Market Outlook - The global electric tool market is expected to maintain a compound annual growth rate (CAGR) of 4.2% from 2020 to 2027, reaching approximately $40.9 billion by 2027 [3] - In 2024, the domestic electric tool export value reached $9.758 billion, with a year-on-year increase of 21.00% [3] Company Performance - In 2024, the company achieved operating revenue of ¥837.0382 million, a year-on-year increase of 42.77%, and a net profit attributable to shareholders of ¥70.3879 million, up 36.92% [7] - The company's gross profit margin declined in Q1 due to low-price strategies adopted by some customers, impacting overall profit levels [4] R&D and Innovation - In 2024, the company developed 132 new products across 21 categories, with 25 ready for mass production and 58 in trial production [8] - The company invested ¥22.3064 million in R&D in 2024, a year-on-year increase of 7.27% [5] Strategic Initiatives - The company plans to enhance its market share in the electric tool sector by increasing R&D investment and developing differentiated, high-value products [6] - A new overseas production base in Vietnam is expected to produce 800,000 electric tools annually, with trial production completed in March 2025 [6] Market Challenges - The company faced a 6.68% year-on-year decline in revenue in Q1, attributed to normal fluctuations in the market [9] - The company is addressing potential risks from international trade tensions and plans to strengthen its presence in traditional and new markets [6]

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 | | | | 是 | | 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 | 每月一次 | | （2）公司募集资金项目进展是否与信息披 | 是 | | 露文件一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 未列席，已阅会议文件 | | （2）列席公司董事会次数 | 未列席，已阅会议文件 | | （3）列席公司监事会次数 | 未列席，已阅会议文件 | | 5.现场检查情况 | | | （1）现场检查次数 | 1 次 | 1 | 项目 | 工作内容 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, indicating potential challenges in its financial performance while showing a significant increase in cash flow from operating activities [1][2][18]. Financial Performance - The company achieved total revenue of 154 million yuan, a year-on-year decrease of 6.68% [1][2]. - The net profit attributable to shareholders was 2.29 million yuan, down 87.47% year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses was 0.69 million yuan, a decline of 96.10% compared to the previous year [1][2]. - Operating cash flow net amount was 35.17 million yuan, an increase of 432.16% year-on-year [1][22]. - Basic earnings per share were 0.02 yuan, down from 0.18 yuan in the same period last year [1][2]. Profitability Metrics - The weighted average return on equity was 0.33%, a decrease of 2.38 percentage points year-on-year [1][18]. - The return on invested capital for Q1 2025 was 0.03%, down 2.39 percentage points from the previous year [18]. Asset and Liability Changes - Total assets at the end of Q1 2025 were approximately 897 million yuan, down from 947 million yuan at the end of the previous year [2][29]. - Accounts receivable decreased by 43.7%, and cash and cash equivalents increased by 7.59% compared to the previous year [29]. - The current ratio was 3.82, and the quick ratio was 3.08, indicating strong liquidity [35]. Shareholder Changes - New shareholders included Goldman Sachs, J.P. Morgan Securities, and Barclays Bank, replacing previous shareholders [38]. - The largest shareholder, Jinhua Xianhe Investment Partnership, held 7.5% of the total shares, remaining unchanged [38].

