渠道变革见成效：飞骧科技单经销商贡献大幅提升

Core Insights - The channel optimization strategy implemented by the company in 2024 has shown significant results, with a reduction in the number of distributors from 39 to 32, while the average revenue per distributor surged from over 25 million to 73 million, leading to a 140% increase in total revenue to 2.458 billion [1] Group 1: Channel Optimization Strategy - The channel optimization began in 2022, establishing a strict distributor admission mechanism and dynamic evaluation system focusing on financial strength, technical support, and after-sales service capabilities [3] - Over three years, the company eliminated 7 distributors with weak payment capabilities and low cooperation stickiness, concentrating resources on high-quality partners [3] - Despite an 18% reduction in the number of distributors, sales and distribution expenses only slightly increased from 52.42 million to 55.61 million, resulting in a 138% improvement in channel input-output ratio [3] Group 2: Key Client Strategy - The deep implementation of a major client strategy has been crucial to the success of channel optimization, with the revenue share from the top five clients increasing from 73.8% in 2022 to 79.7% in the first five months of 2025 [3] - These high-quality clients not only provide stable orders but also possess strong technical collaboration and product development capabilities, driving product innovation and upgrades [3] Group 3: Cash Flow Improvement - The company's net cash flow from operating activities improved significantly, narrowing from a negative 650 million in 2021 to a negative 180 million in 2024 [4] - This improvement is attributed to increasing operating income, enhanced operational efficiency, a customer credit rating system for better risk control, and regular reviews to ensure normal collection of accounts receivable [4] Group 4: Future Outlook - The company plans to continue deepening its channel optimization strategy to further enhance channel efficiency and quality [6] - The upcoming listing on the Hong Kong stock market will provide an opportunity to strengthen cooperation with international major clients and promote continuous growth in global market share [6]