Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has benefited from domestic sales driven by government subsidies for replacing old appliances, leading to a significant increase in revenue [2] - The company's gross margin for Q1 2025 was 49.87%, showing a slight year-on-year increase, while the net profit margin improved significantly to 15.7% [3] - The company is adjusting its sales strategy, with a focus on enhancing its own brand sales domestically and transitioning its export model, which is beginning to show results [3] Financial Performance - In Q1 2025, the company achieved revenue of 213 million yuan, a year-on-year increase of 33.41%, and a net profit of 33 million yuan, up 47.71% year-on-year [1] - The company's self-owned brand and ODM revenue growth rates for Q1 2025 were +46.5% and -8.66% respectively, with domestic sales growing by 51.4% and international sales by 0.63% [2] - The company expects net profits for 2025 to be 111.84 million yuan, with projected growth rates of 60.90% [9] Cost Management - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a decrease in management expense ratio by 3.82 percentage points year-on-year [3] - The sales expense ratio increased due to heightened promotional efforts and changes in revenue structure [3] Market Outlook - The domestic market is seeing a boost in consumer demand due to government policies, while the international trade environment remains complex with increased risks [2] - The company is expected to continue benefiting from the domestic subsidy policies and the gradual improvement in its export operations [3]

Group 1: Stock Performance - The pet economy concept stocks are experiencing strong performance, with companies like Zhongchong Co., Tianyuan Pet, and others seeing significant gains, with some stocks hitting the daily limit [1][2] - Zhongchong Co. (002891.SZ) reported a stock price of 53.44, with a rise of 10.00% and a market capitalization of 15.77 billion [2] - Tianyuan Pet (301335.SZ) saw a stock price of 25.40, increasing by 19.98% and a market capitalization of 1.27 billion [2] - Guai Bao Pet (301498.SZ) reported a stock price of 116.02, with an increase of 11.63% and a market capitalization of 20.77 billion [2] Group 2: Financial Performance - Guai Bao Pet reported a net profit of 204 million for Q1, a year-on-year increase of 37.68% [5] - Zhongchong Co. reported a net profit of 91 million for Q1, a year-on-year increase of 62.13% [6] - Yiyi Co. reported a net profit of 54 million for Q1, a year-on-year increase of 27.96%, with a non-recurring profit of 50 million, up 40.97% [7] Group 3: Industry Trends - The integration of AI in the pet industry is rapidly expanding, with applications in health management, behavior analysis, and interactive companionship [8] - The pet industry in China is in a phase of rapid growth, with the market expected to exceed 300 billion by 2024, driven by changing consumer trends [8] - The post-2000 generation is becoming the core consumer group in the pet economy, with a pet ownership penetration rate of 24% among those over 20, indicating significant growth potential [8] Group 4: Market Insights - The current pet food market in China is valued at approximately 100 billion, with significant room for growth in average annual spending per pet [9] - The market expansion may shift from quantity-driven to price-driven growth, as the number of pets stabilizes [9] - Domestic leading brands are expected to rise, similar to Japan's market, where local brands have gained significant market share [9]

事件：2025Q1 公司实现营业收入 2.13 亿元，同比+33.41%，归母净利润 0.33 亿元，同比+47.71%。 内销国补带动的电器销售较强，收入显著增长 分业务看，25Q1 北鼎自有品牌/ODM 代工收入同比分别为+46.5%/-8.66%； 自有品牌中内外销收入同比分别为+51.4%/+0.63%。国内市场方面，政府通 过以旧换新补贴政策在品类、地区、渠道维度的范围拓展与持续深化，有 效激活居民消费意愿，加速释放需求潜能；外销方面，国际贸易格局中关 税壁垒与反制措施的动态博弈持续发酵，全球产业链重构趋势与贸易规则 碎片化趋势交织，企业跨境贸易业务的复杂性与风险敞口显著扩大。 公司推广力度加大，内部降本增效显成效 2025Q1 公司毛利率为 49.87%，同比+0.19pct，净利率为 15.7%，同比 +1.52pct。毛利率同比基本持平，净利率显著改善。2025Q1 公司季度销售、 管理、研发、财务费用率分别为 26.02%、6.41%、4.12%、-0.63%，同比+2.43、 -3.82、-1.94、+0.36pct。销售费用率同比显著提升，主要由于公司推广力 度加大及业务收入结构变动导致 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 23 年 月 日 1）毛利率：2025 Q1 公司毛利率为 49.9%，同比+0.2pct。 2）费率端：2025 Q1 公司销售/管理费/研发/财务费率分别为 26.0%/6.4%/4.1%/-0.6% ，同比变动 +2.4pct/-3.8pct/- 1.9pct/+0.4pct，销售费用率提升主要系公司推广力度加大及业务 收入结构变动导致。管理费用率优化明显。 3）净利率：2025Q1 净利率为 15.7%，同比+1.5pct，净利率创近 三年单季新高。 北鼎股份（300824.SZ） 内销复苏超预期，盈利水平提升明显 事件：公司发布 2025 年一季报。公司 2025 年第一季度实现营业 收入 2.1 亿元，同比+33.4%；归母净利润为 0.3 亿元，同比+47.7%； 扣非归母净利润为 0.3 亿元，同比+57.5%。 内销复苏超预期，外销有所承压。 2025 Q1 分业务来看，公司自主品牌业务收入 1.8 亿元，同比增长 46.5%，占比提升至 83.8%。其中，北鼎中国业务收入 1.7 亿元， 同比增长 51.4%，主因为受益 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first quarter of 2025, driven by favorable domestic policies and strategic adjustments to external challenges [4][10]. Financial Performance - The company's operating revenue increased by 33.41% year-on-year, while net profit attributable to shareholders rose by 47.71% [4]. - The net profit excluding non-recurring gains and losses grew by 57.51% year-on-year, indicating a positive cycle of scale growth and efficiency improvement [4]. - The net cash flow from operating activities was 29.31 million yuan, showing a significant year-on-year change primarily due to the base effect from the previous year [4]. Accounting Changes - The company had to restate previous accounting data due to a change in accounting policy as per the Ministry of Finance's new guidelines, affecting the classification of certain costs [3][4]. Market Environment - Domestic market conditions improved due to government subsidies promoting consumption, while international trade faced challenges from tariff barriers and dynamic countermeasures [4]. - The company adapted its business strategies to leverage domestic policy opportunities while addressing the complexities and risks in cross-border trade [4]. Corporate Governance - The board of directors and supervisory board confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its contents [2][10]. - The company appointed a new internal audit head following the resignation of the previous one, ensuring continuity in internal audit functions [16][19].

