Core Insights - Jiangsu Kangliyuan Sports Technology Co., Ltd. (Kangliyuan) reported a complex financial situation in its 2024 annual report, with a significant decrease in net cash flow from operating activities and a notable increase in net profit excluding non-recurring items [1] Financial Performance - Revenue for 2024 reached 686,808,736.18 yuan, a 12.74% increase from 609,207,485.64 yuan in the previous year, driven primarily by the fitness equipment segment, which accounted for 98.63% of total revenue [2] - International revenue was 552,569,444.63 yuan, representing 80.45% of total revenue and a 19.37% increase year-on-year, while domestic revenue decreased by 8.24% to 134,239,291.55 yuan, accounting for 19.55% of total revenue [2] Profitability Analysis - Net profit attributable to shareholders was 81,225,070.95 yuan, a 16.20% decline from 96,922,853.33 yuan in the previous year, primarily due to the recognition of substantial government subsidies in 2023 [3] - Net profit excluding non-recurring items increased by 20.77% to 81,249,252.80 yuan from 67,277,429.65 yuan, indicating improved core business profitability [3] Earnings Per Share - Basic earnings per share decreased by 26.51% to 1.22 yuan from 1.66 yuan, reflecting the decline in net profit, while the basic earnings per share excluding non-recurring items remained stable at 1.22 yuan [4] Expense Analysis - Sales expenses rose by 24.56% to 106,995,782.97 yuan, mainly due to increased e-commerce platform costs, indicating a strategic investment in expanding online sales channels [5] - Management expenses increased by 1.76% to 24,274,759.17 yuan, reflecting stable cost control, while financial expenses decreased by 58.13% to -38,110,343.37 yuan due to increased interest income [5] - R&D expenses grew by 6.21% to 21,000,440.55 yuan, representing 3.06% of total revenue, highlighting the company's commitment to product innovation [5] Cash Flow Situation - Net cash flow from operating activities decreased by 81.82% to 24,731,681.29 yuan, primarily due to increased cash outflows for purchasing goods and services, raising concerns about liquidity [6] - Net cash flow from investing activities was -405,707,632.67 yuan, a significant increase in outflows due to higher investments in financial products [6] - Net cash flow from financing activities decreased by 107.28% to -42,514,148.19 yuan, reflecting reduced inflows following the peak of initial public offering fundraising [6] R&D and Personnel - R&D investment continued to increase, with 21,000,440.55 yuan allocated in 2024, supporting multiple projects such as smart treadmills and fitness bikes, which have received positive market feedback [7] - The number of R&D personnel rose by 9.20% to 95, with a higher proportion of staff holding bachelor's degrees or above, indicating a focus on enhancing the R&D talent pool [8]

创业板风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、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。投资者应充分了解创业板的投资风险及本公 司所披露的风险因素，审慎作出投资决定。 江苏康力源体育科技股份有限公司 Jiangsu Junxia Gym Equipment Co., Ltd （住所：邳州市炮车街道办事处高新技术产业园滨湖大道北侧） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （江苏省常州市延陵西路 23 号投资广场 18 层） 江苏康力源体育科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人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》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 ...