Summary of the Snack Retail Industry Conference Call Industry Overview - The snack retail industry has undergone three development phases: - 2010-2019: Model exploration phase - 2020-2022: Model innovation phase focusing on supply chain and store standardization - 2023-present: Rapid store opening and mergers & acquisitions phase, represented by companies like "Snack Busy" and "Wancheng Group" [1][2][9] Key Insights and Arguments - The snack retail industry has lower gross and expense ratios compared to traditional retail, but higher turnover efficiency. For instance, Wancheng Holdings has inventory turnover days between 10-20 days and accounts payable turnover periods also short, allowing better management of payment terms and long-term partnerships with brands [1][3][4] - The industry has an estimated potential for 70,000 to 80,000 stores, with current single-store revenue remaining stable. The return on investment for franchisees has not significantly extended despite increased store density, indicating substantial future market potential [1][5][17] - "Snack Busy" Group is the largest snack and beverage retailer in China, with plans to exceed 14,000 stores by the end of 2024, making it the fastest-growing company in the franchise sector. Fundraising efforts are aimed at enhancing supply chain capabilities, upgrading store types, and expanding product categories [1][6][7] Industry Trends - The snack retail sector is evolving from a single-category focus to a full-category discount supermarket model to enhance single-store revenue and consumer loyalty. Examples include "Three Squirrels" launching discount initiatives and Wancheng testing full-category discount supermarkets [1][8][20] - The industry is characterized by high turnover efficiency, with low inventory and accounts payable turnover days compared to traditional supermarkets, which typically have longer payment terms [4][16] Competitive Landscape - The snack retail industry is primarily strong in third-tier and lower markets, with "Snack Busy" having 70% of its stores in these areas, and over 60% in rural markets. This sector will continue to consolidate its advantages through increased store density [3][18] - In contrast, competition in large cities is intense, with major players like Walmart and Sam's Club expanding rapidly. However, the high rental costs in urban areas limit the profitability of snack retail stores [18][19] Future Opportunities and Challenges - The snack retail industry is expected to continue growing, with the potential for 70,000 to 80,000 stores nationwide. Current single-store revenue has shown stability, with "Snack Busy" increasing from 3.1 million yuan in 2022 to 3.8 million yuan in 2024 [5][17] - The industry is likely to see a consolidation of smaller brands due to cash flow issues, with leading brands like "Snack Busy" and "Wancheng Group" expected to increase their market penetration through mergers and acquisitions [12][17] - The strategy of expanding product categories to include daily necessities is aimed at enhancing consumer loyalty and increasing single-store revenue, positioning the snack retail sector for sustained growth [20][21]

Core Viewpoint - The earnings presentation of Kaiwang Technology for the fiscal year 2024 highlighted the company's focus on R&D investment and stable supply chain management, while addressing concerns about investment income and stock market fluctuations due to share unlocks [1][2][3][4]. R&D Investment - The company's R&D expenses account for 6.13% of sales revenue, indicating a commitment to maintaining a competitive edge in precision connection components and related fields [2]. - Kaiwang Technology plans to continue investing in R&D to meet customer demands and enhance product technology [2]. Investment Income - The investment income for 2024 was reported at 1,849,541.51 yuan, showing a decline compared to the previous period due to reduced idle fundraising amounts as projects progressed [2]. - The company aims to improve the investment yield of idle funds in the future [2]. Stock Market Concerns - The upcoming unlock of over 50 million shares is not expected to lead to significant stock price volatility, as the company emphasizes that unlocking does not equate to shareholder sell-offs [3]. - The company will adhere to disclosure obligations if any shareholders decide to reduce their holdings in the future [3]. Supply Chain Management - The procurement channels for key raw materials, such as copper and rubber, are currently stable, with long-term relationships established with suppliers [3]. - The company employs strategies like advance payments and monthly average pricing to mitigate risks associated with price fluctuations in raw materials [3]. Partnerships - Kaiwang Technology has been collaborating with Huawei for several years, primarily supplying waterproof components, although the overall sales volume remains small [4]. - The company also partners with Yushutech, supplying cables and precision cable components, with a low overall sales contribution [4].

