回复：普成电子作为公司布局重要零部件赛道的控股子 公司，自 2023 年成立以来聚焦 PCBA 领域，核心亮点主要聚 焦以下几点： （1）技术与生产硬实力：普成电子拥有独立研发团队， 深耕电机控制等核心技术方向，具备从方案设计到产品落地 的全流程自主研发能力；同步建成专业化生产车间，配置行 业先进生产设备，为高精度、高稳定性产品制造提供坚实硬 件支撑； （2）品质与供应链保障：普成电子建立了与国际主流客 户标准匹配的全流程质量管控体系，通过多维度检测确保产 品一致性与可靠性；供应链端与国内头部电机控制类芯片原 厂达成稳定合作，实现核心物料自主可控，保障规模化稳定 交付； 编号：2025-006 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（"财聚浙里 投教相伴"- 财通证券走进浙商浙企系 列活动-走进普莱得） 参与单位名称 及人员姓名 全景网、财通证券以及参与"财聚浙里 投教相伴"- 财通证 券走进浙商浙企系列活动-走进普莱得的投资者 时间 2025 年 11 月 25 日 (周二) 下午 地点 公司会议室 上市公司接待 人员姓 ...

Core Viewpoint - Woting Technology (Suzhou) Co., Ltd. has recently completed several million yuan in angel round financing, which will be used to enhance technological research and development, improve innovation capabilities, and accelerate the construction of the upstream and downstream ecosystem [5][15]. Company Overview - Woting Technology was established in January 2025, focusing on the research, manufacturing, and sales of electric tools, with R&D centers and offices in multiple locations including Suzhou, Dongguan, and Nanjing. The core team members have extensive experience in the electric tool industry, having graduated from renowned engineering universities and worked in leading companies [5][6]. Market Analysis - The global electric tool market is projected to grow from approximately $36.7 billion in 2023 to $59.5 billion by 2030, with a compound annual growth rate (CAGR) of 6.4% [7]. - The market can be divided into two main segments: consumer-grade electric tools, which cater to DIY home users, and professional-grade tools used in various industries such as construction and manufacturing. Major brands in the professional segment include Milwaukee, Dewalt, Bosch, Hilti, and Makita [7][8]. Product Development - Woting Technology aims to develop a full range of electric tools, covering both professional and consumer-grade products. The professional line focuses on standardized tools that can be used across different scenarios, emphasizing high performance and strong intelligence [8][10]. - The company is also innovating in consumer-grade products by integrating industrial design and smart algorithms to meet the aesthetic and functional needs of younger users, particularly the Z generation [12]. Strategic Focus - Woting Technology is concentrating its R&D resources on three advanced application scenarios: electric tools compatible with humanoid robots, the evolution of electric tools into smart robots driven by industry scenarios, and tools that are highly integrated with human-machine collaboration [12][15]. - The company has already begun commercializing its consumer-grade products in Europe, with plans for professional-grade products to launch in the first quarter of 2026, targeting the high-end market [15].

Core Insights -沃庭科技 has recently completed an angel round financing of several tens of millions, which will be used to enhance technological research and development, improve innovation capabilities, and accelerate the construction of the upstream and downstream ecosystem [1] - The global electric tools market is projected to grow from approximately $36.7 billion in 2023 to $59.5 billion by 2030, with a compound annual growth rate (CAGR) of 6.4% [2] - The company focuses on both professional and consumer-grade electric tools, aiming to develop standardized tools that can be used across various scenarios, emphasizing high performance and strong intelligence [3] Company Overview - Established in January 2025, 沃庭科技 specializes in the research, manufacturing, and sales of electric tools, with R&D centers and offices in multiple locations including Suzhou, Dongguan, and Nanjing [1] - The core team consists of members with extensive experience in the electric tool industry, having previously worked for leading companies and graduated from renowned engineering universities [1] Market Dynamics - The electric tools market is divided into consumer-grade tools, targeting DIY homeowners, and professional-grade tools for industry users in sectors like construction and manufacturing [2] - Major brands in the professional electric tools market include Milwaukee, Dewalt, Bosch, Hilti, and Makita, which dominate the market but have been slow in innovation [2] Product Development - 沃庭科技's professional product line focuses on developing high-performance tools with intelligent features, aiming to enhance user experience without compromising the professional user's control [5] - The consumer product line targets the rising DIY demand from Generation Z, incorporating industrial design and smart algorithms to lower the usage threshold for users [7] Strategic Focus - The company aims to push the boundaries of electric tools by concentrating on advanced applications, including tools compatible with humanoid robots and the evolution of electric tools into intelligent robotic systems [8] - 沃庭科技's consumer products have already entered multiple European markets and are expected to achieve a gross merchandise value (GMV) exceeding 100 million by Q4 2025 [10] Future Plans - The professional product line is set to launch in Q1 2026, focusing on the high-end market and aiming for global brand enhancement and value upgrade [11]

