Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported lower-than-expected performance for 2024 and Q1 2025, with total revenue for 2024 at 65.82 billion yuan, a year-on-year decline of 28.58%, and a net profit attributable to shareholders of 581 million yuan, down 11.26% [7] - The company is focusing on core business operations while exploring new growth avenues through AI technology and digital transformation, aiming to enhance its service network and profitability [7] - The introduction of AI technology is expected to improve efficiency and quality, with the establishment of a joint venture in the intelligent computing service sector, which is anticipated to become a new growth driver within 3-5 years [7] Financial Data Summary - Total revenue projections for 2025 are estimated at 73.70 billion yuan, with a year-on-year growth rate of 12.0% [6] - The net profit attributable to shareholders is projected to be 708 million yuan for 2025, reflecting a year-on-year increase of 21.8% [6] - The company’s gross margin improved to 4.40% in 2024, an increase of 1.15 percentage points year-on-year [7] - The operating cash flow for the company remains healthy, with a net cash flow from operating activities of 1.56 billion yuan [7]

Core Viewpoint - Aishide, a leading digital distribution and retail service provider in China, has demonstrated resilience and improved profitability amidst the cyclical fluctuations of the consumer electronics industry, establishing strong competitive barriers and preparing for future growth through strategic investments in new sectors [1][8]. Company Overview - Founded in June 1998, Aishide has evolved from a mobile phone distributor to a comprehensive service ecosystem covering distribution, retail, and innovative services across various sectors, including 3C digital products and fast-moving consumer goods [2][4]. - The company has built a robust competitive barrier through its extensive sales network, brand partnerships, and digital capabilities, positioning itself as a leader in digital smart distribution and retail services [2][3]. Operational Capabilities - Aishide operates a global sales service network with branches in 32 provincial regions in China and overseas locations in Thailand, Vietnam, and Hong Kong, enabling efficient responses to market demands [3]. - The company has developed a self-researched digital platform that enhances operational efficiency through automation and AI integration, with over 50% of its IT team based in headquarters [3][7]. Financial Performance - In 2024, Aishide achieved a revenue of 65.82 billion yuan, with core business gross margins for digital smart distribution and retail increasing by 1.47 and 0.48 percentage points, respectively [10]. - The net profit attributable to shareholders reached 581 million yuan, with a net profit margin improvement from 0.71% to 0.88% [10][11]. Market Trends - The retail market in China is showing positive growth, with a 3.5% increase in total retail sales and a 7.2% rise in online retail sales in 2024, indicating a favorable environment for Aishide's business model [12][14]. - The smartphone market is also recovering, with a projected 5.6% increase in shipments in 2024, driven by government incentives and advancements in AI technology [13][14]. Strategic Initiatives - Aishide is actively investing in new production capabilities and has established a partnership to create an industrial merger fund focused on smart terminals and AI, aiming to enhance its market influence and competitiveness [8][10]. - The company is also expanding into the AI computing sector through a collaboration with Shanghai Xiaoyi, aiming to build a comprehensive AI service team and transition from 3C product distribution to AI computing services [10][14].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company is experiencing short-term performance pressure, with a significant decline in revenue and net profit for 2024 and Q1 2025, primarily due to decreased demand in the consumer electronics sector [1][2]. - Despite the short-term challenges, the company is improving operational efficiency, with a reduction in accounts receivable by 5.63 billion yuan (32.30% year-on-year) and a decrease in total liabilities by 10.45% [2]. - The company is expanding its domestic and international presence while enhancing its digital capabilities, with a focus on AI and automation technologies to improve operational efficiency [3]. - A partnership with Shanghai Xiaoyi to establish a smart computing technology company is expected to facilitate entry into the AI computing service sector, potentially creating new revenue streams [4]. Financial Summary - For 2024, the company reported total revenue of 658.21 billion yuan, a decrease of 28.58% year-on-year, and a net profit of 5.81 billion yuan, down 11.26% [1][5]. - The forecast for 2025-2027 indicates a recovery in net profit, projected at 7.19 billion yuan, 8.84 billion yuan, and 10.08 billion yuan respectively, with corresponding PE ratios of 20X, 17X, and 15X [4][5]. - Revenue is expected to grow from 740.38 billion yuan in 2025 to 973.64 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.9% [5][9].

