Financial Performance - The company's revenue decreased year-on-year due to a slowdown in domestic downstream market demand and delays in customer equipment acceptance[3]. - Net profit decreased year-on-year as the company conducted comprehensive asset impairment testing, leading to the recognition of impairment provisions[3]. - The company's operating revenue for 2024 was ¥11.86 billion, a decrease of 28.71% compared to ¥16.63 billion in 2023[21]. - The net profit attributable to shareholders for 2024 was ¥286.10 million, down 83.88% from ¥1.77 billion in 2023[21]. - The basic earnings per share for 2024 was ¥0.1840, reflecting an 83.73% decline from ¥1.1311 in 2023[21]. - The net cash flow from operating activities was -¥1.57 billion in 2024, worsening by 81.64% compared to -¥862.79 million in 2023[21]. - The total assets at the end of 2024 increased by 2.52% to ¥36.18 billion from ¥35.29 billion at the end of 2023[21]. - The company reported a significant increase in non-operating income in 2023, amounting to ¥50.06 million, compared to a loss of ¥74.14 million in 2024[28]. - The company's total revenue for 2024 was approximately ¥11.86 billion, a decrease of 28.71% compared to ¥16.63 billion in 2023[73]. - Revenue from lithium battery intelligent equipment was ¥7.69 billion, accounting for 64.85% of total revenue, down 39.18% from ¥12.64 billion in 2023[73]. Market Trends and Projections - The report highlights the growth in global new energy market demand and industry scale, despite domestic supply and demand pressures[3]. - The global lithium-ion battery smart equipment market is expected to rebound to ¥33.3 billion in the second half of 2024, a 28.0% increase from the first half[31]. - Global sales of new energy vehicles are projected to reach 18.24 million units in 2024, representing a year-on-year growth of 24.4%[32]. - The domestic photovoltaic power generation installed capacity is forecasted to reach 278 GW in 2024, showing a year-on-year growth of 28%[36]. - The new energy storage industry is expected to see an installed capacity of approximately 101 GWh in 2024, with a cumulative installed capacity of 168 GWh, growing over 130% from the end of 2023[34]. - The global shipment volume of sodium-ion batteries is expected to reach 3.6 GWh in 2024, representing a year-on-year growth of 260%[34]. - The global shipment volume of energy storage lithium batteries is projected to reach 369.8 GWh in 2024, with a year-on-year increase of 64.9%[34]. - The global 3C battery shipment volume is expected to exceed 70 GWh in 2025, reflecting a year-on-year growth of 5.8%[35]. - The global AI smart glasses sales are anticipated to reach 3.5 million units by 2025, marking a year-on-year increase of 230%[38]. Research and Development - The company has a strong focus on R&D, collaborating closely with downstream clients to tailor solutions to their production environments[49]. - The company has invested over 10% of its revenue in R&D in recent years, focusing on technological innovation and production efficiency[56]. - The company holds a total of 2,830 authorized patents, including 205 invention patents, demonstrating strong R&D capabilities[56]. - The company is committed to developing new technologies and products in the fields of hydrogen energy and precision laser processing equipment[46]. - The company is developing a robotic automatic trajectory planning technology aimed at enhancing automation in industrial applications, particularly in the automotive sector[82]. - The company is also focusing on the development of low-cost, high-efficiency fuel cell membrane electrode production equipment to support the hydrogen energy industry[82]. - The company is advancing the development of IBC battery string welding equipment to enhance production capacity and efficiency, addressing industry bottlenecks and improving overall equipment effectiveness (OEE) metrics[83]. - The company is committed to accelerating the industrialization of BC batteries, which are identified as a key growth area in the photovoltaic market[83]. - The company is enhancing its brand influence and market competitiveness through technological advancements in its product offerings[83]. Operational Risks and Management - The management discussion section outlines potential operational risks and corresponding mitigation measures[4]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[3]. - The company faces risks from macroeconomic fluctuations and industry policy changes, which could significantly impact its smart equipment business due to dependence on downstream sectors like lithium batteries and photovoltaics[121]. - The accounts receivable balance at the end of the reporting period is substantial, posing risks to cash flow and operational stability, with measures in place to manage credit risk and optimize receivables[122]. - The company has a high inventory balance, particularly in finished goods, which may affect capital turnover and expose it to inventory impairment risks; strategies are implemented to control inventory levels and enhance turnover[123]. - Following the acquisition of Titan New Power, the company has significant goodwill on its balance sheet, which could be impaired if Titan's future performance declines, prompting the company to leverage synergies to mitigate this