Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the accelerating global shift towards smoke-free products, with leading tobacco companies increasing their R&D investments and product offerings in the new tobacco sector. Major companies like Philip Morris International, British American Tobacco, Japan Tobacco, and Imperial Brands are projected to see revenue growth in new tobacco products of 15.0%, 2.5%, 21.1%, and 24.2% respectively for 2024, with significant future targets set for smoke-free revenue contributions [11][12][6] Summary by Sections New Tobacco Development - The report emphasizes the trend towards a smoke-free era, with leading companies adapting to changing consumer habits and increasing their focus on new tobacco products. For instance, Philip Morris aims for over two-thirds of its revenue to come from new tobacco products by 2030 [11][12] Regulatory Environment - The report notes a continued high-pressure regulatory environment overseas, with several countries implementing bans on disposable e-cigarettes and the FDA accelerating the PMTA process for new products. This regulatory landscape is expected to influence market dynamics and product iterations [3][12] Domestic Suppliers - Domestic suppliers are positioned to enhance their global market share. For example, Smoore International reported a revenue of 34.75 billion CNY in Q4 2024, with a year-on-year growth of 8.8%. The company is focusing on HNB products as a growth driver [4][15] - China Tobacco Hong Kong reported a revenue of 43.70 billion HKD in H2 2024, with a significant net profit increase of 48.4% year-on-year, indicating robust performance and strategic growth initiatives [4][17] - Yingqu Technology reported a revenue of 10.34 billion CNY in Q4 2024, with a focus on vertical integration in manufacturing, which is expected to enhance its market share as HNB penetration increases globally [5][18] Investment Recommendations - The report suggests focusing on leading tobacco companies like Smoore International and China Tobacco Hong Kong, as well as Yingqu Technology, due to their strategic positioning and growth potential in the evolving tobacco landscape [6][18]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the accelerating global shift towards smoke-free products, with leading tobacco companies increasing their R&D investments and product offerings in the new tobacco sector. Major companies like Philip Morris International, British American Tobacco, Japan Tobacco, and Imperial Brands are projected to see revenue growth in new tobacco products of 15.0%, 2.5%, 21.1%, and 24.2% respectively for 2024, with significant future targets for smoke-free revenue [11][12] - Compliance is emphasized as a key development theme, with ongoing regulatory pressures in overseas markets leading to a decline in disposable vape products. The report anticipates a recovery in the compliant market and an acceleration in product iteration [3][12] - Domestic suppliers are poised for growth, with companies like Smoore International and China Tobacco Hong Kong showing stable revenue performance and plans for innovation and international expansion [4][6] Summary by Sections New Tobacco Development - The report discusses the increasing penetration of new tobacco products, which is changing consumer habits. Leading companies are focusing on R&D and product innovation, with significant revenue growth expected in the coming years [11][12] - Philip Morris aims for over two-thirds of its revenue to come from new tobacco products by 2030, while British American Tobacco and Japan Tobacco have set similar ambitious targets for 2035 [11][12] Regulatory Environment - The report notes a high-pressure regulatory environment in overseas markets, with new bans on disposable vapes in Belgium, France, and the UK. The FDA in the US is also accelerating its approval processes for new products [3][12] Financial Performance of Key Players - Smoore International reported a revenue of 34.75 billion CNY in Q4 2024, with a year-on-year increase of 8.8%. The company is focusing on HNB products as a growth driver [4][15] - China Tobacco Hong Kong achieved a revenue of 43.70 billion HKD in H2 2024, with a net profit increase of 48.4%. The company is optimizing its product and channel structure for better profitability [4][17] - Yingqu Technology reported a revenue of 10.34 billion CNY in Q4 2024, with a focus on vertical integration in the manufacturing of smoking devices [5][18] Investment Recommendations - The report suggests focusing on leading companies like Smoore International and China Tobacco Hong Kong, as well as Yingqu Technology, due to their strong growth potential and strategic positioning in the evolving market [6][18]

证券代码：002925 证券简称：盈趣科技 公告编号：2025-050 厦门盈趣科技股份有限公司 关于回购公司股份的进展公告 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。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》（以下 简称"《自律监管指引第 9 号》"）等相关规定，上市公司应当在每个月的前三 个交易日内披露截至上月末的回购进展情况。现将本次回购股份进展情况公告如 下： 截至 2025 年 4 月 30 日，公司通过股份回购专用证券账户以集中竞价交易方 式回购公司股份 4,745,640 股，占公司目前总股本的 0.6104%，最高成交价为 14.18 元/股，最低成交价为 12.72 元/股，成交总金额为人民币 63,593,694.20 元（不含 交易费用）。本次回购符合相关法律法规要求，符合既定的回购方案。 二、其他说明 公司回购股份的时间、回购股份价格及集中竞价交易的委托时段符合《自律 监管指引第 9 号》第十七条、十八条的相关规定。 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响 ...

