Group 1: Company Performance - In 2024, the company achieved a revenue of 1.477 billion CNY, a year-on-year increase of 16.54% [2] - Net profit for 2024 was 150 million CNY, up 39.99% year-on-year [2] - In Q1 2025, revenue reached 395 million CNY, reflecting a 31.52% year-on-year growth [2] Group 2: Strategic Investments - The company established the Wuhan Dingdian Industrial Fund, investing in two firms: Xincun Technology and Tianlian Chip, focusing on three-dimensional phase change storage technology [1] - The investment aims to enhance collaboration in product manufacturing and project management, particularly in AI computing applications [1] Group 3: Market Impact and Adaptation - The impact of U.S. tariffs on the company is minimal as LCD display modules are not subject to tariffs, maintaining competitive pricing [3] - Direct exports to the U.S. are low, and partnerships with well-known global clients help mitigate trade policy impacts [4] Group 4: Research and Development - R&D investment for 2024 was approximately 69.9 million CNY, a 25.92% increase year-on-year, with 253 R&D personnel [4] - The company holds 67 patents, including 11 invention patents, and has made significant advancements in vehicle display technologies [4] Group 5: Product Development and Market Trends - The company is advancing its smart serial display module, with plans for mass delivery in 2025 after successful small-batch trials [5][6] - The LC variable light anti-glare rearview mirror module is expected to capture market share, with a projected CAGR of 15.8% from 2025 to 2031 [6] Group 6: Financial Strategies - The company plans to distribute cash dividends of 4 CNY per 10 shares, totaling approximately 55.7 million CNY, and will increase its total share capital post-distribution [8] - A stock incentive plan was launched in early 2024, targeting 27 core employees, with shares repurchased for employee stock ownership plans [9]

2025 年 05 月 09 日 好莱客(603898.SH) 整装持续向好， 开拓智能家居新赛道 事件：公司发布 2024 年年度报告和 2025 年一季报。24 年公司 实现营业收入 19.10 亿元，同比下降 15.69%；归母净利润 0.81 亿元，同比下降 62.93%；扣非后归母净利润 0.52 亿元，同比下 降 67.18%。24Q4 公司实现营业收入 4.65 亿元，同比下降 27.03%； 归母净利润-0.10 亿元，同比下降 126.73%；扣非后归母净利润- 0.13 亿元，同比下降 148.66%。25Q1 公司实现营业收入 3.91 亿 元，同比下降 3.03%；归母净利润 0.02 亿元，同比下降 82.60%； 扣非后归母净利润-0.04 亿元，同比下降 171.06%。 24 年整装快速增长，成立合觅科技布局智能家居 2024 年面对家居消费市场压力环境，整装渠道作为公司重要补充渠 道，24 年公司正式推出"五好两易"装企服务模式，24 年整装渠道 业务营业收入同比增长超 60%。24 年公司工程大宗渠道营业收入同 比增长 18.30%。分产品看，1）24 年整体衣柜及配套家具 ...

Core Viewpoint - The company is preparing for its 2024 annual shareholders' meeting, focusing on maintaining shareholder rights and ensuring efficient proceedings through a combination of on-site and online voting methods [2][3]. Group 1: Meeting Procedures - The shareholders' meeting will be held on May 16, 2025, at 14:00 in Guangzhou, with both on-site and online voting options available [1][2]. - The agenda includes the announcement of the meeting rules, the election of representatives for vote counting, and the reading and voting on various proposals [1][3]. Group 2: Proposals for Voting - Key proposals for the meeting include the 2024 annual work reports from the board and supervisory committee, the annual financial report, and the profit distribution plan for 2024 [3][4]. - Additional proposals involve the application for comprehensive credit limits for 2025, guarantees for subsidiaries, and adjustments to the company's registered capital and articles of association [3][4][5]. Group 3: Company Performance Overview - In 2024, the company experienced a 7.78% decline in overall operating performance, with a net profit attributable to shareholders of approximately 248.49 million yuan, a decrease of 24.07% compared to the previous year [5][6]. - The company has focused on brand refinement, channel expansion, and product innovation to stabilize its performance amid industry challenges [5][6][7]. Group 4: Strategic Focus for 2025 - The company aims to enhance project management, solidify its brand leadership, and improve channel management efficiency while exploring new channels [18][19]. - Emphasis will be placed on product innovation and operational efficiency improvements to adapt to external challenges and achieve growth targets [18][19].