risk[124]. - The company's international expansion increases exposure to exchange rate fluctuations, with measures such as natural hedging and foreign exchange hedging strategies approved by the board to manage this risk[125]. - As the company expands, management complexity increases, necessitating ongoing internal reforms and talent acquisition to maintain operational efficiency and governance standards[126]. Corporate Governance and Compliance - The company maintains a robust governance structure, ensuring compliance with legal requirements and promoting effective communication with investors through regular engagement activities[133]. - The company has established a performance evaluation and incentive mechanism for directors, supervisors, and senior management, linking employee income to business performance and work performance[138]. - The company has maintained a high level of information disclosure, receiving the highest rating of A for six consecutive years from the Shenzhen Stock Exchange[137]. - The company operates independently from its controlling shareholders in terms of business, assets, personnel, and finance, ensuring a complete business system and independent market operation capability[140]. - The company has a complete and independent procurement and sales system, with no reliance on shareholders or related parties[141]. - The company has independent financial management, with a separate financial department and the ability to make independent financial decisions[145]. - The board of directors has confirmed that senior management has diligently fulfilled their responsibilities in accordance with legal and regulatory requirements[192]. - The company has established a "three lines of defense" system for risk management, involving business units, risk management, and internal audit departments[194]. - The company has implemented a stock incentive plan, granting a total of 1.2 million shares to senior management, with specific allocations to individual executives[192]. Strategic Initiatives and Future Plans - The company aims to enhance production efficiency by standardizing components while still meeting individual customer requirements[52]. - The company aims to expand its overseas market presence and increase the proportion of non-lithium business to create a second growth curve[65]. - The company plans to continue expanding its market presence and product development in the intelligent equipment sector[105]. - The company is considering strategic acquisitions to bolster its technology capabilities, with a budget of 100 million allocated for potential deals in 2024[162]. - The company is committed to agile innovation, focusing on high-tech and high-value-added products to drive significant growth and maintain a competitive advantage[120]. - The company has made strategic adjustments to its fundraising projects, reallocating funds to enhance operational efficiency and meet market demands[112]. - The company plans to enhance its operational excellence by optimizing cost structures and ensuring product quality, aiming to strengthen its competitive edge[120]. - The company is actively involved in various investment and management partnerships, indicating a proactive approach to market expansion[161]. Employee and Management Structure - The total number of employees at the end of the reporting period is 15,025, with 11,797 in the parent company and 3,228 in major subsidiaries[179]. - The professional composition includes 7,074 production personnel, 4,512 technical personnel, and 2,259 management personnel[179]. - The company has implemented a performance evaluation system combining annual and semi-annual assessments, along with monthly performance tracking[180]. - The online learning platform, "Xian Dao e Learning," has a user activity rate of 96% in 2024, with an average learning time exceeding 40 hours per person[181]. - The educational background of employees includes 993 with master's degrees or higher and 6,225 with bachelor's degrees[179]. - The company is committed to optimizing its employee compensation system to enhance job mobility and performance motivation[180]. - The current management team includes Wang Yanqing as Chairman and General Manager, and Ni Hongnan as Vice General Manager responsible for production[157]. - The management team has a diverse educational background, including degrees from prestigious institutions like Princeton University[159]. Dividend and Shareholder Relations - The profit distribution plan approved by the board is a cash dividend of 0.56 RMB per 10 shares, based on a total of 1,554,889,537 shares[5]. - The cash dividend distribution plan for 2024 is set at RMB 0.56 per 10 shares, amounting to RMB 87,073,814.07 (including tax), with no stock dividends or capital reserve transfers planned[184]. - The total cash dividend amount, including other methods, is RMB 87,076,089.07, which accounts for 100% of the distributable profit of RMB 286,100,791.80[184]. - The company has ensured that minority shareholders have ample opportunity to express their opinions and protect their legal rights during the dividend distribution process[182]. - The company has established a complete decision-making process for its cash dividend policy, ensuring compliance with its articles of association and shareholder resolutions[183].

