Core Viewpoint - Accelerating the digital transformation of enterprises is both a trend driven by a new round of technological revolution and an industrial transformation [1] Group 1: Digital Economy Growth - In 2023, China's digital economy grew at a rate 2.76% higher than the nominal GDP growth, accounting for 42.8% of GDP, highlighting its role as a "stabilizer" and "accelerator" of the national economy [1] - The need for societal support for enterprises to achieve deep and comprehensive transformation is emphasized to benefit from the new technological revolution and industrial transformation [1] Group 2: Company Focus and Strategy - Dahua Technology Co., Ltd. is a representative of technology-driven enterprises that continuously deepens its exploration in the smart IoT field, leveraging video technology to create new momentum and advantages [1][3] - The core driving forces for Dahua's development are market demand and technological iteration, pushing the company deeper into the smart IoT sector [5] - Dahua focuses on visual perception as its core, while also expanding into multi-dimensional perception technologies, with video data constituting over 80% of the overall perception data [5][6] Group 3: Research and Development Investment - Dahua invests approximately 13% of its sales revenue into R&D, establishing multiple research institutes to enhance its innovation capabilities [6] - The company has faced challenges such as high business landing thresholds and the need for deep adaptation of technology across different industries [6][8] Group 4: AI and Industry Applications - Dahua has developed industry-specific large models that integrate technology with actual business scenarios, facilitating the transition of AI from concept to large-scale commercial use [8][10] - The company has implemented intelligent products and algorithms in safety production, achieving comprehensive control over unsafe factors in human, material, and environmental aspects [14] Group 5: Future Directions and Innovations - Dahua aims to address the challenges of low-altitude economy and has developed automatic charging stations to solve industry pain points, enhancing the application potential of drones in mobile sensing [15] - The company emphasizes the importance of integrating AI, big data, and IoT technologies with industry pain points to provide comprehensive digital transformation solutions [16] - Dahua's evolution from a communication equipment manufacturer to a global leader in smart IoT solutions exemplifies the high-quality development of private enterprises in China [16]

Business Overview - The company operates in four main sectors: smart metering, smart IoT, smart distribution network, and smart energy [3][4] - Key products include smart electric meters, power information collection devices, communication modules, and energy management systems [3][4] Financial Performance - In 2024, the company achieved revenue of CNY 93,738.69 million, a decrease of 16.26% year-on-year [3][4] - Operating profit was CNY 13,319.63 million, and net profit attributable to shareholders was CNY 11,891.71 million, down 53.81% and 52.45% respectively [3][4] - Total assets at the end of the reporting period were CNY 157,122.56 million, a decline of 0.65% from the previous year [3][4] - Shareholder equity was CNY 116,072.49 million, down 0.32% year-on-year [3][4] Revenue Breakdown - Smart metering business generated revenue of CNY 76,000.09 million, down 26.57% [4] - Smart distribution network business saw revenue of CNY 6,755.86 million, an increase of 46.65% [4] - Other business revenue reached CNY 10,982.74 million, up 187.37% [4] R&D Investment - R&D expenditure for 2024 was CNY 8,312.77 million, a 41.95% increase, representing 8.87% of total revenue [4][5] - The company holds a total of 191 patents, including 75 invention patents [5] Orders and Market Position - As of March 31, 2025, the company had a backlog of orders amounting to CNY 129,943.22 million [6] - The company is not in a loss position despite revenue declines, attributed to various market factors [6] Future Development Goals - The company aims to strengthen its core business in smart metering and expand into digital economy and renewable energy sectors [7][8] - Plans include enhancing product quality, expanding market share, and improving internal management processes [7][8] Market Outlook - The government is increasing support for smart grid construction, providing a favorable environment for market growth [7][8] - Policies are being implemented to promote the digitalization and intelligent transformation of energy systems [7][8]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][8]. Core Insights - The company reported a total revenue of 1.609 billion yuan in Q1 2025, reflecting a year-on-year growth of 1.83%, and a net profit attributable to shareholders of 221 million yuan, marking a turnaround from losses [3][4]. - The company has solidified its leading position in the industry, showcasing resilience in revenue growth despite pressures in downstream demand for smart transportation and IoT sectors [4]. - Strategic adjustments have led to significant business achievements, including partnerships and project wins in smart transportation and logistics technology [5]. Summary by Relevant Sections Revenue and Profitability - In Q1 2025, the company achieved total revenue of 1.609 billion yuan, a 1.83% increase year-on-year, and a net profit of 221 million yuan, indicating a recovery from previous losses [3][4]. - Forecasted net profits for 2025, 2026, and 2027 are expected to be 311 million yuan, 488 million yuan, and 672 million yuan respectively, with corresponding PE ratios of 45X, 29X, and 21X [5][7]. Competitive Position - The company is recognized as a leading provider of digital products and solutions in smart transportation and IoT, with a strong brand and market influence [4]. - Its subsidiary, Yushi Technology, ranks highly in the global AIoT sector, demonstrating advanced self-developed algorithm capabilities [4]. Strategic Initiatives - The company has shifted its strategy to focus on high-quality projects, enhancing cash flow management, and exploring new operational models in logistics technology [5]. - Notable achievements include the establishment of a joint venture in Xiong'an New Area and winning contracts for smart traffic signal equipment in key urban areas [5].

