Group 1: Financial Performance - In 2024, the company's operating revenue decreased by 13.89%, resulting in a net loss due to intensified market competition and rising costs [3] - The decline in revenue and profit was primarily due to the contraction of the construction steel structure business and the ongoing trial production phase of the Shandong Lingkai project, which has not yet generated sales [3] Group 2: Market Position and Competitive Advantage - The company has a strong market presence in the pharmaceutical and health beverage sectors, with key products like Sanqi Tongshu Capsules and Biyuan Shu Oral Liquid included in the National Basic Medical Insurance Catalog [3] - The company ranks first in Chengdu's bottled drinking water market, leveraging unique mineral resources that enhance its product offerings [3] Group 3: Research and Development Focus - Future R&D efforts will concentrate on deepening the development of major traditional Chinese medicine products, particularly those with significant market influence [4] - The company aims to enhance product application range and efficacy stability through quality standard improvements [4] Group 4: Response to Industry Changes - The company is closely monitoring industry policy changes, such as medical insurance payment reforms, to ensure stable business development [4] - Strategies include expanding outpatient market channels and enhancing product quality management to mitigate policy risks [4] Group 5: Future Growth Strategies - The company is considering international market expansion based on strategic planning and market conditions, particularly for its core traditional Chinese medicine products [4] - Plans to extend the product line and develop related health products to meet diverse customer needs are in place [4]

Group 1: Investor Relations Activities - The company held an annual performance briefing on May 9, 2025, via the China Securities Network [4] - Participants included the company's board members and financial executives [4] Group 2: Key Performance Metrics - The company's net profit margin for 2023 was 2.02%, which increased to 2.57% in 2024, a rise of 0.55 percentage points [8] - The company aims to enhance operational efficiency and improve overall performance metrics [8] Group 3: Market and Product Strategy - The company focuses on three main industrial chains: ethylene oxide, propylene oxide, and adipic acid, aiming for vertical and horizontal expansion [9] - The company plans to increase R&D investment to drive innovation and product diversification [9] Group 4: Responses to Investor Queries - The company emphasizes its commitment to market value management through honest operations and enhancing profitability [6] - The company is addressing rising raw material costs by adjusting product pricing in response to market fluctuations [7] - The company is expanding its business scope to include power generation and distribution, leveraging rooftop solar projects [11]

Group 1: Company Overview - The company introduced its annual and quarterly performance for 2024 and 2025 during the investor relations activity [2] - The meeting was attended by key executives including the Chairman and General Manager, Sun Songhe, and the Vice General Manager, Wu Changfeng [2] Group 2: Competitive Advantages and Challenges - The core advantage of the company lies in its online capabilities, which are essential for expanding offline store operations [2] - The main challenge is selecting franchisees who can understand young consumer needs and effectively integrate online and offline operations [2] Group 3: Product Development and Market Trends - The company focuses on consumer research and incorporates international fashion trends into product design, blending Chinese culture with Western aesthetics [2] - The decline in gross margin for 2024 is attributed to a shift from embedded products to gold products, alongside the growth of e-commerce channels [2][3] Group 4: Pricing Strategy and Consumer Acceptance - The company is exploring which products can transition from weight-based pricing to fixed pricing, with two categories identified: gold embedded products and low-weight products [3] - The average transaction value for offline purchases ranges from 4,000 to 6,000 yuan, benefiting from enhanced consumer experience through guided displays [3] Group 5: Compliance and Communication - The company adhered to its information disclosure and investor relations management protocols during the meeting, ensuring no significant undisclosed information was leaked [3] - Discussions included brand building and product development, with references to the recent investor relations activity record and periodic reports [3]

编号：2025-01 | 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（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与博亚精工（300971）2024年度网上业绩说明会的全体投资 者 | | 时间 | 2025年05月09日 15:30-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长、总经理 李文喜 | | | 董事、财务总监 康晓莉 | | | 独立董事 董敏 | | | 董事会秘书 钟声 1.公司特种装备配套零部件业务营收下降明显，未来该业务板 | | | 块有哪些新的市场拓展计划和产品研发方向？ | | 投资者关系活动主要内容 | 答:您好！公司特种装备配套零部件业务受需求影响存在波 | | 介绍 | 动，目前市场需求回暖趋势明显，公司与核心客户建立了长期紧密 | | | 的合作关系，积极配合装备使用单位、主机厂推进新型装备配套项 ...