Core Insights - The company reported a total revenue of 3.573 billion and a net profit attributable to shareholders of 252 million for 2024, reflecting a year-on-year decline of 7% and 44% respectively [1] - The company experienced a revenue increase of 15% in Q4 2024 but a significant drop in net profit by 32% [2] - For Q1 2025, the company anticipates a revenue of 859 million, with a net profit increase of 38% year-on-year [1][3] Revenue Breakdown - The revenue from the engraving machine and water cooling heat dissipation business faced pressure, leading to a 7% decline in total revenue for 2024 [2] - Revenue from smart control components, innovative consumer electronics, automotive electronics, and health environment products showed varied performance, with declines of 14%, 2%, and 53% respectively, while automotive electronics grew by 19% [2] - The innovative consumer electronics segment is expected to see a significant decline in engraving machine revenue, while the e-bike segment is projected to grow [2] Profitability Analysis - The net profit margin and the net profit margin excluding non-recurring items decreased by 4.6 and 3.4 percentage points year-on-year respectively [2] - The company’s expenses in sales, management, R&D, and finance increased year-on-year, with management expenses rising due to the absence of a previous year's stock incentive reversal [2] Future Outlook - The company is expected to see a recovery in engraving machine business and stable growth in e-bike and automotive electronics in 2025 [3] - The company’s global production capacity and strong R&D capabilities are expected to enhance its competitive advantage [4] - The company has announced an incentive plan with targets for 2025 revenue growth of 25% to 50%, primarily driven by the e-cigarette and automotive electronics segments [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to reach a turning point in performance, with an anticipated gradual increase in electronic cigarette orders [4] - For 2024, the company is projected to achieve total revenue of 3.573 billion yuan, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 252 million yuan, down 44% year-on-year [2][4] - The fourth quarter of 2024 is expected to show a revenue increase of 15% year-on-year, while the first quarter of 2025 is projected to see a revenue increase of 12% year-on-year [2][4] Financial Performance Summary - In 2024, the company’s revenue is expected to be 3.573 billion yuan, with a net profit of 252 million yuan and a net profit excluding non-recurring items of 238 million yuan, reflecting year-on-year declines of 7%, 44%, and 38% respectively [2][4] - For Q4 2024, the expected revenue is 1.034 billion yuan, with a net profit of 80 million yuan and a net profit excluding non-recurring items of 94 million yuan, showing year-on-year changes of +15%, -32%, and -8% respectively [2][4] - In Q1 2025, the expected revenue is 859 million yuan, with a net profit of 77 million yuan and a net profit excluding non-recurring items of 74 million yuan, reflecting year-on-year increases of +12%, +38%, and +71% respectively [2][4] Business Segment Analysis - The company’s revenue from the intelligent control components and innovative consumer electronics is expected to decline by 14% and 2% respectively in 2024, while automotive electronics are projected to grow by 19% [4] - The electronic cigarette business is