Retail Sector Activity - The retail sector showed significant activity with Maoye Commercial (600828) hitting the daily limit and achieving five consecutive trading limits [1][4] - Other notable stocks in the retail sector included Cuiwei Co. (603123) and Laisen Tongling (603900), both reaching the daily limit, while Zhongxing Commercial (000715) and Hongqi Chain (002697) also saw substantial gains [4] Economic Indicators - In the first quarter, China's total retail sales of consumer goods reached 12.47 trillion yuan, marking a year-on-year growth of 4.6%, which is an acceleration of 1.1 percentage points compared to the previous year [6] - March alone saw a growth rate of 5.9% in retail sales [6] AI Glasses Concept - The AI glasses concept opened strong with Yingtong Communications (002861) hitting the daily limit, while Deep Konka A surged over 8% [7] Computing Power Leasing Concept - The computing power leasing concept gained momentum with Changshan Beiming (000158), Chaoxun Communication (603322), and Hongbo Co. (002229) all reaching the daily limit, and Yitian Intelligent (300911) rising over 10% [8] Real Estate Sector Movement - The real estate sector experienced a surge with Zhonghua Enterprise (600675) and Yuehongyuan A both hitting the daily limit, while Huayuan Real Estate (600743) and Xinhuangpu (600638) increased by over 7% [9] Banking Sector Decline - The banking sector faced declines, with Huaxia Bank dropping over 8%, and major banks like China Construction Bank, Beijing Bank, and others falling by more than 2% [10] Manufacturing PMI - China's manufacturing purchasing managers' index (PMI) for April was reported at 49%, a decrease of 1.5 percentage points from the previous month, indicating a contraction in the manufacturing sector [11] - High-tech manufacturing PMI stood at 51.5%, indicating continued expansion in that sector [11] - The service sector maintained expansion with a business activity index of 50.1, despite a slight decline from the previous month [11] US Automotive Tariff Developments - President Trump signed an announcement to provide compensation for tariffs on imported auto parts, allowing up to 3.75% of the retail price for compensation, which will decrease to 2.5% in the second year [12] - This move reflects ongoing pressure on the government regarding its tariff policies [12]

Group 1 - The A-share AI glasses sector is experiencing active trading, with significant price movements observed in several companies [1] - Yingtong Communications has reached the daily limit increase, indicating strong investor interest [1] - Weida Optoelectronics and Doctor Glasses have both risen over 6%, reflecting positive market sentiment [1] Group 2 - Other companies such as Jiahe Intelligent, Thunder Technology, Huilun Crystal, and Mingyue Lenses are also seeing upward trends, suggesting a broader rally in the sector [1]

Group 1 - The AI glasses sector opened high, with Yingtong Communications (002861) hitting the daily limit up at the opening [1] - Deep Kangjia A rose over 8%, while Doctor Glasses (300622), Jiahe Intelligent (300793), and Huilun Crystal (300460) also opened high [1] - The market is focusing on leading companies in the sector, suggesting that investors should consider buying index ETFs to capitalize on the rebound [1]

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company experienced short-term pressure on performance, with a slight revenue increase in 2024 driven by the growth of smart wearable products. The revenue breakdown for 2024 shows headphones, speakers, and smart wearables accounting for 77.25%, 11.16%, and 8.38% of total revenue, respectively, with a significant increase in the share of smart wearables [2][4]. - The company's net profit for 2024 saw a substantial decline of 68.85%, primarily due to a decrease in gross margin, increased management and financial expenses, and higher asset impairment losses [3][4]. - The company is focusing on diversifying its business, aiming to develop new growth points in the AI/AR glasses segment while leveraging its strong foundation in the consumer electronics industry [4]. Financial Summary - For 2024, the company reported total revenue of 24.67 billion, a year-on-year increase of 3.76%, and a net profit of 0.41 billion, a year-on-year decrease of 68.85% [1][9]. - The projected revenues for 2025 and 2026 are 26.86 billion and 29.35 billion, respectively, with expected year-on-year growth rates of 8.9% and 9.3% [7][9]. - The forecasted net profits for 2025 and 2026 are 1.00 billion and 1.46 billion, reflecting significant recovery with year-on-year growth rates of 142.3% and 45.5% [7][9]. - The company's earnings per share (EPS) for 2025 and 2026 are projected to be 0.26 and 0.38, respectively [7][9].

