weizhixiang(SH:605089) Dong Jian Yan Bao·2025-05-30 15:18Report Summary 1. Reported Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The company's profit growth in Q1 2025 was higher than revenue growth due to increased gross margin, reduced asset impairment losses in heat pump products, and increased exchange gains [22]. - The company will maintain growth through product R & D innovation, expanding new products and applications, increasing market penetration, and optimizing supply - chain management [22]. - The company will focus on its main business, operate steadily, and consider M & A projects that match its development strategy [24]. 3. Summary by Related Catalogs 3.1. Research Basic Situation - The research object is Rewei Co., Ltd., and the reception time was May 30, 2025. The reception staff included Director and Board Secretary Zhang Liang and Securities Affairs Representative Bian Huan [17]. 3.2. Detailed Research Institutions - The reception object was Song Wei from Zheshang Securities, a securities company [20]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - Profit - revenue growth difference: In Q1 2025, profit growth was higher than revenue growth because of increased gross margin, reduced asset impairment losses in heat pump products, and increased exchange gains [22]. - Business of Rewei Medical: Rewei Medical, a wholly - owned subsidiary, is engaged in R & D, production, and sales of medical heating products [22]. - Maintaining growth: In 2024, the company's three major business segments (household appliances, new energy vehicle, and industrial heating elements) grew steadily. The company will maintain growth through R & D innovation, expanding new products and applications, increasing market penetration, and optimizing supply - chain management [22]. - Thailand base: In 2018, the company established Rewei Electric Heating Technology (Thailand) Co., Ltd., and in 2023, Rewei Auto Parts (Thailand) Co., Ltd. They produce household and automotive heating elements for Southeast Asian and US markets [22]. - Employee incentives: In 2024, the company implemented the first - phase restricted stock incentive plan and will use capital market tools in the future to motivate employees [22]. - M & A consideration: The company focuses on its main business, operates steadily, and will consider M & A projects that match its development strategy [24].