Core Viewpoint - Tai Li Technology's listing on the ChiNext board is a significant milestone in its development, aiming to leverage raised funds for enhancing production efficiency, R&D capabilities, product optimization, sales network expansion, and brand building [1][3]. Company Overview - The company has established a fully automated production line at its Hubei factory, developing intelligent equipment such as bag folding machines and quality inspection machines, which has significantly improved production efficiency and reduced labor by over 200 workers [2]. - Tai Li Technology's vacuum storage bags have maintained a market share of over 22% on Tmall for three consecutive years, ranking first in the industry, while its vertical wall storage products hold approximately 1.4% market share, placing it among the top five [2]. Strategic Focus - In the next three years, the company will focus on four key areas: bedroom storage, kitchen and bathroom space utilization, food preservation, and outdoor safety protection, leveraging its advantages in new materials and vacuum technology to develop smart home products [2]. - The company plans to enhance its online sales strategy through platforms like Tmall, JD.com, and Amazon, while also accelerating its expansion into overseas markets [2]. Financial Performance - From 2022 to 2024, the company's revenue growth and gross margin are expected to exceed the industry average [3]. - The company is set to issue 27.07 million new shares, accounting for 25% of the total share capital post-issue, with an offering price of 17.05 yuan per share [3].

Industry Overview - The massage chair industry combines traditional Chinese medicine techniques with modern technology, providing comfort and health benefits to users [1][4] - The market size of massage chairs in China is projected to grow from 6.191 billion yuan in 2019 to 8.485 billion yuan in 2024, indicating a robust development trend [1][10] - The sales volume of massage chairs is expected to increase from 1.2583 million units in 2019 to 1.5682 million units in 2024, reflecting a growing consumer demand [8][10] Market Environment - As of the end of 2024, the population aged 65 and above in China is projected to reach 220 million, accounting for 15.64% of the total population, driving demand for health-related products like massage chairs [6] - Over 70% of the population is in a sub-health state, with a significant portion being young adults, indicating a shift in the target demographic for massage chairs [6][8] - The increasing health awareness and changing consumption patterns among the middle class and young professionals are contributing to the stable growth of the massage chair market [8][10] Competitive Landscape - The massage chair market is characterized by intense competition between domestic and international brands, with leading domestic brands like OGAWA and Rongtai Health gaining market share [14][19] - The rise of e-commerce and shared economy models has led to the emergence of new players in the market, intensifying competition, especially in the mid-to-low-end segments [14][22] - The market is seeing a shift from traditional manufacturing to brand-driven strategies, enhancing brand value and consumer loyalty [14][19] Development Trends - The integration of smart technology and personalized services is becoming a key trend, with massage chairs utilizing AI and IoT to offer customized massage experiences [21][24] - The application scenarios for massage chairs are expanding beyond homes and offices to include public spaces like hotels and airports, enhancing consumer accessibility [22][23] - There is a growing trend towards integrating massage chairs with smart home systems, allowing for comprehensive health management solutions [24]

事项： 公司发布2025 年一季度报告，25Q1 公司实现营业收入34.3 亿元，同增86.2%，归母净利润2.7 亿元，同 减32.9%，扣非归母净利润2.4 亿元，同减29.3%。 此外，尽管后续存在关税扰动，但石头海外工厂产能持续爬坡，我们判断整体影响相对可控。展望全 年，尽管公司费用投入有所增加，但国内外大促节点有望提振收入表现，营收提速带来的规模效应摊薄 下盈利能力有望企稳回升，后续经营有望修复向好。 投资建议：公司后续经营有望修复向好，但短期盈利能力有所承压，我们调整25/26 年EPS 预测为 10.81/14.53 元（前值13.52/15.91 元），新增27 年EPS 预测为18.30 元，对应PE 为18/14/11 倍。参考DCF 估值法，我们调整目标价至250 元，对应25 年23 倍PE，维持"强推"评级。 风险提示：宏观经济波动，行业竞争加剧，品类需求不及预期。 收入表现超越预期，内外销增速亮眼。25Q1 公司实现收入34.3 亿元，同比+86.2%，营收表现大幅提 速，我们认为一方面得益于国补政策延续提振行业需求，根据奥维云网数据，25Q1 国内扫地机线上销 售额同比+62.8 ...