中原证券股份有限公司 关于河南凯旺电子科技股份有限公司 首次公开发行股票并在创业板上市之保荐总结报告书 中原证券股份有限公司（以下简称"中原证券"或"保荐机构"）作为河南凯旺电 子科技股份有限公司（以下简称"凯旺科技"、"发行人"或"公司"）首次公开发行 股票并在创业板上市的保荐机构和持续督导机构，根据《证券发行上市保荐业务管理办 法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引 第13号——保荐业务》等有关规定，对凯旺科技的持续督导时间为该公司发行股票上市 当年剩余时间及其后3个完整的会计年度，凯旺科技股票于2021年12月23日起在深圳证 券交易所创业板挂牌上市，其持续督导期为2021年12月23日至2024年12月31日，现中原 证券对凯旺科技的持续督导期限已满，中原证券根据相关法律法规，出具本保荐总结报 告。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书及相关资料的内容不存在虚假记载、误导性陈述或重大遗漏， 保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）对保荐总结报告书相关事 ...

中原证券股份有限公司 关于河南凯旺电子科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐机构名称：中原证券股份有限公司 | 被保荐公司简称：凯旺科技 | | --- | --- | | 保荐代表人姓名：王二鹏 | 联系电话：0371-65585033 | | 保荐代表人姓名：武佩增 | 联系电话：0371-65585033 | 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数 | 0 次 | | 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制度、募集 资金管理制度、内控制度、内部审计制度、关 | 是 | | 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 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文 | 是 | | 件一致 | ...

Core Insights - The company reported a revenue of 596,087,604.82 yuan for 2024, marking a year-on-year increase of 9.12% [1][2] - However, the net profit attributable to shareholders was -93,452,916.59 yuan, a decline of 64.47% compared to the previous year [1][2] - The significant drop in net profit is attributed to rising operating costs and asset impairment losses [2] Financial Performance - Revenue Breakdown: The precision cable connection components business accounted for 100% of revenue, with security-related components generating 415,543,479.28 yuan (69.71% of total revenue) but showing a slight decline of 0.37% year-on-year [2] - Communication-related components saw a substantial increase of 24.57%, generating 137,997,367.66 yuan (23.15% of total revenue) [2] - The company experienced a net loss of -109,452,991.12 yuan when excluding non-recurring gains and losses, a 71.17% decline from the previous year [2] Cost and Expense Management - Operating costs rose to 589,240,230.25 yuan, an increase of 16.57%, outpacing revenue growth [2] - Sales expenses decreased by 5.35% to 13,981,214.37 yuan, indicating improved cost control [3] - Research and development expenses fell by 4.74% to 36,544,989.70 yuan, representing 6.13% of revenue, down from 7.02% the previous year [3] Cash Flow Analysis - Operating cash inflow totaled 763,096,892.50 yuan, a 47.38% increase, while cash outflow rose by 56.03% to 828,195,628.68 yuan [4] - The net cash flow from operating activities was -65,098,736.18 yuan, worsening from -13,004,901.36 yuan the previous year [4] - Investment activities resulted in a net cash outflow of -110,802,383.44 yuan, indicating significant expenditures on fixed and intangible assets [4] Management Compensation - The chairman and general manager received a pre-tax compensation of 435,200 yuan, while other executives received varying amounts [10] - The relationship between management compensation and company performance, especially in light of significant losses, warrants further scrutiny [10]

证券代码：301182 证券简称：凯旺科技 公告编号：2025-017 河南凯旺电子科技股份有限公司 （一）关联交易预计事项概述 根据公司日常经营的需要，公司预计2025年度可能与关联方新增日常关联交易具 体情况如下： 公司及下属子公司2025年度因日常生产经营需要，预计向关联方河南沈丘农村商 业银行股份有限公司（公司实际控制人陈海刚担任董事的公司）贷款不超过5,000.00 万元。 公司及下属子公司2025年度预计向河南沈丘农村商业银行股份有限公司存款并按 照规定收取存款利息，存款不超过10,000.00万元，利息以中国人民银行公布的存款基 准利率为基础并由双方协商确定。 关联方河南东源冶金材料有限公司（公司实际控制人陈海刚控制的公司）2025年 度预计向公司租赁房屋，金额预计36万元。 关联方深圳市凯鑫投资有限公司（公司实际控制人陈海刚控制的公司）2025年度 预计向公司下属公司深圳市凯旺电子有限公司租赁房屋，金额预计3.27万元。 关于公司2025年度日常关联交易预计的公告 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。 河南凯旺电子科技股份有限公司（以 ...

