Core Insights - The adjustment of China-US tariff policies has created a critical 90-day window for foreign trade enterprises, prompting them to diversify their operations, shift towards domestic sales, and innovate technologically to adapt to the changing environment [1][6]. Group 1: Order Recovery - Many foreign trade companies in Qingdao are experiencing a surge in orders as US clients return to China for production due to quality and technical capabilities that Southeast Asian factories cannot match. For instance, Qingdao Songshang Textile received a new order worth $600,000 shortly after the announcement of favorable trade negotiations [1][2]. - Qingdao Sanbaisuo Health Technology has also seen a revival in order flow, with new contracts exceeding 1 million yuan as clients resume shipments that were previously delayed due to tariff fluctuations [2]. Group 2: Market Expansion - Companies are increasingly adopting a "don't put all eggs in one basket" strategy, expanding into European and Southeast Asian markets while also developing high-quality products for domestic consumption. For example, Sanbaisuo is targeting the domestic education equipment market and has received orders for innovative products designed for schools [3]. - Qingdao Yingbeit Toys and Gifts has actively participated in international trade fairs to explore new markets, achieving an export volume of 95 million yuan in the first four months of the year, a 36% increase year-on-year [4]. Group 3: Technological Innovation - Qingdao Maijin Intelligent Technology is leveraging its proprietary technology to expand its product offerings globally, with over 300 patents and products sold in more than 60 countries. Their latest products are in high demand, indicating a robust order growth [5]. Group 4: Policy Support - The Qingdao government has implemented supportive policies to help foreign trade enterprises navigate the complexities of international trade, including personalized regulatory services and expedited customs processes. For instance, the export of textiles and garments from the Jimo district reached 3.32 billion yuan in the first four months, a 13.1% increase [7]. - Initiatives such as trade fairs and partnerships with local businesses are being organized to facilitate the transition of export products to domestic markets, enhancing the synergy between internal and external trade [8]. Group 5: Strategic Transformation - Qingdao's foreign trade enterprises are moving from a reliance on single markets to a global strategy, demonstrating adaptability in the face of trade challenges. This proactive approach is seen as a model for sustaining China's foreign trade amidst a complex international landscape [9].

Group 1 - The "Cultural and Tourism+" initiative in Ningjin County aims to integrate culture and industry, driving innovative development in the region [3] - The traditional family culture park showcases nearly a thousand pieces of Ming and Qing dynasty wood carvings, highlighting the cultural heritage of Ningjin [1] - The health industry company, Shandong Rosairode Health Industry Co., Ltd., is a national high-tech enterprise with over 80 R&D personnel and 52 proprietary patents, indicating strong innovation capabilities [2] Group 2 - The company produces over 1,000 types of fitness equipment, with sales revenue exceeding 210 million yuan in the first quarter of 2025, demonstrating significant market reach [2] - The Cricket Cultural Museum, recognized by Guinness as the only cricket-themed museum globally, houses over 3,000 cricket culture artifacts, showcasing Ningjin's unique cultural identity [2] - Ningjin acrobatics, a national intangible cultural heritage, has performed in 30 countries, emphasizing the region's rich cultural contributions [2]

山东布莱特威健身器材有限公司生产车间。路龙帅摄 "我们与河北工业大学人工智能与数据科学学院自动化系教授郭欣团队合作，共同研发的适老化智慧健 身器材，可依据老年人体质精准生成个性化运动处方。"山东美能达健身器材股份有限公司总经理杨欣 山告诉记者，在郭欣教授的指导下，企业订单大幅增长，其中超过七成的产品远销欧美市场。 在宁津县，美能达、宝德龙、力康来等健身器材企业加强医疗康复设备研发，生产康复训练器及多功能 电动病床、油压缸循环训练器等产品，2024年销售量约5300台，产值约800万元，进一步优化扩大养老 服务供给。 "深挖银发经济消费潜力，从做优服务上下功夫，通过做强主体、做强项目、做大规模，推动银发经济 提质扩容。"宁津县发展和改革局局长张涛说。 如今，银发经济带动全县五金精密制造、工业软件开发等多个配套产业发展，更催生出智能康养服务等 新业态。"我们正在构建适老化智能家居生态系统，未来将实现安全监测、健康数据管理、应急呼叫等 功能的家具集成。"邦杰适老化家具副总经理郭华伟说。（经济日报记者 王金虎） 山东邦杰适老化家具有限公司展厅内，一系列适老化产品琳琅满目。该公司通过整合各产业链的资源优 势，提供适老化 ...

