经销收入去年为何逆袭？“人形机器人”概念股浙海德曼回复交易所问询

Core Viewpoint - The company Zhejiang Haideman (SH688577) has received regulatory inquiries due to the unusual gross margin and revenue of its distribution model in 2024, which exceeded that of its direct sales model [2] Group 1: Revenue and Profitability - In 2024, Zhejiang Haideman achieved a revenue of 765 million yuan, representing a year-on-year increase of 15.31% [3] - Revenue from the distribution model reached 385 million yuan, growing by 19.53%, and accounted for 50.39% of total revenue, surpassing direct sales revenue [3] - The gross margin of the distribution model is higher than that of the direct sales model, contributing to the overall increase in profitability [2][3] Group 2: Changes in Sales Model - The shift from a primarily direct sales model to a distribution model has drawn regulatory attention, as the company was primarily direct sales-focused at the time of its IPO in 2020 [3] - The company explained that end customers prefer purchasing through distributors due to advantages in customer demand exploration, sample demonstrations, and after-sales service [3] - Distributors can offer price advantages through bulk purchases, which helps end customers save costs [3] Group 3: Customer Relationships - By the end of 2024, only 2 out of the top 5 direct sales customers from 2019 continued to cooperate, with the remaining 3 having sufficient capacity from previous purchases, leading to a significant decline in transaction volume [4] - The company confirmed that there is no practice of prematurely recognizing revenue or engaging in year-end revenue recognition spikes [5][6] Group 4: International Trade and Market Trends - The company reported that 100% of the payment from the top five foreign customers was received, although some large foreign customers had delayed payments due to external trade environment changes [6] - The company is actively involved in the humanoid robot sector, providing core components suitable for turning processing, and has developed customized solutions to address industry-specific challenges [6]