2024 年佳禾智能科技股份有限公 司向不特定对象发行可转换公司 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【150】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评 ...

证券代码：300793.SZ 证券简称：佳禾智能 转债代码：123237.SZ 转债简称：佳禾转债 佳禾智能科技股份有限公司 可转换公司债券 受托管理事务报告（2024 年度） 发行人：佳禾智能科技股份有限公司 （广东省东莞市松山湖园区科苑路 3 号） 受托管理人：招商证券股份有限公司 如无特别说明，本报告中相关用语具有与《募集说明书》中相同的含义。 2 （广东省深圳市福田区福田街道福华一路 111 号） 2025 年 6 月 1 重要声明 依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《佳禾 智能科技股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简 称"《募集说明书》"）、《佳禾智能科技股份有限公司与招商证券股份有限公司 关于佳禾智能科技股份有限公司可转换公司债券受托管理协议》（以下简称"《受 托管理协议》"）等相关规定及约定，招商证券股份有限公司（以下简称"招商证 券"、"受托管理人"）作为本次债券的受托管理人编制本报告。招商证券编制 本报告的内容及信息均来源于公开信息、佳禾智能科技股份有限公司（以下简称 "佳禾智能"、"公司"、"发行人"）对外发布的 2024 年年度报告等公 ...

| 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-055 | | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | 佳禾智能科技股份有限公司 关于公司与全资子公司互相担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 佳禾智能科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第三届董事会第二十三次会议、第三届监事会第十七次会议，审议通过《关于 公司与全资子公司或全资子公司之间互相担保的议案》。并于 2025 年 5 月 20 日 召开了 2024 年度股东大会审议通过上述议案。 为满足公司与全资子公司经营发展及向银行申请授信所需，同意公司及其 全资子公司拟向银行申请综合授信不超过 38 亿元，用于向相关银行申请流动资 金贷款、项目贷款、固定资产贷款、并购贷款、收购贷款、银行承兑汇票、网 络供应链、保函、保理、开立信用证、押汇、贸易融资、票据贴现、融资租赁、 衍生品交易等融资业务（最终以各银行实际审批的授信额度为准）。融资担保 方式包括但不限于：信用、公司 ...

Core Viewpoint - Jiahe Intelligent announced the acquisition of German company beyerdynamic GmbH & Co. KG for an initial price of €12.2 million (approximately RMB 1 billion), aiming to enhance its market presence and operational capabilities in the high-end audio equipment sector [1][4]. Group 1: Acquisition Details - Jiahe International, a wholly-owned subsidiary of Jiahe Intelligent, signed a purchase agreement for all limited partnership interests and shares of BD KG, along with shareholder loans [4]. - The acquisition is subject to the completion of auditing and evaluation of the target company, as well as approval from domestic regulatory authorities for foreign investment [4]. Group 2: Company Profile and Market Position - BD KG is a well-known high-end audio equipment manufacturer with a product line that includes professional headphones, gaming headsets, and wireless audio devices, catering to diverse market needs [1][5]. - The company has a strong sales network across Europe, the United States, and China, and is recognized for its audio technology and German manufacturing quality [5]. Group 3: Financial Performance - In 2024, BD KG is projected to achieve a net profit of €8.543 million and revenue of €84.451 million, recovering from a net loss of €5.051 million and revenue of €72.449 million in 2023 [5][7]. - Jiahe Intelligent reported a revenue of RMB 2.467 billion in 2024, a year-on-year increase of 3.76%, but a significant decline in net profit by 68.85% to RMB 41 million [7]. Group 4: Strategic Benefits - The acquisition is expected to enhance Jiahe Intelligent's brand revenue scale and operational capabilities, while BD KG's products and technology will complement Jiahe's product line, increasing its market share in the professional headphone sector [9].

Group 1 - The automotive industry is facing supply chain pressures, prompting 16 major car manufacturers to limit payment terms to suppliers within 60 days, coinciding with the implementation of a new regulation aimed at protecting small and medium-sized enterprises (SMEs) [2] - The automotive sector is experiencing a competitive environment similar to that seen in the home appliance and mobile phone industries, where aggressive pricing strategies have led to market instability and only a few companies with core technologies and brand value have survived [2][4] - The need for industries to balance scale expansion with quality upgrades is critical, with brand building becoming a key focus for high-quality development [2] Group 2 - Former Sinopec Chairman Fu Chengyu emphasized the importance of not sacrificing long-term benefits for short-term gains, warning against practices that could harm SMEs, such as prolonged payment terms and price reductions [3] - The home appliance industry, particularly in Guangdong Shunde, is under pressure despite its mature supply chain, with ODM factories facing order uncertainty and profit compression due to aggressive pricing competition [4][5] Group 3 - The home appliance industry's supply chain is characterized by a "pyramid" structure, where brand owners exert pricing power, leading to cost pressures on suppliers and ultimately resulting in product homogenization and quality risks [5][6] - The dominance of leading brands in the home appliance sector has resulted in a significant profit squeeze for many SMEs, with net profit margins declining over the years [6] Group 4 - The restructuring of the supply chain is urgent, requiring collaboration between large enterprises and SMEs to break the cycle of exploitation and promote high-quality development driven by both brand and technology [7] - Major companies are encouraged to adopt a role as enablers rather than exploiters, fostering innovation and resilience within the supply chain [7] Group 5 - Companies like Midea and Haier are taking steps to empower SMEs through platforms that provide resources and support for brand development and innovation [8] - The acquisition of brands by SMEs, such as Jiahe Intelligent's purchase of the German audio brand Beyerdynamic, represents a strategic move towards establishing a presence in high-end markets [9] Group 6 - The Chinese government is implementing policies to support the growth of specialized SMEs, including financial incentives and resources for technology upgrades [11] - The internationalization of supply chains is seen as a way to alleviate domestic pressures, with companies like BYD and CATL establishing production bases in Europe to enhance local service and reduce costs [13]