anticipated to improve gradually, with orders expected to increase as labor issues in the Malaysian base are resolved [4] - The automotive electronics segment is expected to maintain stable growth, contributing positively to overall revenue [4] Future Outlook - The company aims for a revenue increase of 25% to 50% in 2025, targeting a revenue range of 4.5 to 5.4 billion yuan, primarily driven by the electronic cigarette and automotive electronics segments [4] - The company is expected to achieve net profits of 500 million yuan, 690 million yuan, and 870 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 24, 18, and 14 times [4]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, particularly in non-recurring net profit, indicating potential growth in various business segments [1][7]. Financial Performance - For 2024, the company achieved revenue of 3.573 billion yuan, a year-on-year decrease of 7.45%, and a net profit of 252 million yuan, down 44.17% [1]. - In Q4 2024, revenue was 1.034 billion yuan, up 14.90% year-on-year, while net profit was 80 million yuan, down 32.01% [1]. - In Q1 2025, revenue reached 859 million yuan, a year-on-year increase of 12.45%, with net profit of 77 million yuan, up 37.81% [1]. Market Insights - The global smart controller market is projected to grow from 1.89 trillion USD in 2023 to approximately 1.98 trillion USD in 2024, with China's market expected to grow from 3.44 trillion yuan to 3.87 trillion yuan, reflecting a CAGR of 13.01% [1]. - The global new tobacco market is expected to grow by 12.7% in 2024, reaching 38.85 billion USD [2]. - The Chinese automotive electronics market reached 1.0973 trillion yuan in 2023, with an expected growth to 1.1585 trillion yuan in 2024 [2]. Product Performance - Revenue from smart control components was 1.145 billion yuan, down 13.96% year-on-year, primarily due to delays in new project capacity [3]. - Revenue from innovative consumer electronics was 1.137 billion yuan, a slight decrease of 1.55% year-on-year, with electronic cigarette sales showing stable growth [3]. - Automotive electronics revenue was 614 million yuan, up 19.43% year-on-year, benefiting from policies promoting vehicle upgrades [3]. - Health environment products saw a significant decline in revenue, down 53.14% year-on-year, due to increased market competition [3]. Financial Metrics - The gross margin for 2024 and Q1 2025 was 28.36% and 28.82%, respectively, showing a slight year-on-year decrease and increase [5]. - Operating cash flow for 2024 was 431 million yuan, down 37% year-on-year [6]. Future Outlook - The company anticipates continued improvement in performance across multiple business segments, including electronic cigarettes, automotive electronics, and health environment products, with projected revenues of 4.494 billion yuan, 5.366 billion yuan, and 6.031 billion yuan from 2025 to 2027 [7].

证券代码：002925 证券简称：盈趣科技 公告编号：2025-049 厦门盈趣科技股份有限公司（以下简称"公司"）《2024 年年度报告》及《2024 年年度报告摘要》已经公司第五届董事会第十六次会议审议通过，并于 2025 年 4 月 25 日刊登在《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上。 为了便于广大投资者更深入、全面地了解公司生产经营情况、发展战略、公 司治理及可持续发展等相关事项，公司定于 2025 年 5 月 15 日（星期四）下午 15:40-17:00 举办 2024 年年度报告网上说明会暨参加厦门辖区上市公司投资者网 上集体接待日活动。本次年度报告网上说明会将采用网络远程的方式举行，投资 者可登录"全景路演"网站（http://rs.p5w.net），或关注微信公众号"全景财经"， 或下载全景路演 APP，参与本次互动交流。 出席本次年度报告网上说明会的人员有：公司董事长林松华先生，董事、总 裁杨明先生，独立董事蔡庆辉先生，董事会秘书、财务总监李金苗先生。 投资者可于 2025 年 5 月 13 日（星期二）17:00 前将有关问题通过电子邮件 的方式 ...