Financial Performance - The company's revenue for Q1 2025 was CNY 3,098,445,659.16, a decrease of 6.42% compared to CNY 3,310,928,547.41 in the same period last year[5] - Net profit attributable to shareholders was CNY 365,253,718.48, down 35.30% from CNY 564,502,405.41 year-on-year[5] - Total operating revenue for the current period is ¥3,098,445,659.16, a decrease of 6.4% from ¥3,310,928,547.41 in the previous period[22] - Net profit for the current period is ¥350,903,763.11, down 36.1% from ¥549,588,537.35 in the previous period[23] - Operating profit decreased to ¥386,391,313.79, a decline of 38.0% compared to ¥622,733,558.29 in the previous period[23] - Basic earnings per share decreased to ¥0.2349 from ¥0.3597, reflecting a decline of 34.6%[23] Cash Flow and Liquidity - The net cash flow from operating activities increased by 221.66%, reaching CNY 864,087,995.91, compared to a negative cash flow of CNY -710,246,622.25 in the previous year[5] - The net cash flow from operating activities was $864,087,995.91, a significant improvement compared to a negative cash flow of $710,246,622.25 in the previous period, indicating a turnaround in operational efficiency[26] - Cash inflow from investment activities totaled $1,653,247,588.13, a substantial increase from $141,428,830.14 in the prior period, reflecting enhanced investment recovery strategies[26] - The total cash and cash equivalents at the end of the period reached $4,158,199,455.14, up from $1,570,446,713.11, showcasing a strong liquidity position[27] - Cash paid for purchasing goods and services was $2,025,966,412.56, down from $2,501,977,660.91, indicating cost control measures[26] - The cash outflow for operating activities decreased to $3,420,382,815.77 from $5,739,098,187.42, reflecting improved operational cash management[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 37,899,754,087.05, reflecting a 4.75% increase from CNY 36,182,558,952.99 at the end of the previous year[5] - Total assets increased to ¥37,899,754,087.05, up from ¥36,182,558,952.99, reflecting a growth of 4.7%[22] - Total liabilities rose to ¥25,945,106,550.92, an increase of 5.4% from ¥24,603,174,560.28[22] - The company's total equity attributable to shareholders increased to ¥11,986,569,290.38, up from ¥11,597,531,383.37, representing a growth of 3.4%[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 112,196[16] - The largest shareholder, Lhasa Xindao Venture Capital Co., Ltd., holds 21.46% of shares, totaling 336,039,506 shares[16] - The top ten shareholders collectively hold a significant portion of the company's equity, with the top three alone accounting for over 34%[16] - The total number of preferred shareholders with restored voting rights is 0[16] - The company has no changes in the number of restricted shares during the reporting period[18] Strategic Initiatives - The company plans to continue focusing on market expansion and enhancing customer relationships to drive future growth[5] - The company plans to issue shares overseas (H shares) and apply for listing on the Hong Kong Stock Exchange[18] - The company submitted its application for this issuance and listing on February 25, 2025[18] Expenses and Income - Sales expenses surged by 299.67% to CNY 62,708,360.99, driven by enhanced overseas market expansion and customer acquisition strategies[11] - The company recorded a 72.57% decrease in other income, amounting to CNY 43,065,565.02, due