证券代码：002614 证券简称：奥佳华 奥佳华智能健康科技集团股份有限公司 投资者关系活动记录表 编号：2025-05 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 参与单位名称及 人员姓名 2025 年 9 月 17 日 兴全基金：邓荃文； 2025 年 9 月 18 日 惠璞投资：徐克；天风资管：许磊涛；钧山资管：敖焱杰； 澜胜私募：刘凤山；北大纵横资本：曹铭；上海证券：葛博威； 厦门咸达：赵绪堂；光莆股份：施姗姗； 昆明经开：赵素君、李茹丹。 时间 2025 年 9 月 17 日（周三）上午 10:00； 2025 年 9 月 18 日（周四）上午 10:30 地点 厦门市湖里区安岭二路 31-37 号 8 楼 上市公司接待人 员姓名 曾建宝、陈艺抒、林秋燕、杨文为、陈晓瑜 投资者关系活动 主要内容介绍 一、投资者参观展厅并体验了核心产品 二、公司整体业务和战略规划概况介绍 三、互动交流摘要 1、公司主营业务各品类的占比情况？ 公司主要经营包括保健按摩（按摩椅、按摩小电器）、健康 环境（新风系统、空气净化器） ...

Market Overview - The domestic massage and health product market has low penetration and concentration, with significant growth potential driven by increasing health demands and an aging population [2] - The "old-for-new" subsidy policy has supported a recovery in the domestic massage chair market in the first half of the year [2] Product Development - The company launched the flagship massage chair OG-9598 in April, featuring the world's first "5D" mechanism, which has seen continuous sales growth [3] - New products are being introduced to diversify the price range of massage chairs, including a collaboration with "LINE FRIENDS" for small massage appliances [3] Marketing Strategy - The company focuses on promoting flagship products through advertising in major urban areas and airports, and has engaged Chinese Olympic champions as product ambassadors [3] - Online sales are boosted by the "old-for-new" subsidy policy, while offline efforts target growth in key channels like Sam's Club and JD [3] Financial Insights - Sales from the U.S. accounted for less than 22% of total revenue, indicating a dominant non-U.S. business [4] - The company has a production capacity of 5.4 million units annually at its Vietnam factory, which is gradually being put into operation [4] Cost Management - High sales expenses are attributed to significant investments in brand recognition and market share across various regions [5] - The company aims to enhance profitability by optimizing product quality and cost through innovative design and material application [5] R&D Investment - R&D investment has consistently exceeded 4% of total revenue, focusing on advanced technologies in health and wellness [6] - The company is the only one in the industry with seven national-level innovation platforms, emphasizing its commitment to R&D [6] Technological Advancements - The company is advancing its AI and IoT capabilities to enhance product innovation, particularly in the massage chair sector [7] - A new massage chair prototype with innovative movement capabilities was introduced at the Canton Fair, showcasing the company's commitment to breaking traditional product boundaries [7]

Investment Rating - The report maintains an "Outperform" rating for the company [2][8] Core Views - The company's performance in 2024 was under pressure, with a revenue of 4.833 billion yuan, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 64 million yuan, down 38% year-on-year [5][8] - In Q1 2025, the company achieved a revenue of 1.148 billion yuan, a year-on-year increase of 9%, but the net profit attributable to shareholders was only 2 million yuan, a decline of 60% year-on-year [5][8] - The report highlights that the demand for massage products in overseas markets was weak, impacting the company's overall performance [8] Financial Data and Profit Forecast - The company’s revenue and profit forecasts for 2025 and 2026 have been adjusted downwards, with expected net profits of 122 million yuan and 160 million yuan respectively, reflecting year-on-year growth rates of 89.6% and 31.0% [7][8] - The report provides a detailed financial summary, indicating a projected revenue of 5.196 billion yuan for 2025, with a gross margin of 36.2% [10][8] - The company’s ROE is expected to improve gradually, reaching 3.8% by 2027 [7][8] Business Segment Performance - The massage chair segment faced challenges, with revenues of 2.047 billion yuan, down 5.34% year-on-year, while the massage small appliances segment saw a modest growth of 8.96% [8] - The company is focusing on technological innovations and exploring new markets, including countries along the "Belt and Road" initiative, with over 50% of revenue coming from its own brand [8] Cost and Expense Management - In Q1 2025, the company reported a gross margin of 34.62%, a decrease of 4.04 percentage points year-on-year, but managed to reduce selling and administrative expense ratios [8]