导 语：智能手机市场逐渐趋于饱和，竞争加剧，公司需要不断推出创新产品和解决方案来维持 增长。 据蓝思科技在港交所递交的招股书内容，此次公司拟在香港联合交易所主板上市，独家保荐人为中 信证券 。此次发行股份的具体数量、融资规模等细节暂未完全确定，不过从招股书透露的信息来 看，此次上市意义重大，有望为公司的发展注入新的活力。 从财务状况来看，公司在业绩记录期内表现亮眼。2022 年、2023 年及 2024 年，公司分别录得收入 人民币 466.99 亿元、人民币 544.91 亿元及人民币 698.97 亿元，2023 年及 2024 年分别同比增长 16.7% 及 28.3%。 蓝思科技的主营业务是提供智能终端全产业链一站式精密制造解决方案，涵盖消费电子、智能汽车 以及新兴智能终端等领域。 在消费电子板块，公司为智能手机、电脑、智能穿戴设备等提供防护玻璃、金属中框、触控显示模 组等产品，是全球首款智能手机防护玻璃核心供应商，在全球消费电子精密结构件及模组综合解决 方案行业中排名领先。 在智能汽车领域，围绕智能驾驶舱研发及生产多样化产品，如中控屏、仪表盘等车载电子玻璃及组 件，还是全球首款高端智能汽车中控屏交互 ...

Core Viewpoint - The company, Guoquan, reported a steady growth in its 2024 annual performance, with revenue reaching 6.47 billion yuan, a year-on-year increase of 6.2% [1] Financial Performance - In 2024, Guoquan achieved a gross profit of 1.417 billion yuan, reflecting a 4.9% year-on-year growth, with a gross margin of 21.9% [1] - The core operating profit was 311 million yuan, up 3.1% year-on-year [1] - Cash reserves increased by 9.8% from 1.936 billion yuan at the end of 2023 to 2.125 billion yuan, while the debt ratio decreased to 3.2% [1] - The company announced a significant increase in shareholder dividends by 39.8%, totaling approximately 200 million yuan [1] Operational Highlights - Guoquan's store count reached 10,150 by December 31, 2024, maintaining a scale above 10,000 stores, supported by the "seedling plan" initiated in the second half of 2023 [1] - The company launched new upgraded store types targeting township markets, adding 287 new township stores throughout the year [2] Online and Membership Growth - Guoquan's exposure through Douyin (TikTok) reached 6.21 billion times in 2024, with the "99 yuan free hot pot set" generating over 500 million yuan in sales [2] - The registered membership count grew by 48.2% to 41.3 million by December 31, 2024, with prepaid card deposits increasing by 36.6% to 990 million yuan [2] Supply Chain Enhancements - The company strengthened vertical integration in its supply chain, adding three new food production factories, doubling the total to six [2] - The proportion of products sold from self-owned factories increased to 20% [2] - Inventory turnover days decreased by 25% compared to 2023, aided by partnerships with logistics providers and a network of 18 digital central warehouses [2] Future Development Plans - Guoquan aims to consolidate its advantages by expanding its sales network and targeting lower-tier markets, with a goal of reaching 20,000 stores in five years [3] - The company plans to enhance its membership ecosystem and leverage IP to improve brand reach [3] - There are intentions to innovate sales channels, including the development of instant retail and smart retail networks using IoT, big data, and AI technologies [4] International Expansion - Guoquan intends to explore overseas markets, particularly in Hong Kong and Southeast Asia, by establishing a new paradigm for Chinese food supply chains abroad [4]