外 部 环 境 的 剧 烈 变 化 ， 也 让 众 多 外 贸 企 业 更 加 清 醒 地 认 识 到"打铁还需自身硬"的道理。 作者：郑晨烨 封图：图虫创意 深圳乐能创新技术有限公司（下称"乐能创新"）是一家综合性的跨境贸易企业。经过十余年的稳健 发展，乐能创新已成长为集产品设计研发、在线零售、B2B贸易、海外物流仓储四大板块为一体的 跨境贸易企业。 在美国近期滥施关税之后，作为中国外贸重镇的珠三角，这里的众多外向型企业是如何积极应对的 呢？ 就此，经济观察报记者近日走访了多家珠三角的外贸企业，与多位"一线出海人"进行了深入交 流…… 继续下单 东莞市佛爱娃工艺品有限公司董事长雍程翔的一位美国老客户近日照常下了一个订单，采购该公司 一款传统产品。 "他（客户）已经很清楚，他可能会付关税，但他还是下了（订单）。"雍程翔对经济观察报记者表 示，"而且价格还跟以前一样，没有调一分钱。" 佛爱娃是珠三角一家典型的外向型企业，主营各式工艺礼品开发、生产与出口，产品远销欧美等全 球六十余个国家和地区。 雍程翔不仅是佛爱娃工艺品的掌舵人，也是东莞市工贸发展促进会的会长，该会拥有超过1500家 会员企业。他认为，这位美国老 ...

Financial Performance - The company's main revenue decreased by 16.14% year-on-year, and the net profit attributable to shareholders dropped by 38.02% in 2024 [1] - The operating income fell by 5.50%, while the net profit attributable to shareholders decreased by 52.83%, primarily due to the impact of the FDA import warning [2] - The medical device revenue declined by 23.56%, while animal devices and laboratory consumables grew by 20.83% and 66.08% respectively [4] Strategic Measures - The company is actively constructing overseas factories and expanding into emerging markets to mitigate the impact of trade barriers [1] - Plans to enhance product R&D to develop high-value products and improve risk resistance [1] - Future growth drivers include a robust R&D system, advanced technology, and a comprehensive quality management system [6][7] Future Plans - The company plans to hold the annual shareholders' meeting on May 16, 2025, to discuss the profit distribution plan for 2024 [3] - There are intentions to explore new business integrations and industry acquisitions to strengthen core business and expand into new markets [8] - The company is focusing on optimizing product and market structure through domestic and overseas project advancements [16] Market Outlook - The Chinese medical consumables market reached a scale of 200 billion CNY in 2024, with low-value medical consumables accounting for 147 billion CNY [9] - The increasing healthcare spending and improved medical insurance system in China are expected to drive market growth [9] Operational Updates - The company has completed the construction of a production facility for 920 million medical injection devices, which is now operational [10] - The Cambodian project has progressed to trial production as of the first quarter of 2025 [14] - The company is managing its cash flow effectively and has plans for further investment to enhance shareholder returns [15] Regulatory Matters - The company is in active communication with the FDA regarding the removal of the import warning, aiming to restore normal exports to the U.S. [17]

