证券代码： 300500 证券简称：启迪设计 启迪设计集团股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | 新闻发布会 路演活动 □ □ | | | 现场参观 □ | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 4 月 30 日 (周三) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长查金荣 | | 员姓名 | 2、董事、总经理张斌 | | | 3、董事、副总经理、董事会秘书胡旭明 | | | 4、财务总监朱江川 | | | 5、独立董事郭龙华 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司员工中技术人员占比高达 89.4%，请问公司在技术 | ...

Group 1: Company Performance and Market Outlook - In April 2025, the company observed some impact from tariffs but deemed it minor, with further observation needed for May and June [1] - The company's Q1 2025 performance was driven by strong domestic GDP growth, consumer stimulus policies, and a rapid recovery in the lithium battery industry [1] - The 2024 gross margin for the general automation business is expected to decline by approximately 2 percentage points due to product structure changes [2] - The 2025 target for the general automation business is set between 10% to 30% [2] Group 2: Product Strategy and Development - The company is focusing on high-efficiency motors, large-load six-axis robots, and electromagnetic valves as part of its new product strategy [2] - The company aims to enhance its capabilities in digitalization and large PLCs to support the process industry [3] - The IFA industrial software platform is highlighted as a significant development, integrating IT and OT [10] Group 3: Market Expansion and Competition - The company plans to expand its presence in the process industry, expecting growth to exceed that of the general automation sector [4] - To compete with foreign brands, the company emphasizes high internal operational efficiency and customized solutions for specific industries [5] - The company is targeting both developed markets (Europe, USA) and emerging markets (Korea, Vietnam, India) for international expansion [9] Group 4: Future Investments and Innovations - The company views humanoid robots as a long-term investment opportunity, with a market realization expected in three years [12] - Investment in humanoid robotics will focus on core components and customized solutions based on client needs [13] - The Nanjing production base has been launched with a planned capacity of 400,000 units of industrial robots and precision machinery [14] Group 5: Financial Performance and Cash Flow - The company set a profit target for 2025 between 5% to 25%, considering external uncertainties [14] - Positive cash flow in 2024 and Q1 2025 is attributed to effective bill collection strategies [14]

Core Viewpoint - The company is actively ramping up production of strategic products such as AI intelligent high-speed copper cables and Ethernet 6A/7 category data cables during the May Day holiday to ensure high-quality achievement of second-quarter targets [1][2]. Group 1: Production and Capacity - The company has achieved a cumulative production order of 85,000 kilometers by the end of April, driven by a surge in market demand for data copper cables [1]. - The company has made significant breakthroughs in production capacity for intelligent high-speed copper cables, achieving a stable daily output of 500 kilometers, with an expected target of 1,000 kilometers by the end of the second quarter [2]. - The company completed the expansion and renovation of eight production lines in 2024, achieving an annual production capacity of one million high-performance data cables [2]. Group 2: Financial Performance - In the first quarter of 2025, the company reported operating revenue of 184 million yuan, a year-on-year increase of 7.26%, and a net profit attributable to shareholders of 6.26 million yuan, up 68.79% year-on-year [1]. - The company's net profit margin improved by 1.22 percentage points to 3.59% compared to the same period last year [1]. Group 3: Market Position and Strategy - The company has established strategic cooperation agreements with numerous clients, with orders extending into the second half of 2025 [2]. - The company is closely following market trends and actively developing high-speed, high-capacity data cable products to meet the increasing demands in data centers, industrial automation, and smart cities [2][3]. - The company's comprehensive approach to capacity expansion, technological research and development, and market expansion has built a competitive advantage in the domestic data cable sector [3].

