证券代码：300703 证券简称：创源股份 宁波创源文化发展股份有限公司 投资者关系活动记录表 答: 公司于 2025 年年初已公告将依托子公司新加坡创源对 越南北部及东南亚的其他地区进行生产布局。目前完成 ODI 程 序，正动态评估国际政经环境波动的潜在影响。基于供应链韧性 升级需求，公司计划推进全球供应链重构，具体规划将结合实际 情况推进。 3.目前越南已有的产能在产能利用率方面是什么水平？未 来有进一步提升的弹性空间吗？ 答:越南生产基地 2024 年的营业收入为 3.34 亿元，目前尚 未触及饱和状态，有进一步的增长潜力。因此，我们正积极着手 在越南南部地区扩大产能。 4.关税加征后对公司各个业务，订单出货的情况影响如 何？和下游客户协商关税分摊的比例？ 答: 公司出口业务涵盖文教休闲、生活家居及运动健身 主 要为跨境电商业务）三大领域，其中文教休闲和生活家居主要针 对 B 端市场，运动健身类的跨境电商业务则直接触达 C 端消费 者。面对关税变动，公司业务影响尚难准确评估。尽管文教休闲 板块受冲击，但公司在东南亚的产能布局增强了成本控制和供 应链稳定性，客户订单部分转移至东南亚。 跨境电商业务得益于自 ...

Summary of the Conference Call for Chuangyuan Co., Ltd. Company Overview - **Company**: Chuangyuan Co., Ltd. - **Industry**: Cultural and Creative Exports, Fitness Equipment, and Home Living Products Key Points Financial Performance - In 2024, Chuangyuan Co. achieved a revenue growth of 40% year-on-year, reaching 1.94 billion yuan, with a net profit increase of 218%, amounting to 108 million yuan [2][3] - The fitness equipment e-commerce business, Weitefei, experienced a remarkable growth of 138% in 2024 and is expected to continue doubling in 2025 [2][3] Business Segments - The company operates in three main segments: - Cultural and Educational Leisure (Revenue: 1.2 billion yuan) - Fitness Equipment (Revenue: 475 million yuan) - Home Living (Revenue: 120 million yuan) [2][4] - The cultural and educational leisure segment is primarily based in Vietnam and Anhui, while home living is based in Ningbo, and fitness equipment relies mainly on external procurement [2][4] Production and Supply Chain - Chuangyuan plans to expand production in Northern Vietnam and other Southeast Asian regions, although international conditions require careful monitoring [2][4][5] - The company aims to restructure its global supply chain to optimize production and mitigate the impact of tariffs [2][4][5] Tariff Impact and Strategy - The impact of tariff increases on the company is difficult to assess accurately; however, the Southeast Asia layout has provided production advantages, leading some clients to shift procurement to this region [2][6] - Weitefei plans to implement a phased price increase strategy to counteract tariff impacts, leveraging its brand strength to maintain competitive advantages [2][8] Market Expansion - Weitefei is actively expanding into international markets, including Germany and Japan, with plans to increase the proportion of sales through its official website and open offline experience stores [2][9][10] - The company has successfully entered markets such as Mexico, the Philippines, and Hong Kong, showcasing its brand's internationalization [2][10] Future Growth and Product Development - The company is optimistic about the sustained growth of its export OEM business, driven by both existing and new customer orders [2][14] - Chuangyuan is focusing on developing new IP collaborations and enhancing its product offerings through a dedicated research team [2][21][22][23] Challenges and Considerations - The company acknowledges potential challenges in the cultural export OEM sector, particularly regarding the feasibility of production returning to the U.S. due to product complexity and labor costs [2][20] - The overall market conditions and tariff implications will significantly influence the company's performance in 2025 [2][35] Financial Outlook - The company aims to maintain a positive growth trend, although the uncertainty surrounding tariffs poses challenges for forecasting [2][35] - Sales expenses have increased, primarily due to advertising and commission costs associated with cross-border e-commerce, particularly on platforms like Amazon [2][30][31] Conclusion - Chuangyuan Co. is positioned for growth through strategic international expansion, product innovation, and a focus on optimizing its supply chain amidst challenging market conditions. The company's ability to navigate tariff impacts and leverage its brand strength will be crucial for its continued success in the coming years [2][35]

Group 1 - The core viewpoint is that Chuangyuan Co., Ltd. (300703) has not raised prices in the first quarter of the cross-border e-commerce sector to address tariff risks, but plans to implement gradual price increases in small batches in the future [1]

