| 证券代码：300793 | 证券简称：佳禾智能 | 公告编号：2025-043 | | --- | --- | --- | | 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 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、 本次股东大会不存在否决议案的情形。 2、 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、 召开时间：2025 年 5 月 20 日（星期二）15:30 2、 召开地点：广东省东莞市松山湖园区科苑路 3 号佳禾智能科技股份有限 公司 参加本次股东大会现场会议和网络投票表决的股东及股东代理人共 258 人， 代表有表决权的公司股份数合计为 131,501,868 股，占公司有表决权股份总数 376,525,392 股的 34.9251%。其中：通过现场投票的股东共 7 人，代表有表决权 的公司股份数合计为 128,854,200 股，占公司有表决权股份总数 376,525,392 股的 34.2219%；通过网络投票的股东共 251 ...

招商证券股份有限公司 关于佳禾智能科技股份有限公司 2024 年年度跟踪报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：佳禾智能 | | --- | --- | | 保荐代表人姓名：李炎 | 联系电话：0755-82943666 | | 保荐代表人姓名：曹志鹏 | 联系电话：0755-82943666 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次 | 次 0 | | 数 | | | 2.督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 括但不限于防止关联方占用公司资源的 | 是 | | 制度、募集资金管理制度、内控制度、内 部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 次 | | （2）公司募集资金项目进展是否与信息 | 是 | | 披露文件一致 | | ...

Summary of Key Points from the Conference Call Company Overview - **Company**: Jiahe Intelligent - **Industry**: Consumer Electronics, focusing on AI and smart hardware Core Financial Performance - **2024 Revenue**: 2.467 billion (24.67 billion) CNY, a growth of approximately 3% year-on-year - **Net Profit**: 41.32 million (4.132 billion) CNY, a decline compared to the previous year - **Operating Cash Flow**: 351 million (3.51 billion) CNY, an increase of 7.51% year-on-year - **Q1 2025 Revenue**: 487 million (4.87 billion) CNY, with a slight increase in net profit to 15.77 million (1.577 billion) CNY [5][13] Revenue Composition - **Headphone Products**: 77% of total revenue, a slight decrease of 1% year-on-year - **Audio Equipment**: Decreased from 18% to 11% - **Smart Wearables**: Increased significantly from 3.5% to 8.5%, generating over 200 million (2 billion) CNY in revenue [5][6] Strategic Initiatives - **Product Structure Adjustment**: Focus on high-value clients and diversification into new product categories like smart glasses and energy storage [2][6] - **R&D Investment**: 129 million (1.29 billion) CNY in 2024, accounting for 5.22% of total revenue, with plans to increase investment in AI and smart hardware integration [4][20] - **Global Market Strategy**: Emphasis on maintaining a strong presence in North America and Europe while expanding into Asian and emerging markets [2][10] Cost Management and Operational Efficiency - **Cost Control Measures**: Implementation of refined management practices, process optimization, and talent development to reduce operational costs and enhance supply chain stability [2][7][8] - **Response to Tariff Issues**: Plans to mitigate the impact of U.S. tariffs through overseas production bases and strategic partnerships [4][12][17] Technology and Innovation - **Focus on AI and AR Technologies**: Investment in AI voice interaction and sensor fusion algorithms, with plans to launch multiple AR and AI glasses solutions within the year [2][9] - **Patent Portfolio**: 33 patents related to AR/AI glasses have been secured, indicating a strong commitment to innovation [4][20] Market Challenges and Competitive Landscape - **Geopolitical Risks**: Acknowledgment of challenges posed by geopolitical tensions and market competition, with strategies in place to navigate these uncertainties [10][12] - **Differentiation Strategy**: Transitioning from TWS headphones to AR/VR products to maintain competitive advantage in a saturated market [18] Future Outlook - **Long-term Growth Strategy**: Focus on optimizing production processes, enhancing supply chain management, and pursuing strategic investments to drive future growth [3][19] - **Dividend Policy**: Commitment to shareholder returns with plans for cash dividends, ensuring a stable profit distribution policy [23] Additional Insights - **Management Expenses**: Increased in Q1 2025 due to investments in professional evaluation services [14] - **Gross Margin Trends**: Decline in gross margin attributed to changes in customer structure and product iterations, with efforts to maintain a healthy margin through cost control [15] - **Asset Impairment Losses**: Significant losses in 2024 due to supply chain adjustments and inventory aging, with a focus on accurate financial reporting [16] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic initiatives, and market challenges.

