广东瑞德智能科技股份有限公司（以下简称"公司"）分别于 2025 年 4 月 8 日、2025 年 4 月 29 日召开第四届董事会第十八次会议、第四届监事会第十七 次会议以及 2025 年第一次临时股东大会，逐项审议通过《关于回购公司股份方 案的议案》，同意公司使用自有资金和自筹资金（股票回购专项贷款）以不低于 2,500 万元且不超过 5,000 万元（均含本数），回购价格不超过 42.00 元/股（含 本数），以集中竞价交易方式回购公司已发行的人民币普通股（A 股）股票，用 于减少注册资本。本次回购期限自 2025 年第一次临时股东大会审议通过回购股 份方案之日起 12 个月内，具体内容详见公司于 2025 年 4 月 11 日在巨潮资讯网 （www.cninfo.com）披露的《关于回购公司股份方案暨取得股票回购专项贷款承 诺函的公告》（公告编号：2025-009）以及 2025 年 4 月 29 日在巨潮资讯网 （www.cninfo.com）披露的《回购报告书》（公告编号：2025-030）。 证券代码：301135 证券简称：瑞德智能 公告编号：2025-078 广东瑞德智能科技股份有限公司 关 ...

Core Insights - 瑞德智能 is a leading player in the domestic smart controller sector, established in 1997 and listed on the Shenzhen Stock Exchange in 2022, with strong R&D capabilities and a complete industry chain advantage [1] Financial Performance - In Q3 2025, 瑞德智能 reported revenue of 1.034 billion yuan, ranking 25th among 34 companies in the industry, significantly lower than the top two competitors, 三花智控 (24.029 billion yuan) and 海立股份 (16.489 billion yuan), and below the industry average of 302.5 million yuan and median of 132.9 million yuan [2] - The net profit for the same period was 23.456 million yuan, placing the company 30th in the industry, with a notable gap from the leaders, 三花智控 (3.289 billion yuan) and 盾安环境 (758 million yuan), and below the industry average of 220 million yuan and median of 76.217 million yuan [2] Financial Ratios - As of Q3 2025, 瑞德智能's debt-to-asset ratio was 35.13%, an increase from 29.08% year-on-year, but still lower than the industry average of 41.84% [3] - The gross profit margin for the same period was 17.20%, down from 18.81% year-on-year and below the industry average of 18.50% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.00% to 11,300, while the average number of circulating A-shares held per shareholder increased by 6.38% to 4,889.17 [5] - Among the top ten circulating shareholders, 大成中证360互联网 + 指数A (002236) ranked seventh, holding 509,300 shares, a decrease of 69,800 shares from the previous period [5] Executive Compensation - The chairman, 汪军, received a salary of 721,800 yuan in 2024, a slight decrease of 6,000 yuan from 2023 [4]