Core Insights - The company achieved a total revenue of 3.558 billion yuan in 2024, representing a year-on-year growth of 31.79%, with a net profit of 192 million yuan, up 20.50% [1] - Despite a modest increase of 2.01% in non-recurring net profit, significant advancements in cross-border e-commerce, international logistics, and healthcare sectors provided strong support for overall performance [1] Cross-Border E-Commerce Growth - The cross-border e-commerce logistics sector saw explosive growth, generating revenue of 1.698 billion yuan, a staggering increase of 1922.83% [4] - This remarkable growth was driven by the company's strategic expansion into international freight routes to Europe, the UK, and the US, as well as establishing high-standard warehousing facilities along the Belt and Road Initiative [4] - However, the profitability in this sector remains a concern, as the non-recurring net profit only grew by 2.01%, indicating a need for improved cost control and operational efficiency [4] Healthcare and Consumer Food Segments - In the healthcare sector, the company expanded its medical global center warehouse business, achieving revenue of 162 million yuan, a growth of 16.34% [5] - The growth in healthcare is steady but slower, suggesting further market expansion is necessary [5] - The consumer food segment performed strongly, with revenue reaching 370 million yuan, up 59.23%, as the company successfully developed local product export projects and built a national center warehouse for high-end imported wine [6] Digitalization and Globalization Strategy - The company made significant strides in digitalization and globalization, being one of the first AEO-certified enterprises, and implementing an AI-driven digital customs service platform [7] - The total operational warehouse area has exceeded 250,000 square meters, which is expected to reduce external leasing costs and improve operational quality [7] - The company is also focusing on building a cross-border multimodal transport product to enhance transportation efficiency and optimize costs, aiming to create a rapid freight logistics network covering Europe, North America, and Southeast Asia [7] Future Challenges - Despite the impressive achievements in 2024, the company faces challenges in balancing high investments in cross-border e-commerce with low profitability, as well as the slower growth in the healthcare sector [8] - Maintaining profitability while pursuing rapid expansion will be a key challenge for the company's future development [8]

Core Viewpoint - The implementation of the "Residential Project Standards" by the Ministry of Housing and Urban-Rural Development starting May 1 is seen as a new driving force for the real estate market, emphasizing the importance of "good houses" as a standard for new residential projects, which will reshape market dynamics and create new opportunities for real estate companies [1] Group 1: Industry Trends - Many real estate companies are emphasizing the "good house" strategy in their annual reports and performance meetings, indicating a shift from "land dividends" to "product dividends" [2] - Companies like Yuexiu Property and Greenland Group are developing their own product standards based on the new regulations, focusing on quality, technology, and community features [2] - The industry is moving towards a focus on high-quality, technologically advanced housing, with companies like Longfor Group planning to launch new product lines that enhance living comfort and community services [2][3] Group 2: Challenges and Solutions - Real estate companies face challenges in balancing costs and quality while meeting the new standards, which may increase construction costs [3] - Companies are exploring solutions to maintain cost control while enhancing product quality, with some firms like Longfor Group planning to invest more in quality improvements without compromising cost efficiency [3][4] - Yuexiu Property is implementing lean management practices to optimize costs and improve project profitability through precise cost management and centralized procurement [4] Group 3: Market Opportunities - There is a growing expectation among homebuyers for "good houses," which are anticipated to have stronger competitive and sales advantages, motivating companies to align their marketing with actual product quality [6] - Companies that excel in product quality, service, and operational capabilities are expected to gain more market opportunities and development space [6] - The industry is advised to shift from high-debt, high-turnover models to a balanced approach that includes light asset operations and improved management capabilities [6]

封面图作者 | 第一财经 任玉明 【今日推荐】 保时捷中国称"不将小米当对手"是误读 近日，有消息称，保时捷CEO奥博穆在2025上海车展期间表示，"保时捷考虑在华停售电动汽车""保 时捷不将小米当对手"。4月29日，保时捷中国回应称，上述消息均是误读。"保时捷在中国仍将坚定 不移地推进电动化进程，也将加快提供产品数智化本土解决方案。我们下一款纯电车型将是全新的纯 电动Cayenne。"（中新经纬） 英伟达要在中国建合资公司？回应称毫无依据 4月29日，有消息援引报道称，在美国限制英伟达H20对华出口之际，英伟达为了维护其在中国市场 的CUDA生态地位，正在低调地启动"B计划"，即考虑在中国设立合资企业，并可能为未来将中国业 务单独拆分做准备。对此，英伟达回应称："这些说法没有任何依据。将毫无根据的主张和猜测作为 事实发表是不负责任的。" 自美国总统特朗普所谓"对等关税"以来，全球零售巨头沃尔玛的态度出现戏剧性变化。从最初要求中 国供应商自行承担高额关税，到短短20天后迫于库存压力选择自行吸收关税、恢复中国进货。据 《南华早报》报道，江苏省和浙江省的部分制造商已接到沃尔玛等美国主要零售商的通知，要求其近 日恢 ...

