Group 1: Company Performance - In 2024, the company achieved total revenue of 790,134.29 million yuan, an increase of 33.17% year-on-year [4] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 19,860.66 million yuan, up 21.81% year-on-year [4] - The decrease in non-recurring gains was primarily due to a reduction in investment income, which fell by approximately 11,147.50 million yuan [4] Group 2: Strategic Focus - The company has expanded into new product categories, new customers, and new bases, resulting in increased personnel costs as part of its strategic layout [3] - The company aims to maintain a large customer strategy, focusing on becoming a core supplier to leading industry clients [5] - Future growth drivers include partnerships with consumer electronics companies and large model clients, emphasizing the importance of model capabilities in competitive advantage [5] Group 3: Industry Outlook - The audio and acoustic business has vast application scenarios and significant growth potential, driven by advancements in 5G, IoT, and AI technologies [8] - The company anticipates good development opportunities in the consumer audio industry as product and technology breakthroughs continue [8]

Core Insights - The company achieved significant growth in both revenue and net profit for the year 2024, but experienced a substantial decline in net cash flow from operating activities [1][9] - Increased R&D investment reflects the company's commitment to technological innovation, which may impact future growth [1][7] Revenue Growth and Business Structure Optimization - In 2024, the company reported revenue of 1,207,684,020.80 yuan, a 21.06% increase from 997,600,140.39 yuan in 2023 [2][3] - The core business of acoustic components and assemblies generated revenue of 1,067,034,369.02 yuan, accounting for 88.35% of total revenue, with a year-on-year growth of 21.82% [2] - Domestic sales reached 754,477,814.09 yuan, representing 62.47% of total revenue and a growth of 23.43%, indicating enhanced competitiveness in the domestic market [3] Profitability Improvement - The net profit attributable to shareholders was 78,890,485.23 yuan, a 41.71% increase from 55,669,449.70 yuan in 2023 [4][5] - The net profit excluding non-recurring items was 83,520,363.22 yuan, reflecting a 51.23% year-on-year growth, indicating improved core business profitability [4][5] Expense Management and R&D Investment - Sales expenses increased by 35.46% to 25,990,291.45 yuan due to business expansion [6][8] - R&D expenses rose by 20.92% to 65,802,521.77 yuan, highlighting the company's focus on innovation [7][8] - The number of R&D personnel increased by 9.90% to 322, with a higher proportion of staff holding undergraduate degrees or above [7][8] Cash Flow Analysis - Net cash flow from operating activities decreased by 60.17% to 53,544,086.96 yuan, primarily due to increased procurement costs [9][10] - Net cash flow from investing activities was -149,283,107.44 yuan, a decline of 263.91%, indicating increased capital expenditures [10][11] - Net cash flow from financing activities increased significantly to 162,677,508.58 yuan, up 421.09% from the previous year, providing financial support for operations and investments [11][12]

创业板风险提示 本次发行股票拟在创业板市场上市，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市场的投资风险及 本公司所披露的风险因素，审慎作出投资决定。 天键电声股份有限公司 MINAMI ACOUSTICS LIMITED （江西省赣州市于都县贡江镇上欧工业小区齐民路 66 号） 首次公开发行股票 并在创业板上市招股说明书 （注册稿） 本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说明书（注 册稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 （无锡市新吴区菱湖大道 200 号中国物联网国际创新园 F12 栋） 保荐机构（主承销商） 天键电声股份有限公司 招股说明书（注册稿） 发行人声明 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 ...