深圳市北鼎晶辉科技股份有限公司 证券代码：300824 证券简称：北鼎股份 公告编号：2025-021 本公司及监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。 深圳市北鼎晶辉科技股份有限公司（以下简称"公司"或"北鼎股份"）第 四届监事会第十八次会议通知于 2025 年 4 月 18 日以电话、电子邮件、送达方式 或即时通讯工具等方式递交全体监事。会议于 2025 年 4 月 23 日在公司会议室以 现场和通讯相结合方式召开。会议应到监事 3 名，实到监事 3 名。本次会议的召 集符合《公司法》和《公司章程》及有关法律、法规的规定。会议由监事会主席 陈华金先生主持。经与会监事认真审议，以记名投票方式逐项表决，作出如下决 议： 1、审议通过《关于<2025 年第一季度报告>的议案》，表决结果：3 票赞成，0 票反对，0 票弃权。 第四届监事会第十八次会议决议公告 特此公告。 深圳市北鼎晶辉科技股份有限公司 监 事 会 2025 年 4 月 24 日 1 经审核，监事会认为：董事会编制和审核公司《2025 年第一季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告 ...

证券代码：300824 证券简称：北鼎股份 公告编号：2025-020 深圳市北鼎晶辉科技股份有限公司 公司董事认真审议了《2025 年第一季度报告》，认为报告内容真实、准确、 完整地反映了公司经营状况，不存在虚假记载、误导性陈述或重大遗漏。 具体内容详见公司于巨潮资讯网、《证券时报》、《证券日报》、《中国证券报》 和《上海证券报》披露的《2025 年第一季度报告》。 第四届董事会第十八次会议决议公告 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、误导性陈述或重大遗漏。 深圳市北鼎晶辉科技股份有限公司（以下简称"公司"或"北鼎股份"）第 四届董事会第十八次会议通知于 2025 年 4 月 18 日以电话、电子邮件、送达方式 或即时通讯工具等方式递交各位董事、监事及高管。会议于 2025 年 4 月 23 日在 公司会议室以现场和通讯相结合方式召开。会议应到董事 7 名，实到董事 7 名， 公司监事、高级管理人员列席了会议。本次会议的召集符合《公司法》和《公司 章程》及有关法律、法规的规定。会议由公司董事长 GEORGE MOHAN ZHANG 先生主持。本次会议形成如下决议： 1、 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥212,599,444.16, representing a year-on-year increase of 33.41% compared to ¥159,356,424.60 in the same period last year[9] - Net profit attributable to shareholders was ¥33,372,687.22, a 47.71% increase from ¥22,594,122.72 in the previous year[9] - The net profit excluding non-recurring gains and losses increased by 57.51%, amounting to ¥32,662,644.86 compared to ¥20,736,921.24 in the prior year[9] - Basic and diluted earnings per share rose to ¥0.1029, up 48.70% from ¥0.0692 in the previous year[9] - Total operating revenue for the current period reached ¥212,599,444.16, a significant increase from ¥159,356,424.60 in the previous period, representing a growth of approximately 33.4%[29] - Net profit for the current period was ¥33,372,687.22, compared to ¥22,594,122.72 in the previous period, reflecting a growth of approximately 47.8%[30] Cash Flow and Assets - The net cash flow from operating activities was ¥29,311,456.29, a significant increase of 1,504.69% from -¥2,086,679.76 in the same quarter last year[9] - Cash flow from operating activities showed improvement, contributing positively to the overall financial health of the company[30] - Operating cash flow for the period was CNY 29,311,456.29, a significant improvement compared to a negative cash flow of CNY -2,086,679.76 in the previous period[32] - Cash and cash equivalents increased to 461.46 million RMB from 357.88 million RMB, reflecting a growth of 28.87%[25] - Total cash inflow from investment activities was CNY 317,333,543.39, while cash outflow was CNY 259,231,808.05, resulting in a net cash flow of CNY 58,101,735.34[33] - Cash received from financing activities was CNY 85,763,094.79, a significant increase from CNY 20,560,696.43 in the previous period[33] Operating Costs and Challenges - The company experienced a 30.42% increase in operating costs, totaling ¥106,575,939.48, primarily due to increased sales volume[17] - Total operating