Core Viewpoint - The article highlights the challenges faced by foreign trade enterprises and the proactive measures taken by Feier Intelligent to adapt to the changing international trade environment, particularly through innovative marketing strategies and market expansion efforts [1][4]. Group 1: Company Overview - Feier Intelligent specializes in fitness equipment and has successfully established itself in the cross-border e-commerce market, achieving significant sales milestones with products like abdominal machines and fat-burning machines, generating over $2 million and $10 million in sales respectively [1][2]. - The company originated in Yiwu, China, and has expanded its operations by establishing cross-border headquarters and R&D centers in Shenzhen and Hangzhou [2]. Group 2: Marketing and Sales Strategy - In response to market saturation and product similarity, Feier Intelligent shifted its marketing strategy to include storytelling through short videos and live streaming, which has significantly increased user engagement and sales [2]. - The company has adopted a "24-hour live streaming" format to ensure consistent sales and customer interaction, leading to viral success with some videos reaching over 5 million views [2]. Group 3: Market Challenges and Responses - Feier Intelligent faces uncertainties in the international trade environment, with 80% of its orders coming from the North American market, prompting the need for diversified strategies to mitigate risks [4]. - To address rising costs, the company is adjusting product prices, optimizing supply chain partnerships, and enhancing logistics through direct agreements with shipping companies [5]. Group 4: Global Expansion Efforts - The company is actively expanding into European and Latin American markets, forming specialized teams for market research and local operations, and planning to establish manufacturing facilities in Southeast Asia to reduce costs and diversify risk [5]. - Feier Intelligent is participating in global trade shows to showcase new products and attract potential partners, indicating a strong commitment to international growth [5].

投资者关系活动类 别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 ☑ 业绩说明会 □路演活动 ☑ 其他（2025 年青岛辖区上市公司投资者网上集体接待 日活动） 活动参与人员 1、通过全景网"投资者关系互动平台"参与英派斯 2025 年青岛辖区上市公司投资者网上集体接待日暨 2024 年度 业绩说明会的投资者。 2、上市公司接待人员： 董事长、总经理：刘洪涛先生 独立董事：孟凡强先生 董事、财务负责人：梁春红女士 副总经理、董事会秘书：张瑞女士 保荐代表人：张兴林先生 时间 2025 年 5 月 12 日（星期一）下午 15:00~17:00 地点 公司通过全景网"投资者关系互动平台" （https://ir.p5w.net）采用网络远程的方式召开业绩说明会 形式 线上交流 交流内容及具体问 答记录 投资者提出的问题及公司回复情况 公司就投资者提出的问题进行了回复： 1、问：目前关税对订单的影响如何 今年有业绩指引 吗？ 答：投资者您好，目前公司国外销售业务收入约占总 营业收入 80%，国内销售业务收入约占总营业收入 20%。 国外销售业务中，美国出口销售业务收入约占总营业收入 三分之 ...

Core Viewpoint - The company is actively expanding its international market presence while maintaining growth in domestic business through various strategies, including product innovation and supply chain optimization [1][2][3][4] Group 1: International Market Expansion - The company is focusing on maintaining and expanding relationships with international key clients through OEM/ODM models, cross-border e-commerce, and proprietary brands like SKYWLKER and SPORTSOUL [1] - The establishment of a factory in Vietnam is progressing steadily, which will enhance the company's global supply chain and support its "globalization + digitalization" strategy [2] Group 2: Domestic Business Growth - The company aims to increase its domestic market share by developing new products and entering new fields, particularly in leisure sports and fitness equipment [1] - The company is integrating into the domestic economic cycle by focusing on health and wellness sectors, especially targeting the aging population [1] Group 3: Response to Tariff Changes - The company is monitoring changes in U.S.-China tariffs and plans to maintain close communication with U.S. clients to adjust orders accordingly [3] - Strategies to reduce reliance on the North American market include enhancing customer development in non-U.S. markets and accelerating domestic market share through innovative products [3] Group 4: Financial Performance - In Q1 2025, the company reported a main revenue of 138 million yuan, a year-on-year decrease of 12.34%, and a net profit attributable to shareholders of 6.526 million yuan, down 46.61% [4] - The company's gross profit margin stands at 21.21%, with a debt ratio of 17.11% [4]

Group 1: Market Expansion Strategies - The company is actively maintaining and expanding international major clients through OEM/ODM models, cross-border e-commerce, and proprietary brands like SKYWALKER and SPORTSOUL, targeting high-potential markets in the Americas, Europe, Southeast Asia, and Australia/New Zealand [2] - In parallel, the company is developing new products and expanding into new fields to adapt to domestic market demands, gradually increasing the domestic market share [2] - The company focuses on main products such as trampolines and basketball hoops to expand the domestic market while integrating into the domestic economic cycle through health and aging economy initiatives [2] Group 2: Global Supply Chain and Production - The company has established Sanboshuo Health Technology (Vietnam) Co., Ltd. to deepen its global supply chain layout, with the construction of the Vietnam factory progressing steadily, becoming a key support for overseas operations [4] - This factory will enhance cross-regional collaboration efficiency and support the resilience and agility of the domestic and international supply chain "dual circulation" strategy [4] Group 3: Response to Tariff Changes - The company is monitoring the recent U.S.-China tariff adjustments, which include a 24% tariff on Chinese goods being suspended for the first 90 days, while retaining a 10% tariff [4] - Future strategies include maintaining close communication with U.S. clients for order adjustments, developing non-U.S. markets (Europe, Asia), and increasing domestic market share through innovative products and services [4] - The company plans to accelerate the establishment of overseas production bases to reduce trade barriers and logistics costs, as well as pursue domestic mergers and acquisitions to achieve industry chain synergy [4] Group 4: Technological Integration - The company is focusing on integrating new technologies such as AI and robotics with sports health technology to enhance product intelligence and user experience [3]