Group 1: Company Performance - Yihua Jiaye reported a main revenue of 265 million yuan for Q1 2025, representing a year-on-year increase of 38.11% [1] - The net profit attributable to shareholders for Yihua Jiaye was 71.93 million yuan, up 44.11% year-on-year [1] - The non-recurring net profit for Yihua Jiaye was 60.19 million yuan, reflecting a year-on-year increase of 43.18% [1] - Yihua Jiaye's debt ratio stood at 14.07%, with investment income of 4.84 million yuan and financial expenses of -9.08 million yuan [1] - The gross profit margin for Yihua Jiaye was 49.57% [1] Group 2: Company Highlights - Yingqu Technology is currently providing automation equipment and solutions for new energy enterprises [2] Group 3: Institutional Overview - Shenzhen Zhongou Ruibo Investment Management Co., Ltd. was established in 2007 and is one of the earliest private equity fund management companies in China [3] - The company focuses on secondary market securities investment and has launched over 50 private equity products in collaboration with top financial institutions [3] - Zhongou Ruibo emphasizes risk management and has received various industry awards, including the "Morningstar Award" and "Golden Bull Award" [3]

Core Viewpoint - Yingqu Technology (002925.SZ) reported a decline in both revenue and net profit for the third consecutive year, with revenue of 3.573 billion yuan, down 7.45% year-on-year, and a net profit of 251 million yuan, down 44.17% year-on-year, primarily due to a painful revenue structure adjustment and a significant drop in its innovative consumer electronics business [2][3][6]. Revenue and Profit Performance - The company has experienced a continuous decline in revenue and net profit over the past three years, with revenue dropping from 7.061 billion yuan in 2021 to 3.573 billion yuan in 2024, and net profit decreasing from 1.093 billion yuan to 251 million yuan during the same period [6][12]. - The gross profit margin for 2024 was recorded at 28.36%, down from 30.70% in the previous year, reflecting a decrease of 2.36 percentage points [6]. Business Segment Analysis - The innovative consumer electronics segment, which previously accounted for over 60% of revenue, saw a significant decline, with revenue falling to 1.137 billion yuan in 2024, representing 31.82% of total revenue, down from over 43.05 billion yuan in 2021 [3][5]. - The automotive electronics segment was the only area showing positive growth, achieving revenue of 614 million yuan in 2024, a year-on-year increase of 19.43%, but it still only accounted for 17.19% of total revenue [5][6]. - The smart control components business has shown slow growth and volatility, with revenues fluctuating between 9.55 billion yuan and 11.45 billion yuan from 2020 to 2024, including a decline in 2022 and 2024 [4][6]. Financial Management and Shareholder Actions - Despite the declining performance, the company declared a substantial dividend of 323 million yuan, which represents 195.07% of its net profit for 2024, raising concerns about the sustainability of such payouts amid ongoing financial pressures [7][12]. - The major shareholder, Wanlida, has pledged over 60% of its shares, indicating potential liquidity issues, as the high dividend payout may be a strategy to alleviate financial strain on the major shareholder [7][14]. Investment and Future Outlook - The company is focusing on expanding its UDM (User Defined Manufacturing) model and plans to strengthen its automotive electronics and health environment businesses by 2025 [3][6]. - Yingqu Technology has been investing heavily in construction projects, with significant funds allocated to multiple manufacturing facilities, including a 500 million USD investment in a Mexican manufacturing base, which is currently only 24.46% complete [9][13].

Group 1: Company Overview and International Expansion - The company has been developing its international layout for nearly ten years, establishing a "big triangle + small triangle" international strategy that is now taking shape and has reached a certain scale [1] - Domestic manufacturing bases, including Xiamen, Zhangzhou, and Shanghai, still have room for further capacity planning [1] - The Malaysian and Hungarian manufacturing bases are fully utilized, with ongoing construction for the third phase in Hungary [2] Group 2: Financial Performance and Capacity Utilization - The company is continuously investing in manufacturing bases in Malaysia and Mexico, which will impact net profit due to depreciation [2] - New capacities are being planned and will be gradually released, ensuring reasonable amortization of depreciation expenses [2] Group 3: Project Development and Market Potential - The company has a diverse project reserve, including air and water purification products, biodegradable packaging materials, and smart medical devices, with significant growth potential expected [2] - The company has established partnerships with several five-star hotels for its BE WTR recyclable glass bottled water, indicating strong market demand [2] Group 4: Automotive Electronics Sector - The revenue growth of the automotive electronics business has slowed due to intense competition and price declines, with expectations for gradual production ramp-up in the second half of the year [3] - The company has a strong technical R&D capability and has expanded its product line from bus systems to passenger vehicles, enhancing its market share [3] Group 5: R&D Investment and Future Outlook - The company plans to maintain its innovation and R&D investment, focusing on core components and new technologies [3] - R&D expenses will be adjusted based on project needs and progress, with an emphasis on cost reduction and efficiency improvement [3]