Group 1: Company Strategy and Performance - In 2025, the company aims to implement a development strategy titled "Gathering Strengths to Lead the Tide, Riding the Wave to Compete" to enhance operational efficiency and expand into new markets [2] - In 2024, the company achieved a revenue of CNY 65.821 billion, with a total profit of CNY 870 million and a net profit of CNY 651 million, maintaining industry-leading profitability [3] - In Q1 2025, the company reported a revenue of CNY 12.737 billion and a net profit of CNY 142 million [4] Group 2: Financial Management and Cost Control - The company implemented strict cost control measures, resulting in a reduction of financial expenses by CNY 80.2518 million, a decrease of 51.72% [4] - Total liabilities decreased by 10.45%, and the asset-liability ratio fell from 48.70% to 45.55%, a decline of 3.15% [4] - The gross profit margin improved from 3.25% to 4.40% in 2024 [4] Group 3: Investment and Partnerships - The company established an industrial fund with ShenZhiCheng Investment to invest in quality enterprises in the smart terminal, AI, and low-altitude economy sectors [3] - The Shenzhen Aishide Smart City Industrial Investment Partnership has completed registration and is progressing with investment operations [4] - The company maintains a strategic partnership with Honor, focusing on enhancing brand value and market presence [6] Group 4: Market Position and Sales Performance - The company serves over 2,700 Apple authorized stores and has established 200 self-operated Coodoo Apple APR stores, leading the APR channel scale [6] - In 2024, the company achieved a communication product revenue of CNY 58.467 billion, with a gross margin increase of 1.54 percentage points to 3.82% [6] - The company’s market share for Honor in Hong Kong reached 17.1% in August 2024, ranking second in the market [8] Group 5: Digital Transformation and Innovation - The company leverages a digital distribution and retail model, enhancing operational efficiency through digitalization and smart management [8] - The company’s self-owned brands, including "Tea Xiaokai" and "UOIN," have seen significant sales growth, with "Tea Xiaokai" achieving over 125% year-on-year sales increase [8] - The company is expanding its instant retail business, achieving over 50% growth in online sales for Coodoo [9]

Core Viewpoint - The new trade-in policy, supported by a 300 billion subsidy, is reshaping three major industries: home appliances, automobiles, and consumer electronics, presenting investment opportunities for medium to long-term investors [1] Group 1: Home Appliances - The home appliance sector receives the largest subsidy, with up to 20% off for 12 product categories, capped at 2000 yuan per item. Sales surged by 23% year-on-year in the first four months of this year, with leading companies like Midea and Gree operating at full capacity [3] - High-end smart products, such as the Casarte series, have seen sales double post-subsidy, indicating a long-term trend of consumption upgrading [3] Group 2: Automotive Sector - The new energy vehicle segment is the biggest beneficiary, with a 20,000 yuan trade-in subsidy boosting sales. BYD's Han series orders exceeded 80,000 units in April [3] - The battery supply chain, including companies like CATL and Purtai, is also benefiting from this trend. The automotive aftermarket is highlighted as a promising area, with Tianqi's dismantling equipment orders extending to Q4 and Gree's battery recycling business achieving a gross margin of 28% [3] Group 3: Consumer Electronics - Although the subsidies in consumer electronics are smaller, they cover a wide range of products, including mobile phones and tablets. The Honor 90 series has over 40% of its sales through trade-in channels, and the inventory turnover days for core distributor Aishide have decreased to 15 days [3] - VR device manufacturer GoerTek has secured new orders from Meta, with expectations for Q3 performance to exceed forecasts [3] Group 4: Investment Strategy - Investment should focus on three dimensions: core leaders, supporting supply chains, and regional leaders. Recommended stocks include Midea Group and Haier Smart Home in home appliances, BYD and Top Group in new energy vehicles, and Luxshare Precision and Shenzhen South Circuit in consumer electronics [4] - Key timelines for investment include the release of home appliance energy-saving subsidy details in June, the launch of new energy vehicles in August, and the consumer electronics exhibition in November. Early positioning can capture policy-driven benefits [4] Group 5: Market Trends - The policy is expected to accelerate the concentration of the three industries. The market share of the top five companies in the home appliance sector has increased from 68% in 2019 to 79% currently, while the top ten automotive companies now hold over 92% market share [4] - The focus should be on companies with stable cash flow and a dividend yield exceeding 3% to seize structural opportunities [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is undergoing a structural adjustment in its business, leading to a short-term revenue decline, with 2024 revenue at 65.82 billion yuan, down 29% year-on-year, and a net profit of 580 million yuan, down 11% [2][3] - The company is focusing on high-quality development, resulting in significant improvements in gross margin and net margin, with 2024 gross margin at 4.3% (up 1.2 percentage points) and net margin at 0.99% (up 0.2 percentage points) [3] - The company is enhancing its distribution and retail capabilities, with a notable expansion in instant retail, achieving over 50% growth in online instant retail sales in 2024 [3][4] - The establishment of a joint venture to focus on AI computing and collaboration with local governments to set up an industrial fund indicates a strategic shift towards emerging technologies [5] - Revenue projections for 2025-2027 are estimated at 67.17 billion yuan, 68.26 billion yuan, and 69.47 billion yuan, with corresponding net profits of 625 million yuan, 654 million yuan, and 690 million yuan, reflecting a growth rate of 7%, 5%, and 6% respectively [5][10]

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。 登录新浪财经APP 搜索【信披】查看更多考评等级 为做好中小投资者保护工作，增进投资者对公司的了解和认同，以提升公司治理水平和企业整体价值， 现就公司2024年度暨2025年第一季度业绩说明会提前向投资者征集相关问题。投资者可于2025年05月07 日前登录网址（https://eseb.cn/1nHTFcVYCD6）或使用微信扫描以下小程序码进入"爱施德（002416） 2024年度暨2025年第一季度业绩说明会"界面，打开"互动交流"模块进行会前提问，公司将在2024年度 暨2025年第一季度业绩说明会上，对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与。 ■ 特此公告。 深圳市爱施德股份有限公司 深圳市爱施德股份有限公司（以下简称"公司"）已于2025年04月22日在巨潮资讯网 （www.cninfo.com.cn）上披露《2024年年度报告》及《2025年第一季度报告》。为便于广大投资者全 面、深入了解公司2024年度暨2025年第一季度经营情况，公司将举行2024年度暨2025年第一季度业绩说 ...

证券代码：002416 证券简称：爱施德 公告编号：2025-018 深圳市爱施德股份有限公司 关于举行2024年度暨2025年第一季度业绩说明会的公告 二、会议出席人员 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。 公司董事长黄文辉先生，副董事长兼总裁周友盟女士，独立董事张蕊女士，副 总裁兼财务负责人米泽东先生，副总裁兼董事会秘书吴海南先生，证券事务代表赵 玲玲女士。 深圳市爱施德股份有限公司（以下简称"公司"）已于 2025 年 04 月 22 日在巨 潮资讯网（www.cninfo.com.cn）上披露《2024 年年度报告》及《2025 年第一季度 报告》。为便于广大投资者全面、深入了解公司 2024 年度暨 2025 年第一季度经营情 况，公司将举行2024年度暨2025年第一季度业绩说明会并向投资者征集相关问题。 具体如下： 一、会议安排 1、会议召开时间：2025 年 05 月 07 日（星期三）15:00-17:00 2、会议召开地点：价值在线（www.ir-online.cn） 3、会议召开方式：网络文字互动 三、投资者参加及问题征集方式 ...

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]

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]

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 ...