Group 1: Financial Performance - The company achieved a revenue of 686.81 million yuan in 2024, representing a year-on-year growth of 12.74% [3] - Net profit for 2024 was 81.23 million yuan, a decrease of 16.20% compared to the previous year [3] - The net profit after deducting non-recurring gains and losses was 81.25 million yuan, showing a year-on-year increase of 20.77% [3] Group 2: Dividend Policy - The cash dividend plan for 2024 is set at 0.5 yuan per 10 shares, balancing shareholder returns with company development needs [3] Group 3: Market Strategy - The company will focus on dual-driven sales (domestic and international) to maintain stable performance in 2025 [4] - Plans to enhance digital factory construction and develop an industrial internet platform [4] - The company aims to expand its customer base and increase the proportion of self-owned brands through cross-border e-commerce [4] Group 4: Competitive Advantages - The company has a comprehensive product matrix covering various fitness equipment for home and commercial use [3] - It boasts a global layout with production bases and sales networks in over 40 countries [3] - The company leads in technological innovation with smart and modular design capabilities [3] Group 5: Industry Outlook - The fitness equipment industry is expected to grow due to increasing health awareness and the rapid development of national fitness initiatives [4] - The company plans to leverage AI and policy benefits to enhance its manufacturing and service capabilities [5] Group 6: Future Developments - The company is exploring opportunities in the outdoor and climbing equipment sectors [6] - Plans to optimize the production ratio of rehabilitation products in response to the aging population trend [6] - The Malaysian factory is on track to commence production in 2025, aimed at serving Southeast Asia and the European and American markets [6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.21 billion yuan for 2024, representing a year-on-year increase of 35.6%, and a net profit of 109 million yuan, up 23.8% [2][3] - The company is focusing on both international market dynamics and expanding its domestic market presence, with significant growth potential in China's fitness equipment market [4] - The company is actively pursuing a smart transformation by integrating AI technology into its product offerings, which includes 28 series of fitness equipment [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.21 billion yuan, with a year-on-year growth of 35.6%, and a net profit of 109 million yuan, reflecting a growth of 23.8% [2][3] - For Q1 2025, the revenue was 291 million yuan, showing a year-on-year increase of 21.9%, with a net profit of 14 million yuan, up 2.19% [2] Business Growth - The traditional business segment is experiencing steady growth, with commercial products accounting for 87.7% of revenue and overseas sales making up 78.7% [3] - The company is enhancing its OEM/ODM product offerings and has successfully launched over 10 new products [3] Market Potential - The domestic fitness market is expected to grow significantly, with China's fitness penetration rate at 5.37% as of 2023, compared to higher rates in the US, UK, and Germany [4] - The company aims to mitigate risks associated with international markets by tapping into the vast potential of the domestic market [4] Strategic Initiatives - The company is deepening its application of AI technology to create smart fitness solutions, positioning itself for future growth in the AI glasses sector [5] - The report forecasts revenue growth for 2025-2027 to be 1.31 billion, 1.64 billion, and 1.89 billion yuan, respectively, with net profits projected at 103 million, 144 million, and 181 million yuan [6][8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong revenue growth, achieving 1.214 billion yuan in 2024, a year-on-year increase of 35.6%, and a net profit of 109 million yuan, up 23.8% year-on-year [2][3] - The company is experiencing a transformation with a focus on its own brand, which is expected to continue driving high growth in 2025 [2] - The company’s profitability faced temporary pressure due to increased depreciation costs, but operational efficiency is expected to improve in the coming quarters [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.214 billion yuan, with a year-on-year growth rate of 35.6% [4] - The net profit attributable to the parent company for 2024 was 109 million yuan, reflecting a year-on-year increase of 23.8% [4] - For Q1 2025, the company reported revenue of 291 million yuan, a year-on-year increase of 21.9%, and a net profit of 14 million yuan, which is a slight increase of 2.2% year-on-year [3] Revenue Breakdown - In 2024, domestic sales generated 259 million yuan (up 7.5% year-on-year), while overseas sales reached 955 million yuan (up 45.9% year-on-year) [2] - The gross margin for domestic sales was 33.0% (up 5.4 percentage points), while for overseas sales it was 31.4% (down 2.0 percentage points) [2] Profitability and Cost Management - The gross margin for Q1 2025 was 25.4%, down 2.8 percentage points year-on-year, while the net profit margin was 4.9%, down 0.9 percentage points year-on-year [3] - The company maintained a strong cost control with a total expense ratio of 19.20% in Q1 2025, which is a decrease of 1.1 percentage points year-on-year [3] Future Projections - The company’s net profit is projected to reach 125 million yuan in 2025, 143 million yuan in 2026, and 164 million yuan in 2027, with corresponding P/E ratios of 23.76X, 20.76X, and 18.08X respectively [4]