Investment Rating - The report assigns a positive investment rating to Huichuan Technology, indicating a strong performance outlook relative to the market index [8]. Core Insights - Huichuan Technology's dual strategy in "Intelligent Manufacturing & New Energy Vehicles" has led to better-than-expected performance in the first quarter of 2025, with a revenue of 9 billion yuan, representing a 38% year-on-year increase, and a net profit of 1.3 billion yuan, up 63% year-on-year [6]. - The company is projected to achieve a revenue of 37 billion yuan in 2024, a 22% increase year-on-year, with a net profit of 4.285 billion yuan, reflecting a 10% decline year-on-year [6]. - The report highlights the company's strong market position in various segments, including general automation and new energy vehicles, with significant growth in revenue from the latter [6]. Financial Summary - Revenue Forecast: - 2024: 37.041 billion yuan - 2025: 45.244 billion yuan - 2026: 54.711 billion yuan - 2027: 65.723 billion yuan - Year-on-year growth rates are projected at 22% for 2024 and 2025, 21% for 2026, and 20% for 2027 [2]. - Net Profit Forecast: - 2024: 4.285 billion yuan - 2025: 4.906 billion yuan - 2026: 5.859 billion yuan - 2027: 7.044 billion yuan - Year-on-year growth rates are projected at -10% for 2024, 14% for 2025, 19% for 2026, and 20% for 2027 [2]. - Earnings Per Share (EPS) Forecast: - 2024: 1.6 yuan - 2025: 1.8 yuan - 2026: 2.2 yuan - 2027: 2.6 yuan [2]. Segment Performance - General Automation: - Revenue of 15.2 billion yuan in 2024, a 1% increase year-on-year, with market shares of 18.6% in low-voltage frequency converters and 28.3% in general servos, ranking first in both categories [6]. - New Energy Vehicles: - Revenue of 16 billion yuan in 2024, a 70% increase year-on-year, driven by industry growth and increased market penetration [6]. - Smart Elevators: - Revenue of 4.9 billion yuan in 2024, a 7% decrease year-on-year, reflecting a broader market decline [6]. Future Outlook - The company is focusing on internationalization, digitalization, energy management, AI, and humanoid robots as key growth areas [6]. - The long-term forecast suggests a robust growth trajectory, with expected revenues of 45.244 billion yuan in 2025, 54.711 billion yuan in 2026, and 65.723 billion yuan in 2027, alongside net profits of 4.906 billion yuan, 5.859 billion yuan, and 7.044 billion yuan respectively [6].

Core Viewpoint - Luckin Coffee's Q1 2025 financial report demonstrates strong growth momentum, with significant increases in revenue and profit, indicating a robust operational strategy and market positioning [1][2][5]. Financial Performance - Total net revenue for Q1 reached 88.65 billion RMB, a year-on-year increase of 41.2% [1]. - Operating profit amounted to 7.37 billion RMB, with a GAAP operating profit margin of 8.3% [1]. - Self-operated stores contributed 11.06 billion RMB in operating profit, up 244.8% year-on-year, while revenue from joint-operated stores was 20.81 billion RMB, reflecting a 38.0% increase [1]. Store Operations and Market Expansion - By the end of Q1, the total number of stores reached 24,097, with a net addition of 1,757 stores, including 1,743 in China [2]. - Sales performance varied by region, with stable growth in first- and second-tier cities and significant sales increases in third- and fourth-tier cities due to high-value products [2]. - Monthly active customer count reached 74.27 million, a 24.0% year-on-year increase, with a total of approximately 355 million cumulative customers [2]. Supply Chain and Quality Control - The company has established exclusive production areas for jasmine flowers in Guangxi and coconuts in Indonesia, ensuring product quality and cost efficiency [3]. - Strict quality control measures are implemented throughout the supply chain, enhancing brand image and market competitiveness [3]. Strategic Focus - The CEO emphasized a strategy focused on market share growth through competitive pricing and high-quality products [5]. - The company plans to maintain a competitive pricing strategy and continue promotional activities to cultivate consumer habits and brand loyalty [5]. - The coffee industry is expected to evolve towards quality, diversity, and digitalization, with Luckin Coffee positioned to lead these trends [5].