4月29日，开创电气（301448.SZ）发布了其第一季度财务报告。报告显示，公司实现营业收入1.54亿 元，较去年同期减少了6.68%；利润总额和归母净利润分别达到了0.03亿元和0.02亿元，同比大幅下降 了83.43%和87.47%。尽管短期内业绩表现不佳，但这些变化背后隐藏着公司长期战略调整的深意。 开创电气一直致力于电动工具整机及核心零部件的研发、生产、销售，并在国际市场中享有广泛认可。 为了进一步扩大市场份额，公司近年来加大了对新品类和新市场的开拓力度。2024年，公司新增加锂电 园林开发团队和优品开发团队，同时新设立了国内市场销售公司。此外，公司在全球范围内积极推广自 有品牌产品，特别是在北美、欧洲通过跨境电商渠道进行销售。然而，这一系列举措也带来了研发费用 和营销费用的显著增加，报告期内，公司研发费用同比增长了50.12%，达到567.57万元。 与此同时，由于个别客户个别订单采取了非常态化的低价策略，造成公司毛利率受到了一定程度的影 响，导致了整体利润水平的下滑。 值得注意的是，公司2024年实施的股权激励计划也在本报告期内产生了约200万元的成本分摊，这对短 期盈利能力造成了额外的压力。 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥153,548,083.42, a decrease of 6.68% compared to ¥164,530,616.88 in the same period last year[5] - The net profit attributable to shareholders was ¥2,292,427.64, representing a significant decline of 87.47% from ¥18,288,365.72 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥686,937.74, down 96.10% from ¥17,600,578.12 in the previous year[5] - Total operating revenue decreased to ¥153,548,083.42 from ¥164,530,616.88, representing a decline of approximately 6.0% year-over-year[24] - Net profit fell to ¥2,045,667.87 compared to ¥17,618,158.84 in the previous period, a decrease of approximately 88.4%[25] - Operating profit decreased significantly to ¥3,482,415.47 from ¥21,018,390.54, reflecting a decline of about 83.4%[25] - The company reported a total comprehensive income of ¥2,105,192.57, down from ¥18,705,496.62 in the previous period, a decrease of approximately 88.8%[26] - Basic and diluted earnings per share decreased to ¥0.02 from ¥0.18, reflecting a decline of approximately 88.9%[26] Cash Flow and Assets - The net cash flow from operating activities increased by 432.16% to ¥35,168,230.93, compared to ¥6,608,567.74 in the same period last year[5] - Cash flow from operating activities improved to ¥35,168,230.93 from ¥6,608,567.74, indicating a significant increase[29] - Cash and cash equivalents at the end of the period totaled ¥302,431,397.14, up from ¥499,050,297.75 at the end of the previous period[30] - The company's cash and cash equivalents increased to ¥302,431,397.14 from ¥281,103,026.60, reflecting a growth of approximately 4.7%[18] - Total assets at the end of the reporting period were ¥897,253,979.67, a decrease of 5.29% from ¥947,359,592.74 at the end of the previous year[5] - The company's total assets decreased from ¥947,359,592.74 to ¥897,253,979.67, a decline of approximately 5.3%[22] Liabilities and Equity - Total liabilities decreased from ¥250,209,600.60 to ¥194,729,966.89, a reduction of about 22.2%[21] - The company's equity attributable to shareholders increased slightly by 0.78% to ¥709,510,693.55 from ¥704,051,600.95 at the end of the previous year[5] - The equity attributable to the parent company increased from ¥704,051,600.95 to ¥709,510,693.55, reflecting a growth of about 0.6%[22] - The company reported a significant decrease in accounts payable from ¥200,701,006.48 to ¥148,228,257.91, a reduction of approximately 26.1%[20] Investments and Expenses - Research and development expenses rose by 50.12% to ¥567.57 million, reflecting increased investment in new product development[10] - Research and development expenses rose to ¥5,675,729.07 from ¥3,780,853.70, an increase of approximately 50.1% year-over-year[25] - The company reported a significant increase in investment income of 1,270.13%, amounting to ¥37.21 million, due to higher financial returns[10] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 8,436, with the largest shareholder holding 29.21% of the shares[13] Strategic Initiatives - The company has implemented a "Quality Return Dual Improvement" action plan to enhance sustainable development and investor confidence[16] - The company aims to focus on core business and enhance innovation to improve competitiveness[16] - The company plans to enhance information disclosure quality to effectively communicate investment value[16]

Core Viewpoint - In 2024, Kaichuang Electric (301448.SZ) reported significant growth in revenue and net profit, outperforming the overall electric tool industry, indicating strong market competitiveness [1] Financial Performance - The company achieved operating revenue of 837.04 million yuan, a year-on-year increase of 42.77% - Net profit attributable to shareholders reached 70.39 million yuan, up 36.92% - Total assets amounted to 947.36 million yuan, with net assets attributable to shareholders at 704.05 million yuan [1] Market Position and Strategy - Kaichuang Electric focuses on the R&D, production, sales, and trade of electric tools and core components, with products primarily sold in North America and Europe - The company has established long-term partnerships with renowned international tool and building material chains, enhancing its market presence [1] - The company is recognized as a leading domestic electric tool manufacturer, gradually building a strong brand reputation through quality control, product innovation, and channel development [1] E-commerce and Product Development - The company began its e-commerce initiatives in 2018, resulting in a 58.64% year-on-year increase in online sales revenue in 2024 - The company has developed 50 new lithium battery electric tool products, with 17 ready for mass production, receiving recognition from major clients [2] - Lithium battery electric tool sales revenue surged by 93.94% [2] Export and Market Demand - In 2024, domestic electric tool exports reached 9.758 billion USD, a year-on-year increase of 21% - Sales to key clients, such as Harbor Freight Tools and KINCROMEAUSTRALIAPTYLTD, saw significant growth, with increases of 50.19% and 424.34% respectively [3] - The company is recognized as a "little giant" enterprise and a champion in manufacturing, focusing on integrating production, education, research, and application [3] R&D and Intellectual Property - In 2024, the company invested 22.31 million yuan in R&D, a 7.27% increase, and developed 132 new products across 21 categories [3] - The company applied for 43 new patents in 2024, including 14 invention patents and 2 overseas patents, enhancing its intellectual property portfolio [4] Production and Global Expansion - The company has established a production base in Jinhua with a capacity of 4.2 million electric tools and is building a new base for lithium electric tools, expected to significantly enhance supply capabilities [5] - An overseas production base in Vietnam is under construction, with a planned capacity of 800,000 tools per year, aimed at diversifying market risks and improving supply assurance [5] Profit Distribution and Future Outlook - The company has a profit distribution policy, with a total cash dividend of 34.32 million yuan expected for 2024, accounting for 48.76% of net profit [6] - The company plans to accelerate the construction of the Vietnam project and focus on technology innovation and new market opportunities to navigate external uncertainties [6]

