Leedarson IoT(SH:605365) Dong Jian Yan Bao·2025-10-30 13:25Group 1: General Information - The research object is LIDAXIN, belonging to the home appliance industry, and the reception time is October 30, 2025. The listed company's reception staff includes the chairman and general manager Li Jianghuai, the deputy general manager, financial director, and board secretary Xia Chengliang, and the independent director Zhuang Ying [17] - All investors can participate through online interactive means [20] Group 2: Key Insights from Q&A R & D Investment - The company adjusted its business layout and optimized the R & D base layout, reducing R & D site rental costs. It also focused resources to optimize R & D efficiency and management. In the first three quarters of 2025, the R & D expense ratio decreased, but the total R & D expense was 239 million yuan, and it will continue to maintain high - intensity R & D investment [24] - The company has a multi - level and systematic R & D innovation system, setting R & D goals according to short, medium, and long - term strategic development needs to enhance core competitiveness. It will adhere to the "dual - main business of brand and OEM, dual - cycle at home and abroad" strategy, focusing on lighting and IoT [26] Incentive Mechanisms - The company attaches great importance to股权激励 and will introduce long - term incentive mechanisms according to business conditions and regulatory policies [24] - In terms of encouraging R & D personnel innovation, the company has R & D project reward systems, holds innovation competitions and 1024 Engineer Culture Festival, and values the evaluation and promotion of R & D personnel with great value contributions [25] Cost Reduction and Efficiency Increase - In the first three quarters of 2025, the company expanded the production capacity of the Thailand base to optimize the global supply chain and improve production efficiency. The total of management, sales, and R & D expenses decreased by 1.44% year - on - year, achieving stable and slight revenue growth [25] Market Position and Competition - In the first three quarters of 2025, the company's cumulative operating income was 4.947 billion yuan, a year - on - year increase of 0.13%, indicating good competitiveness. However, due to intensified industry competition, the gross profit margin decreased in the first three quarters [25] - The company has competitive advantages such as R & D innovation, global service, and manufacturing capabilities. It will continue to focus on lighting and IoT, deepen the global strategic layout, and enhance product competitiveness [27] Cash Flow and Financial Strategy - The company will optimize the debt structure, reduce financial costs, revitalize existing assets, strengthen production organization, sales, inventory and accounts receivable turnover, and cost control to improve operating cash flow [28] Performance Fluctuation - The company's performance fluctuations are mainly affected by US tariff policies, weak market demand, intensified industry competition, and rising costs in the expansion of the Thailand production base. In the long run, the globalization layout may bring cost control challenges, but the stable operation of the Thailand base will enhance the company's ability to cope with international trade risks [27][28]