Core Viewpoint - Zhuolang Intelligent reported a revenue of 4.026 billion yuan and a net profit attributable to shareholders of -127 million yuan for the year 2024, with net assets remaining stable at 3.104 billion yuan [1] Group 1: Business Segments - Zhuolang Intelligent operates three business divisions: Spinning Division, Technology Division, and Data & Services Division, providing comprehensive solutions from cotton bales to yarn production [2] - The Spinning Division includes brands such as Schlafhorst, Zinser, and Texparts, with key products like Autocard cotton carding machines and Autocoro automatic rotor spinning machines [2] - The Technology Division focuses on high-reliability machinery, featuring brands like Allma and Volkmann, and aims to set new standards in various fiber twisting and spinning industries [2] - The Data & Services Division leverages advancements in industrial internet and smart manufacturing, utilizing AI, big data, and cloud computing to enhance digital and service capabilities in the textile industry [2] Group 2: Brand Recognition and Innovation - Zhuolang Intelligent's brands, including Schlafhorst and Allma, are widely recognized globally, contributing to sustained growth in both domestic and international markets [3] - The company has a strong focus on product innovation, supported by a research team of over 300 personnel and more than 1,000 registered patents [3] - Notable product performance includes a 66.9% increase in sales of twisting machines, while ring spinning and rotor spinning volumes slightly declined due to industry cycles [3] Group 3: New Product Launches and Cost Management - During the reporting period, new products launched include the latest Zinser 51 ring spinning machine and the 11th generation Autocoro automatic rotor spinning machine, achieving over 10% reduction in energy consumption [4] - The company successfully implemented cost reduction strategies, with sales, management, and financial expenses decreasing, particularly a 77.1% drop in financial expenses attributed to currency exchange gains and lower interest costs [4] Group 4: Future Outlook - The domestic market is expected to see increased demand for intelligent transformation in the textile machinery industry, with 70% of large-scale textile enterprises achieving digitalization [5] - Growth in high-end product markets and new equipment demand driven by environmental and resource recycling considerations are anticipated [5] - Zhuolang Intelligent plans to specialize in natural textile machinery and accelerate digital transformation, while also focusing on industry upgrades and exploring emerging markets [5]

Group 1: Financial Performance - The company's net profit significantly declined due to the transfer of equity and debt of its Ukrainian subsidiary, resulting in a loss [1] - The company plans to use proceeds from asset sales according to future development plans to create value for shareholders [1] - The company reported a focus on optimizing market layout and maintaining cash flow while ensuring delivery quality [2] Group 2: Growth Strategies - The company aims to enhance upstream business capabilities and establish new profit growth points through digital construction and low-cost strategies [2] - Future plans include setting up overseas business centers in North America, the Middle East, and North Africa, targeting at least two countries for long-term development [2] - The company is exploring new business opportunities in gas-related applications and integrating renewable energy with traditional oil and gas operations [4] Group 3: Research and Development - Increased R&D expenses are focused on drilling acceleration technology and shale gas fracturing techniques, with expected results in 1-3 years [3] - The company is committed to technological innovation to maintain competitive advantages and enhance core competencies [3] Group 4: Market Outlook - The global energy demand is expected to continue modest growth, with a long-term trend towards green and low-carbon transformation [3] - The company is positioned to play a key role in ensuring national energy security while accelerating its green transition [4]