Industry Overview - The electric hammer industry plays a significant role in the economy and related sectors, with increasing demand driven by urbanization, infrastructure construction, real estate growth, and home decoration market expansion [1][4][6] - The market size of electric hammers in China is projected to grow from 1.21 billion yuan in 2019 to 1.92 billion yuan in 2024, and is expected to reach 2.14 billion yuan by 2025 [1][4][6] Production and Value Growth - China's electric hammer production is expected to increase from 13.48 million units in 2019 to 17.33 million units in 2024, with industry value rising from 4.45 billion yuan to 6.31 billion yuan during the same period [1][6] - By 2025, the production is anticipated to reach 18.85 million units, with a value of 7 billion yuan [1][6] Industry Chain - The upstream of the electric hammer industry includes raw materials such as metals (steel, aluminum, copper), plastics, battery materials, motors, impact mechanisms, and electronic components [8] - The midstream involves research and development as well as manufacturing, while the downstream focuses on sales through online and offline channels, serving applications in construction, home decoration, industrial maintenance, and new energy infrastructure [8] Policy Environment - The government has introduced various policies to support the electric tool industry, promoting technological innovation and guiding the industry towards smart, green, and high-end development [10][11] Competitive Landscape - The market features competition between international brands like Bosch and Hilti and domestic companies such as Zhejiang Deshuo Technology, Jiangsu Dongcheng Electric Tools, and others [12][13] - Key players include Ruiqi Holdings, which focuses on high-performance electric tools, and Giant Star Technology, which emphasizes innovation and global expansion [15][17] Development Trends - The electric hammer industry is expected to evolve towards smart, diversified, specialized, and green solutions, reflecting the broader trends in China's construction market [19]

Summary of Conference Call Records Company and Industry Overview 1. Yingshi Innovation - Yingshi Innovation's One X series accounts for approximately 50% of the company's revenue, indicating a strong technological update advantage [1][2] - The company has maintained a global market share of over 60% in the panoramic camera market for six consecutive years, with a market size of approximately 5 billion in 2023, growing at 21.8% [1][6] - Yingshi is also the second-largest player in the action camera market, potentially surpassing GoPro by the end of 2024 [1][6] 2. New Henghui - New Henghui is a core supplier of flexible lead frames for smart card chips, holding a market share of about 32% [1][12] - The company plans to use approximately 580 million raised from its IPO for lead frame packaging projects and R&D center expansion [1][13] - Revenue from etching lead frames and IoT eSIM chip testing is expected to increase from less than 10% in 2022 to nearly 30% by 2024 [1][15] 3. Huazhi Jie - Huazhi Jie specializes in smart switches, smart controllers, and brushless motors, primarily serving the electric tools sector [1][17] - The company has a stable partnership with major clients like the B&D Group and TTI Group, contributing about 70% of its sales [1][19] - An expansion project with an annual production capacity of 86.5 million units is expected to generate approximately 1.097 billion in revenue [1][18] Key Insights and Arguments Yingshi Innovation - The company has a balanced online and offline sales channel, with each accounting for about 50% of total sales [1][4] - Financially, Yingshi has a strong cash flow, with cash and cash equivalents nearing 900 million as of Q1 2025 [1][5] - The company is exploring new application scenarios for panoramic cameras, including video conferencing and pet monitoring, which could drive market growth [1][7][9] New Henghui - The company has established long-term partnerships with major chip design and smart card manufacturers, enhancing its market position [1][12][14] - Financial projections indicate steady revenue growth from 680 million in 2022 to 840 million in 2024, with net profit also showing a positive trend [1][15] Huazhi Jie - The company is expanding into emerging fields such as electric vehicles and smart home devices, with expected revenue growth of 22%-30% in the first half of 2025 [1][20][21] - Financial performance has been stable, with revenues of 1.02 billion, 940 million, and 1.23 billion from 2022 to 2024, and net profits showing a gradual increase [1][21] Additional Important Points Risks - Yingshi faces risks from international trade fluctuations and increased competition from domestic manufacturers [1][11] - New Henghui's expansion into new business areas may encounter market acceptance challenges [1][16] - Huazhi Jie’s reliance on major clients poses a risk, although the overall industry demand remains stable [1][22] Competitive Advantages - Yingshi's strong brand position and technological expertise in image capture and stabilization technologies provide a competitive edge [1][8] - New Henghui's leadership and experience in the flexible lead frame market enhance its growth potential [1][14] - Huazhi Jie benefits from established relationships with key clients, which strengthens its market stability [1][19] This summary encapsulates the key points from the conference call records, highlighting the companies' market positions, financial health, growth prospects, and potential risks.