河南凯旺电子科技股份有限公司 2024 年度监事会工作报告 2024 年度，河南凯旺电子科技股份有限公司（以下简称"公司"）监事会全 体成员严格按照《证券法》、《公司法》、《深圳证券交易所创业板股票上市规则》 《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》等 法律法规及《公司章程》和《监事会议事规则》的有关规定，本着向全体股东负 责的态度，认真履行法律法规赋予的各项职权和义务，监事会成员参加了公司股 东大会，列席了董事会会议，对公司各项重大事项的决策程序、合规性进行了监 察，对公司财务状况和财务报告的编制进行了审查，对董事、高级管理人员履职 情况进行了监督，有效发挥了监事会职能。 现就 2024 年度监事会的主要工作情况报告如下： 一、 监事会会议召开情况 2024 年度，公司监事会共召开五次会议，会议的召集、召开和表决程序符 合《公司法》和《公司章程》的有关规定。具体情况如下： | 序号 | 会议届次 | 召开日期 | 决议内容 | | --- | --- | --- | --- | | | | | 《关于公司 2023 年度监事会工作报告的议案》 | | | | | 《关于续聘公 ...

证券代码：301182 证券简称：凯旺科技 公告编号：2025-018 河南凯旺电子科技股份有限公司 本次申请综合授信额度事项自公司 2024 年度股东大会审议通过之日起至 2025 年度 股东大会召开日止有效。根据《深圳证券交易所创业板股票上市规则》规定，陈海刚先 生、韩留才女士是公司关联自然人，上述担保事项构成关联交易，但不构成《上市公司 重大资产重组管理办法》规定的重大资产重组，无需经过有关部门批准。 二、关联方基本情况 陈海刚先生及韩留才女士系夫妻关系，二者直接和间接持有公司 48.66%股份，为 公司实际控制人。 陈海刚先生为公司实际控制人，现任公司董事长，中国国籍，无境外永久居留权。 截至本公告日陈海刚先生直接和间接持有公司 2725 万股，持股比例为 28.44%。陈海刚 先生不是失信被执行人。 关于公司及子公司 2025 年度向金融机构申请综合授信额度及接受关联方 担保暨关联交易的公告 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。 河南凯旺电子科技股份有限公司（以下称"公司"）于 2025 年 4 月 22 日召开第三届 董事会第十三次会议、 ...

河南凯旺电子科技股份有限公司 2024 年度董事会工作报告 2024年度，河南凯旺电子科技股份有限公司（以下简称"公司"）董事会全体成员严 格按照《公司法》、《证券法》、《深圳证券交易所创业板股票上市规则》、《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》等法律法规及《公司章程》的 规定，本着对公司和全体股东负责的态度，切实履行股东大会赋予的董事会职责，勤勉尽责 地开展董事会各项工作，不断健全和完善公司法人治理结构。 现将董事会2024年度主要工作情况汇报如下: 二、董事会工作情况 1、本年度董事会召开情况 2024年度，公司董事会严格按照相关法律法规和《公司章程》、《公司董事会议事规 则》等有关规定，召集、召开董事会会议，对公司各类重大事项进行审议和决策，全年共召 开5次董事会会议。具体情况如下： | 序号 | 会议名称 | 召开时间 | 审议事项 | | --- | --- | --- | --- | | 1 | 第三届董事会 | 2024年4月25 | 1、《关于公司<2023年年度报告>及其摘要的议案》 | | | 第八次会议 | 日 | 2、《关于公司2023年度董事会工作报告 ...

证券代码：301182 证券简称：凯旺科技 公告编号：2025-027 河南凯旺电子科技股份有限公司 关于增加公司经营场所及修订《公司章程》的公告 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。 河南凯旺电子科技股份有限公司（以下简称公司）于 2025 年 4 月 22 日召开第三 届董事会第十三次、第三届监事会第十三次会议审议通过了《关于增加公司经营场所 及修订<公司章程>的议案》。 一、 增加经营场所情况 为满足公司经营发展需要，结合当前实际情况，公司拟增加以下经营场所， 具体地址 为：沈丘县沙北产业集聚区。 二、 《公司章程》本次修订内容具体如下 鉴于公司拟增加经营场所的相关情况，根据《公司法》《上市公司章程指引》 《深圳 证券交易所创业板股票上市规则》《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》等法律法规、规范性文件的规定，拟对 《河南凯旺电子科技股份 有限公司章程》（以下简称"公司章程"）中的相关条款进行修订。具体修订内容如下： | 序号 | 修订前 | | 修订后 | | --- | --- | --- | --- ...