每经记者｜陈利 每经编辑｜陈梦妤 ｜2025年5月9日 星期五｜ NO.1 北京：支持租住京津冀地区保障性租赁住房提取住房公积金 5月8日，成都住房公积金管理中心发布通知，就支持缴存人购买和租赁保障性住房有关政策征求意见建 议。其中拟加大贷款支持。购买保障性住房使用住房公积金贷款的，最低首付款比例为15%，最高贷款 额度上浮50%，即由现行的单人60万元、双人100万元提高至单人90万元、双人150万元。 点评：政策通过"租购衔接"和区域协同，推动住房租赁产业链整合，加速保障性住房市场规模化发展， 倒逼房企优化产品结构以适应政策导向，但需关注公积金审批效率与房源供给的匹配度对政策实际效能 的制约。 NO.3 上海第四批地块开拍 总起拍价84.1亿元 5月8日，上海市发布2025年第四批地块挂牌公告，宣布将推出4宗涉宅地，于今日（5月9日）出让。此 次挂牌的地块分布在虹口区、杨浦区、松江区和青浦区，总出让面积达10.1万平方米，总建筑面积为 23.7万平方米，起拍总价高达84.1亿元。其中，虹口区hk196-08地块和hk196-06地块，起价为21.57亿 元，起始楼面价为67130元/平方米。 点评：此次土 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a total revenue of 5.442 billion yuan in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders decreased by 10.52% to 504 million yuan [1] - The company is expanding its overseas market and enhancing its smart product matrix, focusing on smart home products and IoT cloud platforms, which saw revenue growth of 9.76% and 22.87% respectively in 2024 [2] - The company is expected to benefit from the upgrade and optimization of its smart ecosystem, with projected net profits of 675 million, 821 million, and 955 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 33.9%, 21.7%, and 16.2% [4] Financial Performance - In 2024, the company's gross margin was 42.08%, a decrease of 0.77 percentage points year-on-year, with a net margin of 9.26%, down 2.37 percentage points [3] - The company reported a total revenue of 1.38 billion yuan in Q1 2025, with a year-on-year growth of 10.42% [1] - The company’s operating expenses in Q4 2024 included a sales expense ratio of 16.61%, a management expense ratio of 2.44%, and a research and development expense ratio of 13.18% [3] Revenue Breakdown - In 2024, the company's smart home products generated revenue of 4.347 billion yuan, while the IoT cloud platform contributed 1.052 billion yuan [2] - The revenue from smart home cameras, smart locks, and cleaning robots showed significant growth, with increases of 47.87%, 43.73%, and 265.12% respectively [2] - The company’s domestic and overseas revenue reached 3.487 billion yuan and 1.912 billion yuan respectively in 2024, with year-on-year growth of 5.54% and 26.42% [2]

证券代码：300911 证券简称：亿田智能 债券代码：123235 债券简称：亿田转债 浙江亿田智能厨电股份有限公司投资者关系活动记录表 编号：2025002 投资者关系活动 类别 特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 8 日 (周四) 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 员姓名 1、亿田智能 董事长孙伟勇 2、亿田智能 董事、总经理孙吉 3、亿田智能 财务总监陈洪 4、亿田智能 董事会秘书、总经理助理沈海苹 5、保荐代表人孙江龙 6、独立董事沈海鸥 投资者关系活动 主要内容介绍 1、 亿田智能在品牌营销方面有哪些成功案例和后续推 广策略？ 尊敬的投资者，您好！公司积极推进新媒体多平台线上线 下营销，在南宁、贵阳等城市投放橙系主题地铁专列广告，强 化"亿田集成科技，更懂中国厨房"的品牌认知；通过持续签 约明星代言，结合高端设计奖项（如 IF、红点）塑造 ...

Core Viewpoint - Anker Innovations continues to experience rapid growth in its operating performance, with significant increases in revenue and net profit in recent quarters and projected for 2024 [1][3][5]. Financial Performance - In Q1 2024, Anker Innovations achieved approximately 60 billion yuan in revenue, a year-on-year increase of about 37%, and a net profit attributable to shareholders of 4.96 billion yuan, up approximately 60% [1][3]. - For the full year 2024, the company expects revenue and net profit to reach approximately 247 billion yuan and 21 billion yuan, representing year-on-year growth of about 41% and 31% respectively [1][5]. - From 2018 to 2024, Anker Innovations has consistently reported double-digit growth in both revenue and net profit [5][6]. Market Position and Brand Development - Anker Innovations is recognized as a leading global consumer electronics brand, primarily focusing on charging and energy storage products, which contributed over half of its revenue in 2024 [1][8]. - The company has established a strong global presence, with over 1.2 billion users across more than 140 countries and regions [8][10]. Investment in Sales and R&D - Anker Innovations has significantly increased its sales and R&D expenditures, with sales expenses reaching 55.70 billion yuan and R&D expenses at 21.08 billion yuan in 2024 [1][10]. - The company’s R&D investment has grown annually, with a notable increase of 49.13% in 2024 compared to 2023, accounting for 8.53% of its revenue [10]. Employee Compensation and Growth - The average employee salary at Anker Innovations rose to 659,200 yuan in 2024, reflecting a year-on-year increase of approximately 31.5% [2][7]. - The number of employees receiving compensation has also increased significantly, from 3,615 in 2022 to 5,034 in 2024 [6][7]. Cash Flow and Shareholder Returns - The company has shown strong operating cash flow growth, with 2024 cash flow reaching 27.45 billion yuan, a 92% increase year-on-year [6]. - Anker Innovations has distributed a total of 30.67 billion yuan in cash dividends from 2020 to 2024, with a dividend payout ratio averaging 42.56% [6].