证券简称： 立方控股 证券代码： 833030 浙江省杭州市西湖区文二西路 780 号西溪银座 C 座 杭州立方控股股份有限公司招股说明书 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 1-1-0 保荐机构（主承销商） 北京市朝阳区安立路 66 号 4 号楼 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中财务会 计资料真实、准确、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制人以及 保荐人、承销商承诺因发行人招股说明书及其他信息披露资料有虚假记载、误导性陈 述或者重大遗漏，致使投资者在证券发行和交易中遭受损失的，将依法承担法律责任。 保荐人及证券服务机构承诺因其为发行人本次公开发行股票制作、出具的文件有 虚假记载、误导性陈述或者重大遗漏，给投资者造成损失的，将依法承担法律责任。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 杭州立方控股股份有限公司 中国证监会和北京证券交易所对本次发 ...

证券简称： 立方控股 证券代码： 833030 杭州立方控股股份有限公司 杭州立方控股股份有限公司招股说明书（注册稿） 本招股说明书注册稿不具有据以发行股票的法律效力，投资者应当以正式公告的招股说明书 全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 保荐机构（主承销商） 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 北京市朝阳区安立路 66 号 4 号楼 1-1-0 浙江省杭州市西湖区文二西路 780 号西溪银座 C 座 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 ...

证券简称： 立方控股 证券代码： 833030 杭州立方控股股份有限公司 杭州立方控股股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书注册稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 北京市朝阳区安立路 66 号 4 号楼 1-1-0 浙江省杭州市西湖区文二西路 780 号西溪银座 C 座 保荐机构（主承销商） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发 ...

证券简称： 立方控股 证券代码： 833030 杭州立方控股股份有限公司 杭州立方控股股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书注册稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 北京市朝阳区安立路 66 号 4 号楼 1-1-1 浙江省杭州市西湖区文二西路 780 号西溪银座 C 座 保荐机构（主承销商） 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈述或者 重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中财务会 计资料真实、准确、完整。 发行人及全体董事、监事、高级管理人员、发行人的控股股东、实际控制人以及 保荐人、承销商承诺因发行人招股说明书及其他信息披 ...

浙江省杭州市西湖区文二西路 780 号西溪银座 C 座 杭州立方控股股份有限公司 杭州立方控股股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 北京市朝阳区安立路 66 号 4 号楼 1-1-1 证券简称： 立方控股 证券代码： 833030 保荐机构（主承销商） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发 ...

特别提示：本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创 板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临 较大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 嘉兴中润光学科技股份有限公司 （浙江省嘉兴市秀洲区高照街道陶泾路 188 号） 首次公开发行股票并在科创板上市 招股意向书 保荐机构（主承销商） （注册地址：深圳市罗湖区红岭中路 1012 号国信证券大厦十六至二十六层） 嘉兴中润光学科技股份有限公司 招股意向书 嘉兴中润光学科技股份有限公司 招股意向书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 ...