Financial Performance - The company's revenue for Q1 2025 was ¥487,285,341.81, representing an increase of 8.95% compared to ¥447,255,741.92 in the same period last year[6]. - Net profit attributable to shareholders was ¥15,774,967.63, up 7.63% from ¥14,656,739.13 year-on-year[6]. - Total operating revenue for the current period reached ¥487,285,341.81, an increase of 8.4% compared to ¥447,255,741.92 in the previous period[25]. - Net profit for the current period was ¥15,534,231.81, representing a 7.7% increase from ¥14,424,788.00 in the previous period[26]. - The profit attributable to the parent company's shareholders was ¥15,774,967.63, up from ¥14,656,739.13, indicating an increase of 7.6%[26]. - The company recorded a comprehensive income total of ¥15,438,397.44, compared to ¥9,638,996.99 in the previous period, marking a significant increase of 60.5%[27]. Cash Flow - The net cash flow from operating activities was -¥39,325,336.71, a decrease of 148.92% compared to ¥80,395,073.26 in the previous year[13]. - Cash received from sales of goods and services was ¥504,140,407.64, down from ¥569,204,969.70, a decline of 11.4%[29]. - Operating cash inflow totaled $553.2 million, a decrease from $601.3 million year-over-year[30]. - Net cash flow from operating activities was -$39.3 million, compared to $80.4 million in the previous year[30]. - Investment cash inflow reached $996.2 million, up from $772.1 million year-over-year[30]. - Net cash flow from investment activities was -$57.6 million, an improvement from -$932.2 million in the previous year[30]. - Financing cash inflow amounted to $100 million, down from $1.156 billion year-over-year[30]. - Net cash flow from financing activities was -$50.7 million, compared to $1.09 billion in the previous year[30]. - The ending cash and cash equivalents balance was $775.9 million, down from $1.018 billion year-over-year[30]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,226,030,602.17, down 3.41% from ¥4,375,170,470.01 at the end of the previous year[6]. - The total current assets amount to ¥2,921,020,818.95, down from ¥3,062,240,284.79, reflecting a decrease of about 4.6%[22]. - The total liabilities decreased to ¥2,921,020,818.95 from ¥3,062,240,284.79, reflecting a decrease of about 4.6%[22]. - The total liabilities decreased to ¥1,162,453,950.33 from ¥1,327,050,958.40, a reduction of approximately 12.4%[23]. - Total equity increased to ¥3,063,576,651.84 from ¥3,048,119,511.61, reflecting a growth of about 0.5%[23]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 52,103[18]. - The largest shareholder, Dongguan Wenfu Industrial Investment Co., Ltd., holds 27.75% of shares, totaling 105,600,000 shares[18]. Operational Costs - Total operating costs increased to ¥492,447,558.53, up 13.4% from ¥433,992,490.13 in the previous period, with operating costs specifically rising to ¥422,113,720.58, a 14% increase[25][26]. Research and Development - Research and development expenses remained stable at ¥28,790,034.81, slightly up from ¥28,778,217.30, indicating a focus on innovation[26]. Other Financial Metrics - The company received government subsidies amounting to ¥16,542,537.94, significantly contributing to other income[8]. - Financial expenses increased by 103.59% to ¥35,973.96 due to foreign exchange fluctuations[12]. - The company reported a significant increase in investment income, reaching ¥2,926,872.25, up 668.83% from a loss of ¥514,538.04 in the previous year[12]. - The company's accounts receivable increased to ¥418,012,058.06 from ¥401,832,879.44, representing a growth of about 4%[21]. - The inventory decreased to ¥406,911,193.63 from ¥488,456,512.88, a decline of approximately 16.7%[22]. - The total non-current assets are ¥1,305,009,783.22, slightly down from ¥1,312,930,185.22, a decrease of about 0.6%[22]. - The company's cash and cash equivalents decreased to ¥775,916,273.25 from ¥919,329,615.05, a decline of approximately 15.6%[21]. - The company has not yet audited the first quarter report for 2025[31]. - The new accounting standards will be implemented starting in 2025[31].

Core Viewpoint - The company, Jiahe Intelligent Technology Co., Ltd., has reported its annual results, highlighting its strategic partnerships and product diversification in the consumer electronics sector, particularly in audio and smart wearable devices [5][6]. Company Overview - Jiahe Intelligent focuses on the consumer electronics field, enhancing collaborations with top global brands in audio and smart wearables, leveraging its expertise in acoustic technology and signal processing [5]. - The company has established a diversified product portfolio, including TWS headphones, bone conduction headphones, wireless speakers, smartwatches, and smart glasses, while also investing in AI/AR glasses development [6]. Financial Highlights - The company has received a standard unqualified audit opinion from Tianzhi International Accounting Firm for its financial report [3]. - The profit distribution plan approved by the board includes a cash dividend of 1.2 yuan per 10 shares (tax included) [4]. - The company maintains a stable credit rating of A+ from Zhongzheng Pengyuan Credit Rating Co., Ltd. for its convertible bonds [8]. Shareholder Information - The report includes details on the number of ordinary shareholders and the top 10 shareholders, with specific mention of locked shares held by executives [7]. Important Matters - There have been no significant changes in the company's operational status during the reporting period, and all major events have been disclosed as per regulatory requirements [8].

