FLYCO(SH:603868) Dong Jian Yan Bao·2025-06-18 13:56Group 1: Report Overview - The report is about a research on Feike Electric in the household appliance industry on June 18, 2025 [1][2][17] Group 2: Research Participants - The research was participated by investors and other institutions [2] Group 3: Company Representatives - The company's representatives include Chairman and President Li Gaiteng, Independent Director Lin Zhenxing, Financial Controller Hu Ying, and Board Secretary Guo Jiaguang [17] Group 4: Key Questions and Answers - Dividend Policy: The company has always implemented a stable and active cash - dividend policy to ensure the basic interests of all shareholders [24][25] - Production Model: In 2024, the proportion of outsourced production in the total production volume was 36.97% [25] - Sales Structure: In 2024, the sales proportion of mid - to high - end products reached 60.78%, a 9.83 - percentage - point increase from the previous year [26] - Overseas Market: In 2024, the company actively promoted overseas market layout, focusing on emerging markets such as Southeast Asia, Africa, and the Middle East, and continued to seek M&A and cooperation opportunities [26] - Financial Performance: In Q1 2025, the gross profit margin was 56.21% and the net profit margin was 15.64%, with a significant quarter - on - quarter increase [26] - Competition: The company improves competitiveness through R & D innovation, brand operation, and marketing management, and has developed many leading products [27] - Performance Decline: The performance in 2024 was under great pressure due to the dual - brand strategy adjustment and changes in the consumption environment, and the company will work to improve performance [28]