costs amounted to ¥184,366,451.37, up from ¥142,583,969.90, indicating an increase of about 29.3%[29] - The company faced challenges in its international trade business due to dynamic tariff barriers and high inventory levels among major clients[23] Market and Brand Performance - The "BUYDEEM" brand contributed 178.06 million RMB, accounting for 83.75% of total revenue, with a 46.50% increase from 121.54 million RMB in the previous year[23] - Domestic sales of the "BUYDEEM" brand amounted to 166.26 million RMB, representing 78.20% of total revenue, with a growth of 51.40% year-over-year[23] - The ODM/OEM segment generated 34.54 million RMB, which is a decline of 8.66% from 37.82 million RMB in the previous year[23] Shareholder Information - The top shareholder, Jinghui Electric Group, holds 28.04% of the shares, while the second-largest shareholder, Zhang Bei, holds 24.49%[21] Strategic Plans - The company plans to leverage government policies to stimulate domestic consumption and navigate the complexities of international trade dynamics[10] - The company is leveraging policy incentives to enhance marketing efforts and drive growth in its domestic business[23] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30] Accounting Policies - The company adjusted its accounting policies due to the new accounting standards issued by the Ministry of Finance, impacting the classification of certain costs[8] - The company did not execute any new accounting standards adjustments for the current year[34] Asset Management - Total assets at the end of the reporting period were ¥1,020,016,506.05, reflecting a 4.31% increase from ¥977,883,670.51 at the end of the previous year[9] - Total liabilities rose to ¥282,237,870.60 from ¥273,477,722.28, which is an increase of approximately 3.0%[27] - Current assets totaled ¥801,098,041.67, up from ¥747,448,980.90, indicating an increase of about 7.1%[27] - Non-current assets decreased slightly to ¥218,918,464.38 from ¥230,434,689.61, a decline of approximately 5.0%[27]

公司董事会近日收到公司内部审计负责人宋秋英女士的书面辞职报告，宋秋 英女士因个人原因申请辞去公司内部审计负责人职务。根据相关规定，该辞职报 告自送达公司董事会之日起生效。公司董事会对宋秋英女士在担任内部审计负责 人期间为公司发展和内部审计工作所做的贡献表示衷心的感谢！ 证券代码：300824 证券简称：北鼎股份 公告编号：2025-023 深圳市北鼎晶辉科技股份有限公司 关于变更公司内部审计负责人的公告 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。 深圳市北鼎晶辉科技股份有限公司（以下简称"公司"或"北鼎股份"）于 2025 年 4 月 23 日召开第四届董事会第十八次会议，审议通过了《关于变更公司 内部审计负责人的议案》，现将具体情况公告如下： 一、内部审计负责人辞职情况 1 附件：王亚楠简历 王亚楠，女，中国国籍，无境外永久居留权，1985 年出生，汉族，本科学历。 具有法律职业资格考试证书，于 2021 年 10 月入职本公司。 截至本公告披露日，王亚楠女士未持有本公司股份，与持有公司 5%以上股 份的股东、实际控制人、其他董事、监事、高级管理人员不存 ...

深圳市北鼎晶辉科技股份有限公司 2024年年度权益分派实施公告 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。 证券代码：300824 证券简称：北鼎股份 公告编号：2025-019 特别提示： 1、深圳市北鼎晶辉科技股份有限公司（以下简称"公司"）回购专用证券 账户中的 1,968,200 股公司股份不参与本次权益分派。公司 2024 年年度权益分派 方案为：以公司现有总股本 326,341,682 股剔除已回购股份 1,968,200 股后的 324,373,482 股为基数，向全体股东每 10 股派 1.20 元人民币（含税），按"每股 现金分红比例不变"的原则，实际现金分红总额为人民币 38,924,817.84 元（含税）。 2、本次权益分派实施后计算除权除息价格时，按公司总股本（含回购股份） 折算每 10 股现金分红（含税）=实际现金分红总额/总股本*10=38,924,817.84 元 /326,341,682 股*10=1.192762 元（保留六位小数，最后一位直接截取，不四舍五 入）。本次权益分派实施后除权除息参考价=除权除息日前一日收盘价 ...