Summary of the Conference Call Company and Industry Involved - **Company**: 华西电子 (Huaxi Electronics) - **Acquired Company**: 拜亚动力 (Beyerdynamic) - **Industry**: Consumer Electronics, High-End Audio Equipment Key Points and Arguments 1. **Acquisition Purpose**: The acquisition of Beyerdynamic aims to enhance brand effect, escape the declining gross margin of the ODM model, and achieve breakthroughs in market, technology, and supply chain through business synergy [2][3][5] 2. **Beyerdynamic's Financial Recovery**: Despite Beyerdynamic's losses in 2023 due to management integration, profits are expected to normalize in 2024 [2][3] 3. **Family Reasons for Sale**: The sale of Beyerdynamic is attributed to personal reasons of family shareholders rather than issues with brand management [6] 4. **Reduction of ODM Conflicts**: By acquiring a high-end brand in a niche market, the company aims to reduce conflicts with existing ODM clients and achieve complementarity between consumer electronics and professional high-end fields [5] 5. **Impact of U.S. Tariffs**: The company has taken measures to mitigate potential impacts from U.S. tariffs by shifting affected orders to production in Vietnam, which is expected to increase capacity to 25%-30% by 2025 [2][10][12] 6. **AI Glasses Project**: The AI glasses project is progressing well, with nearly 10 products in development and expected sales of 100,000 to 200,000 units in 2026, generating revenue of approximately 200 million to 400 million yuan [2][9] 7. **Management Integration Plan**: Post-acquisition, the management team will remain unchanged initially, with Huaxi Electronics participating in management and setting KPI indicators [4][11][16] 8. **Wearable Products Growth**: The wearable products segment is expected to maintain rapid growth, with positive market sentiment from clients [4][18] 9. **No Significant Impact from 337 Clause**: The company has been listed under the U.S. 337 clause due to a client's product but does not expect any substantial impact as it only acted as an OEM [8] 10. **Future Optical Development Plans**: The company plans to collaborate closely with strong suppliers in the optical field and may consider supply chain acquisitions based on market developments [14] Other Important but Possibly Overlooked Content 1. **Separation of Reduction Announcement**: The reduction announcement is unrelated to the acquisition and is merely a coincidence based on regulatory scheduling [7] 2. **Balance Between ODM and Brand Operations**: The company aims to balance its ODM capabilities with brand operations through the acquisition, enhancing technical capabilities while promoting profitability [13][15] 3. **No Specific Data on Downstream Demand**: There is currently no specific data available regarding downstream demand for Huaxi Electronics' traditional main business [17]

2025年6月6日，美国IngenioSpec,LLC,LLC根据《美国1930年关税法》第337节规定向美国际贸易委员会 提出申请，主张对美出口、在美进口及销售的特定电子眼镜及其组件和相关充电设备(II)违反了美国337 条款。深圳市大疆创新科技有限公司、深圳市逸文科技有限公司、佳禾智能（300793）科技股份有限公 司等为列名被告。(中国贸易救济信息网) ...

Group 1 - The core point of the announcement is that shareholder Wenyue Investment plans to reduce its holdings by up to 3.765 million shares, which represents 1.00% of the company's total share capital excluding repurchased shares [1] - Wenyue Investment currently holds 12 million shares, accounting for 3.19% of the company's total share capital [1] - The reason for the reduction is stated as a need for personal funds, and the selling price will be determined based on market conditions [1]

| 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-054 | | --- | --- | | 债券代码：123237 | 债券简称：佳禾转债 | 佳禾智能科技股份有限公司 关于特定股东减持计划预披露的公告 | 股东名称 | 持股数量（股） | 占公司剔除回购专用证券账户持 | | --- | --- | --- | | | | 股数量的总股本的比例 | | 泰安市文曜实业投资 | 12,000,000 | 3.19% | | 合伙企业（有限合伙） | | | 泰安市文曜实业投资合伙企业（有限合伙）保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持佳禾智能科技股份有限公司（以下简称"公司"或"佳禾智能"）股份 12,000,000 股（占公司剔除回购专用证券账户持股数量的总股本的比例 3.19%） 的股东泰安市文曜实业投资合伙企业（有限合伙）(以下简称"文曜投资")，计 划自本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 7 月 1 日至 2025 年 9 ...

Core Insights - The company reported a revenue of 2.467 billion yuan for the year 2024, marking a year-on-year increase of 3.76% [1][2] - The net profit attributable to shareholders decreased significantly to 41.32 million yuan, down 68.85% compared to the previous year [1][2] - The net profit after excluding non-recurring gains and losses was 879.57 million yuan, reflecting a decline of 92.07% year-on-year [1][2] - The net cash flow from operating activities was 350.63 million yuan, an increase of 7.51% from the previous year [1][2] Financial Performance Summary - Revenue for 2024: 2,466,702,496.25 yuan, up from 2,377,327,750.08 yuan in 2023, which was a 3.76% increase [2] - Net profit attributable to shareholders for 2024: 41,324,645.69 yuan, down from 132,646,290.80 yuan in 2023, a decrease of 68.85% [2] - Net profit excluding non-recurring items for 2024: 8,795,698.89 yuan, down from 110,917,075.65 yuan in 2023, a decline of 92.07% [2] - Operating cash flow for 2024: 350,628,189.94 yuan, compared to 326,126,169.51 yuan in 2023, an increase of 7.51% [2] Profit Distribution Plan - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares to all shareholders, with no stock dividends or capital reserve transfers [1][2]