浙江开创电气股份有限公司 审计报告及财务报表 二○二四年度 浙江开创电气股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-4 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-84 | 审 计 报 告 信会师报字[2025]第 ZF10394 号 浙江开创电气股份有限公司全体股东： 一、 审计意见 我们审计了浙江开创电气股份有限公司（以下简称开创电气）财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制 ...

Core Viewpoint - Kaichuang Electric reported strong financial performance for 2024, with significant growth in revenue and net profit, indicating a robust market position and operational efficiency [2][3]. Financial Performance - In 2024, Kaichuang Electric achieved operating revenue of 837 million yuan, a year-on-year increase of 42.77% [2]. - The company recorded a net profit attributable to shareholders of 70.39 million yuan, up 36.92% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 63.01 million yuan, reflecting a 30.92% increase compared to the previous year [2]. Product Development and Market Expansion - In the lithium battery tool sector, Kaichuang Electric developed 50 new lithium electric tools, with 17 ready for mass production, receiving recognition from clients like Bosch and Harbor Freight Tools [3]. - The sales revenue from lithium electric tools surged by 93.94% year-on-year [3]. - The company’s overseas revenue reached 769 million yuan, marking a 45.54% increase [3]. R&D and Innovation - Kaichuang Electric invested 22.31 million yuan in R&D in 2024, a 7.27% increase from the previous year [4]. - The company developed 132 new products across 21 categories, with 25 ready for mass production and 58 in trial production [4]. - The company holds 164 patents, including 8 invention patents, showcasing its commitment to innovation [4]. Cash Dividend Policy - For 2024, Kaichuang Electric plans to distribute a cash dividend of 2.10 yuan per 10 shares, totaling 21.84 million yuan, with a cash dividend payout ratio of 48.76% [4]. Future Development Strategy - The company aims to increase investment in electric tool R&D, enhance market share in Europe and the US, expand domestic markets, and develop overseas markets under the "Belt and Road" initiative [4].

浙江开创电气股份有限公司 内部控制审计报告 信会师报字[2025]第 ZF10395 号 浙江开创电气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，我们审计了浙江开创电气股份有限公司（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 内部控制审计报告 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。 2024 年度 内部控制审计报告 第 1 页 （特殊普通合伙） 立信会计师事务所 中国注册会计师：姚丽强 中国注册会计师：洪诚琦 中国·上海 二〇二五年四月二十二日 内部控制审计报告 第 2 页 四、 财务报告内部控制审计意见 我们认为，贵公司于 2024 年 12 月 31 日按照《企业内部控制基 本规范》和相关规定在所有重大方面保持了有效的财务报告内 ...

浙江开创电气股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 2024 年度 关于浙江开创电气股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZF10397 号 浙江开创电气股份有限公司全体股东： 我们审计了浙江开创电气股份有限公司(以下简称"开创电 气")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2025 年 4 月 22 日出具了报告号为信会师报字[2025]第 ZF10394 号的 无保留意见审计报告。 开创电气管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会公 告〔2022〕26 号）和《深圳证券交易所创业板上市公司自律监管指 南第 1 号——业务办理》的相关规定编制了后附的 2024 年度非经营 性资金占用及其他关联资金往来情况汇总表（以下简称"汇总表"）。 为了更好地理解开创电气 2024 年度非经营性资金占用及其 ...