Group 1: Company Operations and Production - The Vietnam factory, established in 2019, is projected to reach a production capacity of CNY 330 million by 2024, but has not yet achieved full capacity [3] - A new production base is planned in northern Vietnam for 2025, indicating a potential increase in capacity in Southeast Asia [3] - The company aims to enhance efficiency at the Vietnam base through technical personnel assignments and upgrades in mechanization and automation [6] Group 2: Intellectual Property (IP) Development - The company plans to continue collaboration on existing IP and develop new IP matrices, including national style and overseas IP, in 2025 [3] - A product research institute has been established to leverage over 20 years of R&D experience for developing proprietary products [3] Group 3: Sales and Distribution Channels - Domestic sales will utilize a combination of online and offline channels, with over 500 established offline outlets including boutique bookstores and chain stores [3] - The company directly engages with end customers, avoiding intermediaries to better gather feedback for product optimization [3] Group 4: Financial Performance - In Q1 2025, revenue growth was primarily driven by the cultural and recreational sector and the sports fitness sector, with the subsidiary Ruitfei's revenue nearly doubling [4] - The gross margin in the cultural and recreational sector has increased, contributing to overall rapid growth [4] Group 5: Cross-Border E-commerce - Ruitfei's cross-border e-commerce business has seen significant growth, with plans to expand into non-US markets, including Europe and Japan, where revenue is expected to double in 2024 compared to 2023 [5] - The company has not raised prices in Q1 2025 to counteract tariff risks but plans to implement gradual price increases [5] Group 6: Future Outlook and Investments - The company plans to maintain or increase R&D investments, emphasizing the importance of research capabilities for future growth [8] - A dividend of CNY 1.5 per 10 shares is planned for the 2024 fiscal year, with future distributions dependent on operational performance [8]

2025年4月22日，创源股份（300703）发布了2024年年报。报告显示，公司2024年实现营业总收入19.39 亿元，同比增长42.73%；归属净利润1.08亿元，同比增长40.65%；扣非净利润1.02亿元，同比增长 44.71%。这一业绩增长主要得益于公司在文教休闲、运动健身及生活家居三大业务领域的持续深耕， 尤其是越南生产基地的产能扩张，其营收较2023年增长74.28%，达到3.34亿元。 运动健身板块以子公司睿特菲为主营平台，通过亚马逊平台与自有官网双渠道深耕家用健身市场。睿特 菲聚焦RITFIT、KangarooHoppers等自主品牌建设，产品矩阵涵盖力量训练器材、儿童体操设备等居家 健身产品。2024年，睿特菲业务实现跨越式增长，营收增速达138.67%，彰显强劲发展动能。 公司通过部署飞书等协同工具优化内外部管理流程，构建敏捷化运营体系，并将OKR管理机制深度融 入战略解码与执行闭环，提升组织效能，为业务高速增长提供有力支撑。2025年，睿特菲将启动美国线 下体验店运营，开启"线上线下（300959）一体化"发展新阶段，进一步拓宽品牌全球化发展路径。 生活家居板块：禾源纺织，传统外贸与 ...

年报显示，在文教休闲板块，创源股份持续投入高占比研发资金，聚焦产品设计复杂、柔性生产要求高 的细分赛道，构建起"非标个性定制+敏捷迭代开发+柔性制造交付"的复合型竞争优势；在运动健身板 块，睿特菲通过亚马逊平台与自有官网双渠道深耕家用健身市场，2024年业务实现跨越式增长，营收增 速达138.67%；在生活家居板块，禾源纺织持续获得欧美、日本及南美等国际市场的广泛认可。 针对跨境电商业务，公司将重点提升自营官网销售占比，同步推进线下体验展厅投运，通过场景化产品 陈列强化品牌认知，构建"多平台引流+线下体验"的营销模式，打造跨境电商业务增长第二曲线。 申万宏源研究报告称，创源股份文教用品出口业务稳健发展，公司在研发设计、供应链管控、全球产能 布局方面具备优势，实现产品快速、准确更新迭代，实现高于行业的增速。在健身器材跨境电商方面， 公司旗下跨境电商睿特菲产品性价比较高，向消费者提供打包式的家庭健身房解决方案，SKU种类多 元，实现销售额快速提升；在IP文创业务方面，乘谷子经济之风，发力国内市场，叠加宁波文旅会展集 团的资源赋能，有望实现突破。 创源股份（300703）交出靓丽财报。4月21日晚间，公司同时公布2 ...