Core Insights - Jiahe Intelligent (佳禾智能) reported a stable performance in its 2024 annual report, achieving a revenue of 2.467 billion yuan and a net profit of 41.32 million yuan, with a year-on-year increase in operating cash flow of 7.51% [1] - The company is focusing on a diversified product portfolio, including headphones, speakers, smartwatches, and smart glasses, while also expanding into new energy storage products [1] - The global headphone shipment is projected to grow, with China being a major growth driver, as Jiahe Intelligent's headphone revenue reached 1.906 billion yuan, marking a 2.23% increase [1] Business Strategy and Development - Jiahe Intelligent is actively entering the AI/AR sector, with a significant growth forecast for AI glasses, as global shipments are expected to surge by 210% in 2024 [2] - The company is implementing a "Five New" strategy focusing on new product development, technology application, component research, process iteration, and system integration to enhance its industry influence [2] - The company has established a collaborative R&D center with multiple specialized laboratories to support cross-domain technological innovation [2] Research and Innovation - Jiahe Intelligent invested 129 million yuan in R&D in 2024, reflecting a 3.41% increase, and holds 882 valid patents, including 106 invention patents in China [3] - The company is progressing in the AI/AR glasses sector, transitioning from smart audio glasses to advanced AI/AR glasses, with ongoing production of the INMO GO series [3] - Jiahe Intelligent is strengthening collaborations with upstream and downstream partners in the AI/AR glasses supply chain to provide efficient and intelligent solutions [3] Corporate Restructuring and Market Expansion - In March 2025, Jiahe Intelligent rebranded its subsidiary to Jiahe Yuanqi (佳禾元启) to focus on AI and AR, marking a strategic shift in its core business [4] - The establishment of Jiahe International in Singapore aims to enhance overseas market capabilities and mitigate risks from international economic fluctuations [4] - The company anticipates an increase in the market share of smart glasses, contributing to a second growth curve in performance and sustainable development [4]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1200 | 0.3900 | -69.23 | 0.5100 | | 每股净资产（元） | 7.91 | 7.4 | 6.89 | 7.2 | | 每股公积金(元) | 5.63 | 4.74 | 18.78 | 4.74 | | 每股未分配利润(元) | 1.30 | 1.51 | -13.91 | 1.30 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 24.67 | 23.77 | 3.79 | 21.72 | | 净利润(亿元) | 0.41 | 1.33 | -69.17 | 1.74 | | 净资产收益率(%) | 1.61 | 5.37 | -70.02 | 7.39 | 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 10派1.2元(含税) | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | ...

佳禾智能科技股份有限公司 2024年度独立董事述职报告（万加富） 各位股东及股东代表： 本人作为佳禾智能科技股份有限公司（以下简称"公司"）的第三届董事会 独立董事，严格按照《中华人民共和国公司法》《中华人民共和国证券法》《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》等相关法律、法规和规章的规定，切实履行独立董事诚信勤勉的职责和义务， 积极出席相关会议，认真审议董事会各项议案，参与公司经营发展的讨论，充分 发挥独立董事的作用，对公司相关事项发表了公正、客观的独立意见，切实维护 了公司的规范化运作及全体股东尤其是中小股东的合法权益。现将2024年度工作 情况报告如下： 一、独立董事基本情况 本人万加富，1976年出生，中国国籍，无境外居留权，博士学历。曾任广东 机电职业技术学院助教、讲师、副教授，2014年至今任华南理工大学机械与汽车 工程学院副教授、教授。现任广东启创智能科技有限公司监事。2022年8月到今 任广东拓斯达科技股份有限公司独立董事。2023年3月至今任佳禾智能科技股份 有限公司独立董事。 经认真自查，任职期间，本人任职符合《上市公司独立董事管理办法》第六 ...

佳 禾 智 能 科 技 股 份 有 限 公 司 内部控制 审 计 报 告 天职业字 [ 2025]1 6125-1 号 目 录 内 部 控 制 审 计 报 告 1 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 天职业字[2025]16125-1 号 佳禾智能科技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，我们审计了佳 禾智能科技股份有限公司（以下简称"贵公司"）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，并评价其有效性是贵公司董事会的责任。 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。 （项目合伙人）： ...