Market Overview - The home appliance parts sector declined by 1.28% on October 31, with Kangsheng Co. leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the home appliance parts sector included: - Hongchang Technology (301008) with a closing price of 41.92, up 4.49% [1] - Zhucheng Technology (301280) at 54.92, up 4.47% [1] - Dingxing Update (603311) at 12.13, up 3.76% [1] - Major decliners included: - Kangxi Co. (002418) with a closing price of 4.75, down 8.48% [2] - Chunguang Technology (603657) at 32.85, down 3.30% [2] - Sanhua Intelligent Control (002050) at 49.93, down 2.52% [2] Trading Volume and Capital Flow - The home appliance parts sector experienced a net outflow of 1.233 billion yuan from institutional investors, while retail investors saw a net inflow of 942 million yuan [2] - The trading volume for the sector was significant, with Kangxi Co. recording a trading volume of 2.6518 million shares and a transaction value of 1.268 billion yuan [2] Capital Flow Analysis - Key stocks with significant capital flow included: - Huaxiang Co. (603112) with a net inflow of 45.8372 million yuan from institutional investors [3] - Zhucheng Technology (301280) with a net inflow of 21.4004 million yuan from institutional investors [3] - Longdi Group (603726) with a net inflow of 17.8122 million yuan from institutional investors [3]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 1,033.60 million, representing a year-on-year growth of 14.77% [1] - The net profit attributable to shareholders was CNY 23.37 million, with a year-on-year increase of 7.72% [1] - The net profit excluding non-recurring gains and losses saw a significant increase of 138.57% [1] - The net cash flow from operating activities increased by 225.96%, showing a substantial growth of 162.73% year-on-year [1] Business Development Strategies - The company is optimizing its business structure and focusing on key customers and product sectors, while expanding into new markets such as automotive electronics and electric motors [2] - Continued focus on the home appliance smart controller sector, targeting major brands like Hisense and Haier [2] - Significant progress in the automotive electronics sector, particularly in short-distance transportation products like scooters and balance bikes, contributing to revenue growth [3] - Strategic partnerships in robotics and pet technology, with a focus on smart products like intelligent fish tanks and cat litter boxes [2] Expansion and Investment Plans - The company has relocated its Zhejiang production base to meet the growing demand for high-end manufacturing products, with new capacity focused on smart controllers, automotive electronics, and electric motors [4] - Active exploration of investment and acquisition opportunities to enhance asset structure and extend the industrial chain [4] - Plans to integrate technology and market resources through acquisitions, particularly in core technology areas like AI and IoT [4] - The establishment of a research and production base in Vietnam, which is expected to become a significant growth point for future performance [5]

Core Points - As of October 10, 2025, the number of shareholders for Ruide Intelligent (301135) is reported to be 11,393 [1] Company Information - Ruide Intelligent has provided an update on its shareholder count, indicating a specific figure that reflects its investor base as of the stated date [1]

Core Viewpoint - The company, Ruide Intelligent (301135), has not yet entered the satellite navigation sector and continues to focus on its core business of smart controllers, leveraging over 20 years of industry experience [1] Group 1: Business Strategy - The company aims to strengthen its home appliance controller business while expanding into new sectors such as motor electronics, automotive electronics, and intelligent energy [1] - The company is actively exploring strategic opportunities in healthcare, pet technology, low-altitude flight, and smart home industries [1] Group 2: Operational Excellence - The company relies on an advanced R&D design platform, an efficient digital production system, a comprehensive quality management system, and a strong customer service framework [1] - The company has established long-term stable partnerships with several leading enterprises in the industry [1] Group 3: Future Outlook - The company maintains an open and innovative approach, planning to dynamically optimize its cooperation strategies based on technological trends and business needs [1] - The company commits to timely information disclosure regarding any future developments in its business strategy [1]

Group 1 - The core viewpoint of the news is that 瑞德智能 (Reed Intelligent) has reported a decrease in institutional holdings in its A-shares, with a total of 8 institutional investors holding 19.30 million shares, representing 18.93% of the total share capital, which is a decline of 1.32 percentage points compared to the previous quarter [1] Group 2 - As of October 27, 2025, the total institutional holdings in 瑞德智能 (Reed Intelligent) amounted to 19.30 million shares, accounting for 18.93% of the total share capital [1] - The institutional investors include 佛山市瑞翔投资有限公司, 广东弘德投资管理有限公司, 广东美的智能科技产业投资基金管理中心, UBS AG, 中国工商银行, 深圳市银河风云网络系统股份有限公司, J.P.Morgan Securities PLC, and 国元证券 [1] - In the public fund sector, one public fund, 大成中证360互联网+指数A, reported a slight decrease in holdings, while 31 public funds did not disclose their holdings this quarter [2] - A new foreign institutional investor, UBS AG, was disclosed this quarter, indicating a slight change in foreign investment interest [2]