to fewer VAT rebates and policy subsidies compared to the previous year[11] - The company incurred a financial expense of CNY 40,783,467.30, a 189.42% increase, due to expanded bank borrowings and increased interest expenses[11] - Research and development expenses for the current period were ¥396,184,626.11, slightly up from ¥388,809,265.70 in the previous period[22] - The company reported a credit impairment loss of ¥101,021,811.17, compared to a gain of ¥35,468,778.73 in the previous period[22] - Other comprehensive income after tax for the current period is ¥9,698,202.67, compared to a loss of ¥4,645,704.04 in the previous period[23]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for the overseas listing of Xian Dao Intelligent (300450.SZ), specifically requesting details on the compliance of its overseas subsidiaries regarding foreign investment and foreign exchange registration procedures [1] - Xian Dao Intelligent has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities and JPMorgan serving as joint sponsors [1] - The CSRC has requested legal opinions from lawyers regarding the company's compliance in several areas, including the operational scope of the company and its subsidiaries, and the handling of user information and data security measures [1] Group 2 - Xian Dao Intelligent is a leading global high-end intelligent equipment platform company, providing competitive smart manufacturing equipment and solutions for emerging and high-end manufacturing industries [2] - The company's equipment and solutions are widely used in various applications, including lithium batteries, photovoltaic cells, 3C electronics manufacturing, smart logistics, hydrogen production, fuel cell production, automotive manufacturing, and laser precision processing [2]

证券代码：300450 证券简称：先导智能 公告编号：2025-015 无锡先导智能装备股份有限公司 关于为全资子公司提供担保的公告 （一）基本情况 公司名称：珠海泰坦新动力电子有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、担保情况概述 无锡先导智能装备股份有限公司（以下简称"公司"或"先导智能"）于 2025 年 3 月 21 日召开了第五届董事会第十次会议，审议通过了《关于为全资子公司 提供担保的议案》。为持续推进公司全球化战略，支持子公司国际业务的发展， 董事会同意公司为全资子公司珠海泰坦新动力电子有限公司（以下简称"泰坦新 动力"）就拟与海外客户签署供货协议下的履约义务提供担保，担保金额不超过 人民币 10.35 亿元，担保期限自担保函签署之日起至泰坦新动力对每个交易合同 或订单义务履行期限届满之日止。 根据《深圳证券交易所创业板股票上市规则》《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》等法律法规和规范性文件及 《公司章程》的规定，上述担保事项经董事会审议批准后实施，无需提交股东大 会审议批准。 二、被担保 ...

证券代码：300450 证券简称：先导智能 公告编号：2025-014 公司全资子公司珠海泰坦新动力电子有限公司（以下简称"泰坦新动力"） 拟与海外客户签订锂电池生产设备供货协议，为持续推进公司全球化战略，支持 子公司国际业务的发展，公司拟为泰坦新动力就上述供货协议履约提供连带责任 保证，担保金额不超过人民币 10.35 亿元，担保期限自担保函签署之日起至泰坦 新动力对每个交易合同或订单义务履行期限届满之日止。相关担保协议尚未签署， 担保协议的主要内容以实际签署为准，最终实际担保总额将不超过本次授予的担 保额度。 董事会认为：上述担保事项是基于公司深入推进全球化战略的需要，有利于 子公司海外业务的拓展，符合公司整体战略布局及利益。公司对被担保人资产质 证券代码：300450 证券简称：先导智能 公告编号：2025-014 量、经营情况、行业前景、偿债能力、资信状况等有充分了解和控制。被担保人 经营正常、资信状况良好，担保风险可控，不存在损害公司及股东利益的情形， 符合法律法规、规范性文件和《公司章程》中的有关规定。公司董事会同意本次 担保事项。 无锡先导智能装备股份有限公司 第五届董事会第十次会议决议公告 本 ...

无锡先导智能装备股份有限公司 证券代码：300450 证券简称：先导智能 公告编号：2025-013 英文： https://www1.hkexnews.hk/app/sehk/2025/107139/documents/sehk25022500504 .pdf 关于向香港联交所递交 H 股发行并上市申请 并刊发申请资料的公告 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、误导性陈述或者重大遗漏。 无锡先导智能装备股份有限公司（以下简称"公司"）于 2025 年 2 月 25 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了公开发行 H 股股 票并在香港联交所主板上市（以下简称"本次发行上市"）的申请，并于同日在 香港联交所网站刊登了本次发行上市的申请资料。该申请资料为公司按照香港证 券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要求编制 和刊发，为草拟版本，其所载资料可能会适时作出更新和修订，投资者不应根据 其中的资料作出任何投资决定。 鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中 国相关法律法规有权进行境外证券投资的境内合格投资 ...

