Group 1: Report Summary - Report industry: Special Equipment [2] - Research target: Jikai Co., Ltd. [16] - Reception time: April 28, 2025 [16] - Company representatives: Chairman Feng Fan, Independent Director Xu Chaozhi, Financial Officer Qiao Guicai, and Board Secretary Tian Jiying [16] Group 2: Research Institutions - Types of institutions: Investors participating in Jikai Co., Ltd.'s 2024 annual online performance briefing via Panorama Network [19] Group 3: Main Content R & D Investment - In 2024, the R & D investment accounted for 5.47% of the operating income. The company will continue to increase R & D investment to build core competitiveness [23] Business Expansion - The company will maintain and consolidate old markets, develop new markets, expand cooperation with high - quality new customers, improve sales models, and strengthen international market research [24] Subsidiary Performance - With the increasing demand for intelligent mining equipment, the company will focus on the coal machinery manufacturing business, maintain stable development, and improve management efficiency [25] Shareholder Information - As of April 18, 2025, the number of shareholders was 26,207 [25] Tariff Impact - From 2024 to the end of the first quarter of 2025, the company had no direct exports to the US, so the US tariff increase had no impact on its production and operation [26] Profit Improvement - The company will expand the market, promote products, accelerate new product R & D, implement cost - reduction and efficiency - improvement measures, and explore new business growth points [27][29] Repurchase Plan - As of now, the company has no share repurchase plan [27] Q1 2025 Financials - In Q1 2025, the company achieved operating income of 53.946 million yuan and a net profit attributable to shareholders of - 16.3909 million yuan [28] 2024 Financials - In 2024, the company's operating income was 382.6878 million yuan, a year - on - year increase of 13.62%. The main business income was 374.419 million yuan, a year - on - year increase of 14.44%. The total profit was - 5.6644 million yuan, a year - on - year increase of 13.45%. The net profit attributable to shareholders was - 1.8044 million yuan, a year - on - year increase of 1.12% [29] ST Risk - The company's production and operation are normal, and there is no risk of being labeled as ST [30] Industry Outlook - Refer to the "Company's Future Development Prospects" section in the 2024 annual report [32]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 53.946 million yuan, with a net profit attributable to shareholders of -16.3909 million yuan [6] - For the year 2024, the company reported total revenue of 382.6878 million yuan, a year-on-year increase of 13.62%, with main business revenue increasing by 14.44% to 374.4190 million yuan [10] - The total profit for 2024 was -5.6644 million yuan, showing a year-on-year improvement of 13.45%, while the net profit attributable to shareholders was -1.8044 million yuan, an increase of 1.12% year-on-year [10] Group 2: Research and Development - The company's R&D investment accounted for 5.47% of its revenue in 2024, with plans to further increase this investment to enhance technological innovation and product upgrades [2] - The company employs a tiered R&D model focusing on production, improvement, development, and reserve of new products to maintain advanced product development [2] Group 3: Market Expansion and Strategy - The company aims to consolidate existing markets while accelerating the development of new markets and strategic partnerships with quality new clients [3] - There is a focus on enhancing international market research and expanding export business to ensure stable growth [3] - The company is committed to improving market share through increased product promotion and diversification of product sales [7] Group 4: Shareholder Information - As of April 18, 2025, the number of shareholders was 26,207 [4] - Currently, there are no plans for share repurchase, but the company will comply with disclosure obligations if such plans arise in the future [5] Group 5: Impact of External Factors - The company has no direct exports to the U.S., thus the recent tariff increases have no immediate impact on its operations [4] - The company is monitoring international trade policy changes closely [4] Group 6: Industry Outlook - The company is optimistic about the future demand for intelligent mining equipment and systems due to increasing efficiency and safety requirements in coal mining [3] - The overall industry performance data is currently unknown, but the company remains focused on maintaining normal operations without ST risk warnings [8]

Core Insights - Guizhou Moutai has reported impressive financial results for 2024, achieving total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit of 86.23 billion yuan, up 15.38% from the previous year, showcasing its market dominance in the liquor industry [1][2][12] - The company plans to distribute a record cash dividend of 276.24 yuan per 10 shares, totaling 34.67 billion yuan, reflecting its strong financial health and commitment to shareholder returns [1][10] Financial Performance - Total revenue for 2024 reached 174.14 billion yuan, a 15.66% increase compared to the previous year [1][2] - Net profit attributable to shareholders was 86.23 billion yuan, marking a 15.38% growth year-on-year [1][2] - Operating cash flow net amount was 92.46 billion yuan, up 38.85% from the previous year, indicating robust cash generation capabilities [10][11] Production and Sales Strategy - Moutai optimized its production capacity, producing approximately 56,272 tons of Moutai liquor, a slight decrease of 1.63%, while sales volume increased by 10.22% to 46,413 tons [4][5] - The production of Moutai liquor reached 104,400 tons, a 4.24% increase, with sales volume growing by 13.73% to 83,300 tons, demonstrating effective volume-price balance strategies [4][5] Product and Market Development - Moutai's premium liquor segment generated over 120.78 billion yuan in revenue, a 16.95% increase, reinforcing its status as a high-end liquor "hard currency" [5] - The Moutai series liquor revenue reached 24.68 billion yuan, up 19.65%, contributing to 14.47% of total revenue, driven by targeted marketing strategies [5][6] Channel Strategy and International Expansion - The company implemented a dual-channel strategy of wholesale and direct sales, with wholesale revenue increasing by 19.73% and direct sales by 11.32%, enhancing profit margins [7][8] - International sales reached 5.19 billion yuan, a 19.27% increase, indicating successful global market penetration and brand recognition [9] Shareholder Returns and Financial Health - Moutai's total cash dividends for 2024 are projected to reach 64.7 billion yuan, with a commitment to maintain a cash dividend ratio of no less than 75% of net profit for the next three years [10][11] - The company initiated its first share buyback since listing, with a maximum amount of 6 billion yuan, reflecting confidence in future growth [10][11] Industry Position and Future Outlook - Moutai's performance during a challenging industry period highlights its resilience and ability to navigate market fluctuations [3][12] - The company plans to focus on consolidating its core business, green development, digital innovation, and brand culture to enhance long-term competitiveness [12]

Market Size - The electric two-wheeler industry is expected to experience double-digit growth in sales in 2025, with an average price increase of approximately 3% due to national subsidies [1] - Historical trends show rapid growth from 2005 to 2013, a decline from 2014 to 2019, and a recovery from 2019 to 2023, driven by increasing ownership and the introduction of the new national standard in 2019 [1] - The 2025 national subsidy policy for trade-ins is anticipated to further stimulate demand, especially in provinces with room for increased subsidy levels compared to Zhejiang, Jiangsu, and Hubei [1] Competitive Landscape - The industry is becoming increasingly concentrated, with leading brands benefiting from product definition and technological innovation [2] - Yadea has significantly increased its market share by correctly identifying consumer demand for mid-to-high-end products and expanding its sales network [2] - The first tier of brands includes Jike, Niu, and Ninebot, while the second tier includes Aima and Yadea, and the third tier includes Luyuan and New Day [2] Profitability - The industry is expected to raise prices and improve profit margins in response to the new national standard and new models, benefiting all companies [3] - Yadea and Aima, with high market shares, are likely to see greater performance improvements from enhancing profitability rather than merely increasing market size [3] - The industry is focusing on product upgrades to boost gross margins in the short term, while long-term profitability will be enhanced through channel reforms [3]