Core Viewpoint - Brothers Technology (002562) has reported a turnaround in its financial performance for 2024, achieving significant growth and shifting its strategic focus towards a "manufacturing + service" model in key areas such as animal nutrition and human health [1][2] Financial Performance - In 2024, the company achieved total revenue of 3.441 billion yuan, a year-on-year increase of approximately 22% - The net profit attributable to shareholders was 40.81 million yuan, marking a return to profitability - For Q1 2025, total revenue reached 919 million yuan, up 12.1% year-on-year, with a net profit of 20.91 million yuan, also indicating a return to profitability [1] Strategic Focus and Market Position - The company aims to deepen its presence in its core sectors by expanding product applications and extending its existing industrial chain - Brothers Technology's main business includes pharmaceutical food and specialty chemicals, with leading market shares in vitamins and chromium salts, showcasing strong competitive advantages in brand, R&D, quality control, cost management, and marketing [1][2] Growth Drivers - The significant growth in 2024 is attributed to the company's efforts to align with industry policies and development directions, focusing on technological innovation and enhancing the entire industrial chain - The company has seen price increases in some vitamin products, higher sales volumes of vitamins, spices, and chromium salts, and a reduction in inventory costs, contributing to improved profitability [2] Project Developments - Brothers Technology is advancing projects such as the "Phenol Phase II Project" and "Annual Production of 50,000 Tons of Inorganic Chromium Powder," both of which commenced production in the first half of 2024 - The company is also enhancing its channel construction and market expansion to boost production capacity and sales [2] R&D and Product Development - The company is actively pursuing the development of raw materials and formulation products, with successful registrations for iodinated contrast agents and ongoing progress in other pharmaceutical registrations - In March 2025, the company's subsidiary received a drug registration certificate for a specific injection, with other formulation products also advancing through the registration process [3]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1]. - The company is expected to achieve a revenue growth of 7.7% in 2025, reaching 5 billion yuan, with a net profit growth of 8.5% to 760 million yuan [3]. - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2]. Financial Performance - In Q1 2025, the gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1]. - The company’s net profit margin increased by 0.5 percentage points to 10.2% in Q1 2025 [1]. - The projected net profit for 2025-2027 is estimated at 760 million, 853 million, and 954 million yuan respectively [3]. Business Expansion - The company’s zipper business showed strong sales, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2]. - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2]. Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the long term [3]. - The company is actively seeking to expand its customer base in Europe and Japan, adapting its production capacity to meet customer demands [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1] - The company is expected to achieve a net profit growth of 8.5% in 2025, with projected revenue growth of 7.7% to 5 billion yuan [3] - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2] Financial Performance - In Q1 2025, the company's gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1] - The company’s revenue for 2025 is projected to be 5,033 million yuan, with a year-on-year growth rate of 7.7% [5] - The expected net profit for 2025 is 760 million yuan, reflecting a year-on-year growth rate of 8.5% [5] Business Expansion - The company’s zipper business showed strong sales performance, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2] - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2] Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the medium to long term [3] - The company is actively exploring opportunities to adapt its production capacity based on customer needs, particularly in response to tariff challenges [3]

Group 1: Business Impact and Performance - The impact of recent tariff adjustments on the company's business is limited, with revenue from exports to the U.S. not reaching a significant level [1] - The company has been focusing on enhancing its core business and R&D investments to improve product competitiveness and expand business channels [2] - The company's stock performance is influenced by external factors, including market conditions and investor preferences, despite efforts to optimize governance and enhance shareholder communication [2] Group 2: Financial Performance and Dividends - For the fiscal year 2024, the company plans to distribute a cash dividend of 3 RMB per 10 shares, totaling 20.4 million RMB, with cumulative cash dividends over the past three years amounting to 81.6 million RMB [2] - The company's operating profit increased year-on-year in the first quarter, but net profit declined due to global trade policy changes and increased operational costs [4] Group 3: Future Growth Drivers - The company aims to drive future profitability through innovation, optimizing existing products, and enhancing production efficiency [3] - There are currently 28 ongoing R&D projects, focusing on expanding the product line and entering new markets, including active medical devices [5]