Core Viewpoint - 瑞德智能 reported strong financial performance in Q3 2025, with significant growth in revenue and net profit, driven by its core business in smart controllers and expansion into new sectors [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.034 billion yuan, a year-on-year increase of 14.77% [1] - The net profit attributable to the parent company, excluding non-recurring items, was 21.6222 million yuan, up 138.57% year-on-year [1] - In Q3 alone, revenue reached 338 million yuan, reflecting an 8.47% increase year-on-year, while net profit was 6.0116 million yuan, a 164.95% increase [1] Business Segments - 瑞德智能 has been focusing on the smart controller sector for over 20 years, with a core business in home appliance controllers and expansion into three new areas: motor electronics, automotive electronics, and smart energy [1] - The company is actively exploring strategic business layouts in healthcare, pet technology, low-altitude flight, and smart home sectors, aiming to broaden its industrial boundaries [1] New Business Opportunities - In the automotive electronics sector, 瑞德智能's smart controller products are experiencing rapid growth, supplying controllers for electric scooters and charging stations for BYD, contributing significantly to overall performance [2] - The new business segment generated revenue of 161 million yuan in the first half of 2025, marking a 49.18% year-on-year increase [2] - In healthcare, the company launched the Smart Bed 2.0 in collaboration with Tencent Cloud, which utilizes advanced sensing technology for non-contact health monitoring [2] Technological Advancements - 瑞德智能 is collaborating with partners to explore smart control technologies in various fields, including pool cleaning robots and cooking robots, achieving significant production milestones [3] - The company is focusing on developing high-precision control modules and low-latency communication modules to enhance compatibility in complex command scenarios [3] - A strategic partnership with Shunde Vocational and Technical College aims to tackle key technologies in humanoid robotics and other intelligent fields [3]

Financial Performance - The company's revenue for Q3 2025 reached ¥338,268,726.19, representing an increase of 8.47% year-over-year[5]. - The net profit attributable to shareholders was ¥7,175,516.41, a slight decrease of 0.73% compared to the same period last year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses surged by 164.95% to ¥6,011,586.72[5]. - Total operating revenue for the current period reached ¥1,033,598,531.99, an increase from ¥900,549,100.35 in the previous period, representing a growth of approximately 14.77%[30]. - Net profit for the current period was ¥23,456,018.09, compared to ¥21,697,567.50 in the previous period, showing a growth of about 8.11%[32]. - Total comprehensive income for the period attributable to the parent company was CNY 23,371,468.17, an increase from CNY 21,696,361.13 in the previous period, representing an increase of approximately 7.7%[33]. Cash Flow and Assets - The cash flow from operating activities for the year-to-date period increased significantly by 225.96%, totaling ¥54,562,397.42[5]. - Current assets totaled ¥1,311,919,438.75, up from ¥1,276,840,411.74, indicating an increase of about 2.75%[25]. - The cash and cash equivalents decreased to ¥403,343,395.24 from ¥489,422,181.01, a decline of approximately 17.55%[24]. - Net cash flow from operating activities was CNY 54,562,397.42, a significant improvement compared to a net outflow of CNY -43,317,267.83 in the previous period[36]. - Cash inflow from operating activities totaled CNY 774,559,084.95, up from CNY 609,296,769.16, indicating a growth of approximately 27.1%[36]. - The ending balance of cash and cash equivalents was CNY 362,224,368.95, down from CNY 464,421,790.47 in the previous period[38]. Shareholder Equity and Liabilities - Total assets at the end of the reporting period amounted to ¥1,927,692,541.38, reflecting a growth of 4.45% from the end of the previous year[5]. - The equity attributable to shareholders decreased by 0.46% to ¥1,249,991,396.14 compared to the end of the previous year[5]. - Current liabilities increased to ¥602,215,758.44 from ¥569,438,305.52, reflecting a rise of approximately 5.63%[27]. - Non-current liabilities rose to ¥74,927,690.50 from ¥19,903,609.46, marking a significant increase of about 276.36%[27]. - The total equity attributable to shareholders of the parent company was ¥1,249,991,396.14, slightly down from ¥1,255,735,098.94, a decrease of about 0.46%[28]. Earnings and Profitability - The weighted average return on net assets was 0.58%, a decrease of 0.01% from the previous year[5]. - The basic earnings per share for the reporting period was ¥0.0704, down by 0.71% year-over-year[5]. - Basic earnings per share increased to CNY 0.2293 from CNY 0.2121, reflecting a growth of about 8.5%[33]. - Operating profit for the current period was ¥24,212,063.81, compared to ¥12,266,458.35 in the previous period, reflecting a significant increase of approximately 97.66%[32]. Government Subsidies and Non-Operating Income - The company received government subsidies amounting to ¥459,130.33 during the reporting period, contributing to its financial performance[8]. - The company reported a significant increase in non-operating income, primarily from government subsidies, which contributed to the overall profit growth[10]. Corporate Governance - The company held its fourth board meeting on September 22, 2025, to approve the nomination of candidates for the fifth board of directors[19]. - The company held a staff representative meeting on October 10, 2025, resulting in the election of Zheng Luyan as a staff representative director for a term of three years[20]. - Wang Jun was elected as the chairman of the fifth board of directors and appointed as the general manager[21]. - The company appointed Liang Jiayi as the financial director and Luo Xi as the securities representative and internal audit department head[21]. Shareholder Changes - The first major shareholder is Guangdong Ruide Intelligent Technology Co., Ltd., holding 3,117,812 shares, which is not included in the top 10 unrestricted shareholders[14]. - The total number of restricted shares held by Wang Jun increased from 20,905,400 to 20,942,900, with an addition of 37,500 shares due to the first vesting period of the 2024 restricted stock incentive plan[16]. - The total number of restricted shares held by Huang Zuhao increased from 8,423,600 to 8,434,100, with an addition of 10,500 shares from the 2024 restricted stock incentive plan[16]. - A total of 52,538,800 restricted shares were unlocked during the period, with 6,175,800 shares released and 160,500 shares added[18].