证券代码：300793 证券简称：佳禾智能 佳禾智能科技股份有限公司投资者关系活动记录表 编号：2025003 | | □分析师会议 | □特定对象调研 | | --- | --- | --- | | | □媒体采访 业绩说明会 | | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | | | 参与单位名称及人员姓 | 详见附件名单 | | | 名 | | | | 时间 | 2025 年 05 月 09 日 | | | 地点 | 在进门财经网络交流平台以网络电话或文字形式交流 | | | 上市公司接待人员 | 董事长严帆先生、独立董事何华明先生、副总经理兼董事会秘书夏 | | | | 平先生、财务总监刘东丹先生 | | | 投资者关系活动主要内 | 电话会议和网络文字互动交流的主要内容： 1、基于当前行业发展态势，公司未来 2-3 年的核心战略定位 | | | | 如何规划？在平衡短期业绩与长期战略目标时，如何量化关键指 | | | | 标并保障战略的有效落地？ | | | 容介绍 | 答：2024 年 ODM 厂商市场价格竞争愈发激烈，同质化现象 ...

| 证券代码：300793 | 证券简称：佳禾智能 公告编号：2025-042 | | --- | --- | | 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 关于举办 2024 年度报告暨 2025 年一季度报告 业绩网上说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 佳禾智能科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 28 日披 露了《2024 年年度报告及其摘要》，于 2025 年 4 月 29 日披露了《2025 年第一 季度报告》，为便于广大投资者更深入全面地了解公司情况，公司定于 2025 年 5 月 9 日 15:00 举办 2024 年度报告暨 2025 年一季度报告业绩网上说明会，具体 如下： 一、业绩说明会召开的时间和方式 公司现向投资者提前征集公司本次业绩说明会投资者问答环节相关问题，欢 迎广大投资者通过点击链接 https://s.comein.cn/ri8s4aai，或扫描下方二维码的方 式进入问题征集页面。公司将在本次业绩说明会上对投资者普遍关注的问题进行 回答。 ...

事件：公司发布2024 年报&2025 年一季报，2024 年公司实现营收24.67 亿元，同比+3.76%，实现归母 净利润0.41 亿元，同比-68.85%，扣非净利润0.09亿元，同比-92.07%，毛利率14.85%，同比-3.33pct； 1Q2025 公司实现营收4.87亿元，同比+8.95%，实现归母净利润0.16 亿元，同比+7.63%，扣非净利润 0.01亿元，同比-95.11%，毛利率13.37%，同比-3.79pct。 多因素致使业绩承压：2024 年影响业绩因素：1）客户结构调整及产品技术迭代导致毛利率下降 3.33pct；2）松山湖运营中心及江西产业园投入使用，管理费用增加1,322.42 万元，其中管理办公费增 加769.31 万元，职能部门薪酬支出增加1,024.93 万元；3）发行可转换公司债券，累计计提利息2,479.62 万元，财务费用增加2,233.35 万元；4）下游大客户ODM 结构调整及参股公司业绩下滑，导致存货跌价 准备和长期股权投资减值准备合计增加3,150.83 万元。1Q2025 公司经营层面压力仍较大，前期影响因 素延续，毛利率同比下滑，利润承压。 展望后 ...

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]

AI眼镜板块高开，瀛通通讯（002861）涨停价开盘，深康佳A涨超8%，博士眼镜（300622）、佳禾智 能（300793）、惠伦晶体（300460）纷纷高开。 打包市场龙头，抢反弹就买指数ETF>> ...

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].