上海市锦天城律师事务所 关于无锡先导智能装备股份有限公司 2025 年第一次临时股东大会 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于无锡先导智能装备股份有限公司 2025 年第一次临时股东大会法律意见书 致：无锡先导智能装备股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受无锡先导智能装备股份有 限公司（以下简称"公司"）委托，委派本所律师出席公司 2025 年第一次临时股 东大会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司 法》（以下简称《公司法》）、《上市公司股东大会规则》等法律、法规和其他规范 性文件以及《无锡先导智能装备股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则》等规定，严格履行了法定职 责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事项进行了 必要的核查和 ...

证券代码：300450 证券简称：先导智能 公告编号：2025-012 无锡先导智能装备股份有限公司 2025 年第一次临时股东大会决议公告 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、误导性陈述或者重大遗漏。 特别提示： 1、本次股东大会召开期间无变更、否决或者修改议案的情况。 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议时间： 现场会议时间：2025 年 2 月 14 日（星期五）15:00 网络投票时间：2025 年 2 月 14 日 （1）通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 2 月 14 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 2 月 14 日 9:15-15:00 期间的任意时间。 2、会议召开地点：江苏省无锡市新吴区新洲路 18 号无锡先导智能装备股份 有限公司研究院会议室。 3、会议召开方式：采用现场投票与网络投票相结合的表决方式。 4、会议召集人：无锡先导智能装备 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company announced its 2024 earnings forecast, expecting a net profit attributable to shareholders of 210-310 million yuan, a year-on-year decline of 88.17% to 82.53%. The net profit after deducting non-recurring gains and losses is expected to be 300-400 million yuan, a year-on-year decline of 82.60% to 76.80% [2][5]. - The company plans to issue H shares and list on the Hong Kong Stock Exchange, while terminating its plan to issue Global Depositary Receipts (GDR) and list on the Swiss Stock Exchange [5][6]. - The company is expected to see a turning point in its performance in 2025, driven by a gradual recovery in domestic demand and continued expansion in overseas markets [11][12]. Summary by Sections Earnings Forecast - The company forecasts a significant decline in net profit for 2024, with estimates ranging from 210 to 310 million yuan, reflecting a drop of 88.17% to 82.53% year-on-year. The adjusted net profit is projected to be between 300 to 400 million yuan, down 82.60% to 76.80% year-on-year [2][5]. Strategic Initiatives - The company is planning to issue H shares to enhance its global presence and optimize resource allocation, aiming to strengthen its international brand recognition and competitiveness [11][12]. - The termination of the GDR issuance plan indicates a strategic shift towards a more focused approach in capital markets [5][6]. Market Outlook - The company is positioned to benefit from a recovery in the lithium battery equipment industry, with expectations of improved performance in 2025 as domestic demand stabilizes and overseas orders continue to grow [11][12]. - The projected net profits for 2024 and 2025 are estimated at 260 million and 1.75 billion yuan, respectively, with corresponding price-to-earnings ratios of 117 and 17 times [11].

证券代码: 300450 证券简称: 先导智能 无锡先导智能装备股份有限公司 独立董事提名人声明与承诺 提名人无锡先导智能装备股份有限公司董事会现就提名黄斯颖为无锡先导智能装备股份有限公司第 5 届董事会 独立董事候选人发表公开声明。被提名人已书面同意作为无锡先导智能装备股份有限公司第 5 届董事会独立董事候选 人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、全部兼职、 有无重大失信等不良记录等情况后作出的，本提名人认为被提名人符合相关法律、行政法规、部门规章、规范性文件 和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过无锡先导智能装备股份有限公司第 5 届董事会提名委员会或者独立董事专门会议资格审查，提 名人与被提名人不存在利害关系或者其他可能影响独立履职情形的密切关系。 √是 □否 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得担任公司董事的情形。 √是 □否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所业务规则规定的独立董事任职资格和 条件。 √是 □ ...