Economic Indicators - The National Bureau of Statistics will release the CPI and PPI data for September on October 15, with expectations of a year-on-year CPI growth rate remaining flat and a month-on-month increase of 0.2% [1] - The PPI is anticipated to show a year-on-year decline of 2.4% and a month-on-month decrease of 0.3% [1] Financial Data - Additional financial data for September, including new loans, M2, and social financing, is expected to be released next week [2] Oil Price Adjustment - The next round of fuel price adjustments will occur on October 13 at 24:00, with a projected decrease of 20 yuan per ton for gasoline and diesel based on a reference crude oil price of $64.97 per barrel, reflecting a change rate of -0.34% [3] Trade Events - The 138th Canton Fair will be held from October 15 to November 4, featuring a record exhibition area of 1.55 million square meters and over 32,000 participating companies [4] - The 2025 Bay Area Semiconductor Industry Ecosystem Expo will take place from October 15 to 17 in Shenzhen, attracting over 600 leading companies and institutions from more than 20 countries [4] - The 2025 World Intelligent Connected Vehicles Conference will be held in Beijing from October 16 to 18, focusing on innovations in AI, communication, data utilization, and chip technology within the automotive industry [4] Stock Market Developments - A total of 41 stocks will face lock-up expiration next week, with significant unlocks including 577 million shares of China Merchants Port valued at 11.967 billion yuan and 412 million shares of Meihua Medical valued at 9.804 billion yuan [5][6] - Notable stocks with high unlock ratios include Meihua Medical, Andar Intelligent, and Kecuan Technology, all exceeding 50% [5] New Stock Opportunities - Five new stocks are set to be issued next week, including Marco Polo on October 13, He Yuan Bio on October 14, Chao Ying Electronics on October 15, Xi'an Yicai on October 16, and Bi Bei Te on October 17 [9][10]