Report Overview - The report is a record of the analyst meeting of Fengzhushou on May 16, 2025, covering the company's development strategy, business growth points, financial performance, and other aspects [1][24] 1. Report Industry Investment Rating - No relevant information provided 2. Report's Core View - Fengzhushou will adhere to the development strategy of "one foundation, two directions" in the next 2 - 3 years, with "comprehensive operation of digital products" as the foundation and "Internet of Things (IoT) traffic operation and solutions, cloud terminal product R & D and cloud computing power operation" as the two R & D directions, forming three business growth curves [24][30][31] - The cloud terminal product and computing power operation segment will be the most promising business segment in the next 2 - 3 years, with a "2C + 2B" dual - wheel - driven product matrix planned [32] 3. Summary by Directory 3.1 Research Basic Situation - Research object: Fengzhushou - Industry: Not specified - Reception time: May 16, 2025 - Reception personnel: Chairman and General Manager Luo Hongpeng, etc. [17] 3.2 Detailed Research Institutions - Reception objects: Investors' online questions, others - Reception object type: Not specified - Institution - related personnel: Not specified [20] 3.3 Research Institution Proportion - No relevant information provided 3.4 Main Content Data 3.4.1 Future Development Plan - The company will adhere to the "life + technology" business philosophy, with "comprehensive operation of digital products" as the foundation and "IoT traffic operation and solutions, cloud terminal product R & D and cloud computing power operation" as the two R & D directions, forming three business growth curves [24][30][31] 3.4.2 Profit Growth Points - Digital product comprehensive operation segment: Expand new channels and innovate service models - IoT traffic operation and solutions segment: Improve core technologies, increase R & D investment, and launch new products - Cloud terminal technology R & D and computing power operation segment: Launch service products for 2C and 2B markets [28] 3.4.3 2024 Financial Performance - Operating income: 1.5386498 billion yuan, a year - on - year increase of 30.5% - Net profit attributable to shareholders of listed companies: 133.7567 million yuan - Net profit attributable to shareholders of listed companies after deducting non - recurring gains and losses: 131.3226 million yuan [33] 3.4.4 Cloud Terminal Product and Computing Power Operation Segment - It is the most promising business segment in the next 2 - 3 years. The company will invest in R & D of end - to - end cloud terminal full - stack technology solutions and plan a "2C + 2B" product matrix [32] 3.4.5 AI Cloud Phone - It is the core strategic direction. The company adopts a progressive R & D strategy and expects to contribute to revenue growth [41] 3.4.6 Digital Product Comprehensive Operation Segment Growth Sources - Channel expansion: Expand 5 target industry channels - New customer development: Win cooperation projects with multiple leading enterprises [46] 3.4.7 Smart City Field - Products include urban - level smart parking operation system solutions, etc., which have been implemented in Guangdong, Sichuan, Hubei and other regions [48] 3.4.8 2025 Profit Distribution and Capital Reserve Conversion Plan - Plan to distribute a cash dividend of 1 yuan per 10 shares (tax included) and convert 3 shares per 10 shares from capital reserve. The plan needs to be reviewed by the company's general meeting of shareholders [56] 3.4.9 2024 Raised Funds Use Adjustment - Adjustments include new investment projects with over - raised funds, project progress adjustment, temporary replenishment of working capital, and cash management. The adjustments are in line with the development strategy and the interests of shareholders [56][57] 3.4.10 Market Value Management - In 2025, the company will take market value management as an important task, including formulating goals and work plans, improving information disclosure, and implementing share repurchase and employee equity incentive plans [59]