宁波创源文化发展股份有限公司 证券代码：300703 证券简称：创源股份 公告编号：2025-014 关于公司 2024 年度利润分配预案的公告 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。 一、审议程序 宁波创源文化发展股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召 开的第四届董事会第六次会议和第四届监事会第五次会议，审议通过了《关于公 司 2024 年度利润分配预案的议案》，本议案尚需提交公司 2024 年度股东大会审 议。 （一）董事会意见 公司董事会认为：公司综合考虑投资者的合理回报和公司的长远发展，在保 证正常经营业务发展的前提下拟定的 2024 年度利润分配预案符合公司实际情况， 符合《公司法》、《公司章程》的规定，同意将《关于公司 2024 年度利润分配预 案的议案》提交公司股东大会审议。 （二）监事会意见 公司监事会认为：公司 2024 年度利润分配预案与公司发展成长相匹配，符 合利润分配原则，符合《公司法》和《公司章程》的相关规定，体现了公司对投 资者的回报。2024 年度利润分配预案具备合法性、合规性及合理性，不存在 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥454,501,448.68, representing a 40.00% increase compared to ¥324,650,944.67 in the same period last year[5] - Net profit attributable to shareholders was ¥20,504,243.21, a significant increase of 218.33% from ¥6,441,130.25 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥19,578,535.28, up 254.63% from ¥5,520,800.86 in the previous year[5] - The basic earnings per share rose to ¥0.1137, reflecting a 218.49% increase compared to ¥0.0357 in the same quarter last year[5] - Total operating revenue for the current period reached ¥454,501,448.68, a significant increase of 40% compared to ¥324,650,944.67 in the previous period[22] - Net profit for the current period was ¥28,024,018.56, compared to ¥11,583,190.72 in the previous period, representing a growth of 142.5%[23] - Earnings per share (EPS) increased to 0.1137 from 0.0357, indicating a substantial improvement in profitability[24] - The total comprehensive income for the current period was ¥27,093,505.80, significantly higher than ¥8,730,859.90 in the previous period, indicating strong overall performance[24] Cash Flow and Management - The company's cash flow from operating activities improved to -¥14,395,412.58, a 58.98% reduction in losses from -¥35,089,374.18 in the previous year[5] - Cash inflow from operating activities totaled ¥519,417,051.68, compared to ¥340,541,705.24 in the previous period, marking a 52.6% increase[26] - The net cash flow from operating activities was -$14.40 million, an improvement from -$35.09 million in the previous period, indicating a reduction in cash outflow[27] - The company reported a net increase in cash received from other operating activities of ¥33,203,479.84, compared to ¥5,069,050.22 in the previous period, showing improved cash management[26] - Total cash outflow from investing activities was $38.46 million, compared to $275.91 million in the previous period, showing a significant decrease[27] - Cash inflow from investment activities was $7.33 million, significantly lower than $237.74 million in the previous period, indicating reduced investment returns[27] - Cash received from borrowings was $63.93 million, an increase from $54.36 million, showing a reliance on debt financing[27] Assets and Liabilities - Total assets decreased by 6.17% to ¥1,782,907,892.69 from ¥1,900,208,938.78 at the end of the previous year[5] - The company's total current assets decreased from 1,186,910,560.19 CNY to 1,034,880,989.88 CNY, a reduction of approximately 12.78%[19] - Total liabilities decreased to ¥816,269,420.96 from ¥947,871,163.57, a reduction of approximately 13.9%[20] - Total equity increased to ¥966,638,471.73 from ¥952,337,775.21, reflecting a growth of 1.5%[20] - Total non-current assets increased from 713,298,378.59 CNY to 748,026,902.81 CNY, an increase of about 4.87%[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,782[14] - The largest shareholder, Zhejiang Ninglv Enterprise Management Co., Ltd., holds 29.27% of shares, totaling 52,793,000 shares[14] Expenses - Total operating costs amounted to ¥423,399,207.46, up from ¥311,536,609.89, reflecting a 35.8% increase[22] - Research and development expenses were reported at ¥13,059,543.67, slightly down from ¥13,478,582.61, indicating a focus on cost management[23] - Cash paid to employees was $101.01 million, up from $86.24 million, indicating an increase in personnel costs[27] - Cash paid for taxes amounted to $13.60 million, compared to $12.56 million in the previous period, reflecting a rise in tax obligations[27] Other Income and Expenses - Other income increased by 173.75% to ¥2,521,419.84, primarily due to an increase in government subsidies received[11] - The company experienced a 111.15% rise in financial expenses, totaling ¥516,247.89, attributed to fluctuations in the RMB to USD exchange rate[11] Audit Information - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[29]

