Core Viewpoint - The company, Toradex, has reported significant growth in both revenue and profit for 2024, driven by its dual business strategy focusing on outdoor products and chip technology, indicating a robust market position and operational efficiency [1][6]. Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 1.592 billion yuan, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 107 million yuan, up 48.50% [1]. - The outdoor business segment generated 1.369 billion yuan in revenue, reflecting an 8.91% growth compared to the previous year [2]. - The chip business reported an operating revenue of 222 million yuan, marking a 66.56% increase, with a net profit of 32.03 million yuan, up 183.30% [6]. Group 2: Business Strategy and Operations - The company has implemented a dual strategy of "outdoor + chip" to enhance its market presence and operational efficiency [1][8]. - A high-efficiency BOM system has been established to optimize inventory management and ensure stable supply chain operations [3]. - The company has adopted a flexible ordering model with four rolling R&D sessions annually, allowing for small-batch production and rapid response to market demands [3]. Group 3: Product Development and Innovation - The outdoor apparel segment remains a key revenue driver, contributing 70.39% to total revenue, while outdoor footwear and equipment also saw growth rates of 14.72% and 4.37%, respectively [4]. - The company has launched innovative outdoor smart equipment, including lower limb exoskeletons and smart skiing helmets, enhancing the outdoor experience through advanced technology [4][5]. - Continuous investment in R&D has led to the establishment of a technology platform with 138 patents in the outdoor segment and 259 in the chip segment, showcasing the company's commitment to innovation [8]. Group 4: Market Trends and Future Outlook - The outdoor sports industry is projected to exceed 3 trillion yuan by 2035, driven by increasing participation and policy support [2]. - The company aims to leverage its technological advancements to establish a new benchmark in the global outdoor industry by 2025 [8][9]. - Collaborations with institutions like Tsinghua University are set to enhance the company's capabilities in smart wearable technology and high-performance materials [9].

Group 1 - The establishment of the Social Work Department of Changsha City and County has been completed, with a focus on innovative social work practices and achieving a "national first-class" goal [1][3] - The city has implemented a "hotline + grid" pilot program for grassroots governance, enhancing public service efficiency and community engagement [5][6] - The number of registered volunteers in the city has reached 1.65 million, with over 7,000 volunteer service teams actively participating in community support [1][10] Group 2 - Changsha has developed 272 "Red Homes" for new employment groups, providing essential services and a supportive environment for delivery workers and truck drivers [3][4] - The city has coordinated the resolution of 243,000 business-related issues through the "Party Building Leading, Supporting Thousands of Enterprises" initiative, enhancing enterprise development [4][11] - The integration of online and offline platforms for public opinion collection has improved the effectiveness of community feedback mechanisms [9][11] Group 3 - The Social Work Department has focused on enhancing grassroots governance by improving the political and organizational functions of local communities [5][6] - A total of 1,100 public toilets have been completed in popular tourist areas, addressing public health concerns and improving visitor experience [8][9] - The establishment of a volunteer service system has been prioritized, with over 14,000 certified social workers and a commitment to professional development [10][14] Group 4 - The Social Work Department has implemented a comprehensive approach to strengthen the integration of complaint channels and improve the quality of public service [11][13] - Training programs for social work professionals have been initiated to enhance their skills and effectiveness in community service [14] - The department aims to create a high-quality social work environment that aligns with the city's development goals and community needs [14]

