲菲女士 接待人员 财通基金—潜宣谕 平安养老基金—唐宋媛 华宝基金—曹旭辰 华西基金—徐语晨 活动参与人员 珠江人寿—王钟杨 广发基金—杨松霖 （排名不分先后） 浙商证券—汤秀洁、吴安琪 华创证券—王薇娜、尚静雅 国泰君安证券—陈笑 天风证券—林毓鑫 时间 2024年5月13日—5月29日 地点 公司、进门财经线上平台、腾讯会议等 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for the stock with expected returns exceeding 20% over the next six months [87]. Core Insights - The company is a leading digital distributor and retailer in China, serving major smartphone brands like Apple, Honor, and Samsung, and has established a robust sales and service network [3][53]. - The company has a strong dividend policy, having paid cash dividends for seven consecutive years, with a projected dividend payout of 496 million yuan for 2023, corresponding to a dividend yield of 4.31% [3][83]. - The company is expected to benefit from the recovery of the smartphone market and the trend towards high-end products, particularly through its partnerships with top brands [6][24]. Summary by Sections 1. Company Overview - The company has been a key player in the digital distribution sector for over 20 years, focusing on mobile phones and related services, and has built a comprehensive digital distribution platform [53][55]. 2. Financial Performance - In 2023, the company achieved distribution revenue of 589.22 billion yuan, a decrease of 3.08% year-on-year, while retail revenue grew by 8.48% to 329.51 billion yuan [55][60]. - The company has maintained a healthy free cash flow, with 486 million yuan reported in 2023, supporting its dividend policy and future investments [27][83]. 3. Market Position and Strategy - The company is the largest channel service provider for Apple in China and the only all-channel retail service provider for Honor, positioning it well to capitalize on market trends [28][17]. - The company is actively expanding its digital retail capabilities, integrating online and offline channels to enhance customer experience and drive sales growth [59][60]. 4. Future Outlook - The report anticipates revenue growth for the company in the coming years, with projected revenues of 994.56 billion yuan in 2024, 1,078.61 billion yuan in 2025, and 1,160.88 billion yuan in 2026 [85]. - The company is expected to benefit from the launch of new AI-enabled products and the potential IPO of Honor, which could enhance its market position and profitability [10][18].