Core Viewpoint - Aishide reported a revenue of 65.821 billion yuan and a net profit of 581 million yuan for 2024, while expanding its digital distribution and retail services and exploring new fields [1] Group 1: Sales Network and Partnerships - Aishide is a leading digital distribution and retail service provider in China, focusing on mobile smart terminals, 3C digital products, and fast-moving consumer goods [2] - The company operates the largest number of Apple self-operated APR stores in China, with over 2,700 authorized store points in 2024, and has opened 26 new Coodoo self-operated APR stores, achieving a sales growth of over 20% [2] - Aishide serves over 4,300 Samsung stores and has opened 25 new Samsung experience stores, making it the largest customer for Samsung's self-built retail stores in China [2] Group 2: Market Trends and Growth - The smartphone market in China is recovering, with an estimated shipment of 286 million units in 2024, a year-on-year increase of 5.6%, supported by government subsidies and the application of generative AI [3] - Aishide leverages its extensive sales network and operational management capabilities to provide differentiated value services to partner brands [3] Group 3: New Growth Opportunities - Aishide is expanding its own brand business in the 3C digital and fast-moving consumer goods sectors, with its new tea brands "Chaxiaokai" and "Yuexiaokai" achieving a sales growth of over 125% [4] - The company invested 660 million yuan in the joint acquisition of Honor, which is set to undergo a significant transformation with its upcoming IPO, presenting further growth opportunities for Aishide [4] Group 4: Strategic Investments - Aishide is actively investing in its second growth curve, establishing a fund focused on smart terminals, AI, and low-altitude economy sectors to enhance the quality of the industrial chain [5] - The company plans to collaborate with Shanghai Xiaoyi Technology to establish a new company focused on AI computing services, aiming to build a comprehensive AI team and develop a sustainable AI business growth platform [6]

四、董事会审计委员会关于公司本次计提资产减值准备的审议情况及意见 公司于2025年4月10日召开了第六届董事会审计委员会2025年第二次会议，会议以3票同意、0票反对、0 票弃权通过了《关于2024年度计提资产减值准备的议案》。审计委员会认为，公司本次计提资产减值准 备遵照并符合《企业会计准则》和公司相关会计政策的规定，本次计提资产减值准备基于谨慎性原则， 依据充分，符合公司资产现状，有助于更加公允地反映截止2024年12月31日公司的财务状况、资产价值 及经营成果，使公司关于资产价值的会计信息更加真实可靠，更具合理性。 登录新浪财经APP 搜索【信披】查看更多考评等级 3、本公司于资产负债表日对除金融资产之外的非流动资产判断是否存在可能发生减值的迹象。对使用 寿命不确定的无形资产，除每年进行的减值测试外，当其存在减值迹象时，也进行减值测试。其他除金 融资产之外的非流动资产，当存在迹象表明其账面金额不可收回时，进行减值测试。本公司至少每年测 试商誉是否发生减值。 五、监事会意见 依据《企业会计准则》《深圳证券交易所上市公司自律监管指引第1号一一主板上市公司规范运作》 《深圳证券交易所股票上市规则》等相关法律、 ...

Core Viewpoint - The company, Aishide, is a leading digital smart distribution and retail service provider in China, focusing on mobile smart terminals, 3C digital products, communication and value-added services, and fast-moving consumer goods sales services. The company has established long-term strategic partnerships with numerous top brands and is expanding its own brand presence in the 3C digital and fast-moving consumer goods sectors [3][4][8]. Company Overview - Aishide operates in digital smart distribution, digital smart retail, and other innovative businesses, serving as a national first-level distributor for major mobile brands like Apple, Honor, Samsung, and Meizu. The company has built a comprehensive offline sales service network and online capabilities, achieving digital, visual, and intelligent management of all flows in the goods circulation process [4][5]. - The company provides full-scenario digital retail empowerment services, helping offline retail stores integrate with online traffic to create a new ecosystem of integrated retail [5]. Financial Performance - In the 2024 fiscal year, Aishide reported a total operating income of CNY 65.82 billion, a decrease of 28.58% compared to the previous year. The operating profit was CNY 864.05 million, and the net profit attributable to shareholders was CNY 581.49 million, reflecting declines of 6.71%, 6.54%, and 11.26% respectively [26][29]. Profit Distribution Plan - The board approved a profit distribution plan for 2024, proposing a cash dividend of CNY 5 per 10 shares (including tax), based on a total share capital of 1,239,281,806 shares as of December 31, 2024. The total cash dividend payout will amount to CNY 619.64 million, with no capital reserve conversion or bonus shares issued [2][29]. Asset Impairment Provision - The company has decided to recognize an asset impairment provision for the 2024 fiscal year, which will reduce the total profit by CNY 16.90 million. The provision includes bad debt, inventory depreciation, and goodwill impairment, with the total amounting to CNY 71.09 million at the end of the reporting period [74][81].