Core Insights - The Chinese outdoor market is undergoing significant changes, with major players like Ternua, Sanfu Outdoor, and Migo Dede releasing their 2024 financial reports, indicating a new competitive landscape [1] - The potential listing of Berghaus on the Hong Kong Stock Exchange could position it as the largest outdoor brand in China by revenue, highlighting the ongoing reshuffling in the 270 billion RMB outdoor goods market [1] Group 1: Financial Performance of Listed Companies - Ternua reported a revenue of 1.592 billion RMB for 2024, with its core outdoor business generating 1.369 billion RMB, marking an 8.91% year-on-year growth. The net profit reached 106.6 million RMB, a nearly 50% increase, attributed to the launch of mid-to-high-end product lines and effective marketing strategies [2][3] - Sanfu Outdoor achieved a revenue of 800 million RMB in 2024, a decline of 5.5%. However, in Q1 2025, it rebounded with a revenue of 190 million RMB, a 14.5% increase, and a net profit of 12.67 million RMB, indicating improved operational efficiency despite challenges [2][3] - Migo Dede's revenue for 2024 was 1.304 billion RMB, down 10.42%, with a net profit of 83.76 million RMB, a 21.57% decrease. The brand is focusing on its proprietary clothing line to tap into higher-margin markets [4] Group 2: Market Dynamics and Competitors - Berghaus has seen its revenue triple from 462 million RMB in 2021 to 1.733 billion RMB in 2023, making it the largest outdoor brand in China by revenue, despite ranking seventh in market share [5][6] - The outdoor market in China is projected to grow from 215 billion RMB in 2024 to 270 billion RMB by 2026, but lacks a dominant player comparable to Anta or Li Ning in the broader sports market [8] - The competition is intensifying as traditional sports brands like Nike and Adidas expand into the outdoor segment, while lifestyle brands like Lululemon and Uniqlo are targeting the "urban outdoor" demographic [8][10] Group 3: Future Outlook - The year 2025 is anticipated to be pivotal for the Chinese outdoor market, with increased IPO activity and a widening gap between brands. Success will likely depend on technological innovation and brand storytelling rather than just scale [11]

服装家纺板块盘初走高，探路者（300005）、安正时尚（603839）、莱绅通灵（603900）涨停，海澜之 家（600398）、萃华珠宝（002731）、新华锦（600735）涨幅居前。 ...

Core Insights - The company reported a significant turnaround in its financial performance for 2024, achieving a revenue of 1.592 billion yuan, a year-on-year increase of 14.44%, and a net profit of 84.12 million yuan, marking a historic return to profitability [1] - The chip business emerged as a key growth driver, with a net profit of 32.03 million yuan, representing a remarkable year-on-year growth of 183.30%, contributing over 30% to the group's total net profit [1][4] Outdoor Business Development - The outdoor segment maintained a strong position in the domestic market, generating revenue of 1.369 billion yuan, an increase of 8.91% year-on-year [2] - The company has demonstrated robust R&D capabilities by supporting major national projects, including space missions and deep-sea explorations, enhancing its reputation in the outdoor industry [2] Strategic Innovations - The company launched four core products, including a lower limb exoskeleton and a 5G smart outdoor watch, to synergize outdoor sports with its chip business, reinforcing the "outdoor + chip" dual business model [3] - Strategic partnerships were established for the development of wearable exoskeletons and smart wearable devices, indicating a deep integration of academia and industry [3] Chip Business Performance - The chip business achieved a revenue of 222.31 million yuan, a year-on-year increase of 66.56%, and its net profit accounted for 30.04% of the group's total net profit [4] - The company focused on three innovation directions in its chip business, including touch ICs and Mini LED display drivers, enhancing its market competitiveness and technological edge [5] New Product Launches - The company introduced the TransHolo holographic transparent screen, featuring advanced technologies that redefine industry standards, including high brightness and energy efficiency [6] - The integration of various technologies has established a comprehensive technical moat covering touch, drive, and packaging, positioning the company for future growth in the display industry [6] Shareholder Returns - The company plans to distribute a cash dividend of 0.12 yuan per 10 shares, totaling 10.14 million yuan, while committing to a shareholder return plan for 2025-2027 [7] - The dual business model of "outdoor + chip" is expected to drive continuous innovation and global brand expansion, enhancing the company's competitive advantage [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong performance in its outdoor business and G2 segment, with significant growth in revenue and net profit [2][4] - The G2 Touch acquisition is expected to continue contributing positively to the company's performance, particularly in the automotive sector [8] - The company is launching innovative outdoor smart equipment, which is anticipated to enhance brand strength and profitability [8] Financial Summary - For 2024, the company's revenue is projected to be 1.592 billion, with a year-on-year growth of 14.4%, and net profit is expected to reach 107 million, reflecting a 48.5% increase [10] - The gross margin for 2024 is estimated at 47.4%, slightly down from the previous year, while the net profit margin is expected to improve to 6.7% [5][10] - The company plans to distribute a cash dividend of 0.12 per 10 shares, resulting in a dividend payout ratio of 9.6% [2] Business Performance - The outdoor segment's revenue for 2024 is expected to be 1.369 billion, with a net profit of 124 million, marking an 8.91% and 135.1% year-on-year growth respectively [4] - The G2 Touch segment is projected to generate 189.4 million in revenue for 2024, with a significant net profit contribution [5] - The company has successfully improved its inventory turnover days, indicating better inventory management [7] Future Projections - Revenue forecasts for 2025 and 2026 are set at 2.011 billion and 2.280 billion respectively, with net profits expected to be 237 million and 276 million [10] - The company anticipates maintaining a strong growth trajectory, with EPS estimates of 0.27 for 2025 and 0.31 for 2026 [10]