Financial Performance - The company's revenue for 2024 reached ¥1,939,388,003.74, representing a 42.73% increase compared to ¥1,358,782,668.61 in 2023[34]. - Net profit attributable to shareholders for 2024 was ¥107,932,773.91, up 40.65% from ¥76,740,344.54 in 2023[34]. - The net profit after deducting non-recurring gains and losses was ¥102,310,803.90, reflecting a 44.71% increase from ¥70,701,120.10 in 2023[34]. - Basic earnings per share for 2024 were ¥0.60, a 42.86% increase from ¥0.42 in 2023[34]. - Total assets at the end of 2024 amounted to ¥1,900,208,938.78, a 27.54% increase from ¥1,489,893,052.07 at the end of 2023[34]. - The company's net assets attributable to shareholders increased by 9.25% to ¥888,133,668.90 at the end of 2024 from ¥812,943,076.24 at the end of 2023[34]. - Cash flow from operating activities for 2024 was ¥148,031,445.66, down 25.81% from ¥199,535,391.22 in 2023[34]. - The weighted average return on equity for 2024 was 12.68%, an increase of 2.85% from 9.83% in 2023[34]. - The company's total revenue for Q1, Q2, Q3, and Q4 was approximately $324.65 million, $506.93 million, $553.49 million, and $554.32 million respectively, showing a strong upward trend throughout the year[36]. - The net profit attributable to shareholders for the same quarters was $6.44 million, $31.01 million, $22.25 million, and $48.24 million, indicating significant growth in profitability[36]. Research and Development - R&D investment increased by 10.33% compared to 2023, enhancing the company's innovation capabilities[6]. - The company has established a strategic product research institute to enhance product innovation and market adaptability[13]. - The company is committed to high R&D investment, focusing on complex product design and flexible production requirements[48]. - The company aims to enhance its design capabilities and accelerate product iteration through the implementation of an AIGC design platform project[64]. - The company has received a total of 248 patents, including 39 invention patents, 180 utility model patents, and 29 design patents[60]. - The number of R&D personnel decreased by 3.63% to 239, with a notable drop in the number of bachelor's degree holders by 16%[83]. Market Expansion and Strategy - Cross-border e-commerce revenue grew by 81.22% year-on-year, accounting for 29.68% of total revenue[6]. - The company is focusing on building a dual-circulation market system to reduce reliance on overseas markets[8]. - The company plans to continue expanding its market presence and investing in new product development[34]. - The company aims to enhance its market response efficiency in Europe and the US while focusing on the domestic market by 2025[49]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2024[130]. - The company plans to invest 18 million USD in 2025 to establish production bases in Southeast Asian countries[49]. - The company is actively pursuing mergers and acquisitions to strengthen its market presence and diversify its portfolio[126]. Financial Management and Governance - The profit distribution plan includes a cash dividend of 1.5 yuan per 10 shares, based on a total of 180,391,840 shares[17]. - The company has established a robust internal control management system in compliance with relevant laws and regulations, enhancing decision-making efficiency and ensuring asset safety[158]. - The company has a performance evaluation and incentive system linking the income of directors and executives to business performance[114]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal requirements[113]. - The company maintains independence from its controlling shareholders in terms of business, personnel, assets, and financial operations[117]. - The company has established a clear governance structure with a board of directors, supervisory board, and shareholder meetings, ensuring effective oversight and decision-making[118]. Operational Efficiency - The company aims to enhance production efficiency by 15% through the successful development of automated processes and new equipment[80]. - The company is developing a new automated production line that reduces inventory and labor costs, enhancing production efficiency[82]. - The introduction of data collection has improved accuracy and efficiency, reducing manual workload for employees[82]. - The company has implemented safety training and emergency drills to ensure employee safety in the workplace[168]. Environmental and Social Responsibility - The company has completed the ISO14001:2015 environmental management system certification and ensures compliance with wastewater and air emission standards[165]. - The company signed agreements for distributed photovoltaic power stations at its Ningbo and Anhui production bases, which began operation in 2022 and 2023, respectively, effectively reducing carbon emissions[165]. - The company has not faced any environmental penalties during the reporting period and has adhered to all relevant environmental laws[164]. - Employee welfare programs include free meals, high-temperature subsidies, and various benefits, promoting a healthy work environment[168]. Customer and Supplier Relations - Customer satisfaction ratings have improved, with a reported increase of 15% in positive feedback from users[131]. - The company emphasizes supplier relationships, fostering cooperation and mutual benefits through regular communication and support[169]. - The company prioritizes customer satisfaction through various engagement methods, including factory visits and direct communication[169]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue increase of 10% to 1.32 billion RMB[132]. - New product launches are expected to contribute an additional 200 million RMB in revenue over the next fiscal year[133]. - The company aims to achieve a revenue growth target of 20% for the upcoming fiscal year, supported by its strategic initiatives[123].

宁波创源文化发展股份有限公司 内部控制审计报告 二○二四年度 信会师报字[2025]第 ZI10148 号 宁波创源文化发展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，我们审计了宁波创源文化发展股份有限公司（以下简称创源 股份）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 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 价其有效性是创源股份董事会的责任。 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 信会师报字[2025]第 ZI10148 号 内部控制审计报告 内控审计报告 第 1 页 四、 财务报告内部控制审计意见 我们认为，创源股份于 2024 年 12 月 31 日按照《企业内部控制 基本规范》和相关规定在所有重大方面保持了有效的财务报告内部控 制。 立信会计师事务所（特殊普通合伙） 中国注册会计师：汪 ...