Core Viewpoint - The company reported its 2024 annual and 2025 Q1 financial results, showing a mixed performance with revenue growth but a decline in net profit for 2024, followed by a significant increase in net profit for Q1 2025 [3]. Financial Performance - In 2024, the company achieved revenue of 561 million yuan, a year-on-year increase of 7.72%, while Q1 2025 revenue reached 150 million yuan, up 78.24% year-on-year [3]. - The net profit attributable to the parent company for 2024 was 41 million yuan, a decrease of 35.92%, whereas Q1 2025 net profit was 5 million yuan, reflecting a growth of 237.89% [3]. Business Segments - The connected vehicle business experienced rapid growth in 2024, generating revenue of 255 million yuan, a year-on-year increase of 43.56%, with a gross margin of 48.03%, down 18.48 percentage points from the previous year [4]. - The communication business reported revenue of 267 million yuan, a decline of 9.95% year-on-year, attributed to project implementation cycles, with a gross margin of 24.78%, an increase of 1.06 percentage points [4]. - Overall net profit margin for 2024 was 7.36%, down 4.93 percentage points from the previous year, primarily due to increased sales and R&D expenses [4]. Strategic Developments - The company is a leading third-party connection management service provider in China, with over 14 million connections by the end of 2024, including over 13 million domestic connections and over 1 million overseas connections [5]. - Key partnerships have been established with major automotive manufacturers such as Geely, Li Auto, SAIC, Dongfeng, and others [5]. - The company launched the Youka Changzhou Intelligent Computing Center and introduced innovative technologies like the Youka "Aoyun" autonomous driving solution and the global vehicle connection ONE SIM [5]. International Expansion - The company is accelerating its overseas business development, with six global data centers established in regions including China, ASEAN, Europe, North America, West Pacific, and the Middle East [6]. - In 2024, the company successfully expanded its services to Europe, the Middle East, and Central Asia in collaboration with Dongfeng Liuzhou Automobile, providing advanced connected vehicle services [6]. - A significant partnership was formed with SAIC for connected vehicle services in the Saudi market [6].

Group 1 - The core viewpoint of the article highlights the potential adjustment of traditional insurance premium rates to 2.0% in Q3 2025, which may favor the development of floating income products like dividend insurance [4] - The article discusses the financial performance of Sanyou Chemical, reporting a revenue of 21.36 billion yuan in 2024, a year-on-year decrease of 2.6%, and a net profit of 499 million yuan, down 11.8% [5] - Wanma Technology's net profit for 2024 was 41 million yuan, a decrease of 35.92%, while Q1 2025 saw a significant increase of 237.89% [6] - Hangcha Group achieved a revenue of 16.49 billion yuan in 2024, a year-on-year growth of 1.15%, and a net profit of 2.02 billion yuan, up 17.9% [6] - Miaokelando reported a revenue of 1.23 billion yuan in Q1 2025, a year-on-year increase of 6.3%, with a net profit of 80 million yuan, up 114.9% [8] - Antu Bio's 2024 revenue was 4.471 billion yuan, a slight increase of 0.62%, while net profit decreased by 1.89% to 1.194 billion yuan [9] Group 2 - The article emphasizes the trend of insurance companies increasing their equity allocation and market entry efforts due to the anticipated decline in liability costs and effective risk diversification [4] - The performance of various companies indicates a mixed outlook, with some experiencing revenue declines while others show growth, reflecting the diverse challenges and opportunities within their respective industries [5][6][8][9]

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点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【非银】3Q25传统险预定利率或再次下调至2.0%——《人身保险业责任准备金评估利率专家咨询委员会2025 年一季度例会》点评 3Q25传统险预定利率或再次下调至2.0%，分红险等浮动收益型产品将更具发展土壤。未来随着险企浮动收益 型产品占比逐渐提升，负债成本的压力缓释及投资风险的有效分散将有助于险企进一步提高权益配置比例，加 大入市力度；同时，新金融工具准则下险企亦将通过高股息策略系统性提升OCI股票占比，降低利润波动的同 时增加确定性分红收入，以弥补票息收入的减少。 （王一峰/黄怡婷） 2025- 04-21 您可点击今日推送内容的第1条查看 【三友化工（600409.SH）】纯碱、PVC景气下行Q4业绩同比承压下滑 ...