探路者控股集团股份有限公司 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 单位：万元 编制单位：探路者控股集团股份有限公司 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2024 | 年期初 | 2024 年度占 用累计发生金 | 2024 | 年度占用 资金的利息(如 | 2024 年度偿还 | 2024 | 年期末占用 | 占用形成原 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 占用资金余额 | | 额（不含利 | | | 累计发生金额 | | 资金余额 | 因 | | | | | | | | | 息） | | 有) | | | | | | | 控股股东、实际控制 人及其附属企业 | | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | | 前控股股东、实际控 制人及其附属企业 | | | | | | ...

2024 年度董事会工作报告 2024 年度，探路者控股集团股份有限公司（简称"公司"）董事会根据《中华 人民共和国公司法》（简称"《公司法》"）《中华人民共和国证券法》（简称"《证 券法》"）《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》《公司章程》及公司《董事会议事规则》等相关规定，本着对全体股 东负责的精神，切实履行公司及股东赋予董事会的各项职责，认真贯彻执行股东 大会通过的各项决议，勤勉尽责地开展各项工作，保证了公司持续、健康、稳定 的发展。现将董事会 2024 年度主要工作情况报告如下： 探路者控股集团股份有限公司 一、2024 年度总体经营情况 报告期公司积极响应国家培育新质生产力的战略部署，以创新驱动为核心， 全面深化"户外+芯片"双主业战略。通过持续加大技术研发投入，突破多领域核 心技术壁垒，推动产业链升级；依托智能化、数字化手段优化供应链管理及运营 效率，降本增效；聚焦绿色低碳转型，将可持续发展理念融入产品研发与生产全 流程。报告期内，公司实现营业收入 159,158.96 万元，同比增长 14.44%，实现 归母净利润 10,662.31 万元，同比增长 48 ...

证券代码：300005 证券简称：探路者 编号：临2025-027 探路者控股集团股份有限公司 关于拟续聘 2025 年度会计师事务所的公告 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。 探路者控股集团股份有限公司（简称"公司"）于2025年4月27日召开第六届 董事会第二次会议和第六届监事会第二次会议，审议通过了《关于拟续聘2025年 度会计师事务所的议案》，同意续聘立信会计师事务所（特殊普通合伙）（简称 "立信会计师事务所"）为公司2025年度审计机构，该议案尚需提交公司股东大会 审议。现将有关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 会计师事务所名称：立信会计师事务所（特殊普通合伙） 成立日期：1927年 组织形式：特殊普通合伙企业 首席合伙人：朱建弟 截至2024年12月31日，立信会计师事务所拥有合伙人296名，注册会计师 2,498名，签署过证券服务业务审计报告的注册会计师743名。立信会计师事务所 2024年度经审计的收入47.48亿元，其中审计业务收入为36.72亿元、证券业务收 入为15.05亿元。20 ...

探路者控股集团股份有限公司 2024 年度财务决算报告 一、财务报告审计情况 公司 2024 年度财务报表已经立信会计师事务所（特殊普通合伙）审计，出 具了标准无保留意见的审计报告。会计师的审计意见是：公司财务报表在所有重 大方面按照企业会计准则的规定编制，公允反映了公司 2024 年 12 月 31 日的财 务状况以及 2024 年度的经营成果和现金流量。 公司 2024 年度主要财务数据和指标如下： 二、基本财务状况 （一）资产结构 单位：万元 | 项 目 | 2024 年 | 12 月 | 31 日 | 2023 | 年 12 月 | 31 | 日 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 货币资金 | | | 74,783.96 | | | 76,374.96 | | -2.08% | | 交易性金融资产 | | | 44,836.76 | | | 44,505.67 | | 0.74% | | 应收账款 | | | 21,698.19 | | | 24,689.24 | | -12.11% | | 其他应收款 ...