Core Viewpoint - The company Aishide plans to establish a joint venture with Shanghai Xiaoyi to enter the intelligent computing cluster service and AI intelligent solutions market, leveraging the growing demand for AI inference computing power [1][2]. Group 1: Joint Venture Details - Aishide will invest 35 million yuan, holding a 70% stake in the joint venture, which has a registered capital of 50 million yuan [1]. - Shanghai Xiaoyi, founded in 2019, specializes in full-stack services for computing power networks and has extensive experience in intelligent computing cluster infrastructure [1][2]. Group 2: Market Opportunity - The intelligent computing center market is shifting from "training" to "inference," with a projected market size of 288.6 billion yuan by 2028 and a compound annual growth rate of over 30% from 2025 to 2028 [2][3]. - The joint venture aims to capitalize on this trend by focusing on high-value segments of the computing service and network integration [3]. Group 3: Strategic Advantages - Aishide's existing customer base includes major international mobile brands and state-owned enterprises, providing a strong channel to meet downstream demand [4]. - The collaboration combines Aishide's global sales channels and operational experience with Shanghai Xiaoyi's technical capabilities and AI application expertise, creating a complementary advantage [3][4]. Group 4: Operational Efficiency - The joint venture will focus on "intelligent computing cluster network integration and operation services," which allows for higher asset turnover efficiency compared to traditional data center models [4][5]. - The integration of hardware procurement, network implementation, model deployment, and operation services will create a closed-loop ecosystem, with potential for future expansion into value-added services like computing power leasing [5].

关于对外投资设立合资公司的公告 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。 特别提示： 证券代码：002416 证券简称：爱施德 公告编号：2025-017 深圳市爱施德股份有限公司 1、本次拟对外投资设立的合资公司名称：深圳市爱施德智算科技有限公司 （暂定名，最终以市场监督管理部门登记为准） 2、本次对外投资不构成《上市公司重大资产重组管理办法》规定的重大资 产重组。 一、对外投资概述 根据公司战略发展需要，深圳市爱施德股份有限公司(以下简称"公司"）拟 与上海枭毅科技有限公司(以下简称"上海枭毅"）及团队共同投资设立深圳市爱 施德智算科技有限公司（暂定名，最终以市场监督管理部门登记为准），注册资 本为人民币 5,000 万元，其中公司以自有资金出资 3,500 万元，占合资公司注册 资本的比例为 70%。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 7 号——交易与关联交易》及《公司章程》等相关规定，本次投资事项无 需提交公司股东大会、董事会审议。本次投资事项不构成关联交易，不构成《上 市公司重大资产重组管理办法》规定的 ...

深圳市爱施德股份有限公司 审 计 报 告 众环审字（2025）0600232号 目 录 | | 起始页码 | | --- | --- | | 审计报告 | 1-6 | | 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 | | 资产负债表 | 7-8 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11-12 | | 财务报表附注 | 13-122 | 审 计 报 告 众环审字（2025）0600232 号 深圳市爱施德股份有限公司全体股东： 一、审计意见 我们审计了深圳市爱施德股份有限公司（以下简称爱施德公司）的财务报 表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利 润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附 注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了爱施德公司 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度 合并及公司的经营成果和 ...

深圳市爱施德股份有限公司 内部控制审计报告 众环审字（2025）0600233号 内部控制审计报告 众环审字（2025）0600233 号 深圳市爱施德股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们 审计了深圳市爱施德股份有限公司（以下简称"爱施德公司"）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、 爱施德公司对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控 制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是爱施德公 司董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审 计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情 况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、 财务报告内部控制审计意见